Monday, December 14

Thinking about Updating a Kitchen...

As many of you know, my husband Michael and I LOVE to cook in our kitchen, as a result, it takes a lot of abuse and ends up quite disorganized, so I looked in to what we should do to ensure it remains in good condition and I wanted to share what I found out… Here are some of the most common scenarios that your kitchen will see and our tips for handling these scenarios. Of course, even if the following scenarios don't directly apply to your household, the solutions are nearly universal in creating a more efficient kitchen. If you are considering a renovation, Call me... I would love to share my input and give you feedback on which items to prioritize and any suggestions on which vendors other clients have had success with.

Playing Host for the Holidays
No matter what holiday you are celebrating in your home, your kitchen is going to receive the brunt of the extra strain, foot traffic, and the judgmental eyes of the in-laws:

Start with an evaluation of your kitchen storage. The first obligation of hosting the holidays is providing meals. You need easy access to pots and pans, mixing bowls, and serving dishes. You may want to think about adding a custom-built cabinet or else moving your toaster oven and other less important items out of the kitchen entirely until your hosting duties are done.

Take a look at your kitchen lighting and its flexibility. No area of the house has the same need for flexible lighting design. You need wide, clear lighting for food prep and cleaning, but task lighting for chopping vegetables and stove tops are also helpful. And what about grandpa's habit of getting up at 3AM for a late night snack? A miniature, overnight light will keep guests' footing safe without disturbing the rest of the household or your energy bills.

Expand your kitchen space. Smaller kitchens can use help from other areas of the home. You probably need every available space for seating, but during cooking times, the dining room can sometimes be converted to aid the work going on in the kitchen. From food prep to laying out extra silverware, napkins, dessert dishes, and other items, look at opportunities in areas adjacent to the kitchen to expand your kitchen capacity.

The Winter Kitchen

When winter arrives, it puts strain on the whole house: Trying to keep the bedroom warm enough, handling cold bathroom tile, and maintaining your heating system in general can all be chores, but you can't forget the kitchen, the most underrated and under-utilized asset in surviving the winter!

It all starts with a hot beverage in the morning, whether it comes from the espresso machine, tea kettle, or instant powder. If you are entertaining and not sure how to juggle various demands of guests, consider going to Bed Bath and Beyond – they have the one cup coffee and tea dispensers on sale this week!

A big, healthy breakfast doesn't hurt, either. Winterizing your kitchen always involves putting its best face forward in the morning.

People tend to eat more in the winter, and this simple fact affects everything in the kitchen. A new oven range will help with your increased baking needs; a new counter top can help with chopping vegetables and better nutrition.

Don't forget the kitchen is still a room. Thermal windows, insulation, and zoned heating can increase energy efficiency in the kitchen, just like anywhere else in the house.

Make it a great week and get that holiday shopping done, it is busy out there!

Monday, November 23

Gains in local real estate trends...

Our local housing market may be headed in the right direction - with 17.6 percent more homes were sold in the Triangle residential market during October compared to the year prior!

The Triangle MLS (multiple listing service) tracks new and existing home sales data in Wake, Durham, Orange and Johnston counties and in October 2,009 homes were sold compared to 1,709 the year prior.

Data from the Triangle Area Residential Real Estate report also indicated that the dollar volume of homes sold last month also grew, by 8.3 percent, to $441.8 million in October compared to $407.9 million in homes sold the year prior. That’s the first gain in sales volume since October 2008.

Much of this change can be contributed to the federal $8,000 first-time home buyer tax credit program and the new tax credit program for move up buyers will help continue this trend. This program extends the first time homebuyer tax credit and offers a $6,500 tax break to qualified homeowners looking to move up to middle-market homes that cost no more than $800,000. Another important contributing factor is that home sales in the Triangle started declining in late 2008, so the market today is in comparison to one of the slowest housing markets in decades.

If you are a seller, keep in mind that overall, the average Triangle home sale price was down by 8 percent in October compared to October 2008, and it took four more days on market to sell than the year prior. The positive news is that the inventory of homes for sale has declined by 13 percent which means there is less competition for the homes on the market for sale. To look at this information by County:

· In Wake County, 1,141 homes sold in October compared to 967 home sales the year before, which is an 18 percent increase. Total dollar volume of homes sold in the county was $270 million, which was up by 5.5 percent from the year prior.

· In Durham County, 269 homes sold in October compared to 210 homes sold the year before, which is a 28 percent increase. Total dollar volume of homes sold in the county was $52 million, which was up by 23.4 percent from the year prior.

· In Orange County, 91 homes sold in October compared to 62 homes sold the year before, or a 47 percent increase. The total dollar volume of homes sold in the county was $28.3 million, which was up 43 percent from the year prior.

· In Johnston County, 193 homes sold in October compared to 176 homes the year before, or a 9.7 percent increase. Total dollar volume of homes sold in the county was $32 million, which was up by 5 percent from the year prior.

Monday, November 16

Home buyer tax credit extension and potential expansion

Everyone’s been asking about the home buyer tax credit extension and potential expansion so I thought I would give you an update.

“The new compromise which will be part of the unemployment extension bill would extend the existing credit and create a new $6,500 credit for move-up buyers. Both types of buyers must sign a binding contract to purchase a new or existing primary residence between December 1, 2009 and April 30, 2010. Buyers would have until June 30 to close the deal.

Move-up buyers will be eligible if the home they are leaving has been their principal residence for five years or more.

The cost of the newly purchased home may not exceed $800,000 for new or move-up buyers. There is no partial credit for homes over $800,000.

Home buyers would not have to repay the credit as long as they live in the home as their principal residence for at least 36 months.

The income limits for all buyers would rise to $125,000 for single returns and $225,000 for joint returns, up from $75,000 and $150,000 respectively, under the current program.

The full Senate will probably vote on the unemployment extension bill, which includes the home buyer credit, next week. If it is approved, it will move to the Assembly”, which "could agree to the amendment or disagree and send it to a conference committee."

I will keep everyone updated on the progress of this bill, you can check the story out here.

New data is out from the National Association of Realtors...

Existing home sales bounced back strongly in September with much of the increase being attributed to the rush of first-time buyers trying to claim the tax credit before the end of this month. Sales jumped 9.4 percent to 5.57 million units over August sales of 5.09 million, marking five gains in the past six months and is 9.2 percent above levels seen last year. Sales activity is at the highest level since July 2007 when sales hit 5.73 million.

The current housing supply is the lowest seen in two and a half years. Total housing inventory at the end of September fell 7.5 percent to 3.63 million existing homes available for sale, representing an 7.8-month supply at the current sales pace, down 16.1 percent from August’s 9.3-month supply. Compared to a year ago, there are now 15 percent fewer homes on the market. According to Lawrence Yun, NAR chief economist, “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year.”

Mortgage Rates for 30-year fixed loans continue to hover around 5 percent. While having risen above the ultra-low 4.78 percent reached in the spring, rates remain at attractive levels for people looking to buy a home or refinance. As an economic recovery is underway and concerns over inflation come back, experts expect mortgage rates will likely go up. (NAR, Oct 23-09 Report)

My advice based on the current economic climate and local market conditions is as follows:

  1. Buy well within your means. Although you may want to buy a home you can see yourself growing into, stay within a conservative percentage of what you currently make. If you had to take a part-time instead of a full-time job, if your salary or hours were cut, or if you become a one-income household instead of two, make sure your monthly payment would still be attainable.
  2. Put down a large down payment. Not only will your monthly payments be less, but the equity from the down payment creates a buffer zone. If you put 20% down when you purchase your home and home prices in the area drop 5%, you still have at least 15% equity in your home. For sellers, this built-up equity provides flexibility-should you need to sell in a hurry.
  3. Have an emergency fund. Experts advise everyone, not just homeowners, to have an emergency fund of at least six months’ worth of expenses. This fund should be saved in a liquid account, like a money market or savings account, for easy access if needed quickly. With the average time to find a new job currently above six months, seven or more months of savings is a good goal.
  4. Pay down other debts. Lowering or eliminating debt service is always a good move and is particularly wise in the current job climate. If you were without a job and income, lower fixed monthly expenses help ease your financial burden and stretch the money in your emergency fund.

Believe it or not, it’s a great time to buy and sell real estate! If you or someone you know is considering making a move, I would love to help. Call today for a confidential consultation and find out if you can afford your dreams. Make it a great week!

Monday, October 26

What is a short sale?

What is a short sale? A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

Why is the number of short sales rising? Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.

A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.

If you or someone you know may is having trouble paying their mortgage, they may be 90 days away from foreclosure. Have them call Sara at 919-757-4321 for a confidential consultation to discuss options today before it's too late.

Thursday, October 8

Cheap Condos Anyone?

If any of you have been contemplating Investment property, I might be able to help! There is a condominium project downtown that is up for auction and the same units that were selling for $200,000+ over the last 2 years will be up for auction on Nov. 15th with bids beginning at $75,000!!! I took a look at the units and various floor plans and have summarized the following for your consideration:

  • New construction, there are 2 buildings built - one sold out, the other is up for auction (36 units for sale).
  • The property is located inside the belt line, just past the intersection of Six Forks Rd and Atlantic Ave, near the Costco and Wake Forest exit off 440
    The new Trader Joe's is 1/2 mile away and North Hills is ~ 2 miles
  • There is another condo project next door that is almost sold out and a new apartment complex
  • It is a 3 floor complex with multiple floor plans. Most are 2BR 2BA, some have a garage others have storage rooms
  • They have granite and stainless steel appliances in the kitchen, tile and upgraded carpeting plus chrome or brushed nickel hardware
  • Bidding starts at $75,000 for a 1 BR (there are only 2 units) and the 2BR units at $95,000
  • You must have a minimum cashiers deposit of $7,500 to bid and be able to provide an additional amount to equal 10% of whatever your bid ended up to be the same day.
  • They will add 10% to your bid for "auctioneer" expenses and they are an "As-Is" sale
  • There will be an open house again this coming Sunday if you would like to attend.
  • I can assist you in the bidding process, however you will need to indicate agent representation in writing when you are on site viewing the properties.

I took a few photos of the units and summarized them in the attachment. I have analyzed the units that sold over the last few years and run the numbers on the project - if you have an interest in learning more about this opportunity, please give me a call and I can explain more or click here for the project overview. Make it a great week!

Sunday, October 4

The Clock is Ticking... $8,000 Tax Credit, Anyone?

I know I keep harping on the $8,000 Tax Credit... but TIME IS RUNNING OUT! Do you know of someone who would like to buy a home that is a 1st time home buyer OR hasn't owned their own primary residence in the last 3 years? Let them know that they may qualify for the $8,000 tax credit. Forward this email accordingly - they must be under contract by November 1st.

They can learn more details from attending a seminar in Morrisville this Saturday, October 10th, 9:30 AM being held by a local mortgage lender and tax credit expert!

What You Will Learn by Attending:
• Why Buying Today Will Put $8,000 in Your Pocket
• Why There Has Never Been a Better Time to Buy a Home
• How Renting Kills Your Net Worth
• How Buying a Home Will Increase Your Net Worth


Where:
Country Inn and Suites
201 Airgate Drive, Morrisville, NC 27650
Next to the Capital City Chophouse
www.YourTriangleLender.
There are 2 things going on in our market which could affect you or someone you know...

FIRST, the Wake County School Board election is tomorrow, Tuesday October 6th. If you have concerns about the school system and recent reassignment issues make sure to vote! Not sure what district you are in,
click here for the map.

Wake Partnership newsletter in question
Wake School Community Alliance video
NewRaleigh overview of candidates
WRAL video coverage
WCPSS Reassignment Information

SECOND, the $8,000 tax credit will expire on November 30, 2009. If you know anyone who might be eligible for this credit have them review the following information:
Watch the IRS video on YouTube
In Depth: 2009 First-Time Home Buyer Tax Credit

Get out there and VOTE Wake County!!

Monday, September 21

Termite damage?

Wow... I learned a surprising real estate statistic recently: termites cause an estimated $5 billion in property damage a year in the United States, which makes these awful bugs risky to your property. In fact, according to the National Pest Management Foundation, they cause more damage to wood-based structures than fire, flood, or wind.

You most likely had a termite inspection when you purchased your Wake county home, but did you realize that your typical annual pest inspection and/or treatment does not identify nor treat for damage from these organisms?

Take a look at this
Termite website to find out more and contact your local pest inspector to inspect regularly for termite damage before it's too late!

Monday, September 14

Fall is time to get that Yard in Gear!

Today I wanted to encourage those homeowners who may want to sell next spring to go ahead and get your yard in gear...

There is no better time than fall to get yards looking great, according to the “Yard Doctor” Trey Rogers, a professor of turf grass management in the crop and soil sciences department at Michigan State University.

Here are 6 tips from Rogers to help you take advantage of the seasonal weather and vibrant colors to add dramatic curb appeal.

  1. For home owners in the south central portion of the United States, fall is the single best time to fertilize a yard. During the first 10 days of September, lay a complete nitrogen and potassium combination fertilizer.
  2. Fall is also the best time to reseed grass. If you have bare spots from the summer, put down a seed mix that matches the yard during the first 15 days of September. Yards with crabgrass will notice the patches turn purple with the first frost. It is important to thoroughly seed and water those areas.
  3. During the first 10 days of October, take care of those pesky weeds and dandelions. Spray a liquid broadleaf herbicide over the yard. Weeds germinate in the fall, so by treating the problem in October, there will be fewer dandelions in the spring.
  4. Mow, mow, mow. If you really want a yard to look smashing, dedicate yourself to mowing twice a week with the blade set at 2 ½ to 3 inches through mid-October.
  5. It’s important to get those leaves off the ground as to not suffocate the lawn. But a better option would be to grind up the leaves and mulch them back into the yard. Most lawnmowers have blades designed for mulching. This provides natural nutrients and can be an organic weed controller — particularly maple leaves, which are a natural herbicide toward dandelions, Rogers says.
  6. Play with the fall colors. Display potted mums. Think red. Dogwood bushes are cold-weather hardy and have red or yellow branches. Holly is another great way to decorate the outside of a home, where the bright red berries on the branches can standout.
John (Trey) Rogers, Ph.D., is regarded as one of the country’s leading experts on growing and maintaining healthy lawns. He has been a professor of turf grass science at Michigan State University for 22 years. He is also a consultant to Briggs & Stratton, a manufacturer of engines for outdoor power equipment, where he has become known as the Yard Doctor.

Visit his Web site:
http://www.yardsmarts.com

Monday, August 24

The National Association of Realtor’s Pending Home Sales Index reached 94.6 in June, its highest mark in two years and a vast improvement from the cyclical low of 80.4 in January of this year. If buyer contracts persist at this level, the corresponding home sale closings would be about 5.2 to 5.5 million at an annualized rate. For comparison, last year existing home sales totaled 4.9 million. We’re on our way to that: in June, existing-home sales increased for a third consecutive month, posting 4.89 million seasonally adjusted annualized units.


Email Sara for more info about the Wake County market snapshot for second quarter of 2009.

Sunday, August 16

Need another $8,000?

Well, the countdown is starting for the first time home buyers $8,000 tax credit. It takes at least 4-5 weeks to close these days. You must be closed by December 1, 2009. Sara & The Sold It Again Team would be happy to help you find that perfect home fast. Feel free to forward this email to anyone you think might qualify or need assistance.

According to the new legislation, a first time home buyer is defined as someone who has not owned a principle residence in the past three years. Those three years are counted up to the date you take possession of the house you buy in 2009. This means that even if you’ve owned a home in the past, you can still take advantage of the tax credit as long as you haven’t purchased a primary residence since 2006. For more information click here.

The same goes for married tax payers - they must both be first time home buyers. For non-married joint buyers, only one of them needs to be a first time home buyer, or someone who hasn’t owned a primary residence in the past three years.

Qualifying homes include:

1. New homes

2. Homes that are being re-sold

3. Condos

4. Townhomes

The main restriction is that the credit is only for those who buy a home as their primary residence. So investors looking to buy a rental property would not qualify for the credit. However owning a vacation home or a rental property already does not necessarily disqualify you from taking advantage of the credit (as long as you haven’t owned a primary residence in the past three years).

A Look at the Numbers - The tax credit is equal to 10% of the purchase price of the home, up to $8,000. The amount of the credit you can qualify for is related to how much money you earn. Here’s how the credit is scaled:

· Single home buyers earning 95K or less qualify. If you make 75K or less, you qualify for 100% of the $8000. If you make halfway, 85K, you qualify for 50% or $4000. The credit phases out gradually between 75K and 95K of income. For example, if you make halfway between the income limits, 85K, you qualify for up to half of the credit.

· The same rate applies for married couples and joint buyers whose incomes limits are doubled to $150,000 to $170,000. Married couples or joint buyers whose incomes are less would receive the full $8000 credit. At an income level of $160,000, halfway between 150 and 170, the buyers would receive half the credit – or $4,000. And the credit phases out altogether at $170,000

This credit represent a significant amount of money. One of the biggest points of difference for the new credit from the one congress passed in July of 2008, is that the new credit does not have to be paid back. In addition, it's refundable, which means that if you’ve paid all your taxes as you go with an automatic payroll deduction, you would receive an $8,000 check from the IRS. If you're committed to buying a house in 2009 and want to use the $8000 tax credit for a down payment, consult with your certified public accountant.

In Summary

Qualifying home buyers will need to make their home purchase between January 1, 2009 and December 1, 2009. And the home has to remain their principal residence for the following three years. The new tax credit coupled with historically low mortgage rates and rising affordability, offers buyers a great opportunity if they act fast.

Saturday, August 1

Q and A on inflation and our market?

If you've seen the news lately, you know concerns about inflation are increasing. But what does it really mean to you?

The fact is, inflation is a very serious issue, and it will likely be on the rise as 2009 proceeds...and along with it, home loan rates will rise too.

To help you learn more about this important topic, I want to send you a link to a short video, featuring the nation's foremost mortgage industry expert. In this video, you'll learn how inflation impacts interest rates and what the outlook is for down the road.

Because home loan rates will be on the rise, if you or any of your family, friends, neighbors or co-workers have been considering a purchase or refinance, now's the time to act. Please contact me today to discuss your specific situation, and feel free to forward this email and video link along to others that you think might benefit from it as well.

Watch the Video


Tuesday, July 21

Triangle tops other cities July 2009

Triangle Business Journal

The Raleigh-Durham area has finished on top in a study designed to determine how several prominent Southeastern cities compare to each other.

The study, which was commissioned by the Charlotte Chamber of Commerce, ranked cities in five separate categories as well as in a composite ranking. The Triangle, which placed either first or second in each category, was No. 1 in the composite rankings.

The categories, and the Triangle’s rank in them, were: employment and workforce (2); income and productivity (2); livability and connectivity (1); new economy (2); and equity and diversity (2).

Other than the Triangle, the cities in the rankings – and their composite ranking – were: Austin, Texas (2); Charlotte (3); Atlanta (4); Dallas, Texas (5); Richmond, Va. (6); Nashville, Tenn. (7); Tampa, Fla. (8) and Jacksonville, Fla. (9).

The study, called Benchmark Charlotte 2009, was conducted by Harrison S. Campbell Jr., an associate professor of geography at the University of North Carolina at Charlotte.


Friday, June 19

Home Improvement Returns...

In the past few weeks, many of you have started home improvement projects, hence the topic for this morning. Take a look at this year’s Cost vs. Value Report (there is a summary below) and you will notice some familiar projects ranked at the top. For the third year in a row, Siding Replacement–Fiber-Cement is the project with the highest percentage of cost recouped. In fact, the projects with the top-three highest returns on investment (Deck Addition–Wood and Siding Replacement–Vinyl, are ranked two and three, respectively) did not change from last year.

Returns have remained fairly steady among kitchen and bath projects because this is still where people want the money spent, so long as it’s spent wisely. If you go too crazy, then it limits the buyer appeal. This sentiment is reflected in the data. The Upscale Major Kitchen Remodel is the only kitchen project not in the top 10 in ROI, and its returns decreased 4.69% (fourth highest) from 2007.

South Atlantic — Midrange

2008-09 National Averages

Job Cost

Resale Value

Cost Recouped

Project

Job Cost

Resale Value

Cost Recouped

Change vs. 2007

$42,683

$32,246

75.5%

Attic Bedroom

$48,398

$35,694

73.8%

Change

$12,858

$7,999

62.2%

Backup Power Generator

$14,040

$8,026

57.2%

Change

$54,288

$42,407

78.1%

Basement Remodel

$61,011

$44,467

72.9%

Change

$33,959

$22,450

66.1%

Bathroom Addition

$38,078

$24,187

63.5%

Change

$14,510

$10,953

75.5%

Bathroom Remodel

$15,899

$11,857

74.6%

Change

$14,494

$11,006

75.9%

Deck Addition (composite)

$15,277

$11,260

73.7%

Change

$9,370

$7,863

83.9%

Deck Addition (wood)

$10,601

$8,676

81.8%

Change

$72,717

$51,301

70.5%

Family Room Addition

$81,315

$53,608

65.9%

Change

$52,710

$36,960

70.1%

Garage Addition

$57,272

$38,161

66.6%

Change

$26,465

$14,905

56.3%

Home Office Remodel

$28,094

$15,329

54.6%

Change

$53,236

$42,104

79.1%

Major Kitchen Remodel

$56,611

$43,030

76.0%

Change

$90,590

$64,719

71.4%

Master Suite Addition

$101,571

$67,037

66.0%

Change

$20,320

$16,234

79.9%

Minor Kitchen Remodel

$21,246

$16,881

79.5%

Change

$16,088

$11,661

72.5%

Roofing Replacement

$18,825

$12,336

65.5%

Change

$9,326

$7,705

82.6%

Siding Replacement (vinyl)

$10,256

$8,274

80.7%

Change

$67,670

$42,920

63.4%

Sunroom Addition

$71,745

$40,715

56.7%

Change

$131,717

$102,338

77.7%

Two-Story Addition

$146,538

$103,553

70.7%

Change

$9,496

$7,535

79.4%

Window Replacement (vinyl)

$10,537

$8,132

77.2%

Change

$10,416

$8,215

78.9%

Window Replacement (wood)

$11,512

$8,946

77.7%

Change

South Atlantic — Upscale

2008-09 National Averages

Job Cost

Resale Value

Cost Recouped

Project

Job Cost

Resale Value

Cost Recouped

Change vs. 2007

$67,892

$46,801

68.9%

Bathroom Addition

$74,325

$49,100

66.1%

Change

$47,615

$34,369

72.2%

Bathroom Remodel

$51,455

$36,400

70.7%

Change

$35,650

$23,503

65.9%

Deck Addition (composite)

$37,498

$23,706

63.2%

Change

$79,044

$52,788

66.8%

Garage Addition

$85,844

$53,908

62.8%

Change

$106,506

$78,086

73.3%

Major Kitchen Remodel

$110,964

$78,398

70.7%

Change

$206,735

$135,088

65.3%

Master Suite Addition

$223,876

$136,764

61.1%

Change

$31,112

$21,523

69.2%

Roofing Replacement

$36,296

$22,861

63.0%

Change

$12,951

$11,785

91.0%

Siding Replacement (fiber-cement)

$13,177

$11,424

86.7%

Change

$11,572

$9,716

84.0%

Siding Replacement (foam-backed vinyl)

$12,528

$10,074

80.4%

Change

$12,257

$10,095

82.4%

Window Replacement (vinyl)

$13,608

$10,781

79.2%

Change

$16,222

$12,576

77.5%

Window Replacement (wood)

$17,580

$13,455

76.5%

Change