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NC Real Estate Web Blog

Commentary, market information, and general musings on topics effecting the Greater Rocky Mount, North Carolina and surrounding areas. Published by David C. Recker, Associate Broker, RE/MAX Classic Realty

  • Client Story #3 – Dottie Wanted To Move West

    Situation
    I received a call from a home owner wanting to sell their home in Forrest Oaks. Dottie was retired and wanted to move to the Western part of North Carolina. She had learned about me from my website, www.NCRealEstateWeb.com, and gave me a call.

    Dottie had been trying to sell her house for almost a year. She was very frustrated and had recently withdrawn her listing agreement with another brokerage. During our meeting we discussed how I work, why I do the things I do, and exactly what I was going to do to help her get her house sold. At the end of the meeting she agreed to have me place her house for sale once again.

    Critical Issue
    Dottie had no pressing issue making her relocate other than she just wanted to move. Frustrated by her previous experience she was skeptical about my ability to sell her house in a reasonable amount of time.  

    Capabilities Needed
    Dottie was looking for a Realtor that was honest, would communicate with her on a regular basis, and work hard to sell her house. She was prepared for her home to remain on the market 6 months to a year based on her previous experience.

    What I provided
    I provided accurate and justifiable pricing, simple suggestions to help the home show better, and a custom marketing plan to maximize the exposure of their home within the appropriate buyer group.

    Result
    Dottie received and accepted an offer on her house in 22 days.  She was surprised and very pleased that she went “Under Contract” so quickly.

    When the customer service survey was returned I took great pride in the good marks she gave me. She also stated “I will always recommend you. You do what you say you will do and then some”.

    This is how I grow my business, one satisfied client at a time.

    David C Recker, Associate Broker, Realtor ® licensed in North Carolina. Reach David at: 252-442-2687

    Copyright © 2008 By David C Recker, All Rights Reserved.. *
    Client Story #3 – Dottie Wanted To Move West* Contact David C Recker for all your real estate needs.

    Related Articles:
    Client Story#2 – Jim & Maria Wanted To Retire To Ashville
    Client Story – Sellers Needing to Sell Within 90Days

  • Open House in Forrest Oaks on Sunday

    August 2008
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    Forrest Oaks, Rocky Mount  -  We invite everyone to visit our open house at 1020 Brandywine Lane on August 24 from 2:00 PM to 4:00 PM.

    Property information

  • New Mortgage Law Has Buyers Scrambling


    Housing industry observers expect that prospective buyers will scramble to take advantage of seller-funded down-payment assistance before a federal ban on such programs takes effect on Oct. 1.

    The federal housing bill signed into law in July sews up a loophole that allows nonprofit organizations to gift mortgage down payments, and industry experts believe markets that have relied heavily on the programs could see new-home sales cut by as much as half.

    Seller-funded downpayment assistance has served as a surrogate for subprime loans in some ways and has helped builders put first-time and low-income buyers into new homes.

    "We will eventually go back to the mind-set of a society where you have to have 3 percent up-front to buy a home," says Phoenix real estate analyst Jim Belfiore.

    Source: Poughkeepsie Journal (N.Y.) (08/18/08)

    © Copyright 2008 Information Inc.
  • Nobody Is Looking At My House

    Many times I am called by sellers who have had their home previously listed with other Realtors©. These sellers want to sell their house but want to know what I will do differently than what has been done already.

    One of the questions I always ask is “How many showings did you have?” If they only had a few showings than one, some or all of the following were not in proper alignment:

    Marketing
    Marketing is an extremely important part of the process. In a buyers’ market we have many more houses for sale than we have buyers. Therefore, it’s always a challenge to ensure that potential buyers are not only aware that your house is “For Sale”, but also to have a description that makes them want to see the house.

    The marketing campaign needs to appeal to the demographic that will purchase the house. And of course, they need to see it. It doesn’t matter how great your house is…if the person who may want to buy it doesn’t even know it’s for sale.

    The marketing is controlled by your Realtor©.

    Price
    The price is extremely important as well. If your house is priced too high, you will have little to no showings. If it’s priced too low you will leave money on the table. An experienced Realtor© who tracks current market should be able to suggest a realistic sales price.

    The problem with price is that many sellers want to start higher the drop it later. This is a bad idea. By listing your house above current market value you will limit or maybe even eliminate any showings. Why? Because your house is overpriced.

    You say, “They can always offer a lower price”. Well, not if they don’t see it.

    Curb Appeal
    The way your house looks when the potential pulls into the driveway is very important. I can’t tell you how many times I have pulled up to a house with buyers and they said they didn’t like the house.

    The potential buyers made a snap decision that they didn’t like the house based on the way it looks from the outside. Typical issues are; over grown yard, paint peeling, house needs to be pressure washed, weeds all in the flower bed, etc. The thought is that they don’t want to spend that much money on a house that isn’t maintained. It makes the potential buyers think that they may incur unexpected expenses because it isn’t properly maintained.

    Again, if a potential buyer rejects your house based on the exterior it doesn’t matter how great the inside is. Because they never came in to see it.

    Of course there are other reasons why your house may not have been shown but these are the three biggest reasons.

    David C Recker, Associate Broker, Realtor ® licensed in North Carolina. Reach David at: 252-442-2687

    Copyright © 2008 By David C Recker, Rocky Mount Real Estate Guy. All Rights Reserved.. *Nobody Is Looking At My House*

    Related Articles:
    Why Days On Market Matter
    The Six Things That Count Most When Selling Your Home
    Good Landscaping Draws Buyers

    Visit David C Reckers website, www.NCRealEstateWeb.com, and Blog, Rocky Mount Real Estate Guy, for more relevant information about the North Carolina Real Estate Market.

  • Single Story For Sale in Northgreen

    Main
    Everything you want!

    • 1,540 sq. ft., 2 bath, 3 bdrm single story - MLS® $140,000 - The Price Is Right!

     -  Relax in your private retreat in this beautiful home that backs to the fairway of a popular golf course community. Pride of ownership shows in this model-like home in a country-like setting that is minutes from shopping, restaurants, medical, US64 and I-95.

    Put your rocking chairs and a swing on the inviting wraparound front porch that beckons you inside to a spacious, open floor plan that flows easily around the centrally located gaslog fireplace. Neutral colors throughout, along with white plantation shutters, offer a truly airy feel to this pristinely maintained home.

    You’ll enjoy cooking and entertaining in the bright, graciously appointed kitchen and dining area. Abundant cabinets offer plenty of storage space; a French door leads to the screened back porch.

    The master suite boasts two walk-in closets and a glamour bath featuring a garden tub with tile surround, separate enclosed seamless shower, double vanity, and ceramic tile flooring. Two secondary bedrooms are roomy and provide plenty of closet space.

    The hallway with the main bathroom, shelved pantry, coat closet, and laundry area completes the layout. Additional storage is provided in an attached area at the rear of the home.

    Golf whenever you like just outside your back door. Include this home on your must-see list – your golfing buddies will be envious that you found this gem first!

    Property information

  • Rocky Mount, North Carolina Area - Market Statistics for July 2008

     

    The following are indicators of the Greater Rocky Mount Area Real Estate Market. These statistics were gathered from data contained in the Rocky Mount MLS system and predominately cover Nash and Edgecombe Counties in North Carolina.

    Active residential listings totaled 1086 properties. This is an increase of 30 properties, or 2.7%, from 1056 in May. Inventories typically fall this time of year as buyers take advantage of large inventories and the summer moving season.  However, this did not happen.

    Newly listed properties totaled 178. This is a decrease of 16 new listings, or 8.2%, from 194 last month.

    Sold properties totaled 81. This is a decrease of 7, or 8.6%, from last month’s total of 74 residential properties sold.

    Pending sales totaled 114. This is an increase of 19, or 16.6%, from last month’s total of 95 properties pending settlement.

    The Greater Rocky Mount Area currently has a 12.1 month housing supply based on the previous 12 month sales rate. This is an increase from the 11.4 month supply in June 2008.

    Overall the local real estate market in 2008 is down by 23% for the first 7 months of the year when compared to the same period in 2007.

    What does all this mean? July was much slower than it should have been. Add that on top of a terrible June and this summer has not been good for residential sales. The local real estate market is in its second year of decreased sales.   

    The local housing market is very saturated with available housing. Therefore, we are still in a strong "Buyers" market and will be for the foreseeable future. What is a Buyers market? This is when conditions exist that allows buyers to obtain concessions from sellers that they would not receive in a balanced market.

    What is considered a "Balanced" or "Normal" market? Typically this is when houses sell between 3 - 4 months.

    If you are looking to buy, this market is for you. In this market buyers typically get more for their money and receive seller concessions regularly.

    If you are a seller this is not a bad time to sell. You just need to have a realistic expectation of your homes value and need to work with a Realtor that will provide maximum exposure for your property.

    David C Recker, Associate Broker, licensed in North Carolina. David works at RE/MAX Classic Realty and can be reached at: 252-442-2687

    Copyright © 2008 By David C Recker, All Rights Reserved.
    Rocky Mount, North Carolina Area - Market Statistics for July 2008.  Contact David C Recker for all your real estate needs.

    Related Articles:

    Market Statistics for June 2008

    New Report Predicts Stable Housing Prices for Rocky Mount Area

    Dramatic Drop in Sales

  • Single Story For Sale in Forrest Oaks

    Main
    The Reachable Dream

    • 1,381 sq. ft., 2 bath, 3 bdrm single story - MLS® $116,000 - The Price You Hoped For

     -  The Good Life awaits you and your family in this 3 BR, 2-bath home in a friendly neighborhood.   

    Flawlessly maintained landscaping with lush grassy lawn, mature trees and shrubs, welcomes you to the front door of this neat and tidy home. 

     

    The living room features built-ins on either side of the gaslog fireplace and brick surround; a picture window; beautiful wood flooring; and, exposed ceiling beams and chair rail which extend into the eat-in kitchen.  The laundry room is conveniently located adjacent to the kitchen, and an exterior door leads to the large screened porch.  This shaded porch can easily become your favorite place to enjoy your first cup of coffee and listen to the sounds of nature, and to relax at the end of your day.  The master bedroom has plenty of closet space (large double-doored closet, and bonus closet) and the master bath features an enclosed shower stall, vinyl flooring.  Two secondary bedrooms, linen closet, pantry, and full bath complete the layout.

     

    An attractive storage shed provides additional storage for your seasonal items and/or outdoor equipment. 

     

    Pristinely maintained, move-in ready!  Perfect for empty-nesters, young families, or anywhere in between.   Convenient to shopping, medical, US64 and I-95.

    Property information

  • Foreclosure Rescue Scams on the Rise


    Foreclosure rescue scams, in which con artists prey on struggling home owners, are becoming more of a problem, according to the Federal Trade Commission.

    The FTC has already filed three major foreclosure rescue cases this year, compared with zero a year ago; and one case involves thousands of victims and property worth millions of dollars, according to FTC regional director Brad Elbein, who heads the agency's foreclosure rescue campaign.

    Some scammers promise to negotiate with a lender for a fee, then just take the money and run. In other cases, home owners pay rent to live in the house but sign title to a rescue company that is supposed to pay the mortgage. Instead, the company sells the house, taking whatever equity is left.

    At least 14 states have passed new laws this year to protect home owners, including a new one in Idaho that requires a written contract with a rescue company and gives homeowners five days to change their minds.

    "The scope is probably going to be potentially as large as the mortgage fraud problem itself," says Sharon Ormsby, the FBI's chief of financial crimes.

    Source: USA Today, Donna Leinwand (08/04/08)
  • How the New First-Time Buyer Tax Credit Works


    Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500.

    Here’s how it works:
    • The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.
    • This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.
    • The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.
    • High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

    Source: The Washington Post, Michelle Singletary (07/03/08)
  • Open House in Spring Hope on Sunday

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    Spring Hope, Nash County  -  We invite everyone to visit our open house at 207 Hopkins Avenue on August 10 from 2:00 PM to 4:00 PM.

    Property information

  • Simple Repairs That Will Help Your Home Sell

     

    Home improvements tend to inspire thoughts of large, expensive projects. Yet, it is

    often the little things that add so much value. Do you want to improve your home for

    resale or personal pleasure but don't want to spend a lot of money? Here are 10

    improvements for under $100 each.  

     

    Mailbox

    A tired old mailbox detracts from your home's appeal. Replace it with a new one

    made of quality materials. Depending on the style that best suits your home, you

    can choose brass, iron, or other materials. You can put one of those cute green

    mallards on it, or some other visual motif calculated to offend the neighbors.  

     

    Doormat  

    Anything at the front door will affect your enjoyment of your home as well as a

    prospective buyer's impression. Replace that worn, dirty doormat with a fresh new

    one.  

     

    Street numbers  

    Make your house easy to find with bold street numbers in brass, iron, ceramic, or

    other quality materials. Sure, those old falling-down aluminum ones work all right,

    but it would be better if the gap were filled where the "6" is supposed to be, don't

    you think?  

     

    Trees or shrubs

    Landscaping is one of the best home investments you can make. A well-placed tree

    or shrub will add to your enjoyment and increase resale value. For under $100, you

    can choose from a wide selection of quality nursery stock and plant them yourself. If

    you like, you can play with some of the gardening software that's out there and get

    an idea of what your work will look like. Try to plan it out in advance; you can add a

    shrub at a time.  

     

    Perennial garden

    A perennial garden will bloom year after year. This permanence makes it a

    landscaping fixture and thus adds value to your home. If you prepare and plant the

    garden yourself, your $100 will buy a good stock of perennials. For the best

    enjoyment and value, take the time to measure your property and use graph paper

    to design the best placement of your perennial garden. Many nurseries also offer free

    help with garden design.  

     

    Paint

    Spruce up a room with a new paint job. The average room can be transformed with

    about $60 to $80 worth of paint (and that should also cover the cost of a paint roller

    and brushes). If you want to improve buyer appeal, then avoid trendy color schemes

    or overly personalized treatments. Choose from a wide selection of neutrals and

    timeless colors. If the room is a "problem room" -- small, narrow, dark (oops! that's

    a closet!) -- you can get even more value with a paint job that visually corrects the

    problem.  

     

    Doorknobs

    If your doorknobs are made of cheap material (plastic, for example) or they're just

    worn and tired, replace them with quality knobs of brass, glass, or other suitable

    materials. You will appreciate the better quality each time you open a door.

    Prospective buyers will also notice them as they go through your house. It's roughly

    the equivalent of "let's slam the car door to see what kind of quality we're looking at

    here!"  

     

    Light fixtures

    Cheap-looking, ho-hum light fixtures downgrade a room. Quality light fixtures can

    increase your own satisfaction and buyer appeal. The best return on investment is in

    the bathroom, kitchen, and at the front door. Quality, well-designed light fixtures for

    these areas can be found for under $100. Another room that benefits from an

    upgraded light fixture is the dining room. However, if your dining room is a formal

    one, you can expect to pay hundreds of dollars for a quality fixture.  

     

    Light switches and outlets

    If your home is like many, it probably has basic plastic light switches and plugs. The

    easiest improvement anyone can do is to upgrade the light switch covers. The best

    places to do this are in the bathrooms, kitchen, master bedroom, and at the front

    entrance.  

     

    If yours is also an older home, it probably does not have GFCI (ground-fault circuit

    interrupter) outlets. These outlets (identified by the red reset button) are used

    wherever water increases the risk of shock. To improve safety and add value to your

    home, replace regular outlets with GFCIs in the kitchen, bathrooms, laundry room,

    and anywhere that water is present. This is an easy do-it-yourself job for anyone

    who knows electrical repairs (always cut the power at the main panel). If you are not

    familiar with how to safely replace an electrical outlet, hire a qualified electrician.

    This will push the cost over $100 but it will be worthwhile.  

     

    Faucets

    Corroded, tired-looking sink and bathtub faucets detract from your bathroom and

    kitchen appeal. While designer faucets can cost many hundreds of dollars, there are

    many quality, tasteful sets for less than $100. If you decide to upgrade bathroom

    faucets, it is worthwhile to buy matching sets for the sink and tub. Faucet

    replacement is an easy do-it-yourself job that requires only a few common tools

    (screwdriver, wrench, pliers) and an hour or two of your time. Instructions are usually included with the new faucet.

    David C Recker, Associate Broker, Realtor ® licensed in North Carolina. Reach David at: 252-442-2687

    Copyright © 2008 By David C Recker, Rocky Mount Real Estate Guy. All Rights Reserved.. *Simple Repairs That Will Help Your Home Sell*

    Related Articles:
    Why Days On Market Matter
    The 6 Things That Count Most When Selling Your Home
    Price It Right

    Visit David C Reckers website, www.NCRealEstateWeb.com, and Blog, Rocky Mount Real Estate Guy, for more information about Dave’s Professional Services, Service Areas, Homes for Sale, and local information.

  • Single Story For Sale in Spring Hope

    Main
    Priced to Sell

    • 1,980 sq. ft., 2 bath, 3 bdrm single story - MLS® $98,000 - Move In Ready

     -  Newer 3BR/2BA double-wide mobile home in move-in condition. Neutral colors throughout, plantation blinds, plenty of storage throughout.

    This home offers a spacious, open floor plan with master suite on one end. Large LR with wood-burning fireplace opens to kitchen and DR. Kitchen has abundant oak cabinetry, over-sized island, large picture window over sink. Adjacent dining room overlooks large back yard.

    Master suite features large bedroom; large bath with double sinks, soaking tub, separate shower; huge walk-in his & hers closet w/built-ins.

    Two large bedrooms occupy opposite end of home, each with a large walk-in closet. Full bath; two wire-shelved hall closets; and, large laundry room w/built-in cabinets and rear entry complete this area.

    Home is vacant and ready for you and your family!

    Property information

  • President Signs Housing Rescue Bill


    President George W. Bush signed into law a bipartisan housing stimulus bill Wednesday that is expected to bring greater stability to housing markets nationwide.

    The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes.

    The temporary first-time home buyer tax credit would offer $7,500 for the purchase of any home and an be used for purchases between April 9, 2008, and July 1, 2009.

    The bill — H.R. 3221, the Housing and Economic Recovery Act of 2008 — also includes reform of Fannie Mae and Freddie Mac, FHA modernization, and permanent increases in conforming and FHA loan limits.

    "These are all designed to help the housing and mortgage industries and boost the U.S. economy," NAR President Dick Gaylord said in a statement. “NAR has been a leading advocate for many of these changes long before the current housing and economic downturn. We are pleased that the president and Congress worked together to enact meaningful legislation that protects and enables families in this country to continue to strive for and enjoy the dream of homeownership.”

    Source: NAR, Associated Press (7/30/08)

  • Senate Passes Housing Rescue Bill


    The U.S. Senate on Saturday passed a bill that would stem foreclosures by allowing some 400,000 home owners refinance into affordable, government-backed loans.

    The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, passed by a margin of 72-13. The House of Representatives approved the bill on Wednesday in a 272-15 vote.

    "This bill must get to the president quickly, and we urge him to act immediately to sign it into law," NAR President Dick Gaylord said in a statement last week.

    NAR says the bill will help bring stability to the housing market and put a dent in the rising rate of foreclosures.

    The program will be run by the Federal Housing Administration, and will insure up to $300 billion in refinanced 30-year, fixed-rate loans. The mortgages can't be for more than 90 percent of a home's newly appraised value.

    For mortgages that exceed the value of the home, the lender would have to voluntarily write down the principal to the qualifying level. If the home goes up in value, the borrower must share newly created equity with the FHA.

    Experts say the success of the program depends on how receptive banks are to writing down a portion of the loan.

    If passed into law, the program will begin Oct. 1 and end Sept. 30, 2011. Borrowers won't be able to qualify if they have intentionally defaulted on their loans or if they had a debt-to-income ratio of less than 31 percent as of March 1.

    Source: Associated Press, The Wall Street Journal, NAR
  • Little-Known Loans for Buyers


    Just because low- and no-down-payment conventional loans are hard to come by doesn’t mean home buyers with little cash can’t get a deal.

    Two lesser-known federally-sponsored mortgage programs are still available for home buyers with steady jobs, but no savings.

    The U.S. Department of Agriculture's Rural Development program will lend up to 102 percent maybe more on a property in a community with a population that is less than 10,000 and non-metro communities with populations between 10,000 and 25,000. Eligible areas are surprisingly close to urban centers. For instance, parts of Washington, D.C.’s bedroom counties qualify. There are also income and debt limitations, but the caps are fairly generous. Selected banks nationwide handle the loans.

    The second attractive mortgage plan is the Streamline K, a faster version of the Federal Home Administration’s home-rehabilitation loan, the 203(k). The Streamline K allows borrowers to get an extra $35,000 to improve the property they are buying, including replacing or repairing the roof, gutters and downspouts, HVAC, plumbing and electrical systems, flooring, siding, well and septic. Buyers or sellers also can use the money to paint inside and out, buy new appliances, and add or redo windows, doors, waterproofing and weatherproofing.

    Source: United Features Syndicate, Lew Sichelman (07/17/2008)
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