Team Jodi - Chapel Hill Real Estate, Durham Real Estate

Last week I posted the chart below to show that interest rates are truly at an all time low. With rates as low as they are, this is the time to take advantage by either refinancing your home or purchasing a new home.

Please note that if you can reduce the rate on your mortgage by a full point, it is really worth considering refinancing.

Mortgage Rates - A 10 Year History

Here are todays updated mortgage rates:

CONFORMING JUMBO (Over $417 Loan Amt)

30 Yr Fixed 4.25% 30 Yr Fixed 5.375%

15 Yr Fixed 3.75% 15 Yr Fixed 4.875%

30 Yr Fixed (FHA) 4.25% 7/1 Arm 4.75%

7/1 Arm 3.5% 3/1 Arm 4.375%

5/1 Arm 3.25%

Last week I reported on the inventory in Chapel Hill which showed the existence of quite a buyers market. This week I want to show you what is going on in Durham.

In Durham, there is about 7 months of inventory on the market for houses priced between $100,000 to $400,000. This is a balanced inventory but I truly think that more than 5 months of inventory is starting to tip the scales in favor of the buyer.

There is 10-12 months of inventory for houses priced between $400,000 to $600,000.

There is more than 12 months of inventory in Durham for homes priced above $600,000. Houses price above $600,000 are in the extreme buyers market category.

If you look at the numbers below, there is far more inventory in Durham priced below $400,000 than above. Overall, the market is balance in Durham.

Given that mortgage rates are so good right now and there is still great inventory on the market, it is worth evaluating your options to buy.

Durham July 2010 Single Family Home Sales By Price Range

If you would like loan information or to talk about the market and your options, give me a call at 919-697-5014 or toll free at 1-88-TeamJodi (888-326-5634).

Interested in knowing your homes value or getting a snapshot of the market? Visit www.TriangleHomeValue.com.

Interested in looking for a home in Chapel Hill, Durham or the surrounding area, visit www.TriangleHomeSearch.net and register for an auto home search with emails sent to you every time a property comes on the market that meets your criteria or when their is a price or status change in properties of interest.

These are great tools for tracking the real estate market!

The North Carolina State Board of Education just released the 2010 ABC Reports. The ABC program measures academic progress at North Carolina's public schools, using standardized end-of-grade tests in reading and math for grades three through eight and end-of-course tests in seven high school subjects.

This year, the Chapel Hill-Carrboro schools again led the state in most areas of student achievement. Every district school but one made High Growth, seven schools were named Honor Schools of Excellence, and another three were named schools of Excellence.

Honor Schools of Excellence earn the designation if 90 percent or more of their students are proficient in math and reading. These schools are: Glenwood, Morris Grove, Rashkis, Scroggs, Seawell, Phillips and Smith. The Schools of Excellence are: Culbreth, Chapel Hill High and East Chapel Hill High.

Six schools were named Schools of Distinction with 80 percent or more of their students proficient in math and reading. Schools of Distinction are: Carrboro Elementary, Ephesus, Estes Hills, McDougle Elementary, McDougle Middle and Carrboro High.

Chapel Hill-Carrboro 2009-10 State ABC Program Results

To see the ABC Reports for Orange County, Durham, Chatham and Wake County Public Schools, click here

I know it sounds like a cliché to hear a Realtor say it is a good time to buy; but really, "It is a Good Time to Buy."

10-year mortgage rates are at an all time low. See the chart below that was done for me by Jim Enright with First Financial Services in Chapel Hill.

Mortgage Rates - A 10 Year History

CONFORMING JUMBO (Over $417 Loan Amt)

30 Yr Fixed 4.0% 30 Yr Fixed 4.875%

15 Yr Fixed 3.75% 15 Yr Fixed 4.25%

7/1 Arm 3.125% 7/1 Arm 4.0%

5/1 Arm 2.75%

Mortgage rates were provided by Laura Hall at Corporate Investors in Chapel Hill.

There is no way to tell how long these incredible rates will last. Six years ago, I thought rates where low when I got a 20 year loan for 4.875. I never thought I would see rates go lower than that.

Combine the low mortgage rates with an excess of inventory and this equals a buyers market. In fact, you have the perfect recipe for it being the right time to buy. In Chapel Hill, for example, overall, there is a 9 month supply of inventory. See the chart below for a break down by price range for single family homes.

Chapel Hill July 2010 Single Family Home Sales By Price Range

If you would like loan information or to talk about the market and your options, give me a call at 919-697-5014 or toll free at 1-88-TeamJodi (888-326-5634).

Interested in knowing your homes value or getting a snapshot of the market, visit www.ChapelHillHomeValues.com or www.TriangleHomeValue.com.

Interested in looking for a home in Chapel Hill, Durham or the surrounding area, visit www.TriangleHomeSearch.net and register for an auto home search with emails sent to you every time a property comes on the market that meets your criteria or when their is a price or status change in properties of interest.

These are great tools for tracking the real estate market!

Interestingly enough, North Carolina’s Buyer Agency Agreements do not have a termination clause. I am not sure why not. In selecting a buyer agent to represent your interests, you want to make sure that you work with an agent that is a good fit and who does what she or he says they are going to do.

If a Buyer Agent is not meeting your expectations, I think it is very important to do two things. First, communication is the name of the game. Make sure you let your agent know what is not working for you. Second, give your agent a chance to correct the problem.

It is my policy to never twist someone’s arm into doing something they don’t want to do. I always let my clients know that either party can terminate an Agency agreement if it is not working. I never want this to happen so this is my way of keeping my feet to the fire.

My recommendation is to discuss with any agent you are interviewing or working with what their policy is on whether or not a Buyer Agency Agreement can be terminated. My answer is yes you can, it all comes down, however, to how you do it.

You probably know about Cash for Clunkers, the government’s stimulus program that spurred the auto industry while taking less fuel-efficient vehicles off the road. What you may not know about is a new stimulus program that affects your home and appliances.

What Is It?

It’s variously called Cash for Appliances or Cash for Refrigerators. What the program allows is for consumers, you and me, to receive rebates or economic incentives for purchasing energy star appliances—kind of like cash for old appliances. The government has funneled 300 million dollars into funding the program. Right now, North Carolina is shaping their plan to run Cash for Appliances, and will submit finalized plans to the U.S. Department of Energy on October 15. The state has $8.8 million available to fund the program, and may receive additional money from the Economic Recovery and Investment Act.

What’s the Point?

The Cash for Refrigerators program has several benefits. First, it gives the economy a boost. The hard-hit manufacturing and retail industries will get a jump-start from the sale of new appliances. At the same time, old energy-hogging appliances will go off the grid. Replacing the dinosaurs will be energy star appliances, which are far more energy-efficient and earth-friendly. Lastly, consumers will save cash. By purchasing a new heating system or washing machine, energy bills will take a nosedive. The extra cash may provide more impetus for spending—and greater economic uptick.

How Does It Work?

Rather than ditching your fridge and getting a check, the Cash for Appliances program will most likely be confined to actual cash-register purchases of state-selected appliances. Although cash for old appliances makes it sounds like a cash-reward for turning in old products, the cash reward comes in the form of a rebate. Included in the rebate program are energy star appliances like refrigerators, freezers, washing machines, furnaces, central air units, water heaters and other similar appliances. Since North Carolina wants to make cash for used appliances program as easy as possible for consumers, which means eliminating extra paperwork, and allowing it to be a simple one-step process. Details should be available sometime after the October 15 deadline for plan submittal and subsequent government approval.

When Will It Happen?

After mid-October, the government will begin reviewing state-led Cash for Appliances programs. If approved, they will receive the funding and be able to introduce the program to consumers. Some predict that the program will begin as early as December, in time for the Christmas shopping season. It is very likely that at the least, North Carolina will have the program underway by early 2010. At that time details will be available, meaning you can go to the store and start look for new appliances.

What Do You Think?

How will the program help you? What action will you take based on the program? Will this affect your decision to purchase new appliances?