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Posts Tagged ‘Durham NC home for sale’

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Room for a pony or two…

6606 Blalock Road is nestled in the gently rolling hills of Bahama, NC in northern Durham County. This lovely farmette has room for a pony or two.

This custom built home has nearly 2300 square feet. Rome sizes are gracious and rooms are light filled. The common living areas are adorned with hardwood flooring and soothing colors. The bedrooms have plush wall to wall carpeting.

The master suite is amazing. The en suite bath has a jetted tub and separate shower and the bedroom has a door which opens to a huge rear deck.

The kitchen is spacious with solid surface counter tops and custom built Oak cabinets. Adjoining the kitchen is a spacious dining area and a flexible family room space.

The 4.3 acres of pasture land that comprise 6606 Blalock Road are amazing. The current owners have left the pasture gates so electric fences can easily be added back in. Additionally there is a lean to shed for sheltering animals.

This property also has a three car detached garage with an apartment above. Friends and family members will enjoy using the hot tub/spa safely enclosed in its own space or the swimming pool in a fully fenced enclosure.

6606 Blalock Road is well priced at $319,900. Call Michael Sullivan at 919-608-2372 to arrange a private showing of this home. Visit Michael on the web at TeamMichaelSullivan.com or TeamMichaelSullivan.net.

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Michael Sullivan

We all need a helping hand….
Home sellers, landlords, renters and home buyers all find themselves in need of help during housing transition periods.
My web site, TeamMichaelSullivan.com offers a wealth of resources for those moving, thinking about moving or just living.

Use this link to link with top notch attorneys, trades people and specialty services. If you don’t see your name and if you’re in business in the Raleigh/Durham , Triangle then email me and we’ll add you to the list.

http://www.TeamMichaelSullivan.com

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Another fine home sold

Another one is sold, 1316 Glendale Avenue Durham, NC 27701 is contract pending and on its way to closing.

If you want your home sold, phone Michael Sullivan, 919-608-2372 or visit TeamMichaelSullivan.com
Put Michael’s 17 years residential real estate experience to work for you. One click or call does it all.

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3413 Freeman Road

This home was built in 1987 but an unbelievable rehabilitation makes it look brand new. The living space essentially is one large room, so well suited to today’s active lifestyles.

The living space is adorned with lovely laminate flooring and a gas fireplace is the focal point of the room. The ceilings are cathedral.

At the back of the living space is a large dining space and a completely updated kitchen complete with new flooring, new cabinets, new counter tops and new appliances.

The bedroom wing is updated too with new smooth ceilings, new wall to wall carpet, new bathrooms and new lighting fixtures.

Call Michael Sullivan today at 919-608-2372 or email me at MSullivan@fmrealty.com to take a look at this amazing home.

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The right buyer’s agent; how the heck do you know?
I suppose before you can know, you need to understand exactly what it is a buyer’s agent is supposed to do and how they are supposed to operate.

In North Carolina a real estate agent is required to work for someone. That someone can either be a buyer or a seller or sometimes both. Being a seller’s agent is traditional agency, the agent is working for the seller’s best interest. Being a buyer’s agent is just that, working for the buyer’s best interest. Being a dual agent is working for both parties best interests. Believe it or not with experience this is not tough to do.

So back to buyer agency; most if not all problems associated with a real estate transaction boil down to communication.

1. An agent doesn’t have the experience to know and understand where pitfalls may be within a specific transaction.

2. Through training or lack thereof, the pitfalls have not been communicated to the agent and the agent has not communicated to the buyer the pitfalls.

3. The buyer agent does not adequately communicate to the listing agent what it is the buyer wants or expects.

4. The listing agent doesn’t know about a particular deficiency in the property.

5. Through training or lack thereof, the seller agent has not explored the red flags that would uncover a deficiency.

6. The buyer agent doesn’t show the buyers what they want to see.

7. The buyer agent has not asked the proper questions to determine and vet out exactly what the buyer wants or can afford.

8. The buyer agent doesn’t know the market and cannot adequately inform or show the buyer what is available in the market.

It boils down to communication. As a consumer of real estate take your time, sit down with your potential buyer agent or seller’s agent and talk to them, interview them. One of the most important practices that I typically engage in with my clients is an interview. We sit down and before we look at one home, we talk for a half hour. I ask a million questions so that I can better assist my buyers in making a home buying decision.

There is more but a blog is not the venue to go into all of that. Call me, Michael Sullivan at 919-608-2372 for a free no obligation consultation where we will discuss whether I am the right agent for you. I have 17 years market experience in the Raleigh, Durham, Cary and Chapel Hill real estate market where I have helped thousands of families find their spot to call home. You may text to 919-608-2372 or email me at MSullivan@fmrealty.com. Learn more about Team Michael Sullivan at TeamMichaelSullivan.com

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The ideal property that needs...HELP!

Spotlight on the HUD 203K Loan Program
So, you have your eye on a property that needs work? You have good credit and you qualify for a home loan but, you don’t have the capital required to renovate a home. Think about the HUD/FHA 203K loan.
• You can acquire a home loan to rehabilitate the home of your dreams.
• You close on your mortgage only once.
• You use an account as a draw to renovate your home.
• You must use a licensed general contractor.

Who do you talk to?
• You start with me; I will put you in touch with a terrific lender who will get you started on the pre-approval process.
• Once approved we shop for your home.
• We submit and offer and hopefully push it through to contract.
• We have two levels of inspection; a home inspection to determine condition of the home and then
• An inspection by a licensed general contractor to help us determine the costs of items needing replacement or renovation.

Once all of that is complete we close and you begin fixing up your new home.

Your “draw” can be used for the following:
• Insulation
• Carpeting
• Ventilation
• Heating and Air Conditioning
• Paint
• Vinyl flooring and the list goes on and on.
• Permitting fees
• Up to six month outside living expenses.
• Contingency reserve

Other requirements:
• This will be your primary residence so no flipping is allowed.
• You may not use a 203K on investment properties
• There are caps on how much can be borrowed.
• The program takes LONGER than conventional financing, but not painfully so.

There is more but a blog is not the venue to go into all of that. Call me, Michael Sullivan at 919-608-2372 for a free no obligation consultation where we will discuss whether or not a 203K loan is right for you. I have 17 years market experience in the Raleigh, Durham, Cary and Chapel Hill real estate market where I have helped thousands of families find their spot to call home. You may text to 919-608-2372 or email me at MSullivan@fmrealty.com. Learn more about Team Michael Sullivan at TeamMichaelSullivan.com

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There really is only one way for home building to go and that’s up.  I certainly don’t expect gang busters now or in the near future.  Credit is the difficult topic and with projections in interest rates spiking sometime in 2011 this will further cool the building industry.

Realty Times – Real Estate Outlook: Builders Regain Optimism.

Interested in buying, selling, renting, leasing residential real estate in central North Carolina, call or click to Michael Sullivan where one call does it all.  Michael Sullivan, REALTRO, 919-608-2372 mobile/text or MSullivan@fmrealty.com

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Durham Area Trends

  Durham US Local Trend
Price Activity      
Current Median Q3 2010 $184,900 $177,100 Up but slow
1 year appreciation .3% -.6%  
3 year appreciation -1.1% -.19.9%  
3 year equity gain -$2,000 -$44,000  

 

These figures come from NAR, the National Association of Realtors.  Although median prices in the Durham, NC market are up slightly and are ahead of national median prices, it is important to understand that no market exists in a bubble.  The Durham market is reliant on the U.S. market and the entire global economy.  So, without equity as shown by the three year gain, or more accurately loss, home sales will remain sluggish simply because consumers don’t have the money to purchase homes.  Consumer home equity is lost and will take years to recover. 

Home owners can build faster equity in their homes if they make additional payments to principal, avoid borrowing against their properties and if they make cautious investments in enhancing their homes.  Owners contemplating a home sale should gird themselves too; there should not be a presumption of appreciation but rather a presumption of a loss.

Similarly, owners considering a home sale should engage a real estate professional sooner rather than later to discuss merchandising their property, staging their property and enhancing their property so that it stands out among the competition.

Interested in doing so?   Call me, Michael Sullivan, I’m always happy to walk through a property with an owner.  I can also offer rental and leasing solutions to owners in a position to move in that direction.

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Renting and Leasing

According to CoStar Group, the #1 commercial real estate information group, almost every multifamily market saw strong leasing, rising demand and falling vacancy rates in the third quarter as the nations rental market continued a solid 2010 rally. As of now rentals should continue to surge over the next five years, with a growing supply of renters and very little new product in the planning and building pipeline.

Vacancy rates are above historical averages and in many multi-family communities robust incentives are being offered to move renters in. Still the national vacancy rate compiled from the 54 largest markets declined for a third straight quarter in 2010. Raleigh/Durham, Charlotte, Nashville and Dallas/Fort Worth have seen the highest demand and the sharpest decline in vacancy rates.

CoStar Group November 3, 2010

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