Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Jan. 13, 2022

10 Tips for Buying a Home in a Hot Real Estate Market

 

The real estate market goes up and down due to the economy, interest rates, supply, demand and other financial factors. A buyer’s market is when there are more homes for sale than buyers. Buyers can take their time because supply outweighs demand. On the other hand, when demand for homes is greater than the supply, it’s a seller’s market. Homes sell quickly. Sellers may get several offers on the home, often within a quick time frame. Bidding wars start. In a hot market, buyers have to be more proactive in their search for a home. You’re in a competition with the other buyers.

Make Your Offer Stand Out in a Hot Real Estate Market

To buy a home in a hot market, you need to be organized and prepared. Sellers will have multiple offers and don’t have to wait for you to get your act together. Here are some recommendations.

1. Get your finances in order. Check your credit report. Get pre-approved for a mortgage.

2.  Know your wants versus needs. In a limited market, you limit your choices when you have a large list of must-haves. Prioritize your needs to make quick decisions when you finally do find a home that you like.

3. Tell your family and friends that you’re shopping for a new home. The more homes you look at, the more likely you’ll find your home quickly.

4. Work with a full-time real estate agent. You want an agent who has time to help you find a home. Make sure you get an experienced agent who is responsive.

5. Be responsive to your agent. Not only do you want an agent who communicates with you, in a seller’s market, you need to be quick to respond to your agent.

6. Be prepared to make an immediate offer if you’re interested. You’ll need to make a strong offer, so listen to your agent’s advice when it comes to making a bid.

7.  Avoid contingencies. While you shouldn’t skip a home inspection, you may need to limit other contingencies that could impact the seller’s decision. At the very least, shorten the period of time for the contingencies.

8.  Don’t make demands of the seller. You want your offer to be accepted, so be flexible to meet the seller’s needs. In a seller’s market, the seller has the upper hand.

9.  Be ready for a bidding war. Don’t get emotional about a home. Be prepared to negotiate, but don’t forget about your budget.

10. Be patient. In a seller’s market, consider the journey as a marathon, not a sprint. Have a contingency plan if you need to move quickly to avoid acting on impulse.

Buy Your Home in Chapel Hill

Considering buying a home in the Chapel Hill area?  Chapel Hill Realty Group has been doing business for over 65 years and have the knowledge and expertise to help you find your dream home.

Contact us online or call our experienced team directly at (919) 942-4149 today!

 

 

Posted in Market Updates
Dec. 16, 2021

5 Tips for Preparing Your Home for the Real Estate Market

Whether you're sizing up to accommodate a growing family or you've emptied the nest and are ready to go on your own adventures, one thing is certain: you'll need to prepare your home before you put it on the market, especially if you've spent the last couple of decades making it your own. Selling your home shouldn't be a stressful ordeal and choosing the right Chapel Hill Realtor can help make the process go smoother.

1. Work From the Outside In

Curb appeal is important for the real estate market. Consider your lawn, your landscaping, your driveway, and even your mailbox. Simply mowing the lawn is not enough. If old trees dot the landscape, have them removed. Plant shrubs or flowers that are easy to maintain and add visual appeal. Is your driveway old? Have it re-paved to make it more appealing and functional. Even your mailbox matters, so switch out the old, faded, rusted one in favor of something new that matches your home's style. 

2. Get Rid of Clutter

Go through each room of your home to declutter your home, removing anything that isn't necessary. Separate items into those you want to sell or donate and those you'd like to keep and rent a storage facility for the items you want to keep. Find a place for everything that you do leave in the home. The neater and more organized your place looks in the pictures, the more likely it is that you'll have interested buyers.

3. Clean and Then Clean Again

Basic sweeping and mopping are important, of course, but they are just the beginning. When was the last time you scrubbed the grout in the bathroom or washed the windows in the bedrooms? Are ceiling fans or light fixtures crusted in dust? Clean along baseboards, in often-ignored corners, and everywhere else you can think of. Consider odors as well. If you have pets in the home, if someone smokes, or if you use a lot of pungent foods and spices when cooking, you'll likely need to do odor control before hosting an open house. 

4. Focus on Things Behind the Scenes

The better repair your home is in, the more money you can request when trying to sell it. Focus on both the inside and outside of your home. Repair broken gutters and shutters, ensure all your light fixtures and ceiling fans work as they should, make sure that every step is safe and secure, and more. Consider the major appliances as well. How old is the HVAC unit? What about the water heater? If you're including kitchen appliances, updating them may be necessary as well. Remember, you'll have inspectors coming through your home, too, so be sure to focus on the things they will notice as well. 

5. Keep Things Neutral

Just like clutter, unique color schemes can also make it hard for potential buyers to picture themselves in your home. That bright blue kitchen may be the love of your life, but a neutral shade is more likely to appeal to new homeowners. Consider your furniture as well, switching out ultra-unique sofas or desks in favor of toned-down themes. Avoid patterns on anything and instead stick to shades of white, tan, or light gray.

Don't feel you need to go it alone when you're ready to put your home on the market. Contact the realty experts at Chapel Hill Realty Group to help you prepare your house and sell it for the best price possible. 

 

Call our team at (919) 740-0884 today!

Posted in Market Updates
Nov. 2, 2021

4 Home Pricing Secrets Designed To Sell Your Home Quickly

The first crucial step of any home sale is determining the right listing price.

Too low of a price, and you make a smaller profit than you deserve, and potential buyers may wonder what's wrong with your property. On the other hand, listing it too high can leave your home on the market for months with no offers. Not sure where to begin? No worries.

Our team of home selling specialists are here for you! To help you make the best decision, here are four of our secrets for home pricing - designed to get your home sold quickly.

1. Hire a Local Realtor

You need to bring in professional assistance to price your home right. An experienced realtor knows the current conditions of the local market and the buying trends in your neighborhood.

First, your agent will do a Comparative Market Analysis on your property by looking at the recent sales activity of similar homes in your area. Then, your realtor will tour your home to assess its condition and to take note of any improvements you have made to the property.

 Finally, the agent uses all this data to determine a recommended listing price.

2. Look for an Open Price Point

Research the listing prices of open homes to look for a price point no one else is using so your property will stand out from the others. For example, if all the comparable homes are priced at $249,999 or $269,999, list your home for an uncrowded $259,999.

3. Set Your Emotions Aside

You probably love your home and have taken great care to maintain and upgrade it during your time living there. Those emotions tend to make you want to overvalue your house. It's best to set your feelings aside and walk through your home with your realtor to objectively look at it from a buyer's perspective to determine a realistic sales price.

4. Adjust the Price as Needed

The real estate market goes up and down and frequently changes. There's no way to know for sure what the market conditions will be after your listing is active. If your property doesn't get any reasonable offers within the first month, consult with your realtor to determine the cause. Don't be ashamed to lower the price to fix the problem.

Following these four secrets of home pricing helps you list it at the right amount so it sells quickly. This calculated approach should also get you top dollar for your property.

Sell Your Home With The Best Chapel Hill Team

If you’re looking to sell your home, the team at Chapel Hill Realty Group has the expertise you need to make effective decisions, along with marketing programs that will give you the exposure and edge to get the best price for your home. 

Call us at (919) 942-4149 or contact us online to get started today!

Posted in Market Updates
Oct. 6, 2021

The Truth About Curb Appeal

Curb appeal may sound like a real estate buzzword, but it’s so much more than that. What is the first thing that buyers notice about a house when they are looking? That’s right: the exterior of your home.

Curb appeal refers to that first impression your home makes and you want it to be a good one. Here are our top tips and tricks from our home selling experts for improving your home’s curb appeal, to improve your selling chances.

Why Curb Appeal Matters

Think of the houses around Chapel Hill with Southern charm and character that stand out to you without ever stepping a foot indoors. Even if the interior of your home is in perfect condition, you may not get as much attention as you would like if your exterior does not present well. 

Appearance does make a difference when it comes to buying and selling real estate. The last thing you want when selling your home is for buyers to overlook it because the garage door needs to be replaced, an awning is loose or the lawn needs to be mowed.

Where To Focus Your Efforts

You probably look at your home almost every time you pull into the driveway, but how often do you really look at it? Do it from the perspective of a buyer and see what you notice. One thing’s for sure - buyers don’t miss a thing, which is why you should turn a critical eye to your home’s exterior. Here are some common areas that buyers may notice first, and a good place to start when looking at your home: 

Roofing

How old is your roof? Does it look like it needs to be replaced? Are there piles of leaves overflowing the gutters?

At the least, get your roof inspected and make any necessary repairs. Also, get those gutters cleaned!

Entryway

Is your front door welcoming? Perhaps it could use a fresh coat of paint or stain. Consider other touches, such as improved lighting, a new doormat and other accents that make your home look inviting. Keep it simple, though; too many outdoor decorations may have the opposite effect.

Yard and Landscaping

A well-maintained property reflects the care you have for your home. Have your lawn trimmed and edged, and prune any overgrown trees or bushes.

And don’t underestimate the selling power of fresh mulch! 

Brick or Siding

Does your home need a good cleaning? Break out the power washer to clean dirt and mold off your home’s exterior. While you’re at it, clean your windows, garage doors and driveway; they probably need it too.

Buy And Sell with Chapel Hill’s Best Realtors 

At Chapel Hill Realty Group, we have been listing and selling homes on behalf of our clients for more than 65 years. Contact our team online, or call us directly at (919) 942-4149 today! 

Posted in Market Updates
Sept. 2, 2021

5 Tips For Purchasing a New Home in a Hot Seller's Market

Buying a home is a dream for countless Americans. Owning your own home allows you to build equity in a property, support your family and potentially pass on wealth to subsequent generations.

But buying a home can be tough — and particularly in a seller's market, like the current one, where there are simply more prospective buyers than homes available.

Knowing how to effectively navigate a seller's market can make all the difference in ensuring that you're successful in your home-buying attempt. Not quite sure how to do that? No problem. Our team of Chapel Hill real estate experts have put together our top 5 tips for navigating this seller’s market for you, the buyer

1. Obtain a Mortgage Pre-Approval

Unless you can afford to pay cash, being pre-approved for a mortgage prior to delving into the home search process is essential. This is particularly true in a seller's market, in which you are unlikely to be taken seriously without proof that you can purchase a given home — and in an environment in which you will probably have to act quickly once you find the right property. 

2. Work With An Experienced Real Estate Agent

Working with an experienced realtor who understands your needs and advocates on your behalf can be essential in helping you find the right property. A great realtor will be highly informed on current market conditions, and persistently aware of new properties coming to market. He or she will also have a strong working knowledge of recent home sales prices, and can offer invaluable advice, particularly for first-time buyers.

3. Broaden Your Search

You may have your heart set on a particular town or neighborhood, and that's a great place to start. However, expanding out from your starting location — and considering nearby areas — may dramatically broaden your chance of finding the right home. You may be pleasantly surprised by what turns up, and having a slightly wider net can be essential in ensuring you find the right place for you, in a great location

4. Look For Homes Under Your Budget For Bid Up Room

A good strategy in any market is to look for homes that aren’t at the top of your spending budget. This allows wiggle room for bidding up, as well as a bonus fund for any remodeling or renovation projects you may want to tackle right away to truly make the home how you want it. 

5. Consider "Contingencies" To Woo the Seller

In a true seller's market, individuals selling a home may simply have their pick when it comes to the buyer. Offering "perks" may help demonstrate your appeal to potential sellers. This may include offering a short window for closing, or even waiving some (or all) contingencies. You should always be careful when making concessions, however, so as not to over-stress yourself. But don't forget that small amendments can make a big difference to a seller.

Find Your Perfect Home

Chapel Hill Realty Group has a wealth of experience in connecting buyers with their forever homes - and especially in a seller’s market. Our team is committed to assisting you through the process of researching, selecting and most importantly, closing on the purchase of your home. 

Contact us online or call our team directly at (919) 942-4149 today! 

 

Posted in Market Updates
Aug. 2, 2021

7 Excellent Reasons Why You Should Make Chapel Hill Your Home

Situated on the southeast edge of Orange County, North Carolina, Chapel Hill is an unbelievable place to call home. Although the town is world-famous for the university’s basketball and women’s soccer programs, Chapel Hill has more to offer residents than top-notch collegiate sports.

The town’s central location in the beautiful Piedmont region of North Carolina is ideal for new families looking for a safe and comfortable place to live. So, if you’ve been wanting to buy a home in Chapel Hill, here are just a few of the reasons why you should make Chapel Hill your permanent home.

One of a Kind Small Town Charm

Even with the larger cities of Durham and Raleigh nearby, Chapel Hill retains its small-town charm. In fact, it’s more like a bustling village than a city. The downtown area by campus has gourmet cafes, bars and shops lining the streets, and the vibrant wooded landscape is unforgettable.

With endless options of things to do, including some of the amazing annual events, you’ll feel like a local and feel the sense of community that Chapel Hill has to offer  in no time. 

Ideal for Commuters

If you’re planning on living in town but working in another city, Chapel Hill is an excellent choice for commuters. Durham is a mere 15 minutes away, and you can travel to Raleigh in under 30 minutes. For out-of-state commutes, Chapel Hill is the midway point between Atlanta, GA, and Washington, D.C.

A Thriving Music/Arts Scene

Once home to James Taylor and the location for the film Patch Adams, Chapel Hill is a great spot for music and the arts. You can see Asian and European art exhibits at The Ackland Art Museum or gaze at the stars at the Morehead Planetarium and Science Center.

Delicious Southern Cuisine

Chapel Hill has several farm-to-table restaurants and gourmet cafes. You can find high-quality North Carolina barbecue, tasty seafood and traditional down-home cooking.

Exceptional Schools and Universities

The University of North Carolina Chapel Hill is one of the oldest public universities in the country and one of the most revered. Chapel Hill also has the three highest-rated high schools in the state and the town tops the list for the most desirable towns to go to school.

The Gorgeous Landscape

Pines dominate the Chapel Hill landscape, but you’ll also see cedar, oaks, mimosas and many others. The hilly terrain and lush, green vegetation surrounding you make a morning commute an enjoyable experience.

The State’s Best Location

When you live in the center of the state, you have several exceptional vacation destinations only a few hours away. You can head south to visit the beach in under three hours or drive west for four hours to the Great Smoky Mountains.

Ready To Settle In Charming Chapel Hill? 

As you can see, Chapel Hill has so much to offer new homeowners. When you’re ready to settle down in Chapel Hill, contact the region’s top real-estate specialists at Chapel Hill Realty Group. Our agents’ local knowledge and expertise provide unsurpassed excellence in service and assistance to our clients - you’ll feel good about our team.

Fill out our contact form online at ChapelHillRealty.com, or call us directly at (919) 942-4149 today! 

 

Posted in Market Updates
July 8, 2021

Tips & Tricks for Your First Year In Your New Home

You're elated to be a new homeowner, but know you have a lot to get used to as you transition from renting to owning. The first year in your new house could prove more challenging than you expect, so arm yourself with this survival guide checklist from our real estate experts, to prepare for inevitable homeowner hiccups!

  • Set Up All Utilities

Depending on your prior living arrangement, your landlord may have handled setting up and paying for utilities. As a homeowner, that all falls on you. Contact your local gas, electric and phone companies to set up your desired utility services. Do not forget to set up your sewer, water, recycling and trash too.

Tip: Depending on the service and provider, you could save money by bundling some services.

  • Start an Emergency Fund

Rather than wait to respond to a major or minor repair, get ahead of a potential disaster by putting money into an emergency household fund now. Even if you purchased a brand-new home, something's going to break or break down on you unexpectedly. If you incur a major repair bill, you'll be glad to have a rainy-day fund.

Tip: Make it a habit to contribute to your emergency fund regularly, preferably in an interest-bearing account.

  • Double-Check Your Address

As a homeowner, it's vital that all service providers have your proper address. If they have the wrong zip code or house number, they may shut off your electricity or water at the most inopportune time, such as while you're making dinner or taking a shower.

  • Know Where Everything Is

Do you know where to find your property's water shut-off valve? How do you shut off the gas in your home? During an emergency, you don't have time to scramble around your property in a frantic search. Shutting things off as quickly as possible may become vital to avoiding damage and minimizing expenses.

  • Consider Utility Provider Budget Plans

You do not want to experience the sticker shock that comes from getting the first water or electricity bill in your new home. When you set up your utilities, ask providers about budget plans. That way, you get an estimate of your utility usage for the entire year and break all your payments down into equal payments. Avoiding fluctuations in utility billing may go a long way in protecting your financial health the first year in your new residence.

 

Looking To Buy A Home? Work with Chapel Hill’s Top Team!

Chapel Hill Realty Group offers unparalleled service to ALL clients in the Chapel Hill real estate market. Whether you are considering buying a home, selling a home or both, we know this area inside and out. Call 919-740-0884 to explore your options today! 

 

Posted in Market Updates
June 10, 2021

Choose The Right Listing Agent To Sell Your Home

Selling your home opens up a brand-new chapter for you and your family, and the sooner you close on the deal, the faster you can get on with your big new adventure! Hiring the right listing agent can have a big impact on whether your home sells quickly and for how much.

Not quite sure how to choose the right agent? No worries. Our team of home selling experts is here to help. Here is a quick guide on what to look for in a quality agent, when it comes to selling your home and choosing the right one to list it. 

Proximity

The best listing agent is usually the one who is familiar with the area and lives nearby. This increases the likelihood of the agent being able to talk up the home and all its best selling points. The listing agent might also be in a better position to answer specific questions from the buyers, such as where the closest supermarket is or whether the area is quiet at night.

Experience

How long has this listing agent been selling houses? Some agents might have had their licenses for years but did not use it or only sold houses as a side gig. Ideally, you want to work with listing agents that have made real estate their full-time careers.

Performance

How many homes has your listing agent sold in the past few years? What is the average time between listing and closing for the agent? These are just some of the performance indicators you can ask about to determine if he or she is the right fit for you.

Passion

Is the listing agent passionate about what he or she does or is he or she just in real estate to pay the bills? You can usually pick this up from the start. Sure, you could catch someone on a bad day. That's why it's important to talk to an agent more than once before choosing them.

Punctuality

When buyers look at homes, yours is one of several they might be considering. The more punctual your listing agent is, the higher the likelihood that they get the information in time to make a favorable decision.

Guarantees

Can the realtor offer you any guarantees about the listing and selling process? If he or she does not volunteer this information, ask. Always get a response in writing, so you can refer back to it if necessary.

Proceeds

How much can you expect to make from your sale after fees and other expenses? Of course, the realtor cannot predict how negotiations might turn out, but having a rough idea can help you plan ahead.

Work with Chapel Hill Areas Top Home Sellers 

At Chapel Hill Realty Group, we have been listing and selling homes on behalf of our clients for more than 65 years. Get to know our team and reach out to ask for more information about our listing process.Contact our team online, or call us directly at (919) 942-4149 today!

Posted in Market Updates
May 11, 2021

5 Strategies To Negotiate the Best Price When Selling Your Home

Whether you’re moving because you’ve outgrown your current home, have taken a job across the city or country, or simply ready for a change - the thought of selling your home fast can be overwhelming. Afterall, your home is a major investment and it’s important to get what you feel is fair out of the work and money you’ve put into it. 

There are different strategies you can take when it comes to negotiating the best price for your home, and it’s important your realtor takes on the best approach in your particular situation.

How do you know which is the right approach? Well, with the help of the right real estate team, and knowing various strategy options, can help you to the best of your advantage. Our team of home selling experts in The Triangle area, put together the top 5 strategies you can take, in order to improve your chances of getting the price you want for your home. Check them out below. 

1. Don't Accept the First Offer

Most prospective homebuyers expect some negotiation. Don't let fear of not selling push you into accepting an offer below what you really want. Many sellers will counter somewhere in the middle of the listing price and initial offer. This isn't the best way to get top dollar, though. 

Consider countering their first offer with your listing price or slightly less. This shows you believe your price is fair and you are confident in your ability to sell. Although there is some risk, this can get you closer to the price you actually want. 

2. Ask for a Second Offer

This is a version of countering with your listing price. Instead of making a counteroffer, simply reject the offer outright and ask the potential buyer to submit a second, more reasonable offer. This is risky, so make sure you have your home listed at an appropriate price. That way homebuyers know you have a right to be asking that price and are not trying to simply turn a high profit. 

3. Counteroffer With an Expiration Date

When you are going back and forth between offers, it is generally considered unethical to also be accepting offers from other buyers. Keep yourself from getting tied up too long in negotiating with one party by putting an expiration date on your counteroffer. Remember that the more days your home is listed, the less appealing it becomes to prospective buyers and the more advantage they will have in offering lower prices. 

4. Encourage Competition Between Buyers

Open houses are an excellent way to get multiple buyers interested simultaneously. This has the added benefit of creating fear that the house might get stolen out from under their feet by the other attendees of the open house if they don't move quickly. Buyers may offer higher numbers than they would if they thought they were the only prospective buyer, or may even accept the listing price outright. 

5. Consider Paying Closing Costs

Many sellers are now offering to pay closing costs. While this is attractive to buyers, it actually can lead to you getting a better price as buyers are willing to pay more over the course of their mortgage knowing they are getting something up front. Because closing costs require cash at purchase, this can appeal to buyers who don't have a lot of funds but can borrow more on their loans. 

Work With The Triangle’s Best! 

When it comes to your real estate agent, don’t take any chances. Work with a team that will work for you and with you - and will help you every step of the way, so that you can sell your home in a timely manner and move forward with your next home. 

The price you want for your home doesn't have to be out of reach. By following these tips and enlisting the help of Chapel Hill Realty Group, you have a strong chance of more money in your pocket with less stress on you. Contact our team online, or call us directly at (919) 942-4149 today! 

 

Posted in Market Updates
April 9, 2021

7 Hot Market Tips: How To Sell Your Home Fast in 2021!

With the housing market booming, 2021 is a great year to list your home for sale. No matter your reasons for selling, we’re sure that as a home seller, you want the process to be as quick and painless as possible. So, with that being said, our team is here to help! Here are the top tips you need to know to get your home listed and sold as quickly as possible. 

1. Choose Your Realtor Wisely

The agent you choose to turn to for assistance and advice during the home-selling process makes all the difference. Experienced realtors such as Chapel Hill Realty Group know the local market inside and out. They ensure your home and listing remains competitive, and they are adept at negotiating on your behalf. 

2. Tackle Quick Repairs and Improvements

Small improvements and repairs make a big impact on potential buyers. Some things to consider include:

        Refreshing walls with a new coat of paint

        Tightening faucets that leak

        Repairing door handles that are loose

        Replacing light fixtures that look old or outdated

        Switching out old cabinet hardware

3. Go Deep When it Comes to Cleaning and Decluttering

Your house will need to undergo a deep-down cleaning that leaves it sparkling. This is the perfect time to either part with clutter taking up space, or store it until you're ready to move it to a new home. Remove personal mementos and photos since these make it difficult for potential buyers to picture the space as their own.

Learn more about the top things that can turn potential buyers away here!

4. Set the Stage for Success 

Staging the house with thoughtfully placed furniture and decor showcases the home's possibilities. The appearance of each room looks best to potential buyers when adorned with attractive pieces as opposed to being completely bare or piled with clutter.

Get our top tips for staging here

5. Spring for Quality, Professional Photos

For most shoppers, the first view they'll have of your house is online. It's imperative that home photos feature great lighting and showcase the best assets. High-quality photos get buyers to step away from their computers and phones and into your home for a viewing.

6. Get the Price Right From the Start

It’s extremely important to list your home at the right price. Homes listed below or above others in the area leave buyers scratching their heads and wondering about the price. Starting too high may cause your home to languish on the market as you lower the listing price until you hit the sweet spot.

7. Keep Your Schedule Open

If you want potential buyers to visit the house and fall in love, you must remain flexible. Try not to over-limit the hours buyers can view the home. Be open to last-minute showing requests.

Sell Your Home With Chapel Hill’s Best! 

Taking the right steps along the home-selling journey makes all the difference between a house that sells quickly and one that doesn't. Prepare to list now and find out how Chapel Hill Realty Group can help make the process quick and stress-free. Contact our team online or call (919) 942-4149 today! 



Posted in Market Updates