Survey Shows Lenders Still Cautious Release date: 07/22/09
Nearly three out of four major U.S. banks tightened their underwriting standards for residential mortgage loans in the 12 months ending March 31, and one in five discontinued or planned to discontinue one or more retail mortgage products.
While not unexpected, those and other findings of an annual survey by the U.S. Office of the Comptroller of the Currency demonstrate the extent of a second consecutive year of tightened lending standards following four years of eased underwriting.
The survey included the 59 largest national banks and $3.6 trillion in commercial residential loans of all types, or more than 84 percent of all outstanding loans in the national banking system.
Among the 52 banks engaged in retail mortgage lending during the survey period, 73 percent reported tightening standards and six said they have exited or plan to exit the business altogether.
That compares with 56 percent of banks that reported tightening underwriting standards for residential mortgages the year before and 14 percent two years ago.
For the second year in a row, no banks reported easing underwriting standards on residential mortgage loans, although 27 percent left them unchanged.
One in five banks had discontinued or planned to discontinue one or more retail mortgage products -- a sign of a diminished appetite for risk, OCC said. None of the banks surveyed offered payment-option adjustable-rate mortgage (ARM) loans.
In addition to residential first mortgages, the survey examined practices in six other categories, including home-equity loans, high-loan-to-value (LTV) home-equity loans, credit cards, and affordable housing.
Taken as a whole, the survey showed tightened standards for 71 percent of retail loan products, no change in the standards for 29 percent, and easing of standards for less than 1 percent of retail loan products.
Banks tightening their retail lending standards cited more stringent collateral requirements, pricing and loan fees, and debt-service requirements, OCC examiners said.
Despite the additional tightening of standards, examiners still expect retail credit risk to continue to increase over the next 12 months at 87 percent of the banks -- particularly in home-equity and credit-card portfolios.
During the survey period, all but one of the 14 banks still making high-LTV home-equity loans said they tightened their standards, and all of the banks had either exited that business in the last 12 months or planned to do so.
Of the 51 major banks making conventional home-equity loans, 78 percent said they tightened their standards during the survey period, and 94 percent said their level of credit risk from such loans had increased.
Source: Inman News
Wednesday, July 22, 2009
Interesting Numbers Presentation...
In our office meeting this morning we were presented with some very interesting statistics as to where the market is heading, where we have been and the new definition of "normal" that we are all going to have to learn to live with.
Overall, Forsyth county in particular seems to be faring well compared to it's closest counterparts, especially Alamance and Guilford counties. I am going to focus on the numbers from the WS MLS because that is where I hold my membership, that is what covers the majority of Forsyth county and what effects most of you readers.
As of right now, based on Winston-Salem MLS stats, the following holds true:
Average Active Days on the Market-----148 days
Average Active Listing Price------------$236,839
Average Closed Price-------------------$172,888
Total Active Units-----------------------2,995
Total 2009 Closed Units-----------------1275
List Price to Close Price Ratio for 2009---95.63%
2009 Current Inventory Supply----------10.5 months
The most interesting part of this presentation was that homes listed over $600,000 in our area have a 36 month average time on the market!! By contrast, under $599,900 the time is cut in 1/2 at just 18 months! Attributed to difficultly in obtaining jumbo mortgages, foreclosures, conservation of resources and influx of inventory, the message is that pricing does matter.
More numbers to follow as the report is emailed to us...these are just from my notes...amazing stuff...recovery of pricing and stabilization not expected until 2012...let's settle in, get used to these numbers, familiarize ourselves with our market and make the best of our situation, as it is more fortunate than others across the nation!
Ciao!
Brooke
Overall, Forsyth county in particular seems to be faring well compared to it's closest counterparts, especially Alamance and Guilford counties. I am going to focus on the numbers from the WS MLS because that is where I hold my membership, that is what covers the majority of Forsyth county and what effects most of you readers.
As of right now, based on Winston-Salem MLS stats, the following holds true:
Average Active Days on the Market-----148 days
Average Active Listing Price------------$236,839
Average Closed Price-------------------$172,888
Total Active Units-----------------------2,995
Total 2009 Closed Units-----------------1275
List Price to Close Price Ratio for 2009---95.63%
2009 Current Inventory Supply----------10.5 months
The most interesting part of this presentation was that homes listed over $600,000 in our area have a 36 month average time on the market!! By contrast, under $599,900 the time is cut in 1/2 at just 18 months! Attributed to difficultly in obtaining jumbo mortgages, foreclosures, conservation of resources and influx of inventory, the message is that pricing does matter.
More numbers to follow as the report is emailed to us...these are just from my notes...amazing stuff...recovery of pricing and stabilization not expected until 2012...let's settle in, get used to these numbers, familiarize ourselves with our market and make the best of our situation, as it is more fortunate than others across the nation!
Ciao!
Brooke
Sunday, July 19, 2009
What about foreclosures?
After the interview the other night on WXII 12, http://www.wxii12.com/money/20083045/detail.html
I have been getting some questions about how to find foreclosures. Folks are hearing that the numbers of foreclosures are up in NC and our area and when they hear that, they hear "deal." There are also credits out there for purchasing foreclosures but the details can be sketchy and may vary from bank to bank. I have just responded to an email from a client and thought I would share it with you.
Dear ________,
There is not a central search engine for foreclosures, so we have to look at the basic criteria in MLS which fits your needs (price, size, location, etc.) and then review each set of comments, as that is the only place it is disclosed to us (Realtors).
My word of caution is grant/assistance money or no, you most always get what you pay for. Keep in mind the foreclosures are purchased as-is, where-is, and if the area has a foreclosure, it usually is not the only foreclosure in the area, which could drive your price down regardless of the amount you paid or the improvements you make. You have no idea when you purchase these homes what the maintenance history has been or any additional background on the home. Now, this isn’t to say that you know everything about owner-occupied, existing homes either, but at a minimum you are dealing with a person, not a bank.
I used to do about 30-40% of my business in foreclosures and found that by the time the bank got them back into their asset management, paid everyone and everything off and got the home up to showing standards, that sometimes it wasn’t anymore of a "deal" than other homes in the area—it just happened to say “foreclosure.” Sometimes, finding a "distressed-seller" prior to bank possession is a better deal if you can get a home at or below “market value”. We do this by finding a home that meets your spatial and financial needs and then looking at the comps to establish value.
In regards to the credit, there are several government or charitable grants/credits out there floating around and I am not familiar with the specifics of the one you are asking about regarding foreclosures. Even though the credit may exist, keep in mind that if you are going with an FHA loan, which I believe you were, that the home you put under contract has to meet the minimum condition standards of FHA and be able to pass their appraisal condition and value standards. This alone may rule out the purchase of foreclosures for folks trying to use FHA or VA loans.
I hope this helps a bit and if you have any info on this matter, please post and share your experiences with us!
Brooke
I have been getting some questions about how to find foreclosures. Folks are hearing that the numbers of foreclosures are up in NC and our area and when they hear that, they hear "deal." There are also credits out there for purchasing foreclosures but the details can be sketchy and may vary from bank to bank. I have just responded to an email from a client and thought I would share it with you.
Dear ________,
There is not a central search engine for foreclosures, so we have to look at the basic criteria in MLS which fits your needs (price, size, location, etc.) and then review each set of comments, as that is the only place it is disclosed to us (Realtors).
My word of caution is grant/assistance money or no, you most always get what you pay for. Keep in mind the foreclosures are purchased as-is, where-is, and if the area has a foreclosure, it usually is not the only foreclosure in the area, which could drive your price down regardless of the amount you paid or the improvements you make. You have no idea when you purchase these homes what the maintenance history has been or any additional background on the home. Now, this isn’t to say that you know everything about owner-occupied, existing homes either, but at a minimum you are dealing with a person, not a bank.
I used to do about 30-40% of my business in foreclosures and found that by the time the bank got them back into their asset management, paid everyone and everything off and got the home up to showing standards, that sometimes it wasn’t anymore of a "deal" than other homes in the area—it just happened to say “foreclosure.” Sometimes, finding a "distressed-seller" prior to bank possession is a better deal if you can get a home at or below “market value”. We do this by finding a home that meets your spatial and financial needs and then looking at the comps to establish value.
In regards to the credit, there are several government or charitable grants/credits out there floating around and I am not familiar with the specifics of the one you are asking about regarding foreclosures. Even though the credit may exist, keep in mind that if you are going with an FHA loan, which I believe you were, that the home you put under contract has to meet the minimum condition standards of FHA and be able to pass their appraisal condition and value standards. This alone may rule out the purchase of foreclosures for folks trying to use FHA or VA loans.
I hope this helps a bit and if you have any info on this matter, please post and share your experiences with us!
Brooke
Thursday, July 16, 2009
Foreclosure Numbers Up--Why You Ask?
Just finished up an interview with WXII 12. The topic was the fact that foreclosure numbers are up 23% since last month here in the Triad. No one is giving any concrete reason for the change but there are some issues to speculate on and that's where I come in.
1-ARMs may be adjusting. May, June and July are pretty busy months and typical months to close real estate in due to the weather, school is out and folks are trying to relocate and register kids in schools elsewhere. If someone purchased a home 3-5 years ago when the market was booming and ARMs were all the rage and everyone was banking on having their job AND making more money, NOW they are dealing with that ARM adjusting. This adjustment could just be enough to send someone into foreclosure especially if margins and ratios were thin to begin with when originally qualified.
2-Unemployment benefits may be running out. Anyone who lost a job within the past year is probably on the verge of losing their benefits. Without new jobs to be had this will put folks in a pickle, especially if they had cut their family budgets and were just eeaking by with these monies.
3-Reserves have ran out. Even responsible buyers who saved 6-8 months of liquid reserves are coming on those funds drying up. Whereas family budget cuts were made and funds were skimpy, they were making it by with a little subsidy from the family's "rainy day fund"--that same fund may now be all dried up.
Those are three possibilities and of course each situation varies greatly. Though the foreclosures may be up the market overall is CERTAINLY NOT DOWN. We have been swamped with folks wanting to purchase and first time buyers wanting to take advantage of tax credits, inventory and low rates.
As we speak I am still here at the office after writing and having two of three offers accepted. We are still waiting on word from the last one submitted.
If you have input on why these numbers are up or want to share your experience with the current real estate market, by all means, POST!
Brooke
1-ARMs may be adjusting. May, June and July are pretty busy months and typical months to close real estate in due to the weather, school is out and folks are trying to relocate and register kids in schools elsewhere. If someone purchased a home 3-5 years ago when the market was booming and ARMs were all the rage and everyone was banking on having their job AND making more money, NOW they are dealing with that ARM adjusting. This adjustment could just be enough to send someone into foreclosure especially if margins and ratios were thin to begin with when originally qualified.
2-Unemployment benefits may be running out. Anyone who lost a job within the past year is probably on the verge of losing their benefits. Without new jobs to be had this will put folks in a pickle, especially if they had cut their family budgets and were just eeaking by with these monies.
3-Reserves have ran out. Even responsible buyers who saved 6-8 months of liquid reserves are coming on those funds drying up. Whereas family budget cuts were made and funds were skimpy, they were making it by with a little subsidy from the family's "rainy day fund"--that same fund may now be all dried up.
Those are three possibilities and of course each situation varies greatly. Though the foreclosures may be up the market overall is CERTAINLY NOT DOWN. We have been swamped with folks wanting to purchase and first time buyers wanting to take advantage of tax credits, inventory and low rates.
As we speak I am still here at the office after writing and having two of three offers accepted. We are still waiting on word from the last one submitted.
If you have input on why these numbers are up or want to share your experience with the current real estate market, by all means, POST!
Brooke
Wednesday, July 15, 2009
Movin' Up and On...
I know it's been a while since I last posted, but my Nanny passed away last week...more about that in a later post.
I am playing catch up this week and have now worked two back to back 12 hour days...and that, my friends, is what I want to catch you up on.
We have been BUSY! Regardless of what you may hear in the general media, our local real estate market has really seen a pick up. Now it's not what it was 3-5 years ago, but some of the numbers are comparable...I have 8 closings on the books for the next 3o days and that is definitely what I consider to be a strong month.
There are several factors that I attribute this increase in business to...
1: I didn't stop working when things slowed down. No, this isn't a pat on my back, but I am a full-time Realtor. Meaning that while some folks took it easy at the beach/mtns., got a second job, etc. I spent my time with my assistant working on new marketing techniques, tracking successful and not so successful marketing practices, keeping up databases, writing to you folks, etc. This is important and separates the "wheat from the chaff" as my dad would say. Thanks Barry!
2: I continue to market my listings, call my buyers and stay on top of new legislation and how it effects the real estate industry. I know you folks in other sectors don't have time to do it, that's why I do. Thanks Jake!
3: Referrals!!! Wow! I have been in the business 10 years this year December and folks who have worked with me know my style, know my work ethic and know that I am detail-oriented not to mention a "straight-shooter". This is no time for blowin' smoke...my previous clients know I can get the job done...from contract to closing. Thanks to all of my clients who refer business to me...your confidence in my ability means so much!
4: Hard work. It pays off. I have a great team of associates, a supportive family and fabulous clients...what more could a gal ask for?
5: Location. The Triad is a premier location for businesses relocating due to its proximity and the investment in infrastructure of the surrounding counties and municipalities. i.e aerotropolis, Fed/Ex, Honda Jet, Triad Business Park, medical industry and research, etc. What a great place to live!
6: Experience. I don't know it all by a long shot, but I do stay abreast of recent real estate trends, have a good deal of knowledge in negotiating offers and inspections, equity preservation, contracts, financing, legislative issues, etc. All of these experiences mean a virtually seamless transaction for my buyers and sellers. We use past experiences to anticipate issues and hurdles so that your transaction is as pleasant an experience as possible.
That's it...enough already. Point being, real estate is good, you need an experienced, dedicated agent who isn't scared to work and represent you. Visit www.BrookeCashion.com to learn more and to see my featured listings.
Brooke
I am playing catch up this week and have now worked two back to back 12 hour days...and that, my friends, is what I want to catch you up on.
We have been BUSY! Regardless of what you may hear in the general media, our local real estate market has really seen a pick up. Now it's not what it was 3-5 years ago, but some of the numbers are comparable...I have 8 closings on the books for the next 3o days and that is definitely what I consider to be a strong month.
There are several factors that I attribute this increase in business to...
1: I didn't stop working when things slowed down. No, this isn't a pat on my back, but I am a full-time Realtor. Meaning that while some folks took it easy at the beach/mtns., got a second job, etc. I spent my time with my assistant working on new marketing techniques, tracking successful and not so successful marketing practices, keeping up databases, writing to you folks, etc. This is important and separates the "wheat from the chaff" as my dad would say. Thanks Barry!
2: I continue to market my listings, call my buyers and stay on top of new legislation and how it effects the real estate industry. I know you folks in other sectors don't have time to do it, that's why I do. Thanks Jake!
3: Referrals!!! Wow! I have been in the business 10 years this year December and folks who have worked with me know my style, know my work ethic and know that I am detail-oriented not to mention a "straight-shooter". This is no time for blowin' smoke...my previous clients know I can get the job done...from contract to closing. Thanks to all of my clients who refer business to me...your confidence in my ability means so much!
4: Hard work. It pays off. I have a great team of associates, a supportive family and fabulous clients...what more could a gal ask for?
5: Location. The Triad is a premier location for businesses relocating due to its proximity and the investment in infrastructure of the surrounding counties and municipalities. i.e aerotropolis, Fed/Ex, Honda Jet, Triad Business Park, medical industry and research, etc. What a great place to live!
6: Experience. I don't know it all by a long shot, but I do stay abreast of recent real estate trends, have a good deal of knowledge in negotiating offers and inspections, equity preservation, contracts, financing, legislative issues, etc. All of these experiences mean a virtually seamless transaction for my buyers and sellers. We use past experiences to anticipate issues and hurdles so that your transaction is as pleasant an experience as possible.
That's it...enough already. Point being, real estate is good, you need an experienced, dedicated agent who isn't scared to work and represent you. Visit www.BrookeCashion.com to learn more and to see my featured listings.
Brooke
Monday, June 29, 2009
KDPDC Written Statement
Copy of my written statement from the July Board Breifing held on June 24th. The statement is regarding the current status of the organization known as the Kernersville Downtown Preservation and Development Council. Currently, this organization is classified a non-profit, but annually requests money from the Town of Kernersville in order to sustain their operating budget. The amount the Town gives is $47,500 out of the general fund of the governing body and also a sum for marketing and promotions, normally in the amount of $8100 but this year $12,000. The board holds that it wants to be independent from scrutiny or oversight from the Town of Kernersville and taxpayers, yet wants to continue to receive funding without benchmarks or tracking of successes and failures. Should anyone want to see a copy of this year's Town budget, one can be made available to you in the next week or so at Town Hall for a small fee.
It would be my recommendation to shift funding currently allocated to the KDPDC to the community development department. This being a direct result of future growth opportunity, the culmination of the downtown task force recommendations and most importantly, this is the most cost effective and responsible manner in which the town can continue to fund and assist the KDPDC.
Let me clear by saying this does not dissolve the organization that has done much over the years to promote and nurture downtown when little attention was being paid to the core of our community—however, as the needs and opportunities have multiplied the funding level requests have as well, almost on a yearly basis.
The KDPDC has itself admitted that they constantly battle with appropriate funding, staffing, resources and marketing dollars-not to mention the volunteers’ hours are stretched thin not only with meetings, but with day to day operating activities such as accounting, bookkeeping, project maintenance, seminars, workshops, human resource management, insurance, technology maintenance and the list goes on and on. Many volunteers once on the board have no idea how much goes into the day to day activities and takes away from the crux of their purpose and passion—that which is downtown’s growth and sustainability.
By leaving the board intact and moving it under the town’s guidance, resources beyond our current reach can be under one roof and coupled with other town-led organizations such as the Pedestrian and Bicycle committee and Community Appearance Commission, which fit like a glove with the KDPDC and often overlap in efforts, yet stretch and sometimes divide resources.
As many of you are aware, the overwhelming majority of the task force’s work and recommendations included the town. How better to honor these commitments that the board of aldermen signed off on, than to take on the responsibility given to us and act to see them to completion. So much of what the KDPDC strives to do is already being done by the town at the expense of town staff and taxpayers.
As for the notion that this move is last minute and hasty, I have to cry “foul”. Anyone reading the minutes of last year’s budget session can see that this very board of aldermen along with the mayor acknowledged that the KDPDC needed guidance, direction and possibly oversight. I have met or talked with everyone present on multiple occasions and my plea to you for ideas on how to address this situation is no new notion. So here we are, one year later, with a strong town, a lean budget and a downtown that is poised to go to the next level, if we will allow it.
Mapping, planning, GIS, more diverse citizen involvement and greater collaboration will do nothing but strengthen the organization known as the KDPDC. Under this model, it and the downtown can thrive and taxpayers’ money will not only be used more effectively, but actually saved and we all campaigned on doing just that.
I hope that I can obtain your support. My support of downtown has been evident since day one and I thank taxpayers for making the infrastructure possible and now the taxpayers look to us to continue the momentum of their hefty investment.
-Brooke Cashion
It would be my recommendation to shift funding currently allocated to the KDPDC to the community development department. This being a direct result of future growth opportunity, the culmination of the downtown task force recommendations and most importantly, this is the most cost effective and responsible manner in which the town can continue to fund and assist the KDPDC.
Let me clear by saying this does not dissolve the organization that has done much over the years to promote and nurture downtown when little attention was being paid to the core of our community—however, as the needs and opportunities have multiplied the funding level requests have as well, almost on a yearly basis.
The KDPDC has itself admitted that they constantly battle with appropriate funding, staffing, resources and marketing dollars-not to mention the volunteers’ hours are stretched thin not only with meetings, but with day to day operating activities such as accounting, bookkeeping, project maintenance, seminars, workshops, human resource management, insurance, technology maintenance and the list goes on and on. Many volunteers once on the board have no idea how much goes into the day to day activities and takes away from the crux of their purpose and passion—that which is downtown’s growth and sustainability.
By leaving the board intact and moving it under the town’s guidance, resources beyond our current reach can be under one roof and coupled with other town-led organizations such as the Pedestrian and Bicycle committee and Community Appearance Commission, which fit like a glove with the KDPDC and often overlap in efforts, yet stretch and sometimes divide resources.
As many of you are aware, the overwhelming majority of the task force’s work and recommendations included the town. How better to honor these commitments that the board of aldermen signed off on, than to take on the responsibility given to us and act to see them to completion. So much of what the KDPDC strives to do is already being done by the town at the expense of town staff and taxpayers.
As for the notion that this move is last minute and hasty, I have to cry “foul”. Anyone reading the minutes of last year’s budget session can see that this very board of aldermen along with the mayor acknowledged that the KDPDC needed guidance, direction and possibly oversight. I have met or talked with everyone present on multiple occasions and my plea to you for ideas on how to address this situation is no new notion. So here we are, one year later, with a strong town, a lean budget and a downtown that is poised to go to the next level, if we will allow it.
Mapping, planning, GIS, more diverse citizen involvement and greater collaboration will do nothing but strengthen the organization known as the KDPDC. Under this model, it and the downtown can thrive and taxpayers’ money will not only be used more effectively, but actually saved and we all campaigned on doing just that.
I hope that I can obtain your support. My support of downtown has been evident since day one and I thank taxpayers for making the infrastructure possible and now the taxpayers look to us to continue the momentum of their hefty investment.
-Brooke Cashion
Monday, June 22, 2009
What's the Value?
Upon working on creating a new look for my website, the designer Chris Bormann, came up with the tag line of "What's the Value of a Good Agent?"
It's a great question to ponder, especially in these uncertain times. There are tons of folks out there with real estate licenses and a good number of folks who are Realtors as well. Beyond that, it can sometimes be difficult to determine value vs. savings when on the outside all things seem to look the same. But keep in mind, as the old adage goes, you truly do get what you pay for!
In the age of Internet, most folks looking to buy or sell begin their informal education of the real estate market in their area on the web. Sometimes this can give you a pretty good indicator of where your market stands, how many days homes are staying on the market and the list price vs. sell price. What those figures can't usually give you are some of the things that matter most...the condition of the home, square footage and usability, allowances or concessions that were offered, etc. Those are things that an experienced agent who shows and sells property regularly in your area can help you with.
There are so many websites out there currently to assist for sale by owners offering limited services, such as mls entry and scheduling. It is great to have your home in your local multiple listing service, but this should not, by any means, be the best your agent has to offer.
For example, is it really worth saving $5000 in commissions when your home is going to sit on the market for an additional 6 months? That's 6 months of mortgage payments, utilities, taxes, insurance and the risk of damage going unnoticed because you no longer permanently reside in the property... Depending on your situation, it may or may not be the right move to go it alone. My thought is, that that money could be better spent in your pocket rather than sitting dormant in a home that you no longer desire. Not to mention, once the buyer contacts you to transact the deal, you are now saddled with negotiations of terms, repairs, attorneys, etc. This is the perfect example of time value of money.
Now if your agent is not full-time and competent, then yes, it may be just as well for you to do this yourself...however, look for a full-time Realtor at a reputable firm to begin with...
After that make sure you are asking your agent some important questions depending on your needs:
How many transactions do you generally do in a year? How many homes have you sold in this area? Do you advertise on the Internet? Do you have your own website? Does your website feed it's information to other popular websites? How many photos and virtual tours do you have on your site? Does your site have mapping features? Do you do any print advertising? Are you involved in the community? Do you have any assistance if you are sick or on vacation? Do you communicate effectively and/or have access to cell phones, texting, computers, email? (You may be surprised as to the response!) What do your fliers and interior books look like--do you even do them? How do you track your marketing and what has been successful? What is your list to sell price ratio? How will you keep me up to date on the activity on my home? Do you have folks who can help me with staging, maintenance, etc. if needed? Do you have good relationships with other brokers at other companies? Do you sell mostly existing or new homes?
These are just a few questions to get you started when interviewing your potential agents...my suggestion is to bring three or four into your home and compare answers and then choose the most qualified agent for your needs...but keep in mind there is tremendous value in a good agent. If you have ever had one, you know...for more tidbits and testimonials, please visit my new-revamped website:
www.BrookeCashion.com
It's a great question to ponder, especially in these uncertain times. There are tons of folks out there with real estate licenses and a good number of folks who are Realtors as well. Beyond that, it can sometimes be difficult to determine value vs. savings when on the outside all things seem to look the same. But keep in mind, as the old adage goes, you truly do get what you pay for!
In the age of Internet, most folks looking to buy or sell begin their informal education of the real estate market in their area on the web. Sometimes this can give you a pretty good indicator of where your market stands, how many days homes are staying on the market and the list price vs. sell price. What those figures can't usually give you are some of the things that matter most...the condition of the home, square footage and usability, allowances or concessions that were offered, etc. Those are things that an experienced agent who shows and sells property regularly in your area can help you with.
There are so many websites out there currently to assist for sale by owners offering limited services, such as mls entry and scheduling. It is great to have your home in your local multiple listing service, but this should not, by any means, be the best your agent has to offer.
For example, is it really worth saving $5000 in commissions when your home is going to sit on the market for an additional 6 months? That's 6 months of mortgage payments, utilities, taxes, insurance and the risk of damage going unnoticed because you no longer permanently reside in the property... Depending on your situation, it may or may not be the right move to go it alone. My thought is, that that money could be better spent in your pocket rather than sitting dormant in a home that you no longer desire. Not to mention, once the buyer contacts you to transact the deal, you are now saddled with negotiations of terms, repairs, attorneys, etc. This is the perfect example of time value of money.
Now if your agent is not full-time and competent, then yes, it may be just as well for you to do this yourself...however, look for a full-time Realtor at a reputable firm to begin with...
After that make sure you are asking your agent some important questions depending on your needs:
How many transactions do you generally do in a year? How many homes have you sold in this area? Do you advertise on the Internet? Do you have your own website? Does your website feed it's information to other popular websites? How many photos and virtual tours do you have on your site? Does your site have mapping features? Do you do any print advertising? Are you involved in the community? Do you have any assistance if you are sick or on vacation? Do you communicate effectively and/or have access to cell phones, texting, computers, email? (You may be surprised as to the response!) What do your fliers and interior books look like--do you even do them? How do you track your marketing and what has been successful? What is your list to sell price ratio? How will you keep me up to date on the activity on my home? Do you have folks who can help me with staging, maintenance, etc. if needed? Do you have good relationships with other brokers at other companies? Do you sell mostly existing or new homes?
These are just a few questions to get you started when interviewing your potential agents...my suggestion is to bring three or four into your home and compare answers and then choose the most qualified agent for your needs...but keep in mind there is tremendous value in a good agent. If you have ever had one, you know...for more tidbits and testimonials, please visit my new-revamped website:
www.BrookeCashion.com
Thursday, June 18, 2009
Victims of the Digital Conversion...
How you might say? How does this happen to one who has known for so long that the analog signals of yesteryear were bound for digital crossover? Even after the extension from our floundering Federal government, could we, the Cashions find ourselves without television!?
Let me start by saying that several months ago, we decided that we could do without cable service and that surviving on the basic channels that could be picked up via "rabbit ears" was just o.k. with us! As a matter of fact, last week, The Wall Street Journal published a report indicating that cutting cable was one of the best places to start when trying to save money. We were ahead of the curve...moving on....
We knew that our little color t.v in our bedroom definitely would not make the crossover because only a clothes hanger enabled it to bless us with the 11:00 news each evening before bed. We had never connected more than the living area to cable. As news reports became less and less informative, more and more negative, not to mention more and more repetitive, the habit of "dousing ourselves with despair" prior to a potential good night's rest was no longer.
Fast forward to digital countdown last week...we just KNEW that our main television would make the cut--when we replaced it several years ago, we specifically asked if it had a digital converter box--and were told yes. So as we watched Conan O'Brien and the clocked slowly inched towards midnight, we felt confident that at least one t.v would make it--"rabbit ears and cable t.v be damned" we said. A couple of digital channels would be fine, still no need for outrageous cable bills and being a slave to the mainstream media and the nonsense of unrealistic "reality" television. (I did have to admit, not being able to see Rock of Love, was going to hurt for a while.)
Midnight of "D-Day"-
Conan disappears on both sets and is replaced with a message that says something to the effect of "Channel 12 Nightlight". So for the next few minutes we watched in a trance, as the bright orange glow bathed our room and we sat, stunned ,that WE no longer had access to television programming...a little while later an infomercial from the station began to cycle through, letting us know what could have gone wrong, why we fell through the cracks, what we needed to do to make things right.
Well hear this! It's been almost a week and we are doing just fine...we've had to read (yes-real chapter books with no pictures) and we've been outside by the pool, we've played some games, ran and walked the neighborhood, gone to bed early, saved a little cash for a rainy day and most importantly, we've bought ourselves some peace of mind! The fact that we are no longer constantly bombarded with images to compare ourselves to, things that we don't need, tempting foods and cars, news that cripples you and the plethora of immorality that floods the digital signals has made for quite a nice little change and that my friends is about the only CHANGE that we can currently appreciate.
Brooke
Let me start by saying that several months ago, we decided that we could do without cable service and that surviving on the basic channels that could be picked up via "rabbit ears" was just o.k. with us! As a matter of fact, last week, The Wall Street Journal published a report indicating that cutting cable was one of the best places to start when trying to save money. We were ahead of the curve...moving on....
We knew that our little color t.v in our bedroom definitely would not make the crossover because only a clothes hanger enabled it to bless us with the 11:00 news each evening before bed. We had never connected more than the living area to cable. As news reports became less and less informative, more and more negative, not to mention more and more repetitive, the habit of "dousing ourselves with despair" prior to a potential good night's rest was no longer.
Fast forward to digital countdown last week...we just KNEW that our main television would make the cut--when we replaced it several years ago, we specifically asked if it had a digital converter box--and were told yes. So as we watched Conan O'Brien and the clocked slowly inched towards midnight, we felt confident that at least one t.v would make it--"rabbit ears and cable t.v be damned" we said. A couple of digital channels would be fine, still no need for outrageous cable bills and being a slave to the mainstream media and the nonsense of unrealistic "reality" television. (I did have to admit, not being able to see Rock of Love, was going to hurt for a while.)
Midnight of "D-Day"-
Conan disappears on both sets and is replaced with a message that says something to the effect of "Channel 12 Nightlight". So for the next few minutes we watched in a trance, as the bright orange glow bathed our room and we sat, stunned ,that WE no longer had access to television programming...a little while later an infomercial from the station began to cycle through, letting us know what could have gone wrong, why we fell through the cracks, what we needed to do to make things right.
Well hear this! It's been almost a week and we are doing just fine...we've had to read (yes-real chapter books with no pictures) and we've been outside by the pool, we've played some games, ran and walked the neighborhood, gone to bed early, saved a little cash for a rainy day and most importantly, we've bought ourselves some peace of mind! The fact that we are no longer constantly bombarded with images to compare ourselves to, things that we don't need, tempting foods and cars, news that cripples you and the plethora of immorality that floods the digital signals has made for quite a nice little change and that my friends is about the only CHANGE that we can currently appreciate.
Brooke
Thursday, June 11, 2009
Mentoring...Not So Easy...
Today should have been my final day to meet with my mentee at one of local high schools, however, she bailed on me at the last minute. We were meeting at 2:30 and the text I received at 2:20 was "I went home". When I asked why, the reply was "Because I had nothing to do" Well, that "nothing" was me. After hours spent with her throughout the year, this was the big "thank you", the "whole enchilada" the culmination of all of OUR work--the end??
Let me back up by filling you in on some details...I volunteered to be a mentor last year and my time with my student began mid to late February. The purpose of the program is to take seniors that are "at risk" of not graduating, but are "close" and to help them stay the course until they graduate in June or take some summer school courses to make up what may have been missed. All in all, the goal is to obtain a high school diploma so that the ONE MILLION dollar drain on society can be prevented early on. Yes, folks, that's the number...that a high school drop-out will cost society around ONE MILLION dollars in their lifetime! So, when asked, I thought, heck yea, I want to be a part of preventing this.
My student has no discipline problems that I am aware of, attends class fairly regularly, but the thing that surprised me most with my student and the other mentors I spoke with was the general apathy and indifference towards school. No real perception on what not graduating means in their lives and no real perception on the reality of life, for that matter. No real consequences for actions or lack thereof...For example...senior project not completed? Oh well, didn't want to do it--so they don't! Kept the cell phone, still got to go to the prom, still gets to drive the car, still gets spending money, new clothes, etc.
I don't know what I expected but I did expect it to be somewhat of a two-way street, like someone who wants to graduate with a little help and motivation from an outside party. The mentors and mentees meet once or more a week, (if the student shows up) and then every mentor I spoke with texted, emailed and/or called their mentee throughout the week. It sounds as if overall, the program is successful and who knows, even if graduation doesn't occur there is no telling what the lasting impact on the student may be...it's possible that some snippet of information or encouragement stuck...
I have no idea as I write this whether or not my student will graduate, but I do know this---she could have! She was very smart, very capable and if all of the pieces of the puzzle had fallen into place and she had exerted a little of her own effort, this would be a win-win for everyone involved.
If you have the chance to mentor, I would recommend doing so...not only to help a student with accountability, but to get a taste of what is going on out there in the education system. Something has to give and as long as there are citizens out there willing to give of themselves, whether you full-fill the ultimate goal of graduation or not--I can say it WILL make a difference maybe in their life but definitely yours!
Let me back up by filling you in on some details...I volunteered to be a mentor last year and my time with my student began mid to late February. The purpose of the program is to take seniors that are "at risk" of not graduating, but are "close" and to help them stay the course until they graduate in June or take some summer school courses to make up what may have been missed. All in all, the goal is to obtain a high school diploma so that the ONE MILLION dollar drain on society can be prevented early on. Yes, folks, that's the number...that a high school drop-out will cost society around ONE MILLION dollars in their lifetime! So, when asked, I thought, heck yea, I want to be a part of preventing this.
My student has no discipline problems that I am aware of, attends class fairly regularly, but the thing that surprised me most with my student and the other mentors I spoke with was the general apathy and indifference towards school. No real perception on what not graduating means in their lives and no real perception on the reality of life, for that matter. No real consequences for actions or lack thereof...For example...senior project not completed? Oh well, didn't want to do it--so they don't! Kept the cell phone, still got to go to the prom, still gets to drive the car, still gets spending money, new clothes, etc.
I don't know what I expected but I did expect it to be somewhat of a two-way street, like someone who wants to graduate with a little help and motivation from an outside party. The mentors and mentees meet once or more a week, (if the student shows up) and then every mentor I spoke with texted, emailed and/or called their mentee throughout the week. It sounds as if overall, the program is successful and who knows, even if graduation doesn't occur there is no telling what the lasting impact on the student may be...it's possible that some snippet of information or encouragement stuck...
I have no idea as I write this whether or not my student will graduate, but I do know this---she could have! She was very smart, very capable and if all of the pieces of the puzzle had fallen into place and she had exerted a little of her own effort, this would be a win-win for everyone involved.
If you have the chance to mentor, I would recommend doing so...not only to help a student with accountability, but to get a taste of what is going on out there in the education system. Something has to give and as long as there are citizens out there willing to give of themselves, whether you full-fill the ultimate goal of graduation or not--I can say it WILL make a difference maybe in their life but definitely yours!
Monday, June 01, 2009
Arts D'Vine Event in Downtown Kernersville This Weekend...
Much like the Salute! wine festival featured in an earlier blog post, downtown Kernersville is joining the act by featuring not only local NC wineries, but also local artists and musicians. Unlike, Salute! this event is FREE and open to everyone. This unique event is a first for Kernersville and is an effort to draw residents and visitors to the downtown area who may not be familiar with what downtown Kernersville has to offer. After the recent 1.3 million dollar renovation, there will be plenty to enjoy!
The event will consist of businesses that will open their doors to local artists and wineries. Scattered throughout the event will be varying musical acts including The Chris Lane Band which seems to have a pretty decent following based on the crowd at Indigo Joe's a little over a month ago. There will be some sort of indicators on the participating businesses so make sure that you don't stay in one spot too long though the temptation will certainly be there!
My suggestion would be to arrive right at the beginning of the event, scope out some various vendors and then settle in to one of the more central locations for some music and some good 'ol fashioned people watching.
So I look forward to seeing you THIS FRIDAY, JUNE 6 from 5-8 in downtown Kernersville!
Cheers!
Brooke
The event will consist of businesses that will open their doors to local artists and wineries. Scattered throughout the event will be varying musical acts including The Chris Lane Band which seems to have a pretty decent following based on the crowd at Indigo Joe's a little over a month ago. There will be some sort of indicators on the participating businesses so make sure that you don't stay in one spot too long though the temptation will certainly be there!
My suggestion would be to arrive right at the beginning of the event, scope out some various vendors and then settle in to one of the more central locations for some music and some good 'ol fashioned people watching.
So I look forward to seeing you THIS FRIDAY, JUNE 6 from 5-8 in downtown Kernersville!
Cheers!
Brooke
Friday, May 29, 2009
Housing Numbers Looking Up....
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
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
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
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