Cary Real Estate Blog

YOU’RE UNDER CONTRACT – WHAT’S NEXT?

Here at LG Real Estate, we have noticed a significant upswing in our activity level starting in December.  Our showings have increased, our phones are ringing, and we placed 3 homes under contract the last 2 weeks of January.  Let’s say one of the homes we placed under contract was yours …. What’s next?

First, usually within 7 days of signing the contract, inspections will be set up

These inspections are most often for the home, for radon, and for pests.  If the NC licensed inspector has reason to question what he observes with the HVAC units, the structural integrity, or the rest of the house, other professionals can be scheduled by the buyers to give an opinion.

Next, you as the seller normally wait 7 to 10 days for the inspections to be completed. 

Then, together we review the inspection report and a list of requested repairs.   In today’s market, you need to be prepared to do the majority if not all of the listed items.  In many cases, the buyer’s request that the repair work be done by a NC licensed general contractor.  Our team has great relationships with many contractors / vendors in the area and we can always make suggestions of people that have a proven track record with us. 

Once the agreed repairs are complete, we substantiate the work by sharing the receipts with the buyer’s agent. 

Then, the buyer’s agent will normally schedule a time for the buyers to “walkthru” the home and visually look at the repaired areas.  The buyer’s walkthru can include a re-inspection of the agreed upon repairs by the hired inspector.  This walkthru helps the buyers feel confident about their purchase.  That is why, at this stage, you as a seller can feel a great sense of relief knowing that all the repair work was completed by a quality vendor.

If I can share one tidbit of advice, it is that the money to complete the repairs identified by an inspector needs to be part of your budget from day 1.  A pre-inspection prior to marketing you home is an excellent idea.  My team and I will work diligently with you through this part of the process.  It’s our job to guide and support you through the inspections and repairs so that your “under contract home” is now a “sold home”.

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Looking to buy a home in Cary - now is the time to pull the trigger.  Here’s why:

1.  Availability – There are currently 777 detached homes for sale in the Cary, Apex, and Morrisville areas.  The abundance of homes on the market affords you a great opportunity to pick and choose so that finding your dream home is an easier task.

 2.  It’s a buyer’s market –The number of homes for sale in most price ranges far exceeds the number of buyers coming into the market, so it’s a buyer’s market.  Since many of the homes have been on the market for a considerable time, motivated sellers are reducing their price and much more willing to negotiate.

 3.  Interest rates are at historic lows – Earlier this year, rates on conforming 3o year fixed mortgages hit a level not seen in decades and have remained near that low for weeks.  In addition, Capital Bank and Crescent State Bank have designed special low rate mortgage programs to help boost traffic to new home communities in Cary.

 4.  Tax Credits Available for a Limited Time – First-time homebuyers have until April 30, 2010, to take advantage of the federal tax credit of up to $8,000!  Repeat homebuyers have until April 30, 2010, to take advantage of the federal tax credit up to $6,500! Renovations: Are you buying a home that needs a new roof, windows, or insulation? Qualified homeowners may receive a tax credit for 30% of renovation costs, up to a maximum of $1,500, for energy-efficient improvements to their current primary residence.

So now is the ideal time to find your dream home here in Cary.  For an inventory of our current listings in Cary and to view all the available homes, please visit our website at LG Real Estate.

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Triple Tax Credit

The new stimulus bill, recently signed by President Obama, triples energy tax credits for energy efficient home improvements.

Now is the time to repair or replace old energy systems with new efficient systems that save monthly energy costs and provide a generous tax credit to boot.  When you invest in highly rated insulation, replacement windows, duct seals, or high-efficiency heating or cooling systems, you can now receive a tax credit worth 30% of the upgrade cost.  The maximum credit you can receive is $1500.

Additional Tax Credits From State of North Carolina

As a homeowner in Cary NC, you can further maximize your savings by choosing projects that also qualify for a State of North Carolina tax credit.  Current projects that qualify for NC tax credits are related to renewable energy sources.   For a list of qualified projects, please refer to this website: North Carolina Incentives for Renewable Energy.

Any energy improvement projects that you are considering need to be installed between January of 2009 and December of 2010.  Cary homeowners – you can then claim your tax credit when you prepare your income tax return for 2009 or 2010.  Here are the important records you should retain to verify your credit:

• Name and address of the manufacturer
• Make and model number of the component
• Statement that the component meets the energy efficient standards
• Climate zones for which the criteria is satisfied
• Declaration that the certification statement is true

List of qualified components and projects

To view a list of components and projects that qualify for the expanded federal tax credit, please visit the Energy Star website.  We would be happy to recommend qualified contractors in the Cary area who have worked with our real estate clients and done a fine job.  Please call LG Real Estate at 919-653-2647 or visit our website: CaryHomesNC.com

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NEW! Are you frying a turkey this year or making some traditional recipes that call for frying?  If so, the Town of Cary will collect waste cooking oil and grease at the curb (minimum half-gallon) by appointment through January 30.  To participate in the program, citizens must call Public Works and Utilities Customer Service at 919-469-4090 to schedule a free curbside pick up.

Place the used cooking oil and grease in a sealed food container such as the original oil container, a coffee can or a soda bottle.  Have the container by the curb by 7am on the day of the scheduled pickup.  The collected cooking oils will be recycled into an environmentally beneficial bio-fuel.
Our team at LG Real Estate wishes you a Merry Christmas and a Happy New Year!

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At LG Real Estate, we just love keeping our local Cary, NC readers up to date on the best ways to save money.  This weekend, from Friday, 11/7 through Sunday, 11/9, it’s the first annual North Carolina Energy Star Sales Tax Holiday.  It was established to increase consumer awareness about energy efficiency.  Energy star appliances help you save money and produce less greenhouse gas.

Eligible Appliances

Eligible appliances must carry the “energy star” label and include clothes washers, freezers and refrigerators, central and room air conditioners, air-source heat pumps, ceiling fans and programmable thermostats.  Be sure to see your favorite local appliance store for all the requirements.

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Continuing Getting My Cary Home ready to sell

Among the suggestions that Lenda and Lee Ann had were:  remove the wallpaper in the dining room.  I love this wallpaper.  I am not a fan of wallpaper in general, but this one was beautiful in my eyes.  It was blue and white (like my china) with a white on white print in the background.  It took forever to pick out and hanging stripes isn’t easy, but I did it.

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So what was next on the list of things to get done?  De-brass.  One of the suggestions from Lenda and Lee Ann who work with me at LG Real Estate was to de-brass the house – replace the ‘gold’ door knobs and hinges, swap out the brass light fixtures, change the kitchen cabinet knobs, etc.  Well, I had planned on doing the entire house, but after looking at the price of door knobs, budget constraints came into play.  We decided on the first floor to give a great first impression to buyers as they come into my home.

Controlling Cost When Preparing Your Cary Home for the Market?

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So, how did we start?  Well, my husband and I decided that we needed a little more room in our house.  We investigated adding on to our Cary home, but decided it wasn’t going to work for us.  Typically we would never buy a house before we sell our own, but we have also never moved in town before.  But, before we even made the conscious decision to buy a new home in Cary, we started to do things we knew would need to be done.

De-cluttering Our Cary Home

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I have been working with Lenda Goulding and her team at LG Real Estate for 16 months now.  I have learned so much in my short time here, but my family and I have decided to put my new found knowledge to the test.  My husband and I have bought a new Cary home and we are in the process of what so many of you are doing too – getting our house ready to sell.

I hope you enjoy following us along the way.  Maybe you can learn from us, maybe you can teach me a few things…

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The table below, courtesy of Stacey P. Anfindsen, illustrates the top 30 Cary, Apex, Morrisville subdivisions from an appreciation standpoint.   As realtors at LG Real Estate here in Cary, it’s nice to see steady long term growth in our neighborhoods.

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