The Andorfer Group specializes in real estate in the Durham, Raleigh, and Chapel Hill and other areas of North Carolina.

Tuesday, July 2, 2013

May YTD Local Market Real Estate Stats

 As Jay & I move about town, we're often stopped by people looking for some good news on the real estate market. Well, we have some and hope you'll find this update of interest. For details specific to your home, feel free to give us a call or shoot us an email. We're here to help.

May YTD 2013

The number of homes on the market in Durham is down 25% from this time last year
while the number of homes sold is up 15%

There are more buyers than there are good homes for sale and this makes it a really good time for a potential home seller to put their home on the market.Interest rates are at 4% but are going up. This makes it an especially good time for home buyers to lock in at this still advantageous interest rate and move forward to buy a new home.                

The complete Market Statistics for both Durham and Orange counties for May YTD are below.
May 2013 YTD vs. May 2012 YTD

Durham County
Active Listings on the Market - 24% decrease:
May YTD 2012 – 1709 homes
M ay YTD 2013 – 1301 homes
Total Closed 2013 - 10% increase:
May YTD 2012 – 1285 closed
May YTD 2013 – 1418 closed
Average List Price - 9% increase:
May YTD 2012 – $223,044
May YTD 2013 – $247,523
Orange County

Active Listings on the Market - 12% decrease:
May YTD 2012 – 863 homes
May YTD 2013 – 760 homes
Total Closed so far 2013 - 24% increase:
May YTD 2012– 471 closed
May YTD 2013 – 584 closed
Average List Price - 10% increase:
May YTD 2012 – $423,241
May YTD 2012 – $433,537
Wishing you and yours a happy and safe 4th of July!

Wednesday, August 8, 2012

Consumers Returning to Market with Age-old Question: Buy or Sell First?

          Local NC real estate is on the rise in concert with the recovering U.S. economy. Consumers, drawn by one of the most attractive buyers’ markets on record marked by historically low interest rates and lower home prices in many areas, are returning to the market to move up, trade down, improve location and otherwise enhance their share of the American Dream.
When it comes to home buying, the ideal situation would be to find a new home, just as you receive an offer on your existing home. You would then be able to close concurrently and move into your new home a few days prior to closing on your previous home. This does happen more often than not, but anyone looking to buy a new home needs to consider all the possible scenarios. 
Should you buy or sell first? There are many schools of thought on this subject.  Ultimately, it depends on you and your situation. For instance, can you afford to pay two mortgages in the event your previous home does not sell by the time you move? Would you consider a bridge loan (a short-term, high interest loan that let you borrow against the value of your old home to covers the bills until you secure the new, larger loan)? Are you willing to move twice to find the home of your dreams if you sell first and can't find the dream home fast enough? 
This is where the advice of your real estate agent will come in to play.
It is generally less stressful to sell your home first, because you won't have to worry about owning two homes at one time. The market will dictate how long it will take your home to sell, as will your location and the time of year. As a rule of thumb, it is a good idea to put your home of the market as far in advance as possible when purchasing a new one. But, since interest rates are low and confidence is returning to the market, there’s a good change your home will sell faster if priced properly. In that case, it is possible that you will want to purchase a new home first.
What if your present home sells before you find a new one, putting pressure on you to find the right house for you more quickly? You may then decide to make an interim move or request to rent back your home for a specified amount of time as you continue to look for your new home. Those may be worthwhile options if you have your heart set on a specific location or type of home or if you are purchasing a home that is under construction.
If you buy a home before selling your present home, you may end up with two mortgages. Under those circumstances, you may be able to apply for a bridge loan to assist you in making two mortgage payments until you sell your first home.
So should you buy or sell first? This is a challenging question regardless of real estate cycles, yet your own circumstances and an agent keen on our local market will help you make the right decision.

Friday, September 30, 2011

Chapel Hill Home Rocks Musician's World

By: Amy Andorfer

Congrats to a renown musician and lovely family from Seattle, closing on a new home this week in Chatham! Click Here for a video tour of this home.

Blues/rock musician and song writer, Dudley Taft, of Seattle bands Sweet Water and Second Coming, was intrigued by this lovely custom home on 2.7 private acres nestled in Chatham county, with a Chapel Hill mailing address.

Built by successful local builder, Keith Dixon Building Co., this home offered both modern appeal and Craftsman detailing throughout the spacious 4363 s.f. Four bedrooms plus a fifth in the full, finished basement all have their own bath. Outdoor amenities include a covered porch and (in our neck of the woods) the all-important screened porch, this one with NC stacked stone fireplace, skylights, and flat screen TV with surround sound. Interior details included but not limited to...9' ceilings, handsome 4" hardwood floors throughout the main level, generous molding and wainscot, and a built-in entertainment wall (to store...maybe, a large collection of great music?)

Brought to you by The Andorfer Group, local knowledge to help you buy or sell your home.

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Saturday, September 17, 2011

Durham's Newest Entertainment Center - DPAC

Great article published by Duke University's "The Chronicle"...

DPAC brings $1.02 million to Durham

Although profits dipped slightly, the Durham Performing Arts Center is still a source of revenue and recognition for the Bull City.
DPAC earned $1.02 million for the city of Durham in the latest fiscal year, according to a preliminary financial statement issued by the city. As a premier theater venue, DPAC hosts more than 150 events per year and made a total of $2.5 million last year—40 percent of which went to Durham. Although Durham owns the facility, PFM/Nederlander serves as its management company. The 2009-2010 fiscal year yielded a profit of $2.9 million for the theater, slightly greater than the 2010-2011 fiscal year.