What an interesting post!  I will be much more careful about my staging suggestions from now on.  Take a look at this disturbing post and be healthy!

Here it is January 2nd and I can already tell that it's going to be a fantastic 2010.  It's not just because I've gotten a listing lead and a buyer lead today (although I did) and it's not because I had a closing on December 30th and have two more coming up on January 14th (although I did and I do), it's because I'm going to MAKE it a fantastic 2010. 

 With every agent who I hear talking about the "down" market, I get pumped up more and more.  One the one hand it's sad to hear a fellow agent getting down.  But ultimately it's up to each of us to work that much harder at lifting our industry above the sludge of the misbehavior that helped get us to this point in the previous years.  Agents who took shortcuts, told "little white lies" and allowed unscrupulous lenders to doctor HUD statements are the ones responsible for letting the reputation of our industry fall below the status of ambulance chasing attorneys (not ALL attorneys of course), sleazy used car salesmen and deceitful door to door salespeople of everything from vacuum cleaners to encyclopedia. 

 So join me fellow agents.  If you're not already a REALTOR, become one and behave in a way that shows the world what our intended purpose is...to help people make the most of their time and money when buying or selling a house. 

 I'll see you next January 2nd as we reminisce about how our business grew to new heights in the coming months!

Rocky River Crossing in Harrisburg NC is a well kept neighborhood that offers mature tree-lined streets, sidewalks, close convenience to shopping and excellent schools and a nice mix of house styles and amenities.  There is a community pool and clubhouse along with basketball court.  Several builders have built in the neighborhood including Shea Homes.

 I have sold or listed five homes in Rocky River Crossing in Harrisburg NC over the past couple of years, so I have learned a lot about the area and I keep up with it's activity.

 

Prices of the thirteen sold listings in Rocky River Crossing in Harrisburg NC ranged from $147,500 to $265,000.  Eight of them paid some of the buyers' closing costs.  The average price per heated square feet was $87.  The average Sales to List price ratio was 95.5% which is very good in today's market.  Lot sizes range from about a fifth acre to a half acre.  The average lot size of the sold listings this year was 0.3 (about a third of an acre).

 The average Days on Market in Rocky River Crossing in Harrisburg NC was 118 however keep in mind that this figure can be flawed.  If the listing was previously listed with another company and then relisted, that first listing's days on market will not be included in this number.  That's why it is a good idea for your agent to do an archive search to make sure of how long the property has been on the market and how many times the sellers have reduced the price.  This can help to determine their motivation which affects your negotiating position. 

 The average heated square footage of these sold listings in 2009 was 2517 SF. 

 The absorption rate in Rocky River Crossing reveals how much inventory is on the market.  Based on the 13 solds in 2009 and the current 17 active listings, the time it will take  for these 17 active listings (based on this year's performance) to all be sold is over 15 months!  This shows that we are in a buyer favored market.  There are lots of homes from which to choose.  However keep in mind this absorption rate was calculated for all homes in Rocky River Crossing in Harrisburg NC across all price ranges.  Most buyers have a more narrowly defined price range of homes they are considering.  So that scary 15 months of inventory is actually lower when you calculate it for a tighter price range. 

I am including a handy spreadsheet outlining this information below.  This is a quick and easy way to review the market data which I obtained from the Carolina Multiple Listing Service.

 If you have specific questions about Rocky River Crossing in Harrisburg NC, I am just an email or phone call away.  Feel free to ask. I am always happy to help!

There is a fantastic video blog site called www.GeekBrief.com that features host Cali Lewis keeping viewers up to date on the latest gadgets and technological advancements.  Cali and her husband Neal started this site just a few years ago and quickly turned it into a full time business.  So in addition to the material they present, they offer a great testimonial for entrepreneurs to appreciate. 

Cali and Neal cover everything from iPhones to Drobo external hard drives to the Dallas Cowboy Stadium's new HUGE flat screen (the largest in the world!) and much more.  With four or so updates every week, they do a great job of covering a TON of information.  This is how I stay up to date on the latest in technology without spending tons of time finding it on my own.  This is just another way to speak knowledgeably with others about a hot topic. 

In today's market of clients who are more and more tech saavy, it is nice to have a resource to stay informed of what's new.  So check them out and enjoy!

 

There is a fantastic DIY resource website that has been around for a long time.  It is www.AskTheBuilder.com and the man who runs it also has a YouTube channel.  Both sites feature tons of DIY instructional videos on everything from framing a wall, to painting to installing faucets.  Tim does a great job of quickly and concisely showing us how to perform tasks in an easy to follow format. 

Check out this video of his on installing a kitchen faucet.

 

In addition to videos, Tim Carter's site at www.AsktheBuilder.com also has lots of DIY written articles. His daughter has started a site as well called www.AsktheDecorator.com. Her format is similar to Tim's and is full of great ideas. I hope this helps. I've learned a lot on both these sites so maybe they will help you.

Heatherstone in Harrisburg NC is a popular neighborhood in Cabarrus County NC.  My recent listing in Heatherstone sold in only 33 days on the market!  While working on selling my listing at 2153 Woodstream in Heatherstone, I gathered the most recent market data which I will share with you here. 

 Since January 2009, there have been five closed sales in Heatherstone along with four withdrawn listings (pulled from the market), one expired listing (failed to sell), one conditional listing (has a contract but still must meet some conditions to close), one pending (my listing) and two that are currently on the market.  For the price range of this neighborhood and given the desirability of this community, I am not surprised at only five sold homes for the year. 

 The average list price of the five solds was $316,909 and the average sales price was $294,685.  The average amount of buyers' closing costs paid by the sellers was $3167.  Of the five listings sold, four of them paid some of the buyers' closing costs, so even at this higher than average price range, people are still needed assistance with their closing expenses.  This is not surprising in our current economic climate.  Everyone is trying to conserve their cash, so rolling closing expenses into the purchase price is a great way to accomplish this.  It will work just fine as long as the house will still appraise at the increased sales price (after adding in the closing expenses). 

 

Of the five sold listings, two were new construction homes as Orleans Homebuilders was closing out their business in the neighborhood.  One of the sales was a relocation home where the owners were transferred with their job and their company bought them out.  One was a short sale, bank owned property which is more and more common in today's real estate market.  Finally the remaining sold listing was a regular sale with no extenuating circumstances. 

 One important statistic to pay attention to in today's real estate climate is called absorption rate.  Absorption rate is a way of calculating the amount of inventory that exists in an area.  In other words, if no other homes were added to the market, how long would it take to sell the current active listings (based on past performance) .  Since there were five solds in the past twelve months and there are two active listings right now, the absorption rate is 4.8 months.  That means there are almost five months of inventory on the market in Heatherstone right now.  An absorption rate in a "normal" market (neither a buyers or a sellers market) would be less than two months.  So we are definitely still in a buyers' market.  That means listings need to be better priced and properly staged in order to be at the top of the list of options for the pool of buyers.

 The average sales to list price ratio reveals how much of the listing price that buyers have been willing to pay.  In Heatherstone of Harrisburg NC, the average sales to list price ratio for the past twelve months was 92.6%.  In our market a couple of years ago, the average ratio ranged from 96% to 99% with some sales over 100% of asking price.  This shows that buyers have more leverage today because of the larger amount of homes from which to choose. 

 The average dollar per square foot price in Heatherstone was $79.  This did not include garage square footage...only heated square footage.  The average heated square feet was 3796 s.f. and the average acreage was 0.33 (about a third of an acre). 

 Below is a simple spreadsheet that I prepared using data from the Carolina Multiple Listing Service.  It outlines what I have just shared in an easy to read format.  If you are interested in a neighborhood's market analysis of recent sales, just let me know via email or phone and I will gladly provide you with the latest data.  I am always happy to help folks learn about my home town of Cabarrus County NC.

 For more information about Heatherstone in Harrisburg NC click here to read my post on the community's features and close conveniences.  Have a fantastic week! 

Sincerely,

 Neal Pender

704-737-7653

 

Heatherstone is a Harrisburg NC community that was built by Orleans Homebuilders, formerly Parker Orleans Homesbuilders from 2004 to 2008.  Heatherstone Harrisburg NC is popular due to its close proximity to shopping, major thoroughfares and highly rated schools like Hickory Ridge High School, C.C. Griffin Middle School and Harrisburg Elementary School.

 

The streets are wide and feature nicely maturing landscaping and well-manicured lawns.  The common area has a junior olympic sized swimming pool, clubhouse and playground.  Heatherstone is located near Charlotte NC with just a short commute via Highway 49.  It consists mostly of two story homes but also has some basement homes as well as three story homes. 

 Home sizes in Heatherstone range from 2700 square feet to over 5000 square feet.  Homes in Heatherstone range in price from $250,000 to nearly $500,000. Upgraded features include granite counters, 42 inch raised panel cabinets, tile backsplashes, two car garages, three car garages, hardwood flooring, soaring two story ceilings in the foyers and family rooms, formal dining rooms, formal living rooms, main level offices, main level guest suites including full bathrooms and more.

 Heatherstone offers a close commute to local restaurants like Soho Cafe Chinese Cuisine and Bar at 4350 Main St. Suite 105, Harrisburg, NC  (704) 455-5708. Click the link here for a convenient map to this fantastic restaurant. http://maps.google.com/places/us/harrisburg/main-st/4350/-soho-cafe-chinese-cusine-and-bar

 Soho is just one of the businesses in Harrisburg.  Other businesses include Tru Value Hardware, Rocky River Coffee, SUPPER restaurant, the Harrisburg Family House Restaurant, AJ's Restaurant, NYPD Pizza and the chains like Sonic, Pizza Hut, Bojangles, Zaxby's, McDonald's and many more.  Grocery stores include Bloom and Lowe's Foods and pharmacies include CVS and RiteAid.  Also in Harrisburg is the Ruckus House Daycare as well as a branch of the West Cabarrus YMCA on the second floor of the Harrisburg Town Center.

 

If Heatherstone in Harrisburg NC sounds like a good fit for your family, contact me for the latest listings and further information on the area.  To learn more about recent sales and activity in Heatherstone of Harrisburg NC, click here for my detailed community market analysis.

 As a local resident of Cabarrus County, I help folks learn all the ins and outs of Harrisburg NC as well as Concord NC, Kannapolis NC, Midland NC and Mt Pleasant NC.  I have been a full time REALTOR since 1996 and have helped hundreds of families call North Carolina home.  Feel free to email or call me with any questions.  I am happy to help!  Sincerely,  Neal Pender  704-737-7653.

*Keller Williams Realty received the highest numerical score among full service real estate firms for home buyers in the proprietary J.D. Power and Associates 2008-2009 Home Buyer/Seller Study. 2009 Study based on 3,138 total evaluations measuring 7 firms and measures opinions of individuals who bought a home between March 2008 and April 2009. Proprietary study results are based on experiences and perceptions of consumers surveyed April-June 2009. Your experiences may vary. Visit jdpower.com

Keller Williams is growing in agents and offices in today's market!  Most other companies are losing agents and closing branches left and right.  Why is this?  As a veteran in the real estate industry since 1996, I have experienced Allen Tate Company, Prudential Carolinas Realty, my own firm for 3 years, RE/MAX Signature Properties and RE/MAX GOLD before finally arriving at my current affiliation with Keller Williams.  Each company had its good points and some not so good (including my own firm!).  Ultimately it's each agent's own personal best fit.  It depends upon things ranging from your broker in charge, the agents you are working around, your company's position in the market and how well they are adapting to the market's current state. 

It is this last criteria that I think is the reason for this prestigious JD Power award.  Keller Williams is adapting to what agents want in our challenging market.  Happy agents lead to happy clients.  With the industry changing so rapidly with the mortgage market in an uproar to short sales and foreclosures becoming a large focus to constantly increasing technological dependence in our industry, Keller Williams seems to have done the best job at adapting in those areas.  An affordable monthly fee combined with cutting edge web presence and perpetually evolving educational materials make Keller Williams the top contender in today's era of real estate. More and more agents are leaving other firms and coming to Keller Williams.  These are top agents in the marketplace too.  Agents whom you can be sure do their research and do not make a company switch frivolously.

Again, ultimately the decision depends upon a good fit between agent and company.  This is my two cents' worth, but apparently many others feel the same way.  Here is the fine print attached to the JD Power award received by Keller Williams. 

Keller Williams Realty received the highest numerical score among full service real estate firms for home buyers in the proprietary J.D. Power and Associates 2008-2009 Home Buyer/Seller Study.  2009 Study based on 3,138 total evaluations measuring 7 firms and measures opinions of individuals who bought a home between March 2008 and April 2009. Proprietary study results are based on experiences and perceptions of consumers surveyed April-June 2009. Your experiences may vary. Visit jdpower.com

(This is a continuation of a post I wrote about the status of today's short sale market.  You may want to review Post 3 of 4 here before continuing with this one.)

Another issue to keep in mind when helping a buyer purchase a short sale is that buyer's mortgage.  If they lock in their interest rate, that rate lock (typically a 30 day lock) will quite possibly expire and cost the buyer more money to extend by the time the short sale transaction goes through to completion. 

So a buyer needs to be prepared for a longer than normal transaction time, a complete renegotiation of price and/or terms once the banks start the process of deciding what they'll accept, added costs of rate locks being extended or if not, then rates going up.  Short sales are not for the faint of heart!

Is a short sale worth the trouble?  It CAN be.  Is a buyer guaranteed to get a fantastic deal when buying a short sale property?  There are NO guarantees.  For instance, my buyer who closed last month was counting on the $8000 tax credit.  At the time, there was no word on the extension of the first time buyers' tax credit, so all we knew was that if we couldn't close by December, he would lose out on that tax credit.  That money was a major advantage to him buying, so if things had delayed any further, he would have benefitted far less by buying at that time.  Fortunately, the tax credit was extended and we ended up closing in a good time frame after all.  But it wasn't without some last minute craziness and panic on both the seller's side and the buyer's side.

And short sales do not only apply to lower price ranges either.  An agent in my office recently had a $750,000 short sale property. The owners had paid over $1 Million for it but had fallen on hard times and needed to sell.  The biggest problem for them was that the $500,000 to $900,000 price range is probably our quietest segment with the least number of potential buyers.  The last I heard, they had dropped their price again toward the $700,000 mark. 

So the lesson here is that short sales are constantly changing.  If you are a consumer (seller or buyer), make sure the agent you hire has experience in this part of our market.  They should either have lots of experience in short sales or an advanced designation focusing on short sales, or both. 

As an agent helping sellers with their short sale, be sure to have a game plan.  Help your client gather their financial information quickly and completely.  Be ready to make lots of phone calls and stay on hold for a long time.  That's what it takes to speak with those who will help push things through.  Do not stop at the automated voice.  Try to forward through to a live person.  BE POLITE.  No matter how indifferent the person on the other end of the phone may sound, they will be less likely to help you if you lose your temper.  They hear that reaction all day long.  It has to result in them turning a deaf ear to "just another person yelling at me."  If they tell you to call back in ten day, call back in three.  You will likely never speak to the same person twice, so they do not know the difference.  Once, I was told to call back in two weeks.  I called in one week and was told that the thing I was waiting for had happened three days earlier which was a week and a half earlier than their two week estimate!  So I kicked myself for not having called sooner.  Persistence and patience is key.  Document your conversations so you can tell future negotiators and phone answerers what you have sent and not sent... Also so that you can report to your seller, the buyer's agent and the other lien holder (if applicable) on the status of the process.

If you are a buyer's agent helping someone purchase a short sale, take some steps before ever making your offer to ensure the listing agent knows what they are doing.  Be careful not to cause friction by asking the more blatant question "So how many short sales have you done?"  Instead ask these questions, as suggested by the Short Sale Panelists I heard on Tuesday.

•1.       Where are you in the short sale process?

•2.       How many liens are on the property?

•3.       What's your plan to satisfy those liens?

If the listing agent answers with intelligence, chances are greater that they will handle it properly and the transaction will go through.  As a buyer's agent you are less involved in the process, but it is important to stay in touch so your client is confident that the steps are progressing as quickly as possible.  One thing you might do to help...if the listing agent is having trouble getting in touch with the negotiator, sometimes it helps to have the loan originator for your buyer give the lien holder a call.  This might serve to show them that your buyer is serious and there is a risk of them walking away if this transaction does not move forward. 

Of course we are all at the mercy of the bank's employees who will forever be faceless, nameless beings who do not have to worry about ever meeting us or our clients.  This sense of anonymity creates a thick layer of insulation which can foster slower response times from these folks.  If they don't know the buyer and seller as human beings, they'll be naturally less likely to care as much about the transaction going through.  Their paycheck simply requires that they put in a certain number of hours.  We agents, at 100% commission, have learned to do whatever it legally takes to get a transaction pushed through.  We do not get paid until the house closes.  The seller is highly motivated because his credit rating and perhaps his/her family's peace of mind are at stake.  The buyer is motivated because they have spent lots of time looking and picking out this house, spending money on the home inspection and appraisal, have the risk of a rate lock expiring, moving plans to coordinate which can affect their family, school starting, work at the new job, etc.  So the people with the least to lose are the ones in control.  Keep this in mind and adjust your attitudes accordingly and your chances of short sale success will be maximized.  Best wishes to you whether you are a seller, buyer or agent!