HUD Home. Back on the Market!! 111 Sterlingdaire Drive, Cary NC
Case Number 381-848768
At $144,000 near the Heart of Cary, this home has a ton of potential!
2 full baths
Private side patio
Open Floor Plan
Close to everything Cary has to offer!
This HUD-Owned home is just waiting for your offer. HUD requires you to use a HUD-Registered agent to write and present it.
I am a HUD-Registered agent and can show it, represent you, and write up your offer. Note: Some HUD properties are reserved for Owner-Occupant, Government Agency, or Non-Profit Bids only through a period of time.
Never register on a real estate site to search for your next home.
This nearly new home has 4 bedrooms on a quiet culdesac, stainless steel appliances, wood flooring, low maintenance vinyl exterior, a great two car garage, 2 1/2 baths, a sunny patio, and a great floor plan flooded with light from many windows.
Built in 2009, this home is only 2 years old, affordable, and ready for a new owner to love it.
Buyers look for items that are dealbreakers for them. When deficiencies cannot be cured, smart Sellers and their listing agents price homes accordingly.
Buyers and Dealbreakers
Buyers will often cite a "dealbreaker" when considering a home. In Cary, NC, some of those items are steep driveways, proximity to large powerlines, proximity to busy thorofares, railroad tracks, or excessive airplane traffic.
Some buyers are willing to work with a home that has only a single negative feature, but when they add up, those buyers often lose interest.
A few years ago, I listed and sold a home with a steep driveway, powerlines and a railroad behind it. How can that be overcome?
We have a saying in real estate, that "Price fixes all deficiencies." In other words, when a home's price recognizes the diminished value created by excessive incurable deficiencies, and there is an affordable home with otherwise great features, there will be a buyer.
Smart home sellers and their listing agents in Cary will take negative items they cannot change into account when pricing the home for sale.
What is the real cost of your Home Loan? You have to consider more than just the interest rate you were quoted. Consider all the fees and charges to get the money for your new home, and you will see that the actual Annual Percentage Rate is nearly always higher than the interest rate you were quoted.
Even better, when we find that new home in Cary, let me connect you with a great mortgage professional who will explain APR in detail for you, and deliver that affordable home loan package than best fits your needs.
Until then, Calcmoolator gave me a nice free calculator to help you make an educated guess at your APR:
When listing a home for sale, whether Home Sellers should do updates and minor repairs prior to listing or to just offer allowances for home buyers to handle updates themselves is a common question.
I fall into the freshen, repair, and update camp. Of course, that is dependent on the ability of the Home Seller to afford the costs of work out of pocket prior to receiving sales proceeds.
I like to say that it is about "conversations." Fewer defects and issues are fewer items of conversation, fewer things to talk about, whether it is the agent coaching buyers that they can handle updates, or the negotiations between the buyers themselves. Less conversation may well mean more money in a faster sale.
Smart Cary Home Sellers want Buyers and Buyers agents talking among themselves about how fresh and up-to-date the property seems, how little updating the Buyer will need to do after closing, how that may create a more affordable home.
We are seeing more and more Cary homeowners test the market with For Sale By Owner, AKA FSBO, offerings.
I think right now that approach takes some guts, as even the Cary NC real estate market is a little soft at some price points. Hopefully, the FSBO Owner is trying to present more affordable home pricing to potential buyers and their Buyers agent.
But, I stop short of harassing For Sale By Owner sellers to convince them they are mistaken if they do not use me as their listing agent. Whether they are listed on the Triangle MLS or not, I assume that most people are sharp enough that IF they want a listing agent, they will hire a listing agent.
Calculate how much mortgage you can handle with Mike’s Mortgage Calculator.
Affordable Mortgage Calculator
I picked up this Mortgage Affordability Calculator from Calcmoolator. It is informal, but can help folks have a little fun comparing their finances to home costs, and to determine if affordable home ownership is feasible for them. Users should adjust taxes and insurance to reflect something closer to market value in Cary.
A listing agent or Seller will not accept these results as proof that a Buyer can afford a home. And a Buyers agent should not think a quick calculation like this is proof that the buyer can afford a home. The calculator is not a substitute for a prequalification session or a mortgage preapproval letter from a lender, but it can help folks gain some focus on some of the issues in home lending. Of course, if you want to step directly into working with a great mortgage banker, I always recommend Kevin Martini of SunTrust Mortgage.
Wake County Property Taxes do not always reflect true current market value.
We see it routinely in the Cary area. Listing Agents shout, “Priced $Thousands below Tax Value!!”
It doesn’t mean much. If the difference is in the tens of thousands, then a Buyer might wonder if the Seller should have appealed the assessment and tried to have it lowered to a reasonable affordable number.
Wake County Property Tax reassessments are performed every 8 years. The last time was in 2008, with the next reassessment scheduled for 2016. Until then, Wake County will not adjust tax values because of market conditions or soft sales prices.
I have spoken to many homeowners who are afraid to appeal taxes, as they believe that a lower assessment may hurt their home value. That is an error, I believe. If one is contemplating selling their home, a Wake County Property Tax bill that is excessive can discourage a Buyer.
And I got into it in a 60 Seconds in Real Estate episode: