Clif Cheek

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

Clif Cheek

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

Clif Cheek

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

Larry Cheek

Pending home sales rise 6.7 percent in April

WASHINGTON – Pending U.S. home sales in April posted the biggest monthly jump in nearly eight years, a sign that home sales are finally coming to life after a long and painful slump.

The National Association of Realtors says its seasonally adjusted index of sales contracts signed in April rose 6.7 percent to 90.3. Economists surveyed by Thomson Reuters expected the index would edge up to 85 from a reading of 84.6 in March. It was the biggest monthly jump since October 2001.

Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing home sales. The index was 3.2 percent above last year's levels and has risen for three straight months after hitting a record low in January.

Tags: home sales | real estate

Clif Cheek

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