Over the past few months my inclination was to advise clients not to buy and not to sell unless they had a significant reason why they had to make a real estate change. Prices were very low and sinking so selling was a bad idea and buying meant that in a few months your property would have lost value. With foreclosures hitting the market daily I could not see an end to the rapid down spiral in the local real estate market.
Today my tune has gotten slightly more optimistic. Due in part to extensive lender efforts to forestall foreclosure though loan modification, refinance offers and lease-back options, the foreclosure glut appears to be slowing. Sellers who wanted too much for their homes have pulled them off the market to wait for a better day. What remains is a market with homes that sellers will make a deal on and interest rates that remain enticingly low. Government tax incentives sweeten the deal. It is the perfect meeting in heaven of low property prices, tax credits and low interest rates. It's time to buy baby, buy.
The future hold the potential of rising prices due to govenment tax incentives, the expiration of tax incentives and interest rates rising in an inflationary market. If you are going to move up, downsize or get that second home my crystal ball says go for it!
Wednesday, November 11, 2009
Tuesday, November 10, 2009
Applebees Invites Veterans to Eat Free
Veterans can enjoy a meal of gratitude courtesy of Applebees on Veteran's Day, Wednesday November 11. http://applebees.com/vetsday/
Happy Birthday Marines! Semper Fi
Today our nation celebrates the 234th birthday of the United States Marine Corps. Take time today to thank a Marine for their service to our country and listen to a rendition of the Marine Corps Hymn as presented by the Commandant's Own.
Semper Fi
Lieutenant Colonel Barbara F. Johnson, USMCR
Semper Fi
Lieutenant Colonel Barbara F. Johnson, USMCR
Return on Investment - Home Improvements that Sell Houses
The annual list of home improvement costs and how much they add to the resale value of your home has just been released: http://rismedia.com/2009-11-09/home-sellers-top-5-home-improvement-projects-based-on-cost-and-return-on-investment/
Friday, November 6, 2009
Bank-Owned ICW Waterfront Lots are a Deal
When practically an entire waterfront subdivision goes into foreclosure and is bank owned, there are some good deals to be had by saavy investors. Cannonsgate in Newport, NC is located on the intra-coastal waterway and has a lovely marina and clubhouse..that is ALL it has. Touted as a premier community and marketed in large east coast urban areas, buyers bought sight unseen and paid outrageous prices to scamming marketers. Today a large number of the lots have been foreclosed on and the list prices offer real value to an investor who can sit on the land until better times. Allow me to be your negotiating pit bull.
If you are interested in more information about Cannonsgate contact me for my Deal of the Day!
If you are interested in more information about Cannonsgate contact me for my Deal of the Day!
Home Buyer Tax Incentive goes to President
At this moment there are millions of people waiting for the President to sign into law a bill that will give average Joe American the first good reason to step out of fear since June 2005 and make the move to purchase another home. This tax incentive reaches to the grass roots of our economy, giving life to small business and encouraging strong cash flow within local communities around the country. No big CEO or labor unions get in on this one, just hard working citizens who see real money pass into the hands of their neighbors, their friends and their families when a house is purchased.
I've seen it work already. A young couple makes their move to leave a rental unit and buy their first home. The tax incentive will pay to update the house. The home they buy belongs to a recent widow who can no longer handle her large two-story home on a half acre wooded lot. Unable to sell in the past 3 years due to declining home values, the incentive prompts a buyer for her home and she in turn has a tax incentive to purchase the vacant home down the street whose owner has been desperate to sell. The money she makes on the sale of her home allows her to pay off all her accumulated debt, buy the homes and make some upgrades to suit her needs.
These two transactions would never have happened without the tax incentive. In the next two months almost $64,000 in cash flow will be generated by each of these sales; $128,000 infused into a community starved for small business jobs. Taking home a much needed paycheck are the home inspector, pest service, furniture salesman, handyman, 2 real estate brokers, a mortgage broker, 2 attorneys, a title company, insurance companies, painter, electrician, flooring store, home improvement store, power washing crew, moving crew and many more. With money in hand, they will quickly pay bills, shop for delayed needs, travel, eat out and pay taxes for the new income.
This is capitalism at work. This is free-enterprise recovering from a government caused melt-down. Put a few bucks in the pocket of a hard-working American and the engine of our economy moves.
Thank you Congress, thank your Senators and in advance....thank you Mr. Obama for finally getting something right for the average hard-working, tax paying citizen.
I've seen it work already. A young couple makes their move to leave a rental unit and buy their first home. The tax incentive will pay to update the house. The home they buy belongs to a recent widow who can no longer handle her large two-story home on a half acre wooded lot. Unable to sell in the past 3 years due to declining home values, the incentive prompts a buyer for her home and she in turn has a tax incentive to purchase the vacant home down the street whose owner has been desperate to sell. The money she makes on the sale of her home allows her to pay off all her accumulated debt, buy the homes and make some upgrades to suit her needs.
These two transactions would never have happened without the tax incentive. In the next two months almost $64,000 in cash flow will be generated by each of these sales; $128,000 infused into a community starved for small business jobs. Taking home a much needed paycheck are the home inspector, pest service, furniture salesman, handyman, 2 real estate brokers, a mortgage broker, 2 attorneys, a title company, insurance companies, painter, electrician, flooring store, home improvement store, power washing crew, moving crew and many more. With money in hand, they will quickly pay bills, shop for delayed needs, travel, eat out and pay taxes for the new income.
This is capitalism at work. This is free-enterprise recovering from a government caused melt-down. Put a few bucks in the pocket of a hard-working American and the engine of our economy moves.
Thank you Congress, thank your Senators and in advance....thank you Mr. Obama for finally getting something right for the average hard-working, tax paying citizen.
Alex Glass - Hometown Hero
There are heroes every day in most lives...those that make that extra effort, whose smiles change lives and whose talents are put to use for the benefit of others. But sometimes we are in the presence of a dramatic hero, one who has put their life on the line for another.
It is said that 3 out of every 4 Boy Scouts will use the skills they learned as a scout to save their own lives or the life of another. Several years ago I was honored to write the heroism award application for a young Eagle Scout who saved his family from a fire in their home. Tonight a local Boy Scout leader and a friend of mine was officially recognized by the Boy Scouts of America for his heroism in rescuing not one but two people in May 2009. Here is the story:
Morehead City, NC – District Roundtable/Special National Court of Honor: Tonight, Mr. Alex Glass, Scoutmaster of Troop 412, was awarded the prestigious Honor Medal with Crossed Palms, the highest lifesaving award from the Boy Scouts of America. Mr. Glass did not have any idea that he was being recognized tonight. Never in the history of East Carolina Council has this award been given to someone who rescued 2 persons at once.
Honor Medal with Crossed Palms
Nominee has demonstrated unusual heroism and extraordinary skill or resourcefulness in saving or attempting to save a life at extreme risk to self. Heroism is defined as conduct exhibiting courage and daring, skill, and self-sacrifice. Skill is defined as the ability to use one's knowledge effectively in execution or performance. Special attention is given to skills earned in Scouting.
Summary of Action of Alexander Glass
On the afternoon of 25 May 2009 Alexander Glass, Scoutmaster of Troop 412 and Cubmaster of Pack 412, while on the beach at Cape Lookout, NC heard a woman calling for help, and saying that two girls were in trouble out in the water. It appeared that they had been towed out to sea in a rip current. After locating the two girls, and calling upon his years of training as both a Boy Scout Lifeguard and his Red Cross training and seeing no other option available he realizing there was no time to waste. He proceeded into the surf to attempt a rescue. Upon reaching the first person he noticed that someone was already attempting to assist her. So, he focused his attention on assisting the other girl and swam toward her location. Upon reaching this girl it was obvious that she was extremely tired and near exhaustion. He immediately placed her in a cross-chest swim rescue position and headed back to shore. On the way back to shore, he again came upon the first girl he had encountered. The person who had been attempting to assist had left her because the conditions and situation was too much for him to handle and beyond his capabilities. Scoutmaster Glass was left with no option but to attempt to rescue both girls. With no other help available he had to tow both of them toward shore. Fortunately, on the way back they came upon a sand bar and they were able to rest for a moment. He was able to reassure and calm them while they rested, and when they felt they could continue they resumed their journey back to the safety of shore. Happily, both SuAnna and Karrissa Willis are with us this evening to share in this recognition.
Congratulations to Alex for the highest recognition that can be given to anyone by the Boy Scouts of America for heroism and thank you for putting the safety of others first in the rescue of these two young women.
It is said that 3 out of every 4 Boy Scouts will use the skills they learned as a scout to save their own lives or the life of another. Several years ago I was honored to write the heroism award application for a young Eagle Scout who saved his family from a fire in their home. Tonight a local Boy Scout leader and a friend of mine was officially recognized by the Boy Scouts of America for his heroism in rescuing not one but two people in May 2009. Here is the story:
Morehead City, NC – District Roundtable/Special National Court of Honor: Tonight, Mr. Alex Glass, Scoutmaster of Troop 412, was awarded the prestigious Honor Medal with Crossed Palms, the highest lifesaving award from the Boy Scouts of America. Mr. Glass did not have any idea that he was being recognized tonight. Never in the history of East Carolina Council has this award been given to someone who rescued 2 persons at once.
Honor Medal with Crossed Palms
Nominee has demonstrated unusual heroism and extraordinary skill or resourcefulness in saving or attempting to save a life at extreme risk to self. Heroism is defined as conduct exhibiting courage and daring, skill, and self-sacrifice. Skill is defined as the ability to use one's knowledge effectively in execution or performance. Special attention is given to skills earned in Scouting.
Summary of Action of Alexander Glass
On the afternoon of 25 May 2009 Alexander Glass, Scoutmaster of Troop 412 and Cubmaster of Pack 412, while on the beach at Cape Lookout, NC heard a woman calling for help, and saying that two girls were in trouble out in the water. It appeared that they had been towed out to sea in a rip current. After locating the two girls, and calling upon his years of training as both a Boy Scout Lifeguard and his Red Cross training and seeing no other option available he realizing there was no time to waste. He proceeded into the surf to attempt a rescue. Upon reaching the first person he noticed that someone was already attempting to assist her. So, he focused his attention on assisting the other girl and swam toward her location. Upon reaching this girl it was obvious that she was extremely tired and near exhaustion. He immediately placed her in a cross-chest swim rescue position and headed back to shore. On the way back to shore, he again came upon the first girl he had encountered. The person who had been attempting to assist had left her because the conditions and situation was too much for him to handle and beyond his capabilities. Scoutmaster Glass was left with no option but to attempt to rescue both girls. With no other help available he had to tow both of them toward shore. Fortunately, on the way back they came upon a sand bar and they were able to rest for a moment. He was able to reassure and calm them while they rested, and when they felt they could continue they resumed their journey back to the safety of shore. Happily, both SuAnna and Karrissa Willis are with us this evening to share in this recognition.
Congratulations to Alex for the highest recognition that can be given to anyone by the Boy Scouts of America for heroism and thank you for putting the safety of others first in the rescue of these two young women.
Wednesday, November 4, 2009
Homebuyer Tax Credit Closer to Passage
Flying through the Senate in an lopsided 97-1 vote, the unemployment benefits extension bill with the homebuyer tax credit attached passed today and moves on to the House tomorrow. Passage of this bill would effectively do more for the economy at the grass roots level than any other stimulus package that has been dreamed up. View the details as posted on Newsvine this evening http://www.msnbc.msn.com/id/33626872/ns/business-us_business/
Sunday, November 1, 2009
Should You Paint the Interior of Your Home When Selling?
Paint, both inside and out, is the best investment a Seller can make when marketing their home. Curb appeal is an essential element in the sale of a home so first make every effort to clean up and beautify the exterior of your house. Freah paint, power washing, a manicured lawn, trees and bushes all contribute to enticing a buyer to come inside and look more.
Once the exterior is in pristine condition, then and only then, do you devote your efforts and money to the interior. A fresh paint job in attractive neutral colors (no harsh white please) is always a good investment of time and money.
First de-clutter your home; no use in painting if no one can see the walls once they are done. Put excess furniture, toys, photos and pictures in storage. Get rid of any odors including cigarette or cigar smoke, cooking smell and pet odors. If you feel you have to "perfume" your home, you need to deoderize more. Perfumed air fresheners are often as offensive as the original odor and do nothing to mask smells. Finally, choose a popular neutral with a white trim to make the colors "pop." If you are not an expert painter let someone else do the job. Paint spatters, drips and smudges on the ceiling and floor are universally unappealing to buyers.
So yes...paint your interior, but do it in the context of an overall careful preparation of your home for sale. In this tough market your efforts might just be rewarded with happy buyers and a quick sale for a good price.
Once the exterior is in pristine condition, then and only then, do you devote your efforts and money to the interior. A fresh paint job in attractive neutral colors (no harsh white please) is always a good investment of time and money.
First de-clutter your home; no use in painting if no one can see the walls once they are done. Put excess furniture, toys, photos and pictures in storage. Get rid of any odors including cigarette or cigar smoke, cooking smell and pet odors. If you feel you have to "perfume" your home, you need to deoderize more. Perfumed air fresheners are often as offensive as the original odor and do nothing to mask smells. Finally, choose a popular neutral with a white trim to make the colors "pop." If you are not an expert painter let someone else do the job. Paint spatters, drips and smudges on the ceiling and floor are universally unappealing to buyers.
So yes...paint your interior, but do it in the context of an overall careful preparation of your home for sale. In this tough market your efforts might just be rewarded with happy buyers and a quick sale for a good price.
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