New homes and mix-used development coming to Durham at the corner of Guess & Latta in North Durham. This means more options for new construction homes, as well as job opportunities, all within one convenient location. The following is an excerpt from the Triangle Business Journal's recent article titled, Builder Buys Land in Durham for 200-home, mixed-use development.
"In northern Durham, 30 acres of undeveloped land will soon become home to over 175 townhomes and up to 55,000 square feet of commercial space.
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Publix Grocery Store Coming to Durham!
Zoning has been approved for the placement of the popular Publix grocery store to move into Durham. It will be located at Guess Road and Latta Road as a part of the mixed-use new development called Latta Park.
CLICK HERE to read the full news report to see what is in store for Durham!
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Our resources at the Institute for Luxury Home Marketing have released their April 2022 monthly trend report, CLICK HERE to download the full report. The following is per the Institute for Luxury Home Marketing April 2022 Market Report:
Inventory continues to remain below traditional levels, even though there has been a slight increase in the number of new listings coming onto the market over the last few months. Comparing March 2022 to March 2021, there was an overall 8.17% decrease in luxury single-family inventory despite a 15.20% increase in new listings. Similarly, March 2022 saw a 25.16% year-over-year decrease in luxury attached inventory with a 10.22% increase in new inventory.
This spring has not seen a slowdown in the number of affluent homebuyers seeking luxury properties, as they still look for homes with more space and locations offering more affordable prices. Some are relocating permanently; others are buying vacation or co-ownership homes, and finally, others are looking for investment opportunities. Ultimately, the biggest obstacle for these buyers and a return to more normal seasonal patterns in the North American luxury home market is the continued shortage of homes for sale; a result of the buying frenzy that took place in the wake of pandemic lockdowns and home construction failing to keep pace with the demand. Out of this incredibly constrained market, we see the rise of innovation.
Affluent buyers, frustrated with the continued competition and price increases, are turning to outlying neighborhoods, and some are ready to take on fixer-upper properties.
Equally, investors who have a little more time on their hands or can live in another property avoid competition by considering properties that need work. Many buyers are risk-averse to dealing with the current building supplies and contractor issues, but the return on investment could be immense. One way to measure the return is to look at the value of new construction in the area – it will help to understand the opportunity to take on a project and renovate it into a turnkey property with similar amenities. Global supply chain delays continue to be a source of frustration to all those involved in the home-building industry, from high-powered developers all the way down to homeowners doing a simple renovation. To solve this frustration, some have turned to sourcing locally available materials for renovations and home builds. This is favorable because it breaks the supply chain issue, but it also helps with the environmental footprint. In addition, it has led to designs that are more visually in balance with their surroundings. Unconventional methods are also popping up, including recycling rescued framing from a demolished property to using natural resources such as rocks, timber, sand, and even recycled products that create unique structural and interior wall features.
Below are the stats for the 13 month market trends review.
Below are the monthly stats for your local luxury market reports of single-family homes.
Carl is certified as an Institute for Luxury Home Marketing Specialist, CLHMS. This designation means that Carl offers knowledge, experience, competence, and confidence for success in the luxury market to his buyers and sellers.
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Per the April report from Triangle MLS:
"As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living.
Inventory remains low, with only 2 months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15% increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets."
In Chatham County, there was a 22.7% decrease in new listings in April. The number of closed sales decreased between 2021 and 2022, dropping from 475 to 381. Median sales prices also increased by 29.0 percent. In April, Chatham County median sales price was slightly higher than the median sales price for all MLS listings.
In Durham County, closed sales have decreased 6.8 percent year to date. Median sales price has increased 30.3 percent when compared to April last year, moving from $308,500 to $402,000. Average sales price increased by 23.2% year to date. In April, the Durham County median sales price was higher compared to the median sales price of all MLS listings.
The number of listings in Orange County has decreased by 21.0 percent, from 781 new listings year to date last year to 617 new listings this year. There was a 1.6 percent decrease in closed sales. Additionally, median sales price increased by 16.2 percent, from $372,000 to $432,140. In April, Orange County median sales price were below the median sales price for all MLS listings.
The number of listings in Person County has increased by 2.4 percent, from 167 new listings year to date last year to 171 new listings this year. There was a 2.7 percent decrease in closed sales. Additionally, median sales price increased by 10.7 percent, from $215,000 to $238,000. In April, Person County median sales price was below the median sales price for all MLS listings.
In Wake County, there was a decrease of 13.5 percent in the number of new listings year to date compared to last year. The number of closed sales decreased 11.4 percent. Median sales prices increased by 24.3 percent year to date, rising to $450,000. Compared to the median sales price for all MLS listings, Wake County median sales price were on par for April.
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From buying a house or a car, to just a small personal loan, your credit score plays a big factor in your abilities to borrow money. It is important to be responsible with a credit card but sometimes life can get messy. That is why are we sharing with you a list of some tips and tricks to help you boost your credit score and to get you in a better state! From asking for forgiveness to the help of an outside service, you can get your credit score better and benefit yourself in more ways than one.
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Credit score, credit card debt, and even the number of credit card accounts you have open can affect you in the long-term as you get ready for a mortgage. That is why it is important to know all you can about which type of credit card is the best for you and how you can benefit from using it. It is also important to use the card correctly and to keep track of your account. Read below for information on how to pick the perfect credit card company for your needs as well as some credit card best practices to help you maintain a strong credit score.
Getting ready to sell? CLICK HERE to watch a vlog of Carl talking about key points and ways to help you while you get ready to list!