From The Independent Tribune:
CONCORD, N.C. – Cabarrus County Schools needs a short-term and long-term solution for handling its growing enrollment at two elementary schools, members of the school board heard during the reports portion of their meeting on Monday.
Monday, September 24, 2012
Growth strains Cabarrus Elementary Schools
Tuesday, March 27, 2012
Craven & Company Returns!
After seven years as a franchisee, we announce the grand re-opening of Craven & Company Realtors, effective April 1, 2012 as an independent real estate company. We are and always have been the leading locally-owned real estate company in Cabarrus County, and we are excited about returning to operating as Craven & Company! Our roots run deep in Cabarrus County, and the Craven name is what people know and trust in real estate. With 33 years of continuous operations in Concord and thousands of sales to our friends and neighbors, our pledge of service remains the same: to be the best real estate company in the market.
While our primary market is Cabarrus County, we provide service in Rowan, Stanly and Mecklenburg Counties. We routinely work in North Charlotte, Lake Norman and Salisbury. We have 19 active Brokers who can professionally handle your every real estate need.
We are proud of our 29-year association as a member of Leading Real Estate Companies of the World, an invitation-only membership, and we are the only locally-owned company to enjoy this distinction. This membership allows our agents and clients access to all major markets in the world and opportunities to work with other Leading Real Estate Companies through our local office.
As a locally-owned and managed company, we are focused on the local market and committed to helping you make good decisions. We are also very involved in all aspects of making our community better. We love Concord, Cabarrus County and the greater-Charlotte region. There is no other place we would rather be.
We thank you for your support during our first 34 years and ask for your business as we move into the future. When you have a property to sell or an interest to buy, we hope you will “CALL CRAVEN” – 704.788.1122! You’ll be glad you did – and so will we!
Allen Craven and Ford Craven
While our primary market is Cabarrus County, we provide service in Rowan, Stanly and Mecklenburg Counties. We routinely work in North Charlotte, Lake Norman and Salisbury. We have 19 active Brokers who can professionally handle your every real estate need.
We are proud of our 29-year association as a member of Leading Real Estate Companies of the World, an invitation-only membership, and we are the only locally-owned company to enjoy this distinction. This membership allows our agents and clients access to all major markets in the world and opportunities to work with other Leading Real Estate Companies through our local office.
As a locally-owned and managed company, we are focused on the local market and committed to helping you make good decisions. We are also very involved in all aspects of making our community better. We love Concord, Cabarrus County and the greater-Charlotte region. There is no other place we would rather be.
We thank you for your support during our first 34 years and ask for your business as we move into the future. When you have a property to sell or an interest to buy, we hope you will “CALL CRAVEN” – 704.788.1122! You’ll be glad you did – and so will we!
Allen Craven and Ford Craven
Friday, March 9, 2012
Charlotte-region home sales surge by 21.8 percent in February
Residential real estate sales saw a significant increase in February, rising 21.8 percent from the number of closings during the same period in 2011, according to the Charlotte Regional Realtor Association.
Closings last month totaled 1,614, jumping from 1,325 a year earlier. Also, the average sales price ticked up 2.1 percent to $184,775 from $180,940. And the median price saw a rise of half a percentage point to $145,450 from $144,750.
February's spike follows a healthy increase in closings in January, when sales were up 9.2 percent from January 2011 levels, according to the association. A year earlier, the association was reporting a nearly 5 percent year-to-year drop in homes sales.
“A second month of positive housing trends only further confirms that we’re seeing our local market continue to stabilize,” says Jennifer Frontera, association president. “Prices are fairly steady, and Realtors are reporting increased foot traffic, all good indicators as we move into the spring selling season.”
The average list price last month was $254,902, up 6.4 percent from $239,466 a year earlier. Pending contracts numbered 1,969, up from 1,616 in February 2011.
New listings dipped 5 percent to 3,958 from 4,165 a year ago.
Inventory figures are moving downward, dropping 28.3 percent year-over-year.
The association reports the region has an 8.9-month supply of homes for sale, down from 12.4 months in 2011. Of the new listings last month, 13.1 percent involved distressed properties, down from 22.1 percent a year ago. The association says 18.9 percent of last month’s closed sales involved distressed properties. That’s a major turnaround from this time last year, when 36.7 percent of the properties sold were distressed.
The association compiles its data from the 10-county area covered by its Carolina Multiple Listing Services Inc.
These numbers reflect a much stronger market than the most recent report of the Standard & Poor’s/Case-Shiller Home Price Index. The local association's figures are also more current. Case-Shiller is always two months behind. It last reported home prices in the Charlotte market were down 2.3 percent for the year ended in December.
By Susan Stabley, Charlotte Business Journal
Closings last month totaled 1,614, jumping from 1,325 a year earlier. Also, the average sales price ticked up 2.1 percent to $184,775 from $180,940. And the median price saw a rise of half a percentage point to $145,450 from $144,750.
February's spike follows a healthy increase in closings in January, when sales were up 9.2 percent from January 2011 levels, according to the association. A year earlier, the association was reporting a nearly 5 percent year-to-year drop in homes sales.
“A second month of positive housing trends only further confirms that we’re seeing our local market continue to stabilize,” says Jennifer Frontera, association president. “Prices are fairly steady, and Realtors are reporting increased foot traffic, all good indicators as we move into the spring selling season.”
The average list price last month was $254,902, up 6.4 percent from $239,466 a year earlier. Pending contracts numbered 1,969, up from 1,616 in February 2011.
New listings dipped 5 percent to 3,958 from 4,165 a year ago.
Inventory figures are moving downward, dropping 28.3 percent year-over-year.
The association reports the region has an 8.9-month supply of homes for sale, down from 12.4 months in 2011. Of the new listings last month, 13.1 percent involved distressed properties, down from 22.1 percent a year ago. The association says 18.9 percent of last month’s closed sales involved distressed properties. That’s a major turnaround from this time last year, when 36.7 percent of the properties sold were distressed.
The association compiles its data from the 10-county area covered by its Carolina Multiple Listing Services Inc.
These numbers reflect a much stronger market than the most recent report of the Standard & Poor’s/Case-Shiller Home Price Index. The local association's figures are also more current. Case-Shiller is always two months behind. It last reported home prices in the Charlotte market were down 2.3 percent for the year ended in December.
By Susan Stabley, Charlotte Business Journal
Friday, December 30, 2011
15 Secrets of Home Staging
Bye, Bye Clutter
The most important thing you can do to prepare your home for sale is to get rid of clutter. Make a house rule that for every new item that comes in, an old one has to leave. One of the major contributors to a cluttered look is having too much furniture. When professional stagers descend on a home being prepped for market, they often whisk away as much as half the owner's furnishings, and the house looks much bigger for it. You don't have to whittle that drastically, but take a hard look at what you have and ask yourself what you can live without.
Furniture Groupings
There's a common belief that rooms will feel larger and be easier to use if all the furniture is pushed against the walls, but that isn't the case. Instead, furnish your space by floating furniture away from walls. Reposition sofas and chairs into cozy conversational groups, and place pieces so that the traffic flow in a room is obvious. Not only will this make the space more user-friendly, but it will open up the room and make it seem larger.
Musical Furniture
Give yourself permission to move furniture, artwork and accessories among rooms on a whim. Just because you bought that armchair for the living room doesn't mean it won't look great anchoring a sitting area in your bedroom. And try perching a little-used dining-room table in front of a pretty window, top it with buffet lamps and other accessories, and press it into service as a beautiful writing desk or library table.
Room Transformations
If you have a room that serves only to gather junk, repurpose it into something that will add to the value of your home. The simple addition of a comfortable armchair, a small table and a lamp in a stairwell nook will transform it into a cozy reading spot. Or drape fabric on the walls of your basement, lay inexpensive rubber padding or a carpet remnant on the floor and toss in a few cushy pillows. Voila - a new meditation room or yoga studio.
Home Lighting
One of the things that make staged homes look so warm and welcoming is great lighting. As it turns out, many of our homes are improperly lighted. To remedy the problem, increase the wattage in your lamps and fixtures. Aim for a total of 100 watts for each 50 square feet. Don't depend on just one or two fixtures per room, either. Make sure you have three types of lighting: ambient (general or overhead), task (pendant, under-cabinet or reading) and accent (table and wall).
Make It Bigger
To make a room appear to be bigger than it is, paint it the same color as the adjacent room. If you have a small kitchen and dining room, a seamless look will make both rooms feel like one big space. And make a sun porch look bigger and more inviting by painting it green to reflect the color of nature. Another design trick: If you want to create the illusion of more space, paint the walls the same color as your drapery. It will give you a seamless and sophisticated look.
Neutral and Appealing
Painting a living room a fresh neutral color helps tone down any dated finishes in the space. Even if you were weaned on off-white walls, take a chance and test a quart of paint in a warm, neutral hue. These days, the definition of neutral extends way beyond beige, from warm tans and honeys to soft blue-greens. As for bold wall colors, they have a way of reducing offers, so go with neutrals in large spaces.
Color Experiment
Don't be afraid to use dark paint in a powder room, dining room or bedroom. A deep tone on the walls can make the space more intimate, dramatic and cozy. And you don't have to go whole hog - you can paint just an accent wall to draw attention to a dramatic fireplace or a lovely set of windows. If you have built-in bookcases or niches, experiment with painting the insides a color that will make them pop — say, a soft sage green to set off the white pottery displayed within.
Vary Wall Hangings
If your home is like most, the art is hung in a high line encircling each room. Big mistake. Placing your pictures, paintings and prints in such stereotypical spots can render them almost invisible. Art displayed creatively makes it stand out and shows off your space. So break up that line and vary the patterning and grouping.
Three's Company
Mixing the right accessories can make a room more inviting. When it comes to eye-pleasing accessorizing, odd numbers are preferable, especially three. Rather than lining up a trio of accessories in a row, imagine a triangle and place one object at each point. Scale is important, too, so in your group of three, be sure to vary height and width, with the largest item at the back and the smallest in front. For maximum effect, group accessories by color, shape, texture or some other unifying element, stagers suggest.
Raid Your Yard
Staged homes are almost always graced with fresh flowers and pricey orchid arrangements, but you can get a similar effect simply by raiding your yard. Budding magnolia clippings or unfurling fern fronds herald the arrival of spring, summer blooms add splashes of cheerful color, blazing fall foliage warms up your decor on chilly autumn days and holly branches heavy with berries look smashing in winter.
Serene and Inviting
Create a relaxing bedroom setting with luxurious linens and soft colors that will make a potential home buyer want to hang out. Bedroom staging trick: If you don't have the money to buy a new bed, just get the frame, buy an inexpensive air mattress and dress it up with neutral-patterned bedding. And remember to declutter. By cleaning out your closets, you're showing off your storage space, which sells houses - it always ranks high on buyers' priority list.
New Faces
If you can't afford new cabinets, just get new doors and drawer fronts. Then paint everything to match and add new hardware. And instead of replacing the entire dishwasher, you may be able to get a new front panel. Check with the manufacturer to see if replacements are available for your model. If not, laminate paper, which goes on like contact paper, can be used to re-cover the existing panel.
Repaired Wood
Unfinished projects can scare off potential buyers, so finish them. Missing floorboards and large cracks in the sidewalk on the way to your door tend to be a red flag, for example, and they cost you less to fix than buyers might deduct from the asking price.
Prim and Polished
Having tile professionally painted can make a bathroom look brand new. And accessorizing can make buyers feel like they're in a spa. Put out items like rolled-up towels, decorative baskets and candles. It's a great way to create a polished look, and it doesn't cost much to do.
We at Weichert, Realtors – Craven and Company welcome your questions and calls about selling your home! To contact us, click on the link on our homepage, or call us at 704.788.1122
Article by Leah Hennen, HGTV.com
The most important thing you can do to prepare your home for sale is to get rid of clutter. Make a house rule that for every new item that comes in, an old one has to leave. One of the major contributors to a cluttered look is having too much furniture. When professional stagers descend on a home being prepped for market, they often whisk away as much as half the owner's furnishings, and the house looks much bigger for it. You don't have to whittle that drastically, but take a hard look at what you have and ask yourself what you can live without.
Furniture Groupings
There's a common belief that rooms will feel larger and be easier to use if all the furniture is pushed against the walls, but that isn't the case. Instead, furnish your space by floating furniture away from walls. Reposition sofas and chairs into cozy conversational groups, and place pieces so that the traffic flow in a room is obvious. Not only will this make the space more user-friendly, but it will open up the room and make it seem larger.
Musical Furniture
Give yourself permission to move furniture, artwork and accessories among rooms on a whim. Just because you bought that armchair for the living room doesn't mean it won't look great anchoring a sitting area in your bedroom. And try perching a little-used dining-room table in front of a pretty window, top it with buffet lamps and other accessories, and press it into service as a beautiful writing desk or library table.
Room Transformations
If you have a room that serves only to gather junk, repurpose it into something that will add to the value of your home. The simple addition of a comfortable armchair, a small table and a lamp in a stairwell nook will transform it into a cozy reading spot. Or drape fabric on the walls of your basement, lay inexpensive rubber padding or a carpet remnant on the floor and toss in a few cushy pillows. Voila - a new meditation room or yoga studio.
Home Lighting
One of the things that make staged homes look so warm and welcoming is great lighting. As it turns out, many of our homes are improperly lighted. To remedy the problem, increase the wattage in your lamps and fixtures. Aim for a total of 100 watts for each 50 square feet. Don't depend on just one or two fixtures per room, either. Make sure you have three types of lighting: ambient (general or overhead), task (pendant, under-cabinet or reading) and accent (table and wall).
Make It Bigger
To make a room appear to be bigger than it is, paint it the same color as the adjacent room. If you have a small kitchen and dining room, a seamless look will make both rooms feel like one big space. And make a sun porch look bigger and more inviting by painting it green to reflect the color of nature. Another design trick: If you want to create the illusion of more space, paint the walls the same color as your drapery. It will give you a seamless and sophisticated look.
Neutral and Appealing
Painting a living room a fresh neutral color helps tone down any dated finishes in the space. Even if you were weaned on off-white walls, take a chance and test a quart of paint in a warm, neutral hue. These days, the definition of neutral extends way beyond beige, from warm tans and honeys to soft blue-greens. As for bold wall colors, they have a way of reducing offers, so go with neutrals in large spaces.
Color Experiment
Don't be afraid to use dark paint in a powder room, dining room or bedroom. A deep tone on the walls can make the space more intimate, dramatic and cozy. And you don't have to go whole hog - you can paint just an accent wall to draw attention to a dramatic fireplace or a lovely set of windows. If you have built-in bookcases or niches, experiment with painting the insides a color that will make them pop — say, a soft sage green to set off the white pottery displayed within.
Vary Wall Hangings
If your home is like most, the art is hung in a high line encircling each room. Big mistake. Placing your pictures, paintings and prints in such stereotypical spots can render them almost invisible. Art displayed creatively makes it stand out and shows off your space. So break up that line and vary the patterning and grouping.
Three's Company
Mixing the right accessories can make a room more inviting. When it comes to eye-pleasing accessorizing, odd numbers are preferable, especially three. Rather than lining up a trio of accessories in a row, imagine a triangle and place one object at each point. Scale is important, too, so in your group of three, be sure to vary height and width, with the largest item at the back and the smallest in front. For maximum effect, group accessories by color, shape, texture or some other unifying element, stagers suggest.
Raid Your Yard
Staged homes are almost always graced with fresh flowers and pricey orchid arrangements, but you can get a similar effect simply by raiding your yard. Budding magnolia clippings or unfurling fern fronds herald the arrival of spring, summer blooms add splashes of cheerful color, blazing fall foliage warms up your decor on chilly autumn days and holly branches heavy with berries look smashing in winter.
Serene and Inviting
Create a relaxing bedroom setting with luxurious linens and soft colors that will make a potential home buyer want to hang out. Bedroom staging trick: If you don't have the money to buy a new bed, just get the frame, buy an inexpensive air mattress and dress it up with neutral-patterned bedding. And remember to declutter. By cleaning out your closets, you're showing off your storage space, which sells houses - it always ranks high on buyers' priority list.
New Faces
If you can't afford new cabinets, just get new doors and drawer fronts. Then paint everything to match and add new hardware. And instead of replacing the entire dishwasher, you may be able to get a new front panel. Check with the manufacturer to see if replacements are available for your model. If not, laminate paper, which goes on like contact paper, can be used to re-cover the existing panel.
Repaired Wood
Unfinished projects can scare off potential buyers, so finish them. Missing floorboards and large cracks in the sidewalk on the way to your door tend to be a red flag, for example, and they cost you less to fix than buyers might deduct from the asking price.
Prim and Polished
Having tile professionally painted can make a bathroom look brand new. And accessorizing can make buyers feel like they're in a spa. Put out items like rolled-up towels, decorative baskets and candles. It's a great way to create a polished look, and it doesn't cost much to do.
We at Weichert, Realtors – Craven and Company welcome your questions and calls about selling your home! To contact us, click on the link on our homepage, or call us at 704.788.1122
Article by Leah Hennen, HGTV.com
Thursday, December 29, 2011
Your First Step in Your Home Search - Mortgage Prequalification
It is a good idea before beginning the home-buying process to obtain prequalification for a mortgage. You will learn the price range in which you should search for houses. In addition, it lets sellers and real estate agents know you are a serious buyer and not just window shopping. Prequalifying for a mortgage involves giving the lender general information about your financial picture including credit history, debt, income and employment status.
Credit History
A lender measures your willingness to repay your outstanding debt by looking at your credit history. Your credit history shows a record of loans you've paid in the past and how well you are paying off your current debt. This information gives lenders an idea of how reliable you will be about paying a mortgage in the future. If your credit history shows you have consistently made timely payments to your creditors, you have a better chance of qualifying for a loan.
Income
Another important step in prequalifying for a loan is your ability to repay the loan. The lender looks at your income to make this determination. Usually the lender will require at least a month’s worth of pay stubs to determine your ability to pay. If you are self-employed, the lender usually requires tax returns from the previous two years. You are more apt to qualify for a loan if you can show your income has been stable for a couple of years. If you are applying for a joint mortgage, both parties have to submit documentation to verify income.
Employment Status
Employment stability is an important factor when seeking prequalification for a mortgage. Lenders like to see a minimum of two years of stable employment. It is preferable to have steady employment with the same employer for at least two years. However, if you've switched employers in less than two years, lenders still look favorably on you as long as the new position is in the same career field. Self-employed workers must provide documentation for two years of consistent and steady employment to be prequalified.
Current Debt
The amount of debt you currently have outstanding is an important factor in the prequalification process. Obviously, if you already have too much outstanding debt, you will be hard-pressed to get qualified. Lenders typically don’t like to see more than 36 percent of your pre-tax income going to pay off debt, according to Lendingtree. This amount includes the 28-percent limit of your pre-tax income for the mortgage payment, taxes and insurance. When using a program such as FHA, these percentages aren’t as strict as with conventional financing.
Down Payment
When considering a mortgage, you need to evaluate how much money you can contribute towards your down payment. The amount of down payment contributed directly affects the amount of house for which you can qualify. With conventional financing, a 20-percent down payment positively affects the rate and terms of the mortgage. Standard conventional mortgage guidelines dictate that a down payment of 20 percent or more excludes you from having to pay private mortgage insurance. With home loan programs such as FHA or VA, the down payment requirement is more affordable at less than 5 percent in most cases. Still, it is necessary to determine how you will obtain the down payment, in order to be prequalified. Your lender is a good resource for assistance with avenues available to you for help with the down payment.
We at Weichert, Realtors - Craven & Company look forward to working with you to find your dream home! Contact us by clicking on the Information link here, or call us at 704.788.1122.
Credit History
A lender measures your willingness to repay your outstanding debt by looking at your credit history. Your credit history shows a record of loans you've paid in the past and how well you are paying off your current debt. This information gives lenders an idea of how reliable you will be about paying a mortgage in the future. If your credit history shows you have consistently made timely payments to your creditors, you have a better chance of qualifying for a loan.
Income
Another important step in prequalifying for a loan is your ability to repay the loan. The lender looks at your income to make this determination. Usually the lender will require at least a month’s worth of pay stubs to determine your ability to pay. If you are self-employed, the lender usually requires tax returns from the previous two years. You are more apt to qualify for a loan if you can show your income has been stable for a couple of years. If you are applying for a joint mortgage, both parties have to submit documentation to verify income.
Employment Status
Employment stability is an important factor when seeking prequalification for a mortgage. Lenders like to see a minimum of two years of stable employment. It is preferable to have steady employment with the same employer for at least two years. However, if you've switched employers in less than two years, lenders still look favorably on you as long as the new position is in the same career field. Self-employed workers must provide documentation for two years of consistent and steady employment to be prequalified.
Current Debt
The amount of debt you currently have outstanding is an important factor in the prequalification process. Obviously, if you already have too much outstanding debt, you will be hard-pressed to get qualified. Lenders typically don’t like to see more than 36 percent of your pre-tax income going to pay off debt, according to Lendingtree. This amount includes the 28-percent limit of your pre-tax income for the mortgage payment, taxes and insurance. When using a program such as FHA, these percentages aren’t as strict as with conventional financing.
Down Payment
When considering a mortgage, you need to evaluate how much money you can contribute towards your down payment. The amount of down payment contributed directly affects the amount of house for which you can qualify. With conventional financing, a 20-percent down payment positively affects the rate and terms of the mortgage. Standard conventional mortgage guidelines dictate that a down payment of 20 percent or more excludes you from having to pay private mortgage insurance. With home loan programs such as FHA or VA, the down payment requirement is more affordable at less than 5 percent in most cases. Still, it is necessary to determine how you will obtain the down payment, in order to be prequalified. Your lender is a good resource for assistance with avenues available to you for help with the down payment.
We at Weichert, Realtors - Craven & Company look forward to working with you to find your dream home! Contact us by clicking on the Information link here, or call us at 704.788.1122.
Wednesday, December 28, 2011
IRS Energy Tax Credits: What You Need to Know to Collect
2011’s federal energy tax credits of up to $500 for various home improvements are a far cry from what they were last year. But if the limits and other fine print—which we’ll get to—doesn’t dissuade you and you really need to upgrade one or more of the following systems, take advantage of the energy tax credits.
Biomass stoves
Heating, ventilation, air conditioning
Insulation
Roofs (metal and asphalt)
Water heaters (non-solar)
Windows, doors, and skylights
Storm windows and doors
The energy tax credits are small, but at least a credit is better than a deduction:
Deductions just reduce your taxable income.
With a credit, you get a dollar-for-dollar reduction in your tax liability: If you get the $500 credit, you pay $500 less in taxes.
Other limits on IRS energy tax credits besides $500 max
Credit only extends to 10% of the cost (not the 30% of yesteryear), so you have to spend $5,000 to get $500.$500 is a lifetime limit. If you pocketed $500 or more in 2009 and 2010 combined, you’re not entitled to any more money for energy-efficient improvements in the above seven categories. But if you took $300 in the last two years, for example, you can get up to $200 in 2011.
With some systems, your cap is even lower than $500.$500 is the max for all qualified improvements combined.Certain systems capped below $500
No matter how much you spend on some approved items, you’ll never get the $500 credit—though you could combine some of these:
System Cap
New windows $200 max (and no, not per window—overall)
Advanced main air-circulating fan $50 max
Qualified natural gas, propane, or oil furnace or hot water boiler $150 max
Approved electric and geothermal heat pumps; central air-conditioning systems; and natural gas, propane, or oil water heaters $300 max
And not all products are created equal in the feds’ eyes. Improvements have to meet IRS energy-efficiency standards to qualify for the tax credit. In the case of boilers and furnaces, they have to meet the 95 AFUE standard. EnergyStar.gov has the details.
Tax credits cover installation—sometimes
Rule of thumb: If installation is either particularly difficult or critical to safe functioning, the credit will cover labor. Otherwise, not. (Yes, you’d have to be pretty handy to install your own windows and roof, but the feds put these squarely in the “not covered” category.)
Installation covered for:
Biomass stoves
HVAC
Non-solar water heaters
Installation not covered for:
Insulation
Roofs
Windows, doors, and skylights
How to claim the 2011 energy tax credit
Determine if the system you’re considering is eligible for the credits. Go to Energy Star’s website for detailed descriptions of what’s covered; then talk to your vendor.
Save system receipts and manufacturer certifications. You’ll need them if the IRS asks for proof.
File IRS Form 5695 with the rest of your tax forms in 2012.
This article provides general information about tax laws and consequences, but isn’t intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice, and remember that tax laws may vary by jurisdiction.
Article by Donna Fuscaldo, House Logic
Donna Fuscaldo has written about personal finance for more than decade for Dow Jones Newswires, the Wall Street Journal, and Fox Business News. She’s currently a freelance writer with her own home office.
Biomass stoves
Heating, ventilation, air conditioning
Insulation
Roofs (metal and asphalt)
Water heaters (non-solar)
Windows, doors, and skylights
Storm windows and doors
The energy tax credits are small, but at least a credit is better than a deduction:
Deductions just reduce your taxable income.
With a credit, you get a dollar-for-dollar reduction in your tax liability: If you get the $500 credit, you pay $500 less in taxes.
Other limits on IRS energy tax credits besides $500 max
Credit only extends to 10% of the cost (not the 30% of yesteryear), so you have to spend $5,000 to get $500.$500 is a lifetime limit. If you pocketed $500 or more in 2009 and 2010 combined, you’re not entitled to any more money for energy-efficient improvements in the above seven categories. But if you took $300 in the last two years, for example, you can get up to $200 in 2011.
With some systems, your cap is even lower than $500.$500 is the max for all qualified improvements combined.Certain systems capped below $500
No matter how much you spend on some approved items, you’ll never get the $500 credit—though you could combine some of these:
System Cap
New windows $200 max (and no, not per window—overall)
Advanced main air-circulating fan $50 max
Qualified natural gas, propane, or oil furnace or hot water boiler $150 max
Approved electric and geothermal heat pumps; central air-conditioning systems; and natural gas, propane, or oil water heaters $300 max
And not all products are created equal in the feds’ eyes. Improvements have to meet IRS energy-efficiency standards to qualify for the tax credit. In the case of boilers and furnaces, they have to meet the 95 AFUE standard. EnergyStar.gov has the details.
Tax credits cover installation—sometimes
Rule of thumb: If installation is either particularly difficult or critical to safe functioning, the credit will cover labor. Otherwise, not. (Yes, you’d have to be pretty handy to install your own windows and roof, but the feds put these squarely in the “not covered” category.)
Installation covered for:
Biomass stoves
HVAC
Non-solar water heaters
Installation not covered for:
Insulation
Roofs
Windows, doors, and skylights
How to claim the 2011 energy tax credit
Determine if the system you’re considering is eligible for the credits. Go to Energy Star’s website for detailed descriptions of what’s covered; then talk to your vendor.
Save system receipts and manufacturer certifications. You’ll need them if the IRS asks for proof.
File IRS Form 5695 with the rest of your tax forms in 2012.
This article provides general information about tax laws and consequences, but isn’t intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice, and remember that tax laws may vary by jurisdiction.
Article by Donna Fuscaldo, House Logic
Donna Fuscaldo has written about personal finance for more than decade for Dow Jones Newswires, the Wall Street Journal, and Fox Business News. She’s currently a freelance writer with her own home office.
Monday, November 21, 2011
Thursday, June 9, 2011
Emergency Preparedness Planning
With this week marking the start of the 2011
hurricane season, as well as the many reported
tornadoes over the past several month, there is no
better time to take steps to ensure your family
remains safe in case of a natural disaster. There is no
guarantee of outside help, so homeowners should
take control of their own ability to respond to floods,
hurricanes, wildfires and other emergencies.
According to a 2008 FEMA survey, more than half of all U.S. households have
some sort of disaster preparation in place. If yours isn’t one of them, here are
some steps you should take:
• Gather important papers, including the deed to your house, proof of
insurance, medical records, passports, social security cards and a list of
personal contacts, and make several copies of each. Keep one set at
home in a portable case and another offsite in a safe place.
• Make sure you know where to find the main electrical and water shutoffs,
and have the correct tools handy to turn them. This could save you
valuable time in case of an emergency and may spare your home from
significant damage.
• Prepare a basic emergency preparedness kit that you can use inside
your home or grab quickly in case of an evacuation. Some of the items to
include are water, non-perishable food items and a can opener,
flashlights and batteries, and a first-aid kit.
• Select a time each year, perhaps on New Year's Day or the start of
hurricane season, to make sure you have the most up-to-date paperwork
and to check for expired food items.
hurricane season, as well as the many reported
tornadoes over the past several month, there is no
better time to take steps to ensure your family
remains safe in case of a natural disaster. There is no
guarantee of outside help, so homeowners should
take control of their own ability to respond to floods,
hurricanes, wildfires and other emergencies.
According to a 2008 FEMA survey, more than half of all U.S. households have
some sort of disaster preparation in place. If yours isn’t one of them, here are
some steps you should take:
• Gather important papers, including the deed to your house, proof of
insurance, medical records, passports, social security cards and a list of
personal contacts, and make several copies of each. Keep one set at
home in a portable case and another offsite in a safe place.
• Make sure you know where to find the main electrical and water shutoffs,
and have the correct tools handy to turn them. This could save you
valuable time in case of an emergency and may spare your home from
significant damage.
• Prepare a basic emergency preparedness kit that you can use inside
your home or grab quickly in case of an evacuation. Some of the items to
include are water, non-perishable food items and a can opener,
flashlights and batteries, and a first-aid kit.
• Select a time each year, perhaps on New Year's Day or the start of
hurricane season, to make sure you have the most up-to-date paperwork
and to check for expired food items.
Tuesday, April 12, 2011
Fannie Mae Announces 3.5 Percent Buyer Assistance on HomePath® Properties
Washington, DC — Fannie Mae announced today that people purchasing a Fannie Mae-owned HomePath property will receive up to 3.5 percent in closing cost assistance. The initial offer must be submitted on or after April 11, 2011; and the sale must close on or before June 30, 2011 to be eligible for the incentive. Additionally, buyers must reside in the home as their primary residence (sales to investors are excluded).
"Attracting qualified buyers to the market and reducing the inventory of vacant homes remains essential to stabilizing neighborhoods and helping the market recover," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Since interest rates remain low, the incentive will go a long way toward helping even more families buy a new home so this is a great time for Fannie Mae to offer some assistance."
All Fannie Mae-owned HomePath properties are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information, and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.
"Attracting qualified buyers to the market and reducing the inventory of vacant homes remains essential to stabilizing neighborhoods and helping the market recover," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Since interest rates remain low, the incentive will go a long way toward helping even more families buy a new home so this is a great time for Fannie Mae to offer some assistance."
All Fannie Mae-owned HomePath properties are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information, and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.
Thursday, April 7, 2011
5 Real Estate and Mortgage Urban Legends
Entire feature films, websites and hour-long cable specials have been devoted to debunking urban legends, those modern fables that circulate at the speed of the internet. And real estate is not immune; modern-day myths of easy-peasy seller financing, distressed sellers practically throwing their properties at buyers, and cosmetic fixers that can be had for pennies are just that - fairy tales which, if believed, can result in some not-so-happy endings.
The real deal is that real estate is much more affordable than it used to be, but the barriers to entry are higher, and the days in which you could get something for nothing are over. Here are five real estate and mortgage urban legends, and the truth which lies beneath.
Urban Legend #1: Got bad credit? Get seller financing. Does seller financing exist? Of course. Is it as easy to get - or desirable - as they make it seem in the infomercials? Not even close.
Here's the real deal: most sellers who have a mortgage they obtained in the last 10 years or so also have a due on sale clause which requires them to pay it off when they sell the property. Financing the sale themselves, vs. requiring the buyer to obtain mortgage or other financing to pay for the property, prevents them from having the cash to pay their mortgage off, as required. And the vast majority of those who don’t have a mortgage of recent vintage need the proceeds from the sale of their homes to buy their next home or invest in their next property.
What’s more, even the few sellers who don’t need the cash often don’t want to take on the long-term risk and hassle involved with having to collect payments from a buyer for 10, 15, or 30 years. The sellers who can and will agree to seller financing usually want a premium price and interest rate for it - and the smart ones will require some type of credit check and a deeper down payment than a traditional lender.
And seller financing, as sweet as it sounds, poses risks for buyers, too. If the seller keeps a bank mortgage on the property and fails to make the payment, the seller-financed buyer could end up losing the home they’ve paid for to foreclosure. Best targets for seller-financing are investor sellers who are looking to avoid capital gains, and best practice is to get a local real estate attorney involved in drafting and recording the transfer and financing documentation.
Urban Legend # 2: Buyers save big bucks on cosmetic fixers. Sellers aren’t stupid - and neither are their agents. There might have been a day and time in which you could find listings that were deeply discounted because they needed a little cosmetic refresh. But those days are long gone - even in today’s down market, sellers expect to invest a little cash into paint and carpet to stage and spruce up their biggest asset and get as much as humanly possible for it. Today’s sellers also know that homes not in tip-top shape may not sell at all these days, so they go to great lengths to do make their homes shine. (And those who can’t afford to aren’t slashing tens of thousands off their homes’ list prices, though some will offer buyers a credit at closing.)
That’s not to say you can’t get a discount on a place that needs some work. But the meatiest discounts are on the places that need the most work; roof leaks, old windows and laundry-list long pest inspection reports are much more likely to get you a big price break than scuffed walls and grungy carpeting on a home in otherwise sound condition.
Urban Legend #3: 100 percent financing for first-time buyers. Most of the national first-time buyer programs are mere figments of our collective mortgage memory. But during the subprime mortgage era, 100 percent financing was available to pretty much everyone, not just first-timers. And the post-bubble first-time buyer programs tended to be tax credits that could defray some of the up front investment required to buy a home, rather than zero-down home loans.
FHA loans, which are extremely popular with first-time buyers, are available to any buyer who can qualify, whether or not they have owned homes before or own one now. Most of the state and local first-time buyer programs that still exist involve some level of down payment or closing cost assistance, but the vast majority also require that the buyer put some of their own cash into the transaction. The prevailing theory today is that homeowners who have put their own hard-earned cash into their homes are less likely to walk away from it later, whether or not they are first-time buyers. It has also become clear that the financial management skills and discipline it takes to save up for a down payment or closing costs are skills and habits that stand prospective buyers in good stead for the rest of their lifetimes as homeowners.
Long story short, while virgin homebuyers can and should seek out the assistance programs available to them (local real estate and mortgage pros often know the ins and outs), they should also tuck their pennies away and expect to have to put some of their own financial skin in the game.
Urban Legend #4: Nearly free foreclosures. We've all heard the line that banks don't want to be in the business of owning homes. That may be true, but they are in that business, whether or not they want to be. As a result, they're not giving houses away at pennies on the dollar. In fact, bank-owned homes, as a rule, must be sold at as close as possible to their fair market value. Banks and their Wall Street mortgage investors do this by exposing the property fully to the market, rarely accepting lowball offers, and only lowering list prices in fairly small increments after a listing fails to sell after 60 or 90 days (plus) at the pre-reduction price.
While foreclosed homes do sell for less, on average, than their "regular" sale counterparts, they are also often in worse condition. And banks are virtually always less negotiable on pricing, repairs and other terms than individual sellers. The fact of the matter is that some of the best deals on today's market are to be had via negotiations with realistic owners of non-distressed properties who are ready, willing and able to make a deal.
Urban Legend #5: Distressed owners who will sign their home over to you, gratis. This one is fantasy of the highest level. First off, very few assumable home loans even exist anymore; most mortgage are due on sale, which means that new buyers have to qualify for and secure their own loans. Secondly, many mortgages that ARE assumable have much higher interest rates than today's home loans. Third, most homeowners who are in a distressed position on their home are in that position because their home has declined in value and they now owe more on it than it's worth, which stops them from pulling off a traditional sale or refinancing it at today's lower rate.
Ask yourself: why would you, a buyer, want to assume a mortgage balance vastly greater than the property is worth, even if you could? It's just not worth it, even if you think you're getting a shortcut around the mortgage qualifying rigmarole.
Add to that the fact that many states have consumer protection laws dramatically limiting the sort of 'bailout' that is even legal to propose to a homeowner who is in some stage of the foreclosure process. In addition, many homeowners who have received foreclosure notices are in the process of trying to work out their distress with their lender or staying put without making payments as long as possible before losing their homes. These folks might be slightly miffed at your intrusion, to put it politely, if you ring them up, send them a note or knock on their door trying to pitch yourself (and your signature) as their mortgage distress solution.
By Tara-Nicholle Nelson, Trulia
The real deal is that real estate is much more affordable than it used to be, but the barriers to entry are higher, and the days in which you could get something for nothing are over. Here are five real estate and mortgage urban legends, and the truth which lies beneath.
Urban Legend #1: Got bad credit? Get seller financing. Does seller financing exist? Of course. Is it as easy to get - or desirable - as they make it seem in the infomercials? Not even close.
Here's the real deal: most sellers who have a mortgage they obtained in the last 10 years or so also have a due on sale clause which requires them to pay it off when they sell the property. Financing the sale themselves, vs. requiring the buyer to obtain mortgage or other financing to pay for the property, prevents them from having the cash to pay their mortgage off, as required. And the vast majority of those who don’t have a mortgage of recent vintage need the proceeds from the sale of their homes to buy their next home or invest in their next property.
What’s more, even the few sellers who don’t need the cash often don’t want to take on the long-term risk and hassle involved with having to collect payments from a buyer for 10, 15, or 30 years. The sellers who can and will agree to seller financing usually want a premium price and interest rate for it - and the smart ones will require some type of credit check and a deeper down payment than a traditional lender.
And seller financing, as sweet as it sounds, poses risks for buyers, too. If the seller keeps a bank mortgage on the property and fails to make the payment, the seller-financed buyer could end up losing the home they’ve paid for to foreclosure. Best targets for seller-financing are investor sellers who are looking to avoid capital gains, and best practice is to get a local real estate attorney involved in drafting and recording the transfer and financing documentation.
Urban Legend # 2: Buyers save big bucks on cosmetic fixers. Sellers aren’t stupid - and neither are their agents. There might have been a day and time in which you could find listings that were deeply discounted because they needed a little cosmetic refresh. But those days are long gone - even in today’s down market, sellers expect to invest a little cash into paint and carpet to stage and spruce up their biggest asset and get as much as humanly possible for it. Today’s sellers also know that homes not in tip-top shape may not sell at all these days, so they go to great lengths to do make their homes shine. (And those who can’t afford to aren’t slashing tens of thousands off their homes’ list prices, though some will offer buyers a credit at closing.)
That’s not to say you can’t get a discount on a place that needs some work. But the meatiest discounts are on the places that need the most work; roof leaks, old windows and laundry-list long pest inspection reports are much more likely to get you a big price break than scuffed walls and grungy carpeting on a home in otherwise sound condition.
Urban Legend #3: 100 percent financing for first-time buyers. Most of the national first-time buyer programs are mere figments of our collective mortgage memory. But during the subprime mortgage era, 100 percent financing was available to pretty much everyone, not just first-timers. And the post-bubble first-time buyer programs tended to be tax credits that could defray some of the up front investment required to buy a home, rather than zero-down home loans.
FHA loans, which are extremely popular with first-time buyers, are available to any buyer who can qualify, whether or not they have owned homes before or own one now. Most of the state and local first-time buyer programs that still exist involve some level of down payment or closing cost assistance, but the vast majority also require that the buyer put some of their own cash into the transaction. The prevailing theory today is that homeowners who have put their own hard-earned cash into their homes are less likely to walk away from it later, whether or not they are first-time buyers. It has also become clear that the financial management skills and discipline it takes to save up for a down payment or closing costs are skills and habits that stand prospective buyers in good stead for the rest of their lifetimes as homeowners.
Long story short, while virgin homebuyers can and should seek out the assistance programs available to them (local real estate and mortgage pros often know the ins and outs), they should also tuck their pennies away and expect to have to put some of their own financial skin in the game.
Urban Legend #4: Nearly free foreclosures. We've all heard the line that banks don't want to be in the business of owning homes. That may be true, but they are in that business, whether or not they want to be. As a result, they're not giving houses away at pennies on the dollar. In fact, bank-owned homes, as a rule, must be sold at as close as possible to their fair market value. Banks and their Wall Street mortgage investors do this by exposing the property fully to the market, rarely accepting lowball offers, and only lowering list prices in fairly small increments after a listing fails to sell after 60 or 90 days (plus) at the pre-reduction price.
While foreclosed homes do sell for less, on average, than their "regular" sale counterparts, they are also often in worse condition. And banks are virtually always less negotiable on pricing, repairs and other terms than individual sellers. The fact of the matter is that some of the best deals on today's market are to be had via negotiations with realistic owners of non-distressed properties who are ready, willing and able to make a deal.
Urban Legend #5: Distressed owners who will sign their home over to you, gratis. This one is fantasy of the highest level. First off, very few assumable home loans even exist anymore; most mortgage are due on sale, which means that new buyers have to qualify for and secure their own loans. Secondly, many mortgages that ARE assumable have much higher interest rates than today's home loans. Third, most homeowners who are in a distressed position on their home are in that position because their home has declined in value and they now owe more on it than it's worth, which stops them from pulling off a traditional sale or refinancing it at today's lower rate.
Ask yourself: why would you, a buyer, want to assume a mortgage balance vastly greater than the property is worth, even if you could? It's just not worth it, even if you think you're getting a shortcut around the mortgage qualifying rigmarole.
Add to that the fact that many states have consumer protection laws dramatically limiting the sort of 'bailout' that is even legal to propose to a homeowner who is in some stage of the foreclosure process. In addition, many homeowners who have received foreclosure notices are in the process of trying to work out their distress with their lender or staying put without making payments as long as possible before losing their homes. These folks might be slightly miffed at your intrusion, to put it politely, if you ring them up, send them a note or knock on their door trying to pitch yourself (and your signature) as their mortgage distress solution.
By Tara-Nicholle Nelson, Trulia
Wednesday, March 9, 2011
Weichert, REALTORS® - Craven & Company Honored for 2010 Achievements
Concord, N.C., March 8, 2011—WEICHERT, REALTORS® - Craven & Company Broker/Owner Allen Craven, along with staff and sales team members, were on hand to applaud the company’s agents as they received awards for 2010 achievements from both the national Weichert® office and the Weichert® Western Carolinas Broker Council.
A banquet ceremony held at the Charlotte Marriott Executive Park honored top producers from three Weichert® Carolinas Broker Councils. Two of the Cabarrus County company’s agents were called to the front to take bows for outstanding production in 2010.
Debbie Fink stood out as an inductee into the Ambassador’s Club, one of the three top categories of awards to agents presented annually by the franchise organization. The agency’s Andrew Ferraro took a bow as a member of the 2010 Sales Achievement Club.
Fink was also recognized by the Weichert® Western Carolinas Broker Council as the Top Listing Sales Associate (GCI) and Top Overall Sales Associate Council-wide in 2010.
All awards are based on minimum requirement per award category in gross commission income or units earned in 2010. These agents earned their recognition from among more than 7,000 associates in 36 states at year’s end.
Wednesday, February 23, 2011
Existing-Home Sales Rise Again in January
The uptrend in existing-home sales continues, with January sales rising for the third consecutive month with a pace that is now above year-ago levels, according to the National Association of REALTORS®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier.
Lawrence Yun, NAR chief economist, said the improvement is good but could be better. “The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,” Yun said. “The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”
A parallel NAR practitioner survey2 shows first-time buyers purchased 29 percent of homes in January, down from 33 percent in December and 40 percent in January 2010 when an extended tax credit was in place.
Investors accounted for 23 percent of purchases in January, up from 20 percent in December and 17 percent in January 2010; the balance of sales were to repeat buyers. All-cash sales rose to 32 percent in January from 29 percent in December and 26 percent in January 2010.
“Increases in all-cash transactions, the investor market share and distressed home sales all go hand-in-hand. With tight credit standards, it’s not surprising to see so much activity where cash is king and investors are taking advantage of conditions to purchase undervalued homes,” Yun said.
All-cash purchases are at the highest level since NAR started measuring these purchases monthly in October 2008, when they accounted for 15 percent of the market. The average of all-cash deals was 20 percent in 2009, rising to 28 percent last year.
The national median existing-home price3 for all housing types was $158,800 in January, down 3.7 percent from January 2010. Distressed homes edged up to a 37 percent market share in January from 36 percent in December; it was 38 percent in January 2010.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the median price is being dampened by unusual market factors. “Unprecedented levels of all-cash purchases, primarily of distressed homes sold at deep discounts, undoubtedly pulls the median price downward,” Phipps said. “Given the levels of inventory we see today, we believe that traditional homes in good condition have held their value.”
Total housing inventory at the end of January fell 5.1 percent to 3.38 million existing homes available for sale, which represents a 7.6-month supply4 at the current sales pace, down from an 8.2-month supply in December. The inventory supply is at the lowest level since December 2009 when there was a 7.3-month supply.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.76 percent in January from 4.71 percent in December; the rate was 5.03 percent in January 2010.
Single-family home sales rose 2.4 percent to a seasonally adjusted annual rate of 4.69 million in January from 4.58 million in December, and are 4.9 percent higher than the 4.47 million level in January 2010. The median existing single-family home price was $159,400 in January, down 2.7 percent from a year ago.
Existing condominium and co-op sales increased 4.7 percent to a seasonally adjusted annual rate of 670,000 in January from 640,000 in December, and are 7.9 percent above the 621,000-unit pace one year ago. The median existing condo price5 was $154,900 in January, which is 10.2 percent below January 2010.
Regionally, existing-home sales in the Northeast fell 4.6 percent to an annual pace of 830,000 in January from a spike in December and are 1.2 percent below January 2010. The median price in the Northeast was $236,500, which is 4.0 percent below a year ago.
Existing-home sales in the Midwest rose 1.8 percent in January to a level of 1.14 million and are 3.6 percent above a year ago. The median price in the Midwest was $126,300, which is 3.2 percent below January 2010.
In the South, existing-home sales increased 3.6 percent to an annual pace of 2.02 million in January and are 8.0 percent higher than January 2010. The median price in the South was $136,600, down 2.1 percent from a year ago.
Existing-home sales in the West rose 7.9 percent to an annual level of 1.37 million in January and are 7.0 percent above January 2010. The median price in the West was $193,200, down 5.7 percent from a year ago.
The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
NOTE: NAR also tracks monthly comparisons of existing single-family home sales and median prices for select metropolitan statistical areas, which is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of REALTORS®.
1Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.
The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.
Also released today are historic data revisions. Each February, NAR Research incorporates a normal review of seasonal activity factors and fine-tunes historic data for the past three years based on the most recent findings. Revisions have been made to monthly seasonally adjusted annual sales rates for 2008 through 2010, as well as the inventory month's supply data; most revisions are minor with little or no impact on previous characterizations of the overall market. There are no revisions to monthly home prices or raw inventory data (beyond normal prior-month revisions).
Note on Benchmark Revisions: All major statistical data series go through periodic reviews and revisions to ensure that sampling and methodology keep up with changes in the market, such as population changes in sampled areas, to ensure accuracy; we have been examining the existing-home sales data for any issues since late 2010. NAR began its normal process for benchmarking sales earlier this year; there will be no change to median prices. In the past we’ve benchmarked to the decennial Census, most recently to the 2000 Census, because it included home sales data. However, the data are no longer included in the Census, so we’re looking at more frequent benchmarking using a new approach with independent sources to improve our process and modeling. As always, we are consulting with various outside housing economists, government agencies and academic experts for a consensus on the methodology; NAR is committed to providing accurate, reliable data. Publication of the revisions is expected this summer.
2Distressed sales, first-time buyers, investors, all-cash transactions and data for contract cancellations, etc., are from a survey for the REALTORS® Confidence Index, scheduled to be posted March 14.
3The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.
4Total inventory and month’s supply data are available back through 1999, while single-family inventory and month's supply are available back to 1982 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).
5Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.
Existing-home sales for February will be released March 21, the Pending Home Sales Index for February is scheduled for March 28, and the 2010 Vacation and Investment Home study will be published March 30; release times are 10:00 a.m. EDT.
Information about NAR is available atwww.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier.
Lawrence Yun, NAR chief economist, said the improvement is good but could be better. “The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,” Yun said. “The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”
A parallel NAR practitioner survey2 shows first-time buyers purchased 29 percent of homes in January, down from 33 percent in December and 40 percent in January 2010 when an extended tax credit was in place.
Investors accounted for 23 percent of purchases in January, up from 20 percent in December and 17 percent in January 2010; the balance of sales were to repeat buyers. All-cash sales rose to 32 percent in January from 29 percent in December and 26 percent in January 2010.
“Increases in all-cash transactions, the investor market share and distressed home sales all go hand-in-hand. With tight credit standards, it’s not surprising to see so much activity where cash is king and investors are taking advantage of conditions to purchase undervalued homes,” Yun said.
All-cash purchases are at the highest level since NAR started measuring these purchases monthly in October 2008, when they accounted for 15 percent of the market. The average of all-cash deals was 20 percent in 2009, rising to 28 percent last year.
The national median existing-home price3 for all housing types was $158,800 in January, down 3.7 percent from January 2010. Distressed homes edged up to a 37 percent market share in January from 36 percent in December; it was 38 percent in January 2010.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the median price is being dampened by unusual market factors. “Unprecedented levels of all-cash purchases, primarily of distressed homes sold at deep discounts, undoubtedly pulls the median price downward,” Phipps said. “Given the levels of inventory we see today, we believe that traditional homes in good condition have held their value.”
Total housing inventory at the end of January fell 5.1 percent to 3.38 million existing homes available for sale, which represents a 7.6-month supply4 at the current sales pace, down from an 8.2-month supply in December. The inventory supply is at the lowest level since December 2009 when there was a 7.3-month supply.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.76 percent in January from 4.71 percent in December; the rate was 5.03 percent in January 2010.
Single-family home sales rose 2.4 percent to a seasonally adjusted annual rate of 4.69 million in January from 4.58 million in December, and are 4.9 percent higher than the 4.47 million level in January 2010. The median existing single-family home price was $159,400 in January, down 2.7 percent from a year ago.
Existing condominium and co-op sales increased 4.7 percent to a seasonally adjusted annual rate of 670,000 in January from 640,000 in December, and are 7.9 percent above the 621,000-unit pace one year ago. The median existing condo price5 was $154,900 in January, which is 10.2 percent below January 2010.
Regionally, existing-home sales in the Northeast fell 4.6 percent to an annual pace of 830,000 in January from a spike in December and are 1.2 percent below January 2010. The median price in the Northeast was $236,500, which is 4.0 percent below a year ago.
Existing-home sales in the Midwest rose 1.8 percent in January to a level of 1.14 million and are 3.6 percent above a year ago. The median price in the Midwest was $126,300, which is 3.2 percent below January 2010.
In the South, existing-home sales increased 3.6 percent to an annual pace of 2.02 million in January and are 8.0 percent higher than January 2010. The median price in the South was $136,600, down 2.1 percent from a year ago.
Existing-home sales in the West rose 7.9 percent to an annual level of 1.37 million in January and are 7.0 percent above January 2010. The median price in the West was $193,200, down 5.7 percent from a year ago.
The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
NOTE: NAR also tracks monthly comparisons of existing single-family home sales and median prices for select metropolitan statistical areas, which is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of REALTORS®.
1Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.
The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.
Also released today are historic data revisions. Each February, NAR Research incorporates a normal review of seasonal activity factors and fine-tunes historic data for the past three years based on the most recent findings. Revisions have been made to monthly seasonally adjusted annual sales rates for 2008 through 2010, as well as the inventory month's supply data; most revisions are minor with little or no impact on previous characterizations of the overall market. There are no revisions to monthly home prices or raw inventory data (beyond normal prior-month revisions).
Note on Benchmark Revisions: All major statistical data series go through periodic reviews and revisions to ensure that sampling and methodology keep up with changes in the market, such as population changes in sampled areas, to ensure accuracy; we have been examining the existing-home sales data for any issues since late 2010. NAR began its normal process for benchmarking sales earlier this year; there will be no change to median prices. In the past we’ve benchmarked to the decennial Census, most recently to the 2000 Census, because it included home sales data. However, the data are no longer included in the Census, so we’re looking at more frequent benchmarking using a new approach with independent sources to improve our process and modeling. As always, we are consulting with various outside housing economists, government agencies and academic experts for a consensus on the methodology; NAR is committed to providing accurate, reliable data. Publication of the revisions is expected this summer.
2Distressed sales, first-time buyers, investors, all-cash transactions and data for contract cancellations, etc., are from a survey for the REALTORS® Confidence Index, scheduled to be posted March 14.
3The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.
4Total inventory and month’s supply data are available back through 1999, while single-family inventory and month's supply are available back to 1982 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).
5Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.
Existing-home sales for February will be released March 21, the Pending Home Sales Index for February is scheduled for March 28, and the 2010 Vacation and Investment Home study will be published March 30; release times are 10:00 a.m. EDT.
Information about NAR is available atwww.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research.
Wednesday, February 16, 2011
8 Tips for Adding Curb Appeal
Curb appeal has always been important for home sellers. With the vast majority of today’s home buyers starting their search on the Internet, the appearance of your property is more critical than ever. You only have a few seconds to catch their attention as they scroll through listings online to get them to stop and take a closer look.
But the role of curb appeal goes beyond just making a good first impression. The way your house looks from the street can impact its value. It can also shorten the time it takes to sell your house.
We asked real estate agents, appraisers, home stagers, landscape designers, and home inspectors which curb appeal projects offer the most value when your house is on the market, both in terms of its marketability and dollars. Here is what they told us:
1. Paint the house.
Hands down, the most commonly offered curb appeal advice from our real estate pros and appraisers is to give the exterior of your home a good paint job. Buyers will instantly notice it and appraisers will note it on the valuation.
“Paint is probably the number one thing inside and out,” says Frank Lucco, managing partner of Houston-based IRR-Residential Appraisers and Consultants. “I’d give additional value for that. If you’re under two years remaining life (on the paint job), paint the exterior because it tends to show wear badly.”
Just make sure you stay within the range of accepted colors for your market. A house that’s painted a wildly different color from its competition will be marked down in value by appraisers.
2. Have the house washed.
Before you make the investment in a paint job, though, take a good look at the house. If it’s got mildew or general grunge, just washing the house could make a world of difference, says Valerie Torelli, a California real estate agent with a background in accounting.
Torelli specifies pressure-washing—a job that should be left to professionals. Pressure washing makes the house look “bright and clean in addition to getting rid of unsightly things like cobwebs, which may not be seen from the yard but will detract from the home’s cleanliness when seen up close,” she says.
The cost to have a professional cleaning should be a few hundred dollars—a fraction of the cost of having the house painted.
3. Trim the shrubs and green up the yard.
California real estate agent Valerie Torelli says she puts a lot of emphasis on landscaping, such as cutting down overgrown bushes and replacing them with leafy plants and annuals mulched with beautiful reddish-brown bark. “It runs me $30 to $50,” says Torelli. “Do you get a return on your money? Absolutely. It sucks people in.”
You also don’t want bare spots. Take the time to fertilize the yard, throw out some grass seed, and if need be, add some sod.
4. Add a splash of color.
It could be a flower bed of annuals by the mailbox, a paint job for the front door, or a brightly colored bench or an Adirondack chair. “You can get a cute little bench at Home Depot for $99,“ Torelli notes. “Spray paint it bright red or blue and set it in the yard or on the front porch.”
It’s not a bad idea, but don’t plan on getting extra points from an appraiser for a red bench, says John Bredemeyer, president of Realcorp in Omaha. “It’s difficult to quantify, but it does make a home sell more quickly,” Bredemeyer says. “Maybe yours sold a couple weeks faster than the house down the street. That’s the best way to look at these things.”
5. Add a fancy mailbox and house numbers.
An upscale mail box and architectural house numbers or an address plaque can give your house a distinctive look that stands out from everyone else on the block. Torelli makes them a part of her exterior makeovers “I’ve gotten those hand-painted mailboxes,” she says. “A nice one runs you $40 to $50.” Architectural house numbers may run as high as a few hundred dollars.
6. Repair or clean the roof.
Springfield, Va.-based home inspector and former builder Reggie Marston says the roof is one of the first things he looks at in assessing the condition of a home. He’ll look at other houses in the neighborhood to see if there are a lot of replaced roofs and see if the subject house has one as well. If not, he’ll look for curls in the shingles or missing shingles. “I’m looking at the roof for end-of-life expectancy,” he says.
You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. That could knock thousands of dollars off your appraisal. According to Remodeling Magazine’s 2010-2011 Cost vs. Value Report, the average cost of a new asphalt shingle roof is about $21,500.
“Roofs are issues,” Lucco says. “You won’t throw money away on that job. You gotta have a decent roof.”
Stains and plant matter, such as moss, can be handled with cleaning. It’s a job that can often be done in a day for a few hundred dollars, and makes the roof look like new. It’s not a DIY project; call a professional with the right tools to clean it without damaging it.
7. Put up a fence.
A picket fence with a garden gate to frame the yard is an asset. A fence has more impact in a family-oriented neighborhood than an upscale retirement community, Bredemeyer says, but in most instances, appraisers will give extra value for one, as long as it’s in good condition. “Day in a day out, a fence is a plus,“ Bredemeyer says. Expect to pay $2,000 to $3,500 for a professionally installed gated picket fence 3 feet high and 100 feet long.
8. Perform routine maintenance and cleaning.
Nothing sets off subconscious alarms like hanging gutters, missing bricks from the front steps, or lawn tools rusting in the bushes. It makes even the professionals question what else hasn’t been taken care of.
“A house is worth less if the maintenance isn’t done,” Lucco says. “Those little things can add up and be a very big detractor. When people say, ‘I’d buy it if it weren’t for all the deferred maintenance,’ what they’re really saying is, ‘I’d still buy it if you reduce the price.’”
Georgia-based freelance writer Pat Curry has covered housing and real estate for consumer and trade publications for more than a decade, including covering new home sales and marketing for BUILDER, the magazine of the National Association of Home Builders.
Read more: http://www.houselogic.com/articles/8-tips-adding-curb-appeal-and-value-your-home/#ixzz1E8SV9mAI
But the role of curb appeal goes beyond just making a good first impression. The way your house looks from the street can impact its value. It can also shorten the time it takes to sell your house.
We asked real estate agents, appraisers, home stagers, landscape designers, and home inspectors which curb appeal projects offer the most value when your house is on the market, both in terms of its marketability and dollars. Here is what they told us:
1. Paint the house.
Hands down, the most commonly offered curb appeal advice from our real estate pros and appraisers is to give the exterior of your home a good paint job. Buyers will instantly notice it and appraisers will note it on the valuation.
“Paint is probably the number one thing inside and out,” says Frank Lucco, managing partner of Houston-based IRR-Residential Appraisers and Consultants. “I’d give additional value for that. If you’re under two years remaining life (on the paint job), paint the exterior because it tends to show wear badly.”
Just make sure you stay within the range of accepted colors for your market. A house that’s painted a wildly different color from its competition will be marked down in value by appraisers.
2. Have the house washed.
Before you make the investment in a paint job, though, take a good look at the house. If it’s got mildew or general grunge, just washing the house could make a world of difference, says Valerie Torelli, a California real estate agent with a background in accounting.
Torelli specifies pressure-washing—a job that should be left to professionals. Pressure washing makes the house look “bright and clean in addition to getting rid of unsightly things like cobwebs, which may not be seen from the yard but will detract from the home’s cleanliness when seen up close,” she says.
The cost to have a professional cleaning should be a few hundred dollars—a fraction of the cost of having the house painted.
3. Trim the shrubs and green up the yard.
California real estate agent Valerie Torelli says she puts a lot of emphasis on landscaping, such as cutting down overgrown bushes and replacing them with leafy plants and annuals mulched with beautiful reddish-brown bark. “It runs me $30 to $50,” says Torelli. “Do you get a return on your money? Absolutely. It sucks people in.”
You also don’t want bare spots. Take the time to fertilize the yard, throw out some grass seed, and if need be, add some sod.
4. Add a splash of color.
It could be a flower bed of annuals by the mailbox, a paint job for the front door, or a brightly colored bench or an Adirondack chair. “You can get a cute little bench at Home Depot for $99,“ Torelli notes. “Spray paint it bright red or blue and set it in the yard or on the front porch.”
It’s not a bad idea, but don’t plan on getting extra points from an appraiser for a red bench, says John Bredemeyer, president of Realcorp in Omaha. “It’s difficult to quantify, but it does make a home sell more quickly,” Bredemeyer says. “Maybe yours sold a couple weeks faster than the house down the street. That’s the best way to look at these things.”
5. Add a fancy mailbox and house numbers.
An upscale mail box and architectural house numbers or an address plaque can give your house a distinctive look that stands out from everyone else on the block. Torelli makes them a part of her exterior makeovers “I’ve gotten those hand-painted mailboxes,” she says. “A nice one runs you $40 to $50.” Architectural house numbers may run as high as a few hundred dollars.
6. Repair or clean the roof.
Springfield, Va.-based home inspector and former builder Reggie Marston says the roof is one of the first things he looks at in assessing the condition of a home. He’ll look at other houses in the neighborhood to see if there are a lot of replaced roofs and see if the subject house has one as well. If not, he’ll look for curls in the shingles or missing shingles. “I’m looking at the roof for end-of-life expectancy,” he says.
You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. That could knock thousands of dollars off your appraisal. According to Remodeling Magazine’s 2010-2011 Cost vs. Value Report, the average cost of a new asphalt shingle roof is about $21,500.
“Roofs are issues,” Lucco says. “You won’t throw money away on that job. You gotta have a decent roof.”
Stains and plant matter, such as moss, can be handled with cleaning. It’s a job that can often be done in a day for a few hundred dollars, and makes the roof look like new. It’s not a DIY project; call a professional with the right tools to clean it without damaging it.
7. Put up a fence.
A picket fence with a garden gate to frame the yard is an asset. A fence has more impact in a family-oriented neighborhood than an upscale retirement community, Bredemeyer says, but in most instances, appraisers will give extra value for one, as long as it’s in good condition. “Day in a day out, a fence is a plus,“ Bredemeyer says. Expect to pay $2,000 to $3,500 for a professionally installed gated picket fence 3 feet high and 100 feet long.
8. Perform routine maintenance and cleaning.
Nothing sets off subconscious alarms like hanging gutters, missing bricks from the front steps, or lawn tools rusting in the bushes. It makes even the professionals question what else hasn’t been taken care of.
“A house is worth less if the maintenance isn’t done,” Lucco says. “Those little things can add up and be a very big detractor. When people say, ‘I’d buy it if it weren’t for all the deferred maintenance,’ what they’re really saying is, ‘I’d still buy it if you reduce the price.’”
Georgia-based freelance writer Pat Curry has covered housing and real estate for consumer and trade publications for more than a decade, including covering new home sales and marketing for BUILDER, the magazine of the National Association of Home Builders.
Read more: http://www.houselogic.com/articles/8-tips-adding-curb-appeal-and-value-your-home/#ixzz1E8SV9mAI
Monday, February 14, 2011
Your Guide to Outdoor Maintenace
In the South, high heat, excessive humidity, and driving rains can punish your home’s exterior and other outdoor features on your property. By performing regular inspections and preventative outdoor maintenance, a homeowner can avoid much pricier repairs down the road. Here are some of the key areas that certified home inspectors focus on when examining the exterior of a house and surrounding property.
Grading
Maintaining a proper grade or slope away from the home is crucial. But the South’s clay-heavy soils can pose challenges to that endeavor, says Bob McDonough, a certified home inspector with Atlanta’s National Property Inspections.
“Clay soil shrinks when it dries out, causing the earth to separate from the foundation,” he explains. Water that seeps into those cavities can find its way into basements. If it freezes, it can cause cracks in the foundation.
Prevention can be as simple as filling these gaps with soil as soon as they appear. If the soil surrounding the foundation doesn’t slope away from the home, additional fill dirt may need to be brought in. Neglecting this task can be expensive: $3,000 or more to stabilize a bowed block foundation, and more than $10,000 to replace it.
Doors and windows
Leaky doors and windows not only decrease a home’s comfort and efficiency, they can invite moisture, insects and rot, says McDonough. Routinely check caulking and weather stripping to ensure tight seals. Inspect wood sills and trim for peeling paint, insect damage, and moisture penetration.
Fogging in double-pane windows is a sign that the seal has failed, resulting in the loss of insulating qualities. The window will need to be repaired or replaced. Cracked window panes, missing storms, and ripped screens should be replaced or repaired.
Decks
Decks on Southern homes are often 20 to 30 feet off the ground due to hilly terrain, notes Earl Beahm, president of the Atlanta chapter of the National Association of Certified Home Inspectors. For that reason, safety is paramount. Check to see that railings and stairs are firm and secure. Closely inspect the bolts that connect the deck to the house.
Hammer or screw popped nails and screws back in place. Posts need to be monitored for rot at the soil line. Wood decks benefit from annual cleanings and sealing.
Septic systems
Just because septic systems are underground doesn’t mean they can’t be monitored from the surface. Trouble typically presents itself in the form of foul odors and visible seepage. An average family of four should have their system inspected and pumped every three to five years.
Air conditioning & heat pump
Air conditioners get a lot of use down South, so it’s important to keep them in peak condition. Leaves, debris, and shrubbery allowed to grow too close to the unit can decrease the system’s efficiency, notes Patrick Cloninger, a certified home inspector with Knoxville’s Pinpoint Home Inspections. Remove loose debris and yard waste, and cut back shrubbery so that it’s at least 2 feet away from the unit.
Check to ensure that the concrete pad is level, as a shifting base can damage the unit. Inspect the insulation on the copper refrigerant line, which prevents condensation and increases efficiency. Get the system serviced by a pro every couple years.
Irrigation systems & spigots
In spring, sprinkler heads should be checked for proper working condition. A weak or nonfunctioning sprinkler is likely a sign of a split line or popped connection.
With the system running, examine that all areas of the landscape are receiving equal amounts of spray. Heads that are spraying excessive amounts of water on driveways and sidewalks should be adjusted or replaced. Cost: $3 to $15 per replaced head, $2 to $5 for a coupling to repair a leak. Allow two hours to check the system.
A hard freeze often catches Southerners unprepared. In spring, take care that garden hoses are disconnected in the event of sudden frost. In the fall, exterior spigots should be drained and garden hoses disconnected and stowed. Homeowners with automatic lawn sprinkler systems should drain the lines and shut off the water source. Water that’s left in the lines and allowed to freeze can crack hoses or burst pipes.
Fences and gates
Wood fences generally require more attention than their chain-link and vinyl counterparts. Every other year or so the wood should be painted or sealed, unless the wood is left to weather naturally.
All wooden fences should be inspected for rot and insect damage every few months. Popped boards need to be nailed back in place; warped ones should be replaced. Pay special attention to posts, which are susceptible to rot.
Although largely maintenance free, chain-link and vinyl fences should be examined regularly for proper functioning. A sagging panel, crooked door hinge, or misaligned latch likely signals a shifting post. The South’s clay-heavy soils have a tendency to expand and contract with changes in moisture content, putting pressure on fence posts. The cost of replacing a post is $7.50 to $15 for a 5-foot cedar post.
Vinyl fences will need to be cleaned at least once a year. Throughout the growing season, remove vegetation with a trimmer along the base of the fence to prevent damage from climbing weeds.
Garages and outbuildings
Vegetation should be pruned at least 3 feet away from buildings to prevent mold, pest infestation, or damage to siding from high winds. Large tree limbs should be trimmed to prevent them from touching the structure. Cost: $15 for a pruning saw and $10 for pruning shears. Allow 1 to 2 hours for pruning.
Inspect the underside of garage and outbuilding roofs for water damage, which can point the way to a roof leak. Small cracks in the foundation should be filled with the appropriate caulk. Maintain a proper grade around the buildings to ensure sufficient drainage. This may require the addition of soil.
Twice a year, check the automatic reverse safety feature on the garage door to make sure it works properly, urges Cloninger. Check to see that the door has no bent casters and that it rolls smoothly in the tracks. Perform a visual check of bolts for snugness. In the case of attached garages, proper weather stripping at the base of the door can greatly improve a home’s energy efficiency.
Read more: http://www.houselogic.com/articles/your-guide-outdoor-maintenance-south/#ixzz1DxJZ28uo
Grading
Maintaining a proper grade or slope away from the home is crucial. But the South’s clay-heavy soils can pose challenges to that endeavor, says Bob McDonough, a certified home inspector with Atlanta’s National Property Inspections.
“Clay soil shrinks when it dries out, causing the earth to separate from the foundation,” he explains. Water that seeps into those cavities can find its way into basements. If it freezes, it can cause cracks in the foundation.
Prevention can be as simple as filling these gaps with soil as soon as they appear. If the soil surrounding the foundation doesn’t slope away from the home, additional fill dirt may need to be brought in. Neglecting this task can be expensive: $3,000 or more to stabilize a bowed block foundation, and more than $10,000 to replace it.
Doors and windows
Leaky doors and windows not only decrease a home’s comfort and efficiency, they can invite moisture, insects and rot, says McDonough. Routinely check caulking and weather stripping to ensure tight seals. Inspect wood sills and trim for peeling paint, insect damage, and moisture penetration.
Fogging in double-pane windows is a sign that the seal has failed, resulting in the loss of insulating qualities. The window will need to be repaired or replaced. Cracked window panes, missing storms, and ripped screens should be replaced or repaired.
Decks
Decks on Southern homes are often 20 to 30 feet off the ground due to hilly terrain, notes Earl Beahm, president of the Atlanta chapter of the National Association of Certified Home Inspectors. For that reason, safety is paramount. Check to see that railings and stairs are firm and secure. Closely inspect the bolts that connect the deck to the house.
Hammer or screw popped nails and screws back in place. Posts need to be monitored for rot at the soil line. Wood decks benefit from annual cleanings and sealing.
Septic systems
Just because septic systems are underground doesn’t mean they can’t be monitored from the surface. Trouble typically presents itself in the form of foul odors and visible seepage. An average family of four should have their system inspected and pumped every three to five years.
Air conditioning & heat pump
Air conditioners get a lot of use down South, so it’s important to keep them in peak condition. Leaves, debris, and shrubbery allowed to grow too close to the unit can decrease the system’s efficiency, notes Patrick Cloninger, a certified home inspector with Knoxville’s Pinpoint Home Inspections. Remove loose debris and yard waste, and cut back shrubbery so that it’s at least 2 feet away from the unit.
Check to ensure that the concrete pad is level, as a shifting base can damage the unit. Inspect the insulation on the copper refrigerant line, which prevents condensation and increases efficiency. Get the system serviced by a pro every couple years.
Irrigation systems & spigots
In spring, sprinkler heads should be checked for proper working condition. A weak or nonfunctioning sprinkler is likely a sign of a split line or popped connection.
With the system running, examine that all areas of the landscape are receiving equal amounts of spray. Heads that are spraying excessive amounts of water on driveways and sidewalks should be adjusted or replaced. Cost: $3 to $15 per replaced head, $2 to $5 for a coupling to repair a leak. Allow two hours to check the system.
A hard freeze often catches Southerners unprepared. In spring, take care that garden hoses are disconnected in the event of sudden frost. In the fall, exterior spigots should be drained and garden hoses disconnected and stowed. Homeowners with automatic lawn sprinkler systems should drain the lines and shut off the water source. Water that’s left in the lines and allowed to freeze can crack hoses or burst pipes.
Fences and gates
Wood fences generally require more attention than their chain-link and vinyl counterparts. Every other year or so the wood should be painted or sealed, unless the wood is left to weather naturally.
All wooden fences should be inspected for rot and insect damage every few months. Popped boards need to be nailed back in place; warped ones should be replaced. Pay special attention to posts, which are susceptible to rot.
Although largely maintenance free, chain-link and vinyl fences should be examined regularly for proper functioning. A sagging panel, crooked door hinge, or misaligned latch likely signals a shifting post. The South’s clay-heavy soils have a tendency to expand and contract with changes in moisture content, putting pressure on fence posts. The cost of replacing a post is $7.50 to $15 for a 5-foot cedar post.
Vinyl fences will need to be cleaned at least once a year. Throughout the growing season, remove vegetation with a trimmer along the base of the fence to prevent damage from climbing weeds.
Garages and outbuildings
Vegetation should be pruned at least 3 feet away from buildings to prevent mold, pest infestation, or damage to siding from high winds. Large tree limbs should be trimmed to prevent them from touching the structure. Cost: $15 for a pruning saw and $10 for pruning shears. Allow 1 to 2 hours for pruning.
Inspect the underside of garage and outbuilding roofs for water damage, which can point the way to a roof leak. Small cracks in the foundation should be filled with the appropriate caulk. Maintain a proper grade around the buildings to ensure sufficient drainage. This may require the addition of soil.
Twice a year, check the automatic reverse safety feature on the garage door to make sure it works properly, urges Cloninger. Check to see that the door has no bent casters and that it rolls smoothly in the tracks. Perform a visual check of bolts for snugness. In the case of attached garages, proper weather stripping at the base of the door can greatly improve a home’s energy efficiency.
Read more: http://www.houselogic.com/articles/your-guide-outdoor-maintenance-south/#ixzz1DxJZ28uo
Friday, February 11, 2011
Mortgage rates continue upward climb
Freddie Mac says 30-year fixed-rate mortgage rates averaged 5.05 percent this week, up from 4.8 percent last week. That’s the highest rate since April.
A 15-year fixed mortgage averaged 4.29 percent, up from 4.08 percent last week.
Adjustable-rate mortgages also rose with a one-year ARM averaging 3.35 percent.
“Long-term bond yields jumped on positive economic-data reports, which placed upward pressure on mortgage rates this week,” says Frank Nothaft, chief economist at Freddie Mac (OTCBB:FOMC).
Meanwhile, the National Association of Realtors says the median price of an existing home rose in most cities during the fourth quarter. That wasn’t the case in Charlotte for January. The Charlotte Regional Realtor Association the average sales price was $188,147 in January, down 3 percent from December.
Charlotte Business Journal
Date: Friday, February 11, 2011, 9:39am EST
A 15-year fixed mortgage averaged 4.29 percent, up from 4.08 percent last week.
Adjustable-rate mortgages also rose with a one-year ARM averaging 3.35 percent.
“Long-term bond yields jumped on positive economic-data reports, which placed upward pressure on mortgage rates this week,” says Frank Nothaft, chief economist at Freddie Mac (OTCBB:FOMC).
Meanwhile, the National Association of Realtors says the median price of an existing home rose in most cities during the fourth quarter. That wasn’t the case in Charlotte for January. The Charlotte Regional Realtor Association the average sales price was $188,147 in January, down 3 percent from December.
Charlotte Business Journal
Date: Friday, February 11, 2011, 9:39am EST
Wednesday, February 9, 2011
Kannapolis' Center City Master Plan Unveiled
After months of thoughtful development, the City of Kannapolis is ready to release its new Center City Master Plan. This document has been prepared to provide the City of Kannapolis with a prioritized set of goals for the ongoing development and revitalization of the Center City.
Beginning with a joint meeting of the Kannapolis City Council and Planning Commission, this document will be shared with the public during a few different public input sessions. For more information on these sessions, contact Planning Director Ben Warren.
The plan and its recommendations are intended to complement and support, not supplant, other efforts that the City has undertaken in the furtherance of the redevelopment of the area following the departure of Pillowtex and the establishment of the North Carolina Research Campus.
The Center City has experienced drastic changes in the past decade. Once home to the expansive Cannon Mills textile manufacturing complex (later Pillowtex) and a thriving retail/factory outlet base that focused on home furnishings and textiles, today’s Center City is an emerging hub for scientific research.
This transformation has dramatically changed the face of the Center City. No longer is the landscape dominated by industrial buildings with their smokestacks towering over the mill houses that lie in their shadow, no longer do hundreds of cars drive in and out of the Center City at shift change, and no longer do the streets bustle with shoppers seeking bargains on high quality textiles and home furnishings. There is new energy around the emergent NC Research Campus in Center City and new priorities are required to support its development and success.
This plan will be used to focus the efforts of the City on those projects and issues that can make the most positive impacts on the future of Center City. And like all good plans, this is a living document that will need to be evaluated and updated as time passes to account for changing realities in the economy, City priorities and to account for the growth of the Center City.
To read the plan, please click here
http://www.cityofkannapolis.com/article_2011_01_28/CenterCityMasterPlanDraft20110126.pdf
Beginning with a joint meeting of the Kannapolis City Council and Planning Commission, this document will be shared with the public during a few different public input sessions. For more information on these sessions, contact Planning Director Ben Warren.
The plan and its recommendations are intended to complement and support, not supplant, other efforts that the City has undertaken in the furtherance of the redevelopment of the area following the departure of Pillowtex and the establishment of the North Carolina Research Campus.
The Center City has experienced drastic changes in the past decade. Once home to the expansive Cannon Mills textile manufacturing complex (later Pillowtex) and a thriving retail/factory outlet base that focused on home furnishings and textiles, today’s Center City is an emerging hub for scientific research.
This transformation has dramatically changed the face of the Center City. No longer is the landscape dominated by industrial buildings with their smokestacks towering over the mill houses that lie in their shadow, no longer do hundreds of cars drive in and out of the Center City at shift change, and no longer do the streets bustle with shoppers seeking bargains on high quality textiles and home furnishings. There is new energy around the emergent NC Research Campus in Center City and new priorities are required to support its development and success.
This plan will be used to focus the efforts of the City on those projects and issues that can make the most positive impacts on the future of Center City. And like all good plans, this is a living document that will need to be evaluated and updated as time passes to account for changing realities in the economy, City priorities and to account for the growth of the Center City.
To read the plan, please click here
http://www.cityofkannapolis.com/article_2011_01_28/CenterCityMasterPlanDraft20110126.pdf
Tuesday, February 8, 2011
New-Home Recovery Seen as Post-Super Bowl Selling Season Starts
Homebuilder executives and economists predict a post-Super Bowl bounce in demand for residential construction as Americans turn their attention from football to another national pastime: house hunting.
The chief executive officers of six of the 10 largest U.S. homebuilders cited the potential of a sales comeback in the spring, traditionally their strongest season, during conference calls in the last four weeks. Housing forecasts from Fannie Mae and the Mortgage Bankers Association show the new-home market will begin a rebound that will last through at least 2012.
A revival in demand for new houses after record-low sales in 2010 may bolster a U.S. economy that’s 19 months into a recovery. Residential construction is a key factor in gross domestic product because it requires the manufacturing of home components such as stoves, cement, tile and furnaces. Richard DeKaser, an economist at Boston-based Parthenon Group, said he expects the homebuilding industry will this year make its first positive contribution to GDP since 2005.
“The spring market is going to be the first test of the proposition that there’s an underlying improvement in new-home fundamentals,” DeKaser said in an interview. “If we don’t see the needle move, it will be very discouraging.”
New-home sales probably will rise 20 percent to 385,000 this year, said David Crowe, chief economist for the National Association of Home Builders in Washington. Fannie Mae, the world’s largest mortgage buyer, projected an 18 percent gain, and the Mortgage Bankers Association estimated a 10 percent advance, according to forecasts posted on their websites.
‘Much Better’ Season
D.R. Horton Inc., the second-biggest builder by revenue, is “locked and loaded” to meet an upswing in demand, Chief Executive Donald Tomnitz said on a Jan. 27 conference call. The 62-year-old CEO, a former banker and U.S. Army captain not known for rosy predictions, said he is “anticipating a much better spring selling season” than last year.
The optimism couldn’t have come at a darker moment for the new-home market. The number of newly constructed houses sold per month fell to 20,000 in November, the fewest of any time in 47 years of Commerce Department data. The tax credit that boosted sales at the start of last year is gone, and cut-rate prices on foreclosures are drawing buyers to existing properties.
Tougher loan requirements by banks may also limit demand. At 2010’s end, lenders tightened mortgage credit standards by the most in three years, according to the Federal Reserve Senior Loan Officer Survey. Borrowing costs also are on the rise after the average rate for a 30-year fixed mortgage fell to a record 4.17 percent in November, based on data from Freddie Mac.
After Super Bowl
Spring is a popular time to buy because house hunters often want to have their home finished by July or August, before the start of the U.S. school year in September, said John Burns, CEO of John Burns Real Estate Consulting Inc. in Irvine, California. The weekend after the Super Bowl is traditionally when prospective buyers start looking, he said in an interview.
“If that’s a good weekend for the builders, then we’re going to have a good spring, and if we have a good spring, we’ll have a good year,” Burns said. “That’s the way it’s played out for years.”
In 12 of the last 14 years, the annual peak in new-home sales occurred in March or April, according to Commerce Department data. The exceptions were 2003, when the March start of the Iraq War captured Americans’ attention and caused people to delay house hunting, and 2009, when the tax credit that originally expired in November boosted demand later in the year.
Sales are counted by the Commerce Department at the time of contract, while homebuilders book revenue once the transaction is completed.
Good, Not Great
“The contracts the builders will be writing in the next few weekends will be a leading indicator of their closings for later in the year,” Burns said. “It’s probably going to be a good year -- not a great year.”
Residential investment probably will increase 9.6 percent in 2011 after five years of declines, based on the median forecast of 30 economists at a Federal Reserve Bank of Chicago symposium in December. Housing starts likely will jump 17 percent to a three-year high of 688,000 in 2011, led by a gain in the construction of single-family houses, said Crowe of the National Association of Home Builders.
“The sales pace for new homes will improve as we move through the spring, unless something comes along to derail the economy,” said James Wilson, director of research for JMP Securities LLC in New York. “Demand seems to be coming back.”
Economic Contribution
The real estate market’s collapse reduced residential investment’s share of the economy to 2.2 percent in 2010’s fourth quarter, the lowest since records began in 1946, from a 55-year peak of 6.3 percent in the last three months of 2005, according to the Bureau of Labor Statistics. Housing that year was a larger contributor to GDP than national defense spending.
A rise in homebuilding will help boost jobs for workers who construct houses and also for people in industries supplying the appliances that go into them. About 430,000 residential building jobs evaporated after the housing crash began in 2006 -- a 43 percent decline in four years -- while appliance manufacturing jobs fell 17 percent in the same period, according to the Bureau of Labor Statistics. The overall economy lost 7.8 million jobs, or 5.7 percent of the workforce, after reaching a 2007 high.
The drop in values after the crash will create roadblocks for potential buyers who have their own properties to sell, said Thomas Lawler, a housing consultant in Leesburg, Virginia.
Price Decline
Home prices in December were 27 percent below the all-time high of July 2006, according to the National Association of Realtors. That has resulted in about a quarter of homeowners with mortgages owing more than their property is worth, according to CoreLogic Inc. in Santa Ana, California.
“Traditionally, one of the strongest parts of the new-home market is the trade-up buyer,” Lawler said in an interview. “A lot of people who would like to trade up don’t have equity in their homes.”
For those who are able to move, and can sell their current residence, new houses have a draw that existing homes don’t have, according to Parthenon’s DeKaser. They fulfill the dream of many people to build from the ground up, he said.
“That’s the strongest thing this segment has going for it -- some people attach a premium to having a home that no one else has lived in, with all new walls and new floors,” he said. “Even if they can get an existing home for cheaper, they’re willing to pay the price for new.”
Source: Bloomberg Businessweek
The chief executive officers of six of the 10 largest U.S. homebuilders cited the potential of a sales comeback in the spring, traditionally their strongest season, during conference calls in the last four weeks. Housing forecasts from Fannie Mae and the Mortgage Bankers Association show the new-home market will begin a rebound that will last through at least 2012.
A revival in demand for new houses after record-low sales in 2010 may bolster a U.S. economy that’s 19 months into a recovery. Residential construction is a key factor in gross domestic product because it requires the manufacturing of home components such as stoves, cement, tile and furnaces. Richard DeKaser, an economist at Boston-based Parthenon Group, said he expects the homebuilding industry will this year make its first positive contribution to GDP since 2005.
“The spring market is going to be the first test of the proposition that there’s an underlying improvement in new-home fundamentals,” DeKaser said in an interview. “If we don’t see the needle move, it will be very discouraging.”
New-home sales probably will rise 20 percent to 385,000 this year, said David Crowe, chief economist for the National Association of Home Builders in Washington. Fannie Mae, the world’s largest mortgage buyer, projected an 18 percent gain, and the Mortgage Bankers Association estimated a 10 percent advance, according to forecasts posted on their websites.
‘Much Better’ Season
D.R. Horton Inc., the second-biggest builder by revenue, is “locked and loaded” to meet an upswing in demand, Chief Executive Donald Tomnitz said on a Jan. 27 conference call. The 62-year-old CEO, a former banker and U.S. Army captain not known for rosy predictions, said he is “anticipating a much better spring selling season” than last year.
The optimism couldn’t have come at a darker moment for the new-home market. The number of newly constructed houses sold per month fell to 20,000 in November, the fewest of any time in 47 years of Commerce Department data. The tax credit that boosted sales at the start of last year is gone, and cut-rate prices on foreclosures are drawing buyers to existing properties.
Tougher loan requirements by banks may also limit demand. At 2010’s end, lenders tightened mortgage credit standards by the most in three years, according to the Federal Reserve Senior Loan Officer Survey. Borrowing costs also are on the rise after the average rate for a 30-year fixed mortgage fell to a record 4.17 percent in November, based on data from Freddie Mac.
After Super Bowl
Spring is a popular time to buy because house hunters often want to have their home finished by July or August, before the start of the U.S. school year in September, said John Burns, CEO of John Burns Real Estate Consulting Inc. in Irvine, California. The weekend after the Super Bowl is traditionally when prospective buyers start looking, he said in an interview.
“If that’s a good weekend for the builders, then we’re going to have a good spring, and if we have a good spring, we’ll have a good year,” Burns said. “That’s the way it’s played out for years.”
In 12 of the last 14 years, the annual peak in new-home sales occurred in March or April, according to Commerce Department data. The exceptions were 2003, when the March start of the Iraq War captured Americans’ attention and caused people to delay house hunting, and 2009, when the tax credit that originally expired in November boosted demand later in the year.
Sales are counted by the Commerce Department at the time of contract, while homebuilders book revenue once the transaction is completed.
Good, Not Great
“The contracts the builders will be writing in the next few weekends will be a leading indicator of their closings for later in the year,” Burns said. “It’s probably going to be a good year -- not a great year.”
Residential investment probably will increase 9.6 percent in 2011 after five years of declines, based on the median forecast of 30 economists at a Federal Reserve Bank of Chicago symposium in December. Housing starts likely will jump 17 percent to a three-year high of 688,000 in 2011, led by a gain in the construction of single-family houses, said Crowe of the National Association of Home Builders.
“The sales pace for new homes will improve as we move through the spring, unless something comes along to derail the economy,” said James Wilson, director of research for JMP Securities LLC in New York. “Demand seems to be coming back.”
Economic Contribution
The real estate market’s collapse reduced residential investment’s share of the economy to 2.2 percent in 2010’s fourth quarter, the lowest since records began in 1946, from a 55-year peak of 6.3 percent in the last three months of 2005, according to the Bureau of Labor Statistics. Housing that year was a larger contributor to GDP than national defense spending.
A rise in homebuilding will help boost jobs for workers who construct houses and also for people in industries supplying the appliances that go into them. About 430,000 residential building jobs evaporated after the housing crash began in 2006 -- a 43 percent decline in four years -- while appliance manufacturing jobs fell 17 percent in the same period, according to the Bureau of Labor Statistics. The overall economy lost 7.8 million jobs, or 5.7 percent of the workforce, after reaching a 2007 high.
The drop in values after the crash will create roadblocks for potential buyers who have their own properties to sell, said Thomas Lawler, a housing consultant in Leesburg, Virginia.
Price Decline
Home prices in December were 27 percent below the all-time high of July 2006, according to the National Association of Realtors. That has resulted in about a quarter of homeowners with mortgages owing more than their property is worth, according to CoreLogic Inc. in Santa Ana, California.
“Traditionally, one of the strongest parts of the new-home market is the trade-up buyer,” Lawler said in an interview. “A lot of people who would like to trade up don’t have equity in their homes.”
For those who are able to move, and can sell their current residence, new houses have a draw that existing homes don’t have, according to Parthenon’s DeKaser. They fulfill the dream of many people to build from the ground up, he said.
“That’s the strongest thing this segment has going for it -- some people attach a premium to having a home that no one else has lived in, with all new walls and new floors,” he said. “Even if they can get an existing home for cheaper, they’re willing to pay the price for new.”
Source: Bloomberg Businessweek
Friday, January 28, 2011
Weichert.com Earns International Award for Website Excellence
January 25, 2011 // Franchising.com // MORRIS PLAINS, N.J. – Weichert, Realtors recently received the Bronze Award in the Real Estate category of the 10th annual International iNOVA Awards competition for its website, Weichert.com. The iNOVA judges concluded that Weichert.com, one of the nation's most visited real estate sites, sufficiently surpassed the required criteria in all areas of the competition.
"We are pleased to receive yet another honor for our customer website," said Jim Weichert, president and founder of Weichert, Realtors. "An award of this degree helps validate Weichert.com as a trusted, convenient and comprehensive online source for potential home buyers and sellers."
The iNOVA Award symbolizes the energy of numerous disciplines that inspire corporate website excellence. The mission of the iNOVA Awards is to recognize and promote achievement in creative web design, originality of content and functional performance. Gold, Silver, Bronze, and Honors awards were presented to the top third scoring entries. Websites were evaluated for content, design, and technology. Preliminary judging was carried out by international panels of web developers, designers, site builders and interactive media specialists.
Last summer Weichert.com received the Interactive Media Awards (IMA) Outstanding Achievement Award, earning a score of 465 out of a total possible score of 500 points.
Weichert.com regularly attracts more than 3 million visitors each month and consistently ranks as a top site among all real estate companies for the length of time that visitors spend at the site, according to HitwiseÒ, which monitors the activity of major Web sites.
Weichert has nearly 18,000 sales associates in more than 500 company-owned and franchised sales offices in key markets throughout the U.S. A family of full-service real estate and financial services companies, Weichert helps customers buy and sell both residential and commercial real estate, and streamlines the delivery of mortgages and home and title insurance. For more information, Weichert's customer service center can be reached at 1-800-USA-SOLD or at Weichert's Web site, www.weichert.com. Each Weichert franchised office is independently owned and operated.
"We are pleased to receive yet another honor for our customer website," said Jim Weichert, president and founder of Weichert, Realtors. "An award of this degree helps validate Weichert.com as a trusted, convenient and comprehensive online source for potential home buyers and sellers."
The iNOVA Award symbolizes the energy of numerous disciplines that inspire corporate website excellence. The mission of the iNOVA Awards is to recognize and promote achievement in creative web design, originality of content and functional performance. Gold, Silver, Bronze, and Honors awards were presented to the top third scoring entries. Websites were evaluated for content, design, and technology. Preliminary judging was carried out by international panels of web developers, designers, site builders and interactive media specialists.
Last summer Weichert.com received the Interactive Media Awards (IMA) Outstanding Achievement Award, earning a score of 465 out of a total possible score of 500 points.
Weichert.com regularly attracts more than 3 million visitors each month and consistently ranks as a top site among all real estate companies for the length of time that visitors spend at the site, according to HitwiseÒ, which monitors the activity of major Web sites.
Weichert has nearly 18,000 sales associates in more than 500 company-owned and franchised sales offices in key markets throughout the U.S. A family of full-service real estate and financial services companies, Weichert helps customers buy and sell both residential and commercial real estate, and streamlines the delivery of mortgages and home and title insurance. For more information, Weichert's customer service center can be reached at 1-800-USA-SOLD or at Weichert's Web site, www.weichert.com. Each Weichert franchised office is independently owned and operated.
Monday, January 24, 2011
NC Legislature Advances New Rules for HOAs
By Matt Tomsic, Star-News, Wilmington, N.C.
Jan. 20—A General Assembly House committee approved a draft bill Wednesday that would provide more stringent rules governing how home owners associations conduct business.
Member of the House Select Committee on Home Owners Associations debated the draft legislation and added to it during its final committee meeting.
Rep. Jennifer Weiss, D-Wake, said the draft legislation should get bipartisan support when it’s introduced to the General Assembly.
“I’m hoping it will be legislation that Democrats and Republicans will work on together,” Weiss said.
She also said the legislation provides more protections for home owners who are governed by a home owners association.
The draft bill, entitled the Planned Community Act, would create additional factors HOA boards would have to consider when determining to enforce covenants; require boards to open their meetings and records; and change the lien and foreclosure process. The legislation will also require the Attorney General’s Office to collect complaints lodged against home owners associations.
If the law is enacted, home owners association board members will have to consider if the covenant or rule is inconsistent with the law, if it’s justifiable to spend association resources to punish the violator and if it’s in the association’s best interest to enforce the covenant, among other criteria, when determining whether to penalize home owners who violate covenants.
The draft bill also requires board meetings to be open and gives home owners recourse if the board ignores a request for a special meeting from 10 percent of the association’s home owners. In that case, the home owners can notify the rest of the community and hold the meeting without the board. The draft law also requires associations to keep “detailed records of receipts and expenditures,” accounting records, minutes of all meetings, financial statements and tax returns and copies of current contracts, among other records.
The board also has to make those records available after a 15-day notice from a lot owner or home owner.
The draft bill also changes the process associations can use to file liens and foreclose on a home. The bill requires assessments to be 90 days late before an association can begin the lien process, and the board must offer home owners a payment plan for past due bills. The draft bill requires the board to vote on foreclosing on a specific lot or home. The board also can’t begin foreclosure proceedings unless the debt is past due and the home owner refused to accept a payment plan.
Committee members also made changes to the draft legislation during the meeting, requiring parallel changes to be made to the Condominium Act, tasking the Attorney General’s Office with keeping and tracking home owner complaints, defining payment plans, clarifying that late fees stop when a payment plan is adopted and requiring boards to keep meetings of executive, or closed, sessions.
Weiss said she and co-chairman Rep. Bill McGee will find co-sponsors to the bill and eventually introduce it during the General Assembly’s session.
She thinks the draft bill has good transparency measures.
“We’ve got a lot of work ahead of us to keep this legislation moving forward,” Weiss said. “We’ve taken a big step with this proposal.”
Jan. 20—A General Assembly House committee approved a draft bill Wednesday that would provide more stringent rules governing how home owners associations conduct business.
Member of the House Select Committee on Home Owners Associations debated the draft legislation and added to it during its final committee meeting.
Rep. Jennifer Weiss, D-Wake, said the draft legislation should get bipartisan support when it’s introduced to the General Assembly.
“I’m hoping it will be legislation that Democrats and Republicans will work on together,” Weiss said.
She also said the legislation provides more protections for home owners who are governed by a home owners association.
The draft bill, entitled the Planned Community Act, would create additional factors HOA boards would have to consider when determining to enforce covenants; require boards to open their meetings and records; and change the lien and foreclosure process. The legislation will also require the Attorney General’s Office to collect complaints lodged against home owners associations.
If the law is enacted, home owners association board members will have to consider if the covenant or rule is inconsistent with the law, if it’s justifiable to spend association resources to punish the violator and if it’s in the association’s best interest to enforce the covenant, among other criteria, when determining whether to penalize home owners who violate covenants.
The draft bill also requires board meetings to be open and gives home owners recourse if the board ignores a request for a special meeting from 10 percent of the association’s home owners. In that case, the home owners can notify the rest of the community and hold the meeting without the board. The draft law also requires associations to keep “detailed records of receipts and expenditures,” accounting records, minutes of all meetings, financial statements and tax returns and copies of current contracts, among other records.
The board also has to make those records available after a 15-day notice from a lot owner or home owner.
The draft bill also changes the process associations can use to file liens and foreclose on a home. The bill requires assessments to be 90 days late before an association can begin the lien process, and the board must offer home owners a payment plan for past due bills. The draft bill requires the board to vote on foreclosing on a specific lot or home. The board also can’t begin foreclosure proceedings unless the debt is past due and the home owner refused to accept a payment plan.
Committee members also made changes to the draft legislation during the meeting, requiring parallel changes to be made to the Condominium Act, tasking the Attorney General’s Office with keeping and tracking home owner complaints, defining payment plans, clarifying that late fees stop when a payment plan is adopted and requiring boards to keep meetings of executive, or closed, sessions.
Weiss said she and co-chairman Rep. Bill McGee will find co-sponsors to the bill and eventually introduce it during the General Assembly’s session.
She thinks the draft bill has good transparency measures.
“We’ve got a lot of work ahead of us to keep this legislation moving forward,” Weiss said. “We’ve taken a big step with this proposal.”
Rate on 30-Year Fixed Mortgage Rising
NEW YORK—Rates on the 30-year fixed mortgages rose slightly this week, following increases in Treasury yields.
Freddie Mac says the average rate rose to 4.74 percent this week from 4.71 percent the previous week. It hit a 40-year low of 4.17 percent in November.
The average rate on the 15-year loan slipped to 4.05 percent from 4.08 percent. It reached 3.57 percent in November, the lowest level on records starting in 1991.
Rates have changed little in the new year after spiking more than half a percentage point in the last two months. Investors sold off Treasury bonds during that stretch, driving yields lower. Mortgage rates tend to track the yield on the 10-year Treasury note.
A service of YellowBrix, Inc.
Freddie Mac says the average rate rose to 4.74 percent this week from 4.71 percent the previous week. It hit a 40-year low of 4.17 percent in November.
The average rate on the 15-year loan slipped to 4.05 percent from 4.08 percent. It reached 3.57 percent in November, the lowest level on records starting in 1991.
Rates have changed little in the new year after spiking more than half a percentage point in the last two months. Investors sold off Treasury bonds during that stretch, driving yields lower. Mortgage rates tend to track the yield on the 10-year Treasury note.
A service of YellowBrix, Inc.
Friday, January 21, 2011
Understanding the Pre-Approval Process
By Karin Beuerlein, FrontDoor.com | Published: 1/28/2008
Loan shopping is as intricate a process as house shopping, and the terminology is often confusing. The terms "pre-qualification" and "pre-approval" sound like the same thing, but they're not. And in fact, neither pre-qualification nor pre-approval means a bank actually has to give you the loan.
Clear as mud, right? Don't worry -- the loan approval process is fairly straightforward, as long as you understand a few key points:
•Pre-qualification is the first step you can take -- but it's not mandatory. If you want a ballpark idea of how much a bank will loan you so that you can shop within your price range, pre-qualification is a quick and easy way to find out. Most banks and credit unions will do this over the phone, and your credit history will usually not be checked. A loan officer asks you about your income, assets, debts and projected down payment and then calculates what kind of loan you'd likely qualify for. The process takes just a few minutes.
•Pre-approval is more involved and usually requires an appointment. In this step, the lending institution gathers all the information it requires to offer you a loan, and your credit report will be checked; you may be charged a fee for this at the time of the appointment. You'll need to bring some items with you to document your identity and your assets:
1.A copy of your most recent bank statements (this includes your daily checking account as well as any money market, savings or other accounts)
2.Your most recent W-2 (or entire tax return if you're self-employed)
3.Proof of IRAs or retirement accounts and their current balances
4.Ditto for any stocks or mutual funds you own outside of retirement accounts
5.Your driver's license
6.The most recent month's paystub(s) from your job
7.An application fee (this depends on the lender)
•The result of the pre-approval process is the good faith estimate. At the end of the pre-approval process, if the bank looks you over and likes what it sees, you'll receive what's called a good faith estimate (GFE), which is a brief document spelling out the likely terms of the loan, including the interest rate, loan type (fixed-rate, adjustable and so on) and closing costs.
•The pre-approval step may be a bit time-consuming, but you'll need to complete it with a few lenders in order to comparison-shop. Without a GFE, you can't truly compare terms among lenders. And it pays to compare -- for a loan as large as a mortgage, little things like the interest rate make a big difference. To negotiate for a great interest rate, reduced closing costs, or lender-paid private mortgage insurance, you have to make lenders compete with each other. (Lining up GFEs is also a good way to spot lenders who charge unnecessary fees.) So don't just accept the first offer you get -- make sure it's a good one by soliciting several in a short time period. Don't worry about nicking your credit score with several loan applications, because credit scoring recognizes multiple checks in quick succession as part of the loan-shopping process and does not penalize you.
•Pre-approval does not mean the bank guarantees you the loan. It just means that you're approved to get loan -- unless something goes wrong. Commitment to the loan generally comes after the bank has had the house in question appraised to make sure the price you're paying isn't higher than the home's market value. This protects them in case you default on the loan, which would leave them in the red even if they evicted you and sold the property. Banks also check to make sure the home has a clear title and that you've insured it for replacement value.
Loan shopping is as intricate a process as house shopping, and the terminology is often confusing. The terms "pre-qualification" and "pre-approval" sound like the same thing, but they're not. And in fact, neither pre-qualification nor pre-approval means a bank actually has to give you the loan.
Clear as mud, right? Don't worry -- the loan approval process is fairly straightforward, as long as you understand a few key points:
•Pre-qualification is the first step you can take -- but it's not mandatory. If you want a ballpark idea of how much a bank will loan you so that you can shop within your price range, pre-qualification is a quick and easy way to find out. Most banks and credit unions will do this over the phone, and your credit history will usually not be checked. A loan officer asks you about your income, assets, debts and projected down payment and then calculates what kind of loan you'd likely qualify for. The process takes just a few minutes.
•Pre-approval is more involved and usually requires an appointment. In this step, the lending institution gathers all the information it requires to offer you a loan, and your credit report will be checked; you may be charged a fee for this at the time of the appointment. You'll need to bring some items with you to document your identity and your assets:
1.A copy of your most recent bank statements (this includes your daily checking account as well as any money market, savings or other accounts)
2.Your most recent W-2 (or entire tax return if you're self-employed)
3.Proof of IRAs or retirement accounts and their current balances
4.Ditto for any stocks or mutual funds you own outside of retirement accounts
5.Your driver's license
6.The most recent month's paystub(s) from your job
7.An application fee (this depends on the lender)
•The result of the pre-approval process is the good faith estimate. At the end of the pre-approval process, if the bank looks you over and likes what it sees, you'll receive what's called a good faith estimate (GFE), which is a brief document spelling out the likely terms of the loan, including the interest rate, loan type (fixed-rate, adjustable and so on) and closing costs.
•The pre-approval step may be a bit time-consuming, but you'll need to complete it with a few lenders in order to comparison-shop. Without a GFE, you can't truly compare terms among lenders. And it pays to compare -- for a loan as large as a mortgage, little things like the interest rate make a big difference. To negotiate for a great interest rate, reduced closing costs, or lender-paid private mortgage insurance, you have to make lenders compete with each other. (Lining up GFEs is also a good way to spot lenders who charge unnecessary fees.) So don't just accept the first offer you get -- make sure it's a good one by soliciting several in a short time period. Don't worry about nicking your credit score with several loan applications, because credit scoring recognizes multiple checks in quick succession as part of the loan-shopping process and does not penalize you.
•Pre-approval does not mean the bank guarantees you the loan. It just means that you're approved to get loan -- unless something goes wrong. Commitment to the loan generally comes after the bank has had the house in question appraised to make sure the price you're paying isn't higher than the home's market value. This protects them in case you default on the loan, which would leave them in the red even if they evicted you and sold the property. Banks also check to make sure the home has a clear title and that you've insured it for replacement value.
Friday, January 14, 2011
Thursday, January 6, 2011
Wednesday, January 5, 2011
Americans Still in Love with Home Ownership in 2011
WASHINGTON (December 27, 2010)—2010 has been a year of real estate contrasts. The market has seen a gradual stabilization of sales and prices, yet challenges facing the nation have led some to question the value of home ownership for families, communities, and the country.
“People are passionate about the American dream of home ownership, and this passion underscores how important home ownership is to our nation,” said NATIONAL ASSOCIATION OF REALTORS® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “Owning a home has long-standing government support in this country because home ownership benefits individuals and families, strengthens our communities, and is integral to our economy.“
In the first half of the year, the extended $8,000 first-time home buyer tax credit and expanded home $6,500 tax credit for repeat buyers helped encourage sales and stabilize home prices. Home buyers in 2010 have also benefited from historic affordability levels, with the combination of record low mortgage rates coupled with rising household incomes. The NAR Housing Affordability Index currently shows that a median-income family with a down payment of 20% has 184.2% of the income required to purchase a median-priced home.
“Low interest rates mean real money for today’s home buyers,” said Phipps. “Buyers who purchased a median-priced home five years ago with an FHA mortgage requiring a 3% down payment would have a monthly mortgage payment of $1,650. With today’s interest rates and median home prices, that same buyer would pay $1,150 per month—a $500 savings. That’s a savings of $6,000 per year.”
Despite record affordability and buyer incentives, rising foreclosure rates and concerns about proper foreclosure procedures led some to question whether owning a home was a good personal decision.
“Home ownership didn’t create the foreclosure crisis—Wall Street greed and irresponsible lending practices did,” said Phipps. “The decision to own a home is a very personal one, but over the long term, owning a home is one of the best ways to build long-term wealth, in addition to providing numerous social benefits that include reduced crime rates, improved childhood education, and increased stability. After all, a fixed-rate mortgage might last 15 to 30 years; renting is forever.”
Government support of programs and initiatives that encourage home ownership have also been called into question. The deductibility of mortgage interest is one example, with critics suggesting that the mortgage interest deduction primarily benefits the wealthy, while in fact, the MID benefits primarily middle- and lower income families—almost two-thirds of those who claim the MID are middle-income earners. Sixty-five percent of families who claim the MID earn less than $100,000 per year, and 91% who claim the benefit earn less than $200,000 annually.
“The ability to deduct the interest paid on a mortgage can mean significant savings at tax time,” said Phipps. “For example, a family who bought a home this year with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4%, could save nearly $3,500 in federal taxes when they file next year. That’s money they could use to pay down other debts, supplement their children’s college savings account, or put into savings themselves.”
Despite current economic challenges, most Americans still aspire to the dream of home ownership.
According to a survey conducted earlier in the year by Bankrate.com, 90% of respondents said they had no regrets buying their current home. And just this month, a Fannie Mae survey found that most Americans—both those who currently own their homes and those who rent—strongly aspire to own a home and to maintain home ownership.
Source: NAR
“People are passionate about the American dream of home ownership, and this passion underscores how important home ownership is to our nation,” said NATIONAL ASSOCIATION OF REALTORS® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “Owning a home has long-standing government support in this country because home ownership benefits individuals and families, strengthens our communities, and is integral to our economy.“
In the first half of the year, the extended $8,000 first-time home buyer tax credit and expanded home $6,500 tax credit for repeat buyers helped encourage sales and stabilize home prices. Home buyers in 2010 have also benefited from historic affordability levels, with the combination of record low mortgage rates coupled with rising household incomes. The NAR Housing Affordability Index currently shows that a median-income family with a down payment of 20% has 184.2% of the income required to purchase a median-priced home.
“Low interest rates mean real money for today’s home buyers,” said Phipps. “Buyers who purchased a median-priced home five years ago with an FHA mortgage requiring a 3% down payment would have a monthly mortgage payment of $1,650. With today’s interest rates and median home prices, that same buyer would pay $1,150 per month—a $500 savings. That’s a savings of $6,000 per year.”
Despite record affordability and buyer incentives, rising foreclosure rates and concerns about proper foreclosure procedures led some to question whether owning a home was a good personal decision.
“Home ownership didn’t create the foreclosure crisis—Wall Street greed and irresponsible lending practices did,” said Phipps. “The decision to own a home is a very personal one, but over the long term, owning a home is one of the best ways to build long-term wealth, in addition to providing numerous social benefits that include reduced crime rates, improved childhood education, and increased stability. After all, a fixed-rate mortgage might last 15 to 30 years; renting is forever.”
Government support of programs and initiatives that encourage home ownership have also been called into question. The deductibility of mortgage interest is one example, with critics suggesting that the mortgage interest deduction primarily benefits the wealthy, while in fact, the MID benefits primarily middle- and lower income families—almost two-thirds of those who claim the MID are middle-income earners. Sixty-five percent of families who claim the MID earn less than $100,000 per year, and 91% who claim the benefit earn less than $200,000 annually.
“The ability to deduct the interest paid on a mortgage can mean significant savings at tax time,” said Phipps. “For example, a family who bought a home this year with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4%, could save nearly $3,500 in federal taxes when they file next year. That’s money they could use to pay down other debts, supplement their children’s college savings account, or put into savings themselves.”
Despite current economic challenges, most Americans still aspire to the dream of home ownership.
According to a survey conducted earlier in the year by Bankrate.com, 90% of respondents said they had no regrets buying their current home. And just this month, a Fannie Mae survey found that most Americans—both those who currently own their homes and those who rent—strongly aspire to own a home and to maintain home ownership.
Source: NAR
Tuesday, January 4, 2011
414 Brook Avenue Open Sunday, January 9, 2 - 4 p.m.
Please join us for a tour of this beautiful 4 bedroom, 2 1/2 bath home in Mountain Brook Estates! Open Sunday, January 9, 2 - 4 p.m. Questions? Please call Debbie Little at 704.506.6943. See you there!
Tax Benefits of Homeownership
The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.
Assume:
$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______
$12,577 = Total deduction
Then, multiply your total deduction by your tax rate.
For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56
$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)
Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.
Assume:
$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______
$12,577 = Total deduction
Then, multiply your total deduction by your tax rate.
For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56
$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)
Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.
10 Ways to Prepare for Homeownership
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process. Call Weichert, REALTORS – Craven & Company at 704.788.1122 for all your real estate needs!
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process. Call Weichert, REALTORS – Craven & Company at 704.788.1122 for all your real estate needs!
Could Rising Mortgage Rates Spur Housing Rush?
Mortgage rates have been rising ever since November 2010, when lows of 4.42 percent were reported. Bankrate.com recently reported a rise to 5.02 percent in 30-year fixed rate loans, which is the second time in three weeks rates have crossed the 5 percent mark--many experts say signaling the end to the 4 percent mortgage rate era.
Forecasters predict mortgage rates to hover in the 5-6 percent range in 2011.
Yet, some industry experts say the rise in mortgage rates may stimulate a sluggish housing market.
The rising rates create an urgency for potential buyers. They’ll have more incentive to buy soon before mortgage rates go any higher.
After all, higher interest rates mean buyers will pay more for their mortgages. Greg McBride, chief economist at Bankrate.com, told CNNMoney.com that when rates rise 4.25 percent to 5 percent, it takes away 9 percent of the purchasing power of buyers.
Lawrence Yun, chief economist of the National Association of REALTORS®, doesn't foresee a moderate hike in mortgage rates as a negative for the industry. Instead, he says the real mortgage challenge is getting lenders to approve creditworthy buyers for a loan.
"It's less about rates than it is about underwriting standards ... If lenders return to more normal, safe underwriting standards for creditworthy buyers, there would be a bigger boost to the housing market and spillover benefits for the broader economy," Yun said.
Source: “Kiss 4% Mortgage Rates Goodbye,” CNNMoney.com (Dec. 30, 2010)
Forecasters predict mortgage rates to hover in the 5-6 percent range in 2011.
Yet, some industry experts say the rise in mortgage rates may stimulate a sluggish housing market.
The rising rates create an urgency for potential buyers. They’ll have more incentive to buy soon before mortgage rates go any higher.
After all, higher interest rates mean buyers will pay more for their mortgages. Greg McBride, chief economist at Bankrate.com, told CNNMoney.com that when rates rise 4.25 percent to 5 percent, it takes away 9 percent of the purchasing power of buyers.
Lawrence Yun, chief economist of the National Association of REALTORS®, doesn't foresee a moderate hike in mortgage rates as a negative for the industry. Instead, he says the real mortgage challenge is getting lenders to approve creditworthy buyers for a loan.
"It's less about rates than it is about underwriting standards ... If lenders return to more normal, safe underwriting standards for creditworthy buyers, there would be a bigger boost to the housing market and spillover benefits for the broader economy," Yun said.
Source: “Kiss 4% Mortgage Rates Goodbye,” CNNMoney.com (Dec. 30, 2010)
Thursday, September 30, 2010
State is investigating GMAC's foreclosure procedures
The state Attorney General's Office is examining GMAC Mortgage for "questionable tactics" that may have led to undeserved foreclosures on some homeowners.
The mortgage giant replied that a "procedural error" in its foreclosure process was addressed months ago, and the error did not result in inappropriate foreclosures.
In a letter sent to GMAC this week, state Assistant Attorney General Philip Lehman said the state has received information indicating that GMAC Mortgage employees "routinely signed off on large numbers of [foreclosure] affidavits" without properly reviewing them.
On Friday, four days before the state's announcement, GMAC Mortgage released a statement saying it had discovered a "procedural error" in "certain affidavits required in certain states."Read more: http://www.newsobserver.com/2010/09/29/708313/state-is-investigating-gmacs-foreclosure.html#ixzz111Fnyh7u
www.WeichertCraven.com
PROFESSIONAL DESIGNATIONS:
GREEN, National Association of REALTORS Sustainable Property Designation
EcoBroker, Premiere Green Designation Program for Real Estate Professionals
GRI, Graduate REALTOR® Institute
ePro, National Association of Realtors Internet Certification Program
QSC, Quality Service Certified
Please think of the environment before printing this email. Appreciate it!
*Paper fills up 30-40% of American landfill space*
All communications herein are merely for purposes of negotiating and in no way constitute a valid and enforceable contract.
Tuesday, June 15, 2010
Join Debbie Fink and Ford Craven for a Broker Open House June 15!
This is today! Come and see us for lunch, dessert and prizes! Thanks!
Ford Craven, REALTOR
www.WeichertCraven.com
PROFESSIONAL DESIGNATIONS:
GREEN, National Association of REALTORS Sustainable Property Designation
EcoBroker, Premiere Green Designation Program for Real Estate Professionals
GRI, Graduate REALTOR® Institute
ePro, National Association of Realtors Internet Certification Program
QSC, Quality Service Certified
Please think of the environment before printing this email. Appreciate it!
*Paper fills up 30-40% of American landfill space*
All communications herein are merely for purposes of negotiating and in no way constitute a valid and enforceable contract.
---------- Forwarded message ----------
From: Weichert, REALTORS - Craven & Company <barbijones@weichert.com>
Date: Mon, Jun 14, 2010 at 3:26 PM
Subject: Join Debbie Fink and Ford Craven for a Broker Open House June 15!
To: fcraven@weichert.com
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From: Weichert, REALTORS - Craven & Company <barbijones@weichert.com>
Date: Mon, Jun 14, 2010 at 3:26 PM
Subject: Join Debbie Fink and Ford Craven for a Broker Open House June 15!
To: fcraven@weichert.com
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Weichert, Realtors - Craven & Company | 845 Church Street North | Suite 201 | Concord | NC | 28025 |
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