Refugees from the owner occupied sector is putting upward pressure on rents. Landlords are enjoying the state of the nation’s current housing market. The National Association of Home Builders‘ second quarter 2007 Multifamily Market Outlook said the nation’s median asking rents for all rental units completed during the third quarter 2006 was a median $1,052 per month, breaking the previous high of $1,025 set during the second quarter of 2004. Asking rents nationwide for existing apartments were also at or near all-time highs — $665 during the second quarter of 2007, $6 higher than in the previous quarter and $40 more than a year ago. Based on moving averages, asking rents are $21 higher than the previous all-time high of $973 set in 2004, according to NAHB. NAHB said some of the increase is due to local economic conditions, including the tight owner-occupied market, but some of the increase is due to more spacious rental housing — larger units costing more to rent.

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As new and used house inventory skyrockets and folks face foreclosure because of ARM adjustments, home owners are considering unusual tactics to sell their property. A few have even brought in a stager who refocuses the home using the concepts of feng shui. One seller addressed the reasons why she was having a tough time detaching from the home, possibly causing buyers to stay away. And then there was the little matter of burying a statue of St. Joseph in the yard, a ritual she learned about from her Catholic friends. The couple closed on the sale of their home in March. These unconventional tactics can be last resorts for desperate home sellers willing to try anything for an offer. And if a buyer materializes soon after, sellers are certainly less willing to dismiss the techniques as superstitious hooey.

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Over time there has been a lingering debate within the real estate community regarding which form of buyer brokerage is somehow “better,” however it is that one measures such a concept. The discussion has been useful in the sense that it’s raised a number of agency issues, but in the end one either is or is not exclusive and most licensees have opted for a non-exclusive practice model. What virtually everyone does agree to is this: In a marketplace crowded with competitors, being an EBA gives one a way to stand out, to be different. From a marketing perspective, different can be very good — after all, half the consumers in the real estate marketplace are buyers and only a small percentage of professionals are exclusive buyer brokers. The odds of a successful realty practice would seem to favor exclusive buyer brokers rather than listing brokers, all things being equal.

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In a buyer’s market, sellers not only compete with each other, they are also in competition with builders. But builders have an advantage: they have affiliations with lenders through whom they offer financial inducements that most individual home sellers don’t know about. Yet the fact is that there is nothing that builders offer that individual home sellers cannot match, provided they know how. Typically, the first thing sellers think about doing to make their houses more marketable is reduce the price. Very often, that doesn’t work, because the price is not the problem. If potential borrowers are cash-constrained or income-constrained, a price reduction provides very little help.

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Consumers perceive value in a home’s landscaping at first glance. A recent study presented participants in seven different markets with multiple pictures of the same home. One image had only a lawn and concrete sidewalk and driveway in front of the home; others imposed various landscaping schemes. The elements most important to participants were those that displayed some design sophistication, such as curving flower beds instead of rectangular boxes against the home. The next most important element was plant size, followed by the diversity of plants in front of a home, according to the study.

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Larger homes and condos are taking the greatest value hits, when compared to smaller homes, as the overall decline of home values is impacting consumer spending — a bellwether of economic health. The largest homes those 1,900 square feet lost 2.8 percent of their value and the smallest homes, those with less than 1,200 square feet, typically the most affordable and now likely the most sought after, lost only 1 percent. Condo values, victims of speculation and over building, dropped an average 5.2 percent since the second quarter last year.

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As with most all investments, vacant land and raw land hold boom or bust potential. The boom often occurs through development, while bust is typically brought on by taxes, slow appreciation in land value, and lack of income-tax deductions or depreciable dwellings. For example, you can depreciate your rental unit, but if the lot is vacant, there is nothing to depreciate. There is no monthly rental check on raw land. The idea of using available timber to offset your costs raises a variety of issues. You probably have heard the awful stories of despicable landowners who buy and/or divide their property, clear-cut all or a portion of the land, sell the timber, and then quickly move out of the territory.

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When rates have risen during the introductory period of your mortgage loan, the first reset can be steep. That’s because not only does your index, which determines your interest rate, reset upward to reflect current interest rates, but for the first time, your mortgage company tacks on its margin, an extra percentage point or two for them. Both index and margin components then continue for the term of the loan. If you hold an adjustable-rate mortgage, or ARM, your rate will reset by definition on one or more “change dates,” with the largest hike coming at the end of an introductory or “teaser” rate period of anywhere between one month and 10 years.

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Beautiful Wilkes County NC Log Home and Mountain Property.

MLS Number: 50863, List Price: $359,900

Bedrooms: 3, Full Baths: 2, Half Baths: 0, Est Total SqFt: 2600, Type/Style: Log Home, Area: Area 6, Middle School: Cntrl Wlks, High School: Wlks Cntrl, Construction: Log

Foundation: Combination, Roof: Metal Roof, Floors: Carpet/Hardwood/Tile, Garage/Carport: None-Garage, None-Carport, Interior Features: Master Bedroom, Main Level, Large Master Bedroom, Walk-In Closet(s), Hardwood Floors, Fireplace(s), Great Room, Exterior Features: Double Pane Windows, Wooded Lot, 1-5 Acres, Hot Tub, Subdivision: N/A, Lot Size: 2.47, Apx SqFt: 2600 – 2800 SF, Basement: None

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

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Before making an aggressive offer, some homework is in order, real-estate professionals say. And buyers will need to effectively explain why the price of a home should be lower. Even though housing is in a slump in many parts of the U.S., low-ball offers won’t work in markets that remain healthy. And there’s always an inherent danger in going too low. A low offer could insult the seller to the point that they’ll refuse to counter, Realtors say. And the seller could easily make the assumption that the buyer isn’t committed to making a deal. Certain sellers are going to be more willing than others to negotiate a low offer — and there are several giveaways that might indicate more leeway on price. If the sellers have already purchased another home and that sale has closed, they’re likely to be more willing to make a deal.

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According to an article published on the CNN website, Jim Gillespie, president and chief executive of Coldwell Banker Real Estate, said foreclosures were adding a relatively low number of homes to an already oversupplied market. “This added inventory would likely equate to at most a one-month increase in supply,” Gillespie said in an e-mail responding to Reuters’ questions. “I believe the subprime problem will not significantly hurt the real estate market. It may delay the rebound, but it will not cause a downturn,” he said. “Remember, most who took a sub-prime mortgage before 2005 enjoyed strong appreciation and many have income to support a higher mortgage payment.”

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For anyone building or repairing a deck, there are lots of material choices — natural and exotic woods, the new pressure-treated products and dozens of synthetics that resemble real wood boards. The most common and least expensive replacement decking is wood that has been pressure-treated with alkaline copper quaternary or copper azole, available for about $1 a linear foot. While natural and treated wood decking should be sealed every couple of years, synthetic decking just has to be cleaned.

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Thinking of moving from your current rental unit? If you’re leaving due to a reason that might afford a solution, you may want to give the situation a healthy look, especially if the rent or location is hard to match. Potentially resolvable problems can run the gamut from noisy neighbors to increased rents to dripping faucets. Incurable problems include an undesirable location, permanent sources of noise, or a landlord unwilling or unable to fix problems. It your are certain that a move is the solution, factor in the costs associated with moving. Leaving means spending considerable time adjusting your life to a new location. Security deposits, utility transfer costs and the hassle of taking on a new address can also drain your time and your wallet.

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A tighter mortgage environment and tougher credit standards are forcing buyers toward more conservative home loans, according to economists who study the mortgage industry. Home buyers and homeowners who want to refinance are moving away from shorter-term adjustable rate loans. For conservative borrowers, the chance that the payment could increase beyond their comfort level is a very real and unwelcome possibility. They prefer the certainty of a fixed-rate 15- or 30-year mortgages. For buyers intent on getting the smallest possible monthly payment, adjustable rates are no longer automatically the ideal. Payments can go up and the ability to refinance in a few years is not a sure thing.

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Are you looking for ways to save money on home expenses? Here are two easy suggestions. First, By switching five incandescent bulbs for compact florescent light bulbs you can save 50% a year on your lighting bill. What it does for the earth: If every household in the country did this it would eliminate the same amount of greenhouse gas as removing 8 million cars a year from the road. Next, install a programmable thermostat can save more than $100 a year on their energy bills by installing a programmable thermostat. What it does for the earth: If one out of every 10 U.S. households used programmable thermostats, it would eliminate 17 billion pounds of greenhouse gases, according to the Energy Star Action Guide.

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While securing insurance is a fact of homeownership, lining up coverage on a vacation home is not always a straightforward process. Vacation homes can be expensive to insure and some companies will not offer coverage if the home is regularly rented out. And when owners do find insurance, they may have to pay extra for extended liability or coverage that will protect the home in case of a flood. A house in a gated community close to a fire station would likely be less expensive to insure than a home that is in a remote location. And homes along the east coast, a flood prone area, have also become increasingly expensive to insure.

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This one-of-a-kind lakefront lot is truly unique within the Malone Bay community. It is one of the most desirable, if not the most desirable lot among the few remaining properties with waterfront access to W. Kerr Scott Lake.

Malone Bay features 18 lots at W. Kerr Scott Dam & Reservoir. 14 are Lakefront and meet private dock requirements. This is a gated community with Lots ranging from 2.3+- acres to 6.8+- acres On the Hwy 421 side of the lake just off South Minton Road, Wilkesboro, NC 28697

Main Channel Views.
300 feet of waterfront.
Dock with boat slip and 2 jet ski slips.

2.86 acres.

MLS Number: 51155
List Price: $359,000
Lot Size: 2.86 ac.
Apx Acreage: 2.86
Type: Waterfront
Area: Area 2
Suitable Use: Residential

Topography: Rolling
Utilities: Underground Utilities
Road Frontage: Private Road
Restrictions: yes
Water/Sewer: Public Water
Miscellaneous: 1-5 Acres
Location: Malone Way

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According to the Tax laws, use of the second home is “personal” if on any day (or even a part of a day) it is used by anyone who owns an interest in the property, or their relatives. The property is also considered “personal” if used by any other person who does not pay a fair rent. Vacation homes include homes, apartments (such as condominiums and cooperatives), and even trailers or boats. However, for a boat to be considered a “home” it must have sleeping, cooking and toilet facilities. If you rent out the property and never make personal use of it, it is considered rental property and all appropriate deductions are available to you. On the other hand, if you never rent out the property, but enjoy it for yourself and your family, it is treated as a second home and again you can deduct real estate taxes and mortgage interest — subject to any limitations imposed by law, such as the Alternative Minimum Tax (AMT) rules.

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Rates on 30-year fixed loans dipped last week, to 6.41 percent. In addition, tightened lending standards stemming from the subprime crisis likely mean fewer buyers, pushing down home prices. But, ou’ve got to be a buyer with good credit, a low debt to income ratio, a healthy down payment, verifiable income, and looking to finance less than $417,000 (the cutoff for so-called jumbo loans). Expect to pay a down payment of at least 10 percent, and have a FICO credit score of 620 or higher in order to get a rate between 6.2 and 7.5 percent. Perhaps 90 percent of home buyers qualify for that prime rate, although if you want a rate below 7 percent you probably need a FICO score above 660.

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More than another determining factor, lenders are concerned with your ability to repay the loan. Their reasoning is purely mathematical as they consider your annual salary, current debt load, and past credit history. Your “debt-to-income ratio” and the amount of down payment are signals to the lien holder that the long-term prospects of a worry free prepayment by you will occur. In addition, real estate taxes and property insurance play a part in calculating your monthly debt load.

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Before choosing a mortgage lender, consider more than just the lending rate. Each lender will supply you with a good faith estimate of closing costs, or GFE. In fact, the lender or mortgage broker is required to give you a GFE within three working days of accepting your loan application. The GFE comes in the form of an itemized list of estimated closing costs for everything from the lender’s fees to the appraisal charge to the title insurance premium to a partial month’s interest payment. Some fees that are negotiable are the appraisal, credit report and home inspection. Every dollar save it certainly money in your pocket.

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First, “glamorize your curb appeal.” Whether it is all new sod, fresh landscaping, new exterior design, landscaping lights, or something as simple as an updated, modern front door and handle, “curb appeal is paramount to getting buyers through the front door.” Make a memorable entrance. The minute a potential buyer walks in the door, he or she should think “looks good, sounds good, and smells good.” Put an oversized mirror in your entry (”people love to look at themselves”) or a dramatic piece of artwork. Fresh flowers and scented candles go a long way for this first impression.

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Cooling your home is costing more this summer season. The Energy Information Administration, the statistical division of the U.S. Department of Energy, predicts that the price of electricity will climb about 2.6 percent during 2007. If your are a typical energy consumer then you will pay $150 for electricity to run central air conditioning in a 2,000 square-foot house in each of the summer months in 2006. Some recommendations from energy experts work better in some areas of the country than others. For example, in suburban and rural areas, nights tend to be cooler than in the cities of concrete and blacktop, so homeowners can open their windows after sunset and use a whole-house fan to bring cool air into the house rather than keeping the air conditioners cranked.

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Staging is to the interior of a home what curb appeal is to the exterior — nipping and tucking, furnishing and accessorizing, buffing and polishing until the place looks like a model home, without being clinical. But it can also include curb appeal. With just the right special effects, the effort can transform a home into a house of dreams and help potential buyers visualize potential. Professional staging experts suggest that you start with thinking about “curb appeal” which will include landscaping, doors, fixtures all that customers see upon approach to the home. Curb appeal should exude an unforgettable first impression that prompts buyers to cross the threshold.

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When it comes to selling real estate, the Internet sometimes seems like a money-back coupon for new home commissions. Numerous online real estate brokers now offer both buyers and sellers rebates as an inducement to get their business. Typically, online agents will share a portion of the commission they receive in a transaction. Rebates, however, are flash points in the sometimes vociferous debate between the real estate establishment and the Internet insurgents. A handful of states actually bar the practice of rebates, on the grounds they could be misused as kickbacks.

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Prepaying your mortgage is tempting, after all who doesn’t want to own their home “free and clear”. Moreover, doing so potentially could save you tens of thousands of dollars in interest and years of monthly payments. But paying off your loan is not always the smartest financial decision. Neglecting important areas of your financial life just so you can have a mortgage-burning party can erase the benefits of prepaying your mortgage. Some concepts to consider are; you don’t have adequate emergency savings, you’re not saving enough for retirement, you don’t have disability or life insurance and you’re the main breadwinner, you have high-rate credit card debt.

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An alluring selling point for potential home buyers often times can be the quality of education the local school district provides. It’s an angle you should definitely look to leverage when you are putting your house on the market. A selling tactic that can potentially increase appeal, if you have a lot of potential home buyers that are parents with young children, is childproofing your home. Having a home that meets the latest standards in childproofing may be a wise and profitable way to heighten its appeal to this target audience when you go to sell your home.

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First on the list is your kitchen. In fact, “Kitchens are critical,” says Robert Irwin, author of “Home Buyer’s Checklist.” “Today, people like a big kitchen with a lot of workspace.” They look for solid surface counters and high-quality flooring, such as wood, laminate, tile or stone. And they want newer appliances in working order. Even if it’s not huge, it should have “countertops that are servicable, that aren’t going to have to be replaced soon and cabinetry in good condition,” says Alan Hummel, past president of the Appraisal Institute. “It has to be well-appointed and large enough to fit your needs.”

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The National Association of Realtors‘ pending home sales index jumped 5 percent to 102.4 in June, the group announced Wednesday. Economists surveyed by Briefing.com had forecast the index would slip 0.6 percent after a revised 3.7 percent drop in the May report. It was the biggest increase in the index in three years. But that is up from a May reading that matches the second lowest on record. Only September 2001, the month of the terrorist attack, had a weaker pending home sales reading than May. However, major declines in home sales are likely to have occurred already and further declines, if any, are likely to be modest given the accumulating pent-up demand.

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search for : National Association of Realtors

Just listed is this beautiful Wilkes County NC Executive Country Club Home.

MLS Number: 51211 List Price: $359,000

Bedrooms: 3, Full Baths: 2, Half Baths: 1, Est Total SqFt: 3425+
Type/Style: Tudor, Two Story, Area: 6
Elementary School : Moravian Falls Elementary
Middle School: Central Wilkes
High School: Wilkes Central

Construction: Brick Veneer & Other, Solid Masonry Foundation: Basement, block & brick. Roof: Shingle – Composition, Two Years Old, Floors: Carpet/Hardwood/Tile
Garage/Carport: Garage-Double Attached
Interior Features: Smoke Detector(s), Ceiling Fan(s), Newly Decorated, Central Vacuum, Large Master Bedroom, Walk-In Closet(s), Hardwood Floors, Basement, Fireplace(s), Gas Logs, Stone Fireplace, Workshop, Living Room, Dining Room, , Den, Cable TV w. broadband Internet

Exterior Features: Tiled Patio/Deck and Walkways, Private Yard, Level Lot, Set Back From Street.
Subdivision: Farmington
Lot Size: 1.14 acres, Tax Value: 312450, Apx SqFt: 3400 +
Basement: Partial, finished with large cedar-lined closet.

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

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