In this Cary Spotlight Issue…

💭Spotlight Hook Trivia

🏡 Cary Real Estate: Properties Sold in Cary Last Week

🏡 Mortgage Rates: Interest Rate Snapshot

🏡 Constructing Confidence: Avoid the Pitfalls of Substandard Foundation Repairs

🏡 March Home Maintenance Checklist

💡 Navigating the Real Estate Landscape

😀 Viral Meme

This is the Real Estate Edition: local news and events will be back on Tuesday.

Question: Who is the U.S. Air Force's first female fighter pilot?

A) Sally Fields B) Norma Gene Baker C) Jeannie Marie Leavitt

(Answer at the bottom of the newsletter.)

Properties Sold in Cary, NC for Week of 03 March 2024 (Data source: Redfin)

Property Type: Single Family Residential.

There were 28 properties sold in Cary, NC during the past week. Please note that we exclude land sales and townhouses. Here are a few statistics based on the sales from this past week:

The average price for all properties sold is $808,934

The average size in square feet for houses sold is 2,992

The average price per square foot for houses that sold is $267.

The properties are listed from highest SOLD PRICE to lowest:

Click on the address to view listing. We only listed the top 20 homes sold.

· 524 Calderbank Way, Cary, NC 27513 - Sold Price: $2,015,000
- Beds: 4 - Baths: 4.5 - Size: 4625 sqft

· 934 Alden Bridge Dr, Cary, NC 27519 - Sold Price: $1,500,000
- Beds: 7 - Baths: 5.0 - Size: 4758 sqft

· 4425 Chandler Cove Way, Cary, NC 27539 - Sold Price: $1,225,000
- Beds: 4 - Baths: 5.0 - Size: 4206 sqft

· 1419 Debra Dr, Cary, NC 27511 - Sold Price: $1,218,157
- Beds: 4 - Baths: 3.5 - Size: 3278 sqft

· 403 Felspar Way, Cary, NC 27518 - Sold Price: $1,100,000
- Beds: 5 - Baths: 4.5 - Size: 3892 sqft

· 1032 Queensdale Dr, Cary, NC 27519 - Sold Price: $1,060,000
- Beds: 5 - Baths: 4.5 - Size: 4104 sqft

· 208 Brook Manor Ct, Cary, NC 27513 - Sold Price: $958,000
- Beds: 5 - Baths: 5.0 - Size: 3785 sqft

· 111 Forest Brook Dr, Cary, NC 27519 - Sold Price: $945,000
- Beds: 5 - Baths: 3.5 - Size: 3867 sqft

· 109 Repton Ct, Cary, NC 27519 - Sold Price: $800,000 - Beds: 3
- Baths: 3.0 - Size: 3856 sqft

· 109 Bittercress Ct, Cary, NC 27518 - Sold Price: $786,000
- Beds: 4 - Baths: 2.5 - Size: 3277 sqft

· 323 Commons Walk Cir, Cary, NC 27519 - Sold Price: $780,000
- Beds: 4 - Baths: 5.0 - Size: 3139 sqft

· 609 Queensferry Rd, Cary, NC 27511 - Sold Price: $770,000
- Beds: 4 - Baths: 3.0 - Size: 2818 sqft

· 112 Windswept Ln, Cary, NC 27518 - Sold Price: $731,000
- Beds: 4 - Baths: 2.5 - Size: 2704 sqft

· 100 Queensferry Rd, Cary, NC 27511 - Sold Price: $700,000
- Beds: 4 - Baths: 2.5 - Size: 2380 sqft

· 1904 Castalia Dr, Cary, NC 27513 - Sold Price: $700,000
- Beds: 4 - Baths: 2.5 - Size: 3223 sqft

· 104 Amesbury Ln, Cary, NC 27511 - Sold Price: $670,000
- Beds: 4 - Baths: 2.5 - Size: 2612 sqft

· 605 Trappers Run Dr, Cary, NC 27513 - Sold Price: $628,000
- Beds: 4 - Baths: 2.5 - Size: 2640 sqft

· 210 Trinity Woods Dr, Cary, NC 27607 - Sold Price: $595,000
- Beds: 5 - Baths: 3.5 - Size: 2951 sqft

· 101 Joel Ct, Cary, NC 27513 - Sold Price: $590,000
- Beds: 4 - Baths: 3.0 - Size: 2324 sqft

· 206 Pocono Ln, Cary, NC 27513 - Sold Price: $590,000
- Beds: 3 - Baths: 2.5 - Size: 2550 sqft

Click Here For the Full List of All Properties Sold Last Week

Interest Rate Snapshot for 3 Mar 2024 (Data source: Mortgage News Daily)

• 30 Year Fixed Rate (%): 7.08

• 30 Year Jumbo (%): 7.38

• 30 Year FHA (%): 6.57

• 30 Year VA(%): 6.57

Historical Context:

The average 30-year Mortgage Rate in the United States per decade:

• 1970s: 8.9%

• 1980s: 12.7%

• 1990s: 8.1%

• 2000s: 6.3%

• 2010s: 4.1%

• 2020s: 4.6%

All-Time Low (Jan 2021): 2.65%

Peak (Oct 2023): 7.79%

Navigating the Real Estate Landscape: Equity Shifts and the Impact on Homeowners

Here's a summary of the latest information on real estate market trends in the United States, based on national news stories:

1. Real Estate Trends: The real estate market is experiencing varied dynamics across different sectors. Commercial foreclosures, for example, increased by 17% from the previous month and by 97% from the previous year, with the most significant increases observed in states like California, New York, and Texas​​. Meanwhile, Opportunity Zone housing markets are tracking closely with broader U.S. housing market trends, with median home values decreasing in just over half of these zones during the fourth quarter of 2023​.
   Read Source
   

2. Home Equity and Selling Profits: Home equity saw a slight decrease across the U.S. during the fourth quarter but remains strong overall. The equity-rich portion of mortgaged homes decreased while the seriously underwater level rose. Despite the decline in home values, nearly 95% of mortgaged homeowners still have equity built up​​. However, profits on home sales across the U.S. decreased for the first time since 2011, with typical seller gains dropping from 60% to 57%, marking the slowest pace of national median home price rise in 12 years.
   Read Source
   

3. Rental Market: Renting a home remains more affordable than owning across most of the U.S., even as both options continue to stretch financial limits for average workers. This trend persists despite rents growing faster than home prices, making renting less of a burden in nearly 90% of local markets​

   Read Source

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Constructing Confidence: Avoid the Pitfalls of Substandard Foundation Repairs

“This post and pier are substandard in multiple ways.

Concrete blocks do not have structural integrity when on their side. Also, the block is not an ideal component to be using for this application. Of course you can see the post is not the correct length but possibly due to settling.

When dealing with your foundation, it is always best to hire a competent person.” - David Fritsch, Owner Operator at Insideout Home Inspection

March Home Maintenance Checklist

Here's your March home maintenance checklist for you to save and refer back to as we head into Spring. Read Source