The North Carolina General Assembly has updated its General Statues.  In relation to your rental property, N.C. General Statue 42, Chapter 42 (7), effective January 1, 2010, you must “provide a minimum of one operable carbon monoxide detector per rental unit per level, either battery-operated or electrical, that is listed by a nationally recognized testing laboratory that is OSHA-approved to test and certify to American National Standards Institute/Underwriters Laboratories Standards, and install the carbon monoxide detectors in accordance with either the standards of the National Fire Protection Association or the minimum protection designated in the manufacturer’s instructions, which the landlord shall retain or provide as proof of compliance.”  “A carbon monoxide detector may be combined with smoke detectors if the combined detector does both of the following:  (i) complies with ANSI.UL2034 or ANSI/UL2075 for carbon monoxide alarms and ANSI/UL217 for smoked detectors; and (ii) emits an alarm in a manner that clearly differentiates between detecting the presence of carbon monoxide and the presence of smoke.”  This Statue applies ONLY to dwelling units having a fuel burning heater or appliance, fireplace, or an attached garage.

While this applies just to the above specified dwellings, we encourage each of our homeowners to be proactive in installing a carbon monoxide detector(s) to safeguard you and your tenants.  
You can read more of the General Statue at – Look up “42-42”:
http://t.lt01.net/m/f31GdtiNzYCA_VUNNNisOrCvE3AnVHjIETkmQ5ZN6RO6ukOsqg

Tags: real estate | safety | nc | north carolina | statute | carbon monoxide | proactive | tenants | vacation | renters | rentals | Clif Cheek

North and South Carolina stun the recovering housing markets with 7 of the top 20.  Read on for the list and the link to the article from Builder Online is below.

1.     Austin-Round Rock, TX

2.       Raleigh-Cary, NC

3.       Charlotte-Gastonia-Concord, NC-SC

4.       San Antonio, TX

5.       Charleston-North Charleston-Summerville, SC

6.       Denver-Aurora-Broomfield, CO

7.       Huntsville, AL

8.       Washington-Arlington-Alexandria, DC-VA-MD-WV

9.       Durham-Chapel Hill, NC

10.   Eugene-Springfield, OR

11.   Dallas-Fort Worth-Arlington, TX

12.   Richmond, VA

13.   Minneapolis-St. Paul-Bloomington, MN-WI

14.   Colorado Springs, CO

15.   Myrtle Beach-North Myrtle Beach-Conway, SC

16.   Portland-Vancouver-Beaverton, OR-WA

17.   Wilmington, NC

18.   Houston-Sugar Land-Baytown, TX

19.   Greenville-Mauldin-Easley, SC

20.   Des Moines-West Des Moines, IA

Tags: charlotte | chapel hill | durham | raleigh | myrtle beach | greenville | charleston | sc | nc | housing markets | recovery | north and south carolina | wilmington

Everyone is aware of the challenges the housing market faces on a national level. But for real estate professionals, the challenge is to show buyers the long-term benefits of home ownership and the opportunities that exist in today's local markets.

In volatile times, buyers and sellers may be scared to the sidelines by shifting home prices. In a down market, it's easy to lose sight of the fact that real estate is a long-term investment. Historically speaking, it's one of the best investments you can make.

A good reason to look at buying is interest rates are historically low right now, and they can have a much greater effect on affordability than home prices. For example, suppose you are taking out a $300,000 loan, to buy a home with zero down at 6 percent (Let's also assume an excellent credit score). The principal, or cost of the home is $300,000. The interest, or cost of credit is $347,515 - more than the price of the home, even at a modest 6 percent rate.

Rates have risen in the first half of 2008, but in historical terms, mortgage financing is still a great bargain. From 1980 to today the 30-year fixed rate mortgage has ranged from more than 18 percent to less than 6 percent, says Jim Elfelt, a mortgage banker in Virginia Beach, Virginia. If you're waiting for a home prices to come down another $10,000, Elfelt says, you may be missing the big picture because a small increase in the cost of credit can quickly offset a reduction in a home's sale price.

For example, suppose you're applying for a 30-year, fixed-rate $300,000 mortgage. Note how a small change in rate can makes major difference in your monthly payment and the overall cost of your home through the years:

Tags: home buying | Ocean Isle Beach | mortgage | real estate

Rates on 30-year fixed mortgages rose slightly this week to an average of 5.01%, Freddie Mac announced Thursday Feb 4th. This is up from 4.98% last week.  However, we are still faring well in comparison to last year when rates were slightly higher at this time.  The average 30-year fixed mortgage was at 5.25%.

Freddie Mac reports that rates fell to a record low of 4.71% in early December. A Federal Reserve program pumping $1.25 trillion into mortgage backed securities has held rates around 5 percent and make home buying more affordable. The program is set to end March 31, 2010.

This is good as long as you are able to take advantage of the low rates and maybe even pair this with the $8,000 first time home buyer tax credit.  There is no better time to buy than the present.  Don't let this opportunity to get your dream home for nickels on the dollar pass you by.  Call us today to find out how to take advantage of our market.

Tags: mortgage | rates | Ocean Isle Beach | north carolina | South Brunswick Islands | first time home buyer tax credit | consultation

updated 11:46 a.m. ET, Tues., Sept . 1, 2009

WASHINGTON - A gauge of future U.S. home sales rose more than expected in July to the highest level in over two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.

The report showed the housing market is rebounding faster than expected from its historic bust. Low prices and the looming expiration on Nov. 30 of a first-time homebuyers’ tax credit of up to $8,000 have spurred sales. Prices in much of the country have begun to rise from the depths of the slump.

“The overall trend toward stabilization is undeniable at this point,” wrote Mike Larson, real estate analyst at Weiss Research.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in July for previously occupied homes rose 3.2 percent to 97.6. It was the sixth straight increase, and 12 percent higher the same month last year.

Economists surveyed by Thomson Reuters had expected the index to edge up to only 96.5.

The index of pending home sales indicates how sales completed this month and next will turn out. Typically, there is a one- to two-month lag between a contract and a final deal. But delays in getting mortgages approved and appraisals completed have recently lengthened the time it takes to close a deal in many cases.

Analysts predict sales will drop off when the tax credit expires, or if mortgage rates rise from near-record lows. Foreclosures also continue to rise, and banks are forced to sell those properties at deep discounts, pushing prices down.

A 12 percent jump in sales contracts in the West and a 3 percent increase in the South drove July’s overall increase. Sales fell in the Northeast and Midwest.

The Realtors group projects that around 2 million first-time buyers will take advantage of the credit this year, and says it is spurring 350,000 additional sales that wouldn’t have happened otherwise.

Nationally, home prices in the second quarter posted their first quarterly increase in three years, according to the Standard & Poor’s/Case-Shiller national index released last week. Prices are growing in some parts of the country, but “beware a rise in supply as frustrated would-be sellers see their chance,” wrote Ian Shepherdson, chief U.S. economist at High Frequency Economics.

While home prices are still 30 percent below the mid-2006 peak, their new direction should bring relief to lenders, homeowners and buyers alike.

Falling property values have wiped out $4 trillion in homeowners’ equity, and thousands have walked away from homes that are worth far less than their mortgage balance. But now, with prices stabilizing, many buyers who had been staying out of the market are coming off the sidelines.

Tags: pending home sales | sold property | real estate | north carolina | national association of Realtors | Associated Press | market conditions

A fair warning to Buyers who have been on the fence, waiting for the right time to buy their new home....Mortgage rates are slowly ticking up.  Up this week, according to Freddie Mac this last Thursday, the average rate for a 30-year fixed mortgage is now 5.42 percent, up from 5.38 percent a week earlier.

**A sign real estate is on the upswing; To recap the article below, building of new homes and apartments jumped 17.2 percent to a seasonally adjusted annual rate of 532,000 units.  Up from April's record low of 454,000 units.**

Tags: sale | home | buyer | increase | morgage rates

Buy or Build? Which is right for you?

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You've watched the market and have arrived at the conclusion that now is the time to buy a home. You now face the choice between buying a newly-constructed or an existing home. There are advantages and disadvantages to each option, so the decision may not be as easy as it sounds. No matter which way you go, you'll probably end up making a few tradeoffs. In the end, choose the type of home that makes the most sense for you, your lifestyle and your upcoming plans.

Although you are buying, you will sell someday

From an investment standpoint, it's best to think about the future along with the present. After all, you'll be the seller one day and you'll want to get the largest possible return on your investment.

That's a BIG closet

Although a return on investment is one of the goals of purchasing your new home, you also have to live in this home. Central air, comfortable living spaces, larger closets and more/bigger bathrooms are some of the amenities that are more common in newer homes and are points to consider when choosing your new home. Additionally, there are stricter building codes and significant advances in construction materials and techniques. These improvements result in safer and more energy-efficient homes. On the flip side, many older homes have a certain charm from the period during which they were built. This is not easily replicated in newer homes. Some older homes also sit on larger parcels of land than the lots common in most new subdivisions and developments. You may also have fun remodeling an older home to update it to your tastes.

New and Perfect are not always synonymous

Home maintenance comes with homeownership. There is no house that is maintenance or defect free. In fact, it's not uncommon to find at least one construction defect that must be addressed in a brand new house. So, in opting for a new home, make sure you understand the warranty and ask for a walkthrough to address the problems or defects.

What's under that "Hood"

The neighborhood should be an integral part of your decision. Think about your core values surrounding your home - school district, proximity to your workplace, and day-to-day convenience are common concerns for most people.

When can I move in?

If you purchase a home under construction or decide to build, be aware that builder delays or other holdups could prevent you from moving in on schedule. This may end up being no big deal, but if the timing's wrong, you may have to find a temporary solution while the setbacks are resolved. This may mean delaying closing on the sale of your current home and finding a place to rent, staying with friends or family or placing your belongings in storage.

Talk to someone who is an expert

When you're deciding between a newly built home and an existing home, decide based on your family's needs. A Realtor can help you sift through the options. Sit down with him and let him know what's important to you and your family. Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to use the internet to your advantage. 

Please visit us at www.Resort-Brokerage.com for valuable information on homes in the South Brunswick islands.

Clifton Cheek
2009-05-25 15:50:34  

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We have all been anxiously watching this dismal real estate market wondering when and where we might see things reach their low and begin an anticipated upswing.  This article, written by the AP and featured on MSNBC gives us the sign of change we are looking for. 

Click: New Home Sales Data Show Encouraging Signs to view this news feed.  

Ocean Isle has remained fairly steady rather than following the drastic fluctuations of most markets due largely in part to the fact that Ocean Isle is mainly a second home beach.  With foreclosures on the rise of primary residences, our market has been just a faint thought for most home buyers.  However, this down turn has brought prices down and has, I believe, leveled our pricing structure on the island.  We are beginning to see a spike in interest levels and a rise in purchases.  I believe that this spring and summer are a buyer's best opportunity to purchase.  As the NY real estate mogul, Donald Trump, exclaimed in an interview recently with Larry King, "Well, this is a time for smart people. This is a time for entrepreneurial people. This is a great time for people like me...this is a great time to buy real estate."

Tags: ocean isle | bottom | real estate | market

Kurt Badenhausen, 03.25.09, 06:00 PM EST
Raleigh, N.C., and its fellow Tar Heel metros shine in our annual look at America's largest cities.

The economy shed 651,000 jobs in February and 4.4 million since the recession began in December 2007. Only a handful of metro areas have escaped falling employment over the past three months. Yet there are still some places out there that remain attractive to businesses.
Our 11th annual ranking of the Best Places for Business and Careers features clear winners in North Carolina and Colorado, home to a combined 10 of the 20 top metro areas.

Leading the way is Raleigh, N.C., which grabbed the top spot for a third straight year on the strength of strong job growth (both past and projected), low business costs and a highly educated workforce.

Employment is expected to fall during 2009 in Raleigh after jobs were added at a 4% annual clip the past five years. But the job picture is expected to brighten in 2010 and 2011, and the three-year projected annual employment gain is 1.4%. according to Moody's Economy.com, 15th best in the country.

Helping fuel Raleigh's strong economy is the Research Triangle Park, one of the oldest and largest science parks in North America. It is located between Raleigh and Durham and is home to 170 companies employing 42,000 people. Big employers include Biogen Idec, Cisco Systems and IBM.

"Raleigh is holding up better than any other place in North Carolina," says Matthew Martin, an economist at the Federal Reserve Bank of Richmond, Va. He cites the significant higher education presence and low manufacturing base in the area for Raleigh's steady economy.

FULL ARTICLE

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The only guarantee we have about marketing in today’s real estate climate is change. The market has changed. The buyer has changed. Will it ever change back and if so will we market the same way?  I am not sure and do not intend to make any grand projections other than the pendulum swings in both directions and God is not making any more dirt. So my assumption is like most cycles, these tough times will change. And marketing has and will continue to change with it.
So where does that actually leave us today?  It leaves us working harder and expecting less.
It leaves us reevaluating the products we develop and how we market them. We are back to the basics of asking ourselves what needs does the market have and how can we serve them? And how will we fill the need better than our competition? And, oh yeah, how does the internet come into play?

I always start with this guiding principal when determining a product’s position: Good, fast, cheap, you get two out of three.  Good being a quality product.  Fast being exceptional service. And cheap being a price leader. With a combination of any two you can create an effective value proposition.  With all three you are trying to be all things to all people and will ultimately serve no one.
In the past, resort real estate development was driven by a developer’s vision for a great piece of property and desire to create a grand lifestyle.  A place for people to love and cherish. A place they would bring their friends and family. And often a place envisioned and created without understanding if it filled a need in the market.  Not all, but many, ended up being monuments of opulence and irrational splendor that served a narrow market of extreme wealth and “ego ownership”.

In the current market there are buyers, believe it or not. These buyers are the ones who serve as the shepherds to the sheep that ultimately pull the trend back. These shepherds are driven by ideals and philosophies that are deeply rooted in their generational up bringing.  They are the boomers, but not the boomers we saw in droves signing reservations in tent city. These shepherds are conservative individuals who are prudent and pragmatic. They are far more calculating and much less impulsive. As much as they can afford the lavish, they are not going to be looking for their fourth McMansion. They are not ones that follow trends but are the ones that quietly create them. They are what we call the “know me” wealth, not the “show me “ wealth.  Unless you know these individuals personally, you would never pick them out of the crowd.  They are private. They are discerning. And they are wealthy. Very wealthy.

So what are they looking for?  Probably the same attributes they found when they bought their Toyota Avalon or F150. They want quality, reliability and value.  They are utilitarian. Yet they enjoy acceptable luxuries. They are natural researches and moved by trust and connections. When the time is right they will have been planning for years and will be armed with far more knowledge than you are. They will be looking for a quality product without empty promises or future guarantees.  This will lead them to established communities with reputable leadership. They will see right through your marketing façade and will cut to the chase about being in control of the process.
So how do we change our marketing strategy?

For starters, marketing starts with the product. Provide a product that meets a market need.  Do research, talk to your peers and listen to what the market tells you.  Then decide if you are good, fast or cheap.  My prediction is people will want a smaller, more modest product by a credible company and they will not want to wait for it. They will want a built product or resale inventory more than raw homesites and they have no desire to be first so throw the reservations out the window, urgency is gone. They just want to feel comfortable with their purchase and believe they own a solid product at a fair price, hence the Toyota Avalon. They are not looking for market approval and will buy what they want, when they want despite the negative media coverage.
Additionally, their habits have changed. They are going to want information with substance and if you do not have it they will move on.  And they will move on to the next web site as well.  Studies have shown that these buyers are no longer tech laggards and research their purchase decisions online.  Additionally, they will trust a stranger’s review online far more than your own paid marketing efforts (by 82% according to a 11/08 McCann Survey). Many of these buyers are starting their efforts with online search and your Web site alone is no longer enough.  You need a comprehensive strategy to distribute your content online with what we call Digital Presence.  A strategy that leverages all of your content as well as the content provided by others. You can’t stop others from mentioning you in blogs or posting wedding and hole-in-one videos on youtube so you better become a part of the off-site conversation as well.

So has the market changed marketing?  Absolutely.  And if you think the internet will not play a factor with your demographic then don’t change a thing and let me know how that works for you.

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North Carolina continues to be one of the fastest growing states in the nation.

Tags: population growth USA | north carolina

Ben Garvin for The New York Times
Jaime and Michael Proman put down 20 percent when they bought their home this fall in Lowry Hill in Minneapolis.

By RON LIEBER
Published: December 5, 2008
Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers.
Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage.
Unfortunately, we do not know when this golden age will begin, because we will be able to identify a bottom to the housing market only with the benefit of hindsight. But as it does with the stock market, the moment will probably arrive when everyone is feeling the most pessimistic.
That moment is certainly getting closer. Housing prices have fallen drastically from their peak levels in many areas of the country. Rates on 30-year fixed-rate mortgages are already close to 5.5 percent, and this week there were suggestions that the federal government might try to drive them down to 4.5 percent, a truly incredible figure to be able to lock in for three decades.

Full Article

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