An interview with Congressman Ted Budd...

Recently, our very own Brooke Cashion led a conversation with US Congressman Ted Budd that was conducted on behalf of the NC Realtors and the real estate industry. Because of Covid19, we are conducting our national legislative meetings virtually.

It worked very well and there was a large number of attendees on the call but we miss these meetings being in person. Congressman Budd is a fantastic legislator who works hard for his district and the people of NC.

As a small business owner himself and a leader on the Financial Services Committee in Congress, he plays an important role in real estate issues and private property rights. And real estate is a bright spot on the economy and Brooke was working hard on the call to help encourage passage of key legislation which will garner greater economic activity to help get our economy back on the tracks and thankfully Congressman Budd understands this. 

Thankfully, he agreed to become the co-sponsor of an important bill which would allow for electronic notaries. 

Blessed to have...

The Triad is blessed to have many restaurants and great places to grab cup of coffee or a glass of tea, wine or beer. A lot of these are independently owned small businesses. The owners of these small businesses have taken many risks to support the local economy, creating jobs, delivering food and creating an atmosphere of growth for the communities - becoming a place where many locals and tourist alike want to visit.

The Triad Food & Beverage Coalition is working to help get these small businesses opened again and in a safe way. This is a letter written by the owner of The Porch Kitchen and Cantina, Alma Mexicana and Canteen Market & Bistro in downtown Winston-Salem, but she speaks for them all. We are looking forward to a time when these restaurants and businesses are thriving again, where people are conversing and laughing and simply enjoying life and helping to grow our cities and towns. These great restaurants support the quality of life we promote in the areas we serve as #BCA Realtors. We appreciate the risks these companies have taken! Will you join us in thanking these businesses and support there safe and healthy efforts to re-open when the time is right?

Really - Activity Still?

With all that is going on and the challenging decisions governments are having to make, we have been working with the NC Realtors and the NC Chamber to encourage that real estate services and businesses remain open.  There is currently $8 billion worth of real estate under contract in NC, which does not include commercial real estate.  This is important and will help keep the economy moving forward, tax receipts coming and people employed.  So far, in Governor Cooper's Executive Order 120 from March 23, "protecting lives and property" are part of Section 2 and requires local governments to keep necessary services like the Register of Deeds offices open and we appreciate the Governor's actions for this effort.

We are hearing multiple reports from many agents that buyers and sellers are still very active, looking for property, listing property and closing property.  This is great news and a bright spot in our challenging time.  

We are also working on a number of ways to help our clients.  We are doing virtual tours for homes, hosting numerous virtual listing appointment, communicating with clients via phone, email, text, video and other ways,  working on e-documents and social distancing in person.  Plus we are very much open, producing and appreciate your support, trust and confidence.

Most attorneys have put policies in place to limit the exposure to their offices and have gone virtual, with e-closings or only allowing essential people in the offices only, practicing social distancing.  But we are working closely with them and still coordinating multiple closings and will be continuing to do so as we continue to sell real estate.

We are seeing many swings in mortgage rates.  It is important that you have a trusted mortgage lender and we have a team of professionals that we trust impeccably.  Also, there may be some changes on the mortgage application side and with the tax documents a buyer will be sharing with their lender.  As federal guidance comes out, we will be learning more.  For example, where we were seeing a final income check 10 days out before a closing, we are learning in some cases it is two days or even 24 hours.  Timing will be critical so we will be communicating with the lender and our buyers on that as things progress and change.

Appraisals are still moving forward.  Home inspections are still moving forward, albeit, most are with the home inspector only.  Negotiations are still on going.  

While we are in challenging and unprecedented times, we believe we can get through this and rebound rather quickly.  Please do not hesitate to contact us should you need some counsel. Things are changing rapidly and we are working hard to be learned on those changes in order to best serve and benefit you, our clients. 

Thank you for your support, trust and confidence.  

Brooke Cashion and Associates - Allen Tate

 

Can Property Still Be Sold?

244 and 224 - What Do These Numbers Mean?

Real Estate drives a large segment of the economy. It is a tangible asset. Even in the worst of times people need a roof over their head. We thought these stats were interesting and thought you might as well:

In the Triad (Greensboro, High Point, Winston-Salem, NC) market alone over the past 3 days (since the 15 day quarantine was announced) 244 new listings have come on the market and 224 have gone under contract.

In the past 24 hours 94 new listings have come on the market and 55 have gone under contract.

This is a time to be bullish on real estate if you have the financial tolerance. Rates are incredible and there are some lovely new listings hitting the market. If you have been thinking of downsizing or combining households with aging family, there are some phenomenal homes hitting the market.

Reach out to our team for guidance, advice and assistance. We will assist you virtually or in person (while maintaining acceptable social distance of course). So much of what we do is online via electronic signatures, live video showings, online pics and floor plans, etc. We are here to help you and we ask that you help to keep this fragile market thriving!

3% - No Way!

Have you seen what mortgage rates are doing?  Is it time to refinance?  Is it time to consider selling and using the purchasing power for your next home or a second home?  Are you familiar with the current market conditions?

At the end of February 2020, we are seeing the following stats:
-Sales Price - $181,000 near a 10 year high
-Number of Homes for Sale - 4510 near a 10 year low
-Days on the Market - 19
-Percentage of List Price - 99% near a 10 year high

We track market conditions, mortgage rates and mortgage applications and the experts we work with like Luann Davis with Truliant Federal Credit Union and Jeff Pearce with Allen Tate Mortgage tell us volume is through the roof (pun intended) and rates are the lowest in history at or below 3% depending on circumstances.  Of course each person's situation is different but if you have been considering these aforementioned questions, for your security, you really should look into what the answers may be?  One really needs to weigh a number of options and the costs of the impacts before making a decision.  Well the good news is that our team of experts can help you determine the right course of action.  If you need some advice, simple let us know.  

Do Yall Help People Think About Their Future?

Recently, we were asked this question by a local business executive: 

"Do y'all offer advice to people about what they should do with their property?  For example, what if someone is thinking about downsizing but they do not know if they should refinance to update the home, should they remodel and put the home on the market, should they remodel and stay put, should they simply sell their property or do yall just sell real estate?" 

The answer is we are real estate leaders who advise and consult on all things real estate, so YES to both questions - we advise and sell.  We work weekly on these exact questions and work with people to better understand what the market is doing and offer professional and skilled advice to help someone determine how best to strategize about their future.  If you know someone who needs or wants to have this discussion and simple advice, please feel free to reach out and let us know.  Thanks!

The Dynamite Daphne Moore!

Where did #Daphne come from?

THE Lisa Chrystie!

What is Lisa's #Why? 

Visit us at our new office!

We are very excited to announce that we are now located in the new Allen Tate Companies - Kernersville office. With this geographic location and because we work in multiple markets in the the Triad, (Forsyth, Davie, Guilford, and Davidson Counties and all the cities in-between), this was a natural fit. This will benefit our clients greatly and gives us a greater reach to continue to serve our client's interest. Nothing changes except our location! We appreciate Allen Tate's decision and investment in locating an office in Kernersville! 

From Phyllis Brookshire - Allen Tate Realtors President:
"#HereWeGrowAgain - We are excited to announce Allen Tate Realtors has added to our market presence in the Triad Region with a new office in Kernersville! Located at 135 Church Lane, in downtown Kernersville, we are officially open. 

Lori Ford Yager, Branch Leader of Oak Ridge will lead both Kernersville and Oak Ridge offices. Brooke Cashion & Associates are the first agents to affiliate with the Kernersville branch, moving from the Winston-Salem Cherry St office. We thank Brooke, Jake, Lisa, Daphne, and Jill for leading the way in the center of the Triad Region with this latest office."

We are looking forward to continuing our mission from this new office, which is to work to fulfill the path of real estate ownership for our clients and work hard to make their lives better through our service, care and attention.

Would you mind helping us share the word? Stop by for a visit sometime! Thanks!!

As always, thank you for your support and for the trust and confidence you place in us!  Please feel free to call/email/text...visit our home on the web...BrookeCashion.com....we are processing a lot of new listings and currently there are many buyers ready to purchase.  If you need advice about what to do or even thinking about moving or if you are trying to decide whether to make improvements to your home, do not hesitate to reach out.

Who is the 2019 REALTOR of the Year?

On December 3, 2019, our very own Brooke Cashion was named the 2019 Winston-Salem Regional Association of Realtors, REALTOR of the Year!  The association has 2000+ members and they have a lot of great talent to choose from so this was a wonderful honor and it was a lovely evening of celebration.  Will you our #BCA team in congratulating Brooke?!  

There was a special moment at the end of the Association recognizing Brooke when the following video was played:

In Search of....

We work everyday to "move" our client's property or to advise them through the real estate buying process and advising them on finding that perfect place.  We work hard to fulfill the path of real estate ownership which is part of our mission at #BCA.

Today, we are in search of properties in a certain price point and have buyers who are in need of finding that perfect place.  We need properties between the $150,000 and $400,000 price point.  If you know of anyone that has even thought about or would be interested in selling their property, please let us know asap.  We would be happy to contact them and simply have a conversation about the market place or they can reach out directly - NO OBLIGATION.

Thank you for your help.  We really appreciate it!

Wire Fraud...When Serious Details Matter...

Most people don't think it could or would happen to them.  But wire fraud is one of the fastest growing cybercrime in the US and real estate. 

What is wire fraud?  Investopedia defines it as a "crime in which a person concocts a scheme to defraud or obtain money based on false representation or promises" and "is a crime in which a person schemes to defraud or obtain money using electronic communications or an interstate communications facility."  The is what happens in a real estate transaction.

There is an ever increasing number of closings where buyers get to the closing table and realize that the monies needed for settlement have disappeared.  Somehow, someway, scammers received control of their bank accounts through phishing.

These scammers disguise themselves as the client attorney or agent and send the "wiring instructions".  The client assumes that this is accurate information as it looks official and goes ahead and wires the money.The problem is they just had their money stolen from them which can start a chain of events that can leave them in a bad spot financially and potentially legally.

Don't let this happen to you.  Here are a few ways to protect yourself.

• Educate yourself and make sure your Realtor and closing attorney are educated on wire fraud. Simply, learn the dangers!
• Verify funds and transfer instruction with the financial institution.  Make sure you are talking to your financial institution and keeping them updated on the purchasing of a property and that you'll be wiring the funds at time of closing.
• Verify the correct wiring instructions with the closing attorney in a secure manner
• NEVER use a public wi-fi to make the transfer
• Pay attention to any red flags that may appear like receiving a phone call from someone that you do know and them giving you the wiring instructions.  
• Be suspicious and on-guard and contact the financial institution immediately if something happens.
• Talk to your Realtor or closing attorney about how to mitigate the wire fraud risk in your transaction.

Recently, we were at a closing with a client.  The closing was smooth and without issue but one thing we learned and haven't seen it much is the attorney communicated with the client directly (not the paralegal or office staff, but the attorney) and gave them detailed wiring instructions.  This helped to mitigate any risk in the process.  It is a simple but effective risk mitigation strategy and we appreciated this attorney's diligence in protecting the client.  

The National Association of Realtors is very much engaged in working to solve some of these problems.  They are currently working on a wire fraud and money laundering toolkit that other Realtors, consumers and anyone involved in the real estate transaction should and could learn from.  We'll be sure to share once complete.  

In the meantime, we are not attorney's, however our goal is to protect our clients in this important property-buying process.  If you have any questions we are happy to help get those answered and get you in your dream home without issues.  Let’s make sure you're protected!

When Details Matter, Experience Counts!

Congrats Daphne and Welcome Jill!

Will you join us in a congrats and a welcome?

Today, we want congratulate and announce that our most recent office manager, Daphne Moore has decided to become a full time REALTOR. We are proud of Daphne and her work for our clients and the BCA team as she has been a great addition since early 2019 and will continue to be an awesome BCA team member as she makes this transition. Don't hesitate to contact her should you need consulting - the reviews she receives are awesome! 

Additionally, we are welcoming our new Office Manager, Jill Petras.  Jill has jumped right in, learning our systems, process and procedures and has a great positive attitude that is contagious. She'll be a great addition to the BCA team and will be fantastic in client services, details, and day-to-day implementation! 

Please join us in a hearty congrats and great welcome to Daphne and Jill!

Daphne Moore - Daphne.moore@allentate.com

Jill Petras - Jill.petras@allentate.com

Local Economic Impact?

We had a great time hosting a coffee  at one of our favorite coffee spots - Local Roots Coffee Bar & General Store. It was a great discussion with about 12-15 local business leaders from different industries about how the national economy could or is impacting our regional and local economy and how best to start planning moving into 2020. 

Most folks were still pretty upbeat about where things are. Couple quick takeaways:

• growing demand by millennials and other buyers for real estate
• still tight real estate inventory
• car buying is still hot
• seeing growth start some cresting with some global manufacturing
• Northern Guilford - Northern Forsyth and Stokes could become a growth area
• Inverted Yield Curve has about an 18 month lag
• US economy still strong and global investments still being made even though our interest rates are higher than other parts of the developed world
• big driver to growth is labor - companies go where labor market is good.
• regionalism is not just WS, Greensboro, HP, Kernersville but Charlotte to Raleigh corridor...thats where big industry looks not just the "triad" region
• 2020 recession outlook - if one, should be short and shallow and driven by trade issues with China and slowing global markets

We appreciate the following business leaders for joining us: 

• Kevin Bugg - State Farm Agent
• Beth Wiles Potts-PNG
• Joey Herman-Epes
• Pillar To Post Steve
• Mr. David Neugent-Merrill Lynch 
• Heather Bowers Cross-Fidelity
• TOK Alderman Jenny Ingram Fulton
• LuAnn Davis Kernersville Mortgage Loan Officer NMLS 113055
• Mike Fogleman-Deere-Hitachi
• Dana Caudill Jones- Caudill’s
• Jason Grubbs- Coltrane Grubbs Orenstein, PLLC
• Jonathan Smith-Davidson Craven Capital
• Brooke Cashion
• Lisa Chrystie - Brooke Cashion and Associates
• Daphne Moore - Brooke Cashion and Associates
• Jill Petras - Brooke Cashion and Associates

Is it for Everyone?

Recently, we were on a small weekend getaway at a great bed and breakfast in Southport, NC called the Robert Ruark Inn.  It is a fantastic place to stay and with the booking comes a wonderful breakfast.

While at breakfast, we met two other couples.  Both were from NC and were very neat people.  Throughout breakfast and small talk, one couple asked about the professions of others at the table.  A few minutes later, it was time for one of the three couples to leave so we were sitting at the breakfast table with a nice young couple from Raleigh, NC.   He was a native of Paris, France and had moved to NC to marry his wife, a neat lady who works in the pharmaceutical industry.

We could tell she wanted to ask a question.  She said, "May I ask you a real estate question?"  Of course!  She said, "we rent a home and we do not know if we want to buy or not...what do you think?"

It is a great question, isn't it?  We're sure the same thought has crossed many people's mind.  So we turned the question back to her and said, "That's up to you...do you want to use this investment to build wealth? Or do you want to give your hard-earned money to someone else so they can build their wealth? According to Lawrence Yun, the Chief Economist for the National Association of Realtors, this question is a no-brainer!  Between 2000-2018, those who became homeowners saw their net worth grow tremendously verse those who rented.

At the end of this short conversation, she said that several points were brought up that she had not thought of before.  We know and love real estate and believe it is a great tool to build wealth.  We think that she may be in the market to purchase real estate now.

**Disclaimer - some may not be able to purchase real estate at this point in their lives.  That's ok too. But it is important know that ownership is a wealth builder and a great step forward in the American Dream**

Top Three Issues....

So often we hear about how awesome the current real estate market is.  Currently, it is strong, stable, affordable and very active--which is great.  Our experienced BCA team of full-time Realtors meets weekly to discuss topics and provide insights in order make sure we are all on the same page. This includes working together and communication, addressing any process/operational issues and simply making sure we are all aligned for the same purpose.  We recently were talking about the current top three issues impacting our clients and the transaction and thought we'd share them here with you.  

1.  Unreasonable Buyer Request - we are in a tight market, one that still favors sellers.  However, every now and then we'll see buyer requests that seem to question the sincerity of their desire to purchase the home. Don’t get us wrong, asking for items to be repaired is not a bad thing. However, in NC when you are signing a contract you are agreeing to take the property in as-is condition. Sometimes that happens, sometimes it does not. Our state Realtors association has worked to have thorough disclosures up front but sometimes things aren’t discovered until a home inspector lays eyes on the house.  We are talking about sending a request that simply reads “see attached inspection report” and requests every item on the report with no thought or plan to accomplish the main items of concern. This act can set the tone of the transaction and actually prevent buyers from obtaining critical repair items.  We would question a buyer’s need to own a home if they can’t change a light bulb or tighten a door knob.

2.  Agents waiting until the last minute on due diligence request - this is very important!  The Due Diligence process is there to work through any issues that may arise through the transaction process and is highly important for the successful closing of a property.  We are seeing more and more folks waiting to the very last minute on request which can delay closing, cost time and money and is very disruptive to the process.  Don't wait until the last minute.

3.  Lack of Showing Feedback - when most people list their homes, they would like to know how a showing went.  Think about it...if you had your home listed and a showing occurred, would you not be interested to hear what the potential buyer thought? Someone has been in your home with their agent and the agent can’t find 2 minutes between Facebook and Insta posts to say how it went? As your listing Realtor, we make three requests for feedback via email over the course of 3 days and if we still have not obtained it we call and text the agent. Believe it or not, we still don’t receive feedback over 1/4 of the time. As far as providing feedback when we show, we would say we provide feedback 99.9% of the time and that ..01 we am leaving in there for the “human element” of potentially overlooking the request. Please make sure to inform your agent about how you truly feel about the house and encourage them to share it with the agent that has it listed.  It is simple communications that can help both parties.  

Thankfully, most transactions go smoothly, however, each one is different and carries their own directions.  But being able to head off some of the issues upfront helps.  So as human beings and as professional REALTORS we subscribe to the Golden Rule...."do unto others as you would have them do unto you.”  

What is the moral of the story?

Whether buyer or selling anything, it is important to know how the market is doing.  Real estate is no different.  We hear the question a lot...how's the market doing?

Things are positive.  While inventory is still an issue, buyers are shopping and in the marketplace. Mortgage rates are low, new job announcements have started to come, infrastructure projects are well underway, quality-of-life is high and we still have some of the most affordable real estate in the North Carolina.  Our sales volume is up 30% year over year, of which we thank all of our clients for the business.  However, here is a quick snapshot of a few of the most recent metrics we watch:

All Triad MLS - this encompasses the 11 county Triad, NC region:

Median Sales Price (MSP) - $183,000

Median Days on Market (DOM) - 11

Percent of Sales price to List Price (SP%) - 99.1%

Now, let's take a look at four cities in the Triad and how they are doing.

Winston-Salem

MSP - $178,500

DOM - 10

SP% - 99.1%

Kernersville

MSP - $226,000

DOM - 6

SP% - 100%

High Point

MSP - $161,500

DOM - 8

SP% - 98.4%

Greensboro

MSP - $185,000

DOM - 10

SP% - 99.5%

The real estate market in the Triad is strong, stable, affordable and active.  The moral of the story is simple, if you are buying, BE READY and if you are selling or planning to sell, BE READY!

In Like a Lion...

Special thanks to US Congressman Ted Budd!
Recently, Brooke had the honor of having a working meeting with Congressman Ted Budd in his district.  She is his Federal Political Coordinator for the National Association of REALTORS®(NAR) which means she represents NAR to his office and works to advocate for public policy on behalf of REALTORS, home and property owners. Congressman Budd serves on the Housing and Finance Committee and the Capital Markets, Securities and Investment Committee in the United States House of Representatives which are two very important committees for real estate issues. He is always a very kind, generous and open to discussions and its always a pleasure to work on the issues with him. Thanks Congressman Budd for all you do to support home and private property rights and real estate issues!

March 2019 Update:
The real estate market roared like a lion in March.  This info represents the all price points in the entire Triad MLS so different price points vary but happy to help get that info for you.  Sales took off and the median sales price was up to $165,500.  Inventory is starting to pick up some, thankfully.  Since the beginning of the year, we've seen a gain of 1471 properties to hit the market and saw a nice lift in March so with mortgage rates that are flat or falling and more homes continuing to hit the market, we think we'll start to see more buyer activity this spring.  The moral of the story...the market is solid, complex and active.  

When details matter, experience counts!
BCA is moving into the second quarter after having surpassed our first quarter goals.  Our new office manage, Daphne Moore is helping to take our office to the next level and is really doing a nice job.  Team Member, Lisa Chrystie recently received this feedback from a client and we wanted to share and say congrats Lisa and well done!

"Everything! Lisa exceeded our expectations for going above and beyond to answer any question or concern we had throughout our entire home-buying experience." The Veres

Will you help?
We have mentioned this in a prior post, but still need a little help.  The effort is about 90% to the goal and we need more businesses to step up and simply say they support the effort.  If you have any questions or would like to add your businesses name to the list of supporters, please let Jake Cashion, jakercashion@gmail.com know asap.  More information about Work Ready Forsyth and the effort is below:

Businesses in North Carolina, Forsyth County and Guilford County are thriving, but the biggest issue impeding their continued growth is the growing shortage of workers with the adaptable skills needed to succeed in the modern workplace. There are many that are deeply concerned about the skills gap, educational system and what it teaches and how those students are prepared for the workplace.  The question then is how does society work towards solutions to bolster our talent supply and fill North Carolina’s talent pipeline?  By leaps and bounds, education and talent supply are the top concern weighing on job creator's mind in a recent CEO poll performed by the NC Chamber.

As Congresswoman Virginia Foxx NC-5 says in a recent op-ed in the Wall Street Journal, 

"Individual potential transcends all demographics. It’s time that we speak honestly about the educational paths we set for Americans—and the paths they should be commended for choosing for themselves." (Stop Calling It Vocational Training)

An important step has been taken in Forsyth County.  The County Commissioners recently decided it was time for the community to put a focus on our local talent supply.  So the county has applied to become a North Carolina Certified Work Ready Community (NCCWRC).  Currently in NC, there are 62 counties that are participating which means, 62 counties are working every day to become more competitive for economic and job growth than Forsyth County.  

In NC, the NCCWRC is a collaboration of members form the Office of the Governor, NC Chamber Foundation, NC Community College System, NC Department of Instruction, NC Department of Commerce, regional economic development professionals and local community college leaders. 

What does this mean for Forsyth County, now that county leaders made the decision to become certified? 

• Business and industry gain confidence that Forsyth County has a skilled workforce and a considerable talent supply
• Individuals/Students understand what skills are required and therefore know how to prepare themselves for success
• Allows policy makers to consistently measure the skills gap and work on adjustments
• Educators can help close the skills gap via tools integrated into career pathways with industry credentials
• Economic developers can use an on-demand reporting tool to market the quality of the workforce and therefore, become a more competitive marketplace

In order to become certified and therefore more competitive with greater skills for students, the Forsyth County effort will be called, Work Ready Forsyth.  Thankfully, Forsyth County is currently 84% of the way to becoming certified.  However, business engagement is critical and needed.  

What we are asking is for your company to simply say you SUPPORT the effort by lending your company name to this important effort.  It's that simple.  Will you help our students, our workers, our businesses and our economy by lending your support?

Hope you will join Brooke Cashion and Associates-Allen Tate, Reynolds, Hanesbrands, Vulcan Materials and many others with your support? Please visit the Winston-Salem Chamber site for a quick and easy sign-up form...this is free with no obligation and is simply saying your business supports the efforts!

More information about this important effort will be coming out soon about Work Ready Forsyth, but here is some detailed information about the NC Certified Work Ready Community Certificate.