REALTOR Review Winter Edition by Raleigh Regional Association of REALTORS®

REALTORreview 速

An e-publication of the Raleigh Regional Association of REALTORS速

2011 RRAR President Linda Trevor

WINTER 2011

RALEIGH REGIONAL ASSOCIATION OF REALTORS® 111 Realtors Way, Cary, N.C. 27513 Phone: 919-654-5400; Fax: 919-654-5401 www.rrar.com RRAR OFFICERS Linda Trevor, President Marshall Gay, Vice President Stacey Anfindsen, President Elect Asa Fleming, Secretary/Treasurer Theresa Clark, Past President RRAR DIRECTORS Stacey Anfindsen Vince Bankoski Autumne Bennett Phyllis Brookshire Eddie Brown David Chance Theresa Clark Kelly Cobb Steina De Andrade Harriette Doggett Laurie Donofrio Asa Fleming Marshall Gay Tom Gongaware Lewis Grubbs

Becky Harper Grayson Hodge Morty Jayson Carol McCormick Melanie Osborne Mollie Owen John Pace Teresa Pitt Zach Schabot Jose Serrano Tom Smith Josh Swindell Linda Trevor Mary Edna Williams John Wood

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WINTER 2011, VOL. 3, NO. 1

features

REAL ESTATE AGENTS CAN DEDUCT WORKRELATED EXPENSES Status as independent contractor allows deductions.

IRS STANCE WHEN EXPENSES EXCEED INCOME Overview offers guidance on business deductions.

REALTOR® FOUNDATION OF THE TRIANGLE OFFICERS Marshall Gay, President Gary Rabon, Secretary/Treasurer Joey Robbins, Past President NCAR REGIONAL VICE PRESIDENTS Theresa Clark John Wood NAR DIRECTORS Eddie Brown

John Wood

TRIANGLE REALTORS® LEADERSHIP ACADEMY DEAN Asa Fleming Members are cautioned that the inclusion of a name, specific commercial product or service in an article, or 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 2011 by the Raleigh Regional Association of REALTORS®. All rights reserved. REALTOR® REVIEW STAFF: Patricia Gregory Rand, managing editor, patriciar@rrar.com Heidi Ketler, APR, editor, hketler@verizon.net Caroline Shipman, assistant editor, carolines@rrar.com Margo Alfieri, intern, margoa@rrar.com Shelly Beck, graphic designer, sbdesign@cox.net For editorial contributions and ad inquiries, please contact Caroline Shipman at carolines@rrar.com or (919) 654-5400.

WORK LESS AND GET BETTER RESULTS Cool online tools – most free – that assist with laborious business tasks.

AVOID THESE MARKETING MISTAKES Analysis of agent’s mistakes offers lessons learned.

departments 1 From the President

19 Calendar of Events

10 NewsMakers

22 Local Market Updates

12 New Members rrar.com

from the president

Welcome to the New Normal! BY LINDA TREVOR, RRAR 2011 PRESIDENT

Most of my peers agree that January has started off with some great activity, and we are optimistic that this will carry throughout 2011. Nonetheless, Linda Trevor we are still sailing through uncharted waters and 2011 RRAR it’s time to consider that this may be “the new President normal.” Fewer buyers, disgruntled sellers, increased days on the market, declining values, appraisal challenges, loan hurdles, contract changes…, this business is not for the faint-hearted! Yet, look around, homes are selling. Are you in the game or on the sidelines? Those who are finding success in this new market have one thing in common: they have adjusted to the changes. Productive agents have embraced the different market and changed their business strategies along the way.

Productive agents have embraced the different market and changed their business strategies along the way. Ask yourself, are you confident with the new contract changes? Do you know the latest statistics from the Triangle Area Residential Realty (TARR) report, specific to how 2010’s closed sales compare to prior years? Can you explain the concept of absorption rate? Can you name three of the top 10 showing neighborhoods as reported by Centralized Showing Service (CSS)? Do you know the latest tax changes and what strategies agents are using to save money? What are the most reported complaints with the Real Estate Commission? What are agents saying about their favorite programs to juggle the numerous social media venues? These are just a few topics you will hear discussed at Raleigh Regional Association of REALTORS®, and there is only way to keep up on the latest changes: be proactive! Education and networking are key when learning a different way of doing business. With the opportunities around us, there are no excuses. So I challenge our membership to get involved in something new, whether it is through RRAR or another business-related group that offers the latest and greatest education, as well as networking. RRAR See NEW NORMAL on page 3 Winter 2011

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 2011 COMMITTEE CHAIRS Bylaws: Stacey Anfindsen Building: Stacey Anfindsen Community Service: Lisa Jeffries Governmental Affairs: Theresa Pitt RPAC: Stacey Anfindsen Housing Opportunity: John Hartofelis Personnel: Gary Rabon Grievance: Vanessa Castillio Professional Standards: Harriette Doggett Strategic Planning: Stacey Anfindsen Nominating Committee: Phyllis Brookshire RRAR 2011 COUNCIL CHAIRS Property Management: Debbie Henry International Council: Diana Braun Top Producers: Deborah McCrae and Janice Rosenberg Women’s Council: Diana Braun Young Professionals Network: David Chance RRAR STAFF DIRECTORY Main Office (919) 654-5400 Fax (919) 654-5401 www.rrar.com RRAR Company Store (919) 654-7253 Executive Vice President Raymond C. Larcher, Ext. 218, rayl@rrar.com Administrative Associate Vicki Buckholtz, Ext. 201, vickib@rrar.com Association Services Director Betsy Ramsey, Ext. 217, betsyr@rrar.com Communications Director Patricia Gregory Rand, Ext. 239, patriciar@rrar.com Communications Associate Caroline Shipman, Ext. 238, carolines@rrar.com Education Director Cara Mottershead, Ext. 211, caram@rrar.com Education Associate Sonya Yankoglu, Ext. 212, sonyay@rrar.com Facilities Manager Mary Rachel White, Ext. 210, maryrachelw@rrar.com Governmental Affairs Director Tara L. Robbins, Ext. 215, taralynl@rrar.com Information Associate Shelia Clark, Ext. 200, sheliac@rrar.com Store Manager Yukari Powers, Ext. 201, yukarip@rrar.com TMLS STAFF DIRECTORY Vice President of Operations Rachel Wiest, Ext. 219, rachelw@trianglemls.com TMLS Executive Associate Christy New, Ext. 220, christyn@trianglemls.com Compliance Director Letitia Santos, Ext. 234, letitias@trianglemls.com Compliance Associate Raina Joyner, Ext. 242, rainaj@trianglemls.com Data Distribution Director Carol Hamrick, Ext. 213, carolh@trianglemls.com Data Distribution Associate Bonnie Eaddy, Ext. 207, bonniee@trianglemls.com MLS Systems Director Kathy Matheson, Ext. 233, kathym@trianglemls.com MLS Technical Support Associate J Stepp, Ext. 226, js@trianglemls.com MLS/Realist Support Associate Jennifer Horton, Ext. 227, jenniferh@trianglemls.com Technical Operations Director Matt Nagy, Ext. 225, mattn@trianglemls.com Training Development Manager Allan Nielsen, Ext. 208, allann@trianglemls.com CTC/MLS Training Manager Lynne Brid, Ext. 232, lynneb@trianglemls.com RRAR/TMLS MEMBERSHIP/ FINANCE DEPARTMENT Membership/Finance Director Randi Gaines, Ext. 221, randig@trianglemls.com Finance Associate Pat Long, Ext. 222, patl@trianglemls.com Membership Associate Susan Jones, Ext. 224, susanj@trianglemls.com Membership Associate Kelly Hunsucker, Ext. 209, kellyh@trianglemls.com

REALTOR® Review

Join the excitement of Orleansâ&#x20AC;&#x2122; Sweet Sixteen Event by selling JUST ONE Orleans home by our March Madness deadline of Sunday, March 6, 2011. Qualifiers will come together on Wednesday, March 9 at The Grove at Weldon Ridge to enjoy a delicious luncheon, celebrate their selling success, and (drum roll, please), see who wins the drawing for the $5,000 CASH PRIZE!* Want to take the court for the championship? Get going and start showing!

www.OrleansHomes.com * A total of 16 Orleans homes must be sold in order for the drawing to take place. 2

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NEW NORMAL

International Council: Diana Braun, drbraun@apgmac.com

continued from page 1

has several councils and committees open for member involvement and designed to support the real estate profession, particularly in changing times. Members should take advantage of these opportunities outlined below:

RRAR 2011 Councils & Committees* Young Professionals Network: David Chance, david@teamchance.com Women’s Council: Diana Braun, drbraun@apgmac.com Community Service Committee: Lisa Jeffries, ncsulilwolf.lists@gmail.com Top Producers Council: Deborah McCrae, dgmccrae@aol.com and Janice Rosenberg, janice@janicerosenberg.com

Property Management Council: Debbie Henry, henryrentals@yahoo.com Small Business Council: Brenda Carroll, brenda@justcallbrenda.com and Kevin Woody, kevin@gorealty.biz Housing Opportunity Committee: John Hartofelis, johnh@blast.com Communications and Public Relations Committee: Mollie Owen, mollieowen1@nc.rr.com *The councils and committees listed are accepting new members. Please visit rrar.com/association-services for descriptions and additional information. Embrace the changes, learn what techniques work in today’s real estate market and get involved to keep your competitive edge. Welcome to “the new normal!”

Governmental Affairs Committee: Teresa Pitt, teresapitt@hpw.com

SOLID

SALUTES

Warm regards, Linda

EXCELLENCE

Mark Wooten of SunTrust Mortgage, Inc. congratulates Linda Trevor on her induction as President of the RRAR.® “ Linda, you are an inspiration to all that know you. Congratulations on your recent induction — may this be your best year ever!” – Mark Mark Wooten Mortgage Loan Consultant 919.380.6766 Office 919.219.4321 Cell 991 High House Rd. Cary, NC 27511 mark.wooten@suntrust.com suntrustmortgage.com/mwooten Equal Housing Lender. SunTrust Mortgage, Inc., 901 Semmes Avenue, Richmond, VA 23224 is licensed by the Department of Corporations under the California Residential Mortgage Lending Act; is an Illinois Residential Mortgage Licensee; is a Lender in Massachusetts having Mortgage Lender license #s ML1216, ML0133, ML1432, ML1914, ML1913, ML1815, ML2411, ML1214, ML2442, ML2491, and ML2538; is licensed by the New Hampshire Banking Department; is licensed by the New Jersey Department of Banking and Insurance, toll free 1-800-330-4684; is a licensed lender in Rhode Island; and is doing business in Arizona as Crestar Mortgage, 7250 N. 16th Street, Ste. 100, Phoenix, AZ 85020. ©2011 SunTrust Banks, Inc. SunTrust, SunTrust Mortgage, and Live Solid. Bank Solid. are federally registered service marks of SunTrust Banks, Inc.

Winter 2011

REALTOR® Review

With 2011 here and improved market conditions on the horizon...

î&#x20AC;&#x201A;e Real Estate Book Print Opportunities Every 28 Days

Deducting your real estate expenses BY STEPHEN FISHMAN

Q: Many agents are working at additional jobs as employees, receiving a W-2. Since that obviously involves the agent’s time, can you address this? Would that be a red flag to the IRS? Wouldn’t that mean an agent should be even more diligent documenting her activities in her real estate business?

the Internal Revenue Service, no matter how many other jobs they may have, or whether they would qualify as independent contractors under the ordinary IRS rules that stress the right of control exercised by the hiring firm. Why do real estate agents have this special status? Because they have a very good lobby in Washington, D.C.

If her job involves 40 hours per week, will she still be able to use her real estate expenses as deductions?

To qualify as a statutory independent contractor, a real estate agent must be duly licensed and meet two threshold requirements:

A: This scenario usually poses no problem for real estate agents. This is because most real estate agents have a very special tax status. Ordinarily, they are classified as statutory independent contractors (also called statutory non-employees) for federal tax purposes. This means they are automatically considered independent contractors by

• The agent’s pay must be based on sales commissions, not on the number of hours worked, and

Winter 2011

• There must be a written contract with the hiring firm providing that the agent will not be treated as an employee for federal tax purposes.

If an agent qualifies as a statutory independent contractor, no federal tax need be withheld from her pay. The agent will pay taxes on her agent income herself, just like any other independent contractor. By the way, for these purposes, real estate agents include real estate appraisers, whose pay is based on sales or other output. Note, however, that statutory independent contractor status applies only to federal taxes: income tax, Social Security and Medicare tax, and federal unemployment taxes. It does not apply to state income taxes. Many states do not have a statutory independent contractor classification for real estate agents. The normal rules applicable to all workers apply in these states. Even if an agent doesn’t qualify as a statutory independent See DEDUCTING on page 7

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DEDUCTING continued from page 5

contractor, working as an employee while also engaging in real estate sales need not pose a problem with the IRS. It is not uncommon for a person to work a full-time job as an employee and have a separate business on the side doing something else. This is fine so long as he or she is engaged in a bona fide business as an independent contractor. If so, his or her expenses are deductible, the same as for any other business. An activity does not have to be full-time to qualify as a business. Nor are you limited to engaging in only one type of incomeproducing activity at the same time. For example, a person could work full-time as an employee school teacher and have a real estate sales business on the side. Where a person who does not qualify as a statutory independent contractor can definitely run into a problem is when he or she performs the exact same services as both an employee and an independent contractor for the same hiring firm. But this is not a common scenario for real estate agents. In any event, it’s always a good idea for you to carefully document the time and effort you put into your real estate business, as well as keeping track of all your expenses. Q: Is it true that some people will not be allowed to file their returns early this year? A: Yes. The IRS has announced that all individual taxpayers who Winter 2011

Statutory independent contractor status applies only to federal taxes: income tax, Social Security and Medicare tax, and federal unemployment taxes. It does not apply to state income taxes. itemize their deductions on their returns will not be allowed to file their returns until mid- to late February. This is intended to give the IRS time to reprogram its processing systems to incorporate the many tax law changes enacted by Congress last December. Congress doesn’t usually wait until so late in the year to make such major tax changes. Only about one-third of all taxpayers itemize; but most of these are homeowners who deduct their home mortgage interest and property taxes. Other itemized deductions include charitable deductions, medical and dental expenses, state and local taxes, and unreimbursed employee expenses. Taxpayers claiming the higher education tuition and fees deduction or educator expense deduction also will be required to wait to file. The IRS will announce a specific date in the near future when it can start processing itemizers’ tax returns. In the meantime, affected taxpayers can start working on their tax returns, but they should not submit their returns until IRS systems are ready for them. Except for those facing this delay, the IRS began accepting electronically filed returns on Jan. 14.

There is also some good news on the tax filing front: Taxpayers will have until Monday, April 18 to file their 2010 tax returns and pay any tax due, because Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, April 15. By law, District of Columbia holidays impact tax deadlines in the same way that federal holidays do; therefore, all taxpayers will have three extra days to file this year. Taxpayers requesting an extension will have until Oct. 17 to file their 2010 tax returns. Stephen Fishman is a tax expert, attorney and author who has published 18 books, including Working for Yourself: Law & Taxes for Contractors, Freelancers and Consultants; Deduct It; Working as an Independent Contractor; and Working with Independent Contractors. REALTOR® Review

INSTALLATIO CELEBRATIO

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Winter 2011

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Winter 2011

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newsmakers

Linda Trevor Installed as 2011 RRAR President

Raleigh Regional Association of REALTORS® President Linda Trevor (fourth from right) presides over her first official board meeting Jan. 12.

Members of the Raleigh Regional Association of REALTORS® convened at a gala Jan. 7 at Cobblestone Hall at City Market in downtown Raleigh. The black tie affair was the swearing in of the new president and board of directors, as well as the graduation for the 2010 Triangle REALTORS® Leadership Academy.

Triangle and has served on numerous other RRAR committees.

“I am thrilled with the opportunity to be on the front line in helping to spread the positive REALTOR® message,” said Trevor, a broker with RE/MAX United. “I look forward to working with the staff and association members.”

Among her many goals for the year, Trevor said she hopes to, “add new councils, increase member involvement, boost RPAC fund-raising, and provide increased education and support for the many upcoming contract changes.” Since Trevor’s announcement, RRAR has provided seven free seminars to more than 900 members in an effort to assist with the contract changes.

An RRAR member since 1998 and director since 2005, Trevor has served in all local and state positions with the Women’s Council of REALTORS®, including regional vice president. She is the chairwoman of the REALTOR® Partners Committee of the North Carolina Association of REALTORS®. She is on the board of the REALTOR® Foundation of the 10

REALTOR® Review

A native of Geneva, N.Y., Trevor moved to North Carolina in 1998 and lives in Cary with her husband, Tony Gilliam. Additionally, Trevor runs half and full marathons, and continues to teach part-time as a fitness instructor in Cary.

Other officers and board members Marshall Gay, Vice President Stacey Anfindsen, President Elect Winter 2011

Asa Fleming, Secretary/Treasurer Theresa Clark, Immediate-Past President

Board of Directors

2010 Leadership Academy Graduates Colleen Blondell Diana Braun Sam Brooks

Vince Bankoski

David Chance

Autumne Bennett

Margaret Cohen

Phyllis Brookshire

John Hartofelis

Eddie Brown

Jean Hedges

David Chance

Mike Montpetit

Kelly Cobb

Allan Nielsen

Steina De Andrade

Christy New

Harriette Doggett

Dawn Nuzzi

Laurie Donofrio

Mollie Owen

Tom Gongaware

Margaret Sophie

Lewis Grubbs

Christina Valkanoff

Becky Harper

Norma Young

Grayson Hodge Morty Jayson Carol McCormick Melanie Osborne Mollie Owen John Pace Teresa Pitt Zach Schabot Jose Serrano Tom Smith Josh Swindell Mary Edna Williams John Wood

REALTOR Foundation of the Triangle 2011 Officers ®

Marshall Gay, President Gary Rabon, Secretary/Treasurer Joey Robbins, Past President Winter 2011

Triangle Multiple Listing Services Inc.

Nine Members Named REALTOR® Emeritus Nine Raleigh Regional Association of REALTORS® members have earned REALTOR® Emeritus from the National Association of REALTORS®. Zack H. Bacon, Robert Dodd, Beverly Ford, Carol Fortune, J.C. Glenn, Pat Juby, John Morisey, G. Smedes York and Hal Worth were recognized for their 40 years or more of membership in the National Association of REALTORS®, and for their valuable and lasting contributions to the real estate profession in the community.

“We are incredibly proud of our members who have achieved the emeritus status,” said Theresa Clark, RRAR immediate-past president. “They have contributed greatly to our association, the real estate profession and our community over the years.”

Raymond C. Larcher, President Rachel Wiest, Vice President of Operations/Treasurer Christy New, Executive Associate

2011 TMLS Directors Stacey Anfindsen Eddie Brown

Blanche and Zack Bacon at the RRAR 2010 Hall of Fame Awards.

Kim Dawson David Jones Gilliam Kittrell Bill Owens Eddie Speas Kirk West

Three Inducted into REALTOR® Hall of Fame The Raleigh Regional Association of REALTORS® inducted three of its members into the Hall of Fame on Dec. 2 at the RRAR Awards Ceremony. Lanse Houston, Diana Lambeth and Mary Edna Williams received the honor for their See NEWSMAKERS on page 13 REALTOR® Review

WELCOME NEW MEMBERS Stephanie R. Anson, Flat Fee Realty L.L.C.

Brandi Haase, David Weekley Homes

Kenna S. Phillips, Fonville Morisey

David A. Aumiller, Fonville Morisey

John A. Hamilton, Equity Saver Plus Realty

Lindsay Quinn, Fonville Morisey

Charles M. Austin, Hamilton Home Pros Realty

John L. Hamilton Jr., Allison James Estates and Homes

Martin L. Roberts, Re/Max Integrity

Heather E. Baggerly-Lucas, Heather E. Baggerly-Lucas

Brenda G. Hayner, Prudential York Simpson Underwood

Robert J. Ruark, RJR Appraisals

Walter J. Beard Jr., Old North State Appraisals Inc.

William J. Hofferth, Tate & Harrell Inc.

Michelle C. Russo, Fonville Morisey Piper M. Schlage, Raleigh Metro Properties

James A. Bell, Lighthouse Garage Doors

Dana S. Jeffreys, Howard Perry & Walston Realty

Elizabeth H. Scott, CB Advantage

Karen R. Boone, State Farm Insurance Agency

Markie S. Jeffreys, Howard Perry & Walston Realty

Lisa M. Sexton, Howard Perry & Walston Realty

Vincent Boone, State Farm Insurance Agency

Mary L. Judy, Prudential York Simpson Underwood

LaDedra R. Shackleford, Howard Perry & Walston Realty

Annita M. Bowden, Terramor Homes Inc.

Rabindra Karki, Howard Perry & Walston Realty

Matthew K. Shaw, Fonville Morisey/ Drum Realty

Stanislavka Bratic, Northside Realty Inc. Paul M. Brownie, Howard Perry & Walston Realty Kurt R. Burger, Coldwell Banker Advantage Jeremy R. Carroll, Treeline Properties & Realty Paresh C. Changela, Selling Directly Qingmin Chen, Howard Perry & Walston Realty Tracy Colburn, Leading Images June P. Crane, Dominion Realty Partners L.L.C. James R. Davis, Fonville Morisey Patricia E. Denz, Prudential York Simpson Underwood Marianne S. Durham, Fonville Morisey Michael Everitte, AAA Exterminating Co. Noah A. Fishbane, Howard Perry & Walston Realty Marizza M. Fouts, Keller Williams Heather E. Franczak, Realty World Molloy & Assoc. Amanda Garber, Zip Realty Inc. Phillip E. George, Weichert RealtorsColumbus Candice L. Gervase, Howard Perry & Walston Realty

Denise E. Kearns, Howard Perry & Walston Realty Michael D. Kluczykowski, HomeTowne Realty Christopher M. Lawrence, Keller Williams Realty Tonnie Lawrence, Zip Realty Inc. William T. Lemon, Equity Saver Plus Realty Robert L. Liles, HomeTowne Realty Group Jeff J. Logsdon, Howard Perry & Walston Cherie N. Lucas, Encore Properties Robert A. Maglio, Howard Perry & Walston Realtor Janet C. Markeson, HomeTowne Realty Brittany McCullough, Fonville Morisey Elizabeth A. McMullen, Weichert Realtors Tracy S. Miller-Levitt, Derr Design Group Inc. Rich Monahan, NMS at Allen Tate Co. Franklin R. Munford, Hodge & Kittrell Inc. Realtor Theresa D. Myers, Prudential York Simpson Underwood Greta Oâ&#x20AC;&#x2122;Neil, Parler Properties L.L.C. Mary M. Oliver, Coldwell Banker Advantage

Betsy T. Gillen, Keller Williams

Miranda B. Pace, Centex Realty Co.

Niraj S. Goswami, Howard Perry & Walston Realty

Aubrey L. Palmer, Allen Tate Co. Inc. Tristan Pan, Pan Realty L.L.C.

Cami M. Granholm, Block & Associates Realty

David C. Patton, FirstService Residential Realty

Elizabeth E. Guertin, Real Living Pittman Properties

Ryan D. Perry, Real Estate Marketing & Construction

Vanessa C. Rowland, Fonville Morisey

Robert B. Simmons, Allen Tate Co. Inc. Lisa K Sims, Sargent Sims and Jenkins Realty Joe-Don Stevenson, Exit Select Realty Robert D. Stevenson Jr., Treeline Properties & Realty Dennis E. Suite, Crane Realty John P. Szyperski, Howard Perry & Walston Realty Alice Tate, Golden Realty & Management Derek S. Tunstall, Fonville Morisey Marcia Y. Tyree, Howard Perry & Walston Realty Daniel A. Wadsworth, CityGate Real Estate Services Mitzie L. Walker, Howard Perry & Walston Realty Liping Wang, CHK Realty Jenny Wenzell Ortiz, Keller Williams Elizabeth G. Williams, Promised Land Realty Heather Williams, First American Home Buyers Pro Clay W. Wilson, Parrish Realty of Wendell Glenn D. Wilson, Quick Turn Quality Appraisals DeAnn L. Worden, Triangle Home Sellers L.L.C. Carrie Yorker, Howard Perry & Walston Realty Kendra T. Young-Freeman, Morris Realty

If you would like to SPONSOR A NEW MEMBER ORIENTATION, please contact Betsy Ramsey at (919) 654-5400. 12

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NEWSMAKERS continued from page 11

contributions and consistently outstanding service to the real estate profession, as well as their community activities, professional accomplishments and involvement in RRAR activities. Houston is a broker at Prudential York Simpson Underwood Realty. A veteran of the residential real estate business for more than three decades, his designations include CRB, CRS, GRI and SRES. He is a third-generation Raleigh native and graduate of the University of North Carolina at Chapel Hill. Houston is a past president of the Triangle Regional Board of REALTORS® and a Wake County REALTOR® of the Year. Married with four children, Houston’s interests include golfing, skiing, fishing, cooking and boating. Lambeth is a branch sales manager at Prudential York Simpson Underwood Realty’s Cary-Kildaire office. She entered the profession in 1979 with this company, then known as Bacon and Company REALTORS®. Lambeth worked as a sales associate for 10 years before becoming branch sales manager of the Cary office. Now she enjoys recruiting, training and coaching the 50 sales associates she oversees. Honors include being president of RRAR in 1993 and REALTOR® of the Year in 1998. A graduate of Barton College, she spent one year as a teacher at Washington Elementary School in southeast Raleigh. Williams is past-president of the North Carolina Association of REALTORS®, as well as broker/owner of RE/MAX Capital Realty, which she established in March 2001. A Triangle area real estate veteran since Jan. 21, 1986, she opened her first agency as Wilson and Williams in 1995. She is a native North Carolinian who has resided in the Triangle since 1974, when she came to attend North Carolina State University. Williams has served as past director of the National Association of REALTORS®, and past president and director for RRAR. Williams was named RRAR REALTOR® of the Year in 2004. Her charitable activities include the MS Society, the Autism Foundation, the Susan G. Komen Race for the Cure and the Salvation Army, where she has sponsored a tee-ball team. Winter 2011

The names of new Hall of Fame inductees will be engraved on the Hall of Fame plaque located in the RRAR boardroom. We look forward to adding more Hall of Fame inductees in 2011!

2011 Leadership Academy Class Is Selected

The fourth annual class of the 2011 Triangle REALTORS® Leadership Academy will begin March 16 and culminate with graduation Jan. 6, 2012. The leadership program will be taught by a nationally recognized faculty and will cover such topics as leadership concepts, planning and administration, issues and budgeting, legislation, communications and spokesperson training. The goal of the academy is to prepare select Raleigh Regional Association of REALTORS® members, staff and individuals aligned with the real estate industry for existing and future association, community, civic, religious, political and personal leadership opportunities within our community.

Individuals accepted into this prestigious program are: Adam Brown, Louise Beck Properties Donna DeLong, Frank Ward REALTORS® Laurie Donofrio, Coldwell Banker Advantage Randi Gaines, TMLS Lee Goldstein, Re/Max Integrity See NEWSMAKERS on page 16 REALTOR® Review

Eight tools to enliven your real estate business BY BERNICE ROSS

Are you ready to work less and get better results? If so, making your business more fun and efficient is now easier than you ever dreamed.

1. Play the Headline Analyzer game Coming up with great headlines for your ads, marketing materials, blog and social media posts can be a pretty challenging business. The problem is that most agents don’t have a way to evaluate the strength of their headline. Now, you can have a fun, free way to beat the problem with an online headline analyzer. This powerful tool will help you write more effective headlines for your print and Web marketing. Be forewarned, however, it’s addictive. Begin by entering your headline to see how it scores. Play with it until the score is 40 percent or more to help you design a better headline. (Some tips to score higher are to use the words “you,” “your,” “secrets” and “strategies,” and to use numbers.)

2. Work less, post more For anyone who produces his or her own newsletter or blog posts, coming up with fresh content is a major challenge. 14

REALTOR® Review

The National Association of REALTORS® has just started a new REALTORS® partner program through HouseLogic.com that provides a whole host of consumer-related articles for REALTORS® to legally republish on their website or blog, or use in print advertising. There is no charge for this exclusive service for NAR members.

3. Never e-mail a file again Are you tired of having picture or video files bounce because the file is too big? If so, there’s a simple solution: Dropbox.com. To share a file with a client (or anyone else for that matter), set up a private Dropbox file for each person. Then, merely drag and drop it into the appropriate Dropbox file. You can also use Dropbox to share files with multiple users. Dropbox is super simple and much faster than uploading and downloading files via e-mail. Moreover, Dropbox is an easy way to import and export data from your iPad. If you store less than two gigs of information, Dropbox is free.

4. Remember everything! At least that’s what the home page for Evernote.com claims.

While there are plenty of grea cards, if you would like to hav customized card for your c Evernote has hundreds of uses. For example, if you’re tired of cutting and pasting articles or forgetting the grocery list, Evernote will make all those little sticky notes go away. Evernote also allows you to grab articles from the Web that you would like to read later. To save an article on Evernote, simply open your Evernote file, click on the article and the article is saved for future reference. Winter 2011

5. Manage your money in one place You know you should be on a budget, but it’s a pain to use an Excel spreadsheet. Now there’s a terrific solution from Mint.com that enables you to manage your money from a single platform. Mint.com also generates charts based upon your current spending so you can quickly assess where you are in terms of your budget. Instead of waiting for your bookkeeper or accountant to run your numbers each month, Mint.com updates daily. Best of all, this tool is free.

6. Get rid of those pesky receipts

at sources for online greeting ve some fun while providing a clients, check out JibJab.com. Furthermore, even if the articles are locked down in a PDF format, when you add them to Evernote they immediately become searchable. Like Dropbox, Evernote is a cloud solution that allows you to sync all of your data automatically to your smart phone, iPad and/ or computer. This means that you can easily obtain your data when and where you need it. Winter 2011

Let’s face it, tracking all the receipts in our business is a nuisance. If you’re like most agents you probably have your receipts stuffed in a drawer or a shoebox. What’s the solution? Check out Shoeboxed.com. All you do is send them your receipts, they scan them, organize them, and they’re ready to go to your account. They can also scan business cards. The basic service is about $10 per month.

7. Avoid having to talk to irritating clients Do you miss calls from clients or friends, and wish you could just call them back and have your call go immediately to their voicemail? If so, check out Slydial.com. Slydial can be a real time-saver, especially when you need to leave a message for a client and a text won’t do or you want to avoid talking to a windbag when you have other things to do. Simply dial your Slydial number, enter the number you want to call

and leave your message. The free service is supported by ads. The pay service is either 10 cents a call or $2.95 per month.

8. Fun online greeting cards While there are plenty of great sources for online greeting cards, if you would like to have some fun while providing a customized card for your clients, check out JibJab.com. These are the folks who let you “elf yourself.” To take full advantage of their services, you will have to be able to cut and paste the heads of your recipients into the program. (If you don’t already have a “snipping” program installed on your machine, check out Snagit.com. If you’re using a Mac, the snipping function is holding down the Command, Shift and “4” keys together.) Once you have snipped your “heads” and saved them to your photo file, you can then upload them into the JibJab system. After you upload, Jibjab creates a customized, animated movie that you can e-mail to your clients. The basic annual membership is $12 per year. You can also save your movie or have it placed on a DVD for less than $10. If you’re ready for a little less work and a lot more time, any of these tools can help you have fun while being even more efficient. Bernice Ross, chief executive officer of RealEstateCoach.com, is a national speaker, trainer and author of the National Association of REALTORS®’ No.1 best seller, Real Estate Dough: Your Recipe for Real Estate Success. Hear Ross’ fiveminute daily real estate show, just named “new and notable” by iTunes online, at www.RealEstateCoachRadio.com. You can contact her at Bernice@RealEstateCoach. com or @BRoss on Twitter.

REALTOR® Review

NEWSMAKERS

their son, daughter-in-law and grandchild.

continued from page 13

Owens moved to Raleigh in 1984, when he opened a commercial real estate company. In 1988 he and a partner opened a RE/Max residential franchise that now has offices in Raleigh, Cary and Fuquay. Owens has been the chairman of the RRAR Professional Standards Committee since 1989. Since that time he has conducted the Professional Standards portion of RRAR new orientation classes. He has served on the Education, Grievance, Community Service, Orientation and Strategic Planning committees. Finally, he has been a member of the Board of Directors for RRAR and Triangle MLS Inc. on and off for the past 20 years. Owens and his wife Elaine have four children and eight grandchildren.

DeJane Perry Kerr, Fathom Realty Kristine Kiegiel, Key Stone Properties Bram Luknight, Fonville Morisey Realty Mark Parker, Fonville Morisey Realty Rita Perry, Fonville Morisey Realty Patricia Rand, RRAR Sheri Rimel, Wells Fargo Home Mortgage Tracy Santrock, Fonville Morisey Realty Susan Tenney, Real Living Pittman Properties

Two Named RRAR REALTORS® of the Year Sam Dill and Bill Owens were both named 2010 REALTOR® of the Year during the annual Raleigh Regional Association of REALTORS® inaugural ball at Cobblestone Hall in downtown Raleigh. “This double award has never happened with the ROY (REALTORS® of the Year) award in our association,” said 2009 REALTOR® of the Year Carolyn Kasdorff, who announced the winners. “However, when the committee met there was a tie. We discussed what we should do. The answer was simple. Both men deserve the award and both have served our association in extraordinary ways.” Dill retired from Fonville Morisey in December after 40 years. He was a residential broker, sales associate, an office manager and a company general manager. He earned the National Association of REALTORS® GRI, CRB, Certified RE Instructor and Certified Negotiator designations. He was chair of many committees, including RPAC, Grievance, Professional Standards and Personnel. He served on the RRAR Board of Directors from 1985 to 1997, was RRAR secretary, treasurer, vice president, president-elect and president, and a member of the Triangle Multiple Listing Services Inc. Board of Directors. He and his wife Marilyn enjoy spending time with 16

REALTOR® Review

2009 REALTOR® of the Year Carolyn Kasdorf congratulates Bill Owens (left) and Sam Dill, who were named RRAR’s 2010 REALTORS® of the Year. Winter 2011

Real estate agent questions IRS stance on deductions No matter how much – or how little – money you earn, your real estate activity qualifies as a business if you engage in it regularly and continuously during the year, primarily to earn a profit. It makes no difference whether you work full-time or part-time, so long as you work regularly and continuously.

BY STEPHEN FISHMAN

Q: I started working as a parttime real estate agent last year. Even though I worked with several clients during the year, I did not close on any houses and thus earned no income. However, I still spent money to be an agent, including association fees, desk fees, vehicle/mileage expenses and the purchase of office supplies. Can I deduct these expenses from my income taxes?

However, if your primary purpose is something other than making a profit – for example, to incur deductible expenses – the IRS may find that your activity is a hobby rather than a business. If this happens, you won’t be able to deduct your losses from your other income.

A: Yes. So long as your real estate activity qualifies as a business for tax purposes, you may deduct all of your reasonable and necessary expenses from your income taxes. This is true even if your real estate business earned little or no income, and thus incurred a loss for the year – that is, your expenses exceeded your income. You can deduct your business loss from other income you have for the year, such as investment income, employee income and your spouse’s income if you’re married and file a joint return. This assumes you work as an independent contractor, which most real estate agents do. The key question, then, is whether your work as a real Winter 2011

estate agent qualifies as a business in the eyes of the Internal Revenue Service. The fact that you earned no income doesn’t mean you weren’t running a business. Not all real estate agents make money every year, particularly in this economic climate. Moreover, it is very common for new businesses to show losses during their first few years. Thus, despite what you may have heard, you don’t have to show a profit every year, or every couple of years, to qualify as a business.

To show the IRS that you’re serious about making money from your real estate work, you need to work at it regularly and continuously. You can’t get a real estate license, sit back and do nothing, and then claim you had a profit motive. This won’t pass the “smell” test. You should be actively working to obtain listings and/or close sales. Starting right now, you should keep track of the time you spend working as an agent. Although there is no minimum amount See IRS STANCE on page 19 REALTOR® Review

RRAR events February

14 Housing Opportunity Committee, 9:30 a.m. to 10:30 a.m. 15 Community Service Committee, 12:00 p.m. to 1:00 p.m. 16 GAC Educational Meeting, 11:30 a.m. to 1:00 p.m. 17 New Member Orientation, 8:30 a.m. to 3:00 p.m. Tax Strategies for the Real Estate Professional, 9:00 a.m. to 11:00 a.m. New Broker-in-Charge Rules and Regulations, 1:00 p.m. to 3:00 p.m. 24 CE: Mandatory Update, 8:30 a.m. to 12:30 p.m. CE, elective: Good News in a Bad Market, 1:30 p.m. to 5:30 p.m. 28 ASP Designation Class, 8:30 a.m. to 5:00 p.m.

March 1

ASP Designation Class, 8:30 a.m. to 5:00 p.m.

CE: Mandatory Update, 8:30 a.m. to 12:30 p.m.

Women’s Council of REALTORS®, 8:45 a.m. to 10:00 a.m. CE: BICAR, 1:30 p.m. to 5:30 p.m. 3

New Member Orientation, 8:30 a.m. to 3:00 p.m.

New Broker-in-Charge Rules and Regulations, 1:00 p.m. to 3:00 p.m. 10 Technology Fair and Trade Show, 9:00 a.m. to 4:00 p.m. 14 Housing Opportunity Committee, 9:30 a.m. to 10:30 a.m.

April 6

Women’s Council of REALTORS®, 8:45 a.m. to 10:00 a.m.

Top Producers Lunch, 12:00 p.m. to 2:00 p.m. 7

CE: Mandatory Update, 8:30 a.m. to 12:30 p.m. Instructor: Bill Gallagher

New Member Orientation, 8:30 a.m. to 3:00 p.m. New Broker-in-Charge Rules and Regulations, 1:00 p.m. to 3:00 p.m. CE: Client Level Negotiating, 1:30 p.m. to 5:30 p.m. Instructor: Bill Gallagher 11 Housing Opportunity Committee, 9:30 a.m. to 10:30 a.m. CE: BICAR Annual Review, 5:00 p.m. to 9:00 p.m. Instructor: Vicki Ferneyhough 13 GAC/Legislative Day, 7:30 a.m. to 12:30 p.m. Triangle REALTORS® Leadership Academy 19 Community Service Committee, 12:00 p.m. to 1:00 p.m. 20 CE: Mandatory Update, 8:30 a.m. to 12:30 p.m. Instructor: George Bell CE: The Forms Course, 1:30 p.m. to 5:30 p.m. Instructor: George Bell 21 New Member Orientation, 8:30 a.m. to 3:00 p.m. New Broker-in-Charge Rules and Regulations, 1:00 p.m. to 3:00 p.m.

May 4

Women’s Council of REALTORS®, 8:45 a.m. to 10:00 a.m.

CE: Mandatory Update, 8:30 a.m. to 12:30 p.m. Instructor: George Bell CE, elective: TBD, 1:30 p.m. to 5:30 p.m. Instructor: George Bell 5

New Member Orientation, 8:30 a.m. to 3:00 p.m.

National Speaker Event, 1:00 p.m. to 4:00 p.m. Speaker: Ron Rosenberg

New Broker-in-Charge Rules and Regulations, 1:00 p.m. to 3:00 p.m.

15 Community Service Committee, 12:00 p.m. to 1:00 p.m.

16 Triangle International Council of REALTORS , 11:30 a.m. to 1:30 p.m. ®

GAC Educational Meeting, 11:30 a.m. to 1:00 p.m. Triangle REALTORS® Leadership Academy Dinner, 5:30 p.m. 17 New Member Orientation, 8:30 a.m. to 3:00 p.m. New Broker-in-Charge Rules and Regulations, 1:00 p.m. to 3:00 p.m. Property Management Meeting 17-18 Triangle REALTORS® Leadership Academy

Housing Opportunity Committee Meeting, 9:30 a.m. to 10:30 a.m.

16 CE: Mandatory Update, 5:00 p.m. to 9:00 p.m. Instructor: Vicki Ferneyhough 19 CE: Mandatory Update, 8:30 a.m. to 12:30 p.m. Instructor: Vicki Ferneyhough CE: Client Level Negotiating, 1:30 p.m. to 5:30 p.m. Instructor: Vicki Ferneyhough 25 CE: Mandatory Update, 8:30 a.m. to 12:30 p.m. Instructor: Mark Given

24 CE: Mandatory Update, 8:30 a.m. to 12:30 p.m.

CE: REO’s, Short Sales and Foreclosures, 1:30 p.m. to 5:30 p.m. Instructor: Mark Given

CE, elective: Short Sale Negotiation, 1:30 p.m. to 5:30 p.m.

26 Triangle REALTORS® Leadership Academy

REALTOR® Review

Winter 2011

IRS STANCE continued from page 17

of time you must work, you’ll have a hard time convincing the IRS that you want to make money if you work less than five or 10 hours a week. Keep a log showing how much time you spend working as an agent. Your log doesn’t have to be fancy – you can just mark down your hours and a summary of your activities each day on your calendar or appointment book. Other things you can do to show you are in business include: keep good books and other business records; invest time and money in training to sharpen your skills and get new ones; obtain a separate checking account for your business; and formulate a business plan. Hopefully, you’ll start earning a profit in future years. If your venture earns a profit in any three of five consecutive years, the IRS will presume that it’s a business.

No matter how much – or how little – money you earn, your real estate activity qualifies as a business if you engage in it regularly and continuously during the year, primarily to earn a profit. Any legitimate profit – no matter how small – qualifies; you don’t have to earn a particular amount or percentage. Thus, if you earn a profit from your real estate activity in any three of the next four years, it will automatically qualify as a business. However, you don’t have to pass this “three of five” test to qualify as a business. Stephen Fishman is a tax expert, attorney and author who has published 18 books, including Working for Yourself: Law & Taxes for Contractors, Freelancers and Consultants; Deduct It; Working as an Independent Contractor; and Working with Independent Contractors. Winter 2011

Raleigh Loan Officer Offers Local Real Estate Agents Free Marketing Support Raleigh, NC. Local Loan O f f i c e r C h r i s t o p h e r M u r ra y is no w o ffering a co mplete r e f e r r a l a n d w e b m a r ke t i n g system to real estate agents in the Raleigh Area. “ T h e r e a re s o m a n y a g e n t s who just need more help, but they don’t have the r e s o u rc e s o r t i m e f o r m a r ke t i n g . T h a t ’s w h e r e my tea m c o mes in. We have helped numerous a g e n t s g ro w t h e i r b u s i n e s s u s i n g m y p r o g ra m s .” A t t h e s a m e t i m e M u r ra y ’s m o r t g a g e g r o u p o f f e rs t h e m o s t c o m p e t i t i v e l o a n p ro g r a m s i n t h e a r e a , w h i c h ke e p s h i s r e a l t o r ’s ( a n d t h e i r c l i e n t s ) v e r y h a p p y.

Click Here to Contact

Christopher Murray CRMS

NMLS Lic#103453

REALTOR® Review

LESSONS LEARNED: BY BERNICE ROSS

The couple next door has listed their home with a local agent. They’ve been on the market for 90 days and haven’t sold. The question is: What’s keeping their house from selling? When a property comes on the market right next door to yours, most owners are watching to see how much their neighbors will get for their house. More important, potential sellers are watching to see whether the “Sold” sign pops up quickly or if the property will sit on the market for months. Needless to say, when our neighbors listed their home, I was curious to see what type of marketing their listing agent did. Unfortunately for my neighbors, she has provided the standard package of services most agents in this area provide. In a market where the competition is fierce, this simply isn’t enough.

WHAT THE LISTING AGENT DID RIGHT 1. Excellent staging and high-quality photos In addition to placing the listing on the MLS and Realtor.com , the listing agent hired a professional photographer to take high-quality pictures of the property. Since the property is only two years old and shows like a model, this makes perfect sense. Also, the research shows that having a minimum of 20 pictures will provide the most page views. 20

REALTOR® Review

home-sale marketing mistakes 2. Brochure box stays full The agent has a brochure box that she keeps full. She held a broker’s open house that was well attended by her office. She also had two Sunday open houses that generated good traffic. 3. Listing syndication to several major listing portals The listing has been viewed 72 times on Trulia.com and has appeared on FrontDoor.com and Realtor.com.

WHAT THE LISTING AGENT HASN’T DONE 1. Weak marketing plan The real issue here is that this agent lacks a strong marketing plan. She is relying on the old “Five P” approach – put a sign in the front yard; put it on the MLS; put it in the local paper; put it on Realtor.com; and pray that it sells. 2. No marketing to neighbors She hasn’t contacted any of the neighbors about the listing nor has she sent out “Just Listed” cards. Unless you happen to drive down to the end of the cul-de-sac where the property is located, the neighbors in the subdivision would have no way of knowing that the property is for sale. Given that this area is highly

desirable because of the schools, this is a costly error. With 250-plus homes in this subdivision, there is a high probability that current residents know other families who would like to move here. 3. Agent didn’t check the listing on Realtor.com for accuracy The listing agent also didn’t check her marketing photos. While the main photos on the multiple listing service are correct, the one posted on Realtor.com is a picture of the property next door. 4. No way to obtain caller contact information In terms of the sign on the property, there is no toll-free call-capture number on the sign. Along the same lines, she also doesn’t have an SMS (textmessaging) function available, which also captures callers’ cell phone numbers. Given that 90 percent of the calls that come into most offices are lost because the person answering the phone cannot get the caller’s number, this means she is losing 90 percent of her sign-generated leads. 5. No outreach to this subdivision’s most likely buyers The most recent comparable sales show that this subdivision Winter 2011

is extremely popular with hightech engineers from Asia. Having the listing information available in other languages through Immobel.com or Proxio.com would allow the agent to reach these high-probability offshore buyers in their native language. Furthermore, because the property address ends in an “8” and the property is located on the side of a cul-de-sac (not the very end), this property is considered to be very lucky by those who practice feng shui. 6. No target marketing Along the same lines, the agent also could target-market at local firms that tend to be the most stable employers in that particular market. 7. No use of video Because the agent hasn’t posted a video of the property, she is missing the opportunity to market this property on numerous video portals, including YouTube, Google Video, Yahoo Video, plus any of about a dozen other video portal sites available online at TubeMogul.com, as an example. Winter 2011

8. No single-property website There is no customized website using the property address as the URL. The result is that neither the listing agent nor her company is on the front page of Google when you search this property by its address. Instead, numerous other companies come up ahead of her listing on the search. They are generating the buyer leads – she’s not. In fact, the only time her name and company is mentioned on any of the front-page Google links is a mention at the bottom of the page stating, “Listing information provided by…”

The real issue here is that this agent lacks a strong marketing plan. She is relying on the old “Five P” approach. 9. No lead-capture tool on the main listing page Both Obeo.com and UnitedLane.com provide tools that allow

users to redecorate listings online. These are powerful tools because they provide a lead-capture mechanism that immediately notifies the listing agent with the Web lead’s contact information. 10. No comprehensive tracking of leads If there have been 72 views of the property on Trulia, there had to be several hundred from other major sources such as the MLS and Realtor.com. Because she lacks many of the tools most agents who do tracking would use, how can she know how effective her marketing is? Are you still relying exclusively on the old “Five P” approach? If so, there’s no better time than now to upgrade your marketing plan for 2011. Bernice Ross, chief executive officer of RealEstateCoach.com, is a national speaker, trainer and author of the National Association of REALTORS®’ No.1 best seller, Real Estate Dough: Your Recipe for Real Estate Success. Hear Ross’ fiveminute daily real estate show, just named “new and notable” by iTunes online, at www.RealEstateCoachRadio.com. You can contact her at Bernice@RealEstateCoach. com or @BRoss on Twitter.

REALTOR® Review

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

December 2009

Year to Date

2010

Change

2009

2010

Change + 2.2%

New Listings

2,477

2,118

- 14.5%

44,932

45,935

Closed Sales

1,635

1,497

- 8.4%

22,126

20,643

- 6.7%

Median Sales Price*

$177,900

$185,550

+ 4.3%

$182,000

$189,500

+ 4.1%

Average Sales Price*

$220,387

$227,527

+ 3.2%

$222,591

$228,693

+ 2.7%

Total Dollar Volume (in millions)*

$359.5

$340.5

- 5.3%

$4,922.4

$4,717.1

- 4.2%

Percent of Original List Price Received at Sale*

96.4%

97.2%

+ 0.8%

96.6%

96.4%

- 0.1%

103

112

+ 8.7%

101

105

+ 3.9%

15,792

15,824

+ 0.2%

Average Days on Market Until Sale Inventory of Homes for Sale *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

Activity—Year to Date 2009

2,477 2,118

1,635

New Listings

1,497

Closed Sales

Median Sales Price $185,550

2009

$182,000

$189,500

+ 4.1%

+ 4.3% December

Year to Date

Days on Market Until Sale 103

December

20,643

- 6.7%

+ 2.2% New Listings

Closed Sales

97.2%

96.4%

2009 2010

96.6%

96.4%

- 0.1%

+ 0.8% December

Year to Date

December Inventory of Homes for Sale 2009 2010

+ 8.7%

22,126

Percent of Original List Price Received at Sale 2010

112

2009 2010

- 8.4%

- 14.5%

$177,900

45,935

44,932

2010

101

105

15,792

+ 3.9% Year to Date

15,824

+ 0.2% 2009

2010

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: www.trianglemls.com

REALTOR® Review

Winter 2011

Single-Fam #N/A Townhouse-Condo

Local Market Updates

A free research tool from the Triangle Multiple Listing Service, Inc.

Wake County

December

Wake County, NC

Year to Date

2009

2010

Change

2009

2010

Change

New Listings

1,244

1,071

- 13.9%

24,013

23,979

- 0.1%

Closed Sales

817

827

+ 1.2%

12,055

11,057

- 8.3%

Median Sales Price*

$210,000

$206,400

- 1.7%

$199,000

$210,000

+ 5.5%

Average Sales Price*

$256,741

$259,258

+ 1.0%

$243,567

$255,525

+ 4.9%

Total Dollar Volume (in millions)*

$209.8

$214.4

+ 2.2%

$2,936.0

$2,825.9

- 3.7%

Percent of Original List Price Received at Sale*

97.0%

98.6%

+ 1.7%

96.9%

97.1%

+ 0.2%

102

106

+ 3.3%

101

+ 5.0%

7,666

7,535

- 1.7%

Average Days on Market Until Sale Inventory of Homes for Sale *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 1,244

Activity—Year to Date 2009

1,071

2009

2010

24,013 817

23,979

2010

827

12,055

+ 1.2%

- 13.9% New Listings

Closed Sales

Median Sales Price $210,000

$206,400

2009 2010

$199,000

Year to Date

98.6%

2010

+ 1.7% December

97.1%

96.9%

+ 0.2% Year to Date

December Inventory of Homes for Sale 2009 2010

December

Closed Sales

2009

97.0%

Days on Market Until Sale

+ 3.3%

New Listings

$210,000

+ 5.5%

December

106

- 8.3%

- 0.1%

Percent of Original List Price Received at Sale

- 1.7%

102

11,057

101

7,666

+ 5.0% Year to Date

7,535

- 1.7% 2009

2010

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: www.trianglemls.com

Winter 2011

REALTOR® Review

6th Annual

2011

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6th Annual

2011

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Mobile Website & iPhone App

4–15 1 21–22

FREE! AVAILABLE IN APRIL Sponsored by

Noon–6 p.m.

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