Barbara Green

Sales of existing homes increased in December, closing a challenging year for the real estate industry on positive note. The National Association of Realtors reported that sales of existing homes rose 6.5%, an unexpected increase from previously forecasted numbers. Many buyers saw a unique opportunity in both discounted home prices as well as very favorable interest rates. It has been previously reported that new home starts are at an all time low. This is actually great news for current home owners considering selling especially in Cary NC where new neighborhoods have been abundant over the last 5 years. New construction presents difficult completion to resale sellers both in terms of price and condition. With fewer homes on the market sellers should see an active spring selling season!

Lease / Option

In Cary NC where we expect our real estate market to rebound sooner than other parts of the county, a lease-to-own plan can be an ideal solution for both sellers and buyers. From a seller's perspective, it can tie in a buyer for a property that may not otherwise sell now. For a buyer, it can lock in today's rock bottom prices, yet the buyer does not need to obtain financing for a period of time. Here's how it works:

A lease-option is a simple lease agreement where the buyer/tenant pays rent to live in a property for period of time. The difference is there is an "option" to buy the property at a certain price and within a given timeframe. The option is a deposit that the buyer/tenant pays to lock in price and other terms in exchange for the future purchase of the property. Typically, if the buyer/tenant decides not to purchase the home as agreed, he forfeits some or all of his option or deposit money.

Considerations for both Parties

Like everything, there are pros and cons for both parties to consider. The key is to reach a balance such that both parties feel the advantages outweigh the concerns enough to proceed.

The owner/seller secures a buyer that may otherwise not be able to commit to purchase immediately. He also receives rental income for the period of time prior to the actual sales transaction. However he also becomes a landlord, with all of the responsibilities associated with it.

The buyer/tenant is able to move in and enjoy the property without having to secure financing immediately. He is able to lock in a current price, anticipating the price of the home will actually be greater than if he were to wait and buy at a later time. If however he decides not to buy the home, he loses his option money.

Each contract is unique and in the end the terms are whatever both parties have negotiated. It is advised to have a real estate attorney draft or review the final contract of this type of transaction.

Amberly continues to attract buyers to the community. It has a diverse set of offerings, including condominiums, townhomes, single family homes and larger custom homes. Amberly features a village center that is currently being built, and will include retail shops and offices. The resident's club is world class, with two pools, slides and extensive indoor work out facilities. The neighborhood children attend some of Wake Counties top rated schools from the elementary level though high school. Models are open daily for touring.

• 60 homes closed in 2008

• 9 were resale, the rest were new construction

• Prices ranged from $180,000 to $560,000

• 2009 started with 40 active properties on the MLS

• Click here to view all Amberly properties on the MLS

Heritage Pines is Cary's most established Active Adult Communities. It is located in west Cary, adjacent to some of the most prestigious Preston neighborhoods. It is a very welcoming community whether you are relocating from the cold north or across town in pursuit of an easier lifestyle. The extensive clubhouse is the hub of the community and features year round events that bring the residents together. Relax by the pool, play tennis when you like or enjoy favorite hobbies with friends. The area features single family homes and villas. All of the home are designed to be low maintenance, with main floor living. Some of the homes have an upstairs loft for guests or a home office. The villas range from 1300 sq ft to about 1900, and are priced between $220,000 and $290,000. The single homes range from 1500 sq ft to around 2500, and range from $275,000 to $375,000. To view all of the homes for sale in Hertiage Pines on the MLS click here.

Panther Creek High School is the first Wake County High School ever to receive the Governors' special Real D.E.A.L. award. The award is based on student achievement data from 2006-2007 and 2007-2008, results from the NC Working Conditions Survey as well as school site visit from the Governor's office. The school received some of the highest ratings in School and Educator Leadership, Facilities and Resources. Panther Creek opened in west Cary in the fall of 2006 to support the growing needs of Cary Park and the surrounding neighborhoods. The real estate in west Cary offers something for everyone. There are a variety of neighborhoods ranging from large custom homes on the lake to trendy new townhomes in more affordable areas.