Triangle Area North Carolina Real Estate Blog (Raleigh Durham Wake County)

Agents you can make money from a Brokers Price Opinion (BPO)

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Tue, 23 Sep 2008 21:40:00 -0500

Have you ever heard of a Brokers Price Opinion? If not, you probably will. As the real estate slump deepens, many agents need to supplement their income. For this reason, agents are turning to performing Brokers Price Opinions, or BPO’s.

A BPO is performed to determine the value of a home. It is most commonly performed when a home is in default and the bank would like to know what the current value would be in the event of needing to sell the home if it becomes a REO asset. A BPO will also be completed prior to a home being listed for sale when it's a REO. BPO's are typically completed at the request of a loss mitigation or REO department. Local real estate agents are who most commonly perform a BPO because they are more familiar with their local real estate market

BPO's help lenders determine the value of a home. It provides them with a reliable accurate opinion of a property’s value and what it would sell for instead of an appraisal that will tell the investor what the value may be. The investor will use a local real estate broker to perform a BPO because they are more familiar with the local real estate market. The investor wants to know what they would be able to sell the home for within 90 days. This value may be different then what an appraiser would come up with. Lenders are not in the business of owning real estate and will work with home owners to help them avoid foreclosure but in the event of a foreclosure the lender will want to know what they can sell the home for within a certain period of time.

How can you make money? You must first find these companies – that is not the easiest thing to do. Once you find them, you must sign up with them, usually online. This is time consuming, but then again, anything worthwhile takes time.

Once you are approved by the companies (I have signed up for over 100 companies to ensure a steady stream of work), you will be contacted when the need for a BPO arises in the locations that you have signed up for.

These companies usually pay between $40 - $150, depending on whether you need to drive by or you can do the BPO on the computer. In order to do a BPO, you must be a licensed agent, broker, or appraiser with access to the MLS in your local area.

Even better is the business that you can build while working with these companies. In the past, I have become close with many of the people in some of these companies and they will then refer listings and buyers to you. Additionally, as you work with the lenders in these companies, you build relationships and again, they will refer business to you. This does not happen overnight, but as you work and earn money doing these BPO’s, you are also building your business and creating another revenue stream.

I have compiled a list of BPO companies nationwide. This list is about 10 pages worth of links to companies that are looking for agents to sign up and work with BPO’s. For the time it took to compile this list, I am charging $12.99. I am charging not for the list itself as the information can be obtained by anyone, but for the countless hours that it took me to look up these companies and sort through those that are legitimate and who actually refer business to people and PAY ON TIME. If you are interested, please contact me or click on the link below to purchase the list.

Click Here to purchase

Unprofessional Behavior?

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Sun, 24 Aug 2008 07:28:22 -0500

I have an out of town buyer who recently wrote a contract on a home that they saw when they were in my area looking for homes. They called me and asked to write the contract and email it to them to sign. I did, and then called the listing agent to tell her that I should be sending in the contract withi8n a day or two.

My buyers took longer than expected to sign the contract as they wanted to make sure that they had financing in place and that this was the house for them. In the mean time, the listing agent called to see the status and I assured her that the minute I had the contract I would forward it to her as I wanted to get a deal done as much as she did.

Several days later, she called again to tell me that there was another offer that was possibly coming in and that I should encourage my buyer to sign the deal quickly if they wanted to assure themselves that they would have their contract accepted.

This action perplexed me for several reasons. First; if there was another offer REALLY coming in, why would this realtor care if we got our offer in first? Second; how did she know what our offer was going to be? It could have been contingent; it could have been fairly low with any other number of unfavorable terms.

My first thought was how long had this person been a realtor. I looked up this person’s information, and was shocked to see that they had been licensed for over 10 years. Certainly not the actions I would expect from someone who had experience. This is the type of behavior that I would expect from either a new realtor, or a desperate one.

Did this person think that telling me there was another offer would make me run back to my buyers and prod them into making one of the biggest decisions of their lives in a hurry? Who am I working for?

I have come across this behavior many times, and each time, it never ceases to amaze me that realtors actually tell me there is another offer in order to move along my offer. If there is another offer coming in, work with that one!

It comes across as extremely unprofessional in my opinion, and sets the tone for the type of person that I will be working with if and when we go to contract.

As it turns out, the contract never came to fruition as my buyers had second thoughts and the home is still on the market over a month later. That other offer never came is either. Surprise!

Any thoughts? Do you act in this manner? Do you think this is unprofessional? I do – and bush league as well.

Cary North Carolina is growing again. Top 10 Fastest Growing Cities in North Carolina

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Thu, 10 Jul 2008 07:47:46 -0500

In my opinion, Cary North Carolina is the best place on earth to live; then again, I may be prejudice as that is where I live. I relocated to the area from Florida, and in doing research I chose Cary for a number of reasons. Its suburban feel even though it is a larger city, its green spaces, nice subdivisions, great people and schools, and family environment.

Over the years, Cary has gone through growth spurts and slowdowns in growth. These recent slowdowns were as a result of governmental policies that felt that Cary infrastructure could not sustain the 7% growth rate as evidenced by its congestion and lack of school space.

The most recent government is more growth friendly, but at a slower, more sustainable pace, which in my opinion, is healthy for the area.

According to figures released today by the Census bureau, Cary is the 5^th fastest growing largest city in the country. Town leaders say growth-friendly policies and declining job markets in other parts of the country have helped Cary grow. Those who have moved to Cary recently from other parts of the country say they were drawn by its suburban feel, its affordable housing and its abundance of pristine parks, golf courses and shopping centers as well as the area's economy and job growth.

With growth comes issues such as traffic, school reassignments, loss of suburban character, among other issues, but unlike previous leadership, the current administration has plans to grow but not as fast as before. But even if Cary continues to swell, most town leaders and residents seem to agree that it remains a great place to live. It has Wake County's lowest tax rate, a plentiful water supply, tidy neighborhoods and amenities such as public pools and greenways

While Cary's growth in comparison with larger cities in the nation is swift, within North Carolina, it is fairly small. Many smaller Wake County cities are growing at much more rapid paces. For example, Rolesville has grown 29% in the same period. Raleigh has placed 13^th on the same list of larger city growth.

Like it or hate it the Triangle area has and continues to be a destination for many across the country and will continue to grow.

Below is a list of the top 10 fastest growing cities in North Carolina as well as a chart of Cary's growth over the past 5 years:

1. 1. Rolesville, pop. 2,242

2. Carolina Shores, pop. 2,312

3. Holly Springs, pop. 19,684

4. Knightdale, pop. 7,397

5. Wake Forest, pop. 25,329

6. Fuquay-Varina, pop. 15,394

7. Fairview, pop. 5,301

8. Mebane, pop. 10,155

9. Stallings, pop. 8,742

10. Huntersville, pop. 42,579

17. Cary, pop. 121,796

Cary's national rank among fast-growing areas has risen dramatically in the past few years. Here is where it stood among municipalities with more than 100,000 people for the past five years:

2007: 5 (7.3 percent growth)
2006: 8 (5.1 percent growth)
2005: 22 (3.3 percent growth)
2004: 63 (1.4 percent growth)
2003: 43 (1.7 percent growth)

Wake County Tax Rate - How to figure your new property tax bill (Cary, Apex, Holly Springs, Raleigh and all cities within the county)

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Mon, 07 Jul 2008 11:29:45 -0500

If you live in Wake County and have been waiting to find out what your new tax bill will be, the wait is over. The News and Observer has a great tool to find out estimate what your taxes will be for this coming year. You can figure out what the county taxes are and if you are inside city limits (Cary, Apex, Raleigh, Holly Springs, and all other cities within Wake County, you can find out your total property tax bill. All you need is the web address and your current assessed value. If you have last year’s assessed value (before the revaluation), you can also find out how much of a tax increase you have been hit with (but it is not necessary in order to calculate this year’s estimated tax bill). Due to the concept of revenue neutral, the rate was not actually that bad (5%, or less than 200$). You can find the tool at:

http://www.newsobserver.com/1181/story/1129367.html

Let me know if you have any questions about how to use the tool.

Data Backup - To Backup or Not? Your Hard Drive WILL Fail

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Sun, 22 Jun 2008 16:30:28 -0500

There are two types of people in this world. Those who back up their data regularly and those who will backup their data regularly once they have a hard drive failure and lose important data (pictures of their kids, client information, etc).

ALL HARD DRIVES WILL FAIL AT SOME POINT! Did you hear that? Every hard drive will fail, go bad, become corrupt and eventually die. Hard Drives spin 7200 times per minute and get very hot – this inevitably causes them to die over time. Some go after a year, some last much longer, but you just never know when one my die.

What happens to your data at that point depends on how (or if) you have been backing up your data. Sometimes, only the boot sectors on a hard drive become corrupt and you can remove the hard drive, put it in another computer and recover valuable data. This obviously takes some expertise. Sometimes the hard drive is unreadable and gone forever. In this case, sometimes data can be recovered by a data recovery company that takes the hard drive apart, puts the internal disks through some technical process and recovers some or all of the data. This is VERY expensive – in the 1000’s.

As an agent I have a ton of valuable client data, ad campaigns, and transaction documents on my computer. As a parent, I have even more valuable data such as my kid’s documents and pictures and videos. If I were to lose any of this data, life would not be the same.

There are many ways to back up data automatically. The best way is to buy an external hard drive and software that will allow you to set your computer to back up specific files and folders automatically daily, weekly, or at some other interval. I recommend backing up to at least two different sources so that if one back up fails, you have another. This way you can be worry free with regard to losing data.

I am a back up freak. Technology is a hobby for me. I have 5 computers running in my home as well as a server. All of my data resides on my server so that it can be accessed from any computer in the house. Additionally, critical data such as transaction and client information and family pictures and videos are backed up to hard drives on all 5 computers every night. In addition to this, I manually back up to a special hard drive that is kept in a fireproof and water proof safe. This may be overkill, but I never worry about losing my data.

There are several online services that charge about 50$ per year to back up your data. The first backup can take a long time, but as you use files, it is constantly backing them up via the internet. Data is encrypted and the companies claim it can only be read by you, but I am always skeptical when someone else has access to my data.

However you chose to back up your data, BACK IT UP. Please do not be the type of person who only backs up your data once you lose important data. IF you have any questions, or need to see if you can have data recovered, let me know – I own a company that attempts to recover data at a low level (not expensive).

Cary North Carolina (Wake County) Tax Rate Changed Yet again!

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Sat, 21 Jun 2008 21:30:03 -0500

Well I have written about property taxes in Wake County North Carolina several times this past two months. It seems to be a hot topic. Because North Carolina revalues property every eight years, and their property taxes are than based on that value, the city and county governments must make sure that they adjust the tax rate so that residents do not get a huge tax increase in a single year. This concept is called revenue neutral.

I am originally from Florida, and there, the tax rate (in South Florida) is roughly 2% of the house value. They have a strange system that is capped at 3% gain each year if it is your primary resident, but if you move, you start over. My old home doubled in price over a relatively short period of time. So did many houses. For example, a home that was purchased for 260,000 would have yearly taxes of approximately 4500$. The person who then bout the same house for 400,000 would pay about 8000$ in taxes while a neighbor in the same exact model, who built the home 20 years ago and never moved may only be paying 1200$ in taxes - can you say unfair.

Back to North Carolina, Wake County, and Cary in particular. Cary determined that they need to reduce their old tax rate of .42 to .33 to be revenue neutral. they then decided that due to growth, then need more money (don't we all), and decided that even though they agreed that .33 was revenue neutral, they were going to change their rate to .37 to make up the shortfall in their proposed budget. Well several days later, several commissioners decided they had changed their minds about the rate and the town then decided that .33 would be the rate, but would go up over the next several years to account for the growth. I am all for taxes paying for the growth within a reasonable amount. I would even agree that Cary should go a few cents above the revenue neutral rate to help pay for infrastructure for the growth. One thing that the town does not mention, although I am sure that they must realize it is: Much of this growth is due to new construction. The land that the new homes are being constructed on was not producing the tax receipts in the same amount that it will be once the homes are constructed, so some of this growth is paying for itself. What about the revenue from impact fees from this new development? I won’t even go there, but needless to say, kudos to Cary for doing the right thing.

If you have any questions about the tax rates throughout Wake County, please do not hesitate to contact me.

Want to Sell Your Home? Be Realistic

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Mon, 16 Jun 2008 12:23:23 -0500

I do not normally reprint articles from other sources, but I felt that this one hit the subject of frustrated sellers and realtors in a down market right on the head. It talks about pricing your home right to sell without regard to what has happened in the past, as well as the sellers mindset and frustrations that realtors feel when sellers are not realistic or do not understand pricing and their market.

Whether you are a seller reading this, or a realtor, this article can help you see the other side of the discussion that is taking place between sellers and realtors. This article was originally printed in the Sun Sentinel which is a South Florida newspaper. The article was written by Paul Owers on June 16^th. Although I am a Realtor in the Triangle Area of North Carolina, this article is written with the South Florida audience in mind, and while this is one of the harder hit markets in the country, it can be useful anywhere that there is a declining market and/or a market with glut of homes, which is just about everywhere these days. I have bolded some phrases and ideas that hopefully will resonate with sellers.

Setting the right price for a home sounds simple, but too many sellers aren't doing it.

They insist that their properties are special and holding value, even though the median prices for existing homes have plummeted 26 percent and 24 percent, respectively, in Palm Beach and Broward counties since late 2005.

These stubborn sellers ask for too much money, ignoring the list prices of nearby homes, not to mention their real estate agents' advice. It's a short-sighted strategy, one that ultimately costs tens of thousands of dollars in a depressed housing market like South Florida, agents say.

"The worst thing to be in this market is one of those homes that's been listed for six, eight, 10 months with no consummated deals," said Beverly Rothstein, an agent in Broward and Palm Beach counties. "That's when the vultures come out, and you have to sell the house at a deep discount that you wouldn't have had to take if you had priced it right from the beginning."

Olga and Manuel Delacruz listed their three-bedroom Greenacres home in central Palm Beach County for $199,000 about four months ago. When it didn't sell, they dropped the price twice. Now they're asking $169,999, which is where they probably should have started, their agent, Douglas Rill, said.

The Delacruzes and other owners of lower-priced homes are likely competing with an increasing number of foreclosures. Lenders don't want to hold these properties, so they're slashing prices. Individual sellers must do the same if they have any hope of finding buyers.

"It's a little frustrating," said Olga Delacruz, 47, a security guard. "If we have to lower it one more time, we will."

Many sellers asking too much for their homes now are doing so because they paid inflated prices during the housing boom of 2000 to 2005. Agents cringe when they hear clients say they have to get a certain amount of money out of their properties.

"Your need doesn't change the market value of the house," said Rill of Century 21 America's Choice Realty in West Palm Beach. "Sellers will say, 'Can you at least try it at this price?' I'm happy to try, but it's not going to work."

Because of the glut of properties for sale, even beautiful homes won't attract interest unless buyers perceive value, said television commentator Gerri Willis.

"There's no bigger issue for sellers right now than pricing," said Willis, host of CNN's Open House and author of Home Rich: Increasing the Value of the Biggest Investment of Your Life.

In the book, Willis writes about price break points, which are psychological limits that buyers often set for themselves. She said a buyer may be willing to spend up to $499,000 on a home but will balk at $500,000, even though the $1,000 difference is barely noticeable on a 30-year mortgage.

Buyers prefer to spend at the top end of their price ranges, but they probably won't even visit properties if they're priced above the psychological break points, Willis said.

So a home valued at $310,000 would attract plenty of interest if listed at $299,000, she said. Asking for more than that would exclude buyers whose limit is $300,000.

And while that same home theoretically would draw people willing to spend up to $400,000, they're probably more interested in properties at the top end of the price range.

"The big question I always get from sellers is, 'At what point should I be willing to cut my price?'" Willis said. "But that's the wrong mindset. You've got to go into the market at the right price."

Terry Story can relate. The agent in Palm Beach and Broward counties wanted to list a Boca Raton home last summer for $575,000, but her client held firm at $625,000. Story knew that was too high, even though there weren't a lot of comparable sales in the area to go by.

Meanwhile, a similar house across the street was priced more competitively from the start and sold quickly for $482,500. Story's seller could do nothing but cut his price, finally finding a buyer to pay $460,000 after six frustrating months.

Instead of getting ahead of the price curve and establishing market value in the neighborhood, he was left to react to it. "He chased down the market," said Story of Coldwell Banker Residential Real Estate.

Other sellers are more realistic and realize that being able to move quickly is more important than trying to get the highest price.

Virginia Goss first tried to sell her Boca Raton house on her own, but had no luck. So she listed it with Story, who suggested she put it on the market in the low $300,000 range. Although that was much lower than she preferred, Goss listened and immediately sold the home, albeit at a loss.

"It's hard to swallow a loss, but we're moving on," Goss said. "There's value in that."

Is your property overpriced?

Ssellers can use the following guide to determine whether their properties are overpriced:

Buyers don't perceive value if the home gets no showings. The price must come down substantially.

The price is in the ballpark if the home gets a few showings but no second looks. Sellers should still lower the price.

The home is priced right if it's getting steady showings and repeat visitors. Expect an offer.

How You Can Earn money from your Website

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Wed, 11 Jun 2008 08:03:21 -0500

Have you ever heard of Google Ad Sense? If not, look to the right of this page, underneath where it says Triangle Realtor – Raleigh Durham Real Estate Blog. That is Google Ad Sense. You sign up with Google, and they give you code to place in any type of website, including this blog that places targeted ads relevant to your website content. When people click, you earn money. You can also place Google Search boxes on your website and earn when people use the search box.

How do you sign up? Just below the ad box to the right on this page is a smaller box that says Get Targeted ads on your site with Google AdSense. Click that and it will take you to a Google sign up page.

There are tons of different type of ads. Links, banners, boxes, text only, image only, text and images in all shapes and sizes. Even ads with embedded videos and you tube video links. The possibilities are endless. They can be as unobtrusive or prevalent as you would like. You can add them to your personal web page, or to this blog. Visit my website – yourtrianglerealtor.com to see how I am using the ads. Currently I only have a search box at the top of each page, but tonight, and over the next several days, as I explore AD Sense, I will be adding more ads, trying to strike a delicate balance of not having my page look like an advertising site. Check back to see what I have done, and make sure to click on the links on the right as each page may have different uses of Ad Sense. Also, if you happen to click on my web page, any feedback would be greatly appreciated. I created it myself and it is still a work in progress. Happy earning!

UPDATE: As I see people commenting that they plan to use it, keep in mind that you will sign up today, and it may take a few days for Google to approve your account and then they will email you that your account has been approved. Once that happens, you can literally have your ads up within minutes. If you have any questions on how to create or post and ad on this site or your own, please do not hesitate to contact me. And if you are signing up for Google Adsense, please use the box to the right below the main Google Ads and just above my listings as I will get credit. Thanks for reading.

Raleigh (Triangle Area – Wake – Durham County) Consistently places in top ten places to work and live

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Tue, 10 Jun 2008 18:52:40 -0500

The Triangle Area – Wake County in particular always ranks high in lists showing the best places to live and work in the United States. 2008 is no exception. Below is a list of places where the Raleigh area ranked close to number one:

Kiplinger ranked Raleigh as the number 2 city to work and live in its list of best places to live, work and play. Kiplinger bases its rankings on things such as affordability, crime, employment, types of industry, income growth, median growth, education and economic opportunities, Creative -class workers -- scientists, engineers, educators, writers, artists, entertainers and others – which inject both economic and cultural vitality into a city and help make it a vibrant place to live. They also use data to account for suburbs that match the metropolitan area. The Town of Cary is mentioned by name.

Money magazine also ranked Raleigh high on their list. They ranked Raleigh at number 4 on their top ten big cities to live based on similar criteria as Kiplinger, but they only included larger cities.

Forbes Magazine ranked Raleigh number 2 for business and careers. They used ranking criteria such as industry, business costs, taxes, office space costs, low property taxes, affordable housing for employees and more.

There are many more lists where Raleigh makes the top ten. As a resident of the area and a realtor, what I see living and working here mirrors what the lists claim. There are tons of people moving into the area and very few moving out. The ones I work with tell me they are moving here for mild weather, good business and economic opportunities, the educated population, the friendly people, the fact that you can be both at the beach or in the mountains in under four hours.

I am glad to be living in the area. Can I help you find a home here?

Cary North Carolina Hidden Treasure – Hemlock Bluffs (wake County Raleigh Area)

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Tue, 10 Jun 2008 16:28:36 -0500

Hidden in the south part of the Town of Cary, North Carolina is an incredible nature adventure for both kids and adults. The Hemlock Bluffs Nature Preserve and Stevens Nature Center are located at 2616 Kildaire Farm Road, between Tryon and Penny Road (closer to Penny).

Hemlock Bluffs is part of the Town of Cary Parks and Recreation. This site offers the feeling of being in the mountains, on a long hiking trail. It is the ideal place to get away from everyday life and feel like you are a million miles away, without spending money on the gas necessary to go to the mountains.

Hemlock Bluffs Nature Preserve is a 150 acre oasis in Cary, protecting a series of north-facing bluffs along Swift Creek. The orientation of the bluffs creates a microclimate that is cooler and wetter than the surrounding area. This microclimate has allowed a population of Eastern Hemlock trees, and other vegetation uncommon in the piedmont, to thrive.

The bluffs separate the Preserve into two areas, a low-lying floodplain along the creek, and a forested upland of mixed deciduous and pine trees. Several elevated platforms along the crest of the bluffs allow the visitor to look down on the crowns of trees along Swift Creek. This is especially convenient during spring migration when warblers, vireos, and tanagers can be viewed among the emerging leaves.

Viewing becomes more difficult once the trees completely leaf out. The floodplain is accessed by the 0.63 mile Swift Creek Trail. The trail is good for resident birds, migrants, and summer visitors. Waterthrushes, kingfishers and herons can be seen along the creek; you may be lucky enough to spot a Least or Pectoral Sandpiper, both species have been sighted in the park.

The floodplain's mature trees harbor tanagers, warblers, and vireos in the summer. Residents and winter visitors make other seasons entertaining as well. Access to this trail is via a staircase that descends the bluffs, so this portion of the park is not handicapped accessible.

The upland area can be accessed by the 1.1 mile Chestnut Oak Loop Trail. This area is also good for resident birds with woodpeckers and White-breasted Nuthatches locally common. The oaks along the trail are especially good for migrating warblers, tanagers and vireos. Look and listen for resident owls in the Beech Cove area. The upland area was formerly more difficult to bird due to a fairly closed canopy, but recent storms have created open areas more conducive to viewing.

The many downed trees have provided habitat for a thriving population of wrens. One can usually count on hearing the "Tea-kettle" call of the Carolina Wren at almost any time. Much of the Chestnut Oak Trail is graded and mulched, and is handicapped accessible.

Hemlock Bluffs offers the following:

· Unique stand of Eastern Hemlock Trees

· Approximately 3 miles of trails

· Scenic Observation Platforms

· Excellent bird and wildlife watching opportunities

· FREE ADMISSION!!!

Operating Hours: Daily - 9 a.m. to Sunset

Stevens Nature Center was designed to complement the natural surroundings of Hemlock Bluffs Nature Preserve. The Stevens Nature Center provides information about the natural history of the area and the plants and animals that live in the Nature Preserve. The nature center also offers a variety of nature programs for participants of all ages on a year-round basis.

The Stevens Nature Center offers the following:

· Nature's Niche Gift Shop

· Hands-on educational exhibit hall

· Classroom

· Outdoor education shelter

· Native wildflower garden

Here is a link to the programs offered http://townofcary.org/depts/prdept/bro01/prnatureed.pdf
my kids go weekly and learn about nature. As we approach firefly season, my kids will attend their firefly sessions to learn and view these insects.

Operating Hours:
May-September: Monday - Saturday, 10 a.m.-7 p.m.; Sunday 1-7 p.m.
October - April: Monday-Saturday, 10 a.m.-5 p.m.; Sunday 1-5 p.m
Closed on all official town holidays.

Cary North Carolina – Wake County – first to propose raising property taxes

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Tue, 10 Jun 2008 07:31:30 -0500

In a recent post I wrote about Wake County property taxes and how they are supposed to remain what is called revenue neutral. That means that even though the entire state was reassessed for the first time in 8 years, and North Carolina property values shot up at an average of 38%, the county had to lower its mileage rate in order to take in more revenue this year than it did last year. Towns and cities within the counties were also to follow suit.

For some reason, Cary has just decided to take a look at that and claim that due to growth, they need to think about raising the rates and moving away from revenue neutral. I do believe that the exact amount that came in last year should be increased a little. This area is experiencing tremendous growth and we need the money to pay for that.

Something to consider is the fact that many people are moving into new development as the area grows and tax revenue will grow due to the increase of households. It is not as if there are people moving only to existing housing. Despite this, the Town of Cary feels the need to lay out a plan to increase tax rates over the next several years, even though over that same time period, they will be bringing in more tax receipts due to the number of new households being created by construction. Is a tax rate increase necessary? Possibly a small one, but the one they are talking about, brings us right back to where we are now in a few years, with a 38% increase in property values that will become a huge increase over time.

Cary’s proposal, handed out at a recent meeting is as follows: the tax implications of covering Cary’s increasing debt expense and maintaining four months of cash reserves. To meet those obligations, tax rates would start at 33 cents in 2009; go to 37.98 cents in 2011, 41.03 cents in 2013 and up to 43.84 cents in 2020.

Semantics actually creeps in as some officials actually still claim that this is policy will lower taxes, because the rate actually never gets to where it was before this latest revaluation. Technically it is a decrease in the tax rate, but because of the higher property value, it still amounts to a tax increase and a large one at that if this proposal sails through.

It is important to watch how this develops. If it passes, it is likely that other area towns such as Holly Springs, Apex, Raleigh, etc. will follow suit. Visit the Town of Cary website to learn more the process on raising tax rates.

rates.

Foreclosure Bailouts. How do you feel and how do they affect you?

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Mon, 09 Jun 2008 07:20:02 -0500

By now, we all know about the foreclosure issue and the credit crisis. You may even be one of the millions of people who entered into an adjustable rate mortgage and are now put into a situation where your mortgage has reset or will rise t soon, causing your monthly payment to go significantly higher, and in turn, you may not be able to afford your house.

These mortgages were originally designed for self employed people whose income fluctuated from month to month afford more house at lower payments. As property prices rose, many people turned to these mortgages in areas such Florida, New York and California as a way of affording homes that they could otherwise not afford. 62% of the homes in foreclosure are in those areas. I live and work in Wake County North Carolina, which has a large number of foreclosures compared to a year ago, but still has a fairly healthy real estate market due to factors that I have written about in a previous blog.

Most people felt that when the reset occurred, they could simply refinance or sell their homes. Others claim that they did not understand the nuances of the loan, or were misled about the loans, even though they signed the papers.

Whatever the reason, these mortgages are causing many people to walk away from their homes, and in turn it is effecting the overall economy, and prices of homes for people who did not take these risky exotic loans out, and who have been responsible in purchasing homes that they can afford with loans that they understand.

Recently, the government has begun a bailout process with the assistance of the Hope Now hotline and there is a bill approved by the House in May would allow the Federal Housing Administration to guarantee up to $300 billion in new loans to help homeowners facing foreclosure. Borrowers could get more affordable loans worth no more than 90% of the home's value, meaning that participating lenders would have to take a significant loss on the loan. The bill was sponsored by House Financial Services Committee Chairman Barney Frank. Senate Banking Chairman Christopher Dodd has a similar measure.

Lenders are more willing to work with buyers to come to a solution, even if it means that the lender has to rework the loan in more favorable terms to the borrower and while taking a loss.

Some people, who did not take out these loans, are angry about the bailout of what they call irresponsible borrowing and lending. Their feelings are, why should these people be able to stay in homes that they could not afford because the market has changed. They feel that they are also under pressure with everything else rising, but no one is helping them. Other feelings are that I do not want or need help, but I do not feel it is fair for the government to help those who did not understand what they were getting into or could not afford.

However you look at it, there are people in trouble, and there are others that are angry. Some anger is directed towards the banks, who people feel were lax and greedy, approving loans for people who they knew could not afford these homes, but were blinded by profit. Many people claim predatory lending and fault the banks with creating the current crisis.

It is a situation where it really does not matter who is at fault because the crisis is here and it is affecting everyone in the real estate market, not just those who are in danger of losing their homes.

The banks do not want to foreclose in this type of market as they only stand to lose money. When homes are foreclosed, banks try to unload them, and since there is a glut, they do so below market, many times just to recoup a fraction of their original investment. This, in turn brings down the prices in the market as you, as a seller, are competing with foreclosures being offered at lower prices. As these homes close, they become the comps to your sale and the average prices lower. At the same time, the supply and demand balance favors the buyer as there is already a glut of homes in most markets.

Is the bailout fair? I do not think so, but is it necessary? I think it is so that this current credit crisis does not completely cripple the already failing housing and credit markets. Even worse, only 13% of all ARM mortgages have reset. There are a staggering ARM resets coming in the next few years. There is 5 billion dollars worth or ARM Mortgages set to reset in 2009 and 10 billion in 2010. Could this be the next real estate crisis or could it cause the current one to last well into the next decade? It might if we do not get a hold on things now. Again, while the bailout ideas being passed through congress may not seem fair and just, it may be the only way to avoid a long lasting housing crisis ten times worse than what we are experiencing now.

Sell your Home in North Carolina on the MLS for 1-4% with FULL SERVICE

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Sun, 08 Jun 2008 08:20:25 -0500

We are a full service real estate office with one major difference. Our agents are willing to take less compensation for these full services. That means you are able to take advantage of that savings on the sale of your home while still offering out the traditional sales commissions range though the MLS to all other triangle area brokers.

Call now for more information. We also work with buyers and have a cash back at closing rebate program.

Jason Goodman
Listwise Realty Services
(919) 270-8881
Visit My Website To Learn More

Money back when buying real estate in North Carolina

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Sun, 08 Jun 2008 08:16:59 -0500

That’s Right! No Gimmicks, No Tricks, No Strings!

To show my appreciation for your business, I will give you up to $2500 cash back as a rebate from my commission at closing when you use me as your buyer’s agent.

That is not the only reason to choose me when buying a home. I give unparalleled personal service. I will be there at your call whenever needed. I return calls promptly and give each client the individual attention that makes them feel as if they are my only client. That is what sets me apart from most other Realtors. Give me a try - you've got up to $2500 reasons to win and nothing to lose.

Click Here to Search the Triangle Area for Homes, Town homes, and Condos

Jason Goodman
Listwise Realty Services
(919) 270-8881
Visit My Website To Learn More

Relocating to North Carolina

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Fri, 06 Jun 2008 20:06:06 -0500

Thinking about relocating to North Carolina? It’s a great place, and there is a lot to take in. When relocating anywhere, there are usually several reasons. Most of the time, people relocate due to work and family. Sometimes, people are looking for a change. Sometimes people relocate to get a change in lifestyle. A person form a state like New York may relocate to a state that gives them a more laid back, slower paced life. There are so many reasons for relocation, but whatever the reason, it helps to have good resources to help you determine not only the main area of relocation, but an exact location.

When considering North Carolina, there are a lot of things to consider. If you are not forced to relocate to a specific area or city, keep in mind that North Carolina has several major areas, each with their own culture and even climate.

There are the mountains, located in the western portion of the state. This starts out in the foothills and goes towards the border of Tennessee. These mountains are part of the Appalachian Mountain chain and the largest city in this area is Asheville. This area is famous for its Snow Skiing and outdoor activities in the summer and of course, as it is the highest point in North Carolina, the climate is the coldest in the state.

The Piedmont region is the middle third of the state and the closer that you get to the mountains, the more hilly the terrain becomes. The elevations of this region range from about 300 feet in the western Coastal Plain to about 1,500 feet near the mountains. The boundary between the Coastal Plain and the Piedmont is called the fall line or fall zone. Along this are, rivers flow from the older, harder rocks of the Piedmont to the softer rocks of the coastal Plain. Along the fall line, rivers form low waterfalls, and rapids. Below the fall line, streams are usually sluggish and smooth-flowing. It is in this region that the two major cities reside – Charlotte and the Raleigh Durham area.

The coastal plain makes up the eastern third of the state and is known for its beaches, especially the Outer Banks, Cape Hatteras, Cape Look Out, and Cape Fear are all part of this area.

Where ever you live, North Carolina has a great climate. It has four distinct seasons, but most winters are fairly mild (except for the higher areas in the mountains), the spring and fall are simply beautiful, and while the summer can get hot, it does not last too long. Because of this, North Carolina weather offers something for all types – those who love a change of seasons, but at the same time, those who do not like extreme temperature changes form season to season.

The economy in North Carolina is unique and is what has been helping most areas sustain rapid growth. The beach areas thrive on tourism during the summer months but go quiet during the rest of the year. The Raleigh Durham area, better known as the Research Triangle Park, or RTP, is one of the fastest growing areas of North Carolina. Often called a recession proof economy, there is a great mix of Technology (sometimes referred to as the Silicon Valley of the East), Biotechnology, and Medical campuses. The University community (University of North Carolina, Duke, Wake Forest, and North Carolina State) are all within a half hour of each other and further add to the medical and other research going on in the area. Unemployment in this area is low and high paying professional jobs are plentiful. Because this area did not experience the housing boom where prices skyrocketed (they gradually inched up at a healthy 3-5% pace over the last 5 years), housing is relatively affordable. Real Estate taxes are reasonable and homeowners insurance is cheap. The farther out that you go from the Research Triangle Park, the more affordable housing becomes. Raleigh is also the capital city, and with that, you also have the economic benefits of government business sustain the area.

The Charlotte area is more of a financial center with headquarters of large companies such as Bank of America. Whenever you see a list of top 20 metropolitan areas and housing, Charlotte has consistently been the one market over the past several years that has been slowly growing while all others are in decline.

There is so much to do in this state. There are not many states where you can be at either the mountains or the beach in 3-4 hours. Overall, people are friendly, life is affordable, and the weather is great. Plat fescue grass and you will have a green lawn all year round, even in the winter. I relocated from Florida to North Carolina and did a lot of research before I moved. I have compiled some of the sites I used to give me all the pertinent information that I needed. Please go to my website and see if any of these links might be useful to you. www.yourtrianglerealtor.com . Click on the Buyers Resources link and Triangle Area Information Link on the left side menu and you will find tons of resources that will help you if you are looking to relocate here. Specifically, the link called relocation information for the Triangle Area on the buyers resources page will give you great statistics about weather, crime, climate, population, demographics, home sales, and anything else that you could possibly think of. Please do not hesitate to contact me if you have any questions about the area. I live and work in the Triangle area (Raleigh – Durham) and specialize in any areas within Wake County (Cary North Carolina, Raleigh North Carolina, etc.) and Durham County. I’d love to hear from you.

Jason Goodman, Realtor

Realbird is a great tool for Agents

Jason Goodman Triangle Area NC Realtor (Listwise realty) — Wed, 04 Jun 2008 10:39:30 -0500

I recently wrote about postlets.com as a great tool for agents, and it still is, but I recently came across another site called realbird.com. This site seems to do all that Postlets does and more. My favorite feature is the fact that you can put your listings, right in the side bar of this blog. Just take a look at the side bar of my nlog and you will see a listing or two. That was done in less than two minutes using realbird. There is a lot that this site offers so as I learn, I will try to update this post. Keep checkingback.