I believe this has been the longest break I have taken from blogging since I began this journey over a year ago. However, with the demands of the tax credit and deadlines looming, it has been a necessary evil. I would like to share with you a synopsis of the path from contract to close and how it will effect those trying to obtain the tax-credit.
As a review, the buyers and sellers taking advantage of the tax credit had to be under contract by April 30 and now the clock is ticking for them to close by June 30 which is fast approaching. What that means is that several hurdles have to be crossed for closings to be successful, which reflects on the ability of the Realtor, the lender and the financial viability of the buyer and seller. What in the world does that entail you ask?
Well for starters, after the contract is executed (which our team was doing up until midnight of the deadline!), the clock starts ticking for the buyer to obtain inspections, including a general home inspection, wood-destroying insect, radon, structural, etc. Upon completion of the inspection, the buyer can submit a written request to the seller for broken items to be repaired. This is usually one of the major sticking points of the negotiation process. However, now with these first-time credit eligible buyers, they have lost some of their ability to negotiate these repairs effectively with the seller. Meaning that the seller can say no to the request and if the buyer walks from the contract to find a more suitable home and begins this process over again, they are no longer eligible for the credit. I believe that you will find more and more buyers sucking up some of these minor repairs, unless they exceed their "cost of repair contingency" or exceed the $8000 credit threshold in repairs. Certainly, this is an interesting and new position for buyers to be in, to say the least.
Once the inspections are behind the buyer, the paperwork is continually being submitted on their behalf to the lenders for loan approval. This process normally takes 30-45 days in a natural real estate setting, but with the large influx of loans those buyers under contract on April 30 may now be facing a longer "wait" period, pushing them precariously close to the deadline to close of June 30. Agents such as myself, added language that makes the contract null and void, with earnest money returned, if the deadline is missed, should the buyer desire. My belief is that these kind of statements being added to contracts are few and far between, as far as the deadline performance is concerned. Now, don't get me wrong, I have several buyers that qualify for the credit, but would purchase regardless because their housing needs require such--therefore, that particular language was not necessary.
Another layer of buyer-loan approval is now the additional information that is required per new and existing Federal regulations. This could mean, verification of condo v. townhouse, how many rentals are in a particular subdivision, if the home meets FHA/VA guidelines for condition, if there have been any deposits in the past 30 days that are out of the norm, verification of employment, well and septic testing, lead-based paint testing, structural letters for any previous termite activity whether treated and repaired or not, name verification, marital status verification, primary-residence verification, and the like....THEN AND ONLY THEN after all of these items and more are met, does the package go to the closing department for a once-over and get sent to the attorney for organization and closing.
Yet, here's a new hurdle for these tax-credit buyers given the state of the economy...short sales. By now you have all heard of short-sales and understand the basic concept of the process. So keep in mind that a good deal of these buyers are attempting to purchase properties that are going to require "third-party" approval, better known as bank-approval. In most cases this requires bank approval from two separate banks on a first and second mortgage! The typical time was 120 days, but with the recently passed legislation that bonuses banks and sellers to expedite short sales, we are hoping that this can cut the time down to the less than 60 day window we were looking at with the tax credit deadline.
As you can certainly see the pieces have to fall into the right places for the tax-credit buyers to enjoy success and this takes monitoring of the transaction, pre-planning, watching for red-flags and the like...but with diligence, the majority of these buyers and sellers will close on or before the June 30 deadline.
When details matter...experience certainly does count!
Brooke
Monday, May 17, 2010
Friday, April 23, 2010
So Much To Do...You Can Buy a Home or Have a Glass of Wine...
As the weekend approaches I am sure that you are just wondering what in the world you can do to fill the time...I was just teasing one of my friends and telling her that for Realtors, Fridays are our Mondays. This is the time when everyone has off work and is gearing up to go out and fervently look for homes before the tax credit expires. Well, that is certainly a great way to spend time and if you have waited until the last minute, there are some of us out there that will certainly make time to find you the perfect home! Just give me a call, text or email and we can carve out some personal time for you.
On another note, there are some great events taking place this weekend, in and around town that might interest you. As always during the Spring, downtown Kernersville will host the Music and Mingle at The Factory. Tonight features guitarist Adam Turner, who teachs at Love That Music, where my daughter takes guitar. I have heard only excellent things about his skills. Those in attendance can take advantage of the lovely weather, enjoy the shops, which will be open, grab a glass of wine or beer from Shakespeare and Co. or just hang with friends while winding down the week. All excellent options for a Friday!
Tomorrow morning, for those of us looking to have a little Saturday morning pick-me-up, there will be a charity 5k Walk/Run for Debbie Varner. Debbie is a fellow Realtor who works at Prudential in Kville. She is a mother of three and has been battling cancer for quite some time. Registration begins at 8:30 at the Kernersville YMCA and is $20 for an individual and $25 for a family. What a great way to help one of our fellow neighbors in need, while getting some much needed exercise. Maddie and I are both participating...this will be her first 5k and my first event with her! Exciting!
Also, tomorrow night Korner's Folly is the annual Wine Tasting event. Always a fun time to get together with Folly supporters and out of towners, this event has grown a TON since it's inception several years ago. Lots of North Carolina wineries will be featuring their selections and there will also be food provided as well as live music. Information and ticket prices can be found on the Folly website.
So, there you have it...If you aren't viewing real estate, which I will happily doing for a large part of the weekend--then maybe I will see you at one of the many community events that are being offered this weekend! Cheers!
On another note, there are some great events taking place this weekend, in and around town that might interest you. As always during the Spring, downtown Kernersville will host the Music and Mingle at The Factory. Tonight features guitarist Adam Turner, who teachs at Love That Music, where my daughter takes guitar. I have heard only excellent things about his skills. Those in attendance can take advantage of the lovely weather, enjoy the shops, which will be open, grab a glass of wine or beer from Shakespeare and Co. or just hang with friends while winding down the week. All excellent options for a Friday!
Tomorrow morning, for those of us looking to have a little Saturday morning pick-me-up, there will be a charity 5k Walk/Run for Debbie Varner. Debbie is a fellow Realtor who works at Prudential in Kville. She is a mother of three and has been battling cancer for quite some time. Registration begins at 8:30 at the Kernersville YMCA and is $20 for an individual and $25 for a family. What a great way to help one of our fellow neighbors in need, while getting some much needed exercise. Maddie and I are both participating...this will be her first 5k and my first event with her! Exciting!
Also, tomorrow night Korner's Folly is the annual Wine Tasting event. Always a fun time to get together with Folly supporters and out of towners, this event has grown a TON since it's inception several years ago. Lots of North Carolina wineries will be featuring their selections and there will also be food provided as well as live music. Information and ticket prices can be found on the Folly website.
So, there you have it...If you aren't viewing real estate, which I will happily doing for a large part of the weekend--then maybe I will see you at one of the many community events that are being offered this weekend! Cheers!
Monday, April 19, 2010
Celebrating Successes...
This year Allen Tate and Brooke Cashion and Associates had numerous successes. Despite a difficult national real estate market, our local market spoke for itself and we capitalized on the movement of buyers and sellers in and out of the Triad. Here are just a few of the things that we can be thankful for:
*Enhancement and diversification of our media branding strategy, including beefed up online advertising, electronic billboards, mapping features, social media marketing and more
*Contributed over $370,000 to United Way for cultural initiatives and public education--all staying within our local communities
*Recorded more that 25 million property details and page views on allentate.com
*Recorded over 2500 hits per month on brookecashion.com
*Exposed our listing inventory locally, regionally, nationally and internationally via more than 6,000 websites!!
*Introduced Tate Chat, a live chat feature which allows consumers to communicate in real time online conversations with client-care reps
*Introduced Job-Loss Protection and Rate-Relief programs in order to build consumer confidence and inevitability sell more homes
*Implemented the Allen Tate Short Sale Program to help homeowners avoid foreclosure
*Maintained weekly updates to our clients via text messaging, e-newsletters and activity emails
*Maintained yearly volume for Brooke Cashion and Associates even in a "down" market
*Hired an assistant and a full-time buyers agent for Brooke Cashion and Associates
*Implemented video tours of listings for sharing on Facebook, Twitter, my blog and more...
*Continually brainstorming about how to make your real estate experience the best it can possibly be...if you have a suggestion or idea, please let us know.
Brooke Cashion and Associates
336.817.3598
www.BrookeCashion.com
www.kernersvillekorner.blogspot.com
brooke.cashion@allentate.com
*Enhancement and diversification of our media branding strategy, including beefed up online advertising, electronic billboards, mapping features, social media marketing and more
*Contributed over $370,000 to United Way for cultural initiatives and public education--all staying within our local communities
*Recorded more that 25 million property details and page views on allentate.com
*Recorded over 2500 hits per month on brookecashion.com
*Exposed our listing inventory locally, regionally, nationally and internationally via more than 6,000 websites!!
*Introduced Tate Chat, a live chat feature which allows consumers to communicate in real time online conversations with client-care reps
*Introduced Job-Loss Protection and Rate-Relief programs in order to build consumer confidence and inevitability sell more homes
*Implemented the Allen Tate Short Sale Program to help homeowners avoid foreclosure
*Maintained weekly updates to our clients via text messaging, e-newsletters and activity emails
*Maintained yearly volume for Brooke Cashion and Associates even in a "down" market
*Hired an assistant and a full-time buyers agent for Brooke Cashion and Associates
*Implemented video tours of listings for sharing on Facebook, Twitter, my blog and more...
*Continually brainstorming about how to make your real estate experience the best it can possibly be...if you have a suggestion or idea, please let us know.
Brooke Cashion and Associates
336.817.3598
www.BrookeCashion.com
www.kernersvillekorner.blogspot.com
brooke.cashion@allentate.com
Animoto Video Tour of 1140 Ziglar--OPEN HOUSE THIS SUNDAY the 25th from 2-4
Great video tour of this fabulous listing in Winston-Salem! Acreage plus pond! 3bd/2ba--Only $125,000! Check it out and let me know what you think!
Ziglar Road
Ziglar Road
Saturday, April 17, 2010
Tax Credit Leaving You High and Dry?? Certainly Not the Only Reason to Buy! (or sell)
Approximately two weeks left in the first-time buyer and move-up buyer tax credit period. For those of you still looking to take advantage of the credit, you must have a completely executed contract by April 30 and be able to close no later than June 30.
However, if you are not one of the select few to have your home under contract by the deadline in order to get your $6500, don't despair...there are still great reasons to keep your home on the market, sell your home and purchase a new one!
Rates are still low. Regardless of how familiar we have gotten with historically low rates, this is set to change. The federal government has put a halt on purchasing mortgage-backed securities meaning that banks will start charging more to lend money-resulting in that higher rate.
A small change such as a 1/2 to 1% can easily eat up the tax credit advantage. I have blogged previously about the actual numbers (see archives), but 1% can change your payment as much as a price decrease of 10% can. What does that mean to sellers who need to sell in order to buy?
Price your home not just competitively but make it compelling. Get a secured contract in hand while you can still take advantage of low interest rates, inventory selection and prices that have been whittled away over the course of the past year. You may take a hit on the front side however, if you ever see yourself needing more space, a better location, easier maintenance or the like, NOW IS THE TIME!!
It is my opinion that the momentum of the credit has peaked and most folks who are going take advantage of the credit have made efforts to do so, but that means opportunity for others. Our housing market won't be confined by governmental whims and incentives but rather in true market supplies and demands. Once the dust settles we are going to have a very good idea of where our local market stands and I think those that took advantage of historical real estate situations will certainly be pleased with themselves in years to come--especially in the Triad!
Feel free to call me or email me to discuss your personal real estate situation!
www.BrookeCashion.com
brooke.cashion@allentate.com
336-817-3598
However, if you are not one of the select few to have your home under contract by the deadline in order to get your $6500, don't despair...there are still great reasons to keep your home on the market, sell your home and purchase a new one!
Rates are still low. Regardless of how familiar we have gotten with historically low rates, this is set to change. The federal government has put a halt on purchasing mortgage-backed securities meaning that banks will start charging more to lend money-resulting in that higher rate.
A small change such as a 1/2 to 1% can easily eat up the tax credit advantage. I have blogged previously about the actual numbers (see archives), but 1% can change your payment as much as a price decrease of 10% can. What does that mean to sellers who need to sell in order to buy?
Price your home not just competitively but make it compelling. Get a secured contract in hand while you can still take advantage of low interest rates, inventory selection and prices that have been whittled away over the course of the past year. You may take a hit on the front side however, if you ever see yourself needing more space, a better location, easier maintenance or the like, NOW IS THE TIME!!
It is my opinion that the momentum of the credit has peaked and most folks who are going take advantage of the credit have made efforts to do so, but that means opportunity for others. Our housing market won't be confined by governmental whims and incentives but rather in true market supplies and demands. Once the dust settles we are going to have a very good idea of where our local market stands and I think those that took advantage of historical real estate situations will certainly be pleased with themselves in years to come--especially in the Triad!
Feel free to call me or email me to discuss your personal real estate situation!
www.BrookeCashion.com
brooke.cashion@allentate.com
336-817-3598
Tuesday, April 13, 2010
Realtor.com Social Networking and New Addition to Team
Another piece of exposure for listings nationwide! 7 million buyers searching on Realtor.com can share your home with folks on their social networks...Get Involved and Start Sharing!
Remember you can always become a fan of Brooke Cashion and Associates and also have the ability to view and share listings, real estate blog posts and much more!
**NEWS CORNER**
We welcome Dawna to Brooke Cashion and Associates as administrative support! Dawna is going to help this train keeping moving forward...we look forward to having your on our team!
As always, keep in mind that we want you to contact Brooke Cashion and Associates for ALL of your real estate needs! Whether you are remodeling, refinancing, landscaping or any investment in your home...call or email us first OR post a question on Facebook...allow us to consult you before making changes that could permanently effect your home's value.
Happy House Hunting!
Brooke
Thursday, April 01, 2010
No Need to Sell First to Get Tax Credit...
For those of you out there with homes on the market, keep in mind that you do not have to sell before buying your "move-up" home and realizing your $6500 tax credit. As time grows near to have a property under contract, you can certainly consider other options for your current home such as renting or lease/purchasing. Now, the kicker is that you may have to show a lease or income before being able to qualify for the loan on your second home and you may not feel comfortable paying two mortgages. All of this hinges on your personal financial situation and how comfortable you feel. According to an article on RISMedia they say the following about the "move-up" credit.
A home buyer does not need to sell their current home in order to be eligible for the repeat buyer credit. They can continue to own both homes and rent or use their former home for something else, as it no longer serves as their principal residence. The taxpayer is required to use the new home as their principal residence, and live in it for at least 36 months or they will have to repay the credit.
Certainly something to consider as time approaches for the credits to end. If you have any questions about your personal tax situation, remember to consult your tax advisor. Should you have questions about your personal real estate situation, remember to consult your local Realtor, Brooke Cashion.
Happy Easter!
A home buyer does not need to sell their current home in order to be eligible for the repeat buyer credit. They can continue to own both homes and rent or use their former home for something else, as it no longer serves as their principal residence. The taxpayer is required to use the new home as their principal residence, and live in it for at least 36 months or they will have to repay the credit.
Certainly something to consider as time approaches for the credits to end. If you have any questions about your personal tax situation, remember to consult your tax advisor. Should you have questions about your personal real estate situation, remember to consult your local Realtor, Brooke Cashion.
Happy Easter!
Wednesday, March 24, 2010
Burning the Candle at Both Ends...
1140 Ziglar Road-Winston-Salem Acreage, 3bd/2ba cottage on large fishing pond! $135,000
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
Tuesday, March 16, 2010
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!
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!
Tuesday, March 09, 2010
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!
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!
Tuesday, February 23, 2010
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
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
Monday, February 22, 2010
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!
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!
Wednesday, February 10, 2010
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...
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...
Tuesday, February 02, 2010
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.
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.
Monday, January 25, 2010
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."
"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."
Wednesday, January 13, 2010
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!
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!
Friday, January 08, 2010
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.
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.
Monday, January 04, 2010
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!
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!
Monday, December 21, 2009
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
* 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
Wednesday, December 16, 2009
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!
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!
Monday, December 07, 2009
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!
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!
Friday, November 20, 2009
Thursday, November 19, 2009
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/
http://www.msnbc.msn.com/id/33934229/ns/business_eye_on_the_economy/
Thursday, November 12, 2009
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!
Triad Area: Buy Local This Holiday Season!
Thursday, November 05, 2009
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
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
Wednesday, November 04, 2009
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.
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.
Friday, October 23, 2009
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.
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...
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...
Thursday, October 22, 2009
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
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
Tuesday, October 20, 2009
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
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
Monday, October 19, 2009
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.
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.
Monday, October 05, 2009
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...
Friday, October 02, 2009
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
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
Sunday, September 27, 2009
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!!
Monday, September 21, 2009
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.
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.
Monday, September 14, 2009
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--**
*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--**
Wednesday, September 09, 2009
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
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
Tuesday, September 08, 2009
New Listing In Kernersville...$197,900!!
See more photos and information at:
www.allentate.com/brookecashion/554820
4183 Shadetree Drive-Glen Village
Thursday, September 03, 2009
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
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
Wednesday, September 02, 2009
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
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
Friday, August 28, 2009
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!
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!
Thursday, August 27, 2009
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.
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.
Wednesday, August 19, 2009
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!
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!
Monday, August 10, 2009
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
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
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
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