For the past four months the number of residential real estate transactions have been up! Great news for sellers and buyers alike. Still looks to be a great market for first time home buyers with the average price during this period around 130K. Not an indication of falling home prices but of entry-level buyers finally putting their heads around the low interest rates, $8000 tax credit, tons of homes to choose from and the "traditional" Spring market (though maybe a little later than usual.)
Other bonuses added by companies like Allen Tate that are sweetening the deal are Job Loss Protection, one year home warranties, rate buy down, etc.
This being said, the Winston-Salem Association of Realtor's press release on May 26th, indicated that these numbers are a sign that we are "getting back to more normal home buying patterns in our community." Sounds great!
What this means for you, whether looking to buy or sell OR if you know someone who does....is that they need an experienced, full-time agent who understands the opportunity and is willing to commit the time needed to appropriately serve their needs--guess who you could recommend? Yep, you got it! Brooke Cashion and Associates...www.BrookeCashion.com
Thanks guys for ALL of your support so far this year!
Brooke
Friday, May 29, 2009
Thursday, May 21, 2009
NEW Tate Program--Rate Buydown!
We rolled out the Job Loss Protection several weeks ago with great response...I have several sellers that have offered the Job Loss Protection on their property--for a list, give me a call--for details see the older blog post. :)
We have another great program that is basically an older concept with new life! This recent program allows the seller of a home to "buy down" the interest rate for a new buyer rather than taking such a huge hit on the price. It actually benefits both the buyer and seller by reducing the monthly payment for the buyer close to $200 on a $200,000 home and even though it costs the seller approx 3% of the purchase price it is usually much less than reducing the home by as much--a definite equity-saving measure for the seller!
What about the buyer you may say? Well you can see one of my earlier blog posts about the effects of rates vs. pricing and in this case it is the same. The buyer actually benefits more by having the rate bought down a point, rather than trying to have an amount reduced off the price. The buyer would have to be able to purchase the home for almost 15% less than the asking price to realize the same savings. In our market, the current list price to purchase price percentage is 97%--a far cry from what would be needed to actually effect the monthly payment! The buyer would be much better off requesting a rate buy down...imagine your rate going from 5.5% to 4.5%--for the full life of the loan!
Just one more great tool that I offer to help you as both buyer and seller get the most bang for your buck in this most opportune real estate market...
Call me today or shoot me an email for a list of homes that qualify for the Job Loss Protection or Rate Buy Down OR to view or ask questions of any home in the Triad. During these times you need a Realtor who is committed FULL-TIME to working for you and I hope that you will find my services beneficial...
"When Details Matter...Experience Counts!"
Have a Wonderful Memorial Day Weekend!
Brooke
We have another great program that is basically an older concept with new life! This recent program allows the seller of a home to "buy down" the interest rate for a new buyer rather than taking such a huge hit on the price. It actually benefits both the buyer and seller by reducing the monthly payment for the buyer close to $200 on a $200,000 home and even though it costs the seller approx 3% of the purchase price it is usually much less than reducing the home by as much--a definite equity-saving measure for the seller!
What about the buyer you may say? Well you can see one of my earlier blog posts about the effects of rates vs. pricing and in this case it is the same. The buyer actually benefits more by having the rate bought down a point, rather than trying to have an amount reduced off the price. The buyer would have to be able to purchase the home for almost 15% less than the asking price to realize the same savings. In our market, the current list price to purchase price percentage is 97%--a far cry from what would be needed to actually effect the monthly payment! The buyer would be much better off requesting a rate buy down...imagine your rate going from 5.5% to 4.5%--for the full life of the loan!
Just one more great tool that I offer to help you as both buyer and seller get the most bang for your buck in this most opportune real estate market...
Call me today or shoot me an email for a list of homes that qualify for the Job Loss Protection or Rate Buy Down OR to view or ask questions of any home in the Triad. During these times you need a Realtor who is committed FULL-TIME to working for you and I hope that you will find my services beneficial...
"When Details Matter...Experience Counts!"
Have a Wonderful Memorial Day Weekend!
Brooke
Fresh Tomatoes, Squash and Cucs...Oh My!
I don't know if it's the economy or if we all just are trying to get back to the basics, but I have talked to so many folks this year that are planting a garden of some shape or fashion. From container gardens, like Beth's, to the huge 1/2 acre spread like Mr. Whitley's, gardening CAN be for everyone! Planting your own fruits and vegetables can save you time and money, not to mention it's a great way to involve your family in an inexpensive "stay at home" activity. Plus the yield can be quite satisfying!
Jake, Maddie and I love tomatoes...I enjoy the meaty German Johnson, where Maddie can pop cherry tomatoes straight off the vine and eat 10-20 in a sitting. There is NOTHING better than a fresh tomato sandwich on Bunny bread with Duke's mayo, salt and pepper! Especially if the tomato is still warm from the sun and you labored to grow it! This year we expanded our home "tier" garden and have 3 good sized tomato plants, a Better Boy, German Johnson and Cherry Tomatoes plus we added several squash, cucumber and pepper plants. These are things that I buy regularly at the grocery or farmer's market and can sometimes pay an arm and leg for! Not this year my friend!
For those of you who don't even want to tend to a couple of rows of plantings, try a planter garden like Beth, Dave and the boys. They have a huge container garden with a tomato plant as the focus, surrounded by various peppers and herbs. She has it on her deck, it is getting great sun and it's really thriving! Easy to maintain and to harvest--plus it looks great on the deck!
Just a few of my favorite summer treats from our garden:
*Cucumber Sandwiches with mayo, salt and pepper
*Stuffed Squash-slice squash length-wise, place in microwave-safe bowl, cover with saran wrap,cook until insides are easily removed with spoon. Remove inside of squash-place in bowl with Italian bread crumbs, Velveeta cheese, salt and pepper, mix. Place mixture back inside of the squash "shell", broil until brown on top--serve and you can eat the entire thing! Yummy!
*Tomato Sandwiches--see above for must have ingredients
*Roasted Red Peppers-slice, coat in olive oil and sprinkle with soy or preferred seasoning, grill or broil
*Freezer Pickles--no need to pickle, just paper thin slices of cucs & sweet onions, sugar, water, vinegar--details can be gotten from my aunt, but MAN THEY ARE DELICIOUS!
THE SUMMER STAPLE at the Cashion house: Sliced tomatoes, Vidalia onions, cucs with vinagar, olive oil, a tad of sugar, pepper-allow to marinade, serve as a side at any meal!
Bon Apetit!
Brooke
Jake, Maddie and I love tomatoes...I enjoy the meaty German Johnson, where Maddie can pop cherry tomatoes straight off the vine and eat 10-20 in a sitting. There is NOTHING better than a fresh tomato sandwich on Bunny bread with Duke's mayo, salt and pepper! Especially if the tomato is still warm from the sun and you labored to grow it! This year we expanded our home "tier" garden and have 3 good sized tomato plants, a Better Boy, German Johnson and Cherry Tomatoes plus we added several squash, cucumber and pepper plants. These are things that I buy regularly at the grocery or farmer's market and can sometimes pay an arm and leg for! Not this year my friend!
For those of you who don't even want to tend to a couple of rows of plantings, try a planter garden like Beth, Dave and the boys. They have a huge container garden with a tomato plant as the focus, surrounded by various peppers and herbs. She has it on her deck, it is getting great sun and it's really thriving! Easy to maintain and to harvest--plus it looks great on the deck!
Just a few of my favorite summer treats from our garden:
*Cucumber Sandwiches with mayo, salt and pepper
*Stuffed Squash-slice squash length-wise, place in microwave-safe bowl, cover with saran wrap,cook until insides are easily removed with spoon. Remove inside of squash-place in bowl with Italian bread crumbs, Velveeta cheese, salt and pepper, mix. Place mixture back inside of the squash "shell", broil until brown on top--serve and you can eat the entire thing! Yummy!
*Tomato Sandwiches--see above for must have ingredients
*Roasted Red Peppers-slice, coat in olive oil and sprinkle with soy or preferred seasoning, grill or broil
*Freezer Pickles--no need to pickle, just paper thin slices of cucs & sweet onions, sugar, water, vinegar--details can be gotten from my aunt, but MAN THEY ARE DELICIOUS!
THE SUMMER STAPLE at the Cashion house: Sliced tomatoes, Vidalia onions, cucs with vinagar, olive oil, a tad of sugar, pepper-allow to marinade, serve as a side at any meal!
Bon Apetit!
Brooke
Wednesday, May 20, 2009
Legislative Update by Guest - Jake Cashion
Because Brooke has been showing property and processing some new listings, she has been pretty busy this week, therefore, not able to post as much as she would like. She asked if I would blog for her this time and mentioned that she would like for you all to hear about some of the legislative things going on. So here goes:
Recently, the Community Development/Housing/General Government Committee with the City of Winston-Salem held a public comment session on proposed tree ordinance for the city. Environmental stewardship and economic growth can and should work together.
However, at the last minute, a piece was added to the proposal called, Protection of Trees in Associations with Development, otherwise known as a “pre-clearing condition”. This piece throws out of balance the environmental stewardship and economic growth, is a huge infringement on property rights, and is basically a backdoor application to a moratorium on growth and development. This "pre-clearing" condition says that the burden of proof will be placed on the property owner to prove that a substantial amount of trees were not removed from the property prior to rezoning or building. If the owner cannot prove this, the application for building or rezoning will be denied for a period of three (3) years. If the owner of a property willfully acts and determines he would like to timber his land, then sale the property, the property cannot be developed for a period of five (5) years.
This dangerous proposal would have stopped development and growth at a time when it is most needed. This piece was pulled out and an agreement is now close for a tree ordinance in Winston-Salem
The state Senate gave final approval last week to a proposal that would prevent North Carolina’s gas tax from dropping lower than its current rate of 29.9 cents per gallon through mid-2011. Lawmakers supporting the bill say the move is necessary to provide more road-building funds in the face of a $60-plus billion transportation funding shortfall. The change could reportedly generate an additional $67.5 million in much-needed road revenue for the state.
The state Senate also passed a tax law change requested by the state Department of Commerce to lure a company to North Carolina that is purportedly willing to invest at least $1 billion in the state. The proposal would change the way corporate taxes are calculated and would impact companies that invest heavily in land and equipment, but have relatively fewer sales in the state. According to Commerce officials, the proposed changes conform to how other states calculate corporate taxes. Neither legislators nor the Department have yet named the company, but media reports indicated it is likely Apple Inc.
Finally, House Bill 177 and Senate Bill 534 introduced in the North Carolina General Assembly has good intentions but is bad public policy and will cause financial harm to many employers, employees and the economy. The bill is a costly mandate, will erode the employer’s ability to manage the workplace, and will drive up cost of doing business in NC. It mandates that all employers provide up to seven (7) paid sick days to all employees -- including small employers who can ill afford yet another costly government mandate that also contains mandatory sick day accruals, payouts and stiff employer liabilities if the statute is violated.. NC would be the only state in the southeast with this type of law, therefore reducing our competitiveness.
These are just a sample of the things that are happening with local and state government.
I hope everyone is doing ok - what are your thoughts on the above issues?
Jake
Recently, the Community Development/Housing/General Government Committee with the City of Winston-Salem held a public comment session on proposed tree ordinance for the city. Environmental stewardship and economic growth can and should work together.
However, at the last minute, a piece was added to the proposal called, Protection of Trees in Associations with Development, otherwise known as a “pre-clearing condition”. This piece throws out of balance the environmental stewardship and economic growth, is a huge infringement on property rights, and is basically a backdoor application to a moratorium on growth and development. This "pre-clearing" condition says that the burden of proof will be placed on the property owner to prove that a substantial amount of trees were not removed from the property prior to rezoning or building. If the owner cannot prove this, the application for building or rezoning will be denied for a period of three (3) years. If the owner of a property willfully acts and determines he would like to timber his land, then sale the property, the property cannot be developed for a period of five (5) years.
This dangerous proposal would have stopped development and growth at a time when it is most needed. This piece was pulled out and an agreement is now close for a tree ordinance in Winston-Salem
The state Senate gave final approval last week to a proposal that would prevent North Carolina’s gas tax from dropping lower than its current rate of 29.9 cents per gallon through mid-2011. Lawmakers supporting the bill say the move is necessary to provide more road-building funds in the face of a $60-plus billion transportation funding shortfall. The change could reportedly generate an additional $67.5 million in much-needed road revenue for the state.
The state Senate also passed a tax law change requested by the state Department of Commerce to lure a company to North Carolina that is purportedly willing to invest at least $1 billion in the state. The proposal would change the way corporate taxes are calculated and would impact companies that invest heavily in land and equipment, but have relatively fewer sales in the state. According to Commerce officials, the proposed changes conform to how other states calculate corporate taxes. Neither legislators nor the Department have yet named the company, but media reports indicated it is likely Apple Inc.
Finally, House Bill 177 and Senate Bill 534 introduced in the North Carolina General Assembly has good intentions but is bad public policy and will cause financial harm to many employers, employees and the economy. The bill is a costly mandate, will erode the employer’s ability to manage the workplace, and will drive up cost of doing business in NC. It mandates that all employers provide up to seven (7) paid sick days to all employees -- including small employers who can ill afford yet another costly government mandate that also contains mandatory sick day accruals, payouts and stiff employer liabilities if the statute is violated.. NC would be the only state in the southeast with this type of law, therefore reducing our competitiveness.
These are just a sample of the things that are happening with local and state government.
I hope everyone is doing ok - what are your thoughts on the above issues?
Jake
Friday, May 08, 2009
Kernersville Board of Aldermen Update...
Our May board meeting was held last Tuesday--pretty lengthy--got out at 11:15ish. Several things of interest on the agenda and I will do my best not to bore you, but to hit the high spots.
Recognized four resolutions of support:
*American Cancer Society in support of Relay for Life coming up at the end of May at East Forsyth HS
*Forsyth County Historic Preservation Month
*Public Works Week
*Law Enforcement Week
We had several public hearings--
*One for MaxSpeed's location on the corner of Bodenheimer and East Mountain--not controversial but changing to General Business to allow for additional usages that are conducive with the location
*One for a site plan change for one of the Hart shopping centers located on Hwy 150 and Gralin. Sheetz convenience store is looking to build and though the current site allows for a convenience store, Sheetz was wanting to add two additional pumps and remove the car wash portion of the previous plan--we did have very good citizen input and it looks as if DOT will approve a stoplight at Gralin should the Sheetz build in this location. That seemed to be the only way for DOT to find the warrants to approve the stoplight and the developer has offered to pay for the expense of the stoplight--always good for the taxpayer!
There were citizens in attendance concerned about a "hole" on a vacant lot in the Harmon Mill subdivision. Some earth had been carved out, leaving an unkempt/unlevel lot. The current homeowners are having difficulty in getting the former developer/builder to take action on filling in the lot or regrading, as well as some issues with sidewalk conditions and other items. Town attorney recommended that the homeowners consult with an attorney on this matter, as this was something that the Town was unable to regulate since no permit is required to move dirt on a site. It is very unfortunate to see homeowners having trouble reaching defunct builder/developers, but as times get tough, we will probably see more of this.
Several non-profits submitted their yearly reports for funding consideration as we approach budget time.
We talked about "holes" in sewer service within the Town limits on existing homes/neighborhoods--no good solution on this issue. Our public works department is looking into USDA and stimulus funding that addresses this issue. Because we are regulated by City County Utilities it poses somewhat of a challenge, as this is where our funds are held and distributed. My issue is that the definition of "reasonable access" to the homeowner is poorly defined. Just because a sewer trunk line is ran a mile away on a main road, does not make it feasible for the homeowner will a failing septic to access it or pay for it. These things can run in the 10's of thousands of dollars! (Ok, that was a rant by me!)
We had a report on the Hwy 66 business corridor and some potential development scenarios and the cost/benefit to the Town over the next 20 or so years based on build-out patterns. This was to showcase new software that Planning staff will use to determine various aspects and costs of future development.
There were other items on the agenda that were addressed, but I am short on time, so if there is something that we talked about that you want more info on, just post and I will do my best to address your question or item.
Have a Happy Mother's Day!
Brooke
Recognized four resolutions of support:
*American Cancer Society in support of Relay for Life coming up at the end of May at East Forsyth HS
*Forsyth County Historic Preservation Month
*Public Works Week
*Law Enforcement Week
We had several public hearings--
*One for MaxSpeed's location on the corner of Bodenheimer and East Mountain--not controversial but changing to General Business to allow for additional usages that are conducive with the location
*One for a site plan change for one of the Hart shopping centers located on Hwy 150 and Gralin. Sheetz convenience store is looking to build and though the current site allows for a convenience store, Sheetz was wanting to add two additional pumps and remove the car wash portion of the previous plan--we did have very good citizen input and it looks as if DOT will approve a stoplight at Gralin should the Sheetz build in this location. That seemed to be the only way for DOT to find the warrants to approve the stoplight and the developer has offered to pay for the expense of the stoplight--always good for the taxpayer!
There were citizens in attendance concerned about a "hole" on a vacant lot in the Harmon Mill subdivision. Some earth had been carved out, leaving an unkempt/unlevel lot. The current homeowners are having difficulty in getting the former developer/builder to take action on filling in the lot or regrading, as well as some issues with sidewalk conditions and other items. Town attorney recommended that the homeowners consult with an attorney on this matter, as this was something that the Town was unable to regulate since no permit is required to move dirt on a site. It is very unfortunate to see homeowners having trouble reaching defunct builder/developers, but as times get tough, we will probably see more of this.
Several non-profits submitted their yearly reports for funding consideration as we approach budget time.
We talked about "holes" in sewer service within the Town limits on existing homes/neighborhoods--no good solution on this issue. Our public works department is looking into USDA and stimulus funding that addresses this issue. Because we are regulated by City County Utilities it poses somewhat of a challenge, as this is where our funds are held and distributed. My issue is that the definition of "reasonable access" to the homeowner is poorly defined. Just because a sewer trunk line is ran a mile away on a main road, does not make it feasible for the homeowner will a failing septic to access it or pay for it. These things can run in the 10's of thousands of dollars! (Ok, that was a rant by me!)
We had a report on the Hwy 66 business corridor and some potential development scenarios and the cost/benefit to the Town over the next 20 or so years based on build-out patterns. This was to showcase new software that Planning staff will use to determine various aspects and costs of future development.
There were other items on the agenda that were addressed, but I am short on time, so if there is something that we talked about that you want more info on, just post and I will do my best to address your question or item.
Have a Happy Mother's Day!
Brooke
Tuesday, May 05, 2009
Salute!
Nope, not "Salute!" from Hee Haw! Our area has gotten much more sophisticated that that! With the burgeoning wine industry here in the Yadkin Valley, we are blessed with events that showcase the various flavors of the area. One of those such events is being held this weekend in downtown Winston-Salem!
Salute! will begin on Friday, May 8 with a showcase of sorts. Three participating restaurants, Camel City Cafe, Noma and WS Prime will be pairing with three featured vineyards to present dinner and dessert with complementary wine selections. All three restaurants are fabulous and the menus on the Salute! website are enough to make your mouth water...I personally am trying to figure out how I can go to all three restaurants...hmmmm! Each restaurant is under $100 per couple making it a great Mother's Day gift or a unique night on the town. For those of you who complain that there isn't anything to do in W-S, here is ONE MORE event that proves you wrong! You just have to leave your home to enjoy these things! :)
On Saturday the actual festival begins at noon and lasts until 6. The cost is $20 per person to sample various selections from local vineyards, to enjoy the camaraderie of friends and family and to listen to live music! Once this portion of the event concludes, there will be an "after-party" hosted by Foothill Brewery (perfect for folks who are not "winos"). This event is free of charge from what I can deduce from the website.
Full day in downtown W-S and if you are hungry for something other than what is provided there are a ton of downtown restaurants that will be open for lunch, dinner and late night! Remember drink responsibly and take a cab home! Have fun and Salute!
Brooke
Salute! will begin on Friday, May 8 with a showcase of sorts. Three participating restaurants, Camel City Cafe, Noma and WS Prime will be pairing with three featured vineyards to present dinner and dessert with complementary wine selections. All three restaurants are fabulous and the menus on the Salute! website are enough to make your mouth water...I personally am trying to figure out how I can go to all three restaurants...hmmmm! Each restaurant is under $100 per couple making it a great Mother's Day gift or a unique night on the town. For those of you who complain that there isn't anything to do in W-S, here is ONE MORE event that proves you wrong! You just have to leave your home to enjoy these things! :)
On Saturday the actual festival begins at noon and lasts until 6. The cost is $20 per person to sample various selections from local vineyards, to enjoy the camaraderie of friends and family and to listen to live music! Once this portion of the event concludes, there will be an "after-party" hosted by Foothill Brewery (perfect for folks who are not "winos"). This event is free of charge from what I can deduce from the website.
Full day in downtown W-S and if you are hungry for something other than what is provided there are a ton of downtown restaurants that will be open for lunch, dinner and late night! Remember drink responsibly and take a cab home! Have fun and Salute!
Brooke
Wednesday, April 29, 2009
Job Loss Protection for Real Estate....
Out of our office meeting this morning, Allen Tate unveiled two great new products exclusive to Tate buyers and sellers...the details are limited other than the concept, because training is mandatory in order to offer the job protection program.
That's right, following in the auto industry's successes with job loss prevention programs, Allen Tate is working in conjunction with Rainy Day Foundation to provide our sellers with an additional, unique marketing tool. The program is not an insurance policy but a non-profit organization that provides up to 6 months of mortgage payments in an amount up to $1800 per month. The coverage is for the buyer and good up to 24 months after purchase. There are certain conditions for the buyer to qualify but this particular organization has some of the simplest criteria to qualify. This product is paid for by the seller at closing and will cover primary residences, 2nd homes and single family investment property! Wow!
Some of the buyer criteria to qualify:
*Must be employed at closing--duh!
*Must be full-time--30 hours or more per week
*Cannot be self-employed or active military
*Cannot own more than 10% of the business that you are employed at
*Have to be ages 18-66
*Must be eligible for state unemployment benefits
* Only Allen Tate listings are eligible
*Other terms and conditions as I complete the training*
The other new program is really an old program all dressed up with hopefully somewhere to go. Based on one of my previous blogs, which I would recommend referring back to, interest rates play a larger role in buying power than waiting for prices to come down. This new program called "Rate Relief" capitalizes on that notion. Basically, sellers would pay up to 3% in order to buy down the interest rate say from 5.25% to 4.25%. On a 300K house this would reduce the buyers payment by roughly $145 per month, requires less income to qualify for MORE house, it is a PERMANENT rate buy down, allows you to DEDUCT the points as the buyer from your tax during the year the property is purchased!
Folks that don't take advantage of these two items are missing the boat...between lots of inventory to choose from, low rates made LOWER, potential job protection coverage, coupled with the confidence that you have an experienced, detail-oriented agent working in your corner...what's not to love! Call me today 336-817-3598 or email me brooke.cashion@allentate.com to talk more about how we can help you make your next purchase, be it YOUR home, an investment or a vacation home!
Brooke
That's right, following in the auto industry's successes with job loss prevention programs, Allen Tate is working in conjunction with Rainy Day Foundation to provide our sellers with an additional, unique marketing tool. The program is not an insurance policy but a non-profit organization that provides up to 6 months of mortgage payments in an amount up to $1800 per month. The coverage is for the buyer and good up to 24 months after purchase. There are certain conditions for the buyer to qualify but this particular organization has some of the simplest criteria to qualify. This product is paid for by the seller at closing and will cover primary residences, 2nd homes and single family investment property! Wow!
Some of the buyer criteria to qualify:
*Must be employed at closing--duh!
*Must be full-time--30 hours or more per week
*Cannot be self-employed or active military
*Cannot own more than 10% of the business that you are employed at
*Have to be ages 18-66
*Must be eligible for state unemployment benefits
* Only Allen Tate listings are eligible
*Other terms and conditions as I complete the training*
The other new program is really an old program all dressed up with hopefully somewhere to go. Based on one of my previous blogs, which I would recommend referring back to, interest rates play a larger role in buying power than waiting for prices to come down. This new program called "Rate Relief" capitalizes on that notion. Basically, sellers would pay up to 3% in order to buy down the interest rate say from 5.25% to 4.25%. On a 300K house this would reduce the buyers payment by roughly $145 per month, requires less income to qualify for MORE house, it is a PERMANENT rate buy down, allows you to DEDUCT the points as the buyer from your tax during the year the property is purchased!
Folks that don't take advantage of these two items are missing the boat...between lots of inventory to choose from, low rates made LOWER, potential job protection coverage, coupled with the confidence that you have an experienced, detail-oriented agent working in your corner...what's not to love! Call me today 336-817-3598 or email me brooke.cashion@allentate.com to talk more about how we can help you make your next purchase, be it YOUR home, an investment or a vacation home!
Brooke
Tuesday, April 28, 2009
The Virtual Buyer...
We've heard it forever, the web is king when it comes to any kind of search--especially real estate. If the numbers are correct, and I don't suspect that they are far off, then over 87% of folks looking to purchase real estate begin on the web.
As an agent that has been in the business full-time going on 10 years, I have had to shift my marketing significantly to capture those buyers who are out there looking in the vast expanse of web-based real estate. All real estate is also local, which means that marrying these two premised of the "world wide web" along with a local, FULL TIME agent with local market knowledge can result in a productive real estate experience for both buyers and sellers.
I love that Allen Tate has embraced this notion and given its agents something that no other company in our area has--virtual mapping with a boat-load of awesome features! It is addicting! According to John Scott of John Scott real estate, in his recent article The Virtual Tilt, real estate mapping a raw form has been around for about 5 years. The premise was to allow buyers to see all homes in a certain price range and area.
My how times have changed! From this simple approach you can now visit www.AllenTate.com and do the following:
*Zoom to a regional area and focus on specific price ranges, neighborhoods, bedrooms/baths, etc.
*The mapping includes ALL real estate listings on MLS--not just Tate listings-so it really is "one stop shopping"
*Less granular search criteria--you've all seen it--its so pixilated you can't tell if its your home or your neighbors
*Point of Interest Searching--search areas within a certain distance of a school, friend or family member's home or work, etc.
*School links and links to websites
*Tate office locations
*Three Views Available--Road View, Aerial and Bird's Eye
*Coming Soon! You will be able to save favorite properties
With Internet tools like these, searching in NC and SC is easy! The hardest part is finding a full-time, competent agent who brings confidence and knowledge to the transaction--I sincerely hope that you can find that in me should you have real estate needs or know someone who does! :)
So visit my website www.BrookeCashion.com or www.AllenTate.com to begin using these tools and many more TODAY! Happy Shopping!
Brooke
As an agent that has been in the business full-time going on 10 years, I have had to shift my marketing significantly to capture those buyers who are out there looking in the vast expanse of web-based real estate. All real estate is also local, which means that marrying these two premised of the "world wide web" along with a local, FULL TIME agent with local market knowledge can result in a productive real estate experience for both buyers and sellers.
I love that Allen Tate has embraced this notion and given its agents something that no other company in our area has--virtual mapping with a boat-load of awesome features! It is addicting! According to John Scott of John Scott real estate, in his recent article The Virtual Tilt, real estate mapping a raw form has been around for about 5 years. The premise was to allow buyers to see all homes in a certain price range and area.
My how times have changed! From this simple approach you can now visit www.AllenTate.com and do the following:
*Zoom to a regional area and focus on specific price ranges, neighborhoods, bedrooms/baths, etc.
*The mapping includes ALL real estate listings on MLS--not just Tate listings-so it really is "one stop shopping"
*Less granular search criteria--you've all seen it--its so pixilated you can't tell if its your home or your neighbors
*Point of Interest Searching--search areas within a certain distance of a school, friend or family member's home or work, etc.
*School links and links to websites
*Tate office locations
*Three Views Available--Road View, Aerial and Bird's Eye
*Coming Soon! You will be able to save favorite properties
With Internet tools like these, searching in NC and SC is easy! The hardest part is finding a full-time, competent agent who brings confidence and knowledge to the transaction--I sincerely hope that you can find that in me should you have real estate needs or know someone who does! :)
So visit my website www.BrookeCashion.com or www.AllenTate.com to begin using these tools and many more TODAY! Happy Shopping!
Brooke
Wednesday, April 22, 2009
Foreclosures Down in the Triad----I'll Drink to That!
The Triad Business Journal reported last week that foreclosures in the Triad were down 42% in the first quarter from the same period last year. This hopefully means some price stabilization for our area and local sellers. The state's total was reported at just under 6,000 last quarter according to the article. Please take the time to read previous posts as to why sometimes a foreclosure is a good idea and sometime needs a good hard look at what kind of investment you are making and at what price.
Tax re-evaluations are really "fiddling" with our local real estate market. Overly gracious evaluations have left current sellers feeling as if they are "giving" their homes away and that prices should be listed up, rather than where the buyers are dictating. Most homes on the market are showing "under tax value". Well, that's not saying much, since it seems that most of my current listings are under tax value and could not sell for close to the county's estimate of value. Beware when the government tries to set housing values...contact a local real estate professional for an a market assessment. Makes good info when submitting or going before the board to lower your value.
This weekend Kerner's Folly is hosting its second annual Cheers to the Folly. A beer tasting, chili competition and music event. The event is this Saturday, April 25 from 4-9 with proceeds going to Folly restoration funds. If you have never attended the wine or beer event or have never visited the Folly, it's a great opportunity to enjoy historic Kernersville for a great price! Hope to see you there!
Brooke
Tax re-evaluations are really "fiddling" with our local real estate market. Overly gracious evaluations have left current sellers feeling as if they are "giving" their homes away and that prices should be listed up, rather than where the buyers are dictating. Most homes on the market are showing "under tax value". Well, that's not saying much, since it seems that most of my current listings are under tax value and could not sell for close to the county's estimate of value. Beware when the government tries to set housing values...contact a local real estate professional for an a market assessment. Makes good info when submitting or going before the board to lower your value.
This weekend Kerner's Folly is hosting its second annual Cheers to the Folly. A beer tasting, chili competition and music event. The event is this Saturday, April 25 from 4-9 with proceeds going to Folly restoration funds. If you have never attended the wine or beer event or have never visited the Folly, it's a great opportunity to enjoy historic Kernersville for a great price! Hope to see you there!
Brooke
Sunday, April 19, 2009
Thanks, but No Thanks--Big Government...
April 15 was a big day for all of us, well those of us who file taxes. I spent the day with several thousand extremists in downtown Winston-Salem. I had no idea that peaceful assembly was such a radical notion! No bra-burning, police-assaulting, effigy-waiving, America-bashing, going on where I was, so that must mean that it didn't fit into the guidelines of "acceptable" forms of protest as defined by some. But enough...it was a spirited group with representatives from both sides of the aisle, looking to do some soul-searching regarding the fact that our governement no longer represents tax-paying citizens, they simply tell us what THEY are going to do to "help the greater good" while we continue to foot the bill, unfettered. Great points were made regarding spending and taxation. There was a great sampling of all ages, parties and socio-economic backgrounds. Unfortunately, the event did not get the press coverage that two global warming protesters would get outside of Exxon, but none the less, it was the beginning of a movement that has been a long-time coming. I hope that previously apathetic voters will continue to support events like this one and that folks will pay more attention to what their government is doing rather than ranting, raving and protesting their Time Warner Cable bill. Heaven forbid someone may have to pay more for those 500+ channels or not be able to afford every channel under the sun...oh my, would that mean someone may have to "read" for entertainment??? As long as everyone is glued to the "boob-tube", government will continue to slip rules and regs in all around you with no problem and no protest.
Tuesday, April 14, 2009
Fitz's On Main...A Welcome Addition!
Being stuck in an office or car for a long period of time isn't that much fun...but when that's what you do for a paycheck, it makes it a bit easier to swallow. You may be wondering where exactly I am going with that sentiment and I'll tell you. I have been working for days and weeks on end with no break in between until this past Easter weekend. Once Friday rolled around and the day wrapped up, I was ready for some down time. However, being the person I am, that didn't last long and I felt as if I just wasn't doing anything. But heck, it had only been a few hours! I took a deep breath, did some stuff around the house, took Maddie to see the new Hannah Montana movie, dyed eggs, you get the picture. Well, back at work on Monday, it still felt as if I were moving in slow motion as I hammered out the mound of paperwork that was the result of the properties I just put under contract. (Thank God!) Office life doesn't suit me very well, I like to think of myself as a "people person"--trite, I know, but that's what I am. So I promised myself that I would GET OUT of the office this week and enjoy the world around me--you know, "Do it differently today!"
So I did. This morning I met a great friend for breakfast, just to catch up. We had seen each other in passing over the past couple of weeks, but I looked forward to sitting down over a cup of coffee and talking. That we did--at Fitz's. If you live in Kernersville, you may already know that I am referring to our newest restaurant addition in downtown. If not, hop in your car and visit this eclectic, remake of historic Kernersville, the way it used to be and the way it should be.
Fitz's was started by none other than David Fitzpatrick, well-known and loved icon in Kernersville. Recently retired as Principal of Kernersville Elementary, his gregarious personality, coupled with his intimate knowledge of the people and places of Kernersville, make Fitz's, Kernersville's version of Mayberry's, Snappy Lunch. Lisa and I arrived around 8:45 to a full house...that is as full as a nine foot wide building can be. Formerly, Snow's, a almost 40 year old Kernersville hotdog mainstay, Fitz's has a very similar feel and menu.
Even though, a bacon-egg-cheese sandwich was not on the menu, the very cheerful waitress gladly put the order in and it came out excellent--could have maybe been a bit more "melted together" but still very good! Good coffee, service was excellent, my coffee never made it below half a cup and never got cold--a very good sign. No feelings of someone rushing you out to "turn the table" and conversation from staff and patrons was easy going, light and jovial.
So impressed, that when I saw Luann in the parking lot at the chamber around 1, we went back for lunch! Same great service, saw a ton of folks we know (the best part of eating out in Kville) and had a wonderful, messy all-beef hotdog and some of Fitz's famous homemade chips. The only negative was running out of sweet tea, which, might I mention, I didn't need anyway AND I was offered another beverage of my choice to compensate. Once again, friendly staff, great conversation from the patrons and the historic decor was great to look at. Old Justice Theatre movie bills, antique thermometers, a piece of furniture from Pinnix's Drug Store and much more...so much, that you must check out Fitz's on Main...a most welcome addition to our downtown! See you there!
Brooke
So I did. This morning I met a great friend for breakfast, just to catch up. We had seen each other in passing over the past couple of weeks, but I looked forward to sitting down over a cup of coffee and talking. That we did--at Fitz's. If you live in Kernersville, you may already know that I am referring to our newest restaurant addition in downtown. If not, hop in your car and visit this eclectic, remake of historic Kernersville, the way it used to be and the way it should be.
Fitz's was started by none other than David Fitzpatrick, well-known and loved icon in Kernersville. Recently retired as Principal of Kernersville Elementary, his gregarious personality, coupled with his intimate knowledge of the people and places of Kernersville, make Fitz's, Kernersville's version of Mayberry's, Snappy Lunch. Lisa and I arrived around 8:45 to a full house...that is as full as a nine foot wide building can be. Formerly, Snow's, a almost 40 year old Kernersville hotdog mainstay, Fitz's has a very similar feel and menu.
Even though, a bacon-egg-cheese sandwich was not on the menu, the very cheerful waitress gladly put the order in and it came out excellent--could have maybe been a bit more "melted together" but still very good! Good coffee, service was excellent, my coffee never made it below half a cup and never got cold--a very good sign. No feelings of someone rushing you out to "turn the table" and conversation from staff and patrons was easy going, light and jovial.
So impressed, that when I saw Luann in the parking lot at the chamber around 1, we went back for lunch! Same great service, saw a ton of folks we know (the best part of eating out in Kville) and had a wonderful, messy all-beef hotdog and some of Fitz's famous homemade chips. The only negative was running out of sweet tea, which, might I mention, I didn't need anyway AND I was offered another beverage of my choice to compensate. Once again, friendly staff, great conversation from the patrons and the historic decor was great to look at. Old Justice Theatre movie bills, antique thermometers, a piece of furniture from Pinnix's Drug Store and much more...so much, that you must check out Fitz's on Main...a most welcome addition to our downtown! See you there!
Brooke
Monday, April 06, 2009
The Skinny on Appraisals and Broker Valuations...
The other day a potential listing client of mine asked me a great question. She wanted to know why her home appraised for higher than the amount that I was suggesting she list for. I get this question a good deal and wanted to let you guys in on what I believe to be the "skinny" on appraisal vs. market values. Keep in mind my opinions are just that,opinions, and I do not mean to imply that this blanket summary includes everyone...but by golly, it includes most!
So here is my answer to her, via email. All names and places have been changed to protect the innocent.
;0
Yes, there is a difference in Broker market opinions and re-finance appraisals. Broker's market opinions, such as the one that I completed, factors in what a potential buyer and yourselves, as sellers can agree to, based on what else is currently on the market during this snapshot in time and what kind of competition you are dealing with.
We are NOT appraisers and do not look as specifically as an appraiser would at cost of replacement, adjusted price per square footage, upgrades and other adjustments. We look at a "sell factor" of our current market inventory. Though our approach may not be scientific, it is pretty darn accurate because we, as Brokers, have been in most of the homes or the neighborhoods that we are using as comparable. If we haven't had that opportunity, the Broker is usually up to date on what various price points and styles bring in a given area.
Another factor that weighs heavily on pricing is inventory. Currently we have 12 months of inventory, which means that at the current rate of absorption and number of buyers out there, it would take 12 months to get the current homes off the market and sold with NO others coming onto the market. You can either be priced to be at the top of that 12 month cycle, in the middle at 6 months or at the end…with prices anticipated to fall over 10% total in ’09, pricing high is not a risk I would advise taking.
On a refinance appraisal, the bank is taking into account that you need to have equity because they are not going to typically lend you over 80% LTV…that being said, they also anticipate that because you are re-financing that you plan on staying in the home long enough to re-coup the cost of refinancing which usually runs 3% or more. It would make little sense to re-finance, pay the costs associated with it and then move within the year. It takes approx. 3-5 years to absorb that cost, therefore the bank can be a little more gracious with your values because they are coupling a realistic look at today’s values with future values—helping you as a homeowner to achieve your goal to either improve the home and it's condition, thus improving value getting that higher number or helping you to consolidate debt, thus putting you in a better position to remain in the home for years to come.
For example, if an existing home had a re-finance appraisal at $310K a year ago and I know that the market value is not over $275-280 if the seller needed to sell in the next 6 months or less given the amount of inventory, the condition and the pricing of competitive homes and the amount of new construction that still saturates the market with viable choices and incredible incentives…that doesn’t even begin to touch the iceberg as foreclosures continue to come into the picture…which is why I leave them out of my comps, because we know owner occupied homes are typically in much better condition.
A great deal goes into valuing a home for re-finance, re-sell or purchase, however the end results may be different. If the values are really far apart, then this may be a red flag as to something going on. My advice is to keep in mind what it is you are trying to achieve, don't stretch values and rely on professional Realtors for valuing your home in today's market and rely on professional appraisers to value your home for re-finances and purchases.
Brooke
So here is my answer to her, via email. All names and places have been changed to protect the innocent.
;0
Yes, there is a difference in Broker market opinions and re-finance appraisals. Broker's market opinions, such as the one that I completed, factors in what a potential buyer and yourselves, as sellers can agree to, based on what else is currently on the market during this snapshot in time and what kind of competition you are dealing with.
We are NOT appraisers and do not look as specifically as an appraiser would at cost of replacement, adjusted price per square footage, upgrades and other adjustments. We look at a "sell factor" of our current market inventory. Though our approach may not be scientific, it is pretty darn accurate because we, as Brokers, have been in most of the homes or the neighborhoods that we are using as comparable. If we haven't had that opportunity, the Broker is usually up to date on what various price points and styles bring in a given area.
Another factor that weighs heavily on pricing is inventory. Currently we have 12 months of inventory, which means that at the current rate of absorption and number of buyers out there, it would take 12 months to get the current homes off the market and sold with NO others coming onto the market. You can either be priced to be at the top of that 12 month cycle, in the middle at 6 months or at the end…with prices anticipated to fall over 10% total in ’09, pricing high is not a risk I would advise taking.
On a refinance appraisal, the bank is taking into account that you need to have equity because they are not going to typically lend you over 80% LTV…that being said, they also anticipate that because you are re-financing that you plan on staying in the home long enough to re-coup the cost of refinancing which usually runs 3% or more. It would make little sense to re-finance, pay the costs associated with it and then move within the year. It takes approx. 3-5 years to absorb that cost, therefore the bank can be a little more gracious with your values because they are coupling a realistic look at today’s values with future values—helping you as a homeowner to achieve your goal to either improve the home and it's condition, thus improving value getting that higher number or helping you to consolidate debt, thus putting you in a better position to remain in the home for years to come.
For example, if an existing home had a re-finance appraisal at $310K a year ago and I know that the market value is not over $275-280 if the seller needed to sell in the next 6 months or less given the amount of inventory, the condition and the pricing of competitive homes and the amount of new construction that still saturates the market with viable choices and incredible incentives…that doesn’t even begin to touch the iceberg as foreclosures continue to come into the picture…which is why I leave them out of my comps, because we know owner occupied homes are typically in much better condition.
A great deal goes into valuing a home for re-finance, re-sell or purchase, however the end results may be different. If the values are really far apart, then this may be a red flag as to something going on. My advice is to keep in mind what it is you are trying to achieve, don't stretch values and rely on professional Realtors for valuing your home in today's market and rely on professional appraisers to value your home for re-finances and purchases.
Brooke
Tuesday, March 31, 2009
What We Already Knew...Winston-Salem "Open for Business" according to Yahoo!
Great news from Yahoo! Real Estate! In the online article dated March 26, 2009 Raleigh and several other NC towns are listed as being very attractive to businesses. As the headline indicates, this is something that any of us that have lived in NC any length of time are well aware of. So in this 11th annual ranking of the Best Places for Business and Careers, Raleigh grabs the top spot, while Winston-Salem turns up #18. The study looks at job growth over the past five years and future projections. It also looks at living cost data and well as income growth and migration trends according to the Yahoo! article. The article goes on to state that these areas all have "high tech" investments which tend to be one of the first things that comes back once we begin to see economic recovery. Winston-Salem leads the nation in bio-technology research and is making waves in nano-technology.
Wednesday, March 25, 2009
Hitting Bottom....
There is a great deal of speculation out there as to when the proverbial bottom of the real estate market is going to occur. The fact of the matter is no one knows for certain and statistics vary state to state, region to region, city to city and n'hood to n'hood...you get the picture.
What we do know is that interest rates are LOW! Waiting to buy a home until prices hit bottom may mean taking a higher interest rate, as rates are anticipated to go up at some point.
My little stint on the local news station raised some questions from my loving husband and some of the locals at Smittys. "How", they say "do the numbers that you cited during the interview work out? Seems like fuzzy math!"
What they are referring is the statement I made about prices falling significantly and rates rising 1-2% which is a very likely scenario given all of the economic indicators. So I enlisted a lender partner of mine, Luann Davis at WR Starkey Mortgage to run some scenarios for me to prove my point. Now keep in mind, the term "nominal" is subjective depending on your economic status and comfort level, but I think these figures prove the point very well.
Assume a $200,000 loan amount-30 year conventional loan-4.5% interest rate (fixed)
PRINCIPLE AND INTEREST: $1013.37--TOTAL PAID TOWARDS PRINCIPLE (thus reducing your loan amount)-$3266 in the first year
Assume the price of the home falls 10% and your new loan amount is $180,000-30 year conventional loan-rates RISE ONE POINT to 5.5%, doesn't sound like a big deal--right? Plus, you got a great deal on the house, 10% off asking price (average list to sell is 3-5%)!! WRONG!
PRINCIPLE AND INTEREST: $1022.02!
So the payment is $9.02 higher and the TOTAL PAID TOWARDS PRINCIPLE in only $2424.76
Total cost of waiting for prices to fall is this scenario is $842 per year or an extra $70.17 per month!
Ok, so let's move on to a doomsday scenario...PRICES FALL BY 20%!
You are now only borrowing $160,000 but rates are at 5.5%--sounds great huh? You are really wheeling and dealing now! :0
You are right that your payments are lower, only $908.46, about $104.92 each month lower than the original scenario at $200,000 for a yearly savings of $1259.04. However, the principle reduction of $2155.32 is $1110.68 less than the $200,000 scenario at the 4.5% interest rate. This equates to a savings of $12.35 per month by NOT WAITING!
YOUR HEAD IS SPINNING...where do all of these numbers fit in you say?
Bottom Line (literally) :) **Thanks Luann!**
The lower rates equate to more buying power as opposed to waiting for lower prices.
Brooke
What we do know is that interest rates are LOW! Waiting to buy a home until prices hit bottom may mean taking a higher interest rate, as rates are anticipated to go up at some point.
My little stint on the local news station raised some questions from my loving husband and some of the locals at Smittys. "How", they say "do the numbers that you cited during the interview work out? Seems like fuzzy math!"
What they are referring is the statement I made about prices falling significantly and rates rising 1-2% which is a very likely scenario given all of the economic indicators. So I enlisted a lender partner of mine, Luann Davis at WR Starkey Mortgage to run some scenarios for me to prove my point. Now keep in mind, the term "nominal" is subjective depending on your economic status and comfort level, but I think these figures prove the point very well.
Assume a $200,000 loan amount-30 year conventional loan-4.5% interest rate (fixed)
PRINCIPLE AND INTEREST: $1013.37--TOTAL PAID TOWARDS PRINCIPLE (thus reducing your loan amount)-$3266 in the first year
Assume the price of the home falls 10% and your new loan amount is $180,000-30 year conventional loan-rates RISE ONE POINT to 5.5%, doesn't sound like a big deal--right? Plus, you got a great deal on the house, 10% off asking price (average list to sell is 3-5%)!! WRONG!
PRINCIPLE AND INTEREST: $1022.02!
So the payment is $9.02 higher and the TOTAL PAID TOWARDS PRINCIPLE in only $2424.76
Total cost of waiting for prices to fall is this scenario is $842 per year or an extra $70.17 per month!
Ok, so let's move on to a doomsday scenario...PRICES FALL BY 20%!
You are now only borrowing $160,000 but rates are at 5.5%--sounds great huh? You are really wheeling and dealing now! :0
You are right that your payments are lower, only $908.46, about $104.92 each month lower than the original scenario at $200,000 for a yearly savings of $1259.04. However, the principle reduction of $2155.32 is $1110.68 less than the $200,000 scenario at the 4.5% interest rate. This equates to a savings of $12.35 per month by NOT WAITING!
YOUR HEAD IS SPINNING...where do all of these numbers fit in you say?
Bottom Line (literally) :) **Thanks Luann!**
The lower rates equate to more buying power as opposed to waiting for lower prices.
Brooke
Monday, March 23, 2009
Kernersville Home Sweet Home Event A Success!
Great turnout, beautiful weekend for the event and lots of interest...I had 15 couples on Saturday and between 30-40 on Sunday...several folks that came by on Saturday came back on Sunday with friends or family...From what I gathered from agents that were at other listings of mine that were open, they also had good traffic--especially Oakmont, Abington and Browns Run.
You've heard me say it before and I will say it again--low rates (4.5 on Friday), tons of inventory, money to be lent and I will be posting graphs/charts very soon with correlations regarding waiting for the market to hit "bottom" and what that means to those of you who are thinking of waiting to purchase.
Check out the link on WXII that includes coverage from this weekend's event:
http://www.wxii12.com/money/18988297/detail.html
Have a great Monday!
Brooke
You've heard me say it before and I will say it again--low rates (4.5 on Friday), tons of inventory, money to be lent and I will be posting graphs/charts very soon with correlations regarding waiting for the market to hit "bottom" and what that means to those of you who are thinking of waiting to purchase.
Check out the link on WXII that includes coverage from this weekend's event:
http://www.wxii12.com/money/18988297/detail.html
Have a great Monday!
Brooke
Monday, March 16, 2009
Budgeting in a tough economy...
Ok, we're all doing it everyday...looking at and readjusting our personal and company budgets to meet tough economic times. As I said in yesterday's blog, I spent one of my days last week listening to department head presentations for the Town of Kernersville. Our town manager, Curtis Swisher did a great job of prepping each department for tough times, not that they aren't painfully aware already. Most of our departments were making cuts to their budget and trying to save the town money long before it was en vogue.
Ok, back on track...the meeting...every request for the most part was lean and mean but that doesn't mean that each department will get everything or anything that they want. With tax values increasing, folks on a shoestring as it is and no cuts in existing services projected, that leaves raising taxes in order to provide for these items, programs and positions, unless they are subsidized by a grant as some of the Police department's requests are.
So the opposite of raising taxes is cutting taxes, something that I have been a proponent of for years. A couple of ways to do this would be to cut back on the intensity of some of our services such as brush, white good and bulk trash pick up...we run three or more trucks by some residences in one day to provide these services. This service could be curtailed to once per quarter or once in the Spring and in the Fall like our neighbors in Winston do. We could still provide year-round drop off for those items needing immediate attention.
Something else suggested by another board member is to look at privatizing the way we handle payroll. There was a request for a new staff person in Finance to alleviate some of the obvious burden on the staff in this department. Even though outside payroll servcing was looked at several years ago, it may be, as one alderman put it, a great time to re-visit the idea, given the economy and the growth of the town staff. An additional suggestion was to go to a monthly pay period for some, not all, departments.
We could also look at privatizing some of programming with Parks and Recreation if the program is not "break-even" or profitable...I will say that I was impressed that the current director, Ernie Page, understands that a mega-recreation center is not something that Kernersville can sustain and he seems to be working very hard to make sure that any future facility built would be utilized appropriately without unnecessary burden to the taxpayers.
I am sure that there are various other ways to cut back, re-configure our services and the way they are delivered so as to not have to raise taxes and to hopefully start our town on a plan to cut taxes as the commercial and industrial base continues to grow. These discussions are just the beginning of a long process leading up to the approved budget in June...So if you have any ideas that you would like to share regarding this issue, I invite you to comment or to send me an email at bcashion@toknc.com
Have a wonderful rainy Monday!
Brooke
Ok, back on track...the meeting...every request for the most part was lean and mean but that doesn't mean that each department will get everything or anything that they want. With tax values increasing, folks on a shoestring as it is and no cuts in existing services projected, that leaves raising taxes in order to provide for these items, programs and positions, unless they are subsidized by a grant as some of the Police department's requests are.
So the opposite of raising taxes is cutting taxes, something that I have been a proponent of for years. A couple of ways to do this would be to cut back on the intensity of some of our services such as brush, white good and bulk trash pick up...we run three or more trucks by some residences in one day to provide these services. This service could be curtailed to once per quarter or once in the Spring and in the Fall like our neighbors in Winston do. We could still provide year-round drop off for those items needing immediate attention.
Something else suggested by another board member is to look at privatizing the way we handle payroll. There was a request for a new staff person in Finance to alleviate some of the obvious burden on the staff in this department. Even though outside payroll servcing was looked at several years ago, it may be, as one alderman put it, a great time to re-visit the idea, given the economy and the growth of the town staff. An additional suggestion was to go to a monthly pay period for some, not all, departments.
We could also look at privatizing some of programming with Parks and Recreation if the program is not "break-even" or profitable...I will say that I was impressed that the current director, Ernie Page, understands that a mega-recreation center is not something that Kernersville can sustain and he seems to be working very hard to make sure that any future facility built would be utilized appropriately without unnecessary burden to the taxpayers.
I am sure that there are various other ways to cut back, re-configure our services and the way they are delivered so as to not have to raise taxes and to hopefully start our town on a plan to cut taxes as the commercial and industrial base continues to grow. These discussions are just the beginning of a long process leading up to the approved budget in June...So if you have any ideas that you would like to share regarding this issue, I invite you to comment or to send me an email at bcashion@toknc.com
Have a wonderful rainy Monday!
Brooke
Sunday, March 15, 2009
Sorry for being slack...
Last week was a wild week...we had our Allen Tate Spring convention in Charlotte and I had our department head budget presentations for the Town of Kernersville...that didn't leave a tremendous amount of time to blog, however, it did give me lots of material.
I'll start with some of our presentation highlights from convention...great speakers, very helpful and time-appropriate topics. One of our speakers, Steve Harney, spent a great deal of time breaking down the current economic crisis and how it is shouldered on the backs of Realtors everywhere...basically if every Realtor (over 1 million strong) would sell one house tomorrow we would be out of the majority of this mess...the world economy isn't so great and it relies heavily on the United States economy...the US economy relies heavily on real estate and housing...and where my friends, does that end or begin, depending on how you are looking at it---it's the Realtor's responsibility to spread the word that NOW is the best time to buy since 1971 when this data started tracking regularly...Steve showed us numerous slides from various studies to prove his points...some of which are...
1-Even over the past ten years, though the economy has taken some tumbles...every major investment engine was down by double-digits...Dow, NASDAQ, S &P...but housing, was STILL up by over 60% even with the most recent depreciation.
2-Interest rates are low, prices are dropping but even if you are waiting for the "bottom" and no one knows where that is...your differential between payment and pricing (even if prices dropped 40%) would not change your payments by more than a few dollars per month...even if rates did go to 6 or 6.5+...I am waiting to see if I can post his charts so that you can have a visual...
3-North Carolina may just be "last to the party" to quote Harney...meaning that where other areas of the county seem to be straightening out, we are just now feeling some of the effects of job loss nationwide as folks come to NC looking for the jobs that we have been creating and thus pushing our unemployment up even higher...its not that we aren't creating jobs, its just that we have been inundated with new folks that are absorbing these jobs...and as unemployment rises, foreclosure rates usually follow...
This isn't being written to depress you into a further funk, but to help you to understand, especially if you are a seller, that we need to, as Harney said it "catch these prices from the bottom up"...that means that even though we saw tiny amounts of appreciation in the 1st and 2nd quarter of 08, we are now seeing 3-4% depreciation in NC and expected to see 14+% by year end...so the moral of this story is that aggressive pricing now may save you since prices are not expected to return to TODAY'S levels until Fall 2014 according to Case-Shillings....just by not realizing this...you lose close to $400 a week in VALUE (expenses not included) on a $240K house...
On a brighter note...activity with buyers is up...just on Friday during a one hour span I had over 15 showings scheduled for my listings and I showed property to buyers all day Saturday and am showing again this afternoon...That means folks are out there, but you have to be the best in condition, most aggressive in pricing and realistic when it comes to the market...Have a great day! Stay dry!
Brooke
I'll start with some of our presentation highlights from convention...great speakers, very helpful and time-appropriate topics. One of our speakers, Steve Harney, spent a great deal of time breaking down the current economic crisis and how it is shouldered on the backs of Realtors everywhere...basically if every Realtor (over 1 million strong) would sell one house tomorrow we would be out of the majority of this mess...the world economy isn't so great and it relies heavily on the United States economy...the US economy relies heavily on real estate and housing...and where my friends, does that end or begin, depending on how you are looking at it---it's the Realtor's responsibility to spread the word that NOW is the best time to buy since 1971 when this data started tracking regularly...Steve showed us numerous slides from various studies to prove his points...some of which are...
1-Even over the past ten years, though the economy has taken some tumbles...every major investment engine was down by double-digits...Dow, NASDAQ, S &P...but housing, was STILL up by over 60% even with the most recent depreciation.
2-Interest rates are low, prices are dropping but even if you are waiting for the "bottom" and no one knows where that is...your differential between payment and pricing (even if prices dropped 40%) would not change your payments by more than a few dollars per month...even if rates did go to 6 or 6.5+...I am waiting to see if I can post his charts so that you can have a visual...
3-North Carolina may just be "last to the party" to quote Harney...meaning that where other areas of the county seem to be straightening out, we are just now feeling some of the effects of job loss nationwide as folks come to NC looking for the jobs that we have been creating and thus pushing our unemployment up even higher...its not that we aren't creating jobs, its just that we have been inundated with new folks that are absorbing these jobs...and as unemployment rises, foreclosure rates usually follow...
This isn't being written to depress you into a further funk, but to help you to understand, especially if you are a seller, that we need to, as Harney said it "catch these prices from the bottom up"...that means that even though we saw tiny amounts of appreciation in the 1st and 2nd quarter of 08, we are now seeing 3-4% depreciation in NC and expected to see 14+% by year end...so the moral of this story is that aggressive pricing now may save you since prices are not expected to return to TODAY'S levels until Fall 2014 according to Case-Shillings....just by not realizing this...you lose close to $400 a week in VALUE (expenses not included) on a $240K house...
On a brighter note...activity with buyers is up...just on Friday during a one hour span I had over 15 showings scheduled for my listings and I showed property to buyers all day Saturday and am showing again this afternoon...That means folks are out there, but you have to be the best in condition, most aggressive in pricing and realistic when it comes to the market...Have a great day! Stay dry!
Brooke
Monday, March 09, 2009
Happy Monday...Just a Few Funnies to Brighten Your Day...
These bust on both sides and given the mess across the board it's comforting to know that this has been going on since the inception of government. It's nothing new, just very cylical...enjoy this gorgeous weather and again, Happy Monday!
1. “In my many years I have come to a conclusion that one useless man is a shame, two is a law firm and three or more is a congress.”
—John Adams
2. “If you don't read the newspaper you are uninformed; if you do read the newspaper you are misinformed.”
—Mark Twain
3. “Suppose you were an idiot. And suppose you were a member of Congress. But, then, I repeat myself.”
—Mark Twain
4. “I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”
—Winston Churchill
5. “A government which robs Peter to pay Paul can always depend on the support of Paul.”
—George Bernard Shaw
6. “A liberal is someone who feels a great debt to his fellow man; which he proposes to pay off with your money.”
—G.. Gordon Liddy
7. “Democracy must be something more than two wolves and a sheep voting on what to have for dinner.”
—James Bovard, Civil Libertarian (1994)
8. “Foreign aid might be defined as a transfer of money from poor people in rich countries to rich people in poor countries.”
—Douglas Casey, classmate of Bill Clinton at Georgetown University
9. “Giving money and power to government is like giving whiskey and car keys to teenage boys.”
—P..J. O'Rourke, Civil Libertarian
10. “Government is the great fiction, through which everybody endeavors to live at the expense of everybody else.
—Frederic Bastiat, French Economist (1801-1850)
11. “Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
—Ronald Reagan (1986)
12. “I don't make jokes. I just watch the government and report the facts.”
—Will Rogers
13. “If you think health care is expensive now, wait until you see what it costs when it's free!”
—P..J. O'Rourke
14. “In general, the art of government consists of taking as much money as possible from one party of the citizens to give to the other.”
—Voltaire (1764)
15. “Just because you do not take an interest in politics doesn't mean politics won't take an interest in you!”
—Pericles (430 B.C.)
16. “No man's life, liberty, or property is safe while the legislature is in session.”
—Mark Twain (1866)
17. “Talk is cheap...except when Congress does it.”
—Anonymous
18. “The government is like a baby's alimentary canal, with a happy appetite at one end and no responsibility at the other.”
—Ronald Reagan
19. “The inherent vice of capitalism is the unequal sharing of the blessings. The inherent blessing of socialism is the equal sharing of misery.”
—Winston Churchill
20. “The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin.”
—Mark Twain
21. “The ultimate result of shielding men from the effects of folly is to fill the world with fools.”
—H erbert Spencer, English Philosopher (1820-1903)
22. “There is no distinctly native American criminal class...save Congress.”
—Anonymous
23. “What this country needs are more unemployed politicians.”
—Edward Langley, Artist (1928-1995)
24. “A government big enough to give you everything you want is strong enough to take everything you have.”
—Thomas Jefferson
25. “The biggest difference between Republicans and Democrats is the spelling.”
—Anonymous
26. "Yesterdays are over my shoulder, so I can't look back for too long. There's just too much to see waiting in front of me and I know that I just can't go wrong."
--Jimmy Buffett
Brooke
1. “In my many years I have come to a conclusion that one useless man is a shame, two is a law firm and three or more is a congress.”
—John Adams
2. “If you don't read the newspaper you are uninformed; if you do read the newspaper you are misinformed.”
—Mark Twain
3. “Suppose you were an idiot. And suppose you were a member of Congress. But, then, I repeat myself.”
—Mark Twain
4. “I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”
—Winston Churchill
5. “A government which robs Peter to pay Paul can always depend on the support of Paul.”
—George Bernard Shaw
6. “A liberal is someone who feels a great debt to his fellow man; which he proposes to pay off with your money.”
—G.. Gordon Liddy
7. “Democracy must be something more than two wolves and a sheep voting on what to have for dinner.”
—James Bovard, Civil Libertarian (1994)
8. “Foreign aid might be defined as a transfer of money from poor people in rich countries to rich people in poor countries.”
—Douglas Casey, classmate of Bill Clinton at Georgetown University
9. “Giving money and power to government is like giving whiskey and car keys to teenage boys.”
—P..J. O'Rourke, Civil Libertarian
10. “Government is the great fiction, through which everybody endeavors to live at the expense of everybody else.
—Frederic Bastiat, French Economist (1801-1850)
11. “Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
—Ronald Reagan (1986)
12. “I don't make jokes. I just watch the government and report the facts.”
—Will Rogers
13. “If you think health care is expensive now, wait until you see what it costs when it's free!”
—P..J. O'Rourke
14. “In general, the art of government consists of taking as much money as possible from one party of the citizens to give to the other.”
—Voltaire (1764)
15. “Just because you do not take an interest in politics doesn't mean politics won't take an interest in you!”
—Pericles (430 B.C.)
16. “No man's life, liberty, or property is safe while the legislature is in session.”
—Mark Twain (1866)
17. “Talk is cheap...except when Congress does it.”
—Anonymous
18. “The government is like a baby's alimentary canal, with a happy appetite at one end and no responsibility at the other.”
—Ronald Reagan
19. “The inherent vice of capitalism is the unequal sharing of the blessings. The inherent blessing of socialism is the equal sharing of misery.”
—Winston Churchill
20. “The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin.”
—Mark Twain
21. “The ultimate result of shielding men from the effects of folly is to fill the world with fools.”
—H erbert Spencer, English Philosopher (1820-1903)
22. “There is no distinctly native American criminal class...save Congress.”
—Anonymous
23. “What this country needs are more unemployed politicians.”
—Edward Langley, Artist (1928-1995)
24. “A government big enough to give you everything you want is strong enough to take everything you have.”
—Thomas Jefferson
25. “The biggest difference between Republicans and Democrats is the spelling.”
—Anonymous
26. "Yesterdays are over my shoulder, so I can't look back for too long. There's just too much to see waiting in front of me and I know that I just can't go wrong."
--Jimmy Buffett
Brooke
Saturday, March 07, 2009
Feeling Stimulated? Some Markets Are Beginning to Feel Something...
My husband, Jake, travels to and from Raleigh on a semi-regular basis for his job. Once he is in our fair capital city, he tends to ask those who live and work in the area, how things are going in their neck of the woods--economics, real estate, politics, etc.
This past week, he was talking with a former college roommate who had his home on the market for the past year with little to no activity. He finally closed on his home in the suburbs and purchased a trendy little loft in downtown Raleigh. He was gushing over the $8000 tax credit and what a "shot in the arm" it had been to the real estate market. How it had been "dead" and once the tax credit was announced and the details understood, how all of these buyers came out of the woodwork, showings immediately picked up and lo and behold, he had an offer on his home within weeks.
Jake of course arrives at home, tells me the story and proceeds to interrogate me as to why our area just doesn't seem to "get" the advantages of this credit and what it means to home buyers who are currently looking or considering purchasing over the next few months.
My response was this:
Our area is usually a little slow to respond to things that seem to come "without strings".
Generally, we are a pretty conservative bunch when it comes to our finances, especially those folks in the greater Winston-Salem area. A local bank exec, told me several months ago, that folks in our area incur less debt than their neighbors in other cities and have a good deal more liquid assets or "cash on hand" than their counterparts. For the most part, we're skeptical when the government says "hey, take this and give us nothing in return". Also, we like to know all of the details...
-Do we have to pay it back?
The first tax credit which expired in Dec 08 did have to be paid back, this one does not have to be repaid.
-Does it have limitations that apply to first-time buyers only?
As long as you have not owned a home in the past three years, you qualify as a first-time buyer.
-Are condos and townhomes allowed?
Yes, as long as it is your primary residence.
-Is the credit refundable?
Yes, It will reduce or it can eliminate income tax liability for the year of the purchase. Any unused amount can be refunded.
-Is there an income limit? What if I make too much money?
Yes, you cannot make over $75,000 individually or $150,000 jointly.
-How long do I have to make a purchase?
As long as you close before December 1, 2009 you qualify for the credit.
-When can I start looking for new homes?
The program is already in effect, so start now while rates are low and inventory is high!
Hope this information helps and allows folks some comfort while they are out looking for a home and STIMULATING the Triad's economy by purchasing real estate!
Brooke
This past week, he was talking with a former college roommate who had his home on the market for the past year with little to no activity. He finally closed on his home in the suburbs and purchased a trendy little loft in downtown Raleigh. He was gushing over the $8000 tax credit and what a "shot in the arm" it had been to the real estate market. How it had been "dead" and once the tax credit was announced and the details understood, how all of these buyers came out of the woodwork, showings immediately picked up and lo and behold, he had an offer on his home within weeks.
Jake of course arrives at home, tells me the story and proceeds to interrogate me as to why our area just doesn't seem to "get" the advantages of this credit and what it means to home buyers who are currently looking or considering purchasing over the next few months.
My response was this:
Our area is usually a little slow to respond to things that seem to come "without strings".
Generally, we are a pretty conservative bunch when it comes to our finances, especially those folks in the greater Winston-Salem area. A local bank exec, told me several months ago, that folks in our area incur less debt than their neighbors in other cities and have a good deal more liquid assets or "cash on hand" than their counterparts. For the most part, we're skeptical when the government says "hey, take this and give us nothing in return". Also, we like to know all of the details...
-Do we have to pay it back?
The first tax credit which expired in Dec 08 did have to be paid back, this one does not have to be repaid.
-Does it have limitations that apply to first-time buyers only?
As long as you have not owned a home in the past three years, you qualify as a first-time buyer.
-Are condos and townhomes allowed?
Yes, as long as it is your primary residence.
-Is the credit refundable?
Yes, It will reduce or it can eliminate income tax liability for the year of the purchase. Any unused amount can be refunded.
-Is there an income limit? What if I make too much money?
Yes, you cannot make over $75,000 individually or $150,000 jointly.
-How long do I have to make a purchase?
As long as you close before December 1, 2009 you qualify for the credit.
-When can I start looking for new homes?
The program is already in effect, so start now while rates are low and inventory is high!
Hope this information helps and allows folks some comfort while they are out looking for a home and STIMULATING the Triad's economy by purchasing real estate!
Brooke
Thursday, March 05, 2009
Just Down the Road a Piece...
You may have noticed the banner and the empty space at 104 South Main Street or maybe not...
Our physical office has moved. Allen Tate has consolidated it's Kernersville and Clemmons offices to the Stratford Road location in an effort to centralize resources. Being in Winston is nothing new for me, since I moved to my Kernersville office just four years ago after working for another real estate firm in Winston. The great part is, our office is just off of Business 40 and Stratford Road, allowing me easy access to all of my clients, not just those located on the eastern side of the county.
For the most part, real estate offices as you currently think of them are a way of the past. Long gone are "bricks and sticks" and anyone in that state of thinking is in denial about the trend coming from the West. Any agent worth their salt is virtually "virtual" anyway. Between "smart phones", wireless access at just about any location and the plethora of technology that has inundated the real estate world, there is little need for a physical office with the exception of file storage and that too is slowly becoming digitized.
I look forward to still seeing you around Kernersville and all points in between...should you need to meet, I can accommodate you most anywhere, laptop and Treo in hand. Should you find yourself in Winston, stop by and say "hi"...our new address is:
Brooke
Our physical office has moved. Allen Tate has consolidated it's Kernersville and Clemmons offices to the Stratford Road location in an effort to centralize resources. Being in Winston is nothing new for me, since I moved to my Kernersville office just four years ago after working for another real estate firm in Winston. The great part is, our office is just off of Business 40 and Stratford Road, allowing me easy access to all of my clients, not just those located on the eastern side of the county.
For the most part, real estate offices as you currently think of them are a way of the past. Long gone are "bricks and sticks" and anyone in that state of thinking is in denial about the trend coming from the West. Any agent worth their salt is virtually "virtual" anyway. Between "smart phones", wireless access at just about any location and the plethora of technology that has inundated the real estate world, there is little need for a physical office with the exception of file storage and that too is slowly becoming digitized.
I look forward to still seeing you around Kernersville and all points in between...should you need to meet, I can accommodate you most anywhere, laptop and Treo in hand. Should you find yourself in Winston, stop by and say "hi"...our new address is:
514 South Stratford Road Suite 280
I'd love to have coffee or lunch with you if you are out this way...Brooke
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