Saturday, February 12, 2005

401 Robert Hunt Dr.

A new listing in Quaterpath Trace is on the market today: 401 Robert Hunt Dr. It is 2168 sq/ft, with 4 Beds and 2.5 Baths for $272, 500 ($125 sq/ft). The selling agents boasts it has an open design and "rocking chair front porch."

For those looking for a neighborhood with wooded lots and community sidewalks, this is one to check out. In 2004, three homes sold in Quaterpath Trace ranging from $227,500 to $258,000. I have yet to go inside 401 Robert Hunt Dr. (you'll get the report tomorrow with Quail Roost) but it seems worth taking a in-depth look at...

Friday, February 11, 2005

It's all about who you know....

Yesterday, I talked about 403 Weaver Street, a building that will soon be officially for sale. Because of it's excellent location, I don't expect it will last long. But it is properties like this that a truly effective REALTOR should know about.

If you are looking for a 'walking distance to Weaver Street Market' home, than you will need to be ahead of the market. You need to know about who's thinking about selling and when. At Community Realty, we actively talk about and search information about Carrboro properties, so our clients stay informed. In a market like Carrboro, where a highly desirable property may not stay on the market 24 hours before someone offers for it, information can be the difference between getting your dream home and watching someone else move into your dream home.

Thursday, February 10, 2005

Carrboro Landmark for Sale!

Here's a bit on news about a property for sale that's not listed on the MLS yet. (Translation-99% of Carrboro Realtors haven't heard about this) 403 Weaver Street, otherwise known as the Music Exporium, is available for purchase. It will be offered at $395,000 it is a rare opportunity for a commercially zoned home with parking! It could be used for office, professional practices, service, or retail. About 1100 sq/ft. The only way to get more information is through Community Realty, so if you are interested give me a call or send me an email.

Wednesday, February 09, 2005

103 Quail Roost

Finally, a new detached home for sale in the MLS in Carrboro. 103 Quail Roost-which I can not get in to see until Sunday. Listed at $344,000, it is 2900 sq/ft, 3 Beds, 2 Baths on .82 acres in town. Built in the mid '70's. Definitely worth taking a look at. I'll go see it and report back.

Tuesday, February 08, 2005

Cost vs. Value

For those who already own a home and for those who are looking to buy, the thought of a home improvement project can seem tempting. The tone of that sentence is not to say it's not a good idea, but rather that a home improvement project is not the type of project you just want to jump into without doing research.

Remodeling Magazine does a wonderful Cost vs. Value report every year which goes over the top 25 home improvement projects which recoup a homeowner the highest percentage of returns. The #1 home improvement project (for the nation) is a Minor Kitchen Remodel (costing about $15,000, recouping about $14,000). This is assuming new laminate countertops, new wall oven and cook-top, mid-priced sink and faucet, repainting walls, refinishing existing cabinets, and installing new resilient flooring.

In the Triangle area, it has been estimated this job would cost about $14,000, recouping $13,000. Not too bad-thats 93%.

So when you start to think home improvement, give me a call and I will share with you a booklet detailing the different projects so you can make the best financial decision possible.

Monday, February 07, 2005

Slow and Steady?

Again today, there are no new listings for detached homes in Carrboro. The market is definitely slow-but can you call it steady? The past decade has shown a strong steady rate of appreciation, but in terms of 'seasons', the winter months continue to go by slowly.

Sunday, February 06, 2005

Who does the REALTOR work for anyway?!?

This is a critical question for any homebuyer in North Carolina. Anytime you talk to a real estate agent or broker, you should be careful to establish what your relationship is with him/her before you tell any sensitive information ("We could spend $500,000 but we don't really want to . . . ")

Real estate agents and brokers work in three different capacities:

Listing Agents work for the seller. They are trying to get the most money for the seller. You don't want to work with an agent who represents the seller only.

Buyer's Agents work for the buyer. They are trying to get the buyer the best deal possible - sometimes that means getting the house cheaply, othertimes it means getting it on the buyer's timetable. Regardless, as a Buyer's Agent my duty is to look out for your interests as a buyer. In any real estate deal, you want to have a Buyer's Agent.

Dual Agents work for both the buyer and the seller. I really don't like dual agency very much. Dual Agents are supposed to pretend that they do not know the buyer's secrets when they talk to the seller, and that they do not know the seller's secrets when they talk to the buyer. The whole thing smells fishy.

The best thing about having a Buyer's Agent is that it usually doesn't cost a dime! You see, when sellers list their property with a Realtor, the property is entered into the MLS. Sellers also enter into a contract with the Listing Agent, promising to pay him/her a commission. When the Realtor enters it into the MLS, s/he is offering to split that commission with a Buyer's Agent. If the buyer deals directly with the listing agent, then the commission goes entirely to the Listing Agent - either way it is the exact same amount. Dealing directly with the listing agent saves nothing on commission and only hurts the buyer's interest! So, why not get a Buyer's Agent?

PS I want to note that when I profile a property on this blog where I am the listing agent, I will always point out that fact. Generally, almost all properties profiled on this blog are represented by other agents. I am presenting them to you as a Buyer's Agent - so you can look for unflinching criticism of over-priced and bad-condition properties! I represent the Buyers!