As winter settles in and we find ourselves spending more time indoors, it's not uncommon to feel a bit cramped within the confines of our homes. If you resonate with this sentiment, you're not alone – one in four people admit to outgrowing their current living spaces. Below we share some information on why and how people decide to renovate their homes. It could be an easy fix, like reconfiguring existing rooms or a much bigger project, such as building an accessory dwelling unit (ADU) or adding a second story. Whether you're seeking a minor improvement or a major overhaul, understanding the motivations behind home renovations is key to making informed decisions. While costs and ROI vary, the investment in your home can yield both immediate and long-term benefits.
Planning a home renovation or upgrade in The Triangle area, which includes Durham, Hillsboro, Chapel Hill, and Carrboro? Carl Johnson Real Estate offers strategic guidance to ensure your investment aligns with current market trends and enhances your property's value. With a keen eye for design trends and a deep understanding of what resonates with buyers in Durham, Hillsboro, Chapel Hill, Carrboro, Carl will provide insights that go beyond the aesthetic, ensuring your renovations contribute to the overall market appeal of your home. Call 919-880-0904 or CLICK HERE today to embark on a renovation journey with Carl Johnson Real Estate in the Triangle.
1 Comment
Welcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing and brought to you by Carl Johnson Real Estate, this report provides an in-depth look at the top residential markets across the United States and Canada. Expectations and Considerations for 2024 To say that the high-end market has seen a dramatic growth over the last few years is probably an understatement. The recognition of its impact and undeniable influence, through emerging trends and architectural innovations, on the broader real estate landscape has been equally significant. As we step into 2024, the luxury market now stands at another fascinating juncture. This sector, known for its resilience and capacity to set trends, experienced a notable positive shift towards the end of 2023. After a period of stagnation driven by economic uncertainties, the market saw a resurgence in activity, marking a pivotal moment for affluent investors and luxury property enthusiasts. A Market Still Evolving Early statistics from January 2024, based on the 155 markets researched by The Institute, suggest that this positive trend is not only continuing but has the potential to accelerate, particularly in the single-family luxury market. Indicators point to a robust spring market that could potentially outperform the previous year. In the luxury single-family market not only are all the data parameters stronger compared to January 2022, but there is also a trending upwards compared to December 2023. Both the overall inventory level and new listings entering the market grew 15.9% and 25.4% respectively compared to January 2023. Compared to December 2023, inventory grew 2% but more importantly, new listings by a staggering 88.9%. As a result, the single-family market saw an 18.4% increase in sales during January 2024 compared to January 2023, and the median sold price increased by 1.6%. In the luxury attached market, data parameters saw a less positive shift, mostly due to inventory levels declining significantly. Levels fell by 24.3% compared to January 2023, but also by 9.8% from December 2023. New inventory levels were also lower by 24.5% year-over-year, although higher month-over-month by 53.6%. Despite the increase of new inventory month-over-month with inventory levels falling far lower than typical levels this resulted in a 13.8% decline in January’s sales year-over-year, however, the median sold price held steady, seeing a 2.2% increase. The reason for this disparity between the attached and single-family market potentially lies in the price points. As we have often stated, the luxury real estate market tends to be the trend leader and it would seem that buyers and sellers of higher-priced homes are in the driver's seat once more. The Catalysts of Change Several factors contribute to this optimistic outlook for the luxury real estate market. Firstly, the economic stabilization witnessed towards the end of 2023 has played a critical role in restoring confidence among affluent buyers and sellers. This renewed confidence is expected to fuel a higher volume of transactions in the luxury market so long as inventory levels, especially new inventory, continue to increase. Additionally, the luxury real estate market continues to evolve, with new trends and architectural developments significantly impacting buyer preferences and investment strategies. Pent-up demand for new construction and highly renovated properties that have been updated to meet modern luxury standards are certainly expected to be the big drivers of sales now and in the future. Positive Influences on the Luxury Market The luxury real estate market in 2024 is set to benefit from a confluence of positive factors. A stabilized economy provides a solid foundation for growth, while technological advancements and a shift towards sustainable living are reshaping consumer expectations. Luxury properties that offer state-of-the-art amenities, energy efficiency, and innovative design are in high demand, reflecting a broader societal shift towards sustainability and wellness. Moreover, the luxury market is expanding beyond traditional hotspots to include emerging destinations that offer unique lifestyle opportunities. This geographical diversification is creating new investment opportunities and attracting a broader spectrum of affluent buyers, further stimulating the market. As we navigate through 2024, the high-end real estate market presents a landscape of opportunity tempered by challenges. Economic stabilization, technological innovation, and a growing emphasis on sustainability are driving positive trends, while potential disruptors require careful navigation.
s always, we highly recommend working with a luxury property specialist during this unconventional market to ascertain what is truly happening in your local marketplace. Navigating the art of selling and buying in this market needs a critical and analytical approach; understanding the realities and setting expectations accordingly will ensure that goals are achieved. Did you know that Carl Johnson is certified as an Institute for Luxury Home Marketing Specialist, CLHMS, which means he offers superior knowledge and experience in the luxury market? His CLHMS membership also provides him with access to an elite network of contacts and resources that help to find you your dream home from Swansboro to Beaufort and beyond. If you have a high-end listing, using the most up-to-date marketing information, Carl positions your listing ahead of the market curve. Call 919-880-0904 for a consultation or CLICK HERE. Make sure to review the data located at the bottom of this blog post, which shares information about two counties along The Crystal Coast, from Swansboro to Beaufort. U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). New Listings in the Triangle Region increased 27.3 % to 3,827. Under Contract Sales homes increased 2.4 % to 3,214. Inventory decreased 15.2 % to 5,802. Median Sales Price was close to dead even with last year. Days on Market decreased 18.2 % to 45. Months Supply of Inventory decreased 13.6 % to 1.9. Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. New Listings in Chatham County increased 43.9% to 141. Inventory decreased 7.9% to 268. Median Sales Price increased 11.2% from $500,000 to $555,950. Days on Market increased 17.1% to 48. Months Supply of Inventory showed no change and remained at 2.9. New Listings in Durham County increased 8.0% to 404. Inventory decreased 23.3% to 518. Months Supply of Inventory decreased 11.1% to 1.6. The Median Sales Price and Average Sales Price increased 3.2% and 2.3%, respectively. The number of Closed Sales decreased 10.7% to 259 in February. New Listings in Orange County increased 59.3% to 137. Inventory increased 17.3% to 176. Months Supply of Inventory increased 25.0% to 1.5. The Median Sales Price and Average Sales Price increased 11.8% and 11.3%, respectively. The number of Closed Sales also increased, 8.3% to 78. New Listings in Person County decreased 3.2% to 30. Inventory increased 7.5% to 57. Months Supply of Inventory increased 13.3% to 1.7. The Median Sales Price and Average Sales Price increased 20.1% and 9.5%, respectively. The number of Closed Sales decreased 14.8% to 23. New Listings in Wake County increased 27.4% to 1,616. Inventory decreased 28.1% to 1,904. Months Supply of Inventory decreased 16.7% to 1.5. The Median Sales Price and the Average Sales Price increased 0.2% and 4.4%, respectively. The number of Closed Sales decreased 10.7% to 1,097. In Carteret County, there were 601 active and 183 new listings in February, comprising residential and multi-family properties. The number of sold properties was 123, while the average sold price was $616,115. The average list price, meanwhile, hovers at $773,080 thus far in March, good news for sellers in Carteret County. In Onslow County, there were 1,274 active and 494 new listings in February, comprising residential and multi-family properties. The number of sold properties was 330, while the average sold price was $297,431. The average list price, meanwhile, hovers at $418,128 thus far in March, good news for sellers in Onslow County. REALTORS are plugged into the pulse of the real estate market, and Carl Johnson Real Estate takes this to the next level, especially in the Greater Triangle area & The Crystal Coast. Carl’s comprehensive understanding of local trends, property values, and neighborhood dynamics gives you a distinct advantage. Whether you're a buyer seeking the perfect location or a seller aiming for the optimal listing price, Carl Johnson Real Estate's market insights are invaluable.
If you’re ready to buy or sell at the beach in Carteret or Onslow County, Carl Johnson Real Estate can help you at the Crystal Coast. Give us a call at Carl Johnson Real Estate at 919-880-0904 to learn more about how we will help. To learn more about the Crystal Coast CLICK HERE. This month, we're thrilled to unveil the anticipated costs for five distinct types of transformative home projects. Delve into the world of possibilities as we present these figures, which not only serve as informative guidelines but may also spark your imagination. Keep in mind, the actual expenses can vary depending on the specific scope of your project and your location. Engaging a seasoned REALTOR like Carl Johnson, who is well-versed in the Greater Triangle area, brings a wealth of negotiation skills to the table. Whether you're buying or selling in Durham, Chapel Hill, Carrboro, Hillsborough or the Crystal Coast, Carl's expertise ensures you get the best match to a property and the highest quality listing service with our Signature Listing Service, should you qualify, while providing professional & knowledgeable representation protecting your best interests.
From navigating offers to securing favorable terms, Carl Johnson Real Estate's finesse in negotiations can make a substantial difference in the outcome. Trusting Carl ensures you have a dedicated advocate, maximizing your chances of closing on the best terms. Call 919-880-0904 or CLICK HERE today to leverage Carl's expertise in the Greater Triangle. When you get your tax refund, it’s easy to dream of what to spend it on. Of course, you can treat yourself to a gift or two. However, a decent tax refund can go a long way for hopeful home buyers. Even if it doesn’t cover the entire purchase price of a new home, you can use your tax return to cover a handful of home buying fees. Here’s a list of seven practical ways to use your tax refund to buy a home.
1. Use Your Tax Refund For A Down Payment The average down payment on a home is about 6% of the purchase price, but down payment options can be as low as 3%. Establish your house hunting price range and compare your planned down payment to what you’re getting back in taxes. Then decide if your tax refund is best applied to your down payment. A bigger down payment allows you to borrow less and strengthens your position when you put in an offer on a home. The more you put down, the more likely the sellers are to accept your offer over others. This is especially important in a seller’s market. 2. Use It On Closing Costs When you make it to the closing table, there are fees your tax return may be able to help with as well. Here are a few of the most common closing costs:
3. Buy Points A mortgage point – sometimes called a discount point – is a fee you pay to lower your interest rate on your home purchase. One discount point costs 1% of your loan amount and lowers your rate by a fraction of a percent decided by your lender. For example, if you take out a mortgage for $100,000, one point will cost you $1,000. For a $200,000 loan, a point costs $2,000. Points are paid for at closing. Your lender will calculate the cost of any points and add those costs to your other closing costs. Depending on your tax refund amount, you may be able to purchase discount points to save money on interest over the life of the loan. 4. Make Necessary Repairs If you’re planning on buying a fixer-upper, you can use your tax refund for renovations or repairs before moving in. You can also use it to fund smaller cosmetic changes like new paint and flooring. These types of projects are much easier to complete before moving in. Since you’re not living there yet, there’s likely no furniture to move out of the way. Using this money toward home updates can add value to the home and secure a higher sale price if you decide to sell later on. 5. Fund Moving Costs Moving costs money, even if you do have time to do it yourself. With a long-distance professional move averaging up to $8,000, a tax refund can come in handy. Your tax return will likely go further for a local move, which averages up to $1,600. No matter how far you move, your tax refund can relieve the financial burden of relocation, making moving easier. 6. Pay Off Debt The interest rate on your mortgage and your loan terms depends on your credit score. That’s why your credit should be in good shape before you apply for a mortgage. If your score needs some work, build your credit score back up by paying off debt. If you have credit card bills or late payments, your tax refund can help pay off debt and ultimately boost your credit score. This can give you a better chance of securing a lower mortgage rate and better loan terms. 7. Keep It In Your Emergency Fund Unexpected costs come up all the time for homeowners. If you already have your down payment and closing costs covered, consider keeping your tax refund in your savings. This way, you don’t have to stress if something needs to be replaced or repaired. When your furnace breaks or your basement floods, you’ll be thankful you set aside some money in an emergency fund. The Bottom Line Your tax refund can help you become a homeowner in more ways than one. You can put it toward major expenses like your down payment and closing costs. You can also cover some other fees associated with buying a home, like moving or home repairs. Or finally, you might find the best option is to set it aside to prepare for future costs of homeownership. And as always, if you are thinking about buying or selling a home, don't hesitate to reach out to Carl Johnson Real Estate today at 919-880-0904. When buying a house, you want to do everything you can to get the best deal and ensure a seamless transition into your new home. Here are some best practices to help guide you when buying real estate in spring.
1. Understand Market Conditions To help determine whether you should buy a house in the spring, you should take a look at current market conditions. Market conditions include whether it’s a buyer’s market versus a seller’s market, current mortgage rates, real estate trends in your desired areas and more. These conditions can fluctuate throughout the year – even during the spring season – so it’s important to evaluate each condition before buying real estate in spring. 2. Determine Your Must-Haves With the potential for an overly competitive market in the springtime, it’s of the utmost importance that you’ve done your research and know exactly what you want. Being decisive and prepared can be the best way to make offers that stand out or score your dream home before the price goes up. Here are a few factors to research well before participating in the spring real estate season:
3. Get Approved For A Mortgage It can also be beneficial to have your loan options sorted out well before entering the spring real estate market. Consider applying for mortgage preapproval before you start touring homes and attending open houses. This way, you’ll know how much home you can realistically afford, as well as which lender will give you the best interest rate you can lock. 4. Work With The Experts Work with an expert Real Estate Agent throughout your buying experience. Real Estate Agent Before entering the spring real estate market, you should consider working with a real estate agent. Real estate professionals can offer in-depth knowledge of an area and even help you get your dream house based on concessions like an extra moving day or a more flexible schedule. Real estate agents are also valuable if you get caught in a bidding war or are worried about paying more than a home is worth. They can conduct a comparative market analysis (CMA) on a home and offer estimates and contractor referrals for any renovations the home may need. Home Inspector You may also want to consider enlisting the help of a home inspector for the spring housing market frenzy. Unlike the weather extremes you might experience during the summer or winter, spring’s mild climate may not highlight any potential issues in a home. A home inspection can bring to light any issues with a home’s structure, core systems like the plumbing and HVAC units, windows and window frames and any other features that might influence your decision to purchase the home. Potential Neighbors The homeowners who already live in the neighborhood you want to live in are the perfect candidates to ask about any concerns. Check with other neighbors about the quality of the school district or ask local business owners how busy downtown can really get. Locals can offer expert insight into a community – flaws and all. 5. Stand Out With A Verified Approval Letter (VAL) Due to the influx of buyers during the spring real estate season, you should do everything you can to secure a competitive edge and make your offer stand out. One surefire way to stand out is with a Verified Approval Letter (VAL). A VAL is an effective way to boost your credibility as a buyer. Having a VAL on hand shows a seller you’ve made plans for financing, and you’re serious about the purchase. Because financing issues are a common culprit for many failed home sales, presenting a VAL will give your seller peace of mind – and just might land you the sale. We hope these tips help you navigate the Spring housing market. And as always, if you are thinking about buying or selling a home, don't hesitate to reach out to Carl Johnson Real Estate today at 919-880-0904. Springtime brings a welcome change to the temperatures outside, clearing the winter clouds and making way for sunshine. It also brings more houses to the market, making it an ideal time to take that leap and buy your new home. There are several reasons buying a home in spring is better than other times of the year. Some of them are obvious, and some are more nuanced. Let’s explore how your home search can blossom with the change in seasons.
There’s More Inventory to Choose From. For starters, you’ll have more homes to choose from as you kick off your new home search in spring, and there are a couple of reasons for that. Houses show better in the spring than in the winter. With the brighter days and warmer weather, you get better views of the homes you’re considering. Instead of being covered with snow, you get to see the exterior of the house with its landscaping in full bloom and also get a better handle on its overall condition. Real estate agents know this and will often encourage their clients to list their home in the spring. Sellers are more motivated to get their house on the market. As the weather improves, sellers are often more motivated to kick things into high gear, complete any repairs or renovations, and get their homes listed. With more houses on the market to choose from, the likelihood you’ll find the one that’s just right for your needs increases and the length of time that’s likely to take you decreases. Families Are Looking to Buy During Spring This is also the time of year children graduate from schools and colleges, which can mean big moves for families. It’s both an ideal time to sell a home and to buy a new one, aligning with those other big life changes. It also allows you to be moved in and ready for the start of the next school year. With over half of US households having at least one child in the home, that’s a lot of potential for buying and selling, which helps drive the busy spring market. Better Weather Makes it Easier to Tour Houses We can probably all agree it’s better to head out to tour homes on a breezy spring day with the sun beating down than a cold, snowy one in winter. You won’t have to put on your boots and coat, and for most, it’s easier to muster that motivation to hit the road and check out what’s out there. Aside from the personal factor, you’ll also benefit from seeing the houses you’re touring in more ideal weather conditions. It’s easier to tell what’s in good shape and what might need repair without snow or ice in the mix. Prices Are Usually on the Rise but not at Their Peak While it’s true that buying a home in spring comes with the advantage of more inventory to choose from, that increase in inventory paired with better weather does make for more competition. And when there’s more competition, prices start to creep up. But prices aren’t always trending upwards as quickly as you might think. The National Association of Realtors tracks home sales and prices throughout the country. They’ve found that the peak month for the highest average sale price is June. So if you’re looking to buy in spring, it can be a great chance to have more options to pick from before prices are at their highest point. If You’re Ready to Buy Quickly, This is the Time Buying your new home during the spring season will likely not allow you the luxury of taking time to compare different houses or offers, but that doesn’t have to be a bad thing. If you go into your spring home shopping knowing that the market is moving fast, you can use it to your advantage. You can find your perfect home, get your offer accepted, close, and move in record time. And as always, if you are thinking about buying or selling a home, don't hesitate to reach out to Carl Johnson Real Estate today at 919-880-0904. Make sure to review the data located at the bottom of this blog post, which shares information about two counties along The Crystal Coast, from Swansboro to Beaufort. “U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020,” according to the National Association of REALTORS® (NAR). “After a brief decline, national sales of new residential homes are on the rise again, increasing 8% month-over-month an d 4.4% year-over-year to a seasonally adjusted rate of 664,000 units,” according to the U.S. Census Bureau. “Lower interest rates and a shortage of existing-home inventory continue to be a boon for the new-home market, with sales of new residential homes up 4.2% from 2022 to an estimated 668,000 units in 2023. For the 12-month period spanning February 2023 through January 2024, Under Contract Sales in Triangle area were down 6.0 percent overall. The price range with the largest gain in sales was the $245,000 to $344,999 range, where they increased 1.5 percent. The overall Median Sales Price was down 1.2 percent to $400,000. The property type with the smallest price decline was the Townhouse-Condo segment, where prices decreased 0.9 percent to $352,700. The price range that tended to sell the quickest was the $345,000 to $469,999 range at 39 days; the price range that tended to sell the slowest was the $244,999 or Less range at 65 days,” as reported by the Triangle MSL. New Listings in the Triangle Region increased 17.2% to 3,507. Under Contract Sales homes decreased 0.4%. Inventory decreased 25.9% to 5,506. Median Sales Price decreased 1.1% from $385,150 to $381,000. Days on Market decreased 7.1% to 52. Months Supply of Inventory decreased 17.4% to 1.9. New Listings in Chatham County increased 23.2% to 117. Inventory decreased 25.2% to 217. Median Sales Price increased 0.8% from $575,000 to $579,430. Days on Market increased 16.3% to 57. Months Supply of Inventory decreased 20.7% to 2.3. New Listings in Durham County increased 11.1% to 360. Inventory decreased 33.9% to 467. Months Supply of Inventory decreased 21.1% to 1.5. The Median Sales Price and Average Sales Price increased 8.4% and 6.4%, respectively. The number of Closed Sales decreased 26.2% to 183. New Listings in Orange County increased 54.1% to 114. Inventory decreased 1.1% to 172. Months Supply of Inventory decreased 7.1% to 1.5. The Median Sales Price and Average Sales Price increased 13.3% and 28.8%, respectively. The number of Closed Sales decreased 32.4% to 50. New Listings in Person County increased 26.7% to 38. Inventory increased 7.8% to 69. Months Supply of Inventory increased 5.3% to 2.0. While the Median Sales Price decreased 8.8%, the Average Sales Price increased 5.8% to $272,257. The number of Closed Sales decreased 4.5% to 21. New Listings in Wake County increased 13.9% to 1,483. Inventory increased 39.6% 1,790. Months Supply of Inventory decreased 33.3% to 1.4. The Median Sales Price and the Average Sales Price decreased 4.3% and 0.9%, respectively. The number of Closed Sales decreased 10.2% to 807. In Carteret County, there were 563 active and 187 new listings in January, comprising residential and multi-family properties. The number of sold properties was 77, while the average sold price was $631,651. The average list price, meanwhile, hovers at $737,240 thus far in February, good news for sellers in Carteret County. In Onslow County, there were 1,255 active and 402 new listings in January, comprising residential and multi-family properties. The number of sold properties was 301, while the average sold price was $289,490. The average list price, meanwhile, hovers at $488,729 thus far in February, good news for sellers in Onslow County. REALTORS are plugged into the pulse of the real estate market, and Carl Johnson Real Estate takes this to the next level, especially in the Greater Triangle. Carl’s comprehensive understanding of local trends, property values, and neighborhood dynamics gives you a distinct advantage. Whether you're a buyer seeking the perfect location or a seller aiming for the optimal listing price, Carl Johnson Real Estate's market insights are invaluable.
If you’re ready to buy or sell at the beach in Carteret or Onslow County, Carl Johnson Real Estate can help you at the Crystal Coast. Give us a call at Carl Johnson Real Estate at 919-880-0904 to learn more about how we will help. To learn more about the Crystal Coast CLICK HERE. Significant milestones in people’s lives, as well as declining mortgage rates, help to create a pent-up housing demand. Indeed, there are compelling advantages of residing in close proximity to cherished family and friends. Not only does proximity facilitate assistance with child or elder care, fostering a supportive environment for families, but it also plays a pivotal role in strengthening family bonds. The interconnectedness of lives contributes to a sense of unity, shared responsibility, and mutual support. The emotional and practical support systems established through proximity can also positively impact overall well-being, potentially leading to a longer and healthier life. Engaging a seasoned REALTOR like Carl Johnson, who is well-versed in the Greater Triangle area, brings a wealth of negotiation skills to the table.
Whether you're buying or selling in Durham, Chapel Hill, Carrboro, Hillsborough or the Crystal Coast, Carl's expertise ensures you get the best match to a property and the highest quality listing service with our Signature Listing Service, should you qualify, while providing professional & knowledgeable representation protecting our clients' best interests. From navigating offers to securing favorable terms, Carl Johnson Real Estate's finesse in negotiations can make a substantial difference in the outcome. Trusting Carl ensures you have a dedicated advocate, maximizing your chances of closing on the best terms. Call 919-880-0904 or CLICK HERE today to leverage Carl's expertise in the Greater Triangle. Cast Your Vote For Carl
Durham Magazine is hosting its annual the Best of Durham poll, and we would be honored if you voted Carl Johnson for BEST REAL ESTATE AGENT (not Real Estate Company please). As we are honored to be nominated for Best Real Estate Company. We are asking you to please VOTE CARL JOHNSON FOR BEST REAL ESTATE AGENT. Thank you so very much. If you already voted us for Best Real Estate Company, you can vote again in another category, BEST REAL ESTATE AGENT for Carl please. See below on how to vote for Carl, then vote for all your other Durham favorites from food to vets as well! Deadline to VOTE is Feb 29th. CLICK HERE to VOTE for Carl in the 2024 Best of Durham poll - detailed instructions below! Here is how to cast your vote! Go to... Vote for Your Favorites in Best of Durham 2024 (durhammag.com)
|
Archives
April 2024
Categories
All
|