Bruce's Real Estate Blog

Prudential Carolina changes name to Carolina One Real Estate

Bruce Mullen (Carolina One Real Estate) — Tue, 06 May 2008 08:16:47 -0500

Today, real estate in Charleston is changing! The blue and white signs you were familiar with around Charleston are coming down and the name is changing from Prudential Carolina Real Estate to Carolina One Real Estate, and affiliating with Leading Real Estate Companies of the World. The flexibility of a strong local brand tied to a global network will allow us to best serve the real estate needs of the Greater Charleston community.

Leading Real Estate Companies of the World is a network of over 700 independent companies in 38 countries that does more real estate business than any franchise worldwide. Some Leading Real Estate Companies of the World members whose names you may recognize include Allen Tate, # 1 in North Carolina, and Long and Foster, #1 in the Virginia/Maryland area.

Carolina One Real Estate has done business in Charleston under several different names over our 45 year history. Each decision to change was always based on what was in the best interest of our clients. As technology and consumer behaviors change, so must we. The impact of the Internet and alternative advertising trends, including the need for a global connection, especially for our luxury market, make us confident that the decision to become independent of a franchise is the right decision, both today and going forward. It allows us more flexibility to respond to local market needs; directs more of our marketing funds locally; and our new network immediately increases national and international exposure for all of our listings. What remains unchanged is the same continuing local ownership and leadership; the fact that we are the market leader, selling 3 of every 10 homes sold in Charleston; and our commitment to you.

It's been a great changeover so far and agents and staff are excited. If you have any questions or are seeking an agent to assist in your buying or selling plans, please contact me today. Take care and have a teriffic week!!

Bruce

Name change in Charleston SC

Bruce Mullen (Carolina One Real Estate) — Tue, 06 May 2008 08:04:07 -0500

Our company decided after many years of being a Prudential franchisee that they would become independent again and re-name the company. Our new name is Carolina One Real Estate, still the largest residential real estate firm in the region and more sales than our next 8 competitors combined. It has created a lot of excitement within the company, and agents have been busily changing out signs and getting used to the new name. As agents, the company has changed the payouts on many of the commission plans to put more money in our pockets, so that part was particularly welcome news. It is a great company to work for and there are so many long timers who have made it their real estate company of choice for many of the 45 years the company has been in business in Charleston. As always, Charleston remains a top tourist destination for so many reasons, and we welcome all of you to come for a visit. You won't see our old blue and white signs dotting the landscape anymore, now it will be blue and gold! Take care and much success to everyone out there in Active Rain-land.

Newspaper readership decline

Bruce Mullen (Carolina One Real Estate) — Sun, 06 Jan 2008 11:05:40 -0600

Everyone keeps saying it is happening across the country. I used to enjoy the paper on the weekends, and now I see where our local paper, the Post & Courier is acknowledging the fact that due to declining readership, they have decided to do away with the business section of the paper on Sunday's. I believe this trend will continue as more and more people get their news from the internet sites. I read more news there, and see it duplicated in the paper the next day.

That brings me to my next point, if less people are reading the paper, why do we still continue to pour real estate money into them? There are some folks who do look at the ads for Open Houses on the weekend, as I have had several people walk through houses that I had Open and told me that, so it does still occur. As for advertising, I can't see where spending money on newsprint ads will benefit anyone but the newspaper.

If you were going to do any type of print ad, what kind of publications would you place them in? Assuming this would be on a local level. My focus this year will be to be selective with any advertising I do, and beef up my internet presence.

I welcome any suggestions or comments that we can all use as times are changing and we all need to look at what works, rather than what used to work.

Bruce

Sold in 23 days

Bruce Mullen (Carolina One Real Estate) — Sun, 06 Jan 2008 10:51:04 -0600

I impressed myself by selling a home to very picky buyers who wanted to buy as they were relocating due to job transfer. Once we found the right house that had been on the market for 19 days, at a $40,000 price reduction from a previous listing, we snapped it up and still managed to get another $6000 off the listing price. All was completed during the very busy and hectic Christmas and New Year's holidays, and closed in 23 days. At first it didn't seem possible, but I remained focused and kept my buyer's informed at every stage, repairs, inspection, addendums, and spoke to them frequently, reassuring them that everything would be fine. End result=satisfied client's who appreciated the extra mile I went to get the house they wanted at THEIR price. In this day and time, it is ever more important to focus on customer service and make your client's feel at ease. They want REALTOR'S who are going to work for them.

Guess I am tooting my own horn, but sometimes it helps other's to know about successes and how you can improve your business just by making sure you don't drop the ball.

Good luck to everyone in the upcoming year.

Bruce

GRI designation

Bruce Mullen (Carolina One Real Estate) — Mon, 15 Oct 2007 14:43:17 -0500

I have read about the subject on designations in real estate, and some people feel strongly that the more you have, and the quality of those that are recognized by the Realtor community, have benefited those individuals greatly. The big one I am bringing up today is the GRI designation. I told myself I wanted to attain this designation at some point in my career, and wonder out loud when that time should be: when business is slow, when I have achieved a certain level of business? It's a lengthy course that will require travel away from my home city to complete in it's entirety. Can anyone, who has achieved this designation, put a dollar amount on any increase in sales as a result, or even say they got a referral. I often read that as a selling point to many of the designations that are out there. Besides the great educational opportunity it will provide me, I need to know if it has brought more to the table. I welcome any comments on the subject.

Good luck to all,

Bruce

Conde Nast Travel and Leisure survey ranks Charleston number 1 most friendly city

Bruce Mullen (Carolina One Real Estate) — Mon, 15 Oct 2007 13:59:38 -0500

Just wanted to share the latest survey.

Conde Nast Travel and Leisure Survey

Charleston

Home to the friendliest people in the country.

Best Feature

Historical sites/monuments (4.85)

Worst Feature

Sports fan's vacation (2.74)

Rank according to:

After dark
Category	Score	Rank
After Dark (Overall)	4.26	17
Clubbing	3.88	24
Cocktail hour	4.53	8
Live music	4.33	16
Singles scene	4.25	15

Characteristics
Category	Score	Rank
Affordability	3.78	8
Characteristics (Overall)	4.12	4
Ease of getting around/public transportation	3.82	11
Environmental awareness	3.92	10
Gay-friendliness	3.69	21
Peace and quiet	4.39	3
People-watching	4.44	11
Safety	4.26	3
Weather	4.43	5

Cityscape
Category	Score	Rank
Access to outdoors	4.66	9
Cityscape (Overall)	4.48	5
Cleanliness	4.33	7
Notable neighborhoods	4.62	4
Pedestrian friendliness	4.63	2
Public parks/spaces	4.50	11
Skyline/views	4.14	16

Culture
Category	Score	Rank
Architecture/notable buildings	4.82	2
Classical music	4.11	8
Culture (Overall)	4.38	7
Historical sites/monuments	4.85	4
Museums/galleries	4.32	9
Theater	4.07	9
Underground arts scene	3.86	13

Food/dining
Category	Score	Rank
Barbecue	4.32	5
Big-name restaurants	4.29	14
Cheap eats	4.03	14
Coffee	4.18	12
Ethnic food	4.16	19
Farmers' markets	4.29	5
Food/Dining (Overall)	4.16	11
Pizza	3.85	11

People
Category	Score	Rank
Athletic/active	4.06	14
Attractive	4.43	3
Diverse	3.97	20
Friendly	4.65	1
Fun	4.44	7
Intelligent	4.21	12
People (Overall)	4.24	9
Stylish	4.26	5
Worldly	3.91	15

Shopping
Category	Score	Rank
Antiques	4.68	2
Flea markets	4.20	2
Home design	4.46	2
Jewelry	4.32	9
Luxury boutiques	4.46	9
Shoes	4.23	8
Shopping (Overall)	4.39	2
Vintage (clothing and jewelry)	4.33	5

Type of trip
Category	Score	Rank
Active/adventure vacation	3.84	15
Business trip (that's secretly fun)	4.39	11
Family vacation	4.48	6
Girlfriend getaway	4.62	2
Relaxing retreat	4.62	3
Romantic escape	4.76	2
Sophisticated getaway	4.49	4
Sports fan's vacation	2.74	24
Type of trip (Overall)	4.21	7
Wild weekend

Are sellers unrealistic?

Bruce Mullen (Carolina One Real Estate) — Mon, 15 Oct 2007 10:44:30 -0500

You can see people or signs marketing their home stating they are below market value or below appraised value and think that will make the home sell. They will also disclose that if the home is sold using a realtor the price of the home will be increased. This increased price will cover the costs of professional commissions. As a seller this can backfire and would encourage you to market your home at the best value that would include professional fees, just like when you go to the doctor.

Market value is determined by what a buyer will pay for something and what is the best price a seller can get for what they are selling. This is the exact same concept that is used with the stock market. At this time we are in a buyers market and buyers are determining much of the prices. This is also cyclical as it will swing back to a sellers market in the future... and again back to a buyers market over time.

Many real estate professionals will not take on the responsibility of listing a home if they believe it is above market value or over priced. There are some agents that will take on a listing based on what the homeowner dictates regardless of their knowledge of the area. In these cases this increases the inventory of homes in the area as well as the amount of time a home will remain for sale. Homes will sell if priced right and marketed correctly.

A professional realtor can help provide guidance as to a price range that your home may sell. And when buying they can provide assistance with what the homes in the area of your search or being offered at, amenities and what has sold.

Know before you buy or sell... and you will be able to get the best value for your home on either side of the closing table.

Home staging course

Bruce Mullen (Carolina One Real Estate) — Thu, 11 Oct 2007 13:24:36 -0500

Is anyone familiar with the Accredited Home-Staging Specialist designation course, through RealtyU? It sounds like a good course to take, but just curious if anyone on AR has taken it or knows anything about it that would tell me not to do it. It's $199 to take it online. Not a bad price, but will it be worth my time? I am reading more and more about the importance of staging, and as a Realtor, it helps to have knowledge in as many categories as we can. I know it will not replace what a professional stager can provide, but just to have more insight and vision to tell a seller what they might need to do to their home before listing it for sale. We need all the help we can get.

Buyer's Rep Agreements

Bruce Mullen (Carolina One Real Estate) — Tue, 09 Oct 2007 14:52:59 -0500

Our company is complying with a state license law that requires the office to keep a copy of a Buyer's Representation Agreement on file in the office, 2 days after obtaining a signature. It'll be interesting to see how many of these start flowing into the office. A lot of agent's say they are working with buyer's all the time and there really is no evidence of that unless the buyer's sign a contract to purchase. Many people hate these agreements, and don't want to sign one. They say they are just looking and don't want to be locked in to anything. I realize it is a good business practice, as you are protecting yourself from working with buyer's who aren't serious, or who may just wander off and never be heard from again. I know this has been beat to death on AR, but what are some good scripts to come up with to tell buyer's that it is in their best interest to sign an agreement with you?

Judgment Day for Condo Market: Boom or Bust?

Bruce Mullen (Carolina One Real Estate) — Tue, 09 Oct 2007 14:27:33 -0500

Thankfully, many condo projects in and around the Charleston area are on hold for now. Interesting numbers below.

Many condo projects that were started during the real estate boom are just being completed, and developers and the banks that loaned buyers money are holding their collective breath that buyers will close - rather than abandon their deposits and walk away.

''We're at the riskiest point of the condo lending cycle as these projects are being completed,'' says Jefferson L. Harralson, a bank analyst at Keefe, Bruyette & Woods. ''In the coming weeks and months, we're going to find out what the demand for these condos really is.''

Nationwide, the number of condos completed this year will be up 45 percent - 232,933 vs. 160,239 - from 2006, according to data tracked by Marcus & Millichap Real Estate Investment Services, a real estate investment brokerage.

But so far this year, condo sales have fallen 12 percent through August, Marcus & Millichap says. Trends in Las Vegas and Miami are worse, with sales off 46 percent and 29 percent respectively.

Jack McCabe, a real estate consultant in Deerfield Beach, Fla., isn't optimistic that things will pick up anytime soon. Hedge funds and other investors have hired him to study eight of 12 projects in Miami that Corus Bankshares, one of the largest lenders to condo developers, has financed.

''In this market downturn, even the most successful developers with the best projects and the best geographic locations are going to take hits,'' McCabe says.

Source: The New York Times, Christine Haughney (10/09/07)

Charleston Tricounty statistics

Bruce Mullen (Carolina One Real Estate) — Mon, 08 Oct 2007 15:18:45 -0500

Below are the market statistics for the Charleston area through October 4, 2007:

These numbers aren't the best to look at, but paints the real picture.

Real Estate Market Statistics For the Charleston Tri-county area

	2006	2007*
Berkeley County	4123	2587
Charleston County	8115	5050
Dorchester County	3843	2086

Number of Homes Sold

Median Sales Price

	2006	2007*
Berkeley County	$172,000	$179,500
Charleston County	$239,000	$248,868
Dorchester County	$185,000	$193,553

Average Day-On-Market

	2006	2007*
Berkeley County	63	85
Charleston County	69	98
Dorchester County	65	86

*YTD 1/1/07-10/04/07

statistics from www.charlestonrealtors.com

Mortgage Cancellation Bill Passes House

Bruce Mullen (Carolina One Real Estate) — Fri, 05 Oct 2007 16:16:47 -0500

The U.S. House of Representatives voted on Thursday to get rid of a tax burden for homeowners who have had a loan forgiven or foreclosed on their home because they were unable to make their mortgage payments. The Mortgage Cancellation Tax Relief Act, H.R. 3648, passed by a vote of 386 to 27. Similar legislation is making its way through the Senate.

The current tax code requires a lender who forgives debt to provide a Form 1099 to the IRS stating the amount the borrower has been forgiven. This disclosure applies whether it is a short sale, foreclosure, deed in lieu of foreclosure or any similar arrangement that relieves the borrower of the obligation to pay some portion of their debt. If the property is sold at foreclosure or is sold for less than was borrowed, that difference is considered income and is currently subject to the tax.

The new rule modifies the application of the exclusion when an individual converts a rental or vacation property to his/her principal residence. Under the new rule, the owner will be required to pay capital gains taxes on the appreciation attributable to the time that the property was used as an investment property. The amount excluded will be a fraction, determined at the time the vacation/rental property is sold.

New Voice Mail Services

Bruce Mullen (Carolina One Real Estate) — Thu, 04 Oct 2007 09:23:26 -0500

Check these out, YouMail and GrandCentral, that let you customize phone-mail features through wireless Internet communication. They're like your voice-mail service on steroids.

The services are fun and easy to use. There is no limit to how many personalized voice mails you can record, so everyone on your contact list can hear a greeting just for them. It's labor-intensive to set up, but online forms are easy to navigate. The services make money by selling ads on their sites.

In addition to tailored greetings, YouMail lets you save your voice-mail messages, email your saved messages via audio files, share messages using a URL link, retrieve deleted messages, and see who called you and when and whether they listened to your message. You can do all this online, or from your phone -- if it has Internet service.

You check your voice mail by phone or over the Internet. As with your carrier's voice-mail service, you can simply dial an access number and listen to messages. The service doesn't interfere with voice mails already saved on your regular carrier's system.

YouMail gives you the option of keeping your voice mails indefinitely. Messages are stored in your online account and offer you an email audio file as backup.

One fun feature in YouMail is DitchMail, which blocks messages from certain callers. They don't even get a chance to leave a message. You ditch a caller by double-clicking on their names in your online phonebook and checking the DitchMail option, or by pressing 86 on your phone after hearing a message from a person you don't want to hear from again. When they call your number, they'll hear either a standard message -- "This number has been disconnected" -- or one you record.

Users can record special greetings or upload ones online if their computers have microphones; otherwise, they just press 0 on their phone keypad to record.

Signing up on YouMail.com is simple. You just register your mobile number and email address, and receive a confirmation code via text message on your cellphone. Switching from your main carrier's voice mail to YouMail takes a few minutes and switching back is just as simple. Instructions are available on the site.

YouMail has its drawbacks. The access number you use to retrieve messages is long distance, so it can get costly with some plans. And depending on your text-messaging plan, you'll likely be charged for the alerts you get whenever someone leaves a message. But you can turn off the text-message option.

GrandCentral is even easier to use when it comes to recording multiple greetings and dumping unwanted callers. One caveat: GrandCentral is in a beta, or testing, phase. You must be invited by a member to sign up.

The service gives users another phone number, based on their ZIP Code, to which they can link their cellphone, office and home numbers. You can hand out GrandCentral's one unified number and check just one mailbox.

The features are very simple to use. You start by adding contact numbers online and recording greetings for individuals. When people call your unified number, all the phones you linked ring so you can pick up any of them. When you answer, you hear a recorded message telling who is calling and giving you options of how to handle that call. Meanwhile, the caller hears only the phone ringing.

The service recognizes each caller in your address book; new callers have to say their names the first time they call, and from then on, the service recognizes them, too.

When someone calls your GrandCentral number, your phone displays Caller ID information. When you pick up, a recorded message states the caller's name and offers fours ways to handle the call: 1 to answer, 2 to send the caller to voice mail, 3 to listen in while a message is being recorded, or 4 to accept and record the call. If you press 3 and then decide you want to answer a call, you can press the star key to pick up.

Blocking a caller is similar to that YouMail feature. The callers can't leave a message, and they hear a prerecorded message that your number is no longer in service. But unlike with YouMail, your phone won't ring and you can't leave the blocked caller a customized message.

Both services spice up your voice mail. And considering they're free, they're worth a try.

Active rain spell-checker....some bloggers really need to use it

Bruce Mullen (Carolina One Real Estate) — Wed, 03 Oct 2007 14:34:00 -0500

I hate to harp on spelling, but sometimes it gets aggravating when you are reading a post and you have to mentally correct the spelling. I am not going to go into great lengths with this post, but I certainly hope that it makes sense to anyone that they might need to double check for spelling errors before writing a blog on AR. Here is a tip: type your blog in Microsoft Word, then run spell check and edit as needed before you post it to AR. You can also use the spell-checker feature on here. Sorry if anyone is offended by this, but occasionally it helps to be reminded that your posts are being read by a large audience.

Home "flippers" and their lost dream

Bruce Mullen (Carolina One Real Estate) — Wed, 03 Oct 2007 10:31:31 -0500

Lots of people are learning an expensive lesson. The TV shows made "flipping" look so easy, everyone was getting in on it.

Speculators who bought multiple homes were once a boon to the U.S. economy when they pushed home prices to record levels over a five-year period.

Many are stuck with unoccupied properties they cannot sell and mortgages that are bigger than the appraised value of the home, a situation known as being "upside down."

The glut of unsold homes comes as lenders are making it harder for borrowers to get loans, causing defaults to escalate and home prices to decline further.

Investors that initially purchased a property with no money down or a very low down payment could now find themselves upside down, and without prospects of selling the property soon may opt to just walk away.

Nearly one-third of prime mortgage defaults in Nevada, and 25 percent in Florida were on non-owner occupied properties as of June 30, according to the Mortgage Bankers Association.

Speculators reaped hoards of money as bidding wars erupted for properties often before they were listed or even built.

People were buying a condo in Florida, or five condos in Florida before they even broke ground, and before they even had the condo half-way built they would sell them for hundreds of thousands of dollars in profits. But housing is cyclical, and the record sales and price spree was unsustainable, economists and industry experts note.

The big lesson is that even during hot times, if you're going to invest in real estate or stocks or bonds, gold or silver, or anything, and you try to time the market and invest with the intent of flipping in a very short period of time, eventually you are going to get burned.

When Buying a Home Be Sure to Check Out Possible Landscape Hazards

Bruce Mullen (Carolina One Real Estate) — Mon, 01 Oct 2007 12:56:53 -0500

Don't just look at the inside of a house before you buy it.

Landscaping is something most of us think about from the perspectives of what pleases our eyes and what will give us privacy. But the American Society of Home Inspectors, (ASHI) is encouraging homebuyers to consider how a property's landscaping may affect the home.

"Sometimes people tend to look at the house briefly and then go inside and then start looking at where they will put their furniture or just kind of enjoying the layout of the house," says Frank Lesh, President of ASHI.

What ASHI wants is for homebuyers to make sure they give a property a good look from both far and close up. That's why Lesh says it's a good idea to drive around the neighborhood.

"You want to know if you're in a valley, on a hill, on the side of the hill, is there a river or a creek nearby or a lake -- or a retention pond -- really you want to know what kind of water is around your house or what kind of water could be around your house," says Lesh.

He recommends that buyers pull up across the street from the home they're interested in and take a good hard look at the trees and foliage. Lesh says look to see if trees are touching the house, if power lines are too close to the roof, or if there is anything else that could pose a risk.

After you do that, Lesh says it's time to walk the property and inspect for uneven surfaces. Look to see if the driveway is heaved or cracked near a tree.

"That could show that there are roots pushing up against the sidewalk and that could be a trip hazard or it could be a maintenance nightmare; if water gets in there under the sidewalk or the driveway it could undermine it. If you live in an area where it's cold, the water could turn to ice which would lift up the sidewalk or the driveway -- those are all problems that could be re-occurring," cautions Lesh.

Check grading within a few feet of your house. Check the level of homes to the left and right and the front and rear. "How are those houses situated compared to yours? If you're the lowest one, chances are when it rains; you're going to get some water coming toward your house," explains Lesh.

"Water intrusion is one of the biggest headaches everybody has in their homes and we want to eliminate that from being a problem right off the bat," says Lesh.

What's most important is that you don't simply fall in love with a home without first seeing the overall picture.

"Looking at the carpet and maybe the size of rooms are all good to do, but you need to know about other things too," says Lesh.

Inspecting those other areas will help determine if the landscaping is adding to or detracting from the property. Paying close attention will give you an idea of what types of investments you'll have to make in the property in the future.

Published: October 1, 2007

by Phoebe Chongchua

For Most Buyers, the Mortgage Market Is Healthy

Bruce Mullen (Carolina One Real Estate) — Mon, 01 Oct 2007 12:11:26 -0500

I did an open house yesterday and was quizzed by a visitor on the NAR statistics being too optimistic, and interest rates rising right after the FED lowered the prime rate. I countered that some markets are suffering, while others are doing ok. Here in Charleston, sure our market is down, but we have a strong and diverse economy and business is good if you price your home correctly. Some people hear what they want to hear, and that is all the negative news. I am always having to try to convince someone that things aren't as bad as reported. Read the article below:

The widespread notion that the entire mortgage market is in crisis is just plain wrong, say lenders in various parts of the country.

The majority of mortgage products have been unaffected by troubles in the subprime segment. Interest rates for 30-year, fixed-rated loans remain in the low 6 percent range for people with reasonably good, though not necessarily perfect, credit records, according Kenneth R. Harney, managing director of the National Real Estate Development Center and syndicated columnist.

While there is plenty of money to lend, Harney says underwriting standards are more strict than they were a year ago. Jumbo loans, for example, often require two appraisals - one by an appraiser selected by the lender and the other by one working for the investor.

Similarly, FICO credit-score standards generally are higher than a year ago, stated-income mortgages with no verifications are hard to find and lenders are especially wary of excessive "layering of risk" - combining low down payments with marginal credit scores and high debt-to-income ratios - in markets where prices are trending lower.

Source: The Washington Post Writers Group, Kenneth R. Harney (09/29/2007)

Buyer quiz

Bruce Mullen (Carolina One Real Estate) — Thu, 27 Sep 2007 14:37:25 -0500

Oops. Previous blog did not link like I thought, so answers are given below

QUIZ: Buyers' Favorite Features

What do buyers want most in a new home? Find out how well you know your customers' house-hunting priorities. This quiz covers some of the top findings from the NATIONAL ASSOCIATION OF REALTORS®' 2007 Profile of Buyers' Home Feature Preferences,
which collected responses from more than 2,500 buyers who recently purchased a home. The information can give you an edge in working with buyers and marketing your listings.

1.	What single home feature do buyers say they want most in a new home?
	a. Walk-in closet in master bedroom b. Central air conditioning c. Backyard d. Fully finished basement

2.	What's the median size of homes purchased between late 2005 and early 2007?
	a. 2,230 square feet b. 1,840 square feet c. 1,450 square feet d. 1,000 square feet


3.	Repeat buyers tend to be choosier than first-time buyers. In particular, repeat buyers place much more emphasis on these home features:
	a. Fireplaces and air filtration systems b. Bay windows and finished basements c. Oversized garages and master bedroom walk-in closets d. Backyards and proximity to entertainment


4.	Within three months after buying their new home, nearly half of all buyers remodeled or made improvements to which part of the house?
	a. Master Bathroom b. Backyard c. Kitchen d. Home office


5.	Which home feature saw the biggest jump in buyer popularity since 2004, when NAR conducted its previous buyer preference survey?
	a. High-speed Internet access b. Media room c. Eat-in kitchen d. Oversized garage


6.	What three features did buyers say they'd be most willing to pay extra for in a home?
	a. Proximity to work, a wooded lot, and a backyard or play area b. Whirlpool baths, proximity to schools, and a deck c. A corner lot, a lawn sprinkler system, and high-end kitchen appliances d. Central air conditioning, walk-in closets, and hardwood floors


7.	A home's energy efficiency is most important to which segment of buyers?
	a. Repeat buyers b. Second-home buyers c. New-home buyers d. First-time buyers


8.	Where do first-time home buyers tend to purchase a home?
	a. Rural area b. City or urban area c. Suburb or subdivision d. Small town


9.	What's the most common type of home purchased?
	a. Single level b. Split level c. Two levels d. Three levels


10.	What did new-home buyers most wish their home had more of?
	a. Storage b. Bedrooms c. Kitchen space d. Bathrooms



	ANSWERS: 1.b 2.b 3.c 4.c 5.d 6.d 7.c 8.c 9.a 10.a

What are buyer's favorite features?

Bruce Mullen (Carolina One Real Estate) — Thu, 27 Sep 2007 14:27:37 -0500

QUIZ: Buyers' Favorite Features

1.	What single home feature do buyers say they want most in a new home?
	Walk-in closet in master bedroom Central air conditioning Backyard Fully finished basement

2.	What's the median size of homes purchased between late 2005 and early 2007?
	2,230 square feet 1,840 square feet 1,450 square feet 1,000 square feet


3.	Repeat buyers tend to be choosier than first-time buyers. In particular, repeat buyers place much more emphasis on these home features:
	Fireplaces and air filtration systems Bay windows and finished basements Oversized garages and master bedroom walk-in closets Backyards and proximity to entertainment


4.	Within three months after buying their new home, nearly half of all buyers remodeled or made improvements to which part of the house?
	Master Bathroom Backyard Kitchen Home office


5.	Which home feature saw the biggest jump in buyer popularity since 2004, when NAR conducted its previous buyer preference survey?
	High-speed Internet access Media room Eat-in kitchen Oversized garage


6.	What three features did buyers say they'd be most willing to pay extra for in a home?
	Proximity to work, a wooded lot, and a backyard or play area Whirlpool baths, proximity to schools, and a deck A corner lot, a lawn sprinkler system, and high-end kitchen appliances Central air conditioning, walk-in closets, and hardwood floors


7.	A home's energy efficiency is most important to which segment of buyers?
	Repeat buyers Second-home buyers New-home buyers First-time buyers


8.	Where do first-time home buyers tend to purchase a home?
	Rural area City or urban area Suburb or subdivision Small town


9.	What's the most common type of home purchased?
	Single level Split level Two levels Three levels


10.	What did new-home buyers most wish their home had more of?
	Storage Bedrooms Kitchen space Bathrooms

Quizzes

Take another quiz >

Make REALTOR® Magazine Online Your Homepage
Bookmark This Page 

Home About Us Contact Us Privacy Policy Advertise With Us
REALTOR.org Home

Halloween in Charleston

Bruce Mullen (Carolina One Real Estate) — Wed, 26 Sep 2007 09:57:19 -0500

With over 330 years of history and happenings, what better place to spend Halloween than in historic Charleston, South Carolina? Charleston has everything a fright seeker desires; from special ghost tours, costume hoe-downs, extravaganzas and more, there's something guaranteed to raise every hair and chill every bone!

West Farm Corn Maze - Sept. 21 - Oct. 28
Experience good old-fashioned fun at the West Family's 6-acre corn maze. The maze features over 3 miles of trails in the shape of the state of SC. Guests will be provided a map upon entry, but will have to use their best map-reading skills to get out of the maze after finding all 12 checkpoints. Other activities include a farm zoo, hayrides, pumpkin patch, scarecrow alley, apple slingshot and more! Call 843-688-5453 or visit www.westfarmcornmaze.com.

Beidler Forest Audubon Center Nightwalk - October 20
Ever wonder what goes on in the swamp after the sun goes down? Discover it first-hand on a Nightwalk! There's nothing like a stroll into the swamp after dark...
Reservations are necessary. (843) 462-2150

Children's Museum of the Lowcoutry's Mini Monster Mash Carnival - October 28
Come dressed up in your silliest costume, play games and enjoy some treats during this fun day that celebrates mini monsters of all kinds! 3:00 p.m. (843) 853-8962 www.explorecml.org.

Scarecrows on the Square - October
More than 50 creative scarecrows made by families, schools and businesses are on display in Town Square in Summerville. Sponsored by Junior Service League of Summerville. Call 843-873-8535 or visit www.visitsummerville.com.

Halloween in the Swamp - October 26 - 27
So popular that it's been scheduled for two nights! Activities at Cypress Gardens include a haunted boat ride, haunted walking trail, marshmallow roast, kids fun house, campfire and storytelling. Haunted events not recommended for young children. Call 843-553-0515 or visit www.cypressgardens.info.

Summerville Ghost Walk and Harvest Moon Hayride - October 27
Located on Summerville's Town Square from 5-8 p.m. Ghost stories at various downtown locations (OK for most kids). As hayrides wind through darkened streets, riders are entertained by music and special stories. Call (843) 821-7260 or visit www.visitsummerville.com.

Spook-tacular Howl-O-Ween at Boone Hall Plantation & Gardens
U-Pick Pumpkins, Corn Maze, Haunted Mansion & Hay Ride and more...it all begins long before Halloween. In September, the Corn Maze opens and will feature a six acre maze. The Pumpkin Patch welcomes visitors beginning in October. After children pick the perfect pumpkin, families can enjoy Happy Jack, the animated talking pumpkin, snacks and a farm animal area. As Halloween approaches, Fright Nights begin. These hugely popular nights include Haunted Hayrides and The Haunted House - which remains open until midnight on weekends to accommodate ever-increasing demand. For more, please call or visit www.boonehallplantation.com.

Fish or Treat - October 30
Beauties and beasts in all shapes and sizes will join the aquatic animals at the South Carolina Aquarium's annual Halloween event - Fish or Treat. Visitors can "fish or treat" throughout the Aquarium, enjoy divers of the deep lurking in the Great Ocean Tank, boogie at the monster mash dance party and join in many other ghoulish games. Guests are invited to come dressed in their most creative costumes. 5-7:30pm. Please call 843-577-FISH or visit www.scaquarium.org.

The Haunted Jail Tour - October 31
Spend Halloween by taking a tour of Charleston's Most Haunted Building. Built in 1801, The Old City Jail operated for 139 years housing pirates, Union POW's, slaves, as well as Charleston's most notorious serial killers. Nightly at 7pm, 8pm, 9pm, & 10pm. Additional times available on Halloween night. Not for the easily frightened. Reservations recommended. Call 843-722-TOUR or visit www.hauntedjailtour.com.

Halloween at Oak Steakhouse - October 31
Renowned as a destination for decadent 36 ounce Bone In Rib-Eyes, Pan Seared Foie Gras, and Lobster Macaroni and Cheese - Oak Steakhouse is also the place to be on Halloween. The staff's Halloween costumes are planned months in advance and promise to entertain. 843-722-4220, www.oaksteakhouserestaurant.com.

For up to date information regarding Charleston area events, happenings, and special hotel package information, please visit www.CharlestonCVB.com.

A vacant house with or without furniture?

Bruce Mullen (Carolina One Real Estate) — Tue, 25 Sep 2007 16:13:00 -0500

I was reading an article about vacant houses and the perception that it can give to potential buyers. In some instances, if the house is in great shape, an empty house is ok and a buyer can visualize his furnishings in the home. On the other hand, it can be a home that needed a lot of updating that might not be as noticeable with furniture and area rugs and so on, and might show better to keep the furniture in it. Another perception is if the house is completely empty, and the owner's have moved out, the buyer's might think they are probably eager to sell since they moved out, and might be able to negotiate a lower price.

I have seen many vacant houses for sale in my area and some simply don't show well at all. I am not in the staging business, but I really think a few pieces of furniture can make a difference. I would be interested in hearing what other's think about this.

Don’t be blinded by worrywarts and naysayers

Bruce Mullen (Carolina One Real Estate) — Tue, 25 Sep 2007 15:39:27 -0500

I know this subject gets beaten to death, but it is so easy to get off track in this business. It is often difficult to determine whether the course you have chosen is the right one, whether you should continue, adjust or abandon a certain direction or decision. Nothing in the world can take the place of persistence.

This 5 Point Plan, from "The Success Series" focuses on the importance of staying the course, especially remaining true to what you believe in. If your heart has guided you, and logic supports you, don't be blinded by worrywarts and naysayers, stay the course, go the distance.

1. Understanding Perseverance: Perseverance means to continue steadily in some state, purpose, course of action, or the like, in spite of opposition. Perseverance means to never give up. Failure is what happens when you quit, not when you continue. The road to success is dotted with parking lots, filled with the failure of those that were not willing to get up, and try again.

2. Avoiding Pessimists: It has been said that difficult goals and incredible dreams take time, and impossible ones take a little longer. Expect resistance as you travel the road to success, especially from those who don't understand, or from those who might be embarrassed by your success. Stay clear of the pessimists and intentionally get close to positive re-enforcement people and messages with strong, uplifting themes that feed your dream.

3. Staying Focused: Even before physical stamina comes into play, your mental attitude must be able to pull you through. Staying on track is vitally important. Of course you need to adjust your sails for the changing wind but know your goal and don't lose focus, don't loose interest and don't loose your drive.

4. Pacing Yourself: If the journey you've selected is a long one, pace yourself. The race is not always won by the swift but very often by those that keep on going. Your goal is to reach the end ... remember it's a marathon and not a sprint. Ignore short term difficulty and rejection - they are mere parking lots full of broken dreams.

5. Learn from the Best: If your goal is a Mount Everest then seek out a climber that has already scaled the peak and reached the summit. The best advice usually comes from someone who achieved a similar goal to yours; there are very few truly unique challenges in life. You can also gain guidance from those that have persevered and triumphed over adversity by learning never to quit.

Ninety percent of the perseverance battle is knowing that what you are doing is right and worth the fight. In the midst of doubt and fear, perseverance can get forced out like water through a sieve. Plug the holes. Remember why you are doing this.

This article is part of "The Success Series" by Stefan Swanepoel. He is author of 13 books and reports.

For more information, visit http://www.swanepoel.com/.

Does anyone hate the news reports on housing as much as I do?

Bruce Mullen (Carolina One Real Estate) — Tue, 25 Sep 2007 12:08:52 -0500

Here we go again, as if we need to be constantly reminded of the difficulties remaining in the housing sector and with the credit markets. Of course, 30 year mortgage rates are down, but they only give that a small blip in the news coverage.

Demand for previously owned homes tumbled in August to the lowest level in five years as mortgage market troubles hurt sales.

Separately, U.S. consumer confidence fell to a nearly two-year low in September, weighed down by a softening labor market and worries over volatility in financial markets and a weaker dollar, according to a report Tuesday from the Conference Board.

Home resales fell to a 5.50 million annual rate, a 4.3% decrease from July's unrevised 5.75 million annual pace, the National Association of Realtors said Tuesday.

The August resales level was in line with Wall Street expectations. It was the lowest pace since 5.36 million in August 2002. "The credit market freeze in August no doubt contributed to the sales decline," NAR senior economist Lawrence Yun said.

The median home price was $224,500 in August, up 0.2% from $224,000 in August 2006. The median price in July this year was $228,700.

In a separate report, Standard & Poor's S&P/Case-Shiller home price index fell in July as 16 of 20 major metropolitan areas saw a decline in annual growth rate.The 10-city composite index fell 4.5% in July from a year earlier, while the 20-city composite index was down 3.9%.

Mr. Yun said the unusual disruptions in the mortgage market, including a significant climb in jumbo loan rates resulted in a fairly high number of postponed or canceled sales. "Lower sales contributed to a buildup of unsold inventory," he said.

Inventories of homes rose 0.4% at the end of August to 4.58 million available for sale, which represented a 10.0-month supply at the current sales pace. There was a 9.5-month supply at the end of July, revised from a previously estimated 9.6 months.

Existing-home sales tumbled in all regions. Sales dropped 5.2% in the Midwest, 2.0% in the Northeast, 9.8% in the West, and 2.7% in the South.

The average 30-year mortgage rate was 6.57% in August, down from 6.70% in July, according to Freddie Mac.

Unsold homes turning into rentals

Bruce Mullen (Carolina One Real Estate) — Tue, 25 Sep 2007 06:56:33 -0500

Is this happening in your community? I am noticing a few here and there, where the listing expired and the homeowner needed to move for whatever reason, and this was sort of a last resort, as opposed to giving the house away by continuosly lowering the price.

The glut of unsold homes and condos is turning many owners into landlords, often to the consternation of their neighbors.

Owner-occupants in many condo complexes or neighborhoods that suddenly have a high number of renters are fearful that too many renters will result in homes falling into disrepair, overcrowded streets and driveways, rising crime and increased noise.

Also, many lenders won't give the lowest mortgage rates to buildings with too few owner-occupants. (For example, in most cases Freddie Mac buys mortgages only for buildings with at least 60 percent owner-occupancy. Individual lenders often have more stringent requirements.)

Home owners in these communities are organizing to ensure that landlords maintain their properties and tenants behave themselves. Some developments are even requiring owners who want to rent their properties to register and capping the percentage of rentals at 10 percent to 25 percent.

Other communities are banning rentals altogether during the first year of ownership.

Source: The Wall Street Journal, Ben Casselman (09/21/2007)

Are your Open Houses a bust?

Bruce Mullen (Carolina One Real Estate) — Mon, 24 Sep 2007 15:22:24 -0500

I did my Open House yesterday, picking Sunday as the day, as opposed to Saturday. People were out and about, driving around the neighborhood I was in, and I began to wonder if anyone would stop. I had my sign out at the entrance and then directional signs to the house. Lo and behold, a car pulled up, and it happened to be someone that knew my father many years back, and we started talking. He is very interested in buying a house, so I got all of his information and will be staying in close contact with him. Unfortunately, he has a few credit issues that will keep him from obtaining a mortgage, but he is working on that and already spoke with a lender about it. After he left, here comes another couple that came in with their young son. The mother was busily chasing the boy everywhere, but I was able to talk with the Dad and find out their plans. They just moved to the area and are looking to buy, so this was another good thing. I had everyone fill out the registration book and so I have all of the contact information, names, addresses, email and phone numbers. Not a bad day as far as Open Houses go. The funny thing is these people new they couldn't afford the house I was sitting in, but just wanted to see an agent and talk with someone in a relaxed environment. You just never know. People are out driving around, with fall in the air, so don't abandon Open Houses, if you haven't had any luck in the past. I am looking at 2 potential buyers, and still have some from previous Open Houses that I stay in touch with, so I am there when they are ready to buy or sell. Have a great week!!