It’s hard to believe that the holiday season is already upon us.  It’s that time of year again when families “deck the halls” and fight hysteria at the shopping malls.   This time of year is about spending time with families, eating way too much and enjoying some much needed R & R in anticipation of hitting the ground running in the new year.   And for those of you who are trying to sell a house, this time of year can cause additional stress and frustration.  But, not all is lost!  The holiday season is NOT actually a bad time to sell your home.  In the spirit of the “12 Days of Christmas…”

The first reason the holidays are a great time to sell:
Holiday house hunters are typically serious home buyers…they aren’t going to be looking during the holidays unless they want/need to buy now

The second reason the holidays are a great time to sell:
Your home will likely feel very homey during the holiday season…just don’t go all Clark Griswald on the neighborhood

The third reason the holidays are a great time to sell:
Showings may actually be easier than you think if you are planning on spending time out of town…you never have to worry about scheduling showings

The fourth reason the holidays are a great time to sell:
Many of your neighbors will be having family and friends over for parties…that For Sale sign in your yard may call out to one of their guests

The fifth reason the holidays are a great time to sell:
If your a holiday baker, your home will smell amazing to potential buyers…pumpkin pie, sugar cookies…yum!

The sixth reason the holidays are a great time to sell:
Many potential buyers wait for their holiday bonuses to use as a down payment on a new home

The seventh reason the holidays are a great time to sell:
The leaves have fallen, the grass and bushes aren’t growing non-stop…yard maintenance is a breeze during the holiday season

The eighth reason the holidays are a great time to sell:
The new year brings about feelings of starting fresh…one of the best ways to do this is in a new house

The ninth reason the holidays are a great time to sell:
People are generally thinking about family during the holiday season, causing many to consider trading up to make more room

The tenth reason the holidays are a great time to sell:
The holidays make people happy…happy people mean happy buyers

The eleventh reason the holidays are a great time to sell:
The majority of sellers think the holidays are a bad time to sell and take their homes off of the market…less competition for you!

AND…

The twelfth reason the holidays are a great time to sell:
You can always ask Santa for a ready, willing and able buyer!

Have a wonderful holiday season and happy home selling

~Emily

I admit…as a real estate agent I like it when people buy homes.  I much prefer the commission on the sale of a home vs. that which is given for the lease of a rental.  I’m honest…it’s true!  So, I’m sure you’re skeptical when I say that it is better to buy than rent.  But, look at the numbers!

Daily Real Estate News | Wednesday, October 26, 2011

Rising rents are forcing renters to outspend home owners on housing costs, according to a new study. Since 2005, home owners’ housing expenses have climbed from 31.9 percent of their household budget to 33.2 percent. On the other hand, in that same time period, renters’ expenses have jumped from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.In the last 26 years, home owners have increased the amount they spend on household expenses by 12 percent while renters have increased it by 22 percent, according to the study.Earlier this month, Capital Economics economists noted that for the first time in 30 years the median monthly mortgage payment is about the same — or less — than the median rental payment. Yet, with the bleak job market, home ownership rates continue to fall in many parts of the country, particularly among younger generations. CoreLogic found in its report that the home ownership rate for the 25-to-34 age group dropped from 51.6 percent in 1980 to 42 percent in 2010. For the 35-to-44 age group, home ownership rates fell from 71.2 percent to 62.3 percent over that period.Source: “Renters Outspend Owners on Housing,” RISMedia (Oct. 25, 2011) and Capital Economics.

I love this time of year.  The air is crisp and clean, the leaves are falling and the animals are getting ready to hunker down for a long winter’s nap.  But, just because Jack Frost is nipping at your nose, doesn’t mean he needs to nip at your wallet!  Here are nine great tips to reducing your energy bills this winter: 

Put lamps in the corners: Did you know you can switch to a lower wattage bulb in a lamp or lower its dimmer switch and not lose a noticeable amount of light? It’s all about placement. When a lamp is placed in a corner, the light reflects off the adjoining walls, which makes the room lighter and brighter.

Switch to a laptop: If you’re reading this article on a laptop, you’re using 1/3 less energy than if you’re reading this on a desktop.

Choose an LCD TV: If you’re among those considering a flat-screen upgrade from your conventional, CRT TV, choose an LCD screen for the biggest energy save.

Give your water heater a blanket: Just like you pile on extra layers in the winter, your hot water heater can use some extra insulation too. A fiberglass insulation blanket is a simple addition that can cut heat loss and save 4% to 9% on the average water-heating bill.

Turn off the burner before you’re done cooking: When you turn off an electric burner, it doesn’t cool off immediately. Use that to your advantage by turning it off early and using the residual heat to finish up your dish.

Add motion sensors: You might be diligent about shutting off unnecessary lights, but your kids? Not so much. Adding motion sensors to playrooms and bedrooms cost only $15 to $50 per light, and ensures you don’t pay for energy that you’re not using.

Spin laundry faster: The faster your washing machine can spin excess water out of your laundry, the less you’ll need to use your dryer. Many newer washers spin clothes so effectively, they cut drying time and energy consumption in half—which results in an equal drop in your dryer’s energy bill.

Use an ice tray: Stop using your automatic icemaker. It increases your fridge’s energy consumption by 14% to 20%. Ice trays, on the other hand, don’t increase your energy costs one iota.

Use the dishwasher: If you think doing your dishes by hand is greener than powering up the dishwasher, you’re wrong. Dishwashers use about 1/3 as much hot water and relieve that much strain from your energy-taxing water heater. Added bonus: you don’t have to wash any dishes.

It doesn’t take a genius to see that it is a buyers market these days.  Interest rates are at some of the lowest levels they have ever been and buyers are definitely in control of most negotiation when it comes to putting an offer in on a property. 

If you’re thinking about buying property, chances are you’ve heard about Short Sales, Foreclosures and REO/Lender Owned Properties.  A decade ago, most people had never heard of such terms.  But, unfortunately, in today’s market many homeowners are finding that the value of their home is dropping quicker than the mortgage that is owned on the property – many refer to this as being “underwater.”  In some cases, personal circumstances forcing homeowners to sell or preventing them from making their monthly mortgage payments.  When this happens, the lender steps in.

Buying distressed properties are attractive to many, because often times you can get much more property for your money.  However, there is a lot to consider with regard to buying a distressed property.  The best place to start is by defining and understanding the differences between the types of distressed properties.

What is a Short Sale?

A short sale is one in which the proceeds from the sale are insufficient to pay off the debt owed to the lender.  In the majority of cases, the owner is in default, having been unable to make their monthly mortgage payments for whatever reason.     Many homeowners will seek approval for a short sale from the lender in order to avoid a potential foreclosure.  The lender must approval the short sale before a property can be sold as one, as it will result in a loss on their part.  All offers and proceedings in relation to the sale of a short sale property must also be approved by the lender and therefore it can take a long time to get a response to or approval of a sale.  Lenders are overwhelmed with short sale requests and approvals and in some cases it can take upwards of 3-6 months to close on the property.  Short sales are full of uncertainties that even the most experienced real estate agents can’t foresee these days.  As a buyer, you’ll have less opportunity to negotiate on the listing price or ask for seller paid closing costs, etc., as lenders are less likely to agree to these terms than individual owners are in many cases.  Short sale properties are sold “as-is.”

What is a Foreclosure?

When a homeowner fails to make his/her mortgage payments and a short sale is not approved or successful, the lender may begin foreclosure proceedings.  Foreclosure proceedings begin in a court of law and follow a very complicated legal process.  When a home is foreclosed upon, the homeowner no longer owns the property and therefore is no longer allowed to occupy the property.  Foreclosed properties are sold through an auction and not by a real estate agent and as a buyer, there is no opportunity to investigate potential problems (i.e., Title, Superior Liens or structural problems).  Buying a property at a foreclosure auction can be risky and many times it takes the knowledge of an experienced investor to avoid potential pit falls.  Foreclosure properties are sold “as-is.”

What is an REO/Lender Owned Property?

REO stands for Real Estate Owned.  If a foreclosed property fails to sell at auction for whatever reason, the lender ends up owning the property.  The property can then be listed as a REO/Lender Owned Property and can be sold on the market by a licensed real estate agent.  Lenders do not like to have real estate on their books and will often times release all liens on the property in order to pass on insurable title to the property.  Unlike a foreclosure auction, you have the ability to investigate the property and work with a real estate agent.  Many times these properties are priced to sell quickly – lenders are not in the real estate business and do not want to expend valuable resources or the money required to keep these homes.  In many cases, the buyer has more negotiating power in a REO situation, but the process is complicated and can take a long time.  No surprise here – REO properties are sold “as-is.”

So, given these definitions you might be asking yourself “why would I ever want to buy a distressed property?”  Distressed properties are not for everyone.  If you need to move quickly, are counting on seller paid closing costs or would like to be able to negotiate repairs, distressed properties are NOT for you.  Some distressed properties do not have appliances and in some cases require quite a bit of repair.  So, if you do decide to look at distressed properties, you need to take into account that the cost to purchase the property may not be limited to the closing table.

But, for those of you looking for a great investment and have the time and patients to deal with a distressed property, there are a lot of great opportunities out there right now.

Ok, so I’d never claim to be an expert in Economics.  I only took Econ 101 in college because it was required and I was happy to get out of the class with a passing grade.  But, even I know how important the principal of “buy low and sell high”is. It doesn’t take a genius to get this one…believe me, I should know!

Now, here’s a little secret… it’s a GREAT time to buy low in the real estate market.  At some point, the market will recover and wouldn’t you hate yourself if you missed out on the opportunity of a lifetime to invest in it when it was affordable and available?  Just look at what gold has done over the past few months – I’m kicking myself that I didn’t buy it when it was around $67!!

But, that’s neither here nor there – back to real estate.  There are great deals out there whether you’re a first time home buyer or an experienced investor. 

So, Are You a First-Time Home Buyer?

As a real estate professional I believe that it will be you, First-Time Home Buyer, who will help rebuild our market.  But, buying your first home can be a daunting prospect.  Fortunately, I’m not the only one who thinks this and therefore there are great resources out there to help you on your way to achieving what is still the quintessential American Dream.

So, Where Do You Start?

As Glinda (the Good Witch) once told a young girl in OZ, it’s always best to “start at the beginning,” and the beginning of this particular Yellow-Brick Road is financing.  Until you know if you qualify and for how much you qualify for, you can’t realistically begin to look at homes.  And, these days, most sellers require pre-qualification letters with any and all offers. 

Understanding the mortgage market can be a full time job.  But, there are a lot of options out there above and beyond the conventional mortgage a bank may give you.  The key is to do your research.  Make sure you understand EVERYTHING before signing any paperwork.  Like most products, there can be a lot of hidden fees you won’t be aware about until it is too late!  Deciding which mortgage package to go with and through which lending institution to purchase it from is a very personal decision.  If you have specific mortgage questions or would like to start the pre-qualification process, Rick Dail at Primary Residential Mortgage Inc.,  is a great place to start!

Most importantly, find a mortgage that best fits your life-style and means.  There is no point in turning the American Dream into the American Nightmare.  

Happy Home Buying –
Emily

Country Living at its Best! 
 
MLS # 1794444

With .87 acres of beautifully landscaped grounds on a corner lot, this home is perfect for those who want the quite of the country with the convenience of city life.  Only 7.5 miles from downtown Clayton and a short drive to Raleigh, this gorgeous 1.5 story home has it all!  This home includes 3 bedrooms on the first floor – including a spacious master suite with separate vanities, whirlpool and shower.  There is a 4th bedroom and 3rd bathroom on the upper level, which also includes a large bonus room, currently being used as a media room.  This traditional home has a gas fireplace in the living room, separate dining room with wood floors and a large eat-in kitchen with beautiful tile back splash.   The kitchen has plenty of counter space and large, spacious wood cabinetry.  There is also a large pantry for additional storage.  The home also includes a first floor utility room with washer/dryer hookups.  The  2-car garage has room to spare and a lovely deck overlooking the backyard is perfect for summer BBQ’s!!

Click Here for a Virtual Tour of This Beautiful Home!

After showing a property, I always ask my client what they thought of the home.  It not only helps me to get a clearer idea of what they are looking for, but it helps the buyer to get a clearer idea of what they are looking for too. 

One of the most common comments (excuse the alliteration) I get after showing property is about floors.  Yes, you read it right – floors.  You wouldn’t believe the difference flooring makes in a property!  Here’s an example:  a few weeks ago, I showed two townhomes.  Both were identical floor plans, built at the same time (they were next door to one another!) and had similar paint schemes.  The only difference, and I mean the ONLY difference, was the flooring.  One unit had wood floors downstairs, the other had carpet.  Take a guess at which one the buyer liked best.

You have to look at selling your home from the perspective of a buyer.  It’s your carpet, so it doesn’t bother you much, but over the years carpeting stains – dogs and cats pee and admit it, we’ve all spilled a little red wine here and there. While it is possible to make the carpet look clean, the carpet padding never really dries and buyers (and their agents) know this.  Therefore, carpeting can actually make a wonderful property feel old and dirty.  And, what is up with carpeting in the dinning room?!?

So, now you’re probably thinking “great, where do I find hardwood floors, how do I install them, and how much will it cost me?”  If you’re a do-it-yourselfer, make sure you do it properly and professionally.  Inspectors can see the smallest of imperfections and there’s no point in having to do something over again.

And hey, even if you aren’t selling your home right now, there’s no law that says you can’t install beautiful hardwood floors for yourself to enjoy.

While it is ultimately up to you, I’d like to introduce you to Old Oak Hardwoods, founded by Jeramy Nichols and Seth Leff in Wake Forest, NC who together bring more than 25 years of experience to the table.  Check out their website, their work is beautiful, and see what possibilities are out there. I did, and if I can talk my husband into it, I’ll be enjoying hardwoods in my living room soon – and I’m not selling my home.   Old Oak Hardwoods prides themselves on environmentally sustainable practices and while I highly recommend comparing prices to other similar companies before making a decision, helping to preserve the environment is always a plus!

But, as an agent, of all the things you might do to prepare for the sale of your home, hardwood floors (in the living and dinning rooms in particular) are a good use of your resources. 

Happy Home Selling ~
Emily

(Raleigh, NC – May 26, 2011) – RE/MAX Preferred Associates in Raleigh, NC, recently acquired two prominent local RE/MAX offices to become one of the top-producing real estate franchises in the market.  RE/MAX Capital Realty has already merged and the RE/MAX United located on Falls of Neuse Road in Raleigh will now merge with and become RE/MAX Preferred Associates under management of Co-Broker/Owners Grayson Hodge and James Bovell.

“We felt like this was an excellent opportunity to combine the great depths of knowledge and experience in these offices as one company,” said Hodge who has been in the real estate industry for more than 30 years.  “The RE/MAX agents in all three offices have provided outstanding service to our friends and neighbors for years and that will not change.  But the tools, resources and knowledge base will change and we’re confident we’ll continue to build on our current success in this market.”

RE/MAX Preferred Associates’ Broker/Owner Bovell also Co-owns RE/MAX Cayman Islands in Grand Cayman, which will give this local franchise added exposure internationally.

RE/MAX Capital Realty, formerly owned by prominent local REALTOR(R) Mary Edna Williams and the North Ridge location of RE/MAX United, owned by Gail and Harold Perry and one of three RE/MAX United offices int he area, will join forces with RE/MAX Preferred Associates to form a real estate franchise with more than 75 professional agents serving the Triangle.

The offices will continue to operate in their same locations, RE/MAX Preferred Associates is located at 7101 Creedmoor Road in Raleigh, NC.  RE/MAX Capital Realty is located at 1520 Glenwood Avenue and RE/MAX United, North Ridge is located at 5909 Falls of Neuse Road, both in Raleigh.

As an agent with RE/MAX Preferred Associates, I am incredibly proud of this merger, as I believe it will allow me to provide an even higher level of client service than before.  With more resources and experience at my finger tips, there’s no telling how far I can go for my clients.  If you’re looking to buy or sell (or simply have a question) please do not hesitate to contact me: 919-845-6514 or emilyjohnson@remax.net.

June 4-5, 2011 is the National REALTOR(R) Open House Weekend!  For one weekend in June REALTORS(R) will hold open houses in neighborhoods from coast to coast, bringing value to both buyers and sellers.  Check back soon for local listings in the Triangle area!!

“As a general rule, the most successful man in life is the man who has the best information.” - Benjamin Disraeli (1804 – 1881), 1st Earl of Beaconsfield, British Prime Minister, and Parliamentarian

Information is a vital component in any decision-making process.  Information doesn’t guarantee that you make the right decision – it’s up to the decider to determine what to do with the information once gathered – but it can lead you to making a more informed decision which more often than not will be the correct decision for you.  The choices we make are personal.  Just because it is the right decision for me, doesn’t mean it’s the right decision for you.  Personal factors weigh greatly on the decisions we make and the outcomes they produce.  As a real estate agent, I spend close to 80% of my time researching information to help my clients make more informed decisions.  Whether buying, selling or looking to refinance, marketing information is vital.  And, determining the fair market value for a property is one of the most important pieces of information to gather when making a decision related to real estate.

A Comparative Market Analysis (CMA) is an important tool that can help you determine the estimated value of a property by comparing similar properties to one another that have sold in the same area in the past year. The proverbial “apples to apples.”   By looking at the subject property and then adding or subtracting value based upon how it compares with other properties that have sold recently, will determine its fair market value. 

For Sellers….

As a seller, the CMA will help you determine the price at which your property is most likely to sell at a given time in a given market.  Out pricing the market will greatly reduce the number of potential buyers who come to see your home and will greatly effect how long it takes and at what price your home eventually sells.  The CMA will help you analyze the other properties you will be competing against for buyers.

For Buyers…

As a buyer, the CMA will help you determine a fair price to offer on a listing your are interested in.  Offer too little and you’ll be outbid.  Offer too much and you’ll out price the market.  You never want the most expensive house in the neighborhood.

What to look for in a CMA…

1. Properties currently on the market – look for current listings in your area.  What are other homeowner’s listing their properties for?  Go to a few open houses on the weekends to see how your home compares with other homes on the market aesthetically.
2. Pending sales – look at homes that are under contract.  What was the asking price at the time of the contract and what is the pending sales price of the property?  What percentage of the sales price to homes in your area tend to be selling for?
3. Recently sold properties – look at properties that have sold in the last six months.  Chances are, similar market trends still exist.  Again, what percentage of the sales price did the home etually sell for and how long did it take to get it sold?
4. Expired listings – expired listings are properties that have been on the market for so long that their listing agreements with agents have expired.  Chances are, these are the properties that outprice the market, which is why they didn’t sell. 

It is possible to conduct your own CMA by visiting your county courthouse to look at real estate deeds.  This information can even be found online in most counties these days.  However, a turly accurate CMA will not only look at the sale price, square footage and number of bedrooms similar properties have, but at current market trends as well.  Therefore, why not save yourself the time of having to research what it takes real estate agents years to learn, by having your CMA compiled by someone who is a professional in the industry.