Allan Nanney's Blog

Some things make you stop and think ...

Thu, 08 Jul 2010 10:06:57 -0700

Everyone who knows me will verify that I am a huge fan of the Beatles. In today's USA Today is a reprint of a column from The New York Times, written by Eduardo Porter. What he wrote really hit home with me, and, in a way, helps explain me to people who don't really understand why I have the photos from the White Album on my wall. "Ringo Starr turned 70 on Wednesday. It feels as though youth itself is now 70 years old. ... When Ringo was born, the median life expectancy in the US was only 63. ... Maybe the famously self-centered Boomer generation into which the Beatles poured their music never grew up. Like no generation before, Boomers crafted identities out of tastes for music, dress and politics. As we moved into middle age, we brought along the Beatles and passed them on to our kids. Wherever it comes from, there is some unique quality about what the Beatles had to offer. It's not as good as eternal youth, but it is a close second. To me, their music does not sound any older than when 64 was a much longer way off. Maybe this is what we mean by timelessness. It's turning 70 while remaining 24 at the same time." Happy Birthday, Ringo. See you Sunday.

Best Place to Play Golf in NC

Wed, 07 Apr 2010 00:06:21 -0700

I often say there is so much more to living in and around Pinehurst than just golf, but, let's face it, golf is what put this place on the map to many people. So when news comes out like it did just recently, it's easy to see why some many people come here to play. Wouldn't you like to try one of these gems for yourself? Better yet, wouldn't you like to own property here so you can be here as often as you like? Call me, and we'll make it happen.

The Pinehurst, Southern Pines, Aberdeen Area is Home to 5 of the Top 10 Golf Courses in North Carolina Out of nearly 600 golf courses throughout North Carolina, courses in the Pinehurst, Southern Pines, Aberdeen area earned 20 spots in the list of Top 100 Golf Courses in the state, as determined annually by the North Carolina Golf Panel. The rankings, published in the March 2010 issue of BUSINESS NORTH CAROLINA , are compiled based on votes cast by a panel of golf industry experts. The Pinehurst, Southern Pines, Aberdeen region is home to five of the Top 10 golf courses in North Carolina, and eight of the Top 20, as indicated below:1. Pinehurst No. 25 . Pine Needles Lodge & Golf Club6. Country Club of North Carolina (Dogwood)8. Forest Creek Golf Club (South)10. Pinehurst No. 412. Pinehurst No. 816. Forest Creek Golf Club (North)20. Country Club on North Carolina (Cardinal) Rounding out the Top 100 listing were:21. National Golf Club39. Pinehurst No. 749. Pinewild Country Club (Magnolia)54. Mid Pines Inn & Golf Club55. Mid South Club 63. Tobacco Road Golf Club86. Seven Lakes Country Club89. Little River Golf & Resort 92. Pinehurst No. 693 . Legacy Golf Links97. Country Club of Whispering Pines (East) 98. Pinewild Country Club (Holly)

More Good News - Should You Be in the Market Now?

Wed, 04 Nov 2009 08:50:56 -0800

CNN / Money Magazine has just released data which clearly indicates an improving real estate market. Read below to see what I mean. If you've been waiting to buy or sell until things improved, NOW may be the time to act! Home sales contracts rise for 8th straight month Real estate rally attributed to first-time homebuyer tax credit that expires at the end of November. By Les Christie, CNNMoney.com staff writer Last Updated: November 2, 2009: 10:41 AM ET Mortgage Rates

30 yr fixed mtg	5.15%
15 yr fixed mtg	4.59%
30 yr fixed jumbo mtg	6.05%
5/1 ARM	4.21%
5/1 jumbo ARM	4.75%

Rates provided by Bankrate.com. NEW YORK (CNNMoney.com) -- The number of signed sales contracts to buy homes rose in September for the eighth straight month, according to a real estate industry report released Monday. The September Pending Home Sales Index from the National Association of Realtors (NAR) spiked 6.1% to 110.1, consolidating a 6.4% gain in August. It was the index's highest level since December 2006, when it stood at 112.8. The leap was far better than expected. A panel of analysts surveyed by Briefing.com had forecast a 1.2% rise. Analysts, including Lawrence Yun, NAR's chief economist, have traced much of the improvement to the government's first-time homebuyer tax credit program, which gives an up to $8,000 tax break to new homebuyers. It's estimated that between 200,000 and 400,000 additional sales will have been made because of the credit. "What we're witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month," said Yun. The credit lapses after Nov. 30, and the housing industry is bracing for a major turndown in sales if Congress fails to pass some kind of extension. "Clearly, buyers were eager to get business done before the credit's November expiration," said Mike Larson, a real estate analyst for Weiss Research. "So I wouldn't be surprised to see some give back in pending sales over the next month or two." Favorable long-term prospects Any fall-off should only be temporary, however, according to Yun. Market conditions are just so favorable for buyers right now that sales should rebound quickly should they suffer through a hangover following the tax credit demise. With home prices well off their highs and mortgage rates still extremely low, the cost of homeownership is well within the range for many Americans who are not homeowners today. There are, Yun estimates, about 3 million renters who are now financially well-qualified to buy a median-priced home. "As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers," he said. That will not translate into a new boom, however, according to Larson. "No explosion of pent-up demand will send markets to new heights," he said. "The economy is still not in fantastic shape." Housing markets certainly do not seem to be out of the woods, but this latest release added to a modest winning streak of positive recent reports. Prices appear to have stabilized, with the S&P/Case-Shiller Home Price index up four months in a row and completed sales of existing homes at their highest level in two years. Foreclosures, however, continue to plague many markets, adding to supplies on homes for sale, according to Yun. "An excess of homes remains on the market despite recent improvements," he said. "Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline." Increased pending sales are a forward-looking indicator since contract signings precede actual closings; they typically take place two to three months later. Although some contract signings fall through, a jump in signings in September usually means NAR statistics on December existing home sales will improve. First Published: November 2, 2009: 10:04 AM ET

Do You Know Someone in Trouble with their Mortgage?

Mon, 12 Oct 2009 06:16:16 -0700

Overcoming Fear of Foreclosure Critical for Many People to Keep Their Homes RISMEDIA, October 10, 2009-Foreclosure numbers continue to rise and many homeowners are at an increased risk of losing their home. While foreclosure can be prevented, many homeowners remain confused or afraid to confront their mortgage problems and take action to help save their home. "Fear often prevents many consumers from seeking help," said Michelle Jones, senior vice president of counseling for Consumer Credit Counseling Service (CCCS) of Greater Atlanta, Inc. "Overcoming these fears can mean the difference between staying in your home and losing it." CCCS counselors address some of the common fears homeowners have about seeking help: Fear: Homeowners are afraid to let the mortgage company know they are having a problem because they think it will speed up the foreclosure process. Contacting your lender is an important first step if you want to save your home from foreclosure. It provides you with an opportunity to explain why you have fallen behind on your payments and what steps you are taking to get back on track. Lenders have a financial interest in keeping you in your home and may be willing to alter the terms of your loan or devise a repayment plan. Fear: Homeowners believe that if their mortgage company has already turned them down for a loan modification, there is no point in contacting a counseling agency. Many homeowners are turned down for a loan modification because the information they provide to their lender indicates that their expenses exceed their income or that they have not provided accurate documentation and information about their loan. In other cases, the lender may have made a processing error or the investor who owns the loan will not modify loans in accordance with the Making Home Affordable program. A housing counselor may be able to suggest alternatives that better suit your current financial situation or help you make adjustments that make you a better candidate for a loan modification with your lender. Fear: Homeowners fear being judged by others for seeking help. These are challenging financial times. While it may feel like you are the only one struggling, the reality is that many of your friends and neighbors are also finding it difficult to stay afloat. By seeking help, you will not only increase your chances of avoiding foreclosure, you may also serve as an inspiration to others. Fear: Homeowners think it is better to use all of their financial resources before seeking help. Many homeowners try to ride out the financial storm, using their savings and depleting their retirement accounts before seeking help. By the time they do seek help, they are in an even more desperate financial situation and they have spent the resources that may have given them more options in dealing with their mortgage crisis. Fear: Homeowners facing foreclosure fear that their situation is hopeless. For homeowners facing foreclosure, the feelings of hopelessness and despair can be overwhelming. While for some, seeking help may mean saving their home, it is inevitable that some homeowners will end up in foreclosure. A certified housing counselor can help homeowners work through the foreclosure and build a new path for long term financial success. Fear: Companies claiming they can save your home charge large, up-front fees. You can receive counseling from a reputable, nonprofit housing counseling agency at no charge. While there are unscrupulous businesses looking to take advantage of homeowners, there are also many HUD-approved housing counseling agencies that offer help for struggling consumers. For more information, visit www.cccsinc.org. Read more: http://rismedia.com/2009-10-10/overcoming-fear-of-foreclosure-critical-for-many-people-to-keep-their-homes/#ixzz0TkL2k4LL

Home Sales Increasing 7 Months in a Row!

Mon, 05 Oct 2009 05:52:41 -0700

Record Streak Continues for Pending Home Sales Print Article RISMEDIA, October 3, 2009-Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August 2009, rose 6.4% to 103.8 from a reading of 97.6 in July, and is 12.4% above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5. Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. "The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules," he said. "No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month." The Pending Home Sales Index in the Northeast jumped 8.2% to 85.3 in August and is 12.0% higher than August 2008. In the Midwest the index rose 3.1% to 90.8 in August and is 7.6% above a year ago. In the South, pending home sales increased 0.8% to an index of 104.6 and is 8.2% above August 2008. In the West the index surged 16.0% to 130.5 and is 22.3% above a year ago. "There is likely to be some double counting over a span of several months because some buyers whose contracts were cancelled have found another home and signed a new contract to buy," Yun explained. "Perhaps the real question is how many transactions are being delayed in the pipeline, and how many are being cancelled? Without historic precedents, it's challenging to assess." Yun also noted that the data sample coverage for pending sales is smaller than the measurement for closed existing-home sales, so the two series will never match one for one. NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said first-time buyers need to act now. "Potential first-time buyers must make a contract offer very soon to have a reasonable chance of qualifying for the tax credit," he said. "Congress needs to extend and expand this program because it's stimulating the economy and reducing inventory close to price stabilization points." McMillan said a sizable number of homebuyers already in the pipeline could be let down because of the tight deadline. "We know there is a pent-up demand because sales are below normal levels for the size of our population. The faster we absorb excess inventory, the sooner we'll turn the corner on home prices, prevent additional families from becoming upside-down in their mortgages, and give Wall Street the confidence to extend credit to other sectors," he said. "Each home sale pumps an additional $63,000 into the economy through related goods and services, so the benefits of extending and expanding the tax credit far outweigh the costs." Yun said the forecast for home sales and prices depends very much on whether a tax credit is extended. "All we can say for certain is sales will decline when the tax credit expires because we are not yet on a self-sustaining recovery path. It also raises a risk of a double-dip recession," he said. "Extending and expanding the tax credit is the best tool in our arsenal to encourage financially qualified buyers to stimulate the economy and help reduce the budget deficit." For more information, visit www.realtor.org. Read more: http://rismedia.com/2009-10-03/record-streak-continues-for-pending-home-sales/#ixzz0T5JFs3Oz

Best Places to Retire!

Thu, 10 Sep 2009 02:54:23 -0700

Money Magazine Names Its 25 Best Places to Retire - Look Who Made the List at #4!!! • Tee up your retirement Population: 12,000 % over 50: 57% Typical 3-bedroom home: $300,000 Housing prices down: 27% State income tax: 7.75%* Most Americans know this town as the home of Pinehurst Resort, which contains one of the country's oldest and most prestigious golf courses. Yet it's also a friendly year-round community with a bustling downtown, first-rate regional hospital, and mild weather. Granted, at $300,000, the typical home in Pinehurst isn't rock-bottom cheap. But all residents are eligible for membership in the resort, which boasts eight golf courses, 24 tennis courts, three pools, and a 200-acre lake with a beach. If you buy a home from someone who already has a membership, you can pay $12,000 to join vs. $40,000 normally. While the ability to hit the links all year is a big attraction, social life need not center on the sport. "We don't even golf," says Richard Fumea, 65, a retired human resources executive who moved here four years ago with his wife, Susan, 56. "Yet we made more friends in the first three months of living here than we'd made during our 20 years in the Chicago area." --S.M. See complete data, including tax rates, for Pinehurst

Housing Prices Decline, But Some Signs Are Positive

Tue, 08 Sep 2009 10:04:28 -0700

RISMedia has published a report on housing prices. In it, there are signs we may have bottomed out, but the pressure is still on for Congress to take further action, including an extension of the First-Time Homebuyers' Tax Credit, currently set to expire on November 30th of this year. While much of the buyer activity over the past several months can be attributed to that credit, there remains such high unemployment that many economists feel an extension could do even more good by giving additional would-be homeowners the opportunity to buy as soon as they can land a job and get back to work. These people need that extra time to turn things around. Positive Signs - House Price Declines Continue to Moderate RISMEDIA, September 8, 2009-House prices in the U.S. continued to depreciate in the second quarter 2009 but at a much more moderate rate compared to the fourth quarter 2008, the peak of the collapse in home prices, according to a quarterly housing valuation analysis by IHS Global Insight. Prices fell at a 2.7% annualized rate in the second quarter 2009, compared to 2.1% in the first quarter and a 12.5% rate of decline in the fourth quarter 2008, according to the new House Prices in America, the quarterly U.S. housing valuation analysis from IHS Global Insight, one of the world's leading companies for economic and financial analysis and forecasting. Nationally, house prices have fallen 11.0%, on average, below their peak in the spring of 2007; when weighted by market value, the nation is now 11.1% undervalued, and 12.6% undervalued when weighted by housing units. Prices declined in slightly more than one-third- 113 metros- of the 330 metropolitan areas in the study, down from 191 areas in decline in the first quarter, and down sharply from 317 areas registering declines in the fourth quarter of 2008. The second quarter data from the Federal Housing Finance Agency (FHFA) may represent the bottom of the cycle, said James Diffley, group managing director of IHS Global Insight's Regional Services Group, "though it is too early to tell for certain, and the waves of foreclosures and short sales may be obscuring the underlying trend." "Economic conditions remain dire and the federal tax credit for first-time homebuyers expires at the end of the year," said Jeannine Cataldi, senior economist and manager of IHS Global Insight's Regional Real Estate Service. "But available monthly data since May 2009 suggest that the broad decline has ceased." Metro areas in California, Florida, and Nevada, states that experienced the highest levels of overvaluation as the housing bubble expanded, and Michigan, which has been hit hard by the recession and cutbacks in the auto industry, have experienced the greatest declines. More than one-third of the nation's metro areas- 127- have seen prices decline by more than 10%, and nine have seen prices drop by more than 50%, with Merced, Calif., experiencing price declines of 65% off their peak. The largest second quarter home price decline was 6.1%, in St. George, Utah. Only 16 metro areas, most in the middle of the country and six in Texas, have escaped net home declines during this cycle. Extreme home price overvaluation is essentially nonexistent. Only Atlantic City, N.J., remained extremely overvalued, in stark contrast to 2005 when 52 metro areas, fully one-sixth of the nation's metropolitan areas, were extremely overvalued. For more information, visit www.ihsglobalinsight.com.

Living in Pinehurst - Free and Fun Things To Do

Thu, 03 Sep 2009 11:24:04 -0700

I'm reluctant to start a "theme" of blog topics, but it occurred to me that if you were to ask some people, What is Pinehurst all about?, many would say, "It's that golf resort set next to a cute village, with some small towns nearby." Strictly speaking, they would not be totally inaccurate, but, boy, would they be missing a lot! Last Sunday, I stopped by the Pinehurst Harness Track. This beautiful facility is located immediately adjacent to and across the street from Pinehurst Country Club and Resort. The original 56 acre track complex is the oldest continuously operating equine sports facility in North Carolina. On this particular Sunday, the grounds were filled with participants in the PSJ Hunter/Jumper Show. This event featured different age-group riders, from novice to experienced, in judged competition on everything from basic equestrian skills to show jumping. The sounds (and smells) instantly reminded me of my younger years when I spent a fair amount of time learning how to do what these young people were now doing. The setting was magnificent, the weather was beautiful, and, perhaps best of all, admission was free. I was born and raised in Charlotte, NC, and spent virtually all of my adult life there. I was sure that I would always live in a large city because I wanted, among other things, a variety of things to do. In a few short months of living here in Pinehurst, I'm convinced that if you can't find something fun to do here, you're just not looking. This area has such a variety of music, dining, sports, festivals, arts, nature, and a host of other pursuits, enough to keep anyone busy and/or entertained for a lifetime. The golf is incredible, to be sure, but life here is so much more than that. You should come check it out for yourself. Here. In Pinehurst. Where It's All About You.

Living in Pinehurst - More than Just Golf

Wed, 02 Sep 2009 13:09:17 -0700

A great part of the lifestyle that comes with living in the Pinehurst / Southern Pines area is the easy access to many great attractions and leisure options within a short drive. It doesn't have to be all about golf when you live here. I spent a recent Saturday afternoon at the North Carolina Zoo in Asheboro, a quick 45-50 minute drive from Southern Pines. This wonderful property is situated at the foot of the Uwharrie Mountains in what is essentially the geographic center of the state, and it is a beautiful trip. Having opened its first permanent exhibit in 1979, the North Carolina Zoo sits on 1500 acres, but only about 1/3 of that has been developed so far. It's arranged into 2 main sections, one for North American animals and habitats, and the other for Africa. A key word is "habitat" as the entire property is built with the notion of exhibiting the animals in what is as close to their natural habitat as possible. Gone are the days when zoos display their animals in storefront cages so the patrons can walk by and throw peanuts or bananas through the bars. The NC Zoo is making every effort to let the people see what the animals would look like "at home". Be sure to wear comfortable shoes, as the park has over 5 miles of walking trails. A tram connects the two main sections, but the walk is really easy and has plenty of shade, rest stops, and concessions stands. If you want to see cougars, alligators, sea lions, polar bears, gorillas, chimps, lions, elephants, rhinos, zebras, giraffe, bison, elk, a Sonoran desert or you name it, it's all there. In fact, there are more than 1,100 animals and 40,000 plants to discover. When you want to show the kids (or the grandkids) a great time, and not spend a lot of money, think about a good, old-fashioned trip to the zoo.

Keller Williams Highest in Customer Satisfaction with Buyers

Mon, 03 Aug 2009 06:52:12 -0700

Last week, J.D. Power & Associates, the renowned global marketing information services company, announced that for the second consecutive year, Keller Williams Realty ranks highest in Customer Satisfaction among home buyers. The report, which was released on July 30th, went on to say that "Keller Williams also performs particularly well in the agent factor." "For both buyers and sellers, the agent is still the most important driver of overall satisfaction." With the proportion of first-time home buyers increasing from 44% in 2008 to 56% in 2009, the value of having a professional consultant working on behalf of the buyer is more important than ever. We as real estate professionals have been preaching that message on a consistent basis for months now, but sometimes the message doesn't sink in until an objective third party picks up the standard and says what we have been saying. Buyers today are faced with an environment unlike any they have seen in years. Interest rates remain at or near all-time lows. The inventory of unsold homes, both new and existing, offers a selection broader than most of us with any experience in the industry can remember. The federal government has added to the affordability and purchasing power of today's buyers with the first time home buyers' tax credit. Foreclosures and short sales are occurring at record levels which further stimulate interest on the part of investors and bargain hunters, who are realizing they may not have it this good again for a long, long time. With all that being said, doesn't it make sense to hire the best professional adviser you can? J.D. Power certainly seems to think so, and so do I. If you're ready to get serious about buying or selling your home, call or email me today. I'll take it from there. Here. In Pinehurst. Where It's All About You.

Come for the Golf, Stay for the Lifestyle

Fri, 24 Jul 2009 06:44:25 -0700

I hope you had, or will have, the opportunity to read today's edition of USA Today. That paper has been taking a weekly look at the second home market, and today's article is about our town and area. The headline is a classic "Come for the Golf, Stay for the Lifestyle". Boy, I bet our Chamber of Commerce would love to own the rights to that one. Acknowledging my own bias, I think the writer, Larry Olmsted, did a great job of pointing out why this place is so attractive to people of all ages and interests. I'm quoting him now: "Imagine Scotland's St. Andrews, the birthplace of golf, with much better weather and Southern hospitality, and you have Pinehurst, the nation's oldest golf destination." He even gives a thumbnail snapshot of our housing market. As more people learn about the value of owning a second home, especially in this immediate area, it is not unreasonable to think our current inventory of available properties will start to shrink. Buyers right now have a great selection in all parts of the community, in both single family and condo/townhouse neighborhoods. With today's low interest rates, and the $8,000 tax credit for first-time buyers still out there, anyone who has not owned a principal residence in the last three years can really get into home ownership under extremely favorable terms. If that describes you or someone you know, call me. I'll take it from there. Here. In Pinehurst. Where It's All About You.

It's a Great Time to be a Realtor!

Wed, 15 Jul 2009 11:15:50 -0700

This past January marked my 25th anniversary in the real estate profession. In that time, we have not experienced a market like the one that we've seen over the past 18-24 months. Many of my professional colleagues, mostly those who count on their brokers to provide them with leads, continue to sing the blues as if we have no control over our own futures. They bemoan the market as though it were some sort of monster from outer space against which we are powerless. If there is one thing that real estate cycles have proven to us time after time, it's the fact that "good" or "bad" markets will always come and go: it's how we as professionals and consumers respond that matter. Sellers need to understand the critical importance of correct pricing, staging, and flexibility. Buyers need to realize that taking a small "paper" loss on the house they have now can often be "re-gained" several times over by pulling the trigger now, while prices are down, on their new home in the new town or neighborhood. It's the job of the professional Realtor to articulate that to our clients, and, sometimes, to each other. The past few years have been good to almost everyone in this industry. Buyers and sellers in North Carolina, have, for the most part, seen healthy appreciation in their real estate investments. Real estate professionals have had the opportunity to generate more business than perhaps at any point in their careers. Now that those two scenarios are not the same, we need to remember that "cyclical" means that things that go up come down, and vice versa. The answer? Work harder to get through the "shift". People are still getting married, having kids, getting promotions, getting transferred, getting downsized, getting divorced - in short, doing all the things that make buying and/or selling a home necessary. There may not be quite as many doing so, and the ones who are, are likely to be better informed and consequently more demanding. The way I see it, we all benefit from this market. The better trained, better informed, better prepared real estate professional will get to work with a smarter, more committed, more serious client. I think it's a great time to be a Realtor.