Pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery into 2011, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator, rose 3.5 percent to 92.2 based on contracts signed in November from a downwardly revised 89.1 in October. The index is 5.0 percent below a reading of 97.0 in November 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said historically high housing affordability is boosting sales activity. “In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” he said. “But further gains are needed to reach normal levels of sales activity.”
The PHSI in the Northeast increased 1.8 percent to 72.6 in November but is 6.2 percent below November 2009. In the Midwest the index declined 4.2 percent in November to 78.3 and is 7.7 percent below a year ago. Pending home sales in the South slipped 1.8 percent to an index of 91.4 and are 7.2 percent below November 2009. In the West the index jumped 18.2 percent to 123.3 and is 0.4 percent above a year ago.
“If we add 2 million jobs as expected in 2011, and mortgage rates rise only moderately, we should see existing-home sales rise to a higher, sustainable volume,” Yun said. “Credit remains tight, but if lenders return to more normal, safe underwriting standards for creditworthy buyers, there would be a bigger boost to the housing market and spillover benefits for the broader economy.”
The 30-year fixed-rate mortgage is forecast to rise gradually to 5.3 percent around the end of 2011; at the same time, unemployment should drop to 9.2 percent.
For perspective, Yun said that the U.S. has added 27 million people over the past 10 years. “However, the number of jobs is roughly the same as it was in 2000 when existing-home sales totaled 5.2 million, which appears to be a sustainable figure given the current level of employment,” he explained.
“All the indicator trends are pointing to a gradual housing recovery,” Yun said. “Home price prospects will vary depending largely upon local job market conditions. The national median home price, however, is expected to remain stable even with a continuing flow of distressed properties coming onto the market, as long as there is a steady demand of financially healthy home buyers.”
Existing-home sales are projected to rise about 8 percent to 5.2 million in 2011 from 4.8 million in 2010, with an additional gain of 4 percent in 2012. The median existing-home price could rise 0.6 percent to $173,700 in 2011 from $172,700 in 2010, which was essentially unchanged from 2009.
“As we gradually work off the excess housing inventory, supply levels will eventually come more in-line with historic averages, and could allow home prices to rise modestly in the range of 2 to 3 percent in 2012,” Yun said.
New-home sales are estimated to rise 24 percent to 392,000 in 2011, but would remain well below historic averages, while housing starts are forecast to rise 21 percent to 716,000.
Yun sees Gross Domestic Product growing 2.5 percent in 2011, and the Consumer Price Index rising 2.3 percent.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Original Article
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
Thursday, December 30, 2010
Tuesday, December 28, 2010
ColdwellBanker.com Features New Lifestyle-Focused Home Search Tool
The Coldwell Banker Real Estate website now features a new home buying search tool focused on lifestyle. The tool allows consumers to rate preferences and hone in on the most important factors in their home search.
Building on this year’s re-launch of its industry leading website and a tradition of innovation and leadership within the real estate industry, Coldwell Banker Real Estate LLC today unveiled a tool that will once again change the way consumers look for homes online. With the new lifestyle search option on ColdwellBanker.com, people who are researching or actively searching for a home can use a simple, sliding scale to rate elements of a home and community that matter most to them. Coldwell Banker Real Estate is the first national real estate brand to offer this capability and new experience.
“We recognize that a home’s value is more than its bedrooms and bathrooms,” said Helen Galasso, vice president of platform development and eBusiness, Coldwell Banker Real Estate LLC. “For some homebuyers, school districts are crucial. For others, the neighborhood’s location can make or break their decision. Our new lifestyle search option on ColdwellBanker.com allows people to intuitively narrow in on communities that fit their needs and then pinpoint the perfect home.”
The new lifestyle search option is just one of several choices home buyers have for finding listings. They can also simply enter their location and home requirements, such as number of bedrooms or price, and see immediate results. Others may prefer to look beyond the typical factors and peruse Coldwell Banker BlueScapeSM, where they can search for homes by selecting from an array of varied images (accompanied by customizable background music).
How It Works
When visiting ColdwellBanker.com, home buyers will see a small toolbar on the right side of the screen, where they can rate factors. These include:
FACTOR DESCRIPTION
Fun, Hip and Trendy Places alive with restaurants, nightlife and activity
Art and Music Neighborhoods rich in galleries, museums and theaters
Amenities Aplenty Regions with shops and services nearby and ready to serve
Fresh Air / Times Sq. Areas that are urban, rural or something in between
Mass Transit Locations with easy access to public transit
A+ Schools Homes near highly-rated schools
Fairway Living Communities with golf courses nearby
Median Price Range Tool to select the search’s price parameters
Buyers will then see neighborhoods that meet their criteria, and can search for homes within these areas. The functionality is powered by Onboard Informatics, which provides real estate information and technology solutions.
First-time homebuyers will also find the new Affordability Radar extremely helpful. After any search, a consumer can set their budget parameters through the radar on the properties that are shown. Based on the person’s current monthly expenses, the radar will display the estimated monthly cost of each property, and how it fits into that person’s current expenses each month.
To experience the new lifestyle search, please visit coldwellbanker.com.
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
Building on this year’s re-launch of its industry leading website and a tradition of innovation and leadership within the real estate industry, Coldwell Banker Real Estate LLC today unveiled a tool that will once again change the way consumers look for homes online. With the new lifestyle search option on ColdwellBanker.com, people who are researching or actively searching for a home can use a simple, sliding scale to rate elements of a home and community that matter most to them. Coldwell Banker Real Estate is the first national real estate brand to offer this capability and new experience.
“We recognize that a home’s value is more than its bedrooms and bathrooms,” said Helen Galasso, vice president of platform development and eBusiness, Coldwell Banker Real Estate LLC. “For some homebuyers, school districts are crucial. For others, the neighborhood’s location can make or break their decision. Our new lifestyle search option on ColdwellBanker.com allows people to intuitively narrow in on communities that fit their needs and then pinpoint the perfect home.”
The new lifestyle search option is just one of several choices home buyers have for finding listings. They can also simply enter their location and home requirements, such as number of bedrooms or price, and see immediate results. Others may prefer to look beyond the typical factors and peruse Coldwell Banker BlueScapeSM, where they can search for homes by selecting from an array of varied images (accompanied by customizable background music).
How It Works
When visiting ColdwellBanker.com, home buyers will see a small toolbar on the right side of the screen, where they can rate factors. These include:
FACTOR DESCRIPTION
Fun, Hip and Trendy Places alive with restaurants, nightlife and activity
Art and Music Neighborhoods rich in galleries, museums and theaters
Amenities Aplenty Regions with shops and services nearby and ready to serve
Fresh Air / Times Sq. Areas that are urban, rural or something in between
Mass Transit Locations with easy access to public transit
A+ Schools Homes near highly-rated schools
Fairway Living Communities with golf courses nearby
Median Price Range Tool to select the search’s price parameters
Buyers will then see neighborhoods that meet their criteria, and can search for homes within these areas. The functionality is powered by Onboard Informatics, which provides real estate information and technology solutions.
First-time homebuyers will also find the new Affordability Radar extremely helpful. After any search, a consumer can set their budget parameters through the radar on the properties that are shown. Based on the person’s current monthly expenses, the radar will display the estimated monthly cost of each property, and how it fits into that person’s current expenses each month.
To experience the new lifestyle search, please visit coldwellbanker.com.
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
Wednesday, December 22, 2010
Existing-Home Sales Resume Uptrend with Stable Prices
Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit.
Lawrence Yun, NAR chief economist, is hopeful for 2011. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” he said.
Yun added that home buyers are responding to improved affordability conditions. “The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970,” he said. “Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.”
The national median existing-home price2 for all housing types was $170,600 in November, up 0.4 percent from November 2009. Distressed homes3 have been a fairly stable market share, accounting for 33 percent of sales in November; they were 34 percent in October and 33 percent in November 2009.
Foreclosures, which accounted for two-thirds of the distressed sales share, sold at a median discount of 15 percent in November, while short sales were discounted 10 percent in comparison with traditional home sales.
Total housing inventory at the end of November fell 4.0 percent to 3.71 million existing homes available for sale, which represents a 9.5-month supply4 at the current sales pace, down from a 10.5-month supply in October.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said good buying opportunities will continue. “Traditionally there are far fewer buyers competing for properties at this time of the year, so serious buyers have a lot of opportunities during the winter months,” he said. “Buyers will enjoy favorable affordability conditions into the new year, although mortgage rates are expected to gradually rise as 2011 progresses.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.30 percent in November from a record low 4.23 percent in October; the rate was 4.88 percent in November 2009.
“In the short term, mortgage interest rates should hover just above recent record lows, while home prices have generally stabilized following declines from 2007 through 2009,” Yun said. “Although mortgage interest rates have ticked up in recent weeks, overall conditions remain extremely favorable for buyers who can obtain credit.”
A parallel NAR practitioner survey shows first-time buyers purchased 32 percent of homes in November, the same as in October, but are below a 51 percent share in November 2009 from the surge to beat the initial deadline for the first-time buyer tax credit.
Investors accounted for 19 percent of transactions in November, also unchanged from October, but are up from 12 percent in November 2009; the balance of sales were to repeat buyers. All-cash sales were at 31 percent in November, up from 29 percent in October and 19 percent a year ago. “The elevated level of all-cash transactions continues to reflect tight credit market conditions,” Yun said.
Single-family home sales rose 6.7 percent to a seasonally adjusted annual rate of 4.15 million in November from 3.89 million in October, but are 27.3 percent below a surge to a 5.71 million cyclical peak in November 2009. The median existing single-family home price was $171,300 in November, which is 1.2 percent above a year ago.
Existing condominium and co-op sales declined 1.9 percent to a seasonally adjusted annual rate of 530,000 in November from 540,000 in October, and are 32.2 percent below the 782,000-unit tax credit rush one year ago. The median existing condo price5 was $165,300 in November, down 5.5 percent from November 2009. “At the current stage of the housing cycle, condos are offering better deals for bargain hunters,” Yun said.
Regionally, existing-home sales in the Northeast rose 2.7 percent to an annual pace of 770,000 in November but are 33.0 percent below the cyclical peak in November 2009. The median price in the Northeast was $242,500, which is 9.2 percent higher than a year ago.
Existing-home sales in the Midwest increased 6.4 percent in November to a level of 1.00 million but are 35.1 percent below the year-ago surge. The median price in the Midwest was $138,900, down 1.1 percent from November 2009.
In the South, existing-home sales rose 2.9 percent to an annual pace of 1.76 million in November but are 26.1 percent below the tax credit surge in November 2009. The median price in the South was $148,000, down 2.6 percent from a year ago.
Existing-home sales in the West jumped 11.7 percent to an annual level of 1.15 million in November but are 19.0 percent below the sales peak in November 2009. The median price in the West was $212,500, up 0.4 percent from a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit.
Lawrence Yun, NAR chief economist, is hopeful for 2011. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” he said.
Yun added that home buyers are responding to improved affordability conditions. “The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970,” he said. “Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.”
The national median existing-home price2 for all housing types was $170,600 in November, up 0.4 percent from November 2009. Distressed homes3 have been a fairly stable market share, accounting for 33 percent of sales in November; they were 34 percent in October and 33 percent in November 2009.
Foreclosures, which accounted for two-thirds of the distressed sales share, sold at a median discount of 15 percent in November, while short sales were discounted 10 percent in comparison with traditional home sales.
Total housing inventory at the end of November fell 4.0 percent to 3.71 million existing homes available for sale, which represents a 9.5-month supply4 at the current sales pace, down from a 10.5-month supply in October.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said good buying opportunities will continue. “Traditionally there are far fewer buyers competing for properties at this time of the year, so serious buyers have a lot of opportunities during the winter months,” he said. “Buyers will enjoy favorable affordability conditions into the new year, although mortgage rates are expected to gradually rise as 2011 progresses.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.30 percent in November from a record low 4.23 percent in October; the rate was 4.88 percent in November 2009.
“In the short term, mortgage interest rates should hover just above recent record lows, while home prices have generally stabilized following declines from 2007 through 2009,” Yun said. “Although mortgage interest rates have ticked up in recent weeks, overall conditions remain extremely favorable for buyers who can obtain credit.”
A parallel NAR practitioner survey shows first-time buyers purchased 32 percent of homes in November, the same as in October, but are below a 51 percent share in November 2009 from the surge to beat the initial deadline for the first-time buyer tax credit.
Investors accounted for 19 percent of transactions in November, also unchanged from October, but are up from 12 percent in November 2009; the balance of sales were to repeat buyers. All-cash sales were at 31 percent in November, up from 29 percent in October and 19 percent a year ago. “The elevated level of all-cash transactions continues to reflect tight credit market conditions,” Yun said.
Single-family home sales rose 6.7 percent to a seasonally adjusted annual rate of 4.15 million in November from 3.89 million in October, but are 27.3 percent below a surge to a 5.71 million cyclical peak in November 2009. The median existing single-family home price was $171,300 in November, which is 1.2 percent above a year ago.
Existing condominium and co-op sales declined 1.9 percent to a seasonally adjusted annual rate of 530,000 in November from 540,000 in October, and are 32.2 percent below the 782,000-unit tax credit rush one year ago. The median existing condo price5 was $165,300 in November, down 5.5 percent from November 2009. “At the current stage of the housing cycle, condos are offering better deals for bargain hunters,” Yun said.
Regionally, existing-home sales in the Northeast rose 2.7 percent to an annual pace of 770,000 in November but are 33.0 percent below the cyclical peak in November 2009. The median price in the Northeast was $242,500, which is 9.2 percent higher than a year ago.
Existing-home sales in the Midwest increased 6.4 percent in November to a level of 1.00 million but are 35.1 percent below the year-ago surge. The median price in the Midwest was $138,900, down 1.1 percent from November 2009.
In the South, existing-home sales rose 2.9 percent to an annual pace of 1.76 million in November but are 26.1 percent below the tax credit surge in November 2009. The median price in the South was $148,000, down 2.6 percent from a year ago.
Existing-home sales in the West jumped 11.7 percent to an annual level of 1.15 million in November but are 19.0 percent below the sales peak in November 2009. The median price in the West was $212,500, up 0.4 percent from a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
Monday, December 20, 2010
Commentary: Mortgage Interest and Real Estate Tax Deduction Facts
In recent weeks, many proposals, suggesting a variety of changes to the tax system, have been discussed. The estimates below are for the complete elimination of these two tax benefits at current marginal tax rates, one of the most extreme possible changes.
Mortgage Interest Deduction Facts:
• 51 million—or 68 percent—of the approximately 75 million owner-occupied houses in the United States in 2009 had a mortgage.
• 38.5 million taxpayers claimed a deduction for mortgage interest, deducting a total of $470 billion, in 2008.
• The average taxpayer claiming the MID deducted $12,200 from taxable income in 2008.
• Therefore, the average taxpayer saved $3,050 in taxes by claiming the mortgage interest deduction1 .
• The total tax savings from the MID in the United States in 2008 was $117 billion.
Real Estate Tax Deductions Facts:
• 42 million taxpayers in the United States claimed a deduction for real estate taxes in 2008, deducting a total of $172 billion.
• The average taxpayer claiming the real estate tax deduction subtracted $4,090 from taxable income in 2008.
• Therefore the average taxpayer saved $1,020 in taxes as a result of the real estate tax deduction2 .
• The total savings from the real estate tax deduction in the United States in 2008 was $43 billion.
Eliminating Deductions: Losses for Home Owners and the Nation
If the mortgage interest and real estate tax deductions were eliminated, the loss would not be a one-year event; homeowners lose out on these potential savings each and every year. The present value3 of these lost savings could total $3.2 trillion. The value of all owner-occupied real estate in the United States in 2009 was $19.3 trillion4 . If the lost tax savings are fully capitalized into the price of houses, the average decline in value in the United States would be 17 percent. From the individual perspective, the median priced home in the United States in the third quarter 2010 was $177,800. A decline in value of 17 percent, as projected, would mean a loss in home value of $29,500 for the typical home owner.
These estimates, because they are based on a complete elimination of these deductions, can be viewed as a high-end estimate. Other changes will result in smaller losses to home owners. Additionally, national results are computed by looking at national averages. A very different picture can result when looking at the state level depending on the characteristics of the housing market, tax payers, and homeowners.
Originally Posted At: Realtor.org
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
Mortgage Interest Deduction Facts:
• 51 million—or 68 percent—of the approximately 75 million owner-occupied houses in the United States in 2009 had a mortgage.
• 38.5 million taxpayers claimed a deduction for mortgage interest, deducting a total of $470 billion, in 2008.
• The average taxpayer claiming the MID deducted $12,200 from taxable income in 2008.
• Therefore, the average taxpayer saved $3,050 in taxes by claiming the mortgage interest deduction1 .
• The total tax savings from the MID in the United States in 2008 was $117 billion.
Real Estate Tax Deductions Facts:
• 42 million taxpayers in the United States claimed a deduction for real estate taxes in 2008, deducting a total of $172 billion.
• The average taxpayer claiming the real estate tax deduction subtracted $4,090 from taxable income in 2008.
• Therefore the average taxpayer saved $1,020 in taxes as a result of the real estate tax deduction2 .
• The total savings from the real estate tax deduction in the United States in 2008 was $43 billion.
Eliminating Deductions: Losses for Home Owners and the Nation
If the mortgage interest and real estate tax deductions were eliminated, the loss would not be a one-year event; homeowners lose out on these potential savings each and every year. The present value3 of these lost savings could total $3.2 trillion. The value of all owner-occupied real estate in the United States in 2009 was $19.3 trillion4 . If the lost tax savings are fully capitalized into the price of houses, the average decline in value in the United States would be 17 percent. From the individual perspective, the median priced home in the United States in the third quarter 2010 was $177,800. A decline in value of 17 percent, as projected, would mean a loss in home value of $29,500 for the typical home owner.
These estimates, because they are based on a complete elimination of these deductions, can be viewed as a high-end estimate. Other changes will result in smaller losses to home owners. Additionally, national results are computed by looking at national averages. A very different picture can result when looking at the state level depending on the characteristics of the housing market, tax payers, and homeowners.
Originally Posted At: Realtor.org
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
Sunday, December 19, 2010
Getting Your House Ready to Sell: Part II
Kitchen Clutter
The kitchen is a good place to start removing clutter, because it is an easy starting point. First, take everything off the counters. Everything. Even the toaster. Put the toaster in a cabinet and only take it out when you use it. Clean out unused items from your cabinets and put them in storage until you move into your new home.
Most likely, potential homebuyers will open all your cabinets and drawers, especially in the kitchen. They want to be sure there is enough room for their “stuff.” If your kitchen cabinets, pantries, and drawers are jammed full, it sends a negative message to the buyer.
If you have a large amount of food and snacks crammed onto shelves or in the pantry, begin using them – especially canned goods. Canned goods are heavy and you don’t want to be lugging them to your Jacksonville NC real estate - or paying a mover to do so. Let what you have on the shelves determine your menus and use up as much as you can.
Closet Clutter
Closets are notorious for accumulating mounds of clutter and sometimes it happens without you even being aware of it. Extra clothes, shoes, coats, hats and gloves - things you rarely wear but couldn’t bear to part with. Store these items away while you are trying to sell, potential buyers will be distracted from the true beauty of your home.
Furniture Clutter
People sometimes tend to have too much furniture in certain rooms. While it may not be too much for your own needs, it may be too much to give the illusion of an open and inviting space a homebuyer hopes to see. You may want to tour some builders’ models to see how they place furniture in the model homes.
Storage Area Clutter
Basements, garages, attics, and sheds accumulate not only clutter, but junk. These areas should be as empty as possible so that a potential buyer can imagine what they could do with the space. Remove anything that is not essential and take it to storage or have a garage sale.
Once you remove the clutter from your house, you are free to focus on fixing up the interior of your home. Subscribe to our Sea Coast Realty blog so you can be the first to read “Getting Your House Ready to Sell: Part III.”
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
The kitchen is a good place to start removing clutter, because it is an easy starting point. First, take everything off the counters. Everything. Even the toaster. Put the toaster in a cabinet and only take it out when you use it. Clean out unused items from your cabinets and put them in storage until you move into your new home.
Most likely, potential homebuyers will open all your cabinets and drawers, especially in the kitchen. They want to be sure there is enough room for their “stuff.” If your kitchen cabinets, pantries, and drawers are jammed full, it sends a negative message to the buyer.
If you have a large amount of food and snacks crammed onto shelves or in the pantry, begin using them – especially canned goods. Canned goods are heavy and you don’t want to be lugging them to your Jacksonville NC real estate - or paying a mover to do so. Let what you have on the shelves determine your menus and use up as much as you can.
Closet Clutter
Closets are notorious for accumulating mounds of clutter and sometimes it happens without you even being aware of it. Extra clothes, shoes, coats, hats and gloves - things you rarely wear but couldn’t bear to part with. Store these items away while you are trying to sell, potential buyers will be distracted from the true beauty of your home.
Furniture Clutter
People sometimes tend to have too much furniture in certain rooms. While it may not be too much for your own needs, it may be too much to give the illusion of an open and inviting space a homebuyer hopes to see. You may want to tour some builders’ models to see how they place furniture in the model homes.
Storage Area Clutter
Basements, garages, attics, and sheds accumulate not only clutter, but junk. These areas should be as empty as possible so that a potential buyer can imagine what they could do with the space. Remove anything that is not essential and take it to storage or have a garage sale.
Once you remove the clutter from your house, you are free to focus on fixing up the interior of your home. Subscribe to our Sea Coast Realty blog so you can be the first to read “Getting Your House Ready to Sell: Part III.”
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
Friday, December 17, 2010
Getting Your House Ready to Sell: Part I
Getting ready to sell your house? It can be an overwhelming and stressful process, but knowing there are adventures waiting for you in places like St. James, NC can make the selling process much more enjoyable. Put a picture of your St. James, NC new home where you can see it during the selling process to keep your spirits looking to the future, rather than dwelling on the past.
Emotion v. Reason
When working with real estate agents, you will often find that when they talk to you about buying real estate, they refer to your new purchase as a “home.” Yet if you are selling property, they will often refer to it as a “house.” Real estate agents understand that purchasing real estate is an emotional decision, but when selling, it is pivotal to remove emotional attachments.
You need to think of your house as a marketable commodity. Property. Real estate. Your goal is to get others to see your house as their potential home. The first step in getting your house ready to sell is to “de-personalize” it.
De-personalize Your “Home”
The reason you want to “de-personalize” your home is because you want buyers to view it as their potential home. When a potential homebuyer sees your family photos hanging on the wall, it can actually shatter their illusions about owning the house. They want to imagine their new life in the home, rather than see the life you’re leaving behind. Put away family photos, sports trophies, collectible items, knick-knacks and souvenirs.
Remove Clutter, Whether You Think it’s Clutter or Not
This is the hardest thing for most people to do because of the emotional attachment to everything in their house. After years of living in the same home, clutter collects in ways a homeowner may not even realize. This clutter can greatly affect the way buyers see your house.
Take a step back and pretend you are a potential buyer or invite a friend over to help point out areas of clutter. Your real estate agent should also be a helpful resource.
Take on the challenge of selling your home in steps and remember your dream Jacksonville NC real estate is waiting for you at the end. Subscribe to our Sea Coast Realty blog so you can be the first to read “Getting Your House Ready to Sell: Part II.”
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
Emotion v. Reason
When working with real estate agents, you will often find that when they talk to you about buying real estate, they refer to your new purchase as a “home.” Yet if you are selling property, they will often refer to it as a “house.” Real estate agents understand that purchasing real estate is an emotional decision, but when selling, it is pivotal to remove emotional attachments.
You need to think of your house as a marketable commodity. Property. Real estate. Your goal is to get others to see your house as their potential home. The first step in getting your house ready to sell is to “de-personalize” it.
De-personalize Your “Home”
The reason you want to “de-personalize” your home is because you want buyers to view it as their potential home. When a potential homebuyer sees your family photos hanging on the wall, it can actually shatter their illusions about owning the house. They want to imagine their new life in the home, rather than see the life you’re leaving behind. Put away family photos, sports trophies, collectible items, knick-knacks and souvenirs.
Remove Clutter, Whether You Think it’s Clutter or Not
This is the hardest thing for most people to do because of the emotional attachment to everything in their house. After years of living in the same home, clutter collects in ways a homeowner may not even realize. This clutter can greatly affect the way buyers see your house.
Take a step back and pretend you are a potential buyer or invite a friend over to help point out areas of clutter. Your real estate agent should also be a helpful resource.
Take on the challenge of selling your home in steps and remember your dream Jacksonville NC real estate is waiting for you at the end. Subscribe to our Sea Coast Realty blog so you can be the first to read “Getting Your House Ready to Sell: Part II.”
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
Tuesday, December 14, 2010
9 interior fixes to sell a home fast
Real estate experts call it “staging,” or presenting the home in the best light so that potential buyers can envision themselves moving right in. Just a few changes here and there can position a home to sell faster than the competition.
1. The nose knows. A house can be perfect inside and out, but if it smells bad, buyers will likely be put off. Make sure there is no noticeable odor, such as pet smells, garbage, stale smoke, etc., to turn off others.
2. Clear out. Make sure the interior looks as spacious as possible. This could mean taking out some furniture and temporarily putting it in storage. Be sure countertops in bathrooms and kitchens are free of clutter. And pack away knick-knacks that can collect dust.
3. Cater to the lazy person. Potential buyers generally want to move in and simply unpack. They don’t want to make major repairs. Therefore, homeowners should do whatever repairs are possible, within reason. If that means tearing down dated wallpaper or replacing carpeting with hardwood floors, it could mean a faster sale.
4. Do a deep cleaning. Whether a cleaning service is hired or the homeowner does it himself, tackling necessary cleaning projects could make the home shine. Now is the time to wash the windows, shampoo the carpets, regrout the bathrooms, and tackle all of those messes that could compromise a sale.
5. Add a fresh coat of paint. If walls are bright colors or eclectic, it could pay to paint rooms in more neutral shades to appeal to the masses. Just be aware that some buyers are suspicious of paint, especially freshly painted ceilings. They may think a homeowner is trying to hide something, usually water stains.
6. Keep the home updated. While one doesn’t have to follow every trend, ensuring the home is ageless can make for a better sell. So if the cabinets scream 1985 and the bathroom is circa 1967, it could be time to do some updating.
7. Create “happy” spaces. Buyers don’t want to purchase a dark home that seems full of doom and gloom. Open the windows, turn on the lights, add lights to dark rooms and use light colors as room accents. Generally buyers want a bright and light home.
8. Avoid provocation. One potential buyer could be an animal lover, another a political activist. No one can tell who will view the home. So don’t display personal items that might offend. Take down mounted deer heads and put away books that may seem offensive. It can be a good idea to store religious items as well.
9. Clean out closets and cabinets: Partially empty closets and cabinets give the suggestion that the home is large and has plenty of storage space -- so much so that it doesn’t even all need to be used. Buyers who see jam-packed closets could wonder what’s up with storage.
Selling a home in a tough market can be easier when homeowners take the steps needed to stage homes for a faster sale.
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
1. The nose knows. A house can be perfect inside and out, but if it smells bad, buyers will likely be put off. Make sure there is no noticeable odor, such as pet smells, garbage, stale smoke, etc., to turn off others.
2. Clear out. Make sure the interior looks as spacious as possible. This could mean taking out some furniture and temporarily putting it in storage. Be sure countertops in bathrooms and kitchens are free of clutter. And pack away knick-knacks that can collect dust.
3. Cater to the lazy person. Potential buyers generally want to move in and simply unpack. They don’t want to make major repairs. Therefore, homeowners should do whatever repairs are possible, within reason. If that means tearing down dated wallpaper or replacing carpeting with hardwood floors, it could mean a faster sale.
4. Do a deep cleaning. Whether a cleaning service is hired or the homeowner does it himself, tackling necessary cleaning projects could make the home shine. Now is the time to wash the windows, shampoo the carpets, regrout the bathrooms, and tackle all of those messes that could compromise a sale.
5. Add a fresh coat of paint. If walls are bright colors or eclectic, it could pay to paint rooms in more neutral shades to appeal to the masses. Just be aware that some buyers are suspicious of paint, especially freshly painted ceilings. They may think a homeowner is trying to hide something, usually water stains.
6. Keep the home updated. While one doesn’t have to follow every trend, ensuring the home is ageless can make for a better sell. So if the cabinets scream 1985 and the bathroom is circa 1967, it could be time to do some updating.
7. Create “happy” spaces. Buyers don’t want to purchase a dark home that seems full of doom and gloom. Open the windows, turn on the lights, add lights to dark rooms and use light colors as room accents. Generally buyers want a bright and light home.
8. Avoid provocation. One potential buyer could be an animal lover, another a political activist. No one can tell who will view the home. So don’t display personal items that might offend. Take down mounted deer heads and put away books that may seem offensive. It can be a good idea to store religious items as well.
9. Clean out closets and cabinets: Partially empty closets and cabinets give the suggestion that the home is large and has plenty of storage space -- so much so that it doesn’t even all need to be used. Buyers who see jam-packed closets could wonder what’s up with storage.
Selling a home in a tough market can be easier when homeowners take the steps needed to stage homes for a faster sale.
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
Coldwell Banker Sea Coast Realty sponsors new Habitat project
Cape Fear Habitat for Humanity brings lots of shovels to a ground-breaking, and also programs, nametags, clipboards and sign-up sheets. When it broke ground for its 116th house last week, it also brought along a box of tissues.
If it weren’t for all the shovels this would have looked like a block party or a family reunion. Neighbors looked out their doors and traffic slowed to check out the crowd and the commotion. At the center of it all was Carol Tyson, soon to own and occupy this newest Habitat home and clearly the most in need of that box of tissues.
“First I want to thank God for these blessings on me and my baby,” she said during the ceremony. “I want to thank Habitat, I want to thank the sponsors, and I want to thank the volunteers. I also want to thank Miss Jane for being so sweet and good to me.” She went around hugging everyone as she thanked them.
“I asked her one thing,” said Jane Roberson, Habitat’s Director of Family Services. “I said please don’t make Miss Jane cry.”
Dozens of volunteers grabbed shovels and dug into rock-solid ground that hadn’t been rained on in weeks. These people were family or friends of the family, Habitat supporters, or affiliates of Coldwell Banker Sea Coast Realty, the sponsor of this particular project. This is the fourth house that real estate office has supported in collaboration with Habitat.
Esmond Anderson, Habitat’s construction manager, got involved long before the shovels and the tissues arrived. “We brought Carol out to this place and we didn’t know what she was going to think about it, so we sat out here one day and talked about it. She was real happy and it’s a beautiful lot.”
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Thursday, December 9, 2010
National Association of Realtors Fighting To Defend the Mortgage Interest Deduction
Following the release of the Deficit Reduction Commission’s report, which recommends scaling back the mortgage interest deduction, the National Association of Realtors® is warning Congress of the potentially devastating effects of such change on American families and the economy. As part of this effort, NAR placed an ad, which appears at right, in several prominent Capitol Hill publications, including: Politico, The Hill, and National Journal.
It reads:
The Facts:
Repealing the mortgage interest deduction (MID) is a form of tax increase. Families with children would bear more than half of the total increase.
IRS data show that taxpayers in the 35 - 45 age group take the largest MID on average compared to any other age group of taxpayers.
First time home buyers would be hurt the most if the MID is curtailed.
Current data from the IRS show that 65% of the taxpayers who have claimed the MID made less than $100,000.
The housing market has not emerged from the crisis that began in 2007.
Congress: The Facts Speak for Themselves
The 1.1 million members of the National Association of REALTORS® strongly oppose proposals to reduce the mortgage interest deduction (MID). Hard-working American families’ budgets are already stressed. Reducing or eliminating the mortgage interest deduction would pull even more money directly out of their wallets. If this crucial deduction is eliminated or reduced, home values will further erode. That’s something America simply can’t afford in this unstable housing market.
Click here to view the facts!
Ken Keegan Real Estate Broker
It reads:
The Facts:
Repealing the mortgage interest deduction (MID) is a form of tax increase. Families with children would bear more than half of the total increase.
IRS data show that taxpayers in the 35 - 45 age group take the largest MID on average compared to any other age group of taxpayers.
First time home buyers would be hurt the most if the MID is curtailed.
Current data from the IRS show that 65% of the taxpayers who have claimed the MID made less than $100,000.
The housing market has not emerged from the crisis that began in 2007.
Congress: The Facts Speak for Themselves
The 1.1 million members of the National Association of REALTORS® strongly oppose proposals to reduce the mortgage interest deduction (MID). Hard-working American families’ budgets are already stressed. Reducing or eliminating the mortgage interest deduction would pull even more money directly out of their wallets. If this crucial deduction is eliminated or reduced, home values will further erode. That’s something America simply can’t afford in this unstable housing market.
Click here to view the facts!
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Click here for more information on Brunswick, County Real Estate
Wednesday, December 8, 2010
More Buyers Say They'd Consider Foreclosed Properties
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Click here for more information on Brunswick, County Real Estate
Monday, December 6, 2010
Strong Rebound in Pending Home Sales
Pending home sales jumped in October, showing a positive uptrend since bottoming in June, according to the National Association of REALTORS®.
The Pending Home Sales Index,* a forward-looking indicator, rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.
Last October, first-time buyers were motivated to make offers before the initial contract deadline for the tax credit last November. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said excellent housing affordability conditions are drawing home buyers. “It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011,” he said.
“More importantly, a return to more normal loan underwriting standards and removal of unnecessary underwriting fees for very low risk borrowers is needed and could quickly help in the housing and economic recovery,” Yun said. Recent loan performance data from Fannie Mae and Freddie Mac clearly demonstrates very low default rates on recently originated mortgages, much lower that the vintages of 2002 and 2003 before the housing boom.
The PHSI in the Northeast jumped 19.6 percent to 71.3 in October but is 27.3 percent below the tax credit peak in October 2009. In the Midwest the index surged 27.3 percent in October to 81.7 but is 24.8 percent below a year ago. Pending home sales in the South rose 7.1 percent to an index of 93.8 but are 18.4 percent below October 2009. In the West the index slipped 0.4 percent to 104.3 and is 15.6 percent below a year ago.
Near term, Yun expects home sales will continue to climb from their cyclical low this past summer. “Even so, we now have some consumer concerns regarding the mortgage interest deduction, an important component in housing affordability,” he said. “Preliminary results of a new survey show nearly three out of four home owners and two out of three renters consider the mortgage interest deduction to be extremely or very important to them. Home owners already pay between 80 and 90 percent of all federal income taxes and additional tax burden would hurt them and the economic recovery, so we have a reasonable hope that it will not be changed.”
The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Click here for more information on Brunswick, County Real Estate
Rules protect right whales from speeding ships
The federal government has again enacted go-slow zones for vessels traveling along the mid-Atlantic coast to help protect one of the most endangered marine mammals in the world.
But this year, the speed-limit rules meant to prevent large ships from colliding with the North Atlantic right whales come with some muscle behind them.
For the first time since the seasonal management areas were established in December 2008, the National Oceanic and Atmospheric Administration has cited seven vessels for allegedly going too fast.
The notice of violations issued earlier this month was for ships that allegedly traveled multiple times through the zones last year at speeds well in excess of the 10 knots allowed.
The rule requires all ships over 65 feet to slow down to 10 knots, or 11.5 mph, when within 20 nautical miles of mid-Atlantic ports, including North Carolina's two deepwater ports in Wilmington and Morehead City.
The go-slow zones run from Nov. 1 through April 30, the times at which North Atlantic right whales are known to migrate along the near-shore waters extending from Rhode Island to Georgia.
The animal's calving grounds are off Georgia and Florida, although the whales have been known to give birth farther north also.
Right whales were once a relatively common sight along the U.S. coastline.
But the large, slow-moving whale received its name because it was the easiest – and hence the "right" – whale for 19th-century whalers to hunt, which they did with reckless abandon.
That's left a population today estimated at only 400 animals, with every whale considered critical for the species survival.
But Ann Pabst, a marine biologist at the University of North Carolina Wilmington, said that for the first time in a long time she's feeling optimistic about the animal's chances to avoid extinction.
Ship strikes and getting tangled in old fishing gear are among the leading killers of the animals.
But since the new speed-limit rules for ships were introduced, Pabst said, there hasn't been a known ship-strike death of a right whale in the Southeast.
Coupled with that, the slow-breeding right whale has been on a bit of a birthing boom.
Pabst said that since 2001, an estimated 200 calves have been born – including two believed to have been born off Wrighstville Beach by "Calvin," who was originally identified as a male before scientists discovered otherwise.
"So the right whales are doing their part," she said. "And with these continued conservation and management steps we've taken in recent years, I'm hopeful we're on the right path."
But, Pabst cautioned, there's still a long way to go.
To that end she said mariners should immediately notify the Coast Guard if they see a right whale, or any whale for that matter, off the coast.
Pabst said the annual migration south takes place in the fall and early winter, with the whales returning to their summer grounds off New England and the Canadian maritime provinces in late spring.
"And they're here now," she said, adding that boaters should also stay a safe distance away from the animals if they happen to come across one. "There's no doubt about that."
Pabst said there were several sightings just before Thanksgiving, with the Coast Guard issuing an alert to mariners Nov. 22.
Original Article
Ken Keegan Real Estate Broker
But this year, the speed-limit rules meant to prevent large ships from colliding with the North Atlantic right whales come with some muscle behind them.
For the first time since the seasonal management areas were established in December 2008, the National Oceanic and Atmospheric Administration has cited seven vessels for allegedly going too fast.
The notice of violations issued earlier this month was for ships that allegedly traveled multiple times through the zones last year at speeds well in excess of the 10 knots allowed.
The rule requires all ships over 65 feet to slow down to 10 knots, or 11.5 mph, when within 20 nautical miles of mid-Atlantic ports, including North Carolina's two deepwater ports in Wilmington and Morehead City.
The go-slow zones run from Nov. 1 through April 30, the times at which North Atlantic right whales are known to migrate along the near-shore waters extending from Rhode Island to Georgia.
The animal's calving grounds are off Georgia and Florida, although the whales have been known to give birth farther north also.
Right whales were once a relatively common sight along the U.S. coastline.
But the large, slow-moving whale received its name because it was the easiest – and hence the "right" – whale for 19th-century whalers to hunt, which they did with reckless abandon.
That's left a population today estimated at only 400 animals, with every whale considered critical for the species survival.
But Ann Pabst, a marine biologist at the University of North Carolina Wilmington, said that for the first time in a long time she's feeling optimistic about the animal's chances to avoid extinction.
Ship strikes and getting tangled in old fishing gear are among the leading killers of the animals.
But since the new speed-limit rules for ships were introduced, Pabst said, there hasn't been a known ship-strike death of a right whale in the Southeast.
Coupled with that, the slow-breeding right whale has been on a bit of a birthing boom.
Pabst said that since 2001, an estimated 200 calves have been born – including two believed to have been born off Wrighstville Beach by "Calvin," who was originally identified as a male before scientists discovered otherwise.
"So the right whales are doing their part," she said. "And with these continued conservation and management steps we've taken in recent years, I'm hopeful we're on the right path."
But, Pabst cautioned, there's still a long way to go.
To that end she said mariners should immediately notify the Coast Guard if they see a right whale, or any whale for that matter, off the coast.
Pabst said the annual migration south takes place in the fall and early winter, with the whales returning to their summer grounds off New England and the Canadian maritime provinces in late spring.
"And they're here now," she said, adding that boaters should also stay a safe distance away from the animals if they happen to come across one. "There's no doubt about that."
Pabst said there were several sightings just before Thanksgiving, with the Coast Guard issuing an alert to mariners Nov. 22.
Original Article
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Click here for more information on Brunswick, County Real Estate
Wednesday, December 1, 2010
Video of Ken talking about St. James Plantation
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate
License plate law enforcement starts this week
Starting Wednesday, make sure your license plate is unobstructed or you may be pulled over and fined.
The N.C. General Assembly passed a law last year that requires the state's name on the bottom of the plate and the year and month stickers on the top to be completely clear. That means that any license plate frames that cover any of that information is illegal, and you could be forced to pay a $100 fine.
While the law went into effect in December 2009, it wasn't enforced, and any drivers pulled over for breaking the rules were only issued a warning.
That changes Wednesday, when law enforcement officials will begin enforcing the rules and issuing citations.
Sgt. Jeff Gordon, a spokesman for the N.C. Highway Patrol, said drivers should make sure they are not obstructing the key information on their plates.
“If they are covering them, by law they can be cited for a violation,” he said.
The purpose of the law, which was supported by law enforcement agencies, is that it increases the readability of the registration information on the plates and helps better identify vehicles, especially in the event of an accident.
Other new driving laws will also go into effect Wednesday. They are:
Commercial driver licenses will expire five years after issuance because of requirements for meeting hazardous materials regulations.
The N.C. Division of Motor Vehicles will no longer charge car owners a $1 postage and handling fee for renewing registrations by mail.
The number of dealer license plates issued to dealers will increase based on previous sales volume and the number of qualified sales representatives working for the dealer.
Original Article
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
http://www.kenkeegan.com/
Click here for more informatino on Southport Area Real Estate
Christmas by the Sea
Events the first week of December.
Friday, December 3
Saturday, December 4
Sunday, December 5
Tuesday, December 7
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
Friday, December 3
- Secret Santa Workshop: At Oak Island Teen Center, Middleton Park, from 4 to 8 p.m. Come let your kids shop for mom and dad secretly. Gifts range from $1 to $5 and are wrapped before they leave. Oak Island Parks and Recreation Department event.
- Tree Lighting at the Cabana: At 46th Street and Beach Drive, Oak Island, at 6 p.m. Entertainment prior to the free event. Oak Island Parks and Recreation Department event.
Saturday, December 4
- Festival Parade on Oak Island: From 4601 E. Oak Island Drive to McGlammery Street starting at 2 p.m. Free event sponsored by Southport-Oak Island Area Chamber of Commerce.
- Secret Santa Workshop: At Oak Island Teen Center, Middleton Park, from 4 to 8 p.m. Come let your kids shop for mom and dad secretly. Gifts range from $1 to $5 and are wrapped before they leave. Oak Island Parks and Recreation Department event.
Sunday, December 5
- Oak Island Tour of Homes: 23rd annual Oak Island Tour of Homes from 1 to 5 p.m. Tickets are $8 in advance, $10 day of tour from Southport-Oak Island Chamber of Commerce, Blue Crab Blue, Oak Island Recreation Center, Oak Island Senior Center, Seaside with Coffee and Grape and Ale. Sponsored by Oak Island Beautification Club, 278-7752.
Tuesday, December 7
- Kids Fire Truck Ride and Dosher Memorial Hospital Tree Lighting: Annual tree lighting at Dosher Memorial Hospital with the Southport Fire Department. Kids meet at the new fire station on N. Howe Street for a ride aboard the fire trucks at 6 p.m., then help Santa light Dosher’s tree. Free event with refreshments; children can take photos with Santa. Call 457-3900 for more information.
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/
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