Fear & Loathing in America

In this economy we could all use some extra savings. And we got it in the best form on Saturday night, Daylight Savings. I love the longer days, especially with weather as good as we're having now. Who doesn't like more daylight? Maybe drive thru movie operators. To take advantage of it I got out for some frisbee golf on the UNC campus yesterday with my Dad. He hasn't played in over a year and beat me at my own game, how does that happen?

Following his win my Dad was off to our yearly company banquet. Now someone forgot to look at a calendar when scheduling that event, they put it right in the middle of the Duke vs UNC game. I decided to skip it myself, there are a few things I can't miss every year and that game is one of them. Plus I've only been with the new company a few weeks now; if I was getting an award already then someone must of screwed up somewhere.

All the economic news is increasingly unfavorable these days, I'll try to find some positives to report here. The Triangle Business Journal recently reported on some encouraging data for us here in the triangle. Our market has completed a tricky task in 2008, with the number of sales down for the year; average home prices still gained ground. Major areas of the Triangle saw a 2-3% rise in home prices, going strongly against the national grain.

If Realtors Decided Movie Titles

Nationally the FHFA reported nationwide a fall of 4.5% in home values for '08. Some 20% of mortgages nationwide are going under, leaving the banks really sucking wind. Most economic outlooks are looking grim for 2009, let's hope these low rates can hold for a while. I just hope the Triangle market can continue to hold strong while the kinks get worked out of our nations economy. If it could take on 2008 I have confidence in our markets future here in the Triangle.

So my business networking group is taking off in Chapel Hill. We recently had our Visitors Day which was a big success. We are at 14 members right now and one of the fastest growing chapters in the area. At $430 a year people aren't flocking to join, but the ones that see the real value join and inevitably grow their business exponentially. Right now I have those 14 members working like a sales team for me, just like those reading my blog. Right?

Well it looks like I'm off to the brewery. It just opened about a stones throw from my house and I am quite excited about it. It's large deck overlooks the Raleigh skyline and has a good neighborhood feel. The beer I've tried so far has been delicious and the food not too shabby. Ok enough blogging I'm getting down there, until next time.

Dude, where's my bailout?

Time for the weekend, I've been positively busy these past couple weeks and finally getting caught up. I've been eligible to substitute teach but still haven't had a free day to do so. I'm hoping to get a shot next week, I'll be starting with Elementary. Twenty kids for 7 hours should be a piece of cake, right? I'm really hoping there will be an opening for a P.E. class. I'll have to avoid all temptation of jumping into the dodgeball game, I know it already. I hope a student brings me an apple, that would make a great first day.

So lots of things have happened since last time I posted. For starters, I'm over at a new office, Coldwell Banker HPW. Since being here I've started a team with my Dad which I'm really excited about. This gives us the ability to give clients better service on every level. With him on board, I now increase my client list and get a helping hand with all of my current business. We put our first c0-listing on the market yesterday, priced at $285,000 in the new Powell Place development in Pittsboro.

The President has just unveiled his bailout plan to fight home foreclosures. The $75 billion dollars will aim to keep people from losing their homes with several strategies. Helping people refinance and giving lenders incentives not to foreclose are all part of his plan, while putting money into Freddie & Fannie to demonstrate to the public we have a strong financial backing and money to lend. This along with the new tax credits that were unveiled will hopefully add a boost to the US housing market and the economy.

While housing market decline seems to headline the national news, we're seeing the other side of it in my business. My Dad and I have had a rush of clients to start this year, it makes us realize the fortune of being in an area like the Triangle. I've encountered several multiple offer situations already this year, a lack of inventory for some clients, and a lot of buyers looking to take advantage of all these current incentives like low rates and tax breaks.

I've got plans to hit the basketball court over the weekend, I haven't picked up a ball in years though. All these games on TV recently have given me the itch to play, I just hope I can still hit the rim. I've never been much of a dunker which is wild, I know. Mugsy Bogues always gave me hope growing up, but that dream sort of faded when I didn't make the middle school team. I'm organizing a Duke vs UNC pick-up game for March 8 before the real matchup, I'll have to really work on my cross over before then.

Chilly today, Hot tamale

This past weekend was spent west in Blowing Rock with my family. It was my parents anniversary but they wanted to get everyone out there together. Winterfest was running so the town was bustling with events and tourist filled sidewalks. Over at the Chetola resort I took part in the "Polar Plunge", what the video below doesn't show is the 75 year old couple going in after me.

I didn't have time to stick around for costume awards as I rushed over to the chili cook-off. With over 50 chili's and many cook-off veterans in the hunt for a $500 first prize, it was my "Chapel Chilli" that was off to an early lead. It wasn't meant to be however, the unexpected 900 hungry attendees cleaned out my big pot just an hour in. With two hours left and no more chili to serve, I saw my lead fade quickly. Trying to round up votes with charm and an empty pot proved a waste of time, these folks were hungry for some spice.

Back in the Triangle I am trying to get all the loose ends tied for a client closing this Friday. This owner will be left dealing with a tax value problem seen across the country as of late. Many devalued homes are now stuck with very high tax values. During the boom many homes across the country were overvalued and the tax assessments are a reflection. Properties with tax values of $250k are selling for $200k. Who wants to pay taxes on an extra $50k in imaginary value?

One solution is having a new appraisal completed to reflect the homes current value. Get this down to the tax assessors office and state your case, there are ways of appealing. In some states folks are lobbying their state legislature, in some law makers are calling for property tax reform. During a time many towns will have budget shortfalls, less property tax is an issue that may cause problems for both sides in the future.

Once you've saved yourself thousands in taxes, go spoil yourself with one of these. We took an hour long Segway tour recently in downtown Raleigh. They are amazingly simple to ride and got a high entertainment rating from me. The guide puts on a good history lesson without putting you to sleep, but is also quick to call you out for riding too recklessly.

I'm ready for the Superbowl but don't' have much vested interest in either team this year. Since Arizona is the underdog I'll be cheering them on I suppose. I'm more excited to hold my Annual Paper Rock Scissors tournament this year. After a first round elimination last year, I'm determined more than ever to win. Time to practice.

Resolutionary

Welcome to 2009, glad you could be here. All that holiday eating and relaxing was most enjoyable, but if feels good to be back into the regular routine. I really like my job so it's nice getting back in the swing of things. Pretty slow business wise during the holiday season, I did get one home under contract though. Aside from a home inspection on Christmas Eve the break proved pretty work free.

I went down to Long Beach for several days over new years. It was nice being on a secluded beach with no agenda whatsoever, just a fridge full of food & drinks with good weather to go along. The only disappointment was the fact I lost every single board game we played, biggest fluke ever I suppose. Driving through Southport and down the coast, it was surprising to see so many building projects put on hold. Appeared many builds shut down half way through, made me grateful our market is holding on as strong as it is.

So new years is the time of making resolutions. I'm great at that part, it's sticking with them that's more difficult. Here are a few I'm shooting for:

Dressing for the Occasion

I mean putting a tie on everyday. Whenever I wear ties into the office, I always seem to get the "what are you all dressed up for?" "Because I'm at work" would be the obvious answer, but my profession has become so casual it seems to catch everyone off guard. I want to be known as an expert & professional so I'll dress like it. I get to make plenty of first impressions every week, I'm hoping this improves each one of them.

Substitute Teach

I completed an application in November down at the headquarters and have yet to get started. Teaching would be a rewarding profession I imagine, my Mom sure enjoyed it for almost 20 years. I really want to make time for one or two days a week to get in there. I am lucky to have a schedule that is flexible enough to do such a thing, so I'll try and take advantage. Looking forward to being back at my elementary seeing all my old teachers.

Philanthropy

I'm ashamed to say every time I see that word on a form I don't know what to put next to it. Last time I really volunteered it was at The Boys & Girls Club in college. I've passed on a few mentor programs in the past few years because of my schedule, I'd like to try and make time for something along those lines. I certainly don't want to commit to something beyond my means so I'll have to find the right opportunity. Send any ideas my way if you'd like.

Outside of writing blogs and making new years resolutions, the year has started quite busy for me. That's a great sign as 2008 ended quite slow. These low interest rates keep bringing buyers out of the wood works and gotten me quite busy. I'm glad it's Friday however and I'm ready for the weekend. I think tonight has some beer & bowling in store for me. If you have not finished making your weekend plans, find a theatre near you playing Slumdog Millionaire. As many movies I've seen over the past month it had to be the best. Until next time, make sure to keep up with all your resolutions.

The Grinch who Stole Equity

Not to be rude, but I'm really hoping carolers don't stop by my house this year. It's always so awkward; me standing on the porch humming along while strangers sing to me. During the coldest time of year at that. Maybe I'll just start checking through the blinds before I answer. I'm guaranteed to walk right back inside should this crew show up.

It's easy to go meal to meal never getting hungry this time of year, that's what I'm thankful for. Finding food in our real estate office is quite possibly easier than finding coffee in the pot, so this time of year it gets on the verge of poisonous. You could sift through all the gift baskets to find the exotic chocolates of your liking, or just grab the brittle from the basket closest to you. All on your way to the computer of course. If you know where to submit the record for the fastest a Honey Baked Ham was ever consumed, please inform me. I timed and witnessed it today.

As we aim to enjoy the holidays, it's hard for the position of the economy to be ignored. So let's take a look. When things such as prices go down, consumers are merry. Except when it's a product they're selling, right? For most of our country, that cheer is stemming from our super low gas prices and bargain interest rates. That pain, well it's generated from the not so appealing lower figures. Like the fact only 20 homes inside Chapel Hill city limits closed in November. Or maybe it's from the 500k in job losses our country faced in the month of November. The economy has to be The Grinch of Christmas '08.

So what is the fed doing to improve the housing market? It has been told we may see mortgage rates drop to as low as 4.5%. This comes as the Treasury continues to halt foreclosures and attempts to revitalize the countries housing market. Low rates and government bail out don't mean immediate changes to the market. The folks getting these low rates have excellent credit history and money to put down. Problem being this is not most people, and certainly not the same people banks were loaning to during the boom. Let's take a look at what goes into a credit score.

As you can see, many first time home buyers and those with poor credit have no avenue left for purchasing property. With all the foreclosures recently, maybe that is the way the system should be designed. I personally hope that alternate but responsible avenues of credit are created, as that gives more opportunity to the lower income home buyer and average American.

With some brief news on my Alma mater, ECU won the Conference USA Championship and is off to play Kentucky for the Liberty Bowl in Memphis on January 2. I don't think I'll be making the trip, but I still don't have plans for new years. I've seen Widespread Panic play in Atlanta for every new years as far as I can remember, which I'll miss as they are out in Denver this year. I'm envisioning something low key though, as a crowded bar or party is not where I'm looking to be when the ball drops.

Tomorrow night I'll be watching the finale of The Biggest Loser. Please cheer on as friends Heba & Ed complete their journey and vie for the $250,000 first prize. I hope everyone enjoys their holidays. I myself am looking for a little snow to fall this year, as sledding never gets old. Catch back up in 2009 and we'll take a look at the year ahead. Happy Holidays!

All Aboard the Gravy Boat

I'm down at Emerald Isle now having gotten a jump on my Thanksgiving break. We have a whole lot of family down for the week and a house that accommodates. We've been doing some boating & fishing so far but I can't seem to get a fish on the end of my line. It's kind of nice that things are slow with work right now. Every family beach trip I can remember has involved me scrambling to find a fax machine and impromptu trips back home to get a contract signed.

Since I'm on vacation, my blog will take a little vacation from the normal real estate scoop as well. The current market combine with this time of year doesn't leave much to be discussed. For those waiting on the market to hit bottom, well your time may be up around here. The rates today hit an incredibly low 5.25%. I for one am looking forward to a promising 2009 market. It should be interesting competing with my Dad this coming year too, who's now licenced and ready to sell.

The house we are staying in is called "One in a Million", which it really feels like. It's on the channel right next to the inlet, making for some good boating and hopefully more successful fishing. I'm pretty bummed about the heated pool out back, it's not working and Mr. Fix It from the rental office can't seem to get it going. I've been planning on spending half my week in that thing. There is a hot tub that will have to make due, although my sisters were laughing so hard in there earlier I'm not so sure it's safe to get in anymore.

It's been a blast having my nieces & nephews around here to entertain. During low tide we have all this beach to go play on right next to the house. My sister took this picture while we were out there yesterday.

Back in Chapel Hill last week, there wasn't a moment when I didn't have a Turkey lunch or dinner to attend. Whoever said there is no such thing as a free lunch obviously never sold real estate. I did find a break to volunteer with the Fix-A-Home project put on by the Chapel Hill Board of Realtors. The homeowner couldn't of been a sweeter old lady who showed her appreciation by the expression on her face every moment we were there. She did have a dog penned up in the smallest cage ever out back, I wish we could of spent half the day fencing in her back yard for it.

I hope you all have a great Thanksgiving. If your hitting the road, Travel safe. And if you get to choose pick fried turkey over baked. Mmmm I can taste it now.

Campaign '08

If your looking for my opinion in the race for the White House, you won't find it here. Staying neutral on issues like politics have been a very important aspect of running my business. A party sticker on my car is going to alienate one client of mine or another, it's just not worth it. Voting is tomorrow however, and I encourage everyone to get out and cast theirs.

A recent survey taken by Zillow.com shows that one candidates supporters have more confidence in their home values than the others. Their survey also concludes 74% of homes have lost value across the nation in the past 12 months. 49% surveyed think their home has increased in value, so like Mark Twain said, "Denial ain't just a river in Egypt". Triangle agents are seeing their listing agreements expire day after day, with many not selling simply because of unreasonable expectations.

This is why I am campaigning for these expired and withdrawn listings. Many agents compete for a listing by trying to put the biggest price tag on it, an unethical and narrow-minded way to approach selling a home. I am working to get these sellers down to earth, put a reasonable price tag on the home and adjusting their inflated expectations. This is just one reason I consider myself a "consultant" rather that a "salesman". I want to give these sellers a realistic education on our market and let them make educated decisions. If they prefer to list with another agent who will price the home beyond the value I see, so be it. I prefer not to have my sign sit in a yard for 180 days anyways.

Because of the Triangle's strong Economic foundation, I don't think a lot of the disillusion is coming from here. Although for the first time in decades we are a "buyers market" with 15% more inventory than last years, that is gradually changing. Our market is not full of over-priced homes, but the ones expiring are good evidence of some that are. Over the next several months I am hoping my campaign will capture some of this business from sellers who are now deciding to take a more realistic approach.

Hi dee ho Neighbor! I hope everyone had a great Halloween. Chapel Hill scaled back it's festivities this year, but it sure felt the same. I was dressed as Wilson, the friendly neighbor from Home Improvement. I received some recognition, however I heard guesses ranging from "defense" to "Are you on the fence about voting?"

I hope lines at your polls are short, and that your candidate wins. Until next time...