JUMBO Rates are Lower than Conforming Rates?? Wow.

JUMBO loans, Home loans for more than $417,000 for upscale homes in the Triangle market, are coming in cheaper than conforming loans at less than $417,000!
Luxury Home buyers and Home sellers, Rejoice! This may be a shot in the arm to a stodgy real estate market strata.
That just does not happen, historically. There has been a cost penalty for JUMBO loans, varying from a quarter point, to a point or more, just about forever.

The reasons? Banks have money and need to put it somewhere. JUMBO home markets are flooded with stagnant inventory. Luxury homes in the Triangle are just not moving, with 2 years’ inventory in many local areas for homes in the $800,000+ price ranges.
And, as Nick Timiraos noted in the Wall Street Journal last night, volatile mortgage bond yields are driving up confirming loan interest rates.

As usual, fascinating stuff. Structuring loans for upscale and luxury homes with 80/10/10, 75/25 products, or other scenarios has been a staple of JUMBO lenders in the past. And it is hardly a concern today, with JUMBO money very competitive and even more competitive than cohforming money.
Will this give the Triangle’s upscale home and luxury home real estate markets a boost? Stay tuned….

Light and Bright? It starts with great window placement and planning!

Most home buyers I meet prefer a light, bright home. To the point that “Light and Bright” has become a common marketing cliche in listings and ads.
It is difficult to have a “Light, Bright Home” without smart window placement. Too many windows means too much glare and summer heat gain and winter heat loss.
So windows need to be placed well to maximize light without accentuating negatives.

I love rooms with windows on two sides. They always seem airier and lighter.
120 Skipwyth
Notice how pleasant the room is. The door glazing floods that left hand wall with light and makes the room lighter without excessive glare. And that door is on the south side of the house.

The other two windows are split to either side of the bed location. Smart move. Double windows in the middle of the wall would have made bed placement more difficult, and again, being nearer the edges of the room, they add light with less glare.
Here is another example:

120 Skipwyth

Again, windows split and flooding the walls with light. Look at the walls and the reflected light that is cutting down the glare and contrast.
It is a good choice of paint color for the room. I like lighter paint around windows. Bright sunlight entering through windows on dark colored walls creates glare like a sledge hammer. Windows can be difficult to photograph without the photographer dealing with the glare. And your eye finds the stark sharp contrast uncomfortable also.
Additionally, that room faces nearly due north. The coveted North Light. Always light and never a painful glare or heat.
I looked recently at an office space, and wanted it if only for the wall of floor to ceiling windows on the north side.

Here is a breakfast room in a very pretty house.
6105 Larboard Drive Cary, NC
And it works well, particularly if you like to work with light and shadow. And if a dark room is to your taste. And all that depends on the angle of the sun at any given time, and the time of year, as that window faces due south. It can be very bright, and the wall very dark.

Trees and shrubs can help diminish glare with filtered light to heavy shade. We have a winged elm outside our triple window at our breakfast table. It is on the south side, and spreads far enough that it filters the light nicely. The light green we will have when the elm begins to leaf out is lovely in the morning. We didn’t plan it or plant the tree, or realize it when we bought. We got lucky. If we decide to ever move, it is an effect we will attempt to duplicate.

Get Pre-approved to have a chance in the Cary Real Estate Market.

Craziness reigns in Cary real estate.
But, buyers, if you think you are going to score a new home in a great Cary neighborhood this spring, you are going to have to have a plan.

MLS home listing inventory has shrunk, while demand has boomed. Desirable homes, and even homes of questionable value, are popping off the market.

“He who hesitates is lost,” is the fact of life for Cary home buyers right now.
But, “Haste makes Waste” also comes to mind.

So, buyers need to be methodical, and deliberate. And efficient.
Get funding lined up. Proof of funds for a cash buyer. Solid pre-approval letter from a respected lender for borrowers.
Listen to your Realtor. Get those out of the way.
They are necessary groundwork. Once they are procured, you are in a position to make a quick offer when a home clicks.
And, quickness in deliberation is required!

Triangle Real Estate Forum? Free Real Estate Advice? Why? I say, Why Not?

Visit Zillow or Trulia. Watch people with reasonable real estate questions being offered no help as they are routinely pestered and solicited by hordes of real estate agents resembling Biblical swarms of locusts. I did. And I thought there MUST to be a better way to help consumers with general real estate topics.

Enter the Triangle Real Estate Forum.

I picked up some world-class forum software, had it installed on a server, did a few minor tweaks, and opened it up to anyone who has questions to ask, or answers to give. All manner of discussion is welcome. General agency topics, sharing of Triangle regional information. Information about our towns and cities. Cary or Carrboro. Raleigh or Durham. foreclosures. Short sales. Luxury Condos or affordable Townhomes.
But, the forum is designated a “Safe Place” for visitors to ask questions and discuss topics, No Hassle style.
No solicitations for business are allowed.
No advertising.
No “Contact me for more details.”
No feeding frenzy on the poor visitor who says, “Help! I was just transferred to Raleigh and we need a 5 bedroom home in a great neighborhood, with a home-buying budget of less than $600,000. Where should we be looking?”
Just help and information. No strings attached.

It’s not for everyone. Many real estate pros cannot bring themselves to give away “free advice.” So it goes. Those are the rules.
Drop by and check it out.

Is the Fed Fooling us and fueling an uncontrollable inflationary rebound?

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.

Wallpaper is B-A-C-K! Who would EVER have guessed THAT?

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.

Rembrandt in America? I collect Rembrandts in Cary and Raleigh!

 

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.

Rembrandt in America may be the perfect reason to get out and 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 Rembrandt by New Fortis

 

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.

Rembrandt Elevations A, B, and C

 

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.

 

 

HUD Home: Sold. 107 Cordell Place Apex NC 27502

107 Cordell Place in Apex is a HUD Home with a great deal of potential and good square footage for the price.

This one is Sold 107 Cordell Place, Apex NC

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HUD Case Number 381-895169            This HUD-Owned home is conveniently located near the center of Apex NC

At $125,000, It is full of potential!

It offers 4 bedrooms,2 baths, 1767 square feet of living space, all on a quiet cul-de-sac.

Two bedrooms on the first floor and two bedrooms on the second floor.

The quarter acre lot is partially fenced, and there is a covered porch and huge deck for enjoying the yard.

See the Buyer Full Sheet from Triangle MLS

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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. Bidding is open daily for owner-occupants, government agencies, and non-profits.

Read “Working with Real Estate Agents” from the North Carolina Real Estate Commission.

Never register on a real estate site to search for your next home.

Try my No Hassle Property Search!!

 

Mike Jaquish, REALTOR®

919.880.2769

http://caryrealestatesales.com/

Broker Associate

KELLER WILLIAMS® Realty Cary NC

 

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HUD Home: 307 Swordgate Drive, Cary NC 27513. Davis Drive, Davis Drive, Green Hope HS

307 Swordgate Drive in Cary is a HUD Home in a great location with Davis Drive and Green Hope School assignments.

HUD Case Number 381-915588

Only $265,000. HUD Home: 307 Swordgate Drive

307 Swordgate Drive in Cary is a cute 5 bedroom home with great potential, and priced at only 265,000, in MacArthur Park.

See 307 Swordgate Drive listing on my No Hassle Property Search.

Great House with a ton of Potential

This HUD-Owned Home offers:

  • 2776 Square Feet
  • 5 bedrooms with a vaulted master suite.
  • 2.5 baths
  • Only 16 years old, built in 1995.
  • Family room, Office/den, and living room.
  • Large sunny kitchen with smooth-top stove
  • Great deck in a lovely and private, fenced back yard.
  • Natural Gas heat
  • 2 car garage.
  • Easy care vinyl siding
  • Convenient location with Daveis Drive/Davis Drive/Green Hope School Assignments.
  • Great Town of Cary services.

Huge Bright Cook's Kitchen

Bright Sunny Kitchen

Dual Vanities and separate shower and soaker tub

Master Bath has separate tub and shower, and dual vanities

Private yard with nice landscaping and deck

Private back yard and large deck

HUD Requires you to use a HUD-Registered agent to write and present your offer. I am a HUD-Registered agent and can serve you as your Buyer’s Agent and write your offer.

Call me to arrange your personal showing of this great opportunity in Cary.

Mike Jaquish, REALTOR®

919.880.2769

http://caryrealestatesales.com/

Broker Associate

KELLER WILLIAMS® Realty Cary NC

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Sold. 200 Onondaga Court in Holly Springs is a nice HUD-Owned Home

200 Onondaga Court is a HUD-Owned home in Holly Springs

This one is Sold. At $210,000 List Price, 200 Onondaga Court has a ton of potential

HUD Case Number 381-937917

200 Onondaga Court in Holly Springs, NC, is a HUD-Owned Home with a great floor plan and an interior flooded with light, a large fenced yard, and a side entry garage on a great corner lot.

HUD requires you to use a HUD-Registered agent to write and submit your offer. I am a HUD-Registered agent and would be glad to represent you as your Buyer’s Agent.

Built in 2000, 200 Onondaga Court offers many desirable features:

  • Great location in a great neighborhood, the Oaks of Avent Acres
  • 2167 square feet, 4 bedrooms, and 2.5 baths
  • Plenty of hardwood floors
  • Granite countertops
  • Luxurious Master Suite
  • Side entry garage with overhead storage
  • Sunny Breakfast Room
  • Two fireplaces
  • Beautiful wooded fenced yard
  • Shady front porch and great rear deck
  • Easy exterior maintenance

See the Triangle MLS Buyer Report.

 

Call or email me to see it and let’s write it up! Currently, bidding is not yet open to investors.

Read “Working with Real Estate Agents” from the North Carolina Real Estate Commission

 

Mike Jaquish, REALTOR®

919.880.2769

http://caryrealestatesales.com/

Broker Associate

KELLER WILLIAMS® Realty Cary NC

 

Fair Housing logo