Done Deal as soon as the President signs it within a couple of hours.   10/3/2008

And I'm not qualified to tell you what that news flash means.

"Brave New World" indeed...  Waiting for the profits to roll into the Federal Coffers.

If nothing else, we are detained on a detour to denouement of a debacle.  I know we are supposed to feel good about it.  Maybe tomorrow.

We're going to get a 50 basis point deduction in rates?  Or maybe 25 points.

Wall Street likes it.  Some.  A lot.  A little less.  A little more.  A whole lot less.  A little more.  The ticker has a nervous tic.. A twitch...  I empathize with the ticker.

I have heard a lot lately about Realtors "Creating Urgency" in prospective Buyers.

I don't like it.  At all.

I don't like the concept, that someone should be pushed by a real estate agent to commit to being a Buyer.  Why?  So I can pocket a little more cash?  Is that being a strong fiduciary?  I think it seems too often to be self-serving.

My Buyer Clients are folks who have already made the decision that they will be homeowners, whether first-timers, move-up Buyers, or folks relocating to the Raleigh-Cary, North Carolina area.  They will create their own urgencies, from their own lives.  They are intelligent enough to recognize the factors in their lives that lead them to want to buy a home, whether it is a need for a sense of pride of ownership; needing space for two big dogs, a garden, or kids to run in; ownership for a cost comparable to renting; or other compelling factors.

Whatever.  Their reasons for becoming Buyers, while common among all Buyers, are THEIR personal reasons.  They don't need me to unctuously push them to buy.

I can help them estimate the costs of ownership vs. renting.  I can help them see what $300,000 will buy in Cary, NC.  I can help them know what utilities may cost, and why heating and cooling costs will be more in a 2200 SF single family home than in an 800SF apartment.  Great.  But I don't work up a lather trying to get them excited about making a move into their own home.

Now, once they make a decision to become homeowners, we go into a high level of activity.  But, always with an eye on the clients' needs, not thinking that they have to perform with a sense of urgency so I can get paid.

Seems fair to me, as a fiduciary.

Having established that North Carolina Agents will need to disclose Additional Compensation, agent bonuses, and legal kickbacks and valuable awards from third parties when showing homes, I think there are several great questions for smart clients to ask.  I would ask them if I were a prospective Buyer in the Raleigh Cary area.

See, the new North Carolina Agency Fee Disclosure rule operates at the Managing Broker or Firm level.  Technically, that is the level at which the client engages agent services.  The Client is technically not hiring the specific person, the "Individual Agent," but is actually engaging the firm.  So disclosure is intended to clarify the total compensation paid to the firm.

The true intent of the new NC rule is for the consumer to clearly understand agent compensation details in case it appears that additional payout may divert an "Individual Agent's" focus to personal compensation and away from fiduciary duty.  Smart Buyers will be aggressive and ask the "Individual Agent" a few questions that go a little beyond the new rule.

The following questions should help the prospective Buyer Client understand and gain clarity:

1.  Will you personally make more money if you sell us a listing from your firm, or listings from your specific office? 

2.  If "Yes," how much money might that be?  Will you disclose this amount to me upfront when showing me such homes?

3.  Are you involved in any sales contests based on internal office sales volume with an award above nominal value to be presented to winners?  What is the value of the awards?  Do you expect to win?

4.  Will you readily show me homes listed by other firms?  Will you have to show me your firm's listings first? 

Smart Buyers will require clear and satisfactory answers with no hesitation on the part of the Individual Agent.  And, as always, an agreement in writing regarding full disclosure is far superior to any verbal agreement.

What fun!  A hearty welcome to NCAR Form 770!

Often when I see a group of people squirm, I start to grin, and I had that opportunity over the last couple of months when contemplating the new NCREC rule regarding Additional Compensation Disclosure.

Squirm.... Squirm...  GRIN!  GRIN!

Gosh, what a low blow!  Now an agent has to disclose in writing (writhing?) any co-broke or agent bonus above a negotiated "baseline" prior to the client entering the decision-making process on a property.  This mostly impacts Buyers' Agents, due to the nature of co-brokes and bonuses.  It is uncommon, although possible, for the Buyer to pay the Listing Agent, and that would likely require disclosure, too.

Revised NCAR Standard Form 201, Exclusive Right to Represent Buyer, requires in Section 4 for the Buyers' Agent to negotiate and establish with the Buyer an expected level of Agent compensation.  The "baseline."  Then, in Section 4(b)ii, the Agent and Buyer indicate whether the Buyer will compensate the Agent for any shortfall in compensation below that "baseline."

Should a Listing Agent offer a bonus or higher co-broke to a Buyers' Agent, the Buyers' Agent must disclose the dollar value of the additional inducement prior to the client entering the decision-making process.  This requirement includes the estimated value of trips, cruises, etc, that an agent can earn via multiple sales in a neighborhood.  That cruise value must be at least verbally disclosed to all clients the agent brings during the promotion.  The disclosure will be documented in writing prior to writing an offer.

Offering a referral to another agent?  North Carolina now requires the referring agent to disclose the referral fee.  That may help an agent reconsider shopping clients for the highest fee, rather than for the best agent fit.

If you like the lunch money kickback you get from the home warranty company, you can still get it.  You will disclose that payment to your client.  Gee.  Maybe we will have fewer listing agents fighting tooth and nail to order a warranty the week before closing, when it has no bearing on the transaction, no value going forward for their Sellers, and they have to sell the kickback to their clients so they can keep the lunch money.

Driven by a scandal wherein a builder paid bribes under the table to an agency in violation of RESPA and all that is holy there, this rule will generate tons of fun.

We are seeing Buyer Agent bonuses as high as $10,000 (And rumor is they are as high as $50,000--$60,000 in the NC Mountains) and co-brokes as high as 8% in the Raleigh Cary area.  The inducements to neglect the fiduciary duty and to put the agent first can be difficult to withstand.  This disclosure rule hits us at a good time. 

That's my story, and I'm sticking with it!

Saw this in my August 15th AR Newsletter:

"Member Spotlight"

"Mike Jaquish Keller Williams Realty, Cary, NC (Keller Williams Realty)"

"Mike Jaquish is a Broker with Keller Williams Realty in Cary NC, has been an active contributor to our community since November 2006. He is well known for his stunning pictures of local flora and fauna."

"View Member"

All accompanied by my grinning mug.

Thanks, ActiveRain.  I will endeavor to be worthy of the Spotlight.  And to have fun doing it.

Here's to ya!

While having fun photographing neighborhoods in Cary, I like to catch a few images of the neighborhood community ponds, particularly when I can get some light into the fountains that many ponds have.  The ponds are often storm water retention basins, and the fountains serve to oxygenate the water, but I still find them enjoyable, particularly with landscaping surrounding them.

Taylor's Pond, a neighborhood of affordable townhomes:

Park Village, a desirable neighborhood with Town of Cary Parks at either end, and affordable detached homes:

Devereaux, a pretty neighborhood with the pond and fountain beside the swimming pool in the heart of the community:

Coronado Village, affordable homes in the Heart of Cary.  Pond, but no fountain:

Ashley Woods, pretty neighborhood with greenery and a beautiful pond and fountain:

 Riggsbee Farm, Move-up neighborhood with a central pond and fountain:

Wellington Place, with two Ponds:

Wimbledon, Gorgeous neighborhoods sharing a community pond:

Edgehill Farm,with a huge community pond:

Ashley Woods is a neighborhood of 138 homes located in west Cary, NC.

Development of the neighborhood began in 1993 with just over two dozen homes. With more than one builder in the neighborhood there is a variety of home types for everyone. House styles include ranches, and transitional homes with some including basements or walk up attics. The builders include D.R. Horton and David Weekley Homes.

 Homes in Ashley Woods offer 3-4 bedrooms, 2-3 full baths, fireplaces, and bonus rooms. The square footage of the homes in this community range from approximately 1650-2500 square feet.

Schools are managed at the county level and school assignments for the Ashley Woods community can be determined through Wake County’s public school website.

Recent homes sales reflect the variety of housing options in Ashley Woods. Recent home sales are in the $245,000-$425,000 range.

Property taxes are approximately .678% of the property’s assessed tax value. Ashley Woods has a Homeowners Association. HOA fees are $200 annually.

Ashley Woods is an excellent choice for those who prefer small neighborhoods and desire a great west Cary location.

Fred G. Bond Park is the largest municipal park in Wake County, NC.

At 310 acres, it includes seven ballparks, several picnic shelters, a 300 seat amphitheatre, trails and greenways, The 16,000 square foot Cary Senior Center, a  29,000 square foot Community Center, a large playground, picnic tables, and a 42 acre lake complete with a boathouse, boat rentals, boat launch, and a deck with screen porch, and rocking chair for relaxing and viewing the lake.

Bond Park is a favorite play area for Cary residents of all ages.  While it is busiest during the summer sports, picnic and fishing seasons, Bond Park hosts many activities all through the year.  Local real estate agents love to mention that their listings ad neighborhoods are very near to this gem of a park.

Seven Ballparks like this:

Kiwanis Picnic Shelter:

Bond Park Community Center:

Boathouse complex views:

There's Bass in those waters!  Lake view at Bond Park:

The lake is popular with amateur fishermen.

Various waterfowl enjoying the shallow end of the lake.

Weatherstone is a mature neighborhood of 200+ move-up homes in Cary.  Weatherstone is accessed from High House Road, east of the intersection with Cary Parkway, or from NW Maynard Road.   Raleigh is a 20 minute drive.  The Research Triangle Park, "RTP," is about the same.   Heavy drive-time traffic can lengthen either commute.

The neighborhood was developed in the mid/late 1990's by Weatherstone Associates, using several reputable builders.  200+ traditional and transitional homes comprise Weatherstone, with home sizes ranging from 2500 to 3700 square feet. 

Typical amenities include 4 or 5 bedrooms, 2.5 to 3.5 baths, bonus rooms, separate formal areas, many windows to light the home, .25 to .9 acre lots, 2 car garages, dual-zone HVAC with natural gas heat, and a surburban cul-de-sac street development.  Kids ride bikes in the calm streets.

 5/4 and a door, with class in Weatherstone!

School assignments are among some of the region's finest public schools, and are subject to change by Wake County Public Schools.  Weatherstone Elementary School adjoins the neighborhood.  Click for more information on Wake County School Assignments. 

Weatherstone has a Homeowners Association to maintain common areas, tennis facility, and the community pool.  Current HOA dues are approximately $142.00 per quarter. 

  Community pool and pool house

 Tennis, Anyone?

Home sales currently fall in the $420,000-$525,000 range.  Property taxes are approximately .678% of the property's assessed Tax Value.  More information on Wake County Property Taxes.

Click here to view available homes in Weatherstone.

Easy access to thoroughfares, with schools, parks, dining and shopping centers within walking distance combined with fanciful street names like "Cumulus," "Nimbus," and "Clear Sky" make living in Weatherstone in Cary, NC truly, "Life in the Clouds."