Tuesday Raleigh Mortgage News – 8/18/2015
Apex: Best place to live in America? Living on an Organic Farm a new trend? and a New Down Payment Assistance Program
When thinking of the best places to live in America, what comes to mind? New York? Miami? Charleston? Malibu? How about Apex, North Carolina??? That’s what Money Magazine says. It’s not that surprising to me, but it may surprise many in the Triangle. Cary has long time been the most popular suburb of Raleigh, but its close neighbor Apex has very similar charm (and lower home price tags). And if you’re a runner/biker, like I am, Apex has the very popular White Oak Church Road entrance to the American Tobacco Trail. (see full article below)
Another hot button topic is the new organic farm community being built right outside of Durham. It’s hard not to instantly think of the ‘Road Gig’ aka ‘Jesus Ranch’ episode of Tenacious D, and imagining a bunch of hippies living in a commune without proper septic. But… this ain’t that. This looks to be an incredible community that will likely be a model for many similar areas around the county. Durham; so prolific. (full article below)
Down Payment Assistance in North Carolina is expanding with a new $15,000 program for Johnston, Mecklenburg, Cabarrus, Cumberland, and Guilford Counties. The money is coming from the US Treasury and starts mid-September or early October. More info is available here.
And most importantly, mortgage rates continue to improve. Raleigh home prices are rising much faster than mortgage rates, so buy now! It’s more expensive to rent. (see article below)
Finally… thanks to everyone that came out to the Sir Walter Miler. It was a grand success and Sports Illustrated called it the “best glimpse of future growth for American track.” As a lifelong runner and track fun, it’s been incredibly fun to see the city/state engaged so much in the sport I love. Raleigh is a great place to live, with an incredible running community. I’d love to help you on the road to home ownership here!
5 Stories in the Triangle Mortgage and Real Estate Headlines (and more)
1. Money magazine: Apex is the Number 1 place to live in the U.S.
“Apex has all the things you’d expect in the No. 1 place to live: a charming downtown, top-notch schools, and the kind of community spirit that draws 15,000 people, or more than a third of the population, to the annual PeakFest street fair. It also has something else: high-paying tech-industry jobs that help make the quality of life here second to none. And unlike that other technology hub on the West Coast, Apex is still affordable. A three-bedroom home costs an average of $265,000, vs. more than $1 million for a comparable house in Silicon Valley.” Read more from Money
2. Construction to begin soon on 230-acre neighborhood with organic farm
“Durham County’s board of commissioners on Monday gave its overwhelming approval to a Durham developer’s plan to build what is expected to be the region’s first housing community with its own organic fruit and vegetable farm. Development of Wetrock Farm, on a 230-acre site along N.C. 501 in north Durham, means 141 homes alongside 130 acres of preserved forestland with jogging trails and picnic areas. The property is about a 20-minute drive from downtown Durham.” Read more from the TBJ
3. Triangle home sales rise 10 percent in July
“Triangle home sales rose 10 percent in July, as the market continued to show strong activity despite extremely low inventory levels. There were 2,924 homes sold in Durham, Johnston, Orange and Wake counties last month, Triangle Multiple Listing Services data show. Pending sales were up 13 percent.” Read more from the News & Observer
4. Triangle apartment rents rising as pace of new construction slows
“The Triangle apartment market showed strong improvement in the second quarter as demand outstripped all the new units being completed. The region’s occupancy rate rose to 94.3 percent, up from 93.5 percent during the same period last year, according to MPF Research, which analyzes apartment data in 100 U.S. metro markets.” Read more from the News & Observer
5. North Carolina selling 6 historic houses on Person Street
“The 1896 Lamar House has been vacant and slowly deteriorating since the state bought the North Person Street home in 1999. Paint is peeling off the outside walls. Parts of the ceilings are missing. Decades-old appliances are rusting in the kitchen. Now the state is looking for buyers to restore the Lamar House and five of its neighbors along North Person Street. “For sale” signs went up on the six historic homes this summer without much fanfare – 12 years after the legislature voted to sell the properties.” Read more from the News & Observer