CaryRealEstate.com » Buying

Cary Homes in 2011 Wake County Parade of Homes

davidadmin — Sun, 02 Oct 2011 19:13:26 +0000

Wake County Parade of Homes

The Annual Wake County Parade of Homes has been a fall tradition for almost 50 years for wake county’s builders to showcase their talents. Every fall builders enter new homes to be judged by the home builders association and open up the homes for the public to enjoy for three consecutive weekends. Many people enjoy browsing through the new homes – if you’re considering purchasing a parade home, or any new home don’t forget it’s a great idea to have buyer representation – contact David Williams at 919-386-9101 for details.

2011 Wake County Parade of Homes October 1st -2nd 7th-9th 14-16th Times: 12 – 5

Cary's Most Expensive Home in 2011 Parade of Homes 105 Hoy Court in Macgregor Downs

Cary has 35 homes featured in this years Parade of Homes.

Copperleaf has the most homes featured in any subdivision with 5 entries and Cary’s most expensive home in this years Parade of Homes is $2,480,00 located at 105 Hoy Court in Cary’s Macgregor Downs. (If you are familiar with Cary the you know Macgregor Downs is a very established neighborhood – this new home is one of a growing trend to tear down the older home and build a new home on the large wooded lots in Macgregor Downs). Average price of Cary homes for sale in the Wake County Parade of Homes is $588,632.

To make it easy for you the team at CaryRealEstate.com created a google map showing all Cary Parade Homes

View Cary Homes in 2011 Wake County Parade of Homes in a larger map

Not all of the homes in the Parade of Homes are actively for sale – here is the list of all Parade of Homes in Cary actively for sale

Yes – There’s an APP for that – download the Wake County Parade of Homes App or search Wake County Parade of Homes from your phone’s APP store

For the spreadsheet types…below is a breakdown of all Cary homes in this years Parade by subdivision.

Subdivisions in Cary with Homes in the 2011 Parade of Homes

Bellemont

Cameron Pond

Coles Creek

Copperleaf

Enclave at Stone Creek Village

Evans Farm

Green Level Crossing

Greyhawk Landing

Highcroft Village

Hilliard Forest

Hortons Creek

Macgregor Downs

105 Hoy Court $2,480,000

Phillips Place

Renaissance at Regency Cottages

Renaissance Manors at Regency

The Park at Westlake

The Townes at StonewaterVillage Square at Amberly

Waterford Estates

Weldon Ridge Grove

Weston Manor

Weycroft

When Should a Home Seller Give Buyer the Keys?

davidadmin — Wed, 08 Dec 2010 21:36:17 +0000

When does a buyer get the keys / possession of a home from the seller?

I believe if you polled most home buyers and sellers in the Cary area they would tell you - “buyers get the keys at closing” – which according to the stand NC Offer to Purchase Contract is absolutely correct – possession transfers to the buyers at closing.

Here’s the problem – most people have an incomplete definition of how closing is defined according to the contract – most people think of sitting at the real estate attorney’s office signing all the documents as closing – in fact that’s only one of the steps - closing is defined as the date and time the new deed is recorded.

What does this mean? The owner/seller still owns the home up until the time the closing attorney files the new deed at the county courthouse. When sellers hand over keys & allow the buyers to take possession prior to the deed being recorded they are exposing themselves to potential risk - risk such as damage to the home, personal injuries occurring at the home, problems with buyers loan funding etc. Is it rare that a problem occurs, yes, but when a problem does occur it’s usually major. I always view my role in representing clients to keep them informed allowing them to make educated decisions.

All this being said I will tell you that often times a seller will hand over the keys to the buyers at the closing table without a second thought – maybe because they don’t realize the possible implications/haven’t been properly educated or they are willing to take the risk. I find it ironic that when a seller does hold the keys until the deed has been recorded the buyers/buyers agent will often become frustrated – when that’s what both parties agreed to in the contract – tells me the buyers were not properly informed.

Closing being incomplete and ownership not transferring until the attorney travels to the courthouse is a major reason why closing times should not be scheduled late in the day, especially on a Friday -w here it may take until Monday to record the new deed.

Bottom Line – according to the standard offer to purchase contract possession does not transfer to the buyers until the deed has been recorded at the courthouse – if the seller chooses to give the buyers possession before they certainly can but at their own risk. If a seller does choose to give the buyers keys/possession before the deed has been recorded I recommend using the ‘buyer possession before closing’ agreement – which addresses several of the risk factors and clarifies who is responsible for what during the interim period.

Contract for Buying or Selling a Home in NC Undergoes MAJOR Changes

davidadmin — Thu, 04 Nov 2010 16:30:26 +0000

Buying and Selling a home in North Carolina is about to get a lot less confusing – well at least that’s the intent of the major revisions in the paperwork involved.

Starting Jan 1, 2011 The North Carolina Realtor Association offer to purchase and contract and related forms will have a new approach to the buying experience. The new and improved ‘easier’ form is only one more page than the current 8 page offer – yes that’s right – the new form is now a whopping 9 pages!

One of the biggest changes – Gone are the many dates in the current contract – ie the date in which the buyer has to have the home inspected and repair request submitted, the date the sellers have to respond to the request by, the date the buyers have to respond to the sellers response and on and on and on. Gone are the days of debating back and forth what is a ‘necessary repair’ etc – the buyer will have the option of asking for anything they want the seller to address without limits and contrastingly the seller will have the right to decline the buyers request.

So what’s the new contract look like date wise – just 3 dates – the date the offer becomes a contract – a due diligence date and a closing date.

The premise is the buyer will now submit not only an earnest money check but a due diligence fee as well – this due diligence fee will be paid directly to the seller and is buying a negotiated amount of time. During this due diligence time period the buyer can perform inspections, get surveys and appraisals done – anything and everything they need to do in order to decide whether or not to purchase the property – the buyer will be able to walk away from the contract prior to the end of the due diligence period and receive their earnest money refund but not the due diligence fee – they will have already received the value they paid for – time to investigate the home. If the buyer elects to stay in the deal beyond the due diligence date their due diligence fee will be credited to them at a successful closing, however if the buyer does not close on the home then in almost all situations the buyer will be forfeiting both their earnest money and the due diligence fee to the seller. How much will the due diligence fee be? How long will the period be? All great questions that I will address in later posts.

I’ve already attended multiple classes on the new forms and look forward to teaching this material to my fellow realtors next year – this is the kind of thing that excites me – with the construct of the new offer to purchase it will be more important than ever to partner with an experienced, learning based Realtor that understand the nuances of the form and how to structure an offer based on the many variables thereby providing excellent representation to the buyer and seller clients – sounds at lot like the group at CaryRealEstate.com

Cary's Top Selling Neighborhoods – January 2010

davidadmin — Thu, 04 Feb 2010 22:24:54 +0000

The Cary Real Estate Market had almost 100 homes go under contract in January – Which neighborhoods sold the most homes?

1. Greystone: 7 Homes Under Contract in January

1. StoneWater: 7 Homes Under Contract in January

3. Harmony: 5 Homes Under Contract in January

What do these neighborhoods have in common? All in West Cary – Priced between $200,000 and $600,000 – All New Construction! That’s right 18 of the 19 home sales in these 3 neighborhoods were new construction! So while the number of homes being built and sold are down from 2006 record numbers, new construction is still alive in Cary North Carolina! Almost 1 out of every 2 homes that went under contract in January was New Construction!!!

More About the 3 Neighborhoods:

Greystone is built by M/I Homes. Price Range: 300k – 500k. Average Price: 360k.

Search Greystone Homes For Sale

StoneWater is built by Lennar. Price Range: 200k – 450k. Average Price: 315k

Search Stonewater Homes For Sale

Harmony is built by Pulte. Price Range: 300k-550k. Average Price 375k

Search Harmony Homes For Sale

[googlemaps]http://maps.google.com/maps/ms?ie=UTF8&hl=en&t=h&msa=0&msid=108845743292266005381.00047ecd199011c8d813b&ll=35.818927,-78.865356&spn=0.334068,0.411987&z=10&output=embed[/googlemaps]

FHA Changes-Impact on Cary Homes For Sale

davidadmin — Tue, 26 Jan 2010 00:57:44 +0000

David Williams (L) w/ FHA Commissioner David Stevens

Back in December I blogged about possible upcoming changes to FHA loan requirements – well it’s arrived – The FHA recently announced major changes to their requirements for buyers/borrowers. These increased standards could reduce the number of buyers that qualify to purchase Cary Homes For Sale. The changes are aimed at shoring up the FHA’s long term stability – which I think is definitely positive in the big picture/long term - it’s the individual buyers and sellers on a local level, like right here in Cary that will see and feel the impact – anytime the requirements become stricter for securing home loans the available buyer pool is reduced. However one of the major contributors to the recent housing market downturn was buyers purchasing too early or too high. The current FHA commissioner David Stevens is from the real estate industry, having worked on both the mortgage side and brokerage side – I believe he brings a common sense mindset to the FHA restructure.

FHA’s Changes to Borrower Requirements

The upfront fee charged for the mortgage insurance premium (MIP) will be raised to 2.25%
The Seller contribution (closing costs etc) is reduced to 3% instead of previous 6%
To Qualify for a 3.5 % minimum down-payment requires credit score of 580 or higher
Less than 580 Credit Score will require 10% or more down payment
Several new lender requirements aimed at protecting the borrower

Like to read detailed FHA policy? FHA Commissioner David Stevens recently wrote an article covering the FHA changes.

Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams

David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com

New Home in Copperleaf for Past Clients – Our 1st Sale of the Year

davidadmin — Sat, 09 Jan 2010 00:02:03 +0000

CaryRealEstate.com is excited about the first sale of the new year. It’s a new construction home in the Copperleaf Community in West Cary. Final contract signatures were obtained today – not a bad way to end the first week of the new year! What makes this transaction super special – I’ve had the pleasure of working with this family on multiple transactions – including their very first home almost 10 years ago. I helped them sell their Cary Park home when they moved away a few years ago – they promised they would return to Cary & sure enough – they’re back! It’s such a cool phone call to receive -

‘David, we’re moving back and without a question you’re our Realtor!”

They choose Copperleaf for it’s proximity to the Research Triangle Park, high quality of local custom builder team, lot sizes and overall quality appeal of the Copperleaf development. The home is priced in the 800′s and is scheduled to be complete early spring.

Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams

David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com

CaryRealEstate.com Makes it Easy for Home Buyers & Sellers

davidadmin — Fri, 08 Jan 2010 04:18:43 +0000

At CaryRealEstate.com we’re always keeping our eye out on how to improve our level of service with home buyers and sellers. Most of us enjoy the latest gadget but rarely does something have as much positive impact as docusign. It’s a web based service that allows the creator of a document to send an electronic copy to a recipient and allow that recipient to sign, date, initial etc a document with a few easy mouse clicks. Yes there is a short process to accept/create your electronic signature but it’s super easy.

Worried about security? docusign has their act together – they’re even endorsed by the National Association of Realtors! The system provides multiple levels of security, along with tracking numbers, ip address etc. Yes, the state of North Carolina and the North Carolina Real Estate recognize this type of signature as valid.

Real Life Example of Cary Real Estate making life easier for their clients – last night we were able to send one email to our buyer clients vacationing at Disney – without leaving their hotel room the buyers were able to review 7 different documents (new construction purchase) they electronically initialed or signed every page in just a few minutes – upon completing their signatures the system immediately notified us and we had an executed set of documents, no hunting for the hotel desk clerk / worrying about the business center being closed etc.

We’re able to compose, deliver, receive signatures and file electronically without ever creating the first piece of paper! It’s perfect for offer to purchase sales contracts, buyer agent agreements, listing agent agreements etc!

End Result – it’s easier for our clients, better for the enviroment and allows us to operate more efficiently!

Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams

David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com

Builder Deposit vs Earnest Money – What's the Difference to Home Buyer?

davidadmin — Wed, 06 Jan 2010 02:51:53 +0000

Ask Cary Real Estate: What’s the difference between a Builders Deposit and Earnest Money? How do they effect the Home Buyer? Cary home buyers offer earnest money on a re-sale home and a builders deposit on most new construction. Here’s a quick overview of the similarities and differences between a builders deposit and earnest money.

Builder Deposit Defined: Money paid upfront at time of contract directly from prosepctive buyer to the builder. Builder deposits into business operating account. Builder credits buyer the amount of the deposit at closing.

Why?: Builder is building a home specifically for one buyer – making changes, ‘customizing’ the home based on that buyers wishes – the builder wants a level of protection should the buyer not actually purchase the home – to avoid being left with a home that might not appeal to the average buyer.

- Usually Non-Refundable if the buyer walks from the contract - the offer to purchase should specifiy

- How much? sometimes calculated as 5%-10% of the base price of home – sometimes 50% of any ‘add-ons’ buyer chooses.

The amount of builder deposit and how it’s calculated varies with different builders and different stages of construction when the buyer purchases. It’s a negotiable amount but that doesn’t mean both parties can come to terms.

Earnest Money Defined: Money paid upfront by buyer at time of contract. Money is payable to a trust account – most commonly the listing real estate firm or a local real estate attorney’s trust account. Money is credited to buyer at time of closing. If property doesn’t close earnest money may or may not be returned to buyer – depending on circumstances.

Why? It’s a show of good faith from buyer and financially invests them in the purchase – the money can be at risk if buyer does not close.

If Disputed – Can’t be released by trust agent unless both parties agree who is entitled or by court order.

Earnest Money Amount: Cary home buyers usually pay 1% of the purchase price but this is negotiable.

Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams

David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com

Cary's Copperleaf Community New Homes Sales for 2009

davidadmin — Tue, 29 Dec 2009 05:31:33 +0000

Copperleaf in Cary – 17 New Home Sales in 2009 – Cary’s Top Selling Luxury New Home Community

Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams

David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com

What to Expect During the Home Inspection, Home Buyer Tips from Cary Real Estate

David Williams — Mon, 09 Nov 2009 08:23:19 +0000

Most buyers really don’t know what to expect during the home inspection. Should they attend? How long will it take? Here’s a few tips to help you be prepared and know what to expect.

Should you attend the home inspection? Yes.

If at all possible plan on attending the home inspection. While it is not required for the buyer to be present during the inspection I’ve found that it helps. You get to see the inspector working and can learn great tips about preventative maintenance items. How long will the inspection last? Typically in the 2 to 3.5 hour range.

When do I pay? How much will it cost? Be prepared to write the inspector a check at the time of the inspection. The cost varies between inspectors and the size of the home – a good estimate is $350 – $500

Expect to sign a home inspection agreement with the inspector. The agreement spells out the inspectors responsibilities etc.

The Home Inspector will be visually inspecting many components of the home, you will see them run the dishwasher, test doors, windows, electrical outlets etc. They will move through the home systematically, making notes of their findings along the way. The inspector will wait to go under the home last (if it’s a crawl space) – having already ran water in the sinks, flushed toilets etc it will be easier to notice a leak.

Remember the home inspector is working directly for you and is not tied to the sales contract in any way. Here’s why that’s important, you may hear the inspector say something like, “The sellers will have to fix that”, not necessarily – while it may very well be a legitimate item that needs repairing, the seller is not obligated to make the repair – how you handle the findings from the home inspection report will depend significantly on terms in the offer to purchase. The best way to handle this is to wait for the written home inspection report and then determine which items are of concern and how to address them with the seller.

Here’s a great way to mentally categorize things the home inspector finds or points out. This is not an official method, if you say to the inspector “Is that a category II finding?” it’s not going to mean anything, it’s simply intended to be a help as you process things the inspector finds.

Category I items: think of these as recommendations – things the home inspector may point out that could be done to improve or extend the life of an item. This is not really something you would typically ask the seller for, just good info to have.

Category II items: minor items, again good to know but not really a substantial reason to be alarmed. For example, a closet door latch needs to be adjusted.

Category III items: in my opinion this is really why you are having the inspection, items you want to be aware of before you decide to close on a home, for example, plumbing leaks, broken heating or air conditioning system, foundation problems etc

With any home (even new ones) the inspector will likely find a number of items to report. It’s important to wait until the end of the inspection and look at the complete findings.

After the inspector is finished they will go over their findings with you verbally, followed by a written report, typically the next day. The written report will show their exact findings along with photos.

Once you have received the written report you can evaluate and determine which items to request the seller to repair. Please remember, usually there will be a date within the offer to purchase contract by which any repair request must be submitted to the seller.

The home inspector is reporting if a particular item or system is working or not – they will typically not get into what would be required to repair the item or the cost to do so.

Remember no home inspector is perfect and they don’t have x-ray vision. A clean inspection is not the same as a guarantee. Something can be working today yet break tomorrow. Depending on the age/condition of the home you may want to consider a home warranty.