Fran Park  Want to talk? You can contact me by phone at 704-578-4778, or email me.
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Open houses are a favorite pastime of mine. I will gladly do one in most any listing I have. I really believe that they can produce a buyer for the home. I have had success more than once using open houses. But I just did one last weekend that had an unusual turn of events. It was in a two-bedroom, two-bath home in an active adult community in Mooresville, NC, and a couple came in to look around. The weather outside was cold and rainy, so they were both bundled in coats, hats, and gloves. The couple seemed to like the property, and stayed quite a while. They walked every room of the house over and over, and did the same outside. They had their son and duaghter in law come and check it out as well, and so they stayed longer.
When they did leave, the couple said they would think about the home and get back to me. I was feeling encouraged about the prospect. The next day I got a phon call from the wife of the interested couple, saying that she couldn’t find her wedding ring, and she thought it might have come off when she removed her gloves in the house. The first thing I asked her was if she checked inside the gloves, but she said she had, and with no luck. She wanted to return to the house and look for her ring. I agreed, and told her I would call her after my morning meeting and we could meet there and look together. As it happened, I was meeting with a friend who had a metal detector in his car, and he loaned it to me to aid in the search.
When I called the woman, she said she had to take her husband to the doctor, and couldn’t meet at the house yet. I decided I would go look by myself, with the aid of the detector. I spent the better part of an hour in the home and all around the yard trying to locate the ring, but had no success. It was disappointing, but I don’t believe I could have done a better search unless I had a gold-sniffing German Shepherd.
I wasn’t able to find the ring, but I was able to detect the undergound gas line in the front yard. Not a good enough reason to own a metal detector. Usually I just find it when I shove the For Sale sign in the ground. But that’s another post.
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Looking for a job in the Lake Norman Area? Tomorrow might be a good day for your search. HOHT, Helping Others Help Themselves, is holding its first job fair on Tuesday, January 10 in Huntersville. It is being hosted by Heather Valeri of Flair Creative Group between 11:00 AM and 2:00 PM at her office, located at 9820 Northcross Center Rd, in the Ballroom.
If you want to hear from local businesses, big and small, about job opportunities in the Lake Norman area, change out of your jeans and t-shirts and put on your Sunday Go To Meetin’ clothes and bring a handful of resumes.
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According to a recent Kiplinger article, Charlotte, NC ranks second among a list of US cities when it comes to being a best value for living. Since the Lake Norman area is just north of Charlotte, and it’s communities support the Charlotte businesses and employers, it’s a safe bet to say that the surrounding towns like Huntersville, Cornelus, and Mooresville are also good values. The Kiplinger article cited several reasons for its ranking of Charlotte, including quality of area schools, employment opportunities, and the city government small-business friendly attitude.
The article also quoted Charlotte’s mayor, Anthony Foxx, as saying “Charlotte is one of the best kept secrets in the country,” but adds that because of the Fall 2012 Democratic Convention, the secret will soon be out.
If you are exploring the Charlotte area, don’t forget to look closely at Lake Norman. Situated minutes from Uptown Charlotte, it offers plenty of housing and recreational opportunities combined with a reasonable commute to work. Interested in learning more about Lake Norman? Email me and I will be glad to send you a Lake Norman Relocation Guide free.
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This post is not designed to provide market analytics on fancy spreadsheets, or charts showing market conditions. It is my anecdotal observations of the real estate market in the Lake Norman area as 2011 winds down. The fourth quarter is usually considered to be rather slow for buying or selling homes, but that is not what I’m seeing right now.
I believe that there has been a lot of pent up demand for housing, whether it’s first-time buyers or growing families, or baby boomers re-evaluating their lifestyle and preparing for their “twilight” years. Judging by my activity, I would say the demand is about to break out. I can’t remember a Q4 when I have been this active. If you spend any time on the internet looking for a market update, you will come away with a headache and no better idea of how we’re doing than when you booted up. But I’m telling you, people are looking to buy now. The last two listings I took went under contract within a week of listing. And I have several active buyers looking right now.
One statistic I will share with you is this: In Mecklenburg, Iredell, and Lincoln Counties, which border Lake Norman, closings are all up double digit percentages compared to a year ago. So then, it is logical that the number of homes for sale is down. If you are looking for a home, prices are very favorable vs last year, so there are deals to be had.
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October is National Breast Cancer Awareness Month
Why am I participating?
I suspect that every one of us, if we pause for a moment, can recall a friend, relative or acquaintance that has dealt with breast cancer. For me, it was my sister-in-law, Yvonne. In 1982, when I was looking for a new start ,Yvonne opened her home to me and allowed me the time to begin a new career, and a new phase of my life. Ten years ago, after a long battle with this disease, Yvonne was taken from her husband, two daughters, and loving family. That is the reason I am participating in this year’s event. Who do you know? Who do you need to remember? If, like me, you have been touched by this disease in any way, and would like to help, please do what you can now. I know that by raising funds in this Making Strides Against Breast Cancer event, we will help the American Cancer Society continue to save lives from breast cancer and create a world with less breast cancer and more birthdays.
If you would like to help me, you can make a donation here.
I believe that one day, breast cancer will never steal another year from anyone’s life and we will live in a world with less breast cancer and more birthdays. Not only is this an opportunity to join our community to fight back against breast cancer, but it is also a way to inspire hope by raising funds and awareness to help those facing the disease.
And you can be a part of it, too.
I have signed up to raise funds to support the American Cancer Society’s efforts to fight breast cancer. I hope you will join my team or make a donation in support of my participation. Together, we can make strides to end breast cancer!
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According to a recent article in the National Association of Realtors® online magazine, Realtor®Mag, The National Association of Home Builders is debuting a new economic index that highlights metro areas that are seeing the most improvement in their housing markets. The First American Improving Markets Index reveals 12 metro areas that have seen a turnaround for at least six months in three core economic areas — housing permits, employment, and housing prices.
“Despite the challenging conditions in the national economy and housing sector, there are areas throughout the country where we are seeing pockets of improvement,” Bob Nielsen, chairman of NAHB, said in a statement. “We created this new index to shine a light on those housing markets across the country that have stabilized and have begun to show signs of recovery.”
Below is the list of the 12 cities that have seen the biggest improvements, according to NAHB’s new index. It’s odd, I think, that Alaska has two on the list. Louisiana has three, and Texas, two as well. However, North Carolina has one city on the list. Fayetteville is the sixth largest city in the state, and very close to Fort Bragg, so there is a large military presence there. It’s also close to the Atlantic coast, so a short trip to the beach.
- Alexandria, VA
- Anchorage, AK
- Bangor, ME
- Bismark, ND
- Casper, WY
- Fairbanks, AK
- Fayetteville, NC
- Houma, LA
- Midland, TX
- New Orleans, LA
- Pittsburgh, PA
- Waco, TX
By the way, if you think the picture of an igloo is a jab at Alaska, you’re mistaken. It’s a jab at Bismark, North Dakota.
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If you live in the south or the southeast, and are in the real estate business, sooner or later you will encounter a home for sale that is sided with synthetic stucco, or as it is also referred to, EIFS. EIFS stands for Exterior Insulation and Finishing System. This product has been around for at least 30 years, but has gotten a bad rap because of some problems identified with trapped moisture between the siding and the framing of the house.
There are three layers to this building system:
Inner Layer-a foam insulation board attached to the sheathing, usually with adhesive.
Middle Layer-A base coat of polymer or cement re-enforced with fiberglass.
Exterior Layer-a textured finish coat
When these three layers bond, they form a barrier that does not breathe. The problems that have occurred have been when moisture finds its way between the EIFS and the sheathed wall of the home. It becomes trapped there, and and if the moisture content gets close to 20%, problems like rotting of wood parts of the structure can occur.
If you live in a home that is stucco on the outside, how do you tell if it is traditional or synthetic? Here is one test that might help:
Synthetic stucco sounds soft and sounds hollow when it’s tapped.
Traditional stucco is hard and brittle and sounds solid when tapped.
Should you, as a potential home buyer, stay away from synthetic stucco? Not necessarily. There are ways to determine if EIFS has been properly installed to prevent moisture problems, and ways to mitigate a problem if found. I you find a house you like, and are concerned about the stucco, it can be inspected. If you own a home sided with synthetic stucco, it would be wise to schedule periodic inspections to protect your investment. Don’t shy away from a home you like just because of the presence of EIFS. Do your due diligence and make your decision based on reliable information.
Want to learn more on the subject? Visit this site. Have a home you want to sell but have had concerns about the stucco, let’s talk. You can email me, or call me at 704-587-4778.
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What is a title search, anyway? Why do home buyers have to pay an attorney to perform this task before they close on a property? Title searches are done to determine the answers to three important questions:
1-Does the seller have a saleable interest in the property? Hopefully, the listing agent for the property will have pulled the current deed to make sure the people signing the listing agreement actually are the owners of record. But that may not disclose some hiccup in the paper trail, like a deceased, widowed, divorced, or lost-at-sea-twenty-years-ago party with an interest in the property.
2-Are there restrictions or allowances that pertain to the use of the land? This includes easements, restrictions, and equitable servitudes such as covenants running appurtenant to the land, or other nonpossessory interests (see, this is why you need a lawyer).
3-Do any liens exist against the property? A lien would include mechanic’s liens, unpaid property taxes, delinquent HOA dues or assessments. etc.
The full title search also searches for bankruptcy proceedings against the sellers. All of this work is done to be sure the sellers are able to deliver what is referred to as a “fee simple marketable title,” or otherwise referred to as a General Warranty Deed.
I had a client selling her property, and after it was under contract and moving towards closing, the closing attorney started the title search on the property. The paralegal called me and said that the search revealed two liens filed against the seller, and a delinquent property tax bill from seven years ago. When I discussed the liens with the seller, she told me that she knew nothing about the judgments. Now, the legal system requires that a party be served with papers notifying them of the judgment before it is attached to their property. My client did not know anything about either lien, and in fact had never heard of or done business with one of the lienholders. As for the delinquent taxes, some investigation into the lender’s escrow account for the loan resolved the issue.
The point of this tale is that buyers will be using the services of an attorney to make sure the title can be passed clearly, and in fact, insured for that ability. If you are a potential seller considering listing your home, you have the right to order a title search as well. They cost in the neighborhood of $75-$85. Not a bad investment to find out if there are any problems. Because in the case I cited above, if any of those liens were in fact legitimately attached to the property, they would have had to be cleared, that is paid, at or before closing. Why not be sure of what’s out there.
Is it possible to do conduct your own title search? To some extent, yes. Public records exist that are searchable online to determine deed information, or chain of title. But you may not find information about liens unless they are on the deed. Tax records are public information. You can search your county’s website and examine your tax bill history. You can see if you have any delinquent taxes due the county. (You can also see if your neighbor has any, but they can see yours, too.)
Anyway, I think it is good for you to understand what a title search is, and why they are necessary. If you are a buyer considering making an offer on a short sale or pre-foreclosure property, you can order a search done before writing the offer to purchase. Might save you a headache down the road. Need more information? Call or email me and I will answer your questions to the best of my ability, or refer you to someone smarter than me. They won’t be hard to locate.
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Should I rent, or should I buy? People have wrestled with that question ever since they decided that caves were no longer suitable abodes. Depending on when, or where, the question has been posed, the answer is not always the same. Trulia, one of my favorite consumer home search sites, has just released their Q2 2011 survey of the 50 largest cities in the USA, which was designed to answer the very question posed here. Their results are very interesting. The survey split the 50 cities into three categories; Much Less Expensive To Buy, Less Expensive To Rent, But Financially Better To Buy, and Cost Of Home Ownership Much Greater Than Renting.
Charlotte, which includes the Lake Norman area, is ranked as the 27th largest city in the country. According to Trulia, buying here is still a much better financial option than renting. Raleigh also shook out to be better for buying. Absolute worst city for buying a home when compared to renting-New York City. The best place in the USA for buying vs renting-Las Vegas, Nevada. Go figure. It’s a desert with no water, high unemployment, no industry other than taking someone else’s money, and that industry is primarily the night shift. I’m not surprised housing is cheap there.
Other interesting findings in this report include unemployment figures by city, foreclosures expressed as a percentage of total housing units, and average rent costs and list prices of homes by city. It’s a very interesting release.
If you have been trying to decide which way to go for your situation, I will be glad to help you sort out the facts. I can help with home prices, average rents, and even refer you to some folks who can evaluate your options from a tax liability perspective. Just call or email me and we can get started.
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The mortgage mess continues to affect employees of Bank of America. According to a recent article in the Charlotte Observer, 3500 employees can expect to lose their jobs in the next few weeks. By fall, the number might be upwards of 10,000. Now, BofA employs over 280,000 people, and with the recent poor performance of their stock shares, something had to change. Initially, according to bank officials, the consumer side of their operation will see cuts, followed by wealth management and commercial areas.
The Observer article said that Wachovia/Wells Fargo would be making some changes as well. I’m scratching my head, wondering what happened to the bailout money the banks got. How much trouble must an institution be in to get that kind of help and still be performing so badly?
To quote Yul Brynner’s line from The King And I, “is a puzzlement to me!”
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Author’s Comments The opinions expressed in this blog are those of the author and do not necessarily reflect those of Coldwell Banker United, Realtors or the management/ownership of Coldwell Banker United, Realtors.
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