Thursday, December 6, 2007

Market Update

This is a casual blog about the market. I was speaking with another agent yesterday and we were discussing how bad it is right now. Both of us seem to be racking up listings but neither of us are selling anything. I do have 2 closings this month though. She said Wake County sales are down 1/3 in November. Ouch! I can tell its slow when there are no showings on ANY of my listings and NO calls. Every now and then I'll get a call but the person doesn't seem to be serious. Its been really frustrating. If I needed to sell right now, I'd personally underprice my house slightly to see how much traffic I'd generate. New construction seems slower but still better than resale. Builder's can afford to offer better incentives and those houses are easier to show. I guess we just need to wait it out and pray.

Wednesday, November 28, 2007

Update from Triangle Business Journal

Economic conditions in the Federal Reserve district that includes North Carolina weakened in October and early November, as retail sales and a weak housing market dragged down modest gains in other sectors.
That's according to the Fed's latest Beige Book report, which compiles anecdotal evidence of how the local economy is doing. The report for the 5th District, headquartered in Richmond, Va., compiles data from the District of Columbia, Maryland, Virginia, the Carolinas and most of West Virginia.
The Fed said district retailers were nervous about the holiday season. Sales of big-ticket items including automobiles slumped in the last six weeks, and big-box retailers rolled out holiday discounts in anticipation of weak seasonal revenue.
Residential real estate also got weaker - bad news on top of already tough conditions in an area that had resisted the national housing slump for months. Housing inventories swelled, and an agent in Greensboro told the Fed that both the price and condition of properties had to be "just right" in order to sell.
Home mortgage lending slowed, the Beige Book says, singling out Raleigh as an area where that occurred. Contacts in the Carolinas also told the Fed that commercial mortgage demand has weakened in recent weeks, though other parts of the Fed district saw slight increases.
The area's strong commercial real estate market also took a hit, with office properties seeing less activity, according to the Fed. Retail and industrial leasing were "generally upbeat."
There was also good news in the Fed's report. A weaker dollar prompted manufacturers to boost production to export more goods. Service firms bolstered revenue. Tourism was also up from last year, Outer Banks contacts told the Fed, and Raleigh's temporary-job market was thriving thanks to the area's low unemployment figures.
Agriculture was slow in the period thanks to the ongoing drought.

Tuesday, November 6, 2007

Triangle Home Starts Up but Sales are Down 11%

Article in the Triangle Business Journal today...
New home construction increased in the Triangle in the third quarter, but sales declined as the homes stayed on the market longer.
The data are the first real indication that the national struggles of the new-housing market have hit home, according to Houston research firm Metrostudy, which released the data.
Metrostudy said developers started 4,445 single-family homes in the Triangle in the quarter, up 8 percent from the 4,009 housing starts reported in the same period last year.
But closings on new homes dropped 11 percent to 3,915.
There were also 111,527 new and under-construction homes on the market at the end of the third quarter. That's 9.4 months of supply, up from 7.5 months at the end of the third quarter of 2006.
"The Triangle is one of the last markets in the nation to feel the impact of the housing downturn," Ed Dunnavant, director of Metrostudy's North Carolina division, said in a prepared statement.
Metrostudy also said that the Triangle will be one of the first areas to recover from the downturn because of a strong local economy. Strong job growth, low unemployment, affordable housing, a cheap cost of living and inventory levels that haven't completely bottomed out all work in the area's favor, Dunnavant said.

Wednesday, October 24, 2007

U.S. Census Bureau releases statistics on moving

The U.S. Census Bureau has released a series of 34 tables, "Geographical Mobility: 2006," on the 40 million Americans who moved between 2005 and 2006, including characteristics of movers by type of move. Some of this year’s findings include the following:* In 2006, 39.8 million United States residents moved within the previous one-year period. * The moving rate remained statistically unchanged from 2005 at 14 percent. * Nearly half of the reasons given for moving (18.4 million) were housing related, such as wanting a bigger or smaller house. * The West had the highest moving rate (16 percent), followed by the South (15 percent), the Midwest (13 percent) and the Northeast (10 percent). * Hispanics had the highest moving rate (18 percent), followed by blacks (17 percent), Asians (14 percent) and non-Hispanic whites (12 percent). * In 2006, nearly one-third (30 percent) of all people living in renter-occupied housing units lived elsewhere a year earlier. The moving rate for people living in owner-occupied housing units was seven percent. * For the population 16 and older, 24 percent of those who were unemployed in 2006 lived in a different place a year earlier. This compares with 14 percent of those who were employed in 2006 and 10 percent for those not in the labor force. * Most movers stayed within the same county (62 percent), while 20 percent moved from a different county within the same state; 14 percent moved from a different state and three percent moved from abroad.

Tuesday, October 16, 2007

Triangle home sales drop 24%

According to the Triangle Business Journal today...
Sales of existing homes in the Triangle dropped 24 percent in September as woes in the national housing market continued to chip at the local economy.
Data released by the Triangle Multiple Listing Service show that 2,347 homes were sold in September, down from 3,098 in September 2006.
Local home sales had been trending down for months, most recently dropping 8 percent in August and 11 percent in July. But the area hadn't yet seen such a sharp downturn equivalent to those in other markets, where declining home costs and troubles with subprime mortgage markets have embroiled economies.
Prices weren't the culprit. The average closing price on a home rose 6 percent year-over-year to $242,885.
But as foreclosures grow locally and the national economy slows, local home inventory rises. It continued to rise in September, when there were 17,929 active listings - up 22 percent from the year prior.
And unlike in recent months, when wealthier ZIP codes dominated home sales, the top three ZIPs for sales all came in areas that have seen high foreclosure activity. Fuquay-Varina's 27526 topped the list with 96 home sales, while southeast Raleigh's 27610 was No. 2 with 90 and Wake Forest's 27587 was No. 3 with 88.

Friday, September 21, 2007

Monday, August 27, 2007

Schools

Alot of relocation families want to know about the school system. I am a little bias when it comes to this. My kids go to Johnston County and I don't care what anyone from Apex says, we have a terrific school system.
A client of mine had a father from Apex tell her son they should have moved to Apex not Clayton. I couldn't believe it when she said he called Clayton "too country". Of all the things to say.
It seems to me that closed-mind people should wear a sign so we know they are coming and to dis-regard what they say.
Apex has alot to offer families. I'll give it that. But when it comes to lot size, Clayton has them beat.
I don't care what my clients are looking for. I listen and take them where it fits for their family.
If you want to check out a great site to use for searching schools, try www.TheFamilyRealtor.com and click on Great Schools.
Good luck and I look forward to helping.

Thursday, May 31, 2007

Parents divided over Wake school board actions

I found this article in the Triangle Business Journal today and wanted to post it for you.

If Triangle Business Journal's latest online poll is any indication, the only thing that can divide Triangle residents as much as a Duke-Carolina game is controversy over where and when their kids will go to school.
From May 23 to May 29, visitors to TBJ's Web site were asked, "Are you satisfied with the way the Wake County School Board handled the controversy over year-round schools?"
During that time, 409 people responded to the poll. Fewer than half, or 194 (47 percent), said yes; a slightly smaller group, 175 people (42 percent), said no. Forty respondents, or 9 percent, responded, "I don't care."
The poll also generated a wealth of user comments, with respondents on both sides of the argument fired up. What follows is an edited sample of those comments, which were made anonymously:
"The school board botched this issue from the start. There's no doubt that the board faces tremendous challenges from our growth, but their attitude and indifference towards the parents and students is what fueled this fire. The parents didn't feel like the school board members truly listened or cared about their concerns. This whole situation could have been avoided with better communications, more listening and a willingness to discuss other alternatives."
"They have made the best of the untenable situation the public has handed them - huge growth and taxophobia."
"The school board basically blackmailed parents into choosing the year-round option by telling them which school they would attend year-round, but leaving it unknown if they chose a traditional school calendar. How is that fair? What would you do, given that choice? While the problems of school capacity are real, I think the school board has acted arrogantly in addressing this issue."
"I think the school board handled the situation with more grace than the opposing side. Memo to the lady who asks us every week in church to pray against year-round: Do you really think this issue is on God's radar?"
"The school board has acted in a totally callous and reprehensible manner. They have no respect for what citizens want and recklessly impose their views on parents. They had no reasonable contingency plan and put parents in a no-win position with their last-minute actions. If they were in private industry, they would all be fired."
"We had already resigned to/accepted the fact and prepared for the year-round conversion and got the track we requested. It's too bad a small group of inconvenienced mothers, i.e., WakeCares, couldn't adapt to the change like the rest of us!"
"We are victims of our own success. We knew growth was coming, but when we don't have impact fees for housing growth, we are going to be faced with either large tax increases or creative solutions for growth. Year-round schools are a creative solution to the growth problems we have."
"Very few citizens understand the complexity of the issues overcrowding and growth present to the school system every year. Take any business and tell the owner he is to expect 6,000-8,000 new customers every year for the next 10 or so years, and he can't refuse them service, and he has to ask the public for the money to serve them. See how he/she would do."

How do you know its a good school when its brand new?

Community Matters
When demographic, academic, and financial data are analyzed in tandem, educators, decision makers, and parents are better situated to understand problems, take action, and make better-informed decisions that can improve student achievement.
One factor, often overlooked, is the profile of the community in which a local school resides. It's important to know that demographic characteristics help to put academic achievement into context. On SchoolMatters.com, you have a wealth of demographic information that can help you gain more insight about the challenges and strengths of your own community and those of neighboring communities. Specifically, SchoolMatters.com provides demographic information on adult education levels, median household income and home value, household income distribution, population distribution by age, and other household information, such as the percentage of single-parent households with children.
Education research has revealed that student characteristics, familial circumstances, and home environments are strongly correlated with student achievement (e.g. whether the student lives in poverty, has limited English proficiency, or has a learning disability). Generally, as student poverty, limited English proficiency, and learning disabilities increase, student academic performance tends to decrease. Students with any of these challenging circumstances are commonly described as "at-risk," and often receive and need additional resources to help them reach academic proficiency. While these are not the only factors that place students at risk, they are the most commonly accepted and available indicators of the challenges that many students face.
It's also important to be aware of the strong relationship between adult education levels and performance, which is similar to poverty in that academic performance tends to decrease as the percentage of adults with low levels of education increases. Additionally, challenges faced by urban students and teachers typically differ in many respects from those of their rural or suburban counterparts.
So, how can you use the demographic information on SchoolMatters.com to help you better understand the performance of your school or school district? Review your community demographic data in tandem with the community's academic and financial performance data. Then, go a step further and compare your information with a neighboring school district. Do you see any differences or patterns? Are there questions worth investigating further?
By discovering the relationships between academic performance, expenditures, and student needs, those interested in improving education can begin to focus on the root causes of problems, not just their symptoms, and develop more effective strategies for academic success.

Wednesday, May 9, 2007

What makes me different.....

There is SOOO much competition out there for listings and buyers. Some people say there are too many agents. Who knows?
I feel I'm different because I am not out collecting listings and throwing up signs. I care alot about my clients so I go that extra mile. I can offer alot of options that bigger companies can't. Choices, Caring, Competitive......
Are you selling a house and buying another and want to work out a deal on the commission? I can do that.
If you find a house to buy and you ask me to help you as your buyer's agent, would you also like a commission rebate? I can do that.
Are you moving away and want a realtor to totally take care of your house? I can do that.
Do you like to market on your own but need to put your house onto the MLS only? I can do that.
As you can see, sitting down with me to discuss options could be in your best interest. I look forward to hearing from you.

Strawberry Fesitval Gift Basket Winner

Congrats to Heather Dudley of Garner. Her name was drawn to receive our Southern Season gift basket.
We had 207 entries this year. Thank you so much for entering.
See you next year.

Friday, April 27, 2007

GCCC Strawberry Festival Saturday 4/28/07

I'm having a booth $#155 at the Strawberry Festival. Giving away LOTS of stuff. First, I bought a $50 gift certificate to Sweet Carolina Gourmet http://www.SweetCG.com and then I bought a $50 gift basket from Southern Season in Chapel Hill. Second, I am giving out soda (pop) with cozies that have my logo on it. Last, I bought bag clips with my logo to hand out. Can't forget the kids (or myself) with bubble gum.
My goal is to get people to sign up for the drawing so that I can add them to my database. I just want to be able to stay in touch with them and keep them posted on the latest real estate news in the 40/42 area.
See you at the fair.

Looking for Good Agents

Spring is upon us and I'm busy. Need an extra hand or two to help with all the work. If you know anyone who's been in business at least 6 months and is not satisfied with where they are, please have them call me at 919-616-0219. I have 2 new agents getting ready to start so now I prefer someone who's been doing it for just a bit. I believe in mentoring and training.

Just closed a listing this week. The buyer's agent was very nice to work with but I could tell he was very new. He called his BIC with questions alot. I was impressed because I've worked with 3 other new agents over the past 2 years and boy were they annoying. They made alot of mistakes and I wasn't frustrated with that. It was the fact that I was doing their BICs job by staying on top of them to make sure we all got to the closing table on time. They never seemed to call their BICs with questions and obviously weren't trained.

There are large firms and small ones, like mine, and everything in between. I just want a go-getter like myself to partner with and bring in more money to the company. My goal is to help others reach their goal, by doing so I'll have helped my company reach it's goals. A win-win situation for all.

Waverly Point Yard Sale

Another successful community yard sale in Waverly Point subdivision. Julie Barnhart organized and Progressive Real Estate paid for advertising, balloons for participating homes, and signage for event.
46+ houses sold everything from baby items to household items to furniture.
Wonderful turnout of folks buying.
See you in the Fall 2007!!!

Tuesday, January 23, 2007

Investment Seminar

I am going to be setting up an investment seminar at the Holiday Inn Express in Garner (exit 312 off I40) The reason I'm setting this up is because people say to me all the time, "I want to fix and flip houses so find me a 'deal' that I can buy cheap and make alot of profit." Sound familiar? I hear it ALL the time. I even got into real estate to do that.

Its NOT as easy as people think. First of all, do you know the tax ramifications for being a "flipper?" Most people don't have a clue.

The investment seminar is for beginners who haven't got a business plan together yet. I am having a CPA come talk to everyone to explain how flipping can affect their bottom line and their tax return.

Interested? Contact my assistant Gina at Gina@MyTriangleHomes.com for an application.

Thursday, January 18, 2007

working from home with kids

I wonder how the heck other people do it. I love to see my 3 kids get onto the school bus. I waited to start my own company until my youngest started kindergarten. This past August I put my plans into action and Sept 06 Progressive started.
First, I love being here around the kids and knowing what's going on. I enjoy being able to go on field trips. The other moms are funny when they see me and say, "are you off today?" Real Estate is flexible which is why I love it.
However, what I can't figure out is how to get the kids to shut up when I'm on the phone with clients, attorneys, other realtors. I want to give a professional presentation to the public but it doesn't sound good when the kids are screaming and the dog is barking in the background.
I seem to be able to handle everything so far from home except this one BIG problem. Need to come up with ways to get them to realize I'm there but when the phone rings I'm not there, I'm working.

The why....

The entrepreneur in me. I got into real estate to be a flipper. John and I were going to fix and flip houses and make LOTS of $$$. Yeah right!!
Started out at an obnoxiously large real estate company around here thinking they'd offer me good training. I just wanted to learn what real estate was all about.
Training wasn't as good as I expected and the owner is a greedy ... person ;)
Switched to a start up company. The entrepreneur in me saw $$$ and lots of opportunity. Unfortunately the broker in charge they hired wasn't very good at leadership.
The company tanked quickly and got bought out by a semi-large company.
Unfortunately here, the owner likes older people, especially older white MEN!
I knew I didn't stand a chance getting anywhere there.
Started looking 'round! Couldn't find a company that offered a good commission split, flexibility in commission to clients, good presentation to the public.
I gave up and decided to go it alone. Scary though. But I've persevered.