Raleigh Real Estate Answers – Considering selling or renting your Raleigh NC home without the assistance of a realtor? Did you know you must comply with the Fair Housing Act?

Yes, it’s true. The 1968 Federal Fair Housing Act applies to all Raleigh homes including those that are being offered as For Sale by Owner. What does that mean?

Those endeavoring to sell or rent their home must not discriminate on the basis of race, color, religion, sex, national origin, disability, or familial status in the sale or lease of residential property; these groups are protected classes. The Fair Housing Act further prohibits discrimination in: advertising, real estate brokerage, lending, against individuals associated with individuals in protected classes, and against U.S. citizens and non-citizens.

There are some exemptions for those selling their home without the assistance of a real estate agent under the 1968 Federal Fair Housing Act but under the State of North Carolina Fair Housing Act there are only a fewer exceptions.

The one exemption specific to a Raleigh home for sale by owner is in regards to “the rental of housing accommodation in a building which contains housing accommodations for not more than four families living independently of each other, if the lessor [the home owner] or a member of his family resides in one of the housing accommodations.”

One question that comes up a lot is what is “Familial status”? Simply it is anyone single, married, divorced, legal guardians, etc. who has one or more persons who have not attained the age of 18 years living with them. This includes any person having legal custody, the designee of the parent or other person having custody, provided the designee has the written permission of the parent or other person. This means that “Family” includes a single individual.

What are the penalties for breaking the NC Fair Housing law? The first offence brings a fine up to $10,000 and subsequent offences can bring fines up to $50,000. However, there is greater potential liability if a civil suit is brought for punitive damages. So, learn and obey the law. You can obtain a copy here: State of North Carolina Fair Housing Act

As always, feel free to contact the Marti Hampton Team with any questions.

Wake County NC promotes recycling and most trash haulers provide recycling bids for their customers. There are other special programs where  Wake County promotes recycling as well.

One of the programs offered is phone book recycling. Every February thousands of tons of new phone books are delivered to Raleigh home owners. What can you do with the old ones? In the past, there was a one month phone book recycling program. Now Wake County offers YEAR-ROUND recycling options for telephone books at all Convenience Centers and both Multi-Material Recycling facilities.

Phone book directory paper does not come from freshly cut trees and the recycling of phone books helps to provide additional recycled material for future uses. These include products like coffee cup trays, egg cartons, cereal boxes and cellulose insulation.

According to the Yellow Pages Association, they have established programs to reduce the size of directories, the use of more efficient pagination systems. In addition, the expansion of their digital and mobile search products provide consumers a choice of not using the paper phone book. All of these programs have reduced the demand for directory paper by 29 % since 2006.

Members of the Yellow Pages Association also work to reduce the environmental impacts of their phone books through the use of vegetable-based inks, eco-friendly glues and bonding agents that pose little threat to soil or groundwater supplies. These have replaced petroleum-based products.

If you are interested in making your Raleigh NC home more eco-friendly by recycling your phone books, there are currently 11 locations throughout Wake County to do this:

Click here: Telephone Book Recycling Program

If you would like to reduce waste by using online phone directories, here are a few to consider:

Yellow Pages

Super Pages

Read about opting out of delivery of the paper copy of the phone book here: Consumer Choice Opt-Out-Site

It is important to understand that refinancing is not the best option for everyone. The generally accepted wisdom is that if your current interest rate is 2 percentage points higher than current mortgage interest rates, then it probably makes sense to refinance. This is based upon the average costs that are incurred in refinancing a loan.

A major factor to consider in making a decision to refinance is how long you plan to stay in your home. The costs incurred in refinancing usually take at least three years to “pay off” at the lower interest rate.

Refinancing your Raleigh NC home might also be a good idea if you have an adjustable rate mortgage (ARM) and you would like to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan.

If you want to build equity in your home or pay it off quicker, you might want to refinance into a shorter term loan. Current 15 year interest rates are still very low – today’s 15 year fixed rate for very well qualified borrowers from at least one mortgage broker is 4.0% , APR 4.135%.

Another reason to refinance may be to draw on the equity that you have built up in your home to get cash for a major purchase or to pay for the education of your children.

For more information on Home Mortgages check out the following resources published by the Federal Reserve Board:

A Consumers Guide to Home Mortgages

A Consumer’s Guide to Mortgage Lock-Ins

Understanding the Process and Your Right to Fair Lending

The Marti Hampton team would be happy to recommend a number of qualified mortgage lenders to help you with your particular situation.

April 15 is fast approaching and while the Marti Hampton Team are not accountants or tax attorneys, we have learned a few things that you should consider if you own Raleigh real estate and particularity if you purchased a home last year.

If you are a Raleigh area homeowner, these tips can potentially save you thousands of dollars on your tax bill.

The first item that is usually deductible for your primary residence is the mortgage interest that you paid during the tax year. This includes interest paid on your first and second mortgages, home improvement loans and home equity lines of credit.

If you purchased a home this past year the closing costs you paid are usually not deductible, but if you paid points they may be. Points are the amount of money you paid to reduce the interest rate on your loan. If you purchased last year, the points you paid to reduce the interest rate on the original loan or loans are usually deductible in the year they were paid.

Should you have refinanced your home last year, the points are usually deducted each year over the life of the loan.

Another item that is usually deductible is the real property taxes on the home. If you had to pay some form of special assessment to the city, county or Home Owners Association for improvements for things such as water, sewer, and street repairs or common area maintenance – I am sorry but these usually are not deductible.

Did you pay your mortgage late (like so many others) and have to pay a late fee? Again, these are usually deductible as are fees charged for paying off the home loan early.

What about private mortgage insurance (PMI)? If the loan was originated after January 1, 2007 this can be deductible, but there are limitations.

All of these are governed by strict rules and not everyone may be eligible. Be sure to check with a qualified tax preparation professional before taking any deductions on Raleigh NC real estate.

With the new NC Offer to Purchase and Contract I understand that there is no longer a repair contingency in the contract. Do I still need to have a home inspection done before purchasing a home in the Raleigh area?

It is true that the new NC Offer to Purchase and Contract does not have a repair clause anymore, but a Home Inspection is just as important as ever. The new form that is used by most Realtors in not only our area but all of the state of North Carolina has a new due diligence period that is very similar to the due diligence in commercial real estate transactions.

The Due Diligence Period allows the home buyer time to investigate the Property that is being purchased for a specific length of time that is negotiated between the buyer and home seller. The buyer may pay a fee (Due Diligence Fee) for this due diligence time frame (or not again depending upon the negotiations between the home buyer and seller) and during this time, the buyer can decide whether they, in Buyer’s sole discretion, will proceed with or terminate the transaction. If they decide to terminate, they are entitled to receive their earnest money back as long as they provide written notice to the seller before 5 PM on the last day of the due diligence period.

During the Due Diligence Period, the Buyer (or Buyer’s agents or representatives) can conduct all desired home inspections, tests, surveys, appraisals, investigations, examinations and inspections of the Property. All of these are paid for by the Buyer.

Still have questions? The North Carolina Real Estate Commission publishes a brochure on this topic. You can read it on-line here: Questions and Answers on Home Inspections

Or you can download the brochure in PDF format – it’s free! Questions and Answers on Home Inspections

As always feel free to contact the Marti Hampton team – we can recommend some great home inspectors and help you through the home buying process.

The Raleigh IMAX theater and Marbles Kids Museum are located in the near the center of downtown Raleigh in the Moore Square district. The Raleigh IMAX is the only 3D-capable giant screen IMAX Theatre in North Carolina.

The Marbles Museum is an exciting hands-on museum for children 10-and-under, and The Corner Store features a mixture of toys, games, and gadgets. In addition to galleries and exhibits, the museum provides a variety of camps for children from 3 – 13 years of age including summer camps, School’s Out Camps, First Friday’s Camps, and Group Camp in.

The Marbles Museum is a great place for birthday parties and special events.

There are lots of activities for families. Check out: What’s Happening

Find out what’s happening at the IMAX: Raleigh IMAX Theater

Raleigh is known as a family friendly city and there are many museums, parks, lakes, live performances and festivals. There is the North Carolina Museum of Art, North Carolina Museum of Natural Science, North Carolina Museum of History, the North Carolina Railroad Museum and others.

One example is Blue Jay Point County Park, which is a 236-acre park located on the shores of Falls Lake in northern Wake County that features environmental education programs with demonstration areas and exhibits. It is but one of a number of environmental education parks in the Raleigh area.

The arts are exemplified in the Raleigh Little Theater. It has been providing enriching, educational and entertaining community theater for over 75 years. It also offers summer camp programs for children ages 4–12 and teenagers with comprehensive theatrical training. Check out the upcoming shows and events on the website: http://www.raleighlittletheatre.org/

Thinking of selling your Raleigh, NC home? Do you want to purchase Raleigh residential real estate? Do you know what a fixture is? It’s important in marketing your home.

It doesn’t matter which side of a real estate transaction you are on (home buyer or seller), you will want to understand how a fixture is defined in the home sale. For home sellers, we understand that there are items in your home you may not want to part with; however, there are several items in every home that are considered “fixtures” according to the Offer to Purchase and Contract. If you wish to remove any fixture and take it with you to your new home, you will want to exclude it in the listing agreement you have with your real estate agent and have it noted in the MLS. Another approach that we recommend is to remove the fixture prior to any showings of the home and replace it if necessary. The seller is responsible to repair any damage caused by removal of any items.

If you are considering buying a home in Raleigh, NC and you are relocating, this is important because what is considered a fixture here may be different than your present state. As an example, in North Carolina, the refrigerator typically is not considered a fixture.

So what is a fixture?

According to the North Carolina Real Estate Commission, a fixture is “an item of personal property, a chattel, affixed to a building or structure, or real estate to which it is affixed and annexed.” Because it is affixed or attached to real estate (it’s also called an appurtenance), it passes with the sales of the real estate to the buyer unless something is stated to the contrary in the Offer to Purchase and contract.

According to the new contract that just became effective January 11, 2011, the following items, if any, are deemed fixtures and are included in the Purchase Price. These must be free of liens:

In addition to what is listed above any other items that are attached or affixed to the Property, would be included.

Did you know that more and more people are choosing to retire in the Raleigh, NC Area? Are you looking for a Maintenance Free Homes in the Raleigh area?

Yes, Money Magazine ranks Durham, North Carolina as the number 1 place to retire on their listing of their 25 Best Places to Retire. Benefits cited by Money Magazine include the weather where there are four seasons and yet none are usually too extreme (contrary to this year). There are an abundance of parks, golf courses, cultural activities, and home prices are affordable. Then there is the world renowned Duke Medical Center. Durham has a new 2,800 seat performing arts center (DPAC) and it is home to the Durham Bulls baseball team.

Duke University has a senior learning program that has been around for over 30 years. It is one of the biggest in the country and there are more than 100 courses offered every term which cover a wide variety of topics.

Many of the same features that might draw retirees to Durham are found all over the Raleigh, NC area as well. Top notch medical treatment and care can be found at the Duke Medicine Plaza on Duke Raleigh Hospital’s campus which has specialties from Neurosurgery, Cardiovascular Care to the Duke Raleigh Cancer Center that have won local and national awards.

Healthcare in the Raleigh area also includes two other nationally known healthcare systems, Rex Healthcare and WakeMed Hospital systems. All three of these major healthcare providers have urgent care and campus locations in many of the surrounding areas of Raleigh.

The Raleigh, NC senior housing market offers a wide variety of choices that range from maintenance free homes, senior friendly apartments, independent living, assisted living, and continuing care retirement living.

Maintenance Free Homes in the Raleigh area include detached homes, condominiums, and townhomes. They can be found from Apex, to Cary, Raleigh, Midtown (North Hills) Wake Forest and even Knightdale.

Here are just two examples:

Renaissance at Regency – “These easy living one and two story homes provide a carefree lifestyle along with exceptional features and amenities. English styled exteriors and state-of-the-art interiors exhibit stone, decorative iron work and hardwoods including quality features such as 10’ ceilings and extensive moldings.”







Carolina Preserve at Amberly – this is a Del Webb community. “Whether they’re part of a smaller, more intimate setting or a large resort-style community, amenities are one way that Del Webb encourages residents to realize their full potential as individuals and as members of a community. Amenities are more than buildings and pools and fitness centers; they are invitations to meet your neighbors and explore new interests.”

There are many more options and the Marti Hampton team would consider it a privilege to be able to help you with your home search.

What is a short sale? What are the advantages, if any, are there for a home buyer?

First of all, let’s consider how a short sale is defined here in Raleigh, NC.