Cary NC Market Report, last 30 days closings.
Cary NC Market Report
30 days of Real Estate Closing in Cary, as of August 17, 2011
Numbers are pretty stable in Cary real estate. As of today, we closed 123 residential sales in the last 30 days.
Days on Market were 93 for those 123 listings.
Cumulative Days on Market, meaning that the property was listed more than once, were 115.
On July 17, those numbers were 87 and 114.
I pulled out three of the highest DOM properties, and the remaining 120 homes showed 86 Days on Market,
and 102 Cumulative Days on Market.
Fun with numbers…
Average selling price was 0.962 of final listing price.
Check out garage dimensions to make sure you can park 2 cars in a 2 car garage in Cary.
Garages in Cary NC
How many cars can you fit into a 2 car garage?
What makes a garage a 2 car garage? Or a 3 car garage?
How can you tell?
The big door in front won't tell you. You can get a pretty big door on a pretty small garage.
We see Cary listing agents marketing 2 car garages, or 3 car garages, for their seller. But, some garages are so tight, it is difficult to imagine parking two cars and being able to open their doors.
Or, as often done in Cary, the water heater is placed in the garage, in the parking space. Or the builder adds a flight of stairs from the garage to the living area, and that flight of stairs encroaches into a parking space.
So, when working as a buyers agent, I take a very close look at the garage layout, the dimensions, and other factors that can impact the utility of the space. And sometimes I will tell my home buyers, "Well, heck. That's a 4 car garage. If you own 4 Smart cars." In other words, you will work hard to park 2 cars in that garage.
Discussion of termite plans, termite inspections, and how that varies from pest services in Cary.
Termites? In Cary NC? Well…. Yes.
One home inspection that home buyers always have performed on a Cary home is to have a licensed pest firm check for termites. Termites are very common in the Cary area and a smart buyers agent will press the home buyer hard to have the property checked out during the due diligence period of the contract.
It is also common for a home owner to carry a termite protection contract, which usually includes a repair policy for any termite damage. If the home seller has carried such a plan, the seller should let the listing agent know, and that becomes a selling point in the listing. If the plan is transferable, it is even more affordable and valuable to the home buyer.
Some folks confuse a termite plan with quarterly pest service. Those are two very different services, even though they are offered by nearly all pest and termite control firms in the Triangle area.
Listing Agents should encourage de-cluttering of storage areas to impress buyers and buyers agents.
Cary NC Real Estate Talk
Selling Your Home? De-Clutter Your Attic!
Many home sellers in Cary have embraced some degree of staging their home for sale. Listing agents are seeing more interest in home staging, de-cluttering, and generally making the home show better.
And then we get to the attic, basement, or garage. Those areas are all too often overlooked in the staging process. Large spaces show well when they are open, and the home buyer and their buyers agent are impressed with spaciousness in storage.
My advice? De-Clutter the auxiliary spaces and storage areas for better showings!
Updates bring Sellers more value than offering Allowances.
Cary Listing Agent says, "Updates Trump Allowances!"
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.
Buyers need to know when they will receive keys to the house. Typically, that is after Closing.
Settlement vs. Closing in Cary NC Real Estate
Folks buying or selling a home in Cary need to plan well for activities around Settlement and Closing. And they should be able to expect some guidance from their Listing Agent and Buyers Agent.
And, many home buyers in Cary do not know the difference between Settlement and Closing in a North Carolina Real Estate transaction. When using the NC Association of REALTORS® Standard Offer to Purchase and Contract, the two terms have significantly different meanings. "Settlement" is the signing of documents related to conveyance of the property. "Closing" is when the Closing Attorney actually records the Deed at the Wake County Courthouse. Buyers are still Buyers until the Deed is recorded. After Recording, i.e., "Closing," Buyers become "Owners."
For Sale By Owner Video Blog
For Sale By Owner? FSBO in Cary NC?
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.
Mike's Affordable Mortgage Calculator. Have Fun!
Calcmoolator mortgage payment calculator
This mortgage calculator, from the good folks at CalcMoolator can be a big help to you in planning your finances, and knowing what it will take to buy that Cary home.
As a Buyers Agent, I see many real estate buyers who haven’t yet talked to a lender, and have no idea how affordable their home payment may be. Please note, your Wake County Property Tax and Homeowners’ Insurance premium included in the total estimated mortgage payment will vary depending on your property value and which Wake County town you are in.
Also, I expect to offer several more specialized real estate calculators on this page, so check back to see what’s new.
Prelisting inspections can help a Seller over some hurdles on the way to closing.
Prelisting Home Inspections
Home Inspections Prior to Selling
It is becoming more common for Sellers in Cary to have a home inspection prior to listing the house for sale. I think that is a great trend, and a great marketing tool, particularly when all repairs are already made too. This method allows the Seller to perform repairs with chosen contractors, and without the rush of a closing deadline.
When the Listing Agent can advertise as much, and the Buyers Agent can tell their client that the home has been inspected and repaired, it is a HUGE confidence builder for the Buyer. The Buyers inspections will yield fewer findings, and the home should be easier to accept.
And, I said as much, in 60 Seconds in Real Estate