Burning the Candle at Both Ends...

1140 Ziglar Road-Winston-Salem Acreage, 3bd/2ba cottage on large fishing pond! $135,000

www.allentate.com/brookecashion/572220

It's been a few days since I last posted and at that point I was trying to put something out there that was a little lighter...I think I did, heck, I don't even recall what the last post was on! And that, my friend, is exactly my point...things have been wild here, which is good, but crazy!

Real estate in our area has definitely gotten legs under it. As a company and as an individual agent we are up significantly in number of new listings. Personally, I have several new buyers, some being relocated to the area with their jobs or with the hospital. I also am fortunate to be working with several referred buyers and just wrapped up helping some dear friends of mine, sell their home in Lewisville and purchase another. So, yes, juggling soccer, school, Spring Break, dinners, church, running AND fitting in 70-80 hour work weeks can be challenging BUT fun and rewarding at the same time!

Because of all of the new listings, if your home is currently on the market NOW is the time to get the price right and the condition impeccable. I have viewed so many homes in the past few weeks and cannot believe that the little stuff such as clean windows, counters, floors, fixtures are not taken care of prior to listing the home. Some of the homes we have seen smell like pets, have huge stains in the carpet, fingerprints on the wall, crust from who-knows-what on the counters and excuses for landscaping that would make Olmstead turn over in his grave! Now your home doesn't have to look like Biltmore, but by God, cleanliness goes a long way my friend!

Beyond what should be obvious items to tackle prior to listing your home, getting the rest of the home in impeccable condition is paramount. Yes, I know you are moving and why didn't you do this years ago so that you could enjoy it? Can't answer that one for you! Take care of trim that is rotting or needs to be painted, replace/repair your front door, patch holes, paint ceilings if there are stains (and the stains have been repaired), de-clutter and clean out, replace light bulbs, put out fresh flowers, am I starting to hit a nerve?

I hope not because now more than ever getting the highest and best price for your home means being ready for this wide-open race we call "real estate" right out of the gate! Be the shiniest apple in the bunch AT THE BEST PRICE! It's not good enough any longer to be competitive, you must be compelling!

So join me in capitalizing on this upswing in our market by getting your home in tip-top shape and enjoying this beautiful weather...burn on my real estate friends, not out!

Brooke

Springing Forward...

As I drove through Buena Vista this morning coming from a closing...I looked around and was overwhelmed at how many trees and shrubs were pushing blooms towards the overcast sky. The grass seemed greener than usual and flowers, such as jonquils and crocus were popping through freshly laid pine straw. Then it dawned on me...my yard doesn't look like this, heck, no yard around me looks like this. Could it be that the affluent also enjoy the unique privilege of enjoying Spring a little earlier than the rest of us?

Another testament to the benefits of properly landscaped and manicured yards...hmmm...guess I'll detour through Buena Vista when I need a pick-me-up until Spring officially arrives at my home or maybe I'll just spring for some new pine straw and create my own little slice of heaven!

Running from Something?

Ok, I've done it AGAIN...I'm a runner!?

For any of you who really know me, you know that last year, about this time I started running/walking/training for a 5k. Never been a runner, never wanted to be a runner, however, this is an item on my "bucket list" and I decided before I get too awfully old I need to cross this one off! During the course of training last year, I subscribed to a training plan called "From Couch to 5k"...it is an incremental plan that can be found online that gives daily training guidelines in order to work you up to being able to run successfully (which means FINISH) in a 5k. I made it last year up to about 3 weeks before the big 4th of July race in Kernersville, when I came down with a nasty respiratory virus/fever which kept me from exercising for almost 3 more weeks...then my grandmother passed away and there went the summer and all of my momentum and enthusiasm was sucked away like the last slurp of a frosty margarita. Done, finis, never to be picked up again? Not so...I am back with a vengeance and beginning week 4!

This year, I have started earlier, eating better and sticking with the plan like toothpaste on a sink...only 3 weeks left until the Kernersville 5k on March 27th! The runs are easier this year and I have fortunately had a running partner and a supportive husband which makes it more pleasurable. I now find myself pushing an extra minute or to the next stop sign rather than just doing the minimum...what does that mean? Am I a runner again? That's yet to be seen...however, when I received an email from a college roomie of mine asking me to do a half marathon in November, I didn't laugh it off immediately, I actually gave it a second thought...Am I crazy? Nah...just a runner!

When Details Matter...

I had lunch today with a former client and a dear friend of mine who is considering a career in real estate. I look forward to continuing our conversation as she works step by step to obtain her real estate license and moves into the position of "trusted advisor" and Realtor.

As we were discussing opportunity and risk, the conversation took an interesting turn as she was filling me in on details of a friend of hers that is in the market for a home. She gave me their information and let me know that they would be contacting me in order to start the home-buying process. We would work in this fashion until she obtains her license and is able to help them if they haven't found the "perfect house" by that time.

She started talking about why she told them that they should work with me, and I have to admit I have never seen it from the outside in quite like she was discribing. Keep in mind this person had just sold and bought a home with me this year, wants to work with our group of associates and is now referring me a friend! Wow! My ego was really getting inflated! The points she made regarding my service and what I could offer her friends buying a home were these...

*Anticipation of problems before they arise "nipping it in the bud" , "worst case scenario" and then "most likely case scenario".

*Taking time to find the right house for a buyer...because of my experience and established clientele, having the patience and resources to spend the necessary time finding a home that works, rather than "pushing" someone into something that doesn't.

*Understanding the marketplace...what it means to understand home values, future development and growth areas and what homes meet varying and ever-changing governmental guidelines.

*Team of Experts...working with the right partners in lending, inspections, attorneys to make the deal go smoothly and knowing that everyone working on the deal is working together to get the job done right the first time!

*Having a system to take care of the details...I admit...I am a little OCD when it comes to my system of business practice...everything is filed, categorized and noted so that we can refer back to previous conversations, provide documentation and make sure that your interests are taken care of...

All of this works to make my clients' real estate experience the best it can be and I love her for taking the time to tell me WHY she trusts my advice! So on that note, I'll refer back to one of my previous marketing mantras and thank my friend for helping me to revive...

"WHEN DETAILS MATTER....EXPERIENCE COUNTS!"

Happy House Hunting!

Brooke

Wesley--Film Review...

I haven't posted "cultural" events in a while, so I thought I would give it a whirl.

Last night, we attended Wesley, with another couple from our church. I had been hearing bits and pieces about the film since it debuted several months ago at the NC School of the Arts. The film was produced here in North Carolina, more specifically, the majority of it was shot locally. Easy to recognize places such as Old Salem, Salem Lake, etc. unfortunately make it one of the main highlights of this production. Understanding that budgets are limited in ventures such as this, small adjustments could have been made to authenticate some of the scenes.

The story was intriguing and I found it very interesting that John Wesley struggled so hard with his own faith prior to finding a place in his heart to "preach to the masses." I also enjoyed the storyline interlacing with the Moravians as his personal religious beliefs were tested and adjusted. Local faces made this production all the better! Kernersvillian Richard "Dick" Stromehieher made a lengthy appearance as a close-minded minister in the Church of England. For those of you who enjoy him in Kernersville Little Theater, it makes it worth viewing!

My favorite part of the evening, excepting the company, was the venue of this film. The newly opened A/perture in downtown Winston-Salem, located directly across from Mellow Mushroom at 311 Fourth Street. Trendy and bright, as well as intimate and artsy, is exactly what Winston has been needing in order to showcase some of the independents that don't appeal to the mass audience. Each auditorium seats 80, the seats are comfortable and the area clean. The concession area, though I did not purchase anything, featured beer and wine, cupcake cups, cake balls, popcorn and traditional movie fare.

Take the time, grab dinner downtown and enjoy a film "indy"-style...if you hurry, you may catch Wesley!

New Culture of Spending...

If you are like us and most of our friends, you've done just about all the "trimming" to your budget that you can without giving up the "necessities." Now, I know that "necessities" can be a subjective term based on your priorities. In our household, we have not had cable for almost one year now. In March of 2009 while whittling down our personal budget, we rid ourselves of cable AND television. It was only until my grandmother passed away in July that we ended up with a television, courtesy of my aunts and uncles. Fast forward to today and still no cable and the digital rabbit ears are double-time, trying to grab that elusive digital signal out of the sky, which can sometimes be tricky in strong winds, rain, snow, sleet, too much sunshine, etc. :)

Speaking of priorities, when we tell folks we don't have cable, you might as well have told them that we only use leaves as toilet paper. "Unheard of! Are you crazy!?", they ask. Well, I believe that these "crazy" cuts, regardless of your priorities are all a part of the new culture of spending.

Money has been relatively easy over the past decade or so and while I am certainly not an economist, easy money has been true, for most folks. If you weren't making it, you could borrow it, if you couldn't borrow out right, you could leverage "equity" and get your hands on some. At times, it felt as if everyone was walking around in "a rich man's world." Advertisements catered to high-end, super-vacations, homes had tons of square footage and were "macked" out, giving rise to the term "McMansion", where "normal" homes were being torn down and replaced with mini-castles. For a while you would hear how much someone "spent" on an item, not what a "great deal" you might have gotten. Having name brand or the best and most of everything was the sign of the time.

As far as businesses go, my husband and I were new small business owners at the time, we said "no" very rarely when a new marketing idea was presented or a charity asked for money. We had a business plan but because money flowed, it was easy to veer away under the excuse that we needed to "branch out" or "try something new". Now, still business owners, our business plan is rarely "tweaked" during the year, except when we see a way to save and everything is tracked religiously to see the ROI. I have made it a personal business goal to focus on zero-based marketing by teaming up with other "trusted advisers" and pooling our resources and ideas to create the best experience for our clients.

So, for me and many others out there, it's back to the basics. Quality, hometown-feeling service, taking time to chat over coffee instead of lavishing gifts, quaint gatherings in lieu of big, impersonal, corporate parties, purchasing "homes" instead of "flips", fuel-efficient rather than monster-like, trusted advisers over "sales" and yes, maybe even cold beer and a home-grilled steak occasionally over cable t.v.
Like I said, it's all about priorities...

Those Who Wait Will Pay Thousands More This Spring

This just in from Allen Tate Mortgage courtesy of Jennifer Tuttle, Mortgage Specialist--Winston-Salem, NC

Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loan guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.

Here are a few reasons why:

On April 5, the cost of required up-front mortgage insurance for loan guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7000 down payment, the up-front mortgage insurance will increase by $965. Up front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal, but overall, the increase is still borne by the borrower both upfront and monthly.

Later this Spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6000 for a home purchase of $200,000.

Real Estate Stats--January 2010

"If prices come down by another 10% but interest rates increase by 1 percentage point, that would mean the same monthly payment today versus waiting."--New York Times 7/27/2009

"As the Fed begins to wind down its purchases in the next few months, rates will become less enticing. Analysts expect them to rise to at least 6 percent from the current 5 percent."--New York Times 10/24/2009

In 2009 the percent of total sales in the Winston-Salem, NC market were as follows
$0-100,000---30.0%
$100,000-250,000---54.2%
$250,000-500,000---12.3%
$500,000-750,000---2%
$750,000-1,000,000---.003%
$1,000,000-2,000,000---.002%

Should YOU wait until the market rebounds to sell? According to Housing Wire 9/21/2009 and Moody's analyst:

At least another decade will pass before housing prices return to peak 2006 levels, according to analyst Celia Chen at Moody's Economy.com. She wrote that housing prices will decline for another year bottoming out in the second quarter of 2010 before rebounding.

"The correction will be not only deep but also lengthy. The national price level will not regain its 2006 high until 2020."

Free House? Depends on how you view the glass...

Well, there isn't such a thing and home ownership does come with a ton of responsibility, but nothing is more American than owning your own home. With the extension and expansion of the tax credit and the raising of the limit of how much money you can make in order to qualify (125k-singles**225K-couples), there has never been a time that felt more like, well, free!

If you take the notion of a borrower paying $900 in interest and property taxes each month, this would equate to a loan amount of $165,000. At this loan amount, the interest is around $690 and the property taxes, let's say are $210 for a total of $900--both of these items being normal tax write-offs.

So on this $900/month budget or $10,800 per year they are probably close to a 25% tax bracket with federal and state taxes, so they could potential recognize $2700 in income tax benefits PLUS the additional $8000 in credits from the stimulus!

WOW! They just got their home for $100 this year! Of course, back to the expenses...there is of course home owners insurance, which should be a little more than the renter's insurance they SHOULD be carrying and they will have to maintain their new home.

In this situation it is obviously one scenario and as I tell all of my clients, even those who look like they have "cut and dry" situations, that they need to consult their tax advisor. I also have to say that this novel idea was not mine, but passed on to me by a dear mortgage associate.

Bottom line is this...the tax credit was extended and expanded and if you are even remotely considering moving up or out, NOW IS THE TIME! Any financial advisor that you read in the WSJ or see on t.v preach that this is a historic time for buying real estate...imagine the value 20 years from now!

Make the credit work for you and give me a call so that I can help point you in the right direction so that you too can take your piece of the stimulus pie!

Rules For Living

This has been hanging over our kitchenette at the office and I have enjoyed it, so i wanted to share these sentiments by Kent Keith.

RULES FOR LIVING

1-People are illogical, unreasonable and self-centered. Love them anyway.

2-If you do good, people will accuse you of selfish ulterior motives. Do good anyway.

3-If you are successful, you win false friends and true enemies. Succeed anyway.

4-The good you do today will be forgotten tomorrow. Do good anyway.

5-Honesty and frankness make you vulnerable. Be honest and frank anyway.

6-The biggest men and women with the biggest ideas can be shot down by the smallest men and women with the smallest minds. Think big anyway.

7-People favor underdogs but follow only top dogs. Fight for a few underdogs anyway.

8-What you spend years building may be destroyed overnight. Build anyway.

9-People really need help but may attack you if you do help them. Help people anyway.

10-Give the world the best you have and you'll get kicked in the teeth. Give the world the best you have anyway.

X Marks the Spot...

Well, now the holidays are behind us and 2010 or the Year of X is now upon us. I have been super busy listing and consulting folks who are weeks away from listing, so there will be plenty to choose from if you are a first-timer or move-up buyer looking to take advantage of the extended and expanded tax credit before April 30, 2010.

The numbers show the "hot spots" in the market and I have some stats from November 09 I would like to share that demonstrate just that.

These stats are residential stats for Forsyth County-November 2009

Homes closed between 100,001 and 150,000---112 sold
Homes closed between 150,001 and 200,000---41 sold
Homes closed between 200,001 and 250,000---17 sold
Homes closed between 250,001 and 300,000---12 sold

TOTAL of home sold that were over 300,000---29 sold!

Hot market is definitely between 100-200K and those over the 300K mark are going to have to price aggressively, still be the shiniest apple in the bunch and be open to buyer incentives at least for the next quarter or three.

December and January's numbers will be very interesting since it is my opinion that these figures above from November 09 are artificially inflated due to the perception that the tax credit was ending on Nov 30...we'll see how we adjust to the new deadlines and where the market ends up after April 2010...As far as bottoming of the market, it is my hope that X will truly mark the spot as the bottom and we can go onward and upward from there.

Wishing you a healthy and prosperous New Year!

Ways to Deal with the Enevitable Holiday Stress...

A great message arrived from the President of Allen Tate today, thought I would share it with you as you may be dealing with the tiny nuiances of holiday stress as we count down the days to Christmas...

* Accept that some days you're the pigeon, and some days you're the statue.

*Always keep your words soft and sweet, in case you have to eat them.

*Always wear clothes that make you look good, in case you die in the middle of whatever you are doing.

*Drive carefully. It's not only cars that can be "recalled" by their maker.

*If you can't be kind, at least have the decency to be vague.

*If you lend someone $20 and never see that person again, it was probably worth it.

*May it be that your sole purpose in life is simply to be kind to others.

*Never put both feet in your mouth at the same time, because you won't have a leg to stand on.

*Nobody cares if you can't dance well...just get up and DANCE!

*Since it's the early worm that gets eaten by the bird--sleep late!

*The second mouse gets the cheese.

*When everything is coming your way...you're in the WRONG lane!

*Birthdays are good for you...the more you have the longer you will live! :)

*You may be only one person in the world, but to one person you are the world!

*Some mistakes are too much fun to only make once!

*We could learn a lot from crayons...some are sharp, some are dull, some have weird names and are all different colors, but they all have to live in the same box.

MY FAVORITE:

A truly happy person is one who can enjoy the scenery on a detour!

Merry Christmas!

Brooke

Shop Local!! Top 10 Reasons!

Ok, T Minus 8 days and counting!!

It's definitely crunch time and the race is on to get those last minute gifts. May I suggest 10 Reasons for BUYING LOCAL?

10. Nothing says Christmas like long lines of red tail lights in parking lots. Admit it, something would be missing if you didn't have to get into "some" traffic while jammin' to 99.5 and Christmas classics.

9. You DO need to touch, smell and see what you are purchasing...I can say from experience that a size online MAY NOT be what you receive just days, sometimes hours before Christmas.

8. Friendly, helpful service from folks in local stores who REALLY know what they are doing! Not script-prompted call centers that can't pronounce Kernersville or Mocksville, NO IT'S NOT KNOXVILLE!!

7. Local businesses need YOUR DOLLAR in this tough economy...why send your money to some off-shore account or to some corporation housed in Timbuktoo? Well over 50 cent of each dollar spent locally STAYS LOCALLY and supports our LOCAL ECONOMY! It's the economy stupid! :)

6. Unique gift ideas...go online or to a big box and you get what everyone is getting! These shop owners spend a ton of time trying to find items that set their stores apart...take advantage of their knowledge! Grab a cup of coffee from your local coffee shop or bakery and STROLL...see what nuggets you can pick out special for that special someone on your list!

5. Take time to remember that it's the thought that counts! Sure thoughts can be ill-fitting, ugly and sometimes embarrassing (me: thanks for the big red underwear mom!) but when you know that someone spent time shopping for you (mom: you like red Brooke and red brings good luck according to my reflexologist) you know that they really were thinking about you and what you like--not just clicking on a random sale item or ordering yet another thoughtless gift card.

4. Make it a social outing...remember the cup of coffee I suggested, well, turn it into lunch or dinner after a long, productive day out with the girls or guys...have fun, talk, search, discover your town!

3. Make history! Yep, you can do just that. Visit some of historic sites and older local shop owners for a bit of local flare! Buy Moravian cookies, tins, candles or send some North Carolina goodies to those friends far and wide...we have such a rich history, unlike so many other states, so share that NC pride!

2. Create a tradition! Yes, I know it might be hard to do everything locally, but it can be done. When we opened our office in downtown Kernersville in 2005, I did all of my Christmas shopping in downtown Kville. Now, it was challenging and especially then, when there weren't a great deal of shops open, but I did it! Now, the tradition in the Cashion family is to still enjoy a shopping trip to downtown Kernersville for gift purchases for ANY SEASON...we start there first! A book at Shakespeare and Co., a basket of NC goodies from Baskets and Beyond, jewelry at Splurges, and the list goes on and on.

1. Because you LIVE HERE! This is your town, city, village, etc. Take pride in knowing that you play an integral part in keeping small, local businesses alive. Your part will make all of the difference in this economy, so that everyone can have the Merriest Christmas possible!

Merry Christmas and a Very Happy New Year!

Changes to Good Faith Estimate Just Around the Corner...

At our office meeting last week our Allen Tate mortgage VP spoke to our group about the changes on the horizon for Good Faith Estimates (GFE). For those of you out there who haven't purchased a home in a while, you may not remember that a GFE is required from the lender prior to loan commitment. Due to so many recent lending changes and loan defaults, the government has stepped in to simplify the process--thanks!

What was once a one page form has grown to three pages and is a basically a hand-holding, step by step worksheet for buyers to compare and contrast lenders and the loans they have to offer.

There are still caveats...dates are important to pay attention to because rates change, programs are eliminated and funds for certain programs can be limited.

It is still crucial to go with a reputable lender who can explain your options and make sure you are comparing "apples to apples" so to speak. Meaning that origination fees, points, transaction fees, estimates of expenses and escrows are broken out but can vary widely.

The one thing that jumps out at me and some of my colleagues is the fact that the lenders must disclose up front fees for services by third-party vendors. These fees cannot change but a certain percent from the overall cost. This means that your lender may say that they have an average price for legal services (closing attorney), but you want to choose someone you know. If the person you choose costs significantly more, bundled with other items that are variable, and your lender is basing their estimates on folks they have historically used, this may upset that proverbial "apple cart". If it does it could mean essentially limiting your choices because by using someone not in the "pool" could throw the estimates on the GFE out of whack, thus delaying the closing.

How, you say, if I am ok with the fees and the possible change can this delay my closing? Well, another change is that if these amounts charged change outside of the allowed percentage...the lender has to draw up another GFE and make sure that the closing occurs no sooner than three days from receipt.

There will definitely be "tweaking" of this document and though lenders are required to use the new GFE now, they are also in a transitional period to allow for instruction and adjustment.

Bottom line is that as a consumer of real estate it is necessary to find a means of understanding the cost of borrowing money and transacting real estate. Find a professional lender that understands the various programs and their ups, downs, ins and outs. Once you have several GFEs from various mortgage lenders, share them with your professional REALTOR so that you can talk about the programs and how they may effect what kind, what price and what location of the home you are going to purchase. That way everyone, most importantly yourself, is on the same page regarding your strategic plan to buy a home or investment property and that my friend, will bode for a smooth and professionally executed transaction!

Feel free to post questions or your own experiences with this new Good Faith Estimate or any other questions or comments you have regarding the real estate process!

Burlington-based Star Food Products to relocate, expand - The Business Journal of the Greater Triad Area:

Burlington-based Star Food Products to relocate, expand - The Business Journal of the Greater Triad Area:

Winston-Salem Area In Economic Recovery?

Interesting post from MSN-Money...thoughts, comments?



http://www.msnbc.msn.com/id/33934229/ns/business_eye_on_the_economy/

Triad Area: Buy Local This Holiday Season!

Great public service annoucement as to why YOU should buy LOCAL this holiday season and EVERY season! Check it out and see if you can find your hometown! Kernersville is representing! :)



Triad Area: Buy Local This Holiday Season!

Update on Tax Credit Extension...

This is an excerpt from an email that my lender-friend, LuAnn Davis sent just a few minutes ago...

November 5, 2009

Senate has passed legislation making if virtually certain President Obama will sign the
Homebuyer Tax Credit Benefits Extension and Expansion!!

If signed into law . . . . .

* The first time homebuyer tax credit of $8000, due to expire at the end of November would be
extended through April, 2010.

* Legislation is expanded to allow qualified move-up buyers to be eligible for a credit of up to $6500.

* Income limits have been expanded for first time homebuyers with incomes up to $225,000 for a married
couple now being eligible.

* Existing homebuyers will have income limits and must have lived in their current residence for 5 of the prior 8 years.

* Primary residences only qualify.

I am here to provide unsurpassed service when helping your buyers take advantage of this tax credit. Rates are still incredibly low and our common sense approach to underwriting will create a positive experience for you and your client. Please call me!

LuAnn DavisSr. Loan Officer
WR Starkey Mortgage

For The Record...NC Real Estate Update

Per Issue 6, November/December 2009 North Carolina Realtors Association:

Just some quick factoids regarding the current state of NC real estate. We hear so much nationwide news, I thought it would be beneficial to share some state numbers with you. Keep in mind, all real estate is local and even though these are state numbers, numbers specific to your area and/or neighborhood can be obtained by contacting me, Brooke Cashion at 336-817-3598 or brooke.cashion@allentate.com

*First-time buyers continue to fuel the housing rebound. Most are between the ages of 25-45 and they have accounted for nearly 50% of the homes sales in the first 7 months of 2009!!

*NC existing homes sales posted its fourth consecutive month of improvement in September, the longest period of gain in 5 years. **My commentary** This may be attributed to prices adjusting to more "normal" levels**

*NC ranks as the 6th most popular state in the nation when it comes to where people want to love, according to a recent Harris interactive poll.

*National foreclosure rates soared in the 3rd quarter with 1 in every 136 homes going into foreclosure...HOWEVER in NC, we had the 14th lowest rate of foreclosure with only 1 in every 417 homes going into foreclosure.

Please feel free to post commentary on your observations of these facts and figures and contribute any additional pertinent information you may have, including references and links.

Great Tips for Preventing the Flu or other Viral Maladies...

I SWEAR by the Neti pot...a cheaper version, which is just as effective, is to take a 3" bulb syringe (pharmacy supply store) and warm water mixed 3 parts salt 1 part baking soda and gently flush your nasal cavities. Best performed in the shower or over the sink, because it unless you are good, water goes everywhere!

This message is from Dr. Vinay Goyal a renowned doctor who visited last week to lecture on the topic H1N1 (SWINE FLU), its origin and precautions. He is an MBBS, DRM, DNB (Intensivist and Thyroid specialist) having clinical experience of over 20 years. He has worked in institutions like Hinduja Hospital , Bombay Hospital ,Saifee Hospital , Tata Memorial etc. Presently, he is heading our Nuclear Medicine Department and Thyroid clinic at Riddhivinayak Cardiac and Critical Centre, Malad (W).


Thanks to media hype about H1N1, several people who trust me have either approached or called me to advice. The hype in media about the utility of face masks and N95 respirators as a tool for g eneral protection against H1N1 can't be deplored enough. Yesterday, a friend who listened wanted me to write down briefly what I advised so that he could tell others in similar words. Hence this short email to friends whom I have advised recently (and others whom I haven't yet). Please realize that this is not an official advice, especially the one about face masks or N95.

Most N95 respirators are designed to filter 95% particulates of 0.3µ, while the s ize of H1N1 virus is about 0.1µ. Hence, dependence on N95 to protect against H1N1 is like protecting against rain with an umbrella made of mosquito net.

Tamiflu does not kill but prevents H1N1 from further proliferation till the virus limits itself in about 1-2 weeks (its natural cycle). H1N1, like other Influenza A viruses, only infects the upper respiratory tract and proliferates (only) there. The only portals of entry are the nostrils and mouth/ throat. In a global epidemic of this nature, it's almost impossible not coming into contact with H1N1 in spite of all precautions. Contact with H1N1 is not so much of a problem as prol iferation is. While you are still healthy and not showing any symptoms of H1N1 infection, in order to prevent proliferation, aggravation of symptoms and development of secondary infections, some very simple steps not fully highlighted in most official communications - can be practiced (instead of focusing on how to stock N95 or Tamiflu):

1. Frequent hand-washing (well highlighted in all official communications).
2. "Hands-off-the-face" approach. Resist all temptations to touch any part of face
3. *Gargle twice a day with warm salt water (use Listerine if you don't trust salt). *H1N1 takes 2-3 days after initial infection in the throat/ nasal cavity to proliferate and show characteristic symptoms. Simple gargling prevents proliferation. In a way, gargling with salt water has the same effect on a healthy individual that Tamiflu has on an infected one. Don't underestimate this simple, inexpensive and powerful preventative method.
4. Similar to 3 above, *clean your nostrils at least once every day with warm salt water. *Not everybody may be good at Jala Neti or Sutra Neti (very good Yoga asanas to clean nasal cavities), but *blowing the nose hard once a day and swabbing both nostrils with cotton buds dipped in warm salt water is very effective in bringing down viral population.*
5. *Boost your natural immunity with foods that are rich in Vitamin C (Amla and other citrus fruits). *If you have to supplement with Vitamin C tablets, make sure that it also has Zinc to boost absorption.
6.* Drink as much of warm liquids as you can. *Drinking warm liquids has the same effect as gargling, but in the reverse direction. They wash off proliferating viruses from the throat into the stomach where they cannot survive, proliferate or do any harm.

All these are simple ways to prevent, within means of most households, and certainly much less painful than to wait in long queues outside public hospitals.

Hard Work and Relaxation Shouldn't Be a Thing of the Past...

Ok, it's Friday, a day to start winding down-right? Sorry to burden you with a heavy blog before the weekend, but it's the first time recently I have had the chance to really sit down and write.

Jake and I were talking last night about how Christmas was only 65 days away and I brought up how different it was going to be this year for Thanksgiving and Christmas without Nanny around. Most of you who read regularly, know that my grandmother, fondly called, Nanny, passed away in July. I have been saying that I want to write about that experience, but time, like everything else, has been limited for me to feel like I could do justice to the subject.

A little background...Nanny was a worker. From the time she was a child, on her family farm in Kernersville, just off of Pisgah Church Road, Nanny worked. She had several siblings that died as infants and two sisters who she enjoyed for many years to come. Nanny was no stranger to difficult times as her family survived the Great Depression and continued to live on meager income farming tobacco. However, to hear Nanny describe her life, you never would know that they ever wanted for anything. Days were occupied by hard work and hard work paid off. During the depression, Nanny talked about having plenty to eat, most of it being provided on their farm, from home-grown vegetables, slaughtered animals, eggs, milk and the like. They didn't go hungry like the folks who relied on the "business-world", the stock market or "easy" money...barely a ripple was felt according to her recollections.

When the family wasn't chipping in to keep the place running, they enjoyed each others company. In a time pre-television and radio, the Bible was a mainstay of family gatherings and church and the work-free Sunday afternoon were a welcome respite to the weekly grind. These Sunday afternoons were literally without running around, shopping, cooking, cleaning or anything that resembled work. The family would gather on the front porch, visit near-by family and friends or take moments to reflect on the upcoming or bygone week. Even the food was pre-made for Sunday dinner and it was fresh, scratch-made and plentiful!

Though this is only a snippet into the inner-workings of most families that grew up in this era and only a small glance at my grandmother's childhood, I challenge you to look at your own situation and how we define work and relaxation. I too, am guilty of working non-stop both at home and in the office, running myself into a place where I am neither pleasant to be around and have a hard time coming down from. This pattern makes it almost impossible to stop, enjoy family or take a "breather" without feelings of guilt or anxiety.

Take a lesson from Nanny...work hard when it's time to work but enjoy the fruits of your labor and the company of those you love most when the opportunities present themselves. Because of her and her family's hard work and limited reliance on outside sources, they had an independence that allowed them to dictate when they relaxed, what their lifestyle looked like and provided time for friends and family without outside distractions. I understand that times have changed and they continue to change. In order for us to maintain a resemblance of sanity during these times, we must breathe and take personal responsibility, working hard and rewarding ourselves for time well spent. Turn off the t.v, the blackberry, the ipod, the radio and reflect on your family, your friends and what exactly it is that you are spinning your wheels for.

WOW! Deep thoughts by Brooke Cashion...sorry if I bored you to tears, but brace yourself, because more "Nanny" installations are to follow. Have a great weekend and please feel free to contribute your thoughts on hard work, self-sufficiency, family members as role models and anything else you would like to share...

New Housing Prop on the Horizon....

Courtesy of the NC Realtor newsletter...

Yet Another Housing Bailout on the WayJust as federal officials seek to wind down many bailout programs, the Obama administration announced earlier this week another initiative to prop up the housing market. http://money.cnn.com/2009/10/19/news/economy/housing_finance_agency_bailout/index.htm?postversion=2009101918

Feds Hedging on Extension of Tax Credit....

This article appeared today. What are your thoughts on whether or not the tax credit should be extended or revamped to include "move-up" buyers?

HUD Secretary Hedges on Extension of Homebuyer Tax CreditOct 20, 2009 11:30 AM

By Richard Rubin,

CQ StaffHousing and Urban Development Secretary Shaun Donovan equivocated Tuesday on whether Congress should extend an expiring tax credit for first-time homebuyers.“I can assure you that the administration will work with Congress to fashion appropriate and effective homebuyer incentives, mindful of both their benefits to stimulating new demand and their costs to the American taxpayer,” he said in prepared testimony for a Tuesday morning hearing of the Senate Banking, Housing and Urban Affairs Committee. Donovan acknowledged congressional support for an extension, but he did not endorse it himself.The current $8,000 tax credit for first-time homebuyers, created in the economic stimulus package (PL 111-5) enacted early this year, expires Nov. 30. Housing and real estate interests and their allies on Capitol Hill are pushing hard for an extension. Some also want to make the credit available to all home purchasers, not just first-time buyers, and to loosen the income eligibility limits.Various extension proposals have drawn support from lawmakers in both parties, including Senate Banking Chairman Christopher J. Dodd, D-Conn.“The credit is set to expire in five weeks,” Dodd said in his prepared opening statement. “But the work of stabilizing the housing market won’t be done. We still need to use every tool at our disposal to fix this problem.”The intensified focus on the tax credit’s looming expiration came as the Commerce Department said Tuesday that while construction of new homes and apartments rose 0.5 percent in September, new applications for building permits fell 1.2 percent. That was the sharpest decline since a 2.5 percent drop in April and may have reflected uncertainty about the tax credit.Under questioning from Dodd, Donovan said there was “clear evidence” that the tax credit has helped housing markets, but he added that the administration wants to do more research on the costs.“We understand the urgency of this situation,” Donovan said. “And we believe that within the next few weeks, we will have additional data that will allow us to sit down with you” and discuss whether and how to extend the credit.Donovan downplayed the potential impact of allowing the tax credit to expire as scheduled next month. “The end of the tax credit would have some negative implications for the market,” he conceded, “but I do not believe based on all of the other actions that we’re taking . . . I do not believe that a catastrophic decline would be the result of the end of the tax credit.”The lead Senate supporter of an extension, Johnny Isakson, R-Ga., also testified at the hearing.Under a plan he is trying to attach to legislation extending unemployment benefits (H.R. 3548), the tax credit would be available to all purchasers of a primary residence. His proposal would double the allowable income of homebuyers eligible for the tax credit, to $150,000 per year for individuals and $300,000 for married couples. The credit would be available through June 30, and the Joint Committee on Taxation estimates it would cost $16.7 billion, according to Isakson’s office.“It brings a lot of Americans to the market that are sitting on the sidelines today,” Isakson said of his plan to broaden the credit, pointing in particular to the “move-up” market among people who already own homes.Isakson said that based on his conversations with administration officials and his Senate colleagues, he did not think there was support for boosting the maximum credit to $15,000, as he originally proposed, or extending it beyond June 30, 2010.“It’s the art of the doable and the art of the possible,” he said.Many economists have criticized the tax credit, saying that it would subsidize people who would buy houses anyway.Sen. Richard C. Shelby of Alabama, the committee’s ranking Republican, echoed those concerns and said “some basic questions need to be answered” before the credit is extended. He also said that a credit offset by a reduction in government spending would have a much different impact from an extension offset by higher taxes elsewhere.Supporters of the bill have varying ideas on whether and how any extension should be offset. Isakson and Dodd said they are looking for offsets.“If we can find a pay-for, I’m all for it,” said Dodd.

Source: CQ Today Online News

I'm Baaaack....

Goodness Gracious! I am back, refreshed and ready to go! Jake and I celebrated 10 years of marriage in the Dominican Republic. It was beautiful and relaxing, but definitely not the United States!

While I was gone real estate was hoppin'! Thank God that Beth and Marianne were able to continue to work and keep our group moving forward.

Because, we are swamped with catching up, I didn't want to leave you too awfully long without some interesting information.

Just before I left, I attend our Kernersville Economic Development Council meeting, with the Kernersville Chamber. The speaker presented great information on the 2008 Forsyth County Trends. I thought I would share the link with you.

http://www.cityofws.org/Home/Departments/Planning/NewInPlanning/Articles/WhatsNew


More great info to come from the Allen Tate Advance that I attended in Charleston, SC for the top 100 Tate agents in the Carolinas! Great info moving forward.

Mini-Farm in Lewisville...NEW LISTING!

www.allentate.com/brookecashion/558186

Tranquil 4.98 acre tract with country cottage in Lewisville! Possibility to combine with other acreage tracts around the property that are currently for sale to make a large, working farm. Home is in great condition, has a deck, fenced area, trees, storage buildings and a ton of charm! Under tax value and priced to sell at $179,900! Check it out...

The Fountainhead...my latest EXCELLENT read...

It's been awhile since I wrote anything on what I read...and for any of you who know me-I LOVE TO READ! My friends Beth and Dave turned me on to The Fountainhead by Ayn Rand, a couple of weeks ago. I won't go into an actual review and synopsis of the book, as I could go on forever on the varying themes and topics of interest. I would, however, encourage each of you to read this amazing work which is by the same author, who penned Atlas Shrugged.

Jake and I were talking about the book and came to the conclusion that what we liked most, is that she put into, amazing words, the thoughts and frustrations, that those concerned with mediocrity have felt. She speaks of "second-handers"--folks who glean ideas and prestige from society and have no thoughts of their own. Rand shows a world where the man that stands alone and works towards "greatness" is ostracized as a threat to the general good and where mediocrity is not only accepted but encouraged and propped up by the mainstream media-to use a modern term.

One of the statements from Wikipedia sums it up best.
("A world where the thought of each man will not be his own, but an attempt to guess the thought of his neighbor (...) Men will not work for money, but for prestige, the approval of their fellows - not judgment, but public polls") Toohey makes no mention of any overt dictatorship or coercive apparatus. Rather, Toohey's methods throughout the book suggest that such a regime might be able to retain the forms of democracy, multi-party elections and a free press, with actual power held by Toohey-like "informal advisers".

We see so many of our struggles today and the ridiculous nature of these ideals in the text of this book. One of my favorite pieces of dialogue in the book is one between Howard Roark (the protagonist) and Gail Wynand (tragic character with second-hander tendencies toward power) in which Roark has no interest in Wynand's propping him up financially or making social/political connections for him. Roark does not want a hand-out but goes on to say that he only wants the ability to see that success is possible, happiness and contentment are possible and that is enough to encourage his work and life.

As I said, I could go on and on, but don't want to bore you with my words when the author is so brilliant with her plots and verbiage. Anyone who is interested in the current state of our society, country and world should pick up this book and digest it's premises so that they can open their own eyes and minds to current situations, notions and trends--

The Fountainhead by Ayn Rand c. 1942

**If you have read this book, please post comments and future recommendations--I would love to hear from you**

Brooke

Fabulous New Listing for First-Time Buyers! Kernersville Under 150K!!

Check out this great new listing at 431 Overbrook Meadow Court, Kernersville. Click on the link for 21 photo tour, specs and community info! Priced to sell at $145,000!!

www.allentate.com/BrookeCashion/557217

Mondays = Heart Attacks!...Courtesy of my 3rd Grader!

1-A human being loses an average of 40-100 strands of hair a day.
2-A cough releases an explosive charge of air that moves at speeds up to 60 mph.
3-Every time you lick a stamp, you're consuming 1/10 of a calorie!
4-A sneeze can exceed the speed of 100 mph.
5-According to German researchers, the risk of a heart attack is higher on Monday than any other day of the week!
6-After spending hours working at a computer display, look at a blank piece of white paper. It will probably appear pink.
7-An average human scalp has 100,000 hairs.
8-If the average man never trimmed his beard, it would grow to nearly 30 feet long in his lifetime.
9-By age sixty, most people have lost half of their taste buds.
10-Humans shed about 600,00 particles of skin every hour or 1.5 pounds a year. By age 70 the average person will have lost 105 pounds of skin.

Popping Up Everywhere...It's That Season!

It's that time again and yet it seems like just last Fall! I bet most of you haven't even noticed--not yet, anyway! A few smatterings of election signs have been popping up around the community. This year is a little slow to start given the fact that there are no major state or national elections to bring folks to the polls. Interestingly enough, it is the local decisions that have just as great an impact on your day to day life. Local elected officials decide the following:
*Property Tax Rates
*Schools, Road Maintenance, Police & Fire
*Trash and Recycling
*Car Tax/Fees
*Stormwater Fees
*Parks and Recreation-parks, trails, sidewalks, etc.
*Local Zoning--Not In My Backyard Issues
The list goes on and on...So, the moral of the story is that it is VERY important to take this time of year seriously and really make sure you know what the candidates REALLY stand for. Investigate how they stand on various issues...ASK THEM-READ THE NEWSPAPER, ATTEND THE CHAMBER HOSTED DEBATE, ETC...

All of the incumbents voting records are available online for you to review. Just because a candidate talks a certain way, has a sign that you like, runs in the same groups you do or looks a certain way, doesn't mean that they vote or represent you the way you would like.

PAY ATTENTION! This is a very easy thing to do and it could mean NEW JOBS, NEW BUSINESS, LOWER TAXES, BETTER ROADS depending on your vision for our community. If you need help finding any of this information or would like to talk further about local issues affecting our town/area, please feel free to post a question, email me or call...

**As stated before this information can be found on the Town of Kernersville's website--www.toknc.com which has recently been re-vamped to be user-friendly. The site looks great and is easy to navigate! Other county and communities info can also usually be found on their corresponding websites--**

Kernersville STILL Qualifies for USDA 100% Financing!!

For those buyers out there who thought that the 100% financing was "gone with the wind"--think again! Kernersville still qualifies for USDA Government financing because of the rural status attached to it during the previous census. As the upcoming census gets underway, this opportunity could very well be limited, especially since the population projections put us outside of the definition of "rural". Price limits are based on income and number of dependant individuals in the home. Take advantage NOW if you are looking for a new home as Kernersville is one of very few areas in Forsyth county that qualify. If you are not working with an agent and want to talk about this program and how to find out if you are qualified, please give me a call or shoot me an email and I can put you in front of LOCAL KERNERSVILLE lenders who offer this program.

Thinking About Selling?--Wanna know if your home qualifies for USDA financing?--Contact me and I can help you to move forward capitalizing on this unique and limited program through marketing and positioning.

Just Curious? I have included a link, courtesy of LuAnn Davis at WR Starkey that allows you to search addresses to see if a particular property qualifies. Happy House Hunting!

Brooke

New Listing In Kernersville...$197,900!!

See more photos and information at:

www.allentate.com/brookecashion/554820

4183 Shadetree Drive-Glen Village

AMAZING RATES!

-This just in from Allen Tate mortgage! For all of you sitting on the fence regarding purchasing a home or for those of you waiting for prices to fall and great interest rates...NOW IS THE TIME! Keep in mind my previous blog posts regarding how much prices would have to fall as compared to interest rates going up as it relates to your monthly payment. For those of you who may not have seen that post, you can reference it or the basic premise is: Prices can dip another 15-20% but if the interest rates crept up 1% your payment would be the same! Take advantage of these awesome rates coupled with great pricing and inventory.

Give me a call or email and let's talk about what is out there...First-time buyers---Time is especially of the essence for you guys...you really need to be under contract in the next couple of weeks to take full advantage of inventory, condition of homes and not be bottle-necked in the last few weeks of November, while lenders are under the gun to close everyone out during Thanksgiving week!

Per Allen Tate's mortgage consultant Jennifer Tuttle:

Here is some valuable information for you. RATES ARE GREAT!!! See below for a list of Allen Tate Mortgage Rates and Programs. Rates are very low….at their lowest in several weeks. Please let me know if you have any questions or if I can be of assistance to your buyers. I would love the opportunity J

Conventional 4.875% Conventional 5/1 LIBOR ARM 3.750% This is NOT a typo…..Holy COW!!
FHA 5.125%
VA 5.125%
Jumbo 5.750% 90% LTV Most banks or other lending institutions are capped at 80 – 85%LTV on Jumbo loans

First Time Buyers Beware....Deadlines and Short Sales....

As I have said before, I have several first-time buyers looking to close before the November 30 deadline. These folks have to be closed by this date in order to take advantage of the $8000 tax credit, unless it is extended. At this point, no one I am working with is taking the risk that it will.

Therefore, everyone is scrambling to find the perfect home, in their price range and condition. That being said, a good deal of buyers are finding homes that meet their needs, have prices that work for their budget, but as a result of varying circumstances, are in a short sale situation. Short sale, meaning that the seller has the home listed for less than they need to clear out the mortgages and other cost incurred by selling the home...hoping that the bank will take less for the home, rather than allow the home to go into foreclosure. This process can take quite some time. Which is why I blog today...

I am making a prediction that all of the buyers that are currently waiting on responses from banks regarding short sales are on the cusp of failing to meet their deadline to close. If solid responses are not gotten in the next few weeks, there is going to be a mad dash for those remaining properties (most of them being under $150,000) that are not short sales. Good for those new constructions and for other existing sellers, but not so good for the buyer. This is going to place them in a situation that we have not seen in quite some time...multiple offers. This does not give the buyer as much flexibility in price and terms if they are competing with other buyers just as anxious to cash in on the tax credit.

My advice is to get with your Realtor or get with a Realtor (preferably me) and discuss your options and strategy for the next month, so that you don't get bottle-necked into the end of November, which also coincides with Thanksgiving. As a buyer's representative, we are also including language to protect the buyer in the event this does happen.

Great time to buy, but buyers need to use their heads and make sure that they have all of the information available in order to expedite an uneventful and pleasurable buying experience!

Brooke

Conflicting Policies and Promotions...Just Like Washington...

I have had a flood of first-time buyers call or email in the past couple of weeks. Whether they are finally coming to the realization that the $8000 tax credit may really expire and they need to get on board or they have heard that there are additional credits and assistance for those buyers willing to purchase foreclosures, the interest has been phenomenal. That being said, you can almost see the smile disappear from their face when they realize that most of the incentives and policies are extremely contradictory to what they are saying they want to achieve.

Take for example the first-time buyer wanting the tax credit. The buyer cannot make but $75,000 per year as an individual or $150,000 combined as a couple. That does sound like a bit of money in this day and time, but these are some of the only folks who have the minimum 3.5% down required for an FHA loan and even then, they cannot purchase a home in our area for over $277K. Most folks who make less than that are not able to buy because they have little or no cash reserves for the down payment, much less the additional 3% in closing costs that would be required.

If the credit applied to everyone, regardless of income or first-time, second-time, vacation, investment, etc. the inventory would be drastically reduced, thus stabilizing prices and putting contractors back to work on homes that need a little TLC because they have been on the market for so long or have been bank-owned.

Speaking for foreclosures...there are apparently programs out there from local municipalities on up that are offering down-payment assistance or breaks for purchasing foreclosures. I am assuming this is being done in an effort to reduce the inventory as well. However, with the buyers that are calling, most of them being first-time buyers and having barely enough to cover their down-payment, meaning they are doing FHA or VA loans...these foreclosures are not even in condition to pass the guidelines for these loan programs. Sounds good, but it just doesn't work. Everything has a catch...once again, a great example of not being able to take everything you hear in soundbites at face value.

If you are trying to buy before the deadline or you think that you may qualify for some of these programs, give me a call or shoot an email and we can sit down face to face and find out what exactly is going to work for you, what you qualify for and how you can get the most bang for your buck on this major investment.

Have a great weekend!

Absorption Rates...

I have blogged recently about the number of months that certain price points are staying on the market. As a result of that blog, the question has been asked, "How exactly do you come up with those numbers?"

Those "numbers" or months of inventory are figured by using an absorption rate formula. Relatively easy, here's how it goes:

Take your subject neighborhood or micro area...let's say it has 20 listings on the market and 4 that have sold in the past 6 months...

Take the supply (4 sales divided by 6 months) = .66
Divide those 20 active listings by .66 = 30.30 months

That means that if there are no new listings, it will take over 2 years to sell the existing inventory if no new listings come onto the market...

So let's do another:

As of today in Abington there are 16 active listings and 11 have closed in the past 6 months.
11 sales divided by 6 months = 1.83
16 listings divided by 1.83 = 8.74

Which means that currently it would take close to 9 months to sell all of the listings currently listed in Abington.

Well Wishes Chief Stockton, aka Superman...

An icon in our community is retiring...most of you who are not living under rocks have heard that our very own Chief Stockton, who has been with the Kernersville Police Department for 36 years is retiring.

His reception was held last night at First Christian Church with approximately 800 in attendance. The Chief was received by many well-wishers who enjoyed recalling some of the funnier moments in the Chief's career. There was a video of folks in town with numerous accounts and the end of the evening was definitely highlighted by a video produced by Derek Crews featuring Damien Marotz and Keith Mason. I for one, hope that this production debuts on YouTube....it was a riot!

Thank you Chief Stockton for all that you have done for our community by making the quality of life second to none in North Carolina!

Please feel free to leave comments to this post for the Chief and I will make sure they are passed along!

Those That Bear Down The Hardest...

Any of you guys who know me personally know that it is difficult for me to take "no" or "that's not going to work" for an answer. Sometimes, my delivery methods may be a little skewed or abrasive, but all in all, I chalk it up to good ol' fashioned American drive and work constantly on softening the delivery while keeping the message intact. That being said, I was at an attorney's office for a closing last week, when the attorney made a comment that was very apropos to life in general.

Most of you have seen the bumper sticker that says "Well Behaved Women Rarely Make History". How true that statement is. I am not an women's activist by any means, but I do expect equal treatment of my ideas and ability if they are worth it. ( I guess that could be pretty subjective :)) Anyhow, his comment was based on the following and I thought it was a neat illustration of why you need to be involved and stay at the forefront of causes you feel passionately about.

So, the story goes:

My client was signing a ton of paperwork for his loan and noticed that because there was no glass on the conference table, that the impression of his name was being engraved into the wood of the table over and over. He started his apology to the attorney and commented on how many other names joined his on the table. The attorney replied,

"Those folks that bear down the hardest, always seem to leave an impression."

Now, the attorney was talking about the physical consequence of the pen. But, I think that this applies aptly in life where those who speak up, speak out, go against the grain, etc. make the impressions that are to last. However, in the life-lesson of the comment, it doesn't indicate whether the impression was good or bad, just lasting.

I've had my share of both and it's up to us individually whether we will work toward making future impressions as we bear down the hardest for the things that touch us the most.

Brooke

Where to Buy? Helpful Hints...

In a recent article published in the August edition of Money magazine, the author highlights the common elements that certain markets of stable value have. Everyone wants to purchase a home in a location that is going to maintain it's value and most of us (I'm guessing YOU) want to buy a home in an area that appreciates over time, since the purchase is usually one of the largest investments we will ever make.

Most buyers I work with are very concerned with proximity to their work, the spatial qualifications of the home (# of bedrooms and baths, square footage), the condition and what the area looks like maintenance-wise. But as the article suggests there are more things that you and your "seasoned" Realtor should be looking at. Some of the items in Money magazine are:

Proximity-High gas prices, long commutes...no one wants to drive further than they have to.

Great Schools-Home prices in areas with great school systems tend to be more stable and hold up best during downturns according to the article. You should consider this item even if you don't have children because whoever buys your home next, may.

Strict Limits on New Construction-Studies show and the article points out, that towns that have stricter zoning regulations and limited supply hold their value better. Also, towns that have limited growth areas, such as towns situated between metro areas or bordering natural barriers such as mountains or lakes.

Plenty of Commerce-Money says that towns with stores, banks, theatres and white collar employers tend to hold up best.

Lots of Flower Boxes-Carefully manicured lawns, entrances, parks and streets are responsible for the values of the surrounding neighborhoods and properties. Checking out the number of foreclosures in an area as compared to other areas of consideration can also play into the sustainability of pricing.

Very interesting article, some of these items we have discussed here before on the blog...but always good to keep you up to date on these things as you and your friends and family are out there looking for real estate investments. To view the article in it's entirety you can go online or purchase the August 09 copy of Money magazine.

Have a great week!

Brooke

Lenders Leary...Article from Inman

Survey Shows Lenders Still Cautious Release date: 07/22/09

Nearly three out of four major U.S. banks tightened their underwriting standards for residential mortgage loans in the 12 months ending March 31, and one in five discontinued or planned to discontinue one or more retail mortgage products.
While not unexpected, those and other findings of an annual survey by the U.S. Office of the Comptroller of the Currency demonstrate the extent of a second consecutive year of tightened lending standards following four years of eased underwriting.
The survey included the 59 largest national banks and $3.6 trillion in commercial residential loans of all types, or more than 84 percent of all outstanding loans in the national banking system.
Among the 52 banks engaged in retail mortgage lending during the survey period, 73 percent reported tightening standards and six said they have exited or plan to exit the business altogether.
That compares with 56 percent of banks that reported tightening underwriting standards for residential mortgages the year before and 14 percent two years ago.
For the second year in a row, no banks reported easing underwriting standards on residential mortgage loans, although 27 percent left them unchanged.
One in five banks had discontinued or planned to discontinue one or more retail mortgage products -- a sign of a diminished appetite for risk, OCC said. None of the banks surveyed offered payment-option adjustable-rate mortgage (ARM) loans.
In addition to residential first mortgages, the survey examined practices in six other categories, including home-equity loans, high-loan-to-value (LTV) home-equity loans, credit cards, and affordable housing.
Taken as a whole, the survey showed tightened standards for 71 percent of retail loan products, no change in the standards for 29 percent, and easing of standards for less than 1 percent of retail loan products.
Banks tightening their retail lending standards cited more stringent collateral requirements, pricing and loan fees, and debt-service requirements, OCC examiners said.
Despite the additional tightening of standards, examiners still expect retail credit risk to continue to increase over the next 12 months at 87 percent of the banks -- particularly in home-equity and credit-card portfolios.
During the survey period, all but one of the 14 banks still making high-LTV home-equity loans said they tightened their standards, and all of the banks had either exited that business in the last 12 months or planned to do so.
Of the 51 major banks making conventional home-equity loans, 78 percent said they tightened their standards during the survey period, and 94 percent said their level of credit risk from such loans had increased.
Source: Inman News

Interesting Numbers Presentation...

In our office meeting this morning we were presented with some very interesting statistics as to where the market is heading, where we have been and the new definition of "normal" that we are all going to have to learn to live with.

Overall, Forsyth county in particular seems to be faring well compared to it's closest counterparts, especially Alamance and Guilford counties. I am going to focus on the numbers from the WS MLS because that is where I hold my membership, that is what covers the majority of Forsyth county and what effects most of you readers.

As of right now, based on Winston-Salem MLS stats, the following holds true:

Average Active Days on the Market-----148 days

Average Active Listing Price------------$236,839

Average Closed Price-------------------$172,888

Total Active Units-----------------------2,995

Total 2009 Closed Units-----------------1275

List Price to Close Price Ratio for 2009---95.63%

2009 Current Inventory Supply----------10.5 months

The most interesting part of this presentation was that homes listed over $600,000 in our area have a 36 month average time on the market!! By contrast, under $599,900 the time is cut in 1/2 at just 18 months! Attributed to difficultly in obtaining jumbo mortgages, foreclosures, conservation of resources and influx of inventory, the message is that pricing does matter.

More numbers to follow as the report is emailed to us...these are just from my notes...amazing stuff...recovery of pricing and stabilization not expected until 2012...let's settle in, get used to these numbers, familiarize ourselves with our market and make the best of our situation, as it is more fortunate than others across the nation!

Ciao!

Brooke

What about foreclosures?

After the interview the other night on WXII 12, http://www.wxii12.com/money/20083045/detail.html

I have been getting some questions about how to find foreclosures. Folks are hearing that the numbers of foreclosures are up in NC and our area and when they hear that, they hear "deal." There are also credits out there for purchasing foreclosures but the details can be sketchy and may vary from bank to bank. I have just responded to an email from a client and thought I would share it with you.

Dear ________,
There is not a central search engine for foreclosures, so we have to look at the basic criteria in MLS which fits your needs (price, size, location, etc.) and then review each set of comments, as that is the only place it is disclosed to us (Realtors).

My word of caution is grant/assistance money or no, you most always get what you pay for. Keep in mind the foreclosures are purchased as-is, where-is, and if the area has a foreclosure, it usually is not the only foreclosure in the area, which could drive your price down regardless of the amount you paid or the improvements you make. You have no idea when you purchase these homes what the maintenance history has been or any additional background on the home. Now, this isn’t to say that you know everything about owner-occupied, existing homes either, but at a minimum you are dealing with a person, not a bank.

I used to do about 30-40% of my business in foreclosures and found that by the time the bank got them back into their asset management, paid everyone and everything off and got the home up to showing standards, that sometimes it wasn’t anymore of a "deal" than other homes in the area—it just happened to say “foreclosure.” Sometimes, finding a "distressed-seller" prior to bank possession is a better deal if you can get a home at or below “market value”. We do this by finding a home that meets your spatial and financial needs and then looking at the comps to establish value.

In regards to the credit, there are several government or charitable grants/credits out there floating around and I am not familiar with the specifics of the one you are asking about regarding foreclosures. Even though the credit may exist, keep in mind that if you are going with an FHA loan, which I believe you were, that the home you put under contract has to meet the minimum condition standards of FHA and be able to pass their appraisal condition and value standards. This alone may rule out the purchase of foreclosures for folks trying to use FHA or VA loans.

I hope this helps a bit and if you have any info on this matter, please post and share your experiences with us!

Brooke

Foreclosure Numbers Up--Why You Ask?

Just finished up an interview with WXII 12. The topic was the fact that foreclosure numbers are up 23% since last month here in the Triad. No one is giving any concrete reason for the change but there are some issues to speculate on and that's where I come in.

1-ARMs may be adjusting. May, June and July are pretty busy months and typical months to close real estate in due to the weather, school is out and folks are trying to relocate and register kids in schools elsewhere. If someone purchased a home 3-5 years ago when the market was booming and ARMs were all the rage and everyone was banking on having their job AND making more money, NOW they are dealing with that ARM adjusting. This adjustment could just be enough to send someone into foreclosure especially if margins and ratios were thin to begin with when originally qualified.

2-Unemployment benefits may be running out. Anyone who lost a job within the past year is probably on the verge of losing their benefits. Without new jobs to be had this will put folks in a pickle, especially if they had cut their family budgets and were just eeaking by with these monies.

3-Reserves have ran out. Even responsible buyers who saved 6-8 months of liquid reserves are coming on those funds drying up. Whereas family budget cuts were made and funds were skimpy, they were making it by with a little subsidy from the family's "rainy day fund"--that same fund may now be all dried up.

Those are three possibilities and of course each situation varies greatly. Though the foreclosures may be up the market overall is CERTAINLY NOT DOWN. We have been swamped with folks wanting to purchase and first time buyers wanting to take advantage of tax credits, inventory and low rates.

As we speak I am still here at the office after writing and having two of three offers accepted. We are still waiting on word from the last one submitted.

If you have input on why these numbers are up or want to share your experience with the current real estate market, by all means, POST!

Brooke

Great Buy in Abington! www.BrookeCashion.com/522800

Movin' Up and On...

I know it's been a while since I last posted, but my Nanny passed away last week...more about that in a later post.

I am playing catch up this week and have now worked two back to back 12 hour days...and that, my friends, is what I want to catch you up on.

We have been BUSY! Regardless of what you may hear in the general media, our local real estate market has really seen a pick up. Now it's not what it was 3-5 years ago, but some of the numbers are comparable...I have 8 closings on the books for the next 3o days and that is definitely what I consider to be a strong month.

There are several factors that I attribute this increase in business to...

1: I didn't stop working when things slowed down. No, this isn't a pat on my back, but I am a full-time Realtor. Meaning that while some folks took it easy at the beach/mtns., got a second job, etc. I spent my time with my assistant working on new marketing techniques, tracking successful and not so successful marketing practices, keeping up databases, writing to you folks, etc. This is important and separates the "wheat from the chaff" as my dad would say. Thanks Barry!

2: I continue to market my listings, call my buyers and stay on top of new legislation and how it effects the real estate industry. I know you folks in other sectors don't have time to do it, that's why I do. Thanks Jake!

3: Referrals!!! Wow! I have been in the business 10 years this year December and folks who have worked with me know my style, know my work ethic and know that I am detail-oriented not to mention a "straight-shooter". This is no time for blowin' smoke...my previous clients know I can get the job done...from contract to closing. Thanks to all of my clients who refer business to me...your confidence in my ability means so much!

4: Hard work. It pays off. I have a great team of associates, a supportive family and fabulous clients...what more could a gal ask for?

5: Location. The Triad is a premier location for businesses relocating due to its proximity and the investment in infrastructure of the surrounding counties and municipalities. i.e aerotropolis, Fed/Ex, Honda Jet, Triad Business Park, medical industry and research, etc. What a great place to live!

6: Experience. I don't know it all by a long shot, but I do stay abreast of recent real estate trends, have a good deal of knowledge in negotiating offers and inspections, equity preservation, contracts, financing, legislative issues, etc. All of these experiences mean a virtually seamless transaction for my buyers and sellers. We use past experiences to anticipate issues and hurdles so that your transaction is as pleasant an experience as possible.

That's it...enough already. Point being, real estate is good, you need an experienced, dedicated agent who isn't scared to work and represent you. Visit www.BrookeCashion.com to learn more and to see my featured listings.

Brooke

New home appraisal rules stir backlash - CharlotteObserver.com

New home appraisal rules stir backlash - CharlotteObserver.com

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