Would-be to Should-be

Some would-be buyers have emotional reasons to own a home like having a place of their own where they can raise a family, feel safe and secure and enjoy their friends’ company. Other buyers’ dominant reasons might be financial in nature such as building equity or lowering their cost of housing.52407681-250.jpg

Regardless of what might be motivating people to want their own home, it is easy to justify that now is a good time to purchase. Let’s look at a $250,000 example using a FHA loan.

The total payment will be about $1,835 dollars a month. If the payment is lower than the rent a person is paying, that should encourage a person to continue investigating.

In this example, when you consider the monthly principal reduction, the monthly appreciation and the tax savings, even with money added for monthly maintenance, the net cost of housing is less than half the total house payment.

Considering all those advantages, the would-be buyer is spending over $1,100 per month more to rent than it would be to own. In a year’s time, they would lose close to $14,000 which is more than the down payment of $8,750 required on this price home.

Most would-be buyers understand that a home is a big investment but they may not understand the advantage of the leverage caused by the low down payment mortgage. The benefits extend beyond a return on the down payment but to the value of the home.

In this example, the $8,750 down payment grows to an equity of $73,546 in seven years based on 2% annual appreciation and normal amortization on a 30-year loan. If you calculated that as a rate of return, you’d be challenged to find anything that could compare with it.

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To see what your numbers might look like, check out this Rent vs. Own. If you need any help or have any questions, contact us. Part of our greatest satisfaction is helping would-be buyers understand why they should-be.

The Triangle is for Foodies

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Always on the hunt for the best dish? Are good foods your “thing”? USA Today and Travel + Leisure magazine say that the Triangle is for you, palate pleasers.

The two heavy media hitters put pen to paper—err, fingers to the keyboard—and let the food and restaurant accolades flow. USA Today declared Raleigh among the “Five underrated food cities on the East Coast” and Travel + Leisure added the Capital City to its list of “America’s Favorite Cities for Brunch 2016.”

According to USA Today reporter Devorah Lev-Tov, the local saturation of some of the country’s best chefs is setting the stage for gastric goodness. She says:

While Asheville, N.C. gets a lot of foodie love, its neighbor to the east has been quietly upping its culinary game. Raleigh, North Carolina’s capital, embraces its southern heritage while continuing to evolve and grow. A prime example is Ashley Christensen, chef and owner of no less than six bars and restaurants in the city, and other pedigreed creators, like Iron Chef America winner Walter J. Royal and three-time James Beard Award nominee Lionel Vatinet, also call Raleigh home.

Travel + Leisure chose to namedrop popular restaurants in their expert assessment of the best brunch and lunch places around town saying:

The best places are clustered downtown, near the city’s Nash and Moore Square parks, and offer traditional Southern cooking.

Beasley’s Chicken + Honey serves crispy fried chicken and biscuits with gravy at communal tables. A few blocks away, Humble Pie has an outdoor patio where locals enjoy cornmeal pancakes and shrimp and grits. For a French-style brunch, you’ll have to leave the city center and head to nearby North Hills, where Coquette’s chef Paul Gagne creates delicate crepes and rich quiches that change daily.

We certainly agree with these food-loving writers and their reviews of Raleigh’s eateries and culinary talents, but we can’t let them overlook our broader metro area’s restaurant offerings. The Bull City of Durham earned attention for its own edible delights from Southern Living magazine this past year with Nana’s, Mateo Tapas, and Pizzeria Toro leading the charge. Herons at the Umstead Hotel & Spa in Cary, Lantern in Chapel Hill and Fearrington House in Pittsboro are also widely appreciated and well frequented by locals and visitors alike.

Where do you like to dine?

HPW Open Houses | April 22 – 23

Ready to leave renting behind? On the hunt for more space? Relocating to the Triangle for work? Our Coldwell Banker Howard Perry and Walston real estate agents have got your back.

Our talented team knows this market—and the awesome cities and towns that make it up—inside and out. They are well prepared to help you find your next home. Are you?

Take some time this weekend to visit our area open houses to see what our listing agents have brought to the market. We have a feeling you will be impressed.

Check out the homes we’ve spotlighted below and then access a complete list on our HPW open house website. Find a few that interest you and then go see them in person.

85 Consella Way, Franklinton, NC 27525
$272,500
Sq Ft: 2,316 | Beds: 4 | Baths: 2 (full) 1 (1/2)
Open House: Saturday, April 22 from 1 to 3 p.m.

85 Consella Way, Franklinton, NC 27525


213 Old Barn Lane, Chapel Hill, NC 27517
$439,000
Sq Ft: 1,725 | Beds: 3 | Baths: 2 (full)
Open House: Saturday, April 22 from 2 to 4 p.m.

213 Old Barn Lane, Chapel Hill, NC 27517


612 Downpatrick Lane, Raleigh, NC 27615
$475,000
Sq Ft: 3,752 | Beds: 4 | Baths: 2 (full) 1 (1/2)
Open House: Saturday, April 22 from 2 to 4 p.m.

612 Downpatrick Lane, Raleigh, NC 27615


101 Strathburgh Lane, Cary, NC 27518
$425,000
Sq Ft: 3,613 | Beds: 4 | Baths: 2 (full) 1 (1/2)
Open House: Saturday, April 22 from 2 to 4 p.m.

101 Strathburgh Lane, Cary, NC 27518


3130 Mantle Ridge Drive, Apex, NC 27502
$778,700
Sq Ft: 4,331 | Beds: 5 | Baths: 5 (full) 2 (1/2)
Open Houses: Saturday, April 22 from noon to 4 p.m. and
Sunday, April 23 from 1 to 4 p.m.

3130 Mantle Ridge Drive, Apex, NC 27502


1709 Frenchwood Drive, Raleigh, NC 27612
$684,900
Sq Ft: 4,900 | Beds: 5 | Baths: 5 (full) 1 (1/2)
Open Houses: Saturday, April 22 from 1 to 4 p.m. and
Sunday, April 23 from 1 to 4 p.m.

1709 Frenchwood Drive, Raleigh, NC 27612


1309 Heritage Club Avenue, Wake Forest, NC 27587
$409,900
Sq Ft: 2,863 | Beds: 3 | Baths: 2 (full) 1 (1/2)
Open Houses: Saturday, April 22 from 2 to 4 p.m. and
Sunday, April 23 from 2 to 4 p.m.

1309 Heritage Club Avenue, Wake Forest, NC 27587


Content/Image Source:

Triangle MLS

An Alternative to Paying Tax Today

The cartoon character Wimpy would say that he’d gladly repay you Tuesday for a hamburger today. Some real estate investors say a similar thing to Uncle Sam to be able to hold on to their proceeds from the sale of an investment and agree to pay the tax later. exchange.png

The benefit of a 1031 exchange is that it allows the investor to defer the tax due from the sale into the replacement property. This allows more money to be reinvested. In the example shown, the investor has 27% more to invest now by deferring the tax into the future.

The property to be exchanged must be like-kind which means real estate for real estate. Rental property can be exchanged for other rental or investment property. Personal-use properties like a first or second home are not eligible for exchanges.

There are some critical dates that restrict the validity of the exchange. The investor must identify the replacement property within 45 days of the sale of the relinquished property. The replacement property must be closed within 180 days of the sale of the relinquished property.

  • The replacement property must be equal to or greater in value, equity and debt than the one being relinquished.
  • All net proceeds must be used in acquiring the replacement property.

There are specific rules involved in constructing a valid tax-deferred exchange. There are three professionals that should be involved: a tax advisor, a real estate professional and a qualified intermediary who will assist in the acquisition and transfer of both the relinquished property and the replacement property. Additional information can be found in IRS Publication 544.

Stop, Drop and Roll for Me Fine Foundation on April 22nd

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Have you started to spring clean and put away your winter wares yet? It’s time!

Spend some evenings this week sorting through your closets, drawers and storage spaces to unearth clothes that no longer fit, houseware and seasonal items you no longer need and electronics that have been sitting idle for months.

You’ll soon be on your way to a clutter-free home and you can donate those gently used items to a good cause like our Coldwell Banker Howard Perry and Walston Cary Office’s 9th–annual Stop, Drop and Roll collection event benefiting the Me Fine Foundation.

Simply load up your donations (the more the merrier) and head over to our Cary Office this Saturday to be a part of this special activity. Our real estate agents will unload your bags and boxes while you wait and pack them into a Zippy Shell headed to the Me Fine Foundation’s Second Hope Shop resale store.

Founded to provide necessary resources and financial assistance for families with children facing life-changing medical challenges at Duke and UNC Children’s Hospitals, Me Fine Foundation uses its Second Hope Shop to:
– Support neighbors in need;
– Assist its families with houseware items, clothes and more during times of financial hardship; and
– Generate revenue to offset its operating and administrative costs.

Your generous donations will assist our team in Helping People Win this weekend!

Stop, Drop and Roll for Me Fine Foundation
Hosted by the Coldwell Banker Howard Perry and Walston Cary Office

Where:
HPW Cary Office
100 Connemara Drive in Cary

When:
Saturday, April 22 from 9 a.m. to 1 p.m.

Items accepted:
Gently used clothing, jewelry, houseware items, seasonal decor, toys, and electronics.

 

HPW Open Houses | Saturday, April 15

Peter Cottontail may be hopping into town this weekend, but our sources say he won’t arrive until Sunday leaving Saturday wide open for your house hunting plans.

From homes starting in the $130s to luxury properties priced at more than $1 million, our Coldwell Banker Howard Perry and Walston real estate agents represent a wide variety of homes with unique offerings and amenities.

We’ve featured some of our HPW open houses below and welcome you to visit our open house website for a complete list of the homes that will be open for you to tour tomorrow.

We’re confident our real estate agents can help you find a fantastic home in the Triangle community you desire.

2508 Silverpalm Street, Raleigh, NC 27612
$319,000
Sq Ft: 2,506 | Beds: 3 | Baths: 3 (full) 1 (1/2)
Open House: Saturday, April 15 from 11 a.m. to 1 p.m.

2508 Silverpalm Street, Raleigh, NC 27612


207 Tattenhall Drive, Cary, NC 27518
$400,000
Sq Ft: 2,500 | Beds: 4 | Baths: 2 (full) 1 (1/2)
Open House: Saturday, April 15 from 11 a.m. to 2 p.m.

207 Tattenhall Drive, Cary, NC 27518


5539 Maple View Drive, Knightdale NC 27545
$239,900
Sq Ft: 2,271 | Beds: 3 | Baths: 2 (full) 1 (1/2)
Open Houses: Saturday, April 15 from 1 to 4 p.m.

5539 Maple View Drive, Knightdale NC 27545


200 Beech Slope Court, Chapel Hill, NC 27517
$624,999
Sq Ft: 3,768 | Beds: 5 | Baths: 4 (full)
Open House: Saturday, April 15 from 1 to 5 p.m.

200 Beech Slope Court, Chapel Hill, NC 27517


121 Highland Ridge Lane, Knightdale, NC 27545
$445,000
Sq Ft: 3,400 | Beds: 4 | Baths: 3 (full) 1 (1/2)
Open House: Saturday, April 15 from 1 to 6 p.m.

121 Highland Ridge Lane, Knightdale, NC 27545


9008 Albatross Court, Raleigh, NC 27613
$715,000
Sq Ft: 4,339 | Beds: 4 | Baths: 3 (full) 1 (1/2)
Open House: Saturday, April 15 from 2 to 4 p.m.

9008 Albatross Court, Raleigh, NC 27613


2611 Sherborne Place, Raleigh, NC 27612
$589,000
Sq Ft: 3,752 | Beds: 3 | Baths: 3 (full)
Open Houses: Saturday, April 15 from 2 to 4 p.m.

2611 Sherborne Place, Raleigh, NC 27612


73 Meadowrue Lane, Youngsville, NC 27596
$282,000
Sq Ft: 2,230 | Beds: 3 | Baths: 2 (full) 1 (1/2)
Open House: Saturday, April 15 from 2 to 5 p.m.

73 Meadowrue Lane, Youngsville, NC 27596


Content/Image Source:

Triangle MLS

HPW Happenings | Habitat for Humanity Home Builds

HPW Habitat Home Build

Our Coldwell Banker Howard Perry and Walston real estate agents and staff rolled up their sleeves, grabbed hammers, nails, and paint brushes and went to work alongside Habitat For Humanity coordinators in Wake, Durham, and Orange Counties to pitch in to build homes for three deserving families.

Our company has participated in area Habitat for Humanity of Wake County home builds for more than a decade, but this year marks the first time we’ve sponsored home builds organized by the Habitat for Humanity of Durham and the Orange County Habitat for Humanity.

“Simply put, our company gives back. We truly do what it takes to Help People Win,” said Don Walston, company founder and chairman. “Our job is to help clients find a new house to call home, a new place to belong. It’s unfortunate that some families don’t have that ability and that’s why these Habitat home builds matter. We’re using our resources to extend the opportunity of homeownership to our neighbors in need.”

On behalf of our HPW Foundation charitable arm, more than 75 of our real estate brokers, agents and staff volunteered a total of 225 hours helping to lay subflooring, frame up walls, cut wood, paint, and clean up the job sites.

“Habitat for Humanity is a natural fit for our real estate team,” said Martha McNair-Russell, HPW Foundation Habitat For Humanity Liaison and CBHPW real estate broker. “We look at houses all day, every day for our buyers and sellers. These local home builds allow us to provide support to a family who may not have the same opportunities to purchase a home as our day-to-day clients. It’s an amazing experience to work alongside the Habitat homeowners to see the pride they have in their new home. We are helping them achieve the American dream.”

HPW Habitat Home Build

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Lower the Rate – Deduct the Interest

Credit card debt in America is back to levels prior to the recession. The average credit card APR is just under 16% according to CreditCards.com Weekly Credit Card Report. 33967393-250.jpgHomeowners have an advantage over renters when it comes to getting their arms around debt issues.

Basic money management suggests that higher rate debt be replaced with lower rate debt. Credit cards, personal cars, boats, motor vehicles and other personal property, typically have interest rates higher than that of real estate loans.

Borrowing against a person’s home usually provides the lowest rate of financing. Refinancing a home mortgage to take cash out to retire personal debt is one option. Another would be to secure a home equity or HELOC, home equity line of credit.

An alternative advantage of borrowing against one’s home is that the interest may be tax deductible unlike the interest on most personal debt. Qualified mortgage interest includes acquisition debt which can only be used to buy, build or improve a principal residence and up to $100,000 of home equity debt which can be used for any purpose.

Managing money is a critical life skill that people need to master. While the goal may be to become debt-free, paying the least amount of interest possible can be a good first step. Owning a home provides an asset that allows for options not available to tenants. Seek professional advice to determine your best course of action.

Durham is in Vogue, literally

DurhamistheHippestCityinNC

It’s not every day that an internationally recognized fashion magazine weighs in on the coolest cities in America (ahem, fashion), but it did, and Durham was the North Carolina city that caught its eye. That’s right. Durham is in Vogue—literally.

The Bull City strolled away with a fantastic claim as the “Hippest City in North Carolina” thanks to its cultural offerings, award-winning chefs and local restaurants, and must-visit hotels.

According to Vogue writer and Durham day-tripper Jennifer Rice:

Durham is perhaps known first and foremost as the home to Duke University (and its famed basketball team), but it’s becoming a destination for much more than just Blue Devils games. In recent years, a bustling and creative culinary scene has emerged. The Durham Performing Arts Center, American Tobacco Campus, Brightleaf Square, and Durham Bulls games—where you can watch a home run while noshing on empanadas and peach cobbler with ice cream—are also noteworthy attractions.

Rice goes on to highlight the likes of The Durham Hotel and its acclaimed restaurant, local brunch favorites Cocoa and Cinnamon and Rise, dinner dining hotspots Piedmont and Mothers & Sons, even offering a quick nod to the Saltbox take-out only seafood eatery.

Want to do more than eat, drink and sleep in the Triangle’s second largest city? Durham has plenty to do on the docket. Earlier this year, Durham Magazine published “The Ultimate Durham Checklist” with 70 different activities for you to try. From shopping at the Durham Co-Op Market and participating in Third Friday gallery events to hanging out with lemurs at the Duke Lemur Center or biking the American Tobacco Trail you could fill a day or two (three, four or more).

Of course, Durham isn’t only a great place to visit; it’s an ideal place to live. A bustling business landscape with innovative startups and longstanding corporations, top notch medical and research facilities, Duke University and neighboring Triangle colleges, and a cost of living that’s hard to beat, the reinvented tobacco town is worth a look. Our Coldwell Banker Howard Perry and Walston real estate agents will be happy to show you around.