Prof. Michael Bordo interviewed by MarketWatch reporter, Greg Robb:
Did your eyes glaze over in the middle? Or at the end where Professor Bordo says he fears the Fed will wait too long to let rates increase?
Watch it again. You have time.
How does this relate to home sales in Cary, or elsewhere for that matter? I think it ties back to my post of October 28, 2011, “Creating Urgency? Or, Raise Interest Rates to Sell more Houses?” where I mentioned the point made by a client that the Fed has removed all urgency from the real estate market with prolonged artificially low interest rates.
Real estate agents who are working their tales off to “create buyer urgency” may be surprised to realize how hard the Fed is working against them by holding rates low for another year.
I saw it in yesterday’s Raleigh News and Observer, a reprint of an article from the Washington Times.
Wallpaper is staging a comeback!!! Read all about it here!
I had heard wallpaper rumblings and rumors. A year or so ago, HGTV Househunters featured a fellow who wanted a condo where he could unleash his burgeoning wallpapering talents.
And, it seems that anytime something falls as far from grace as wallpaper assuredly has, it rebounds into the spotlight again just to keep us on our toes.
I worked hard many years ago to develop wallpaper hanging skills. To cut and match and plumb and level well enough to let people see my work.
About the time I got good at it (Or so I thought), wallpaper fell completely out of favor.
And now, my skill is redeemed! Wallpaper is back!
So, you have a home to sell in Cary? And now your wallpaper is back in favor, right? Not so fast. It can be expensive to be a trendsetter out on the bleeding edge of the cutting edge.
I have yet to hear Buyers mention “Wallpaper” without wrinkling up their noses at the concept.
And a new media fad doesn’t mean that your floral 1990’s have suddenly become chic, in, old school hot, desirable, retro. Not at all. And that foil paper? Buh-bye!
Decor is a personal and volatile subject. Your delight may well be a well-qualified Buyer’s stupor. And we all know there is no excess of well-qualified Buyers.
The advice to strip and paint is going to be with us for a while, I am afraid.
Since the end of October, the North Carolina Museum of Art has been honored to host Rembrandt in America, the largest collection of Rembrandt paintings to ever have been exhibited in America.
The collection is on display for a few more weeks, until January 22, so you should be scheduling your visit soon.
I haven’t even visited the new NC Museum of Art since construction was completed, so I am overdue to find a reason to go.
Interestingly, I have been collecting Rembrandts in Cary and Raleigh for some time. Houses, that is. “Rembrandt” models by New Fortis/K Hovnanian Homes.
I live in a Rembrandt. Circa 1993.
Oddly enough, my Rembrandt is in a subdivision named “Giverny.” Rembrandt in Giverny? Maybe it should have been a Monet? That would have been OK, too.
The Elevation “D” Rembrandt was the masterpiece of the model. Full brick front, with half circle windows, a hip roof, and a finished bonus room over the garage all elevated the “D” to the top of the heap. It was the model home in Giverny, and as is common, the model became one of the most popular floor plans to be built. I belive our neighborhood is about 20% Rembrandts, of one elevation or another.
I live in a home built to Elevation “C.” The “C” has a partial brick front. We added a front porch that makes our “C” unique in the neighborhood.
Elevation “A” was the “plain Jane,” base model elevation.
Elevation “B” adds a rocking chair front porch.
Elevation “C” includes brick trim on the left of the front of the house, and a step down in the roof.
But interiors of these three elevations are the same, unless options were chosen to change them.
The two-story family room in the top rendering offers dramatic central height to the interior, and the rendering shows the palladian windows included in the “D” elevation. Our “C” Elevation home has rectangular transom windows in place of the palladians.
Most commonly, buyers chose to finish a loft area into a 4th bedroom and/or to add a 5th bedroom/bonus room over the garage.
Square footages vary from just over 2200 to about 2800 square feet.
While owners have customized their homes and properties over the last 15 to 18 years, a tour around the area turns up many Rembrandts. You can see the Rembrandt DNA in the photos, and also appreciate the pride homeowners take in personalization of their properties.
Do I do Open Houses?
Yes, I hold Open Houses in most of my listings, and I don’t worry about reasons given for not holding them.
Do Open Houses “work” in Cary?
I think many work well to expose the home to the market, to generate a little buzz, to get people in to visit.
“They are only for agents to get new Buyer Clients.”
No, I hold Open Houses to generate business for that listing.
“Only a low percentage of Open Houses result in a Buyer.”
I like to say, as a listing agent, holding an Open House is better than napping at home in front of the TV, and moaning that the real estate market is dead.
505 Spencer Crest Court is a lovely home, nearly new, in Bexley at Weston, in north Cary.
505 Spencer Crest Court offers:
3252 Square Feet
5 bedrooms, including one on the main level
3 full bathrooms, all with tile
Granite tops in the kitchen and master bath
Stainless steel appliances, including gas cooktop
Hardwoods on the main level and the entire staircase
Excellent bonus room for media
Large open 2nd level loft for reading nook, school desks, etc.
Exterior is brick on four sides, with stone and fiber-cement accents
Low maintenance lot, with reclaimed water irrigation and attractive landscaping
Wonderful and convenient N Cary location
Access to points of interest is excellent, including Raleigh, NC State University, RDU Airport, NC State Museum of Art, the NC State Fairgrounds, Umstead Park, North Cary Park and Town of Cary Greenways, and Wake County Lake Crabtree Park.
505 Spencer Crest Court is located outside the RDU Air Traffic mandatory notification zones. There may be occassional air traffic, but not at a level that mandates disclosure.
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.
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.
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:
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!