Cary, NC Real Estate News

By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
As you have seen from several of my previous posts the Triangle area is growing in leaps and bounds.  As a part of the growth our schools are seeing a large influx of students as well.  In order to support this growth we will need new schools.  There is currently a proposed bond amendment for $980 million that will need to be passed in order for our school system to support the projected growth over the next five years.  There has been a lot of information passing back and forth.  Here are the main reasons you should support the bond vote in November. WHY IS THIS IMPORTANT TO YOU AS A MEMBER OF THE COMMUNITY?A strong and well-recognized public school system plays an integral role in recruiting the best and brightest minds to our companies. Take a look at these accolades--important valid...
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
 Glitches in any real estate transaction are inevitable. If you are prepared, you won't be so shocked when they do.Here are some suggestions that may help:Understand That Your Home May Not Be Worth What You ThinkThe biggest shock most sellers face is what buyers think their home is worth. Sometimes sellers can be pleasantly surprised, but the reality is that markets change, and home values rise and fall. Many subjective factors such as floor plan, condition, updates and drive-up appeal affect home values.The truth is that buyers will determine the worth of your home, in this market, at this particular time, and that has very little to do with what you need to get out of the home.  People Won't Love Your Home Like You DoYou love your home and expect others to appreciate the same qualitie...
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
.   Several AR members have requested that I breakdown the data that I provided for each of the markets year over year into more detail.  As you can see detached sales are up 12% in the Cary/Apex/Morrisville area over 2005.  This is a significant number in my mind relative to other areas.  What are your thoughts on sales to date in this area vs. others?   Market Snapshot for Cary/Apex/Morrisville: Description Aug 06 Aug 05 % Change Cary/Apex/Morrisville Number of detached sales  489  438 12 Number of townhouse sales  158  103  53 Number of condo sales  60  32  88 Average detached sales price  $333,000.00  $319,000.00   Average townhouse sales price  $185,000.00  $183,000.00   Average condo sales price  $158,000.00  $122,000.00   Average Sales price re-sale(all housing)  $252,000.00  $2...
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
Last week I attended a seminar at the Raleigh Regional Association of Realtors (RRAR) and the head of the Durham and Wake County School Boards were in attendance.  They shared with us quite a bit of information on the upcoming growth plans for the schools in the area.  Our school system is expecting to 40,000 students over the next 5 years. If you are planning a move to the Raleigh area and have children, the best place to find up to date school nformation is located at http://www.wcpss.net/ .  This year homeowners are up for the 7-year assessment on their homes.   Last week a seminar was held to discuss what new schools, renovation projects and technology purchases would be financed by the bond issue.  
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
In some parts of the country (Florida and Arizona), a swimming pool is a must have. However, in the Triangle, a pool does nothing to increase the value of your home and can potentially drive away potential buyers.I have had several clients in town recently from Florida, Texas, and Arizona. They are all used to having pools.  I thought I'd write about the drawbacks of having a pool in North Carolina. A small pool in the Raleigh/Durham area is going to run you a minimum of $10,000 to install. However, comparitavely, there is little value that is added to the home as a result of this "improvement."In addition, if the potential buyer of your home has small children, the pool becomes a liability. Parents of young children consider swimming pools a risk. At the same time, the insurance compan...
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
The market in cary is still steadily appreciating.  We haven't seen the boom of Florida, California, or Arizona but we do see the slow,  steady appreciation.  If all you want to do in real estate is make money on the basis of appreciation (asset growth), then you need a primer on how to make really good money in real estate. The authors of Investing In Real Estate, Andrew McLean and Gary Eldred (2006, John Wiley & Sons Inc.), have provided that primer, listing eight ways to grow your wealth in investment real estate. The key to building true wealth in real estate is through buying and holding. A good tenant can create wealth for you by paying for the mortgage, insurance, taxes and monthly fees through their rental payment to you. In addition, consider this: you have just taken over an ...
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
I know it doesn't feel like winter yet, but it is right around the corner.  Although it doesn't get too cold hear in North Carolina it doesn't hurt to be prepared for a long winter season.   Ice, snow and wind can have devastating consequences on the coziest of homes.  Several experts have recommended the following precautions for your home during the winter months: Maintain gutters. Remove leaves, acorns, sticks and other debris from gutters, so melting snow and ice can flow freely. This can prevent ice damming - a condition where water is unable to properly drain through the gutters and instead seeps into the house causing water to drip from the ceiling and walls. You may also consider installing "gutter guards." Available in most hardware and home stores, gutter guards are screens th...
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
 I've spoken with Realtors and consumers from all over the country and not all communities are as lucky as ours.  Each year(for the last 41 years) the Triangle hosts the largest open house in North Carolina called the Parade of Homes. Starting this weekend the Home Builders Association of Wake County will be showing off the new homes this area has to offer. Over 300 new homes and condos in all price ranges across the area will be open for visitors. Although more of a reverse parade (where the entertainment stays put and the spectators do all the moving) viewing the properties is free. For the Triangle folks it could be a great opportunity to peek into the various latest and greatest kitchens, baths, and more. It is also a great opportunity for those of us that are truly proud of our are...
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
A lot of people ask me about the Cary area.  If you are thinking about moving to Cary, NC and want more details on the neighborhoods and the history of the area this is the place to come.  Believe it or not, Cary is now the third-largest city in the Triangle and a part of the Raleigh-Cary MSA.  Cary's appeal is connected to its proximity to Research Triangle Park, but also its neat fit into the American dream of suburbia. Money magazine recently named Cary the Hottest Town in the East and one of the six best places to live in the country. It has the highest median household income in Wake County ($75,122), and more than two-thirds of Cary residents hold a college degree.Planning, planning and more planning is Cary's adage. It takes but one drive around Maynard Road, which circles Cary, ...
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
Yup, the cliché is true: Buying a home is one of the smartest financial decisions most people will ever make. Don’t take my word for it. What do I know?  Take the Federal Reserve’s. Its Survey of Consumer Finances has consistently found a huge gap between the wealth piled up by homeowners and that accumulated by renters.  Average net worth of homeowners vs. renters Annual income Owners Renters $80,000 and up $451,200 $87,400 $50,000 to $79,999 $194,610 $25,000 $30,000 to $49,999 $126,500 $10,600 $16,000 to $29,999 $112,600 $4,240 Under $16,000 $73,000 $500 Source: VIP Forum, Federal Reserve BoardHome ownership builds wealth in two ways: through the “forced savings” of paying down a mortgage, and through appreciation -- the rise in the home’s value over time.The earlier you get in the ga...
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
  Carolina Preserve™ by Del Webb® at Amberly, a new Active Adult Community is located in presitigous Cary, North Carolina.  Why live in Cary, NC? Cary has earned numerous awards for its high quality of life and has been rated the #1 place to live on the East Coast by Money Magazine It's ranked as the safest city in the South and the 6th safest out of 327 large cities in the nation Location, Location, Location that's why!!  It is located in th heart of the Triangle, adjacent to Research Triangle Park, and only minutes away from RDU International Airport, the state's capitial, and the  burgeoning theatre and arts community in Chapel Hill.  Carolina Preserve™ is located a short distance from some of the best healthcare in the nation including: Duke University Hospital in Durham ("The City ...
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
Coming soon to the Triangle!! Martha's Stewart is teaming w/KB Homes to build Single Family Residential and townhomes in Cary, NC.  If you've followed Martha Stewart through the years you will know that she is a wizard when it comes to decorating, cooking, gardening and entertaining.  KB Home created a joint venture with Martha Stewart for a line of houses carrying her name that KB Homes has built and marketed. KB Home began selling the Martha Stewart designed homes in early 2006 in a development called Twin Lakes in Cary, N.C., a fast-growing, middle-market suburb of Raleigh. KB Home and Martha Stewart Living initially plan to build 650 houses. The homes are inspired by three of Ms. Stewart's own houses in New York and Maine, have names such as "Katonah" and "Lily Pond." The houses are...
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
Reports of a sizzling housing market in the West Cary area are prompting would-be owners to take shortcuts or act impulsively - steps that REALTORS® say could have costly consequences. To help prepare buyers for competing in today's fast-moving real estate market, the Triangle Area Association of REALTORS® suggests 10 steps every prospective buyer should keep in mind as they search for their dream home. 1. Get Your Lender to "Pre-Approve" You as a Buyer.When lenders make a real estate loan, two entities - the buyer and the home - must each qualify for the mortgage. (There are thousands of loan products, so take time to shop around.) Make your offer to the seller as strong as possible by being a "pre-approved" buyer. Sellers favor buyers who are preapproved (not just "pre-qualified") bec...
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By Tracy Santrock, Raleigh - Cary Realtor/Broker In Charge
(Fonville Morisey/Santrock Realty Group, Inc. )
In many regions across the United States home prices have been rising sharply, and media coverage has predicted a burst in the "so-called" housing market bubble. Are you are concerned about a possible real estate bubble in Cary? The National Association of Realtors Research Division recently conducted a home price analysis in the Raleigh-Cary MSA. The reports concluded that there was very little danger of a housing market bust in this region. In fact, the reports stated that local housing markets were in excellent shape with a potential for significant housing equity gains, particularly for homebuyers who plan to remain in their house for the long run. Additionally, local markets had very favorable home price-to-income ratios and even better mortgage servicing cost-to-income ratios. The...
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