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An e-publication of the Raleigh Regional Association of REALTORS速
REALTORS give back to Project Angel Tree 速
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AUTUMN 2009
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RALEIGH REGIONAL ASSOCIATION OF REALTORS® 111 Realtors Way, Cary, NC 27513 (919) 654-5400, Fax: (919) 654-5401 www.rrar.com BOARD OFFICERS John Wood, President Carolyn Kasdorf, Vice-President Theresa Clark, President-Elect Linda Trevor, Secretary/Treasurer Gary Rabon, Past President RRAR DIRECTORS Stacey Anfindsen E. Grayson Hodge Phyllis York Dana Jones Brookshire Carol McCormick Eddie Brown Mollie Owen Suzanne Burton John Pace Kelly Cobb Joey Robbins Mark Connor Randy Scherr Parker Creech Jose Serrano Steina De Andrade Tom Smith Melanie Osborne Wes Snead Marshall Gay Cheryl Wilder Rebecca Harper REALTOR® FOUNDATION OF THE TRIANGLE PRESIDENT Carolyn Kasdorf NCAR REGIONAL VICE PRESIDENTS Elizabeth Allardice Donna Parker NAR DIRECTORS Eddie Brown Eddie Speas John Wood TRIANGLE REALTORS® LEADERSHIP ACADEMY DEAN Ross Rhudy Members are cautioned that the inclusion of a name, specific commercial product or service in an article, or the inclusion of a paid advertisement in this publication does not imply endorsement by the Raleigh Regional Association of REALTORS®. All advertisers in this publication wholly support the Fair Housing Act and fully promote equal opportunity housing. Copyright 2009 by the Raleigh Regional Association of REALTORS®. All rights reserved.
REALTORreview ®
AUTUMN 2009, VOL. 1, NO. 2
features
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CANDLELIGHT TOUR AHEAD The 37th annual Historic Oakwood Candlelight Tour Dec. 12-13 will be festive fun for one and all.
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COMMUNITY OUTREACH The local real estate industry has lots and lots of angels, always eager to help. Next on deck is the Project Angel Tree, a children’s holiday gift drive; and a Support the Troops holiday drive.
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MAKE TECHNOLOGY A SALES ENGINE These technology tips and tricks can make the job of selling homes a lot more time efficient and effective.
departments 2 From the President 6 RRAR Directory 17 Bits & Pieces 17 Learning Opportunities 21 NewsMakers
PLAN FOR A SMOOTH CLOSING Despite the unknowns – whether the first-time homebuyer tax credit will be expanded, no less extended – these tips will increase the chances that your home closing will be smooth sailing.
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URGENT ACTION! Read on to learn the facts about extending and expanding the first-time homebuyer tax incentive, then contact your legislators!
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REMODELING PAYBACKS Remodeling Magazine reviews home improvements that bring the biggest bang for the buck.
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JUST THE MATERIAL FACTS Legal real estate expert discusses full disclosure and what constitutes “material” facts.
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New Members REALTOR® Snapshot Local Market Updates RRAR Events
REALTOR® REVIEW STAFF: Patricia Gregory Rand, editor, patriciar@rrar.com • Caroline Shipman, assistant editor, carolines@rrar.com • Heidi Ketler, managing editor • Shelly Beck, graphic designer, sbdesign@cox.net For editorial contributions and ad inquiries, please contact Patricia Gregory Rand at patriciar@rrar.com or 654-5400.
Autumn 2009
REALTOR® Review Single Identity Color
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from the president
A look back at 2009 By John Wood, RRAR 2009 President
W
the RRAR Holiday Party on December 3rd!
elcome to the 2nd edition of our on-line REALTOR® Review. We are excited about the expanded offerings available in the on-line format and hope that you are enjoying the magazine. With less than 60 days to go in 2009, I want to take this time to thank all of the RRAR Members for allowing me to serve you in 2009. While the year has provided some economic challenges, it has been a true pleasure to serve as your President. RRAR is considered one of the top local associations in the country and there are many people to thank for the continued success. The staff at RRAR and TMLS is the best. The RRAR Board members and countless volunteers are also crucial to our continued success. Everyday I see the commitment that our Volunteers and Staff make to provide you the best tools, programs, and education to succeed in our ever changing industry. Please take a moment today to thank the people that make your Association the best! As we approach the holiday season please take time to help others. For as little as $25 you can participate in the annual Project Angel Tree. Help the children in our community have a gift for Christmas. Also the 2nd USO drive is underway to provide support to our soldiers. Watch your email and web site for more details. Plus please plan to join us for
As you know, a focus for 2009 was to increase educational opportunities and communications with our members and our community. RRAR is now a regular on Facebook, is Tweeting daily and is due to launch a new and improved web site in January. RRAR education programs have taught us how to better use Social Networking in our businesses, how to read body language, how to communicate with appraisers under the new rules, and most importantly how to be safe in our daily lives as REALTORS®. Finally, the Housing Opportunity Committee successfully hosted two telethons on NBC 17 as we found new ways to reach out to our community as the voice of real estate. I hope each of you had an opportunity to participate in the many programs we offered in 2009. Starting to look ahead to 2010, I challenge each of our members in the following areas: 1) Volunteer in your community, 2) Put your goals in writing, 3) Become involved at RRAR, and 4) Live your life to the fullest. Please take a moment to be thankful for all we have as REALTORS® in North Carolina! Again, thanks for allowing me to serve you in 2009!
John
RRAR education programs have taught us how to better use Social Networking in our businesses, how to read body language, how to communicate with appraisers under the new rules, and most importantly how to be safe in our daily lives as REALTORS®. 2
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Neighbors Helping Neighbors Project Angel Tree 2009
The holidays are quickly approaching and you can help put a smile on a child’s face by participating in Project Angel Tree 2009. The RRAR Community Service Committee is proud to sponsor this initiative, which provides gifts to children who would otherwise go without. In these challenging economic times, your support is needed more than ever. If you would like to participate, please contact Priscilla Erwin at priscillae@rrar.com. For more information, please visit www.rrar.com/rrar-events.html. The deadline for angel requests is November 2nd.
REBAR CAMP RDU
The Raleigh Regional Association of REALTORS® is proud to sponsor the REBAR RDU Camp on November 6th. What is a REBAR Camp? It’s an “unconference.” It’s a one day get-together of some of the smartest social media and marketing minds in the industry. Topics of conversation may include Facebook, Twitter, blogging, online photography and much more. Space is limited so sign-up today. Visit www. rebarcamprdu.com for more information or to register.
Autumn 2009
Support the Troops
The Raleigh Regional Association of REALTORS® will host another “Support the Troops” donation drive beginning November 1st – 23rd. Because of your support, the drive held in June was a huge success. We sent more than 500 pounds of donated items to the largest USO distribution center in Baghdad. With your dedication, we can make this holiday drive even more successful. You can show your support to our soldiers by making a simple donation. For a complete list of requested donations, please visit www.rrar.com/rrar-events. html. The need is especially great for rags, hand sanitizer, chapstick and small bottles of shampoo and conditioner. Drop off your donations at the Board now through November 23rd and we’ll ship the items just in time for the holidays.
Project Hope Snack Drive
The Project Hope Food and Snack Drive was a huge success. On September 28th, members of the Community Service Committee delivered more than 400 pounds of food and snacks to Hope Elementary. Milinda Foushee, director of the after-school program, stated, “The food drive was wonderful. We really appreciate the support and it made our kids know that other people outside of this school love and care for them. They know others are pulling for them to do well in school and want to provide for them so they don’t go hungry. We have enough snacks to last us the rest of the school year. It is truly a blessing.” In addition to donating the collected items, the Community Service Committee donated $1,000 to support the after-school program. Thank you for your support of Project Hope and for making a difference in the life of a child.
NBC 17 Phone Bank
The Housing Opportunity Committee of the Raleigh Regional Association of REALTORS® has been featured twice this year on NBC 17 News. As a community outreach effort, the committee volunteered to man a phone bank answering viewers questions about the homebuyer tax credit, loan modification, foreclosures, closings and all things real estate related. Over one hundred viewers called in to get REALTOR® advice. REALTOR® Review
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Social media: faster, better, cheaper By Bernice Ross
If you’re feeling overwhelmed with blogging, Twitter, Facebook, LinkedIn and hundreds of other new sites, take a deep breath and relax. Coping with today’s rapidly changing social media environment is actually easier than you may realize. A primary reason people have challenges coping with change is that they view change as “taking away.” To illustrate this point, imagine yourself taking part in the following experiment: You will be pairing up with one other person in the group. Once you have found that person, you will be asked to study their appearance carefully for about a minute. You will then turn your backs to each other. The next step will be to change two things about your appearance. Ask yourself, “What would you change if you were doing this right now?” After you have changed two things about your appearance, you will then face your partner and see if you can both identify what has changed about the other person’s appearance. You will then be asked to repeat the process and change two more things about your appearance. What two additional things would you change? Autumn 2009
After you repeat the process for the second time, the next step is to ask, “What did this experiment illustrate?” Most people say it illustrates how well people make observations. Almost no one guesses that the real purpose is to illustrate your attitude towards change. As you thought about what you would change, would you have removed a piece of jewelry, your glasses, or perhaps a piece of clothing? If you are like most people, you probably removed something. Rather than removing something, however, you could have changed your appearance by adding something. This simple experiment illustrates the reason we struggle with change: Most people view change as losing something they have. When people fear loss, change is unlikely. In contrast, when change is viewed as “adding to,” the process becomes much easier. If you’re struggling to adapt to today’s rapidly changing market, part of your challenge may result from your belief that change means giving up something. A more effective approach is to identify how the change adds to your life. Here are just a few examples that illustrate this point.
1 Faster and broader communication Twenty years ago, you had three main ways to communicate with clients: by snail mail, telephone or face to face. Fax machines allowed us to send documents quickly to our clients rather than having to deliver them personally. If you wanted to develop a geographical farm, you would have to door-knock, spend thousands of dollars on postcards and brochures, and cold call into the farm area. While these strategies still work, they’re not as effective as using technology. Innovative technologies allow us to reach more people electronically. For example, instead of sending a postcard, you can send an e-mail card or a text message. The goal is to stay in regular contact with your contact database. The activity hasn’t changed. Instead, we simply have more options from which to choose. While most people resent cold calls and toss out agent postcards, the changes in social media have created an environment where other people actually seek you out, [See SOCIAL MEDIA on page 7] REALTOR® Review
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MISSION STATEMENT The Raleigh Regional Association of REALTORS®, the area’s voice of real estate, promotes the highest ethical and professional standards and cooperation among its members; provides products, programs and services to meet the evolving needs of the real estate industry and consumers; and serves as a leading advocate of private property rights and community involvement.
VISION STATEMENT “Anticipating and meeting the opportunities and challenges of our industry.” RRAR 2009 COMMITTEE CHAIRS Bylaws: Theresa Clark Building: Stacey Anfindsen Community Service: Teresa Connor Communications & Public Relations: Stacey Anfindsen Governmental Affairs: Asa Fleming RPAC: Theresa Clark Housing Opportunity: John Hartofelis Personnel: Carolyn Kasdorf Grievance: Marty Willson, Lewis Grubbs, Mary Erazim, Seth Roberts Professional Standards: Harriette Doggett, R. Gilliam Kittrell, Bill Owens, Amy Poole-Butler Strategic Planning: Theresa Clark Nominating Committee: Eddie Speas 2009 COUNCIL CHAIRS Contemporary Real Estate Council: Dayne Luck International Council: Helen Tam Top Producers: Jill Fink and Jill Kirby Women’s Council: Louise Griffin RRAR STAFF DIRECTORY: Main Office: (919) 654-5400 Fax (919) 654-5401 www.rrar.com RRAR Company Store: (919) 654-7253 Executive Vice President: 6
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Raymond C. Larcher, Ext. 218, rayl@rrar.com Governmental Affairs Director: Taralyn P. Lightner, Ext. 215, taralynl@rrar.com Education Director: Cara Mottershead, Ext. 211,caram@rrar.com Facilities Coordinator: Mary Rachel Bowling, Ext. 210, maryrachelb@rrar.com Director of Member Services: Betsy Ramsey, Ext. 217, betsyr@rrar.com Member Services Assistant: Priscilla Erwin, Ext. 216, priscillae@rrar.com Communications Director: Patricia Gregory Rand, Ext. 239, patriciar@rrar.com Communications Associate: Caroline Shipman, Ext. 238, carolines@rrar.com RRAR Company Store: Yukari Powers, Ext. 201, store@rrar.com Receptionist: Shelia Clark, Ext. 200, receptionist@rrar.com TMLS STAFF DIRECTORY Vice President of Operations: Rachel Wiest, Ext. 219, rachelw@trianglemls.com Executive Assistant: Christy New, Ext. 220, christyn@trianglemls.com MLS Services Director: Kathy Matheson, Ext. 233, kathym@trianglemls.com
TMLS Training Specialist: Allan Nielsen, Ext. 208, allann@rrar.com Compliance Coordinator: Letitia Santos, Ext. 234, letitias@trianglemls.com Compliance Assistant: Raina Joyner, Ext. 242 Computer Training Coordinator: Lynne Brid, Ext. 232, lynneb@trianglemls.com Web Master/Data Distribution Manager: Carol Hamrick, Ext. 213, carolh@trianglemls.com Media Coordinator/Data Distribution Assistant: Bonnie Eaddy, Ext. 207, bonniee@trianglemls.com Technical Operations Manager: Matt Nagy, Ext. 225, mattn@trianglemls.com Customer Support/Help Desk: J. Stepp, Ext. 226, js@trianglemls.com Jennifer Horton, Ext. 227, jenniferh@trianglemls.com FINANCE/MEMBERSHIP DEPARTMENT Financial Director: Alma Palmer, Ext. 223, almap@rrar.com Accounts Receivable Coordinator: Pat Long, Ext. 222, patl@trianglemls.com Accounts Payable Coordinator: Randi Gaines, Ext. 221, randig@trianglemls.com Membership Coordinator: Susan Jones, Ext. 224, susanj@rrar.com Membership Assistant: Kelly Hunsucker, Ext. 209, kellyh@trianglemls.com Autumn 2009
[SOCIAL MEDIA continued from page 5]
provided you offer them value. In this example, the real change is shifting from communicating with one person at a time to communicating with many people simultaneously. When you post on your blog, Facebook and Twitter, you can reach large groups of people who welcome your message rather than resent it.
2 Serving as a trusted advisor This is one of the most valuable roles that you can play. Most agents still answer client questions face to face, by phone or by e-mail. This process can consume massive amounts of time because many clients ask the same question. Several years ago you could post a “Frequently Asked Questions” page on your Web site. With the evolution of blogs, however, you can now answer these questions online and reach a much broader audience. In fact, you probably have a year’s worth of blog posts sitting in your undeleted e-mails. The beauty of this approach is that for each question you answer, you create a new link to your site. This in turn helps you obtain better search-engine ranking. You could Autumn 2009
also use the Facebook fan page function to accomplish the same goal. Unlike the Facebook profile pages, fan pages are searchable and help build your Web ranking.
3 Marketing your listings In the past, you would take photos and send them to your clients by snail mail or e-mail. You could also post them on your Web site. Today, you have a wealth of additional places to market your listings. You can syndicate your listing information to thousands of other agents. Syndication also reaches a host of major portals including Craigslist, eBay, plus all the sites that Realtor.com, your company and your local multiple listing service serve as well. If you take videos, you can use a service such as TubeMogul. com to syndicate your video to 15 other video portals including YouTube, Google Video and Yahoo Video. Rather than being limited by your print marketing budget, you can literally reach thousands of potential viewers who may be interested in your listings.
face to face and providing exceptional service. That hasn’t changed. Technology simply allows us to reach more potential clients in less time -- with less cost and less effort. If you approach technology changes as providing you with additional options to serve your clients, you will be amazed at how much easier it is to make the changes today that will keep you on top tomorrow.
Twenty years ago, you had three main ways to communicate with clients: by snail mail, telephone or face to face. While these strategies still work, they’re not as effective as using technology. Innovative technologies allow us to reach more people electronically.
Real estate is still about being REALTOR® Review
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Just when the party is beginning to show signs of life, do you take away the only punch bowl? Even though first-time homebuyers are driving the housing market, there has been little energy in the nation’s capitol to extend the $8,000 tax credit beyond the Nov. 30 deadline. That doesn’t mean that some of the more influential trade organizations in this country have stopped trying to convince legislators that the first-time incentive is key to sustaining any semblance of housing momentum. Representatives from the National Association of Home Builders, along with the National Association of Realtors, believe the tax credit is critical to their members. If a first-time homebuyer did find a home in time to beat the deadline, how much time would be needed to close the deal?
First-time buyer tips for smooth closing
BY TOM KELLY
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Most lenders say they need a minimum of 30 days to close a loan and many will not guarantee that everything will be wrapped up by Nov. 30. Just to be safe, it’s best to get started as soon as possible with as much documentation as possible. The number of applicants will increase as the deadline for the first-time buyer tax credit approaches. FHA-insured loans can take longer, even with an in-house underwriter. If the lender must send the file to the investor to have it underwritten, the lender is at the mercy of the investor’s workload. Underwriting timeframes should be shorter now because overall volume is lower, but everyone in the lending industry expects a late tax-credit rush. Autumn 2009
A crucial element in getting loans processed and closed in a timely matter is a complete file. If you have spent time only shopping for a home and not compiling your financial package, here is a list of the top five documents to immediately prepare for your lender: • Copy of driver’s license and Social Security card • Pay stubs (covering most recent 30 days) • W-2 and 1099 statements for 2008 and 2007 • Copy of 2008 and 2007 federal tax returns with all schedules • Bank statements for checking, savings, money market, CDs and IRAs (covering past two months) including account number and bank. Often the initial underwriting loan review will trigger additional requirements needed from the borrower. With new rules now in play regarding appraisals and disclosures coupled with the overall tightening of underwriting guidelines, it will be key to start the loan process as soon as possible in case additional documentation or verification need to be met for final loan approval. There are income limits attached to the $8,000 first-time credit. A phase-out of the credit begins when the taxpayer’s modified adjusted gross income exceeds $75,000 if single or $150,000 if married filing jointly. The credit is eliminated completely when the taxpayer’s income reaches $95,000 (single) or $170,000 (married filing jointly). Taxes owed or refunds due to the taxpayer are factored into the calculation. Autumn 2009
If a first-time homebuyer did find a home in time to beat the deadline, how much time would be needed to close the deal? Modified adjusted gross income, or MAGI, is a calculation created by the Internal Revenue Service. To find it, a taxpayer must first determine “adjusted gross income” or AGI. AGI is the total income for a year minus certain deductions (known as “adjustments” or “above-the-line deductions”). AGI includes all forms of income, including wages, salaries, interest income, dividends and capital gains. While first-time buyers are often viewed as young people seeking their first home, a firsttimer does not necessarily have to be “young.” The IRS defines a first-time buyer as anyone who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the homebuyer and his/her spouse.
joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time homebuyer. In addition, first-time homebuyers must purchase the property from a source unrelated to them. For example, they cannot purchase the house from a spouse, parent, grandparent, child, or acquire the property by gift or inheritance and obtain the tax credit. Now, let’s hope for an extension.
For example, if you have not owned a home in the past three years, but your spouse has owned a principal residence, neither you nor your spouse qualifies for the firsttime homebuyer tax credit. However, unmarried REALTOR® Review
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GET ON BOARD THE TECHNOLOGY TRAIN
BY MANDY REUTTER
Who else is tired of hearing about the economy and how the housing market is at a crawl? I know I am. And I know I’m not the only one who sits down with a glass of wine at night, telling friends about how 5 years ago I had sold 50+ custom new homes in one year. Those kinds of numbers may not exist for most people right now, but I guarantee you there are agents out there that have found a way to stay busy and sell homes. You may be thinking, “Well I don’t have the kind of money it takes to market like the big agents.” The beauty is… you don’t have to! Take advantage of the internet. You don’t have to pay a lot of money for a website or an IDX solution. There is web-based software that costs less than $300 to set up and requires minimal monthly payment. Most social networking and blog sites are FREE. I am a licensed broker and chose to go into real estate software because I saw a need to supply the Triangle area agents with useful tools that could assist them in the process of buying and selling homes. I want to share some of this useful information and tips through the course of this article that will help you as Realtors get online, get educated, and get competitive.
GET ONLINE Did you know that according to NAR, 87% of buyers & sellers research online prior to contacting an agent. Think of it, 87% of buyers and sellers are researching online first. It’s like walking into a room of 87 eager customers with no business card. These days, if you are not on the web, you’re not selling homes. Tips for getting online: • Build a website with a “branded name”, either your name, or your office name. • Set up a Facebook and Twitter account. • Provide information that is relevant to your industry and marketplace. • If you have a new listing, post it on your profile page. • Share additional photos of your properties. • Provide unique information that 10
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buyers & sellers might not be able to find through your MLS listing. • Promote price changes or open houses. • Create a FREE account with Postlets (online web-based flyers). You can post your listings on Craigslist directly through Postlets. • Join ActiveRain (agent blog site). • Integrate your personal blog into your main website. There are some software companies who have agent website templates with builtin blogs, at no additional charge.
GET EDUCATED It is important for new agents to understand that when you are looking to purchase real estate software, you will need both a website, and a property search tool. Not all companies offer a website solution and an IDX or VOW solution. Your website is a means for buyrs & sellers to find you. Your content and your
property search tools are a way to capture them as leads and convert them into clients. Find a company that is capable of offering agent websites and IDX/VOW property search. This way you are guaranteed to have a seamless looking website. Not all technology is compatible. Not all property search tools plug into agent websites without getting distorted or running off the page. This is the last thing you want and in my opinion it’s a waste of money. Your website is now working against you. It is no longer useful to buyers and sellers because it is difficult to operate and read. Simple. Simple. Simple. You have 30 seconds to make an impression. Know what your target audience is looking for and give it to them. Give them a way to search for homes… I mean isn’t that what they are looking Autumn 2009
for to begin with? Buyers & sellers don’t care about the weather or what the stock market is doing when they are looking for homes. You are not a meteorologist or a stockbroker. You are a licensed Realtor. Educate them on what you know and why you should be their trusted real estate professional.
GET COMPETITIVE Earlier this year, the Triangle MLS introduced a new policy into our market, governing the use of previously restricted property data. As you may know, the virtual office website, or VOW was defined by our NC Real Estate Commission as a “vehicle for conducting online brokerage in a way that is similar to how a brokerage firm interacts with its clients and customers in a brickand-mortar office.”
Tips on how a VOW can help your business? • Sharing sold data, captures unrepresented sellers looking for comps. • Sharing tax values can spark a buyer’s interest and generate a scheduled showing. • Sharing sold price vs. list price can reassure a buyer or seller’s mind when purchasing or selling a home. • Having an enhanced property search can attract more clients to your site over your competitor’s website. • Registering on a VOW, creates an agency relationship which creates a sense of loyalty to the transaction process.
I’ll go on record and say “The market is turning around.” Are you ready? Have you prepared your business for the turn around? Budget and pricing shouldn’t be a problem, because as stated above, you should be able to find a company that can supply you with a website and property search for a minimal investment. The old saying “spend money to make money,” is not advising you to spend a lot of money, but a moderate investment is necessary. Take our present economy as an opportunity to do some research, prioritize, and above all else, relax in most cases the technology is there to help you. Just make sure the technology you select is working for you and not against!
Kind of vague? Kind of confusing… right? That’s the thing about policies, usually written by attorneys, they don’t seem to make sense until someone breaks it down into basic terms or examples that you can understand. Let me try and eliminate the confusion and give you a better explanation of VOW. “A VOW is an individual broker or broker office website that allows buyers & sellers to access all the non-confidential information in the Triangle MLS, such as sold properties, sold prices and tax values, after the buyer or seller has initiated a broker relationship through an interactive registration process.” In its most simple form; think of VOW as an enhanced property search tool that captures more leads and creates greater consumer interest. Autumn 2009
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2010 DUES BILLING Q Dear REALTOR ® Member, The year 2010 is just around the corner, and it is time to renew your membership with the Raleigh Regional Association of REALTORS®. Renewing your commitment to your local Association also renews your membership at the state and national levels as well. MEMBER BENEFITS INCLUDE: Savings in Continuing Education costs Computer Training Center Group buying power Professional Standards Administration Internet based MLS system Centralized Showing Service Political advocacy and RPAC administration Risk reduction seminars Standardized contract forms available for free online from NCAR REALTOR® store now available for purchases online Discounts on room rentals at One Eleven Place Membership meetings and socials And more… With over one million REALTOR® members worldwide, the National Association of REALTORS® is the largest trade organization in the United States. An organization is only as strong as the commitment of its members, so by renewing your 2010 membership, you are insuring the continued success of your Association and your career. Best of luck in 2010, and thank you in advance for your renewed commitment to the Raleigh Regional Association of REALTORS®
Sincerely, Theresa Clark
HOW WILL I RECEIVE MY DUES INVOICE THIS
E-mail billing has been a tremendous success for three years. You will be receiving your dues inv e-mail again this year. You will NOT be mailed a pa
HOW DO I MAKE SURE THE ASSOCIATION H CORRECT E-MAIL ADDRESS FOR ME?
Please verify your personal roster information in te update your e-mail address if needed. WHEN ARE 2010 MEMBERSHIP DUES DUE? December 31, 2009. IS THERE A LATE FEE?
Yes. Any dues received after January 31, 2010 wi $75 late penalty.
HOW MUCH ARE MY REALTOR® DUES AND W THE “BREAKDOWN?”
The Raleigh Association local dues are $171; the N Association dues are $130; the National Associa are $115. Since this board collects all dues (loc and national) your total amount is $416.
WHAT IS THE MOST CONVENIENT WAY TO P
Paying online with a credit card is quick, easy and You can also print a receipt for your records.
ARE DUES REFUNDABLE IF I DECIDE TO P LICENSE ON INACTIVE STATUS LATER IN THE
No. According to the Bylaws, dues are non-refund
ARE DUES TAX DEDUCTIBLE AS A BUSINESS EX
Yes. Annual dues are a deductible business expens for $78.05. This amount is dedicated to lobbying e (for NAR, NCAR and RRAR combined) and, as in the 1994 Tax Act, is a non-deductible expense.
FAILURE TO RECEIVE A NOTIFICATION DOES NOT RELIEVE THE REQUIREMENT TO MEET ESTABLISHED PAYMENT DE INFORMATION ON DUES IS PUBLISHED ON OUR WEBSITE A RRAR.COM, IN THE REALTOR® REVIEW AND IN THE REALTOR® R WHICH IS OUR BIMONTHLY NEWSLETTER.
2010 President 12
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Q&A
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Extending and Expanding the Home Buyer Tax Credit Will:
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Tell Congress tax credit is working http://www.capitolconnect.com/builderlink/ As the Nov. 30 deadline looms, the housing industry is engaged in its most intensive grassroots campaign in history to continue the gains of the $8,000 first-time home buyer tax credit. Declaring the tax incentive an effective and essential tool for assuring the nation’s economic recovery, the National Association of Realtors and the National Association of Home Builders are urging members of Congress to: • Extend the credit for home purchases through Nov. 30, 2010; • Expand the credit to all buyers of a principal residence; and • Maintain the current $8,000 maximum credit amount.
National Association of Home Builders
www.nahb.org
www.realtor.org
Online ads in The Wall Street Journal, The New York Times and on Google have been viewed more than 25 million times.
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During its first year, the first-time home buyer tax credit fueled home sales and mortgage loans. NAHB estimates that an extended and expanded home buyer tax credit will, among other things:
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• Create more than 350,000 jobs;
• NAR First Vice President Ron Phipps testifying before the Senate Banking Committee; (PDF: Phipps testifies or LINK: http://www.realtor. org/fedistrk.nsf/files/testim_sbhua_102009. pdf/$FILE/testim_sbhua_102009.pdf)
• Increase home purchases by 383,000; and
• More than 450,000 member letters with call to action sent to Congress;
• Boost housing starts by 82,000.
• Print ads in influential Capitol Hill newspapers read by members of Congress and staff; and
Click here to read a one-page analysis of NAHB’s home buyer tax credit proposal. (PDF: NAHB Tax Credit Proposal or LINK: http://www.nahb.org/fileUpload_details. aspx?ContentID=127117) NAR’s call to action is heralded as the most successful in its history. To date, it has included: • A Fly-In, with Federal Political Coordinators from 29 states sent to Washington, D.C., with call to action for members of the House Ways and Means, and Senate Finance Committees; • NAR President Charles McMillan making connections with a podcast; (LINK: http:// www.realtor.org/about_nar/presidents_ report/_podcast_archive/mcmillan_
Autumn 2009
americanrecoveryact_20090217)
• Online ads on The Wall Street Journal and The New York Times Web sites, and on Google viewed more than 25 million times. There are several easy ways you can join the grassroots campaign: • Write Congress today by visiting www. capitolconnect.com/builderlink. • Call your members of Congress toll-free at (866) 924-6242. • Fill out a Congressional feedback form by clicking here (LINK: http://www.nahb.org/ form.aspx?formID=3922) and e-mail it to builderlinnk.nahb.com, or call (800) 368-5242, ext. 8475. REALTOR® Review
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Green Remodels that Pay Back JULIE P. HAWKINS
How can you advise clients about incorporating green features into their pre-sale improvements? According to the Remodeling Magazine Cost vs. Value Report 2008-2009, the following mid-range upgrades fetch the most return at resale in the Raleigh area. Here’s some advice on how to shade them green.
1. Deck addition (wood) Remodeling Magazine scenario: Cost: $9,370
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Resale value: $7,863
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Recouped: 83.9%
Green it up: For a deck addition, choose green materials that are non-toxic, last longer, and require less maintenance. For a wood deck, look for lumber certified by the Forest Stewardship Council (FSC), which guarantees that the wood either came from a certified wellmanaged forest, or is a reclaimed or recycled product. The low maintenance, high recycled content, and durability of a plastic or composite decking also make it a sustainable choice. The Healthy Building Network offers ratings on plastic and composite lumber at www.healthybuilding.net/pdf/gtpl/gtpl_product_ratings.pdf. What your clients do with the old materials is just as important as what they install. Decking materials were historically treated with toxic chemicals, so never burn them. Take treated wood to the local landfill or transfer station and place it in the non-clean wood pile.
2. Siding replacement Remodeling Magazine scenario: Green it up: Mineral-fiber and cement-based siding products are inexpensive, require little maintenance, and rarely need replacement. According to RM’s report, they also get a better return on investment at resale than standard vinyl (86.7% vs. 80.7%). Depending on the age of the home, your client may be able to use more efficient insulative vinyl siding, which adds another layer of insulation and moisture protection, helping save on heating and cooling costs.
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Vinyl siding
Fiber-cement siding (upscale)
Foam-backed (insulative) vinyl siding (upscale)
Cost: $9,326
Cost: $12,951
Cost: $11,572
Resale value: $7,705 Resale value: $11,785
Resale value: $9,716
Recouped: 82.6%
Recouped: 84.0%
Recouped: 91.0%
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3. Kitchen Remodel Remodeling Magazine scenario: Minor kitchen remodel: Update 200-square-foot kitchen with 30 linear feet of cabinetry and countertops, leave cabinet boxes in place but replace fronts with new raised-panel wood doors, drawers, and hardware. Replace oven and cooktop. Replace laminate countertops; install mid-priced sink and faucet. Repaint trim, add wall covering, and replace resilient flooring. Cost: $20,320
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Resale value: $16,234
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Recouped: 79.9%
Major kitchen remodel: Update 200-square-foot kitchen with 30 linear feet of semi-custom wood cabinets, 3’ x 5’ island, laminate countertops, and double-tub stainless-steel sink with single-lever faucet. New wall oven, cooktop, ventilation system, built-in microwave, dishwasher, garbage disposal, and custom lighting. New resilient flooring. Painted walls, trim, and ceiling. Cost: $53,236
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Resale value: $42,104
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Recouped: 79.1%
Green it up: There are dozens of easy green options for a kitchen remodel, where upgrades can have a dramatic visual impact. Just for a short list, start with FSC-certified cabinets, low- or no-VOC (volatile organic compound) paints and finishes, and faucets with aerators. Cabinets are often made of pressed or composite wood (particle board) and contain urea-formaldehyde, which will off-gas for some time. Choose new cabinets without formaldehyde. For existing cabinets, seal exposed pressed-wood surfaces with a low-VOC sealant such as AFM’s Safecoat Safe Seal. Refinish wood floors with a low-VOC sealant or install a sustainable flooring product like cork, salvaged stone, or true linoleum. Learn more from the Buyer’s Guide to Green Flooring Materials at GreenHomeGuide.com. To save energy and water, replace outdated lighting, refrigerators, freezers, and dishwashers with ENERGY STAR qualified products. If the kitchen contains an old washing machine, replace that too. Learn more at www.energystar.gov.
4. Window replacement Remodeling Magazine scenario: Green it up: Replacing old, inefficient windows with ENERGY STAR qualified models can save homeowners 7-24% on their energy
Basic insulated vinyl windows Cost: $9,496 Resale value: $7,535 Recouped: 79.4% Autumn 2009
bills, and offer a better return on investment at resale. Visit www.energystar.gov for valuable installation and purchasing tips. [See GREEN on page 23]
Insulated vinyl, low-E, simulated-divided-light windows Insulated wood windows, with simulated woodgrain exterior clad in vinyl interior finish and custom-color or aluminum exterior finish
Insulated, low-E, simulateddivided-light wood windows (interior) with stained hardwood interior finish and custom-color aluminum exterior cladding
Cost: $10,416
Cost: $12,257
Cost: $16,222
Resale value: $8,215
Resale value: $10,095
Resale value: $12,576
Recouped: 78.9%
Recouped: 82.4%
Recouped: 77.5% REALTOR® Review
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Autumn 2009
bits & pieces
learning opportunities
RRAR REALTOR® Store
2010 BOSS Planners – Early Bird Special 15% off*! Designed specifically for Realtors. Organizes buyer and seller data, listing and sales progress, closed sales, and more. Several designs and colors available. Spiral bound or 7-hole punch to fit most of the binders. Please call first for availability. Pepper Spray for your safety – Pink canister: Support National Breast Cancer Foundation. 25 shots of pepper spray 8-10 feet. Self-defense Spray – Snap-top red, blue or black case – 25 shots of red pepper, tear gas and UV dye 8-10 feet. Both come with a key ring. The Pink canister also comes with a separate key ring quick release attachment. Tall Sign Posts – 2 1/4” x 3” Aluminum Swing Sign Post – Powdered Coated to Enhance Durability – Top Quality “Non-rust Aluminum” – 64” overall height, 58” at top of cross arm. Two cross arm lengths available to hold either 24” or a 30” sign. Three sections for easy transport. Sign clips included. Holds rider on top of cross arm. (Signs/Info Box sold separately.) 2010 Magnetic Calendar – Early Bird Special Pricing and Quantity Discounts*! As low as $0.39 each with envelope! Order yours today! Holiday, Green Living and Recipe Designs available. Sale ends November 30. Direct Line: 919-654-7253 – See photos: https://www.trianglemls.com/rrar-store.html
Tips from the Store
Do your corrugated signs pop out of your sign frame? Just punch holes in the signs with a sharp tool and tie the sign to your frame with plastic zip ties! Can’t find a sign to say exactly what you want? Try our custom printing sign service. Professional, affordable results with Quick Turnaround! Email or call to order. *Sorry, sale offers cannot be combined with other discounts. Autumn 2009
2010 Triangle REALTOR® Leadership Academy – Application Deadline has been Extended until December 1, 2009 The Raleigh Regional Association of REALTORS® is proud to begin accepting applications for the 2010 Triangle REALTORS® Leadership Academy. Leadership skills are essential for your success as a leader in your industry or a volunteer in your community. Whether you are interested in leading people or leading organizational change, the Triangle REALTORS® Leadership Academy will help you increase your effectiveness as a leader and equip you with a resiliency that is important in our ever changing profession. The 2010 Triangle REALTORS® Leadership Academy will consist of seven program modules spread throughout the year. Topics discussed will range from leadership concepts, planning and administra-tion, communication skills, spokesperson training and media relations, financial programs, issues and budgeting considerations as well as attending the “State of the Triangle” and NCAR Legislative Day. Taught by a nation-ally recognized faculty, the Triangle REALTORS® Leadership Academy will prepare REALTOR® members for existing and future Association, community, civic, religious, political and personal leadership opportunities. [See LEARNING OPPORTUNITIES on page 18] REALTOR® Review
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learning opportunities [OPPORTUNITIES continued from page 17] Enrollment for the Leadership Academy is extremely limited in order to maximize the experience for the participant. Please contact Cara Mottershead at (919) 654-5400 for a complete packet. Deadline for all applications is November 2, 2009. “Being in the Triangle Leadership Academy helped me grow as a person. The friendships and skills learned during my session were invaluable to me. I am a much more confident real estate agent because of my experience.” Julie Garrison with Prudential York Simpson Underwood 2008 Triangle REALTOR® Leadership Academy Graduate
“Being a participant of the Raleigh Regional Association of REALTORS® Leadership Academy of 2008 was one of the most professional and personal growth promoting experiences I’ve had in a very long time. The Academy brings out strengths I didn’t know I had and fine tuned others that I use in my everyday work and personal life. I look forward to future accom-plishments that will be simplified by the leadership tools I developed. The Leadership
Academy was an outstanding opportunity and one that I would not trade because of what it now brings to my professional and volunteer endeavors. I’ll work hard to encourage others to apply so they too can expand their talents and also know how to tap into those of their peers. I’d love to be able to attend again, just because it was such a positive experience.” Miki Davis with Coldwell Banker Advantage 2008 Triangle REALTOR® Leadership Academy Graduate
CONTINUING EDUCATION Exciting news! Starting in January, the 2010 Continuing Education course schedule will be emailed to members instead of a paper copy being sent to your postal mailbox. In an effort to save money on postage, printing, and paper, we are going electronic. All courses will continue to be listed on our website and we will have paper copies available at the Association. To ensure that you receive the 2010 course schedule when it becomes available, please make sure that your email information in your member profile is up-to-date.
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REALTOR® Review
Sales & marketing by
UNITED Autumn 2009
MATERIAL FACTS: Once Material, Always Material? By Will Martin
I am frequently asked by REALTORS® whether they are required to disclose the existence of some past event that had an adverse effect on a property. I give my customary “it depends” answer because the answer depends – as it always does – on the particular facts. Take the following example: you’ve just gotten a new listing on a house and you’re sitting at the seller’s dining room table assisting her in completing the Property Disclosure Statement. The seller relates that one Saturday evening a couple of years ago, water began dripping from the dining room chandelier just before the arrival of dinner guests. The dinner party was adjourned to the living room and was a screaming success, but a post-party investigation revealed a slow leak in an upstairs bathroom tub/shower just above the dining room that had caused a significant amount of unseen damage. Lots of damp wood and mold under the tub in the space above the dining room ceiling. (The hair on your neck stands up when the seller mentions “mold.”) The leak was fixed, the mold removed and a fair amount of sub flooring and sheetrock replaced. (You steal a glance at the dining room ceiling as the seller is talking Autumn 2009
and it looks perfect.) The seller tells you that she has documents from a reputable contractor that detail all the work that was done. You are thinking to yourself: Do I have to disclose any of this to a prospective buyer? As you know, you are required by the licensing law and the REALTOR® Code of Ethics to disclose material facts about a property. So are the facts that the seller has told you about in the above example material facts? In my opinion, if an agent can, under the particular circumstances with which he/she is confronted, reasonably conclude that: (1) the source of a problem has been identified and satisfactorily corrected/ repaired and (2) any damage caused by the problem has been satisfactorily repaired, then the agent would not be required to disclosure any facts about the problem and the damage caused by that problem because the information is no longer material. In the example given, I would recommend that you, as the listing agent, request copies of the documentation from the contractor. If the documents support what the seller has told you, and based on your own inspection of the property there are no indications that the problem still exists, I do not believe
you would be required to disclose what the seller has told you about the leak or the problems it caused to prospective buyers. On the other hand, if the seller didn’t have reasonable documentation from the contractor and you were unable to reasonably satisfy yourself in some other way that the leak and the resulting damage had been taken care of (by perhaps contacting the contractor who did the work or getting a supporting opinion from another qualified person), then you would probably be required to disclose. Even if disclosure isn’t required, I recommend that agents have a discussion with their seller clients about the potential benefit of disclosing anyway. Buyers who discover the existence of a previous problem after closing sometimes threaten or even take action against the listing firm and/or the seller based on an alleged “cover-up” of the problem. Disclosing the problem up front and demonstrating that everything has been fixed should help avoid that possibility. Will Martin is a manager in the law firm of Martin & Gifford, PLLC, which practices primarily in the area of real estate brokerage law. For more information about the firm, go to www.martingiffordlaw.com. Copyright © 2009, Martin & Gifford, PLLC. REALTOR® Review
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newsmakers Gautier joins more than 30,000 real estate professionals in North America who have earned the ABR designation. The requirements for the coveted designation include a comprehensive course in buyer representation, an elective course focusing on a buyer representation specialty and practical experience in the field of buyer representation. LEE CRAWFORD
ANGELA FRENCH
BARBARA POSTMA
Local REALTORS® Achieve National Association of REALTORS® Green Designation Lee Crawford with Allen Tate Realtors in Raleigh along with Angela French and Barbara Postma with Fonville Morisey Realty in Cary and Chapel Hill have been awarded the National Association of REALTORS® Green Designation, the only green real estate professional designation recognized by NAR. Crawford, French and Postma achieved this prestigious designation after completing 18 hours of course work designed specifically for REALTORS®. The courses were created in collaboration with a multidisciplinary team of industry experts from across the country, ensuring designees gain comprehensive knowledge of green homes and buildings and issues of sustainability in relation to real estate.
Jeff Gautier Achieves ABR Jeff Gautier of Fonville Morisey Realty in Durham has been awarded the Accredited Buyer Representative (ABR) designation by the Real Estate Buyer’s Agent Council (REBAC) of the National Association of REALTORS® (NAR). The ABR® JEFF GAUTIER designation is geared towards agents who wish to enhance their buyer representation skills, and provides proof to prospective buyer-clients of their proficiency at servicing the special needs of buyers. Autumn 2009
Derek Bateson Certified as Graduate, REALTOR® Institute Derek Bateson of Coldwell Banker Howard Perry and Walston Strickland office has earned his GRI (Graduate REALTOR® Institute). The GRI is a nationally recognized professional designation. The GRI curriculum and standards are governed by the National Association of REALTORS®. On a national level only 18% of REALTORS® hold this prestigious designation; Derek Bateson is one of a select group of North Carolina Real Estate Professionals who currently hold this designation.
Pam Marshall Awarded Certified Residential Specialist Designation Pam Marshall of Fonville Morisey Realty in Cary has been awarded the prestigious PAM MARSHALL Certified Residential Specialist (CRS) Designation by the Council of Residential Specialists, the largest not-for-profit affiliate of the National Association of REALTORS®. REATLORS® who receive the CRS Designation have completed advanced courses and have demonstrated professional expertise in the field of residential real estate. Fewer than 38,000 Realtors nationwide have earned the credential. [See NEWSMAKERS on page 22] REALTOR® Review
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newsmakers [NEWSMAKERS continued from page 21]
Teresa Pitt Graduates from NC REALTORS® Leadership Academy Class of 2009 Teresa Pitt of Century 21 Vicki Berry Realty in Raleigh recently graduated from the North TERESA PITT Carolina Association of REALTORS® 2009 Leadership Academy. The graduation ceremony was held during the closing session at the NCAR Annual Convention in Savannah. Recognizing that leadership development is an essential element in the process of improving the real estate profession, the Leadership Academy seeks to identify and train local REALTOR leaders for future leadership positions. The 12 participants, who were chosen from a statewide pool of highly qualified applicants, worked together in an intense training course that combined individual study, group sessions, and actual project experience. Training sessions included activities to help participants identify individual leadership skills, team-building exercises, and instruction about goal setting, network building, and improving communication skills.
Everett “Vic” Knight Appointed to Real Estate Commission
VIC KNIGHT
Everett “Vic” Knight of Raleigh was appointed by Governor Beverly E. Perdue to the Real Estate Commission. The appointment was announced by Phillip T. Fisher, Executive Director.
Knight, a licensed broker since 1984, is also a certified appraiser and the owner of Chapel Hill Appraisals and Consultants. He previously was 22
REALTOR® Review
broker/owner of Century 21 Vic Knight Realty in Hillsborough for 10 years. Knight is currently a director of the National Association of REALTORS®, a past president and member of the board of directors of the North Carolina Association of REALTORS®, and past president of the Chapel Hill Board of REALTORS® and the Triangle Multiple Listing Service. He is a Continuing Education Instructor for the Real Estate Commission and the North Carolina Appraisal Board.
REALTOR® Tony McKinney passes away Tony McKinney, Broker/Owner of RE/ MAX Classic Realty in Clayton, Knightdale and Nashville passed away on Tuesday, September 29, 2009 at 42 years of age from injuries sustained in a motorcycle accident. Tony was a selfless man! Those who knew him would tell you that he had a HUGE heart. He was always giving of himself to his family, his RE/MAX family, his church, his community and numerous charitable causes including the Children’s Miracle Network. A passionate man, he loved real estate and RE/MAX! He began in real estate in 1996 and ultimately opened RE/MAX Classic at Flowers Plantation in 2002. The offices in Nashville and Knightdale were opened in 2007 and 2008 respectively. He worked tirelessly to advance his business and the real estate community. He loved all aspects of the business but particularly loved working with builders and new construction. Tony earned his CRB and CLHMS designations and was a member of the Johnston County Association of Realtors, Raleigh Regional Association of Realtors and the Johnston County Home Builder’s Association. In addition, he had just completed his Accredited Master Associate (AMA) with the North Carolina Builder Institute. A “larger than life” personality, there weren’t many people Tony didn’t know. He always knew someone you knew! As President of Autumn 2009
[GREEN continued from page 15] If window replacement isn’t in the budget, suggest storms. Tightly fitting storms can be nearly as efficient as new windows—and a great alternative to throwing old windows into a landfill.
Green Remodels that Pay Back
Many people replace windows when it isn’t necessary. If the existing windows are double pane but just leaky, try stopping air infiltration using V-seal and caulk. Google “Improving the Energy Efficiency of Existing Windows” for guidance from the U.S. Department of Energy.
5. Basement remodel Remodeling Magazine scenario: Cost: $54,288
the Clayton Chamber of Commerce, his focus was on economic development. He wanted nothing more than to see Clayton grow and advance into the future. In death, as in life, he continues to give. As an organ donor, multiple individuals and families will benefit from his generosity and lead a fuller life thanks to him. In them, through his children and family and extended RE/MAX family he lives on. Our lives are richer having known this great man! We will miss you Tony McKinney! Sell lots of real estate up there! With Tony’s departure, the Corporate Board of Directors has charge of the company. Connie Bradshaw is the new Broker-in-Charge of RE/MAX Classic Realty in Clayton and the Brokers-in-Charge of our Knightdale and Nashville offices remain unchanged. The company will continue to practice real estate and provide uninterrupted service to all our clients as Tony would have desired! Autumn 2009
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Resale value: $42,407
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Recouped: 78.1%
Green it up: The biggest concerns in many basements are moisture management, insulation, and radon. If a radon test is positive, you will need remediation measures, which should be done before the remodel begins. Neither the test nor remediation are very expensive. To keep your basement warm and dry, look for further advice on finishing and insulating your basement from the Her Home Magazine article, “Upgrading Below Grade,” at www.herhome.com/magazine/ articles/2005/fall/upgrading-below-grade.asp. For water efficiency, install a water-efficient toilet, low-flow showerhead and faucet aerators. Visit www.epa.gov/owm/water-efficiency for product guidance. An ENERGY STAR qualified exhaust fan will control moisture and run quietly and efficiently. If including a wet bar, use the advice from the Kitchen Remodel section above. Use low- or no-VOC paints and ENERGY STAR qualified compact fluorescent lights (CFLs) and appliances. Choose flooring that’s moisture-resistant, such as recycled or locally mined stone, recycled tile, bamboo, or natural linoleum (not vinyl). Advise your clients to keep tabs on all their green upgrades by saving receipts, manufacturer information, and energy bills to help tell the story and sell that house! Highlight the home’s green features on the MLS and with inhome signs and fact sheets. And remember to highlight not just the features, but their benefits to the buyer: a more efficient, more comfortable, healthier, longerlasting, lower-maintenance, and less expensive home. REALTOR® Review
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NEW
Historic Oakwood Candlelight Tour What: 37th annual Historic Oakwood Candlelight Tour When: December 12-13, 2009 Time: 1-7 PM Tickets: In Advance: $15; Tour Day: $20 About: Get ready to take a walk through the past this holiday season as this year 10 homes in the Historic Oakwood neighborhood open their doors to visitors during the 37th annual Historic Oakwood Candlelight Tour, December 12-13 from 1-7 PM. Whether you’re interested in getting a glimpse inside the candlelit windows, learning more about Raleigh’s history and architecture, or simply looking for an excuse to spend a little extra time with friends in downtown Raleigh, you’re invited to come celebrate the holidays on the Candlelight Tour. http://www.historicoakwood.org/candlelighttour2009.php Associated Events: 1. Holiday Scavenger Hunt sponsored by Raleigh Parks & Recreation Saturday, December 12, from 1-4 PM Register at the Tucker House at 418 N. Person St. Contact: Nick Sadler nick.sadler@ci.raleigh.nc.us 2. Oakwood Photography Contest 3. NEW! The International Christmas Market at The Shoppes of Seaboard Sponsored by Raleigh Sister Cities Association Located behind Peace China restaurant Saturday, December 12, 1-6 PM Food booths representing each of Raleigh’s Sister Cities in England, France, Germany & China and a silent auction Proceeds will support the Association’s student exchange program. Contact: George Chapman chapmangg@earthlink.net 4. NEW! Triangle Segway is planning a special Candlelight Tour entirely on Segways. They are in the planning stages now. They hope to fill 4 tours, 2 each day. They hope to start at Burning Coal Theater.
Kathy Adams Dominion Realty Partners, LLC Crystal Agnew Smart Move Realty Group Jude Ahiabuike Weichert,Realtors-Columbus Deborah Albright Cooke C-21 Vicki Berry Realty Christopher Amanchukwu Allen Tate Co. Inc. Tonya Amarino Sinnen-Green & Associates, Inc David Anderson Umstead Realty, LLC Mark Anderson Dream Living Realty Carol Andrews Dominion Realty Partners, LLC Selena Bachmeier M/I Homes of Raleigh LLC Wade Bagai Castle Creek Realty LLC Michael Bagnulo Coldwell Banker Howard Perry & Walston Sanford Bailey Coldwell Banker Howard Perry & Walston Wendi Barbee Zip Realty Inc. Kyle Barger Preiss Company, The Jaclyn Barker M/I Homes of Raleigh LLC Bobbi Bass Closson & Co., Inc. Michael Bate Northside Realty Inc. Randi Bauer Lennar Carolinas LLC Tucker Beck P&L Realty Christine Berry McNeill Fonville Morisey/ Garner Sales Bruce Bibler Coldwell Banker Howard Perry & Walston Ebony Blount Fonville Morisey/Brier Creek S Deuard Bowden CB Advantage Dawn Brenengen Howard Perry & Walston/Tryon Brien Brizendine Appraisal Station, LLC Stephen Bryant Re/Max United Tammy Bullock Robuck Homes, Inc. Jamie Burchetle Fonville Morisey/Youngsville S Philip Burgos Keller Williams Joseph Burke Exit Realty Professionals Therese Burkhart Strategy 1 Realty Jaimie Bynum Allen Tate Co. Inc. Justin Byrd Shaw Real Estate Appraisal Jennifer Campbell David Weekley Homes Fernando Campos D.R. Horton, Inc. Jeremy Carter Regan & Company Kevin Caul Re/Max United Matina Caul Re/Max United Kelly Cherry ERA Pacesetters Realty Naomi Choe Fonville Morisey/Keystone Cros Deborah Clifton Homestead Realty Sarah Coker-McAllister Realty World on Salem Street John Colemao Coldwell Banker Howard Perry & Walston Erica Colleton Fonville Morisey/Stonehenge Sa Christopher Colwell Coldwell Banker Howard Perry & Walston Catherine Comer Re/Max Highlander Realty James Conder Keller Williams Realty Karen Conley CB Advantage C.V. Conner Bennett Pritchett Realty Danita Curry Coldwell Banker Howard Perry & Walston Sherry Cutrer East Bridge Realty, LLC Mitchell Danforth Prudential York Simpson Underw Sara Davis Re/Max United Sharyn Davis Regan & Company Stacy Davis LaRue Realty Geraldine Diamond Hamilton Home Pros Realty
IF YOU WOULD LIKE TO 24
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MEMBERS FOR AUTUMN 09 Fawn Diaz C-21 Vicki Berry Realty Julie Diggs Zip Realty Inc. Tina Dorsey Fonville Morisey/Stonehenge Sa W. John Dziadul W. John Dziadul Ita Edem RealPro Realty, LLC Sue Emery Raleigh Custom Realty, LLC Reyna Estrada M/I Homes of Raleigh LLC Travis Everette Legacy Real Estate Properties Michael Fanelli Weichert Realtors‐Triangle Alton Farr Northside Realty Inc. Carter Faucette Centex Realty Company John Fitz-Henley Coldwell Banker Howard Perry & Walston Maureen Flynn Hodge & Kittrell, Inc. Realtor Mary Ford Wall Ford & Associates Appraisers Kimberly Freeman Realty World on Salem Street Tina Frost Keller Williams Realty Sally Fullah Cullen Zip Realty Inc. Karen Garland Fonville Morisey/Triangle Real Charito Geneblazo Carolina RealtyMax, Inc. Samantha Giuggio Allen Tate Co. Inc. Albert Goeken Re/Max Integrity Jack Goracke Keller Williams Richard Grassby Fonville Morisey/Chapel Hill S Michael Gray Carolinas Premier Realty Assoc Richard Greene Quail Point Realty Brian Griffith Flowers Plantation Info&Sales Claire Hanes Cary Real Estate.com Suzanne Hardeman Beazer Homes Alan Harrison Harrison Realty Group Chance Hart Northside Realty Inc. Dawn Hayes Realty World on Salem Street Cynthia Hensen Coldwell Banker Howard Perry & Walston Reginald Hicks C-21 Vicki Berry Realty Alan Hill Design South Realty Tiffany Hill Carter Realty Traci Hobson Realty World Partners Karen Hocutt Family Real Estate Brokers Jens Hoeg Quail Point Realty Robert Horvath Allen Tate Co. Inc. James Howard Realty World Partners Martha Huffstetler Fonville Morisey/Abbington Rahsaan Hunter C-21 Vicki Berry Realty Tarra Irvin Best In Show Realty, LLC Sundarraj Isaac Evershine Properties, Inc. Chadwick Johnson Dream Living Realty Christine Johnson Standard Pacific Carolinas LLC Josephine Johnson D.R. Horton, Inc. Michael Johnson Zip Realty Inc. Michael Keen Re/Max One Realty Gregory Kelley Keller Williams Realty Allison King Toll Brothers, Inc. Arati Kirtikar-Gugnani Smart Property Group, LLC Stuart Klein Allen Tate Co. Inc Ramaiah Kotra Reddy Realty Kyle Kuehm Circa Properties, LLC Barbara Kuekes Re/Max Highlander Realty Michael Lakey M/I Homes of Raleigh LLC Irena Lambridis Allen Tate Co. Inc. Cheryl Larsen Coldwell Banker Howard Perry & Walston Angel Lebak Re/Max United
Jeanette Lee Lee Realty And Associates Leslie Leggette Advocates Realty Group, LLC Anthony Leggio ValuePest.com Michael Lemley Fonville Morisey/Falls Sales O Sharon Lewis Coldwell Banker Howard Perry & Walston Jeffrey Lineberry Chatham Homes Realty Manolito Lirag Keller Williams Realty Philip Little Fonville Morisey/Brier Creek S Diana Lord Coldwell Banker Howard Perry & Walston Michele Maben CB Advantage Melonie Marsh Coldwell Banker Howard Perry & Walston Daniel Martin Zip Realty Inc. Kephas Matoke Northside Realty Inc. Clayton Matthews McNamara Properties Vita Mazzaluna Premier Properties Unlimited Kendahl McIntyre Centex Realty Company John Metzner Raleigh Cary Realty Inc. Larry Michael Hunt Homes of Raleigh‐Durham Danita Mitchell CB Advantage/Poplar Creek Vill Monica Murphy Solid Source Family First Real Suzanne Myers Spencer Properties Susan Nance Keller Williams Realty Michelle Oppegaard Weaver Weaver, Boryk & Associates, LL Wilson Parayil Real Triangle Properties Gerry Parks Preiss Company, The Devang Patel Real Triangle Properties Angela Pearce Coldwell Banker Howard Perry & Walston April Peebles Landshop Realty Inc Denise Peterson Coldwell Banker Howard Perry & Walston Janelle Peterson Solid Source Family First Real Terry Pettus C-21 Vicki Berry Realty Karen Plummer A. Morris Realty Kiersten Porter Zip Realty Inc. Rachel Price Fonville Morisey/Chapel Hill S Shonte Proctor Fonville Morisey/Brier Creek S Millie Queen Peak Realty Associates, LLC Danielle Quinn Coldwell Banker Howard Perry & Walston Pat Ratz CB Advantage Michael Resar M/I Homes of Raleigh LLC Jacqueline Revill Legacy Real Estate Properties Cynthia Reynolds Fonville Morisey/Brier Creek S Darlene Richardson Richardson & Co., LLC Elizabeth Rivers Regan & Company Harry Robbins Fonville Morisey/Kildaire Sale David Roberts Coldwell Banker Howard Perry & Walston Diogenes Ruiz Realty World Partners Michelle Salinas HomeBuyingForLess, LLC Oumou Samoura Re/Max United Lindsey Scherer Coldwell Banker Howard Perry & Walston Elaine Schulstad Gianni Property Group Jeffrey Seed M/I Homes of Raleigh LLC Sherri Shams Prestige Realty John Shipley Carolina Forestry Hunter Sholar Coldwell Banker Howard Perry & Walston
Heather Shoulders Coldwell Banker Howard Perry & Walston Cynthia Simmons Fonville Morisey/Falls Sales O Thomas Simmons Fonville Morisey/Falls Sales O Christopher Smith Zip Realty Inc. Theresa Smith Allen Tate Co. Inc. Charles Snyder Tiffany’s Management Inc. Bradley Sopata East Bridge Realty, LLC Isaac Sosa Coldwell Banker Howard Perry & Walston Ryan Soule Fonville Morisey/Stancil‐Rayno Nadia Southerland eRealty, Inc. James Southern Keller Williams Ujjwal Srivastava Fonville Morisey/Preston Sales Meredith Stewart Linda Lee Realty Group Korey Stickney M/I Homes of Raleigh LLC Deena Still Keller Williams Realty David Summey Coldwell Banker Howard Perry & Walston Jimmy Tang First Triangle Realty, Inc. Cassandra Tart ERA United Home Realty Jeffrey Taylor Leatherman Real Estate Service Tamara Taylor TuCasa Real Estate, LLC Don Teasley CB Advantage Arlene Tharrington Coldwell Banker Howard Perry & Walston Emily Thomas Castle Creek Realty LLC Tara Thomas Coldwell Banker Howard Perry & Walston Suzanne Thomas-Bauer Dominion Realty Partners, LLC Auston Thorne Keller Williams Regina Tobin Smart Choice Realty Company Sonja Torano M/I Homes of Raleigh LLC Jonathan Tucker Boylan Realty Patricia Tully M/I Homes of Raleigh LLC Joyce Turner M/I Homes of Raleigh LLC Regina Underwood Prudential York Simpson Underw Adria Valdez Fonville Morisey/Stonehenge Sa Jodi Villers CB Advantage Wei Chu Wang CHK Realty Benjamin Weatherford Allen Tate Co. Inc. Keith Weaver Coldwell Banker Howard Perry & Walston Shirl Webb-Alston Team One Realty, Inc. Richard Wehrly Fonville Morisey/Stonehenge Sa Kimberlyn Wells Re/Max United Mari Westbrook Integrity Realty, Inc. Melinda Wheeler Hodge & Kittrell, Inc. Realtor Kevin White Coldwell Banker Howard Perry & Walston Shanna Williams Sunshine Real Estate, LLC Adam Winstead Shaw Real Estate Appraisal Ben Wolfe Rich Realty Group Katherine Womble Allen Tate Co. Inc. Michael Woodard Coldwell Banker Howard Perry & Walston Sandra Woodard Fonville Morisey/Kildaire Sale John Woodmore Falls Realty Reginald Wright Stonecastle Realty Group, LLC Weizhong Wu CHK Realty Steven Wyde Pinnacle Realty Laura Yarbrough Re/Max Signature Realty Vicki Yates Weichert Realtors‐Triangle Jonay Zies Fonville Morisey/Jane A. Purte
SPONSOR A NEW MEMBER ORIENTATION, PLEASE CONTACT CAROLINE SHIPMAN AT 654-5400. Autumn 2009
REALTOR® Review
25
REALTOR SNAPSHOT
TELETHON 26
REALTOR速 Review
REALTORS速 and Mortgage Lenders work together to answer caller questions at the RRAR Housing Opportunity Committee Telethon. Autumn 2009
OCTOBERFEST top left:
Jose Serrano enjoys the delicious food prepared by the Bavarian Brat House. middle left:
Congratulations to Robert Cohen winner of the trip to Germany! middle right:
Volunteers Bonnie Eady, Steina DeAndrade and Molly Owen welcome the crowd. bottom:
Autumn 2009
Let the games begin!
REALTOR速 Review
27
Single-Fam #N/A Townhouse-Condo
Local Market Updates
A free research tool from the Triangle Multiple Listing Service, Inc.
Entire Triangle Region All TMLS Activity
September
Year to Date
2008
2009
Change
2008
2009
New Listings
4,162
3,740
- 10.1%
43,975
35,939
- 18.3%
Closed Sales
2,032
1,854
- 8.8%
20,369
16,097
- 21.0%
Median Sales Price*
$183,000
$175,000
- 4.4%
$191,500
$182,900
- 4.5%
Average Sales Price*
$229,697
$209,867
- 8.6%
$239,154
$232,215
- 2.9%
Total Dollar Volume (in millions)*
$466.2
$388.3
- 16.7%
$4,881.5
$3,609.1
- 26.1%
Percent of Original List Price Received at Sale*
97.1%
96.8%
- 0.4%
97.4%
96.5%
- 0.9%
90
101
+ 12.3%
90
102
+ 14.0%
19,541
17,214
- 11.9%
--
--
--
Average Days on Market Until Sale Inventory of Homes for Sale
Change
*Does not account for seller concessions. Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme due to the small sample size involved.
Activity—Most Recent Month 4,162
3,740
Activity—Year to Date 2008 2009
43,975 35,939 2,032
1,854
New Listings
Closed Sales
Median Sales Price
$183,000
2008 2009
$175,000
$191,500
September
New Listings
97.1%
96.8%
$182,900
Year to Date
Days on Market Until Sale
+ 12.3%
- 21.0%
- 18.3%
- 4.5%
September
101
16,097
Closed Sales
Percent of Original List Price Received at Sale
- 4.4%
90
20,369
- 8.8%
- 10.1%
2008 2009
2008 2009
97.4%
96.5%
- 0.9%
- 0.4% September
Year to Date
September Inventory of Homes for Sale 2008 2009
90
102
19,541
+ 14.0% Year to Date
17,214
- 11.9% 2008
2009
All data provided by Triangle Multiple Listing Service, Inc. Reports are created and maintained by 10K Research and Marketing. For further information regarding TMLS Market Trends and Analysis please visit: http://www.rrar.com/tmls-stats.html
28
REALTOR® Review
Autumn 2009
Single-Fam #N/A Townhouse-Condo
Local Market Updates
A free research tool from the Triangle Multiple Listing Service, Inc.
Wake County
September
Wake County, NC
Year to Date
2008
2009
Change
2008
2009
New Listings
2,202
2,029
- 7.9%
23,279
19,358
- 16.8%
Closed Sales
1,130
1,031
- 8.8%
11,327
8,747
- 22.8%
Median Sales Price*
$200,000
$185,000
- 7.5%
$212,500
$199,000
- 6.4%
Average Sales Price*
$252,099
$226,535
- 10.1%
$264,807
$244,227
- 7.8%
Total Dollar Volume (in millions)*
$284.9
$233.6
- 18.0%
$2,999.1
$2,136.0
- 28.8%
Percent of Original List Price Received at Sale*
97.9%
97.2%
- 0.7%
97.7%
96.8%
- 1.0%
86
96
+ 11.5%
84
98
+ 16.9%
9,796
8,504
- 13.2%
--
--
--
Average Days on Market Until Sale Inventory of Homes for Sale
Change
*Does not account for seller concessions. Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme due to the small sample size involved.
Activity—Most Recent Month 2,202
2,029
Activity—Year to Date 23,279
2008 2009
19,358 1,130
New Listings
Closed Sales
Median Sales Price $200,000
8,747
- 22.8%
- 16.8% New Listings
Closed Sales
Percent of Original List Price Received at Sale
$185,000
2008 2009
$212,500
$199,000
September
Year to Date
Days on Market Until Sale 96
+ 11.5% September
97.9%
97.2%
- 6.4%
- 7.5%
86
11,327
1,031
- 8.8%
- 7.9%
2008 2009
2008 2009
97.7%
96.8%
- 1.0%
- 0.7% September
Year to Date
September Inventory of Homes for Sale 2008 2009
98 84
9,796
+ 16.9% Year to Date
8,504
- 13.2% 2008
2009
All data provided by Triangle Multiple Listing Service, Inc. Reports are created and maintained by 10K Research and Marketing. For further information regarding TMLS Market Trends and Analysis please visit: http://www.rrar.com/tmls-stats.html
Autumn 2009
REALTOR® Review
29
7.5x10 RW Ad 02.pdf
7/24/09
12:28:07 PM
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*
Based on a conventional, 30-year fixed rate mortgage with a minimum 10% down payment, a minimum credit score of 740 and buyer loan approval. Maximum loan amount $417,000. Owner occupancy is required. Rate subject to change without notice. To obtain promotional rate, Buyer is required to use Seller’s preferred Lender and closing attorney. Program available only for select homes and must be closed within 30 days. ** Exclusions apply, see sales associate for details.
30
REALTOR® Review
Autumn 2009
Autumn 2009
REALTOR速 Review
Preliminary Identity Colors
PMS 282
Dark Blue PMS 282 CMYK: 100, 72, 0, 56 RGB: 0, 40, 93
PMS 299
Blue PMS 299 CMYK: 85, 18, 0, 0 RGB: 0, 158, 221
PMS 265
Light Purple PMS 265 CMYK: 54, 56, 0, 0 RGB: 129, 119, 183
PMS 360
Purple PMS 360 CMYK: 58, 0, 80, 0 RGB: 115, 193, 103
31
RRAR events November
December 2 WCR (Women’s Council of REALTORS®)
Mandatory Update 8:30a.m. – 12:30p.m. with George Bell
Broker in Charge from 1:30p.m. – 5:30p.m.
3 New Member Orientation
RRAR Holiday Party
All Angel Tree Gifts Due In
8 TMLS BOD Meeting
1 “Support the Troops” donation drive kick off 2 MLS Refresh 8:30a.m. – 4:00p.m.
Project Angel Tree Requests Due
4 WCR (Women’s Council of REALTORS®)
House Pricing and Market Trend Analysis elective taught by Stacey Anfindsen 8:30a.m. – 12:30p.m.
9 RRAR BOD Meeting 17 New Member Orientation 25 & 26 RRAR/TMLS Offices Closed
5 Mandatory Update 8:30a.m. – 12:30p.m.
Trends in Real Estate II: 1:30p.m. – 5:30p.m.
New Member Orientation
6 House Pricing Market Trend Analysis
9:00a.m. – 1:00pm and 1:30 – 5:30 p.m.
REBAR Camp RDU 9:00a.m. – 4:00p.m.
11 RRAR BOD Meeting Veterans Day
12 RYPN Social 16 Housing Opportunity Committee 18 TICOR General Membership Meeting
January 1 RRAR/TMLS Offices Closed 6 WCR (Women’s Council of REALTORS®) 7 New Member Orientation 11 Housing Opportunity Committee 13 RRAR BOD Meeting 15 Inaugural Ball
(Mexican Theme Day)
20 TICOR General Membership Meeting
19 New Member Orientation
21 New Member Orientation
23 Foundation BOD Meeting
25 Mandatory Update 8:30a.m. – 12:30p.m.
USO drive final drop off day
26 & 27 RRAR/TMLS Offices Closed 32
REALTOR® Review
with Bill Gallagher
For event updates and more information please visit: http:/www.rrar.com/rrar-events.html Autumn 2009