Drawings for Great Prizes See page 9
FREE MINI SESSIONS
11:30am – 3:00pm Nordstrom Corridor
• Finding Your Dream Home in the Current Market • $2,000 Tax Credit & 3% Down Payment Program • Closing Table Expectations • Income Properties and Investment Strategies • The Mortgage Puzzle Solved • The Truth about Grout • Encuentre su hogar ideal en el mercado Corriente • Avoiding the Pitfalls of Choosing the Wrong Contractor
20TH ANNUAL
HOME
Buyers FAIR
SATURDAY, MARCH 2nd 10 AM – 5 PM
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2 | Home Buyers Fair 2013 PRESIDENT’S MESSAGE
It is a Great Time to Buy a Home! Durham Regional Association of REALTORS® joins the Home Builders Association of Durham, Orange & Chatham Counties in sponsoring the 20th annual Home Buyers’ Fair. Housing is at its most affordable level in decades. Mortgage rates are at an all-time low, sellers are motivated, owning a home is a great investment, and can lead to many, many years of happy memories. Current market conditions won’t last long. Research shows that prices are beginning to stabilize and price declines are over. Shrinking inventory and increasing home values make now an excellent time to buy a home. Attend the Home Buyers Fair to help you achieve the American dream! On Saturday, March 2, The Durham Regional Association of REALTORS® and the Home Builders Association of Durham, Orange & Chatham Counties present the 20th Annual ‘Home Buyers Fair’ at The Streets at Southpoint in Durham from 10 AM to 5 PM. The Home Buyers Fair is a FREE, bilingual educational event for consumers at all income levels interested in information about buying or selling a home, remodeling, financing or refinancing a home. Donna DeLong Exhibits will be open from 10 AM to 5 PM at the lower level, center court area of 2013 DRAR President Southpoint. More than 35 Industry specialists including builders, REALTORS®, mortgage companies, insurance companies, attorneys and suppliers will offer FREE information about current market conditions, and why home ownership is a smart financial move, a means to achieving financial security. Informative Mini Sessions at the Nordstrom Corridor can help determine if you’re ready to buy a home, invest, or sell your existing home. See page 4 for schedule and list of mini sessions. A home is primarily a place to live, but it is also an important investment. Join us at Andy Krichman the Home Buyers’ Fair to get all the infor2013 HBA President mation you need to make your home ownership dreams come true!
Follow the Durham Regional Association of REALTORS® on www.facebook.com/DRARealtors
4 | Home Buyers Fair 2013
HOME
Buyers FAIR
“FREE Informative Mini Sessions” - the Nordstrom Corridor Get valuable information on the housing market’s most vital topics. FREE mini-sessions with industry experts allows you the opportunity to talk one-on-one in a casual environment.
11:30am Finding Your Dream Home in the Current Market
1:30pm The Mortgage Puzzle Solved opportunity
Fonville Morisey Realty Grace Jones, Broker
First Citizens Bank Bryan Parker
Buyers or Sellers get tips and expert advice on current market conditions.
12:00pm $2,000 Tax Credit and 3% Down Payment Program Do you lack the down payment needed for buying a home? Learn how to apply and determine eligibility for the NC Home Advantage Mortgage program at competitive interest rates.
N C Housing Finance Agency Bill Hobbs
12:30pm Closing Table Expectations
Local real estate attorney provides guidance on ensuring a smooth closing.
Brock, Payne & Meece, P.A. Darin Meese
1:00pm Income Properties and Investment Strategies
Local dual practicing attorneys and REALTORS® share their experience and expertise on current investment opportunities and why NOW is the time to invest in real estate.
Hennessey Real Estate and Hennessey Law, PLLC Thomas Hennessey and Matthew Catania
How to insure you get the best rate, best program and smooth loan closing for your home purchase.
2:00pm The Truth about Grout (live demonstration)
Learn how choosing the proper grout will ensure complete satisfaction with the entire installation of tile. Questions welcome.
Best Tile Dave Kocienda
2:30pm Encuentre su hogar ideal en el mercado Corriente Compradores o vendedores obtener consejos y asesoramiento de expertos sobre las condiciones actuales del mercado
Fonville Morisey-Hwy 54 & Peak, Swirles & Cavillito Properties REALTORS® Liz Schoeneberger and Rebecca Ewing
3:00pm Avoiding the Pitfalls of Choosing the Wrong Contractor
Practical advice on selecting a contractor for building, remodeling or repairs.
M Squared Builders – HOCOA Triangle Rachel Bath & Michele Myers
Information about the exhibitors and mini sessions can be obtained from the Home Buyers Fair Information Booth
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6 | Home Buyers Fair 2013
Homeownership is how many American families begin to accumulate wealth Homeownership is how many American families begin to accumulate wealth. According to recent data from the Federal Reserve Board, a homeowner’s net worth is 45.9 times that of a renter’s. (Median net worth of $234,200 for owners versus $5,100 for renters.) It’s worth noting that this “most recent” Fed data came out in 2009 but is based on surveys from 2007—before housing prices declined. The Fed has a 2009 survey that is being analyzed. Given these facts, a broader historical perspective might be more complete and still paints the right picture: Homeowners’ net worth has ranged between 31 and 46 times more than that of renters in the years 1998 to 2007 (source: Federal Reserve SCF). Our estimate of what the Fed survey might find for 2010 suggests that the ratio of homeowners’ wealth is now 40 times that of renters—within that historical range. According to the 2010 NAR Profile of Home Buyers and Sellers, first-time buyers most often cite the desire to own a home as the primary reason for their recent home purchase. Eighty-five percent of all recent home buyers consider that home purchase
a solid investment, and 76 percent of them believe owning a home is as good as or better than an investment in stocks. Homeownership provides important social benefits such as: • Shelter and security to families • Fosters involvement in community life • Participation in democratic institutions • Homeowners are more likely to vote they volunteer time for political and charitable causes more frequently than renters • Owners do not move as frequently as renters, providing more neighborhood stability • Involvement in community quality-of-life issues helps prevent crime, improve childhood education and support neighborhood upkeep. The decision to own a home is a very personal one, and REALTORS® believe that anyone who is willing to assume the responsibility of owning a home should have the opportunity to pursue that dream.
8 | Home Buyers Fair 2013
Home Buyers Fair 2013 | 9
2013 Exhibitors
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AWT, Engineers & Soil Scientists Saussy Burbank Homes Hunter Oil & Propane Coldwell Banker ADVANTAGE Standard Pacific Homes America Select Mortgage, Inc. Epcon Communities - Cary Keller Williams - Hillsborough Ryland Homes Carpet One Floor & Home of Durham Arthur Rutenberg Homes West & Woodall Town, Lake & Country Properties Homes by Dickerson Wells Fargo Home Mortgage Go Realty - Durham / NFM Consultants, Inc. Real Triangle Properties - Buyer Rebates! M Squared Builders & HOCOA Triangle ADT Security, LLC Fonville Morisey Realty Drees Homes Peak, Swirles & Cavallito Properties Triangle Mortgage Lenders’ Association Brock, Payne & Meece, P.A. / W.R. Starkey Mortgage Cimarron Homes Lennar Carolinas, LLC BB&T Home Mortgage Coldwell Banker - Howard Perry and Walston KB HOME North Carolina Housing Finance Agency Signature Flooring Joshua E. Matthews Insurance Agency Hennessey Real Estate, LLC / Hennessey Law, PLLC Best Tile Triangle Home Crew Realty D. R. Horton, America’s Builder Capitol City Homes A.R.S. Heating and Air Conditioning Advantaclean Environmental of the Triangle
WILLIAMS–SONOMA
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Thank you to the 2013 Home Buyers Fair Sponsors
MICHAEL KORS
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BRIGHTON COLLECTIBLES
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ATHLETA
J. CREW
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FREE Informative Mini Sessions
11:30am - 3:00pm Nordstroms Corridor
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$50 gift card Weaver Street Market/Southern Village $100 Southpoint Mall Gift Card Goodie Basket $150 Best Tile Gift Certificate Keurig coffee maker - single brew $25 Visa Gift Cards Southern Season Gift Basket “There’s No Place Like Home” One hour massage from Massage Envy Giveaways on the hour beginning at 11:00 am
COLE HAAN
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10 | Home Buyers Fair 2013
the
BENEFITS HOME OWNERSHIP of
Being a home owner is more than just having a roof over your head. Home ownership instills feelings of comfort security, stability and pride.
1. Higher Academic Achievement One of the most important social benefits of home ownership is how it affects children and their academic achievement.
supportive environment for their children.2
Another benefit is that home owners tend to move less often Several studies show that there that renters. This stability adds is direct correlation between to a child’s success in school. home ownership and educational A study by the New York achievement. Time and time Federal Reserve Bank found again, it has been proven that that “though home ownership home owners are more involved raises educational outcomes for in their children’s lives, especially children, neighborhood stability when it comes to schooling.1 further enhances the positive outcome.”3 Better social outcomes arise as parents provide a more
However, in addition to these important benefits are substantial social benefits for families, communities and the country as a whole. A few of these benefits are: Continues on page 12
1. Higher Academic Achievement 2. More Cohesive Communities 3. Better Connected Families 4. Improved Health & Safety 5. Stronger Economy
1.“Measuring the Benefits of Home owning: Efects on Children”. Green, Richard K. and Michelle J. White 1997 2. “The Impact of Home ownership on Child Outcomes”. Haruin, Donald R., Toby L. Parcel and R. Jean Haurin 2001 3. “Effects of Homeownership on Children: The Role of Neighborhood Characteristics and Family Income” FRBNY Economic Policy Review. Harkness, J. and S. Newman 2003.
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12 | Home Buyers Fair 2013
2. More Cohesive Communities Home owners tend to stay in their homes longer than renters. They also spend more money to improve their home and are more engaged in enhancing their community. Simply put, home owners care more and take more action. Which leads to nicer neighborhoods, stronger communities and more overall involvement in civic duties.
3. Better Connected Families Along with being more involved in their communities, home owners are more active and connected to their own families. Volunteering at schools, coaching athletic teams, becoming a scout or troop leader are just some of the types of activities home owners are active in. Throw in simple things like family game night and your home becomes the perfect setting for a more-connected, happier family.
Home ownership builds stronger families. Compared to renters, home owners are: less likelyto have alcohol and substance-abuse problems
All statistics from research compiled by the Cincinnati office of the Neighborhood Reinvestment Corporation, April 2003
10 %
more likely to attend church
16 %
more likely to belongto parent-teacher organizations, book clubs, etc.
1.3
times more likely to read newspapers
59%
more likely to own a home within 10 years of moving from parents household
Home Buyers Fair 2013 | 13
4. Improved Health & Safety Home owners are happier and healthier than non-owners. In fact, one study found that people who recently became home Imp owners reported higher Life s rove a Self-e tisfaction d life satisfaction, higher s Contr teem o Physic l over life self esteem, and higher Psych al health ologic perceived control over al hea lth their lives.
C hildren of
less likely to become teenage mothers
wners
%
O me
20 Are
Ho
In addition to being more satisfied with their own personal situation than renters, home owners also enjoy better physical and psychological health.
Home owners have a financial sake in the value of their home. Therefore, owners have more incentive to deter crime by forming and implementing voluntary crime prevention programs. Home ownership also contributes to stable communities, and stable neighborhoods contribute to reduced crime rates.
5. Stronger Economy Being a home owner also has a positive economic impact in your neighborhood, your town, your city and even on a national level. That’s because home ownership creates jobs: remodeling, landscaping, lawn and A home owner’s pool service, furniture net worth is * and appliances, home improvement, real times that of a renter’s. estate services. The list goes on and on. In fact, each home purchase generates as much as $60,000 of economic activity in the local and surrounding area.
45.9
*http://www.federalreserve.gov/pubs/oss/oss2/2007/bull09_SCF_nobkgdscreen.pdf
Rohe, W. and R. Stegman. 1994. “The Effects of Homeownership on Self Esteem, Perceived Control, and Life Satisfaction of Low Income People,” Journal of the American Planning Association, 60(2), pp. 173-84. Rossi, P. and E. Weber. 1996. “The Social Benefits of Homeownership: Empirical Evidence from National Surveys,” Housing Policy Debate, 7, pp. 1-15.
14 | Home Buyers Fair 2013
Buy vs. Rent Comparison The chart shows a cost comparison for a renter vs. homeowner over a seven year period: •T he renter starts out paying $800 per month with annual increases of 5% • The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000 • 6 years, the homeowner’s payment is lower than the renter’s monthly payment • W ith the tax savings of homeownership, the homeowner’s payment is less than the rental payment after 3 years • In years 8-30 the savings increase every year for the homeowner Source: Ginnie Mae, (ginniemae.gov) Source: “Renters Looking to Own Are Ready to Buy, PulteGroup Survey Says,” AOL Real Estate (Jan. 2, 2012) Daily Real Estate News | Thursday, January 03, 2013
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