e-REALTOR® Review 2011 Fall Edition by Raleigh Regional Association of REALTORS®

REALTORreview 速

FALL 2011

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

Embrace the Angel Tree Tradition

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

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.

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FALL 2011, VOL. 3, NO. 4

features

HARK! EMBRACE PROJECT ANGEL TREE TRADITION The deadline for adoption is Fri., Nov. 11 to spread holiday joy to a deserving girl or boy.

GENDER GAP: MEN LIST MORE HOMES, WOMEN LIST PRICIER HOMES Are women more aggressive in pricing or more selective? The verdict is still out.

departments

REALTOR® REVIEW STAFF: Patricia Gregory Rand, managing editor, patriciar@rrar.com Heidi Ketler, APR, editor, hketler@verizon.net Sandee Washington, communications associate, sandeew@rrar.com Shelly Beck, graphic designer, sbdesign@cox.net

1 From the President 7 Neighbors Helping

For editorial contributions and ad inquiries, please contact Sandee Washington at sandeew@rrar.com or (919) 654-5400.

BEST TECH APPROACH FOR GEN Y, BOOMER REAL ESTATE CLIENTS Use of latest technology and interpersonal skills are both key for success.

Neighbors

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NewsMakers

NOW IS THE TIME TO BUY THAT NEW SUV SUV must be only for business, weigh 6,000-plus pounds for 2011 bonus depreciation.

SHOULD I OR SHOULDN’T I UPGRADE? Maximize features of current tech device before starting new all over again.

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Bits & Pieces Calendar of Events

Local Market Updates New Members

rrar.com

Preliminary Identity Colors

from the president 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.

Take Advantage of Membership Rewards

VISION STATEMENT “Anticipating and meeting the opportunities and challenges of our industry.”

The dues billing season is a good time to be reminded of the numerous benefits available to REALTORS® through the Association. I’m a big fan of the REALTOR® Linda Trevor Partners Program and I have found myself utilizing the discounts available to members throughout the year. One of my favorites is Sears Commercial, which brings me savings on appliances for my rental properties. I have also passed along this benefit to my clients and they are thrilled! I have also taken advantage of saving money with Furnitureland South in Highpoint NC, one of the newest partners who offers a discount to our members and our customers. These are just two of the numerous participating partners in the program. Start saving money today! Take advantage of this great benefit program. Learn more about our partners through our website.

Warm regards, Linda [2011 PRESIDENT]

Strength in Numbers Dear REALTOR® member,

Stacey Anfindsen

The year 2012 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: • Free seminars & programs

• Political advocacy

• Discounted continuing education

• Discount on One Eleven Place

• State-of-the-art website with MLS

• Membership discounts

• Professional standards administration

• Meetings, socials and networking opportunities

• Centralized showing service

• REALTORS® Leadership Academy

With more than 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 2012 membership, you are ensuring the continued success of your association and your career. Best of luck in 2012, and thank you in advance for your renewed commitment to the Raleigh Regional Association of REALTORS®.

Sincerely, Stacey Anfindsen [2012 PRESIDENT] REALTOR Review ®

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RRAR 2011 COMMITTEE CHAIRS Bylaws: Stacey Anfindsen Building: Stacey Anfindsen Communications & PR Committee: Mollie Owen 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 Small Business Council: Brenda Carroll, Kevin Woody 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 Association Services Director Betsy Ramsey, Ext. 217, betsyr@rrar.com Association Services Associate Vicki Buckholtz, Ext. 216, vickib@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 Finance Associate Jill Pressley, Ext. 221, Jillp@rrar.com Membership Associate Kelly Hunsucker, Ext. 209, kellyh@trianglemls.com

ce ebrating

S MALL

TOWN

AMERICA

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Tour Our New Decorated Models!

• Stroll down the sidewalk to the 3-Acre Public Square with a bandstand gazebo, playground, and stunning clubhouse with a fitness center and community pool.

Single-Family Homes from the $240’s – $450’s

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Hours: Sun & Mon 12-6, Tues-Sat 10-6 (919) 941-0169 Directions: Take I-540 to Exit 69. Turn left onto Rt. 54, then turn right onto McCrimmon Pkwy. Turn right on Church St. Turn left on Kitts Creek Rd. and continue to the Community Clubhouse for Sales Information.

Welcoming Families Home For Over 60 Years

RyanHomesRR.com

Prices subject to change without notice. NVR, Inc. is a recipient of the EPA 2011 ENERGY STAR® Partner of the Year Award - Large Builder, and Ryan Homes is an NVR brand.

Hark!

Embrace Project Angel Tree Tradition

he Project Angel Tree is a Raleigh Regional Association of REALTORS® tradition that dates back to 2001. Since then, REALTORS® have given 12,000 holiday gifts to needy children.

This year, Project Angel Tree hopes to adopt 1,000 angels providing gifts to deserving boys and girls. The deadline has been extended to Friday, Nov. 11, so each child can receive an individually purchased, heartfelt gift. RRAR members and friends who register will receive, by mail, an angel carrying a code number, age, sex and a desired gift from the child’s wish list. If the requested item is too expensive or unobtainable, an alternate gift or a gift card is acceptable. Gifts must be new purchases, but need not cost

more than $25. Participants are asked to deliver their wrapped gifts with angels attached to RRAR by Wednesday, Nov. 30. Please note, there are only a few days between Thanksgiving and the deadline this year, and some are choosing to do their “Angel” shopping prior to Thanksgiving.

Numerous RRAR members, friends and guests ate to their heart’s content at a participating restaurant, knowing that 5 percent of all sales on those two days are going to Project Angel Tree 2011 gifts. “Many thanks to all those who joined Project Angel Tree early

Dine Out Raises Over $2,200 Once again, the REALTOR® Foundation of the Triangle Community Service Committee got in the gift-giving spirit early with the second annual REALTORS® Dine Out Oct. 4 and Oct. 6, raising over $2,200. One hundred percent of the donations will go toward purchasing holiday gifts for needy children.

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Zach and Emma Shabot enjoy dinner at Carrabba’s to raise funds for Project Angel Tree 2011. See HARK! on page 4

HARK! continued from page 3

and the 11 restaurants that joined REALTORS® Dine Out,” said Linda Trevor, Raleigh Regional Association of REALTORS® president. “You are our inspiration. Now, it’s time for all of us to rally to the cause, so needy children won’t miss out on the joy of the holidays.”

Gypsy’s Shiny Diner The Irregardless Café Joel Lane’s Public House Spring Rolls Tir Na Nog zpizza (all three locations) Prashant and Shruti Desai dine out for dinner and Project Angel Tree 2011 at Spring Rolls.

Bravo to these Dine Out Restaurants 18 Seaboard Bocci’s

Eric Sayer (right) picks up dinner from Andrew Kraft of Carrabba’s Italian Grill, as part of REALTORS® Dine Out in October.

Bombay Grille Casa Carbone Carrabba’s Italian Grill

RRAR ‘Housing Heros’ Donate $4,000 to Help Family Displaced by Tornado On October 7th the Housing Opportunity Committee of the Raleigh Regional Association of REALTORS® hosted a “Be A Housing Hero” seminar. Each year they present a monetary award to a local group that is supporting affordable housing in our area. This year, the committee gave $4,000 to the Salvation Army to be used for a family who was displaced by the tornado this fall. Insurance did not supply enough money to take care of all the needed repairs so the family was unable to move back into their home. Beginning in 2012 the Housing Opportunity Committee will become part of the Community Service Committee.

John Hartofelis, Housing Opportunity Chair, presents Haven Sink of the Salvation Army with a check for $4,000.

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Real Estate Gender Gap Men List More Homes, Women List Pricier Homes

BY INMAN NEWS

On average, male real estate agents list more homes than women do, while the homes women list have higher asking prices, according to a study by real estate search and marketing site Trulia. In its research, Trulia first separated the more than 100,000 real estate professionals with profiles on its site by gender, using a Name Genderizer tool to categorize whether the names are most likely male or female. Then, in a one-day snapshot on Oct. 1, the site examined the total number of male agents compared to female agents, and which gender had listed more homes for sale and which listed more expensive homes, on average, since joining Trulia. The site did not control for when agents joined the site, “since there’s no systematic differences between when men and women create a Trulia profile,” Trulia said. Female agents’ listings tended to be pricier, on average, than those of their male counterparts. In Virginia, homes for sale by female

Source: Trulia.

See GENDER GAP on page 6 REALTOR Review ®

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GENDER GAP continued from page 5

agents were 15 percent more expensive. The difference was biggest in West Virginia where female agents’ listings were 63 percent more expensive. Put another way, female agents’ average list price was about $100,000, compared with about $60,000 for male agents – a price difference of about $40,000. In a blog post about the findings, Trulia said that “the average list price isn’t necessarily a reflection on how aggressive the agent is on pricing. In some cases, it could mean that women take on inherently more expensive homes/neighborhoods than men, and vice versa.” Only in Alaska did homes listed by men have considerably higher asking prices, on average, than those listed by women. Although female agents registered at Trulia outnumber male agents by 53 percent in that state, the men exceeded the women in both the volume of listings and average asking price. At the other end of the spectrum, female agents had an edge over their male counterparts when it came to listings volume and average asking price in Mississippi. According to Trulia’s study, men listed more homes, on average, with the difference especially pronounced in the Dakotas. In North Dakota, men listed 129 percent more homes than women agents, on average, since joining the site. Only in Wyoming, Nebraska, Mississippi and Louisiana did the cumulative listing volume for female agents exceed that of male agents by 20 percent or more. Females outnumbered males in all 50 states with a range of about 48 percent more female than male agents in South Dakota and Nebraska to 64 percent more

Source: Trulia.

in Mississippi and Oklahoma. Overall, females tend to outnumber males in the industry -- the National Association of Realtors’ 2011 Member Profile found that about REALTOR Review ®

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57 percent of REALTORS®, based on data sampled earlier this year. For a further state-by-state breakdown, an interactive map is available from Trulia.

neighbors helping neighbors

Habitat Tour and Party to Usher in the Holidays

The community is invited to the 11th annual Home Tour & Party, Sunday, Nov. 20, at Habitat Wake Restore, 2420 Raleigh Blvd., Raleigh. It will begin with a bus tour at 5 p.m. Food and music by Casablanca Orchestra at 6 p.m. will follow. Dinner will be provided by 42nd Street Oyster Bar and appetizers and desserts will be provided by numerous area restaurants and bakeries. The cost is $50. Dress warm and casual. RSVP online at www.habitatwake.org or call (919) 744-2404.

Souper Helpers From left, RRAR members Connie Coraile, Helen Jones, Vicki Buckholz (RRAR Staff), Liz Knight stand eager to serve at Shepherd’s Table Soup Kitchen Sept. 2.

Volunteers from the Raleigh Regional Association of REALTORS® Community Service Committee volunteer at Shepherd’s Table Soup Kitchen Sept. 2. They are (from left) Deborah Albright-Cooke, Mary Ann Kohn, Denise Stephenson and Dawn Nuzzi. REALTOR Review ®

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Best Tech Approach for Gen Y, Boomer Real Estate Clients BY BERNICE ROSS

I recently had a conversation with Chris Smith, the chief evangelist for Inman News, about generational differences. Smith made an astute observation about Generation Y vs. Baby Boomers when it comes to technology: “Boomers are immigrants; Gen Y are natives.” If you have ever watched a two- or three-year-old walk up to a television set and start touching the screen to change it, it’s readily apparent that today’s young people and their approach to technology is one of “natives” – they grow up with it, it’s every-

where around them and they are eager to interact with it as soon as they are able. As a boomer, I’m certainly not a native to technology, even though I have written programs in Fortran, have always purchased the latest technology and have been using statistical software since my college days. Nevertheless, I remember watching my five-year-old niece in 1991 pick up a mouse and navigate perfectly with her little Apple computer. It was an “aha!” moment when the difference between what we each grew up with became painfully obvious. On the other side of the coin, Gen X and Gen Y are immigrants to real estate. As one expert once put it, “Real estate as we know it was created by boomers for boomers.” For all the talk of the Web and disintermediation (i.e., that the Web would eliminate the need to have agents in the transaction), real estate today is still a face-toface business. Furthermore, real estate continues to be a business

based upon trust and relationships. It also can be a highly confrontational business. Gen X and Gen Y rely on their technology to communicate and not their face-to-face skills, which are often virtually nonexistent. In fact, many parents complain that their Gen Y children have no idea how to carry on a conversation on the phone. As one Gen Y put it when her mom suggested she call her aunt for some information needed for a high school project, the young woman’s response was, “Call? That’s way too confrontational!” As a result, many young people who enter the real estate market find communicating face to face or by phone to be foreign to them. They may struggle with the confrontational parts of the business and often ignore conflicts in the hope that the problem will go away. They have yet to learn the “language” that allows them to successfully navigate through difficult situations.

Is Real Estate Still a RelationshipBased Business? Based upon generational differences, Smith raised the question REALTOR Review ®

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Furthermore, even if there is little “relationship” between the agent and his or her clients, the agent still depends upon having good relationships with the other agents and professionals who are involved in the purchase process. If you are difficult to work with or have a poor reputation among the brokerage community, agents will show someone else’s listings whenever possible, rather than your listings. As my former manager said, “If you yell at the escrow or the title

What’s fascinating about this particular time period in our industry is that both groups are going to have to meld their “native” and “immigrant” skills. as to whether real estate will continue to be a relationshipbased business in the future. For anyone who has been in the business for any length of time, you already know that relationships are paramount. While our younger clients may not want a “relationship” with their agent, like it or not the agent becomes part of their family upon listing their home for sale. The agent has access to every part of the client’s home, to many of the most intimate parts of the client’s living situation, and is entrusted to represent the seller in what is typically the most expensive transaction of one’s life.

officer, you know what happens to your file? It goes to the bottom of the stack. When you need extra help from that person to help you out of a difficult situation, it’s not going to happen.” I took that advice to heart and specifically worked to keep my relationships strong with the people I did business with. Lunches and flowers go a long way when you need to hit a deadline to keep your clients from being out on the street if their new home doesn’t close on time.

A Unique Moment in History What’s fascinating about this particular time period in our REALTOR Review ®

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industry is that both groups are going to have to meld their “native” and “immigrant” skills. For older agents who are comfortable with being face to face, building relationships and coping with confrontation, coming to grips with cloud computing, social networking and a host of Web-based marketing tools is no longer an option, but a necessity for survival. For younger agents, face-toface skills are a necessity. While texting may not completely give way to tools such as Skype, there is no denying that the YouTube generation that comes after Generation Y will expect to do business using video tools, not just texting and social media tools. In some respects, this is good news for older agents, provided they acquire the training to use video tools effectively in their businesses. Face-to-face skills, either in person or on video, will again be required. The bottom line is that older agents are going to have to become more fluent in technology while younger agents are going to have to master negotiation and the other “immigrant skills” required to do business face to face, either in person or online. 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 Bernice’s five-minute daily real estate show, just named “new and notable” by iTunes, at www.RealEstateCoachRadio.com. She can be reached at Bernice@RealEstateCoach.com or @BRoss on Twitter. Your opinions regarding this article are welcome.

newsmakers

Trevor Selected for 2012 NAR Leadership Academy Cary REALTOR® and RRAR President Linda Trevor was the only North Carolina REALTOR® TREVOR to be selected for the 2012 class of the National Association of REALTORS® Leadership Academy, an initiative designed to nurture and inspire new leaders in the real estate industry. The 2012 Leadership Academy class is comprised of REALTORS® from 11 states and the first international participant from southern Brazil. The participants will gain and expand upon existing leadership skills and abilities, while learning more about the National Association of REALTORS® (NAR). Academy participants demonstrated personal and professional success in their respective local markets as part of an application and interview process conducted by the Academy Advisory Board. During the six-month training, they will undergo a challenging series of team-building exercises and workshops. Since the academy was formed in 2008, more than 100 REALTORS® have graduated, and many advance to serve in volunteer leadership positions within their respective state and local associations, as well as within NAR. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.1 million members involved in all aspects of the residential and commercial real estate industries. More information about the Leadership Academy is posted on REALTOR.org.

Survey Winners Thank you to all RRAR members who completed the membership survey. Special congratulations to RRAR members Meredith Kisner of Fonville Morisey, Lochmere in Cary and KC McLaughlin of ReMax United in Cary. Both won free dues for 2012. REALTOR Review ®

Braxton Earns GRI Debbie Braxton of Fonville Morisey Realty’s The Kelly Cobb Home Team recently earned the professional designation, Graduate, REALTOR® Institute, signifying mastery of an intense training program.

BRAXTON

The REALTOR® Institute is co-sponsored by the North Carolina Real Estate Educational Foundation and the North Carolina Association of REALTORS® and has been offered several times annually since 1948. It was the first training program of its kind in the United States and has served as a model for numerous other states. Graduation requires completion of more than 90 hours of course work and 12 examinations on various aspects of the courses taken. The Graduate, REALTOR® Institute (GRI) is a nationally recognized professional designation. The GRI curriculum and standards are governed by the National Association of REALTORS®. Braxton is one of a select group in North Carolina who currently holds the GRI designation. For more information about Braxton and Fonville Morisey Realty, visit fmrealty.com.

Brookshire Named to Chamber Board of Directors Phyllis York Brookshire, past president of RRAR, current board member of RRAR and the REALTOR® Foundation of the Triangle, was recently named to the 20112012 Board of Directors of the Greater Raleigh Chamber of Commerce.

BROOKSHIRE

“We are pleased to have Phyllis as a member of the Chamber’s Board of Directors,” said Harvey Schmitt, Chamber president and CEO. “I’m certain that the knowledge and experience our board members bring will further the Chamber’s efforts toward developing and sustaining the region’s thriving economy and quality of life.” l 10 l

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MEMBERSHIP

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Membership Dues Billing FAQ TION ORMA

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Local Market Update – September 2011 A RESEARCH TOOL PROVIDED BY TRIANGLE MLS

Entire Triangle Region

- 20.2%

+ 11.3%

- 6.5%

Change in New Listings

Change in Closed Sales

Change in Median Sales Price

September

New Listings Closed Sales

Year to Date

2010

2011

+/–

2010

2011

+/–

3,463

2,762

- 20.2%

37,939

30,920

- 18.5%

1,499

1,668

+ 11.3%

16,514

15,179

- 8.1%

Median Sales Price*

$193,000

$180,500

- 6.5%

$189,000

$185,000

- 2.1%

Average Sales Price*

$230,496

$220,821

- 4.2%

$227,991

$224,114

- 1.7%

Total Dollar Volume (in millions)*

$345.1

$368.3

+ 6.7%

$3,762.3

$3,397.6

- 9.7%

Percent of Original List Price Received*

90.8%

91.7%

+ 1.0%

92.3%

92.0%

- 0.4%

Percent of List Price Received*

95.6%

95.8%

+ 0.2%

96.4%

96.1%

- 0.3% + 22.6%

Days on Market Until Sale

107

130

+ 21.8%

103

126

Inventory of Homes for Sale

19,645

15,601

- 20.6%

Months Supply of Inventory

10.8

9.8

- 9.2%

* Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.

2010

September

2011

2010

Year to Date

2011

37,939

3 463 3,463

30,920

2,762 1,499

- 20.2% New Listings

1,668

16,514

- 18.5% New Listings

+ 11.3% Closed Sales

15,179

- 8.1% Closed Sales

Change in Median Sales Price from Prior Year (6-Month Average)**

All MLS

Entire Triangle Region

+ 10% + 8% + 6% + 4% + 2% 0% - 2% - 4% - 6% - 8% 1-2008

7-2008

1-2009

7-2009

1-2010

7-2010

1-2011

7-2011

** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their period | Current as of October 17, 17 2011. 2011 All data from Triangle Multiple Listing Service share of sales during that period. Service, Inc Inc.. | Powered by 10K Research and Marketing Marketing.

For further information regarding TMLS Market Trends and Analysis please visit: www.trianglemls.com

REALTOR Review ®

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Fall 2011

Local Market Update – September 2011 A RESEARCH TOOL PROVIDED BY TRIANGLE MLS

- 17.8%

+ 20.4%

- 11.4%

Change in New Listings

Change in Closed Sales

Change in Median Sales Price

Wake County

September 2010

2011

New Listings

1,776

Closed Sales

769

Median Sales Price* Average Sales Price*

Year to Date +/–

2010

2011

+/–

1,460

- 17.8%

19,764

16,002

- 19.0%

926

+ 20.4%

8,837

8,081

- 8.6%

$220,000

$195,000

- 11.4%

$210,000

$207,000

- 1.4%

$261,727

$235,420

- 10.1%

$253,966

$245,974

- 3.1%

Total Dollar Volume (in millions)*

$201.3

$218.0

+ 8.3%

$2,244.9

$1,987.6

- 11.5%

Percent of Original List Price Received*

91.4%

92.5%

+ 1.3%

92.9%

92.8%

- 0.1%

Percent of List Price Received*

96.4%

96.5%

+ 0.1%

97.0%

96.6%

- 0.3%

102

125

+ 22.8%

100

122

+ 21.8%

Inventory of Homes for Sale

9,541

7,321

- 23.3%

Months Supply of Inventory

9.7

8.6

- 11.7%

Days on Market Until Sale

* Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.

2010

September

2011

1 776 1,776

2011

19,764

1,460

16,002 769

- 17.8% New Listings

2010

Year to Date

926

8,837

- 19.0% New Listings

+ 20.4% Closed Sales

8,081

- 8.6% Closed Sales

Change in Median Sales Price from Prior Year (6-Month Average)**

All MLS

Wake County

+ 15%

+ 10%

+ 5%

- 5%

- 10% 1-2008

7-2008

1-2009

7-2009

1-2010

7-2010

1-2011

7-2011

For further information regarding TMLS Market Trends and Analysis please visit: www.trianglemls.com

REALTOR Review ®

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Fall 2011

WELCOME NEW MEMBERS Donald Aldridge, Fonville Morisey/ Lochmere Sales Office Betty Baker, Landmark Residential Janice Barrese, Howard Perry & Walston/ Allyn’s Landing Caitlin E. Beacorn, Coldwell Banker Advantage Nicole R. Bean, Howard Perry & Walston Realtor Olivia Bergner , Chatham Homes Realty Brittany N. Biggs, Howard Perry & Walston Realtor Joyce A. Boals, Re/Max Preferred Associates Blandford Bolte, Keller Williams Preferred Quintonio D. Booker, Garrett Singletary Realty Jill Booth, Go Realty Alex Boutaud, Regan & Co. Kari L. Butts, Fonville Morisey/ The ReWard Team Robert J. Calongne, Keller Williams Preferred Loren Camden, Fonville Morisey/Lochmere Sales Office Ashley C. Campbell, Lennar Carolinas L.L.C. Mary E. Carrothers, Exit Realty First Choice Daniel D. Carter, Olde Raleigh Real Estate L.L.C. Sharon C. Carter, Lisa Ellis and Co. Bridget S. Caulder, Designed to Sold Guy Chadwick, Darshana Properties Timothy M. Clarke, Jones Advantage Real Estate Professionals Bruce M. Cohen, Fonville Morisey/Lochmere Sales Office Sandra Cook, Howard Perry & Walston Realtor Blandy Costello, Champion Realty Inc. Lifen Dai, CHK Realty Garrett W. Daly, DEC Appraisals Ahmad K. Dard, Howard Perry & Walston Realtor Brian R. Davies, Howard Perry & Walston Realtor Megan K. Deal, Coldwell Banker Advantage Mary G. DeVoe, Keller Williams Preferred Katherine W. Douglass, M/I Homes of Raleigh L.L.C. Galen Durant, Daymark Realty Andrea Ellison, Builder Services Inc. John Enterline, Howard Perry & Walston Realtor Keith W. Ferrell, Allen Tate Co. Inc. Tanya M. Finch Edwards, Fonville Morisey & Barefoot Mary L. Fuoto, Realty World on Salem Street Mariana Gallegos, Allen Tate Co. Inc. Kerri Gardner, Prudential York Simpson

Underwood Realty Jack E. Garrison, Fonville Morisey/Preston Sales Office Patricia Gillespie, Howard Perry & Walston Realtor Karen C. Gleason, Keller Williams Realty Laavanya Gombar, Vanderbilt Realty Stephanie K. Gromaski, Howard Perry & Walston Realtor Donna Hahn, Exit Select Realty Dora Hargittai, Keller Williams Preferred Mark D. Hawe, Chatham Homes Realty Watson Hilaire, Champion Realty Inc. Tricia I. Hill, Fathom Realty NC L.L.C. James D. Holloway, Howard Perry & Walston Realtor Justin Huntley, Rich Realty Group Bina A. Jariwala, Keller Williams Lavett Kornegay, Howard Perry & Walston New Home Milagros S. Lambert, Prudential York Simpson Underwood Realty John H. Lara, Howard Perry & Walston Realtor Shanell Lawson, Howard Perry & Walston Realtor Bruce A. LeMaster, Keller Williams Realty Bonnie K. Malone, HomeTowne Realty East Wake Carmen J. Marzella, Re/Max Integrity Andrea M. McCleese Thomas, Realty World on Salem Street Apryl McCoy, Realty World on Salem Street Talaya B. McCraney, Fonville Morisey/ Falls Sales Office Jahmal McCullough, Carolina MaxRealty Inc. Michelle P. Montminy, Howard Perry & Walston Realtor Sarah A. Moody, Front Porch Realty Melissa A. Moore, Fonville Morisey/Inside the Beltline Office Doug Muhle, Linda Craft & Team, REALTORS Phuong T. Nguyen, Champion Realty Inc. Hassan M. Niles, Keller Williams Realty Andrea D. Norris, Fonville Morisey/Preston Sales Office David C. Norris, Pinnacle Appraisal Group L.L.C. Katie E. O’Quin, Howard Perry & Walston Realtor Thomas A. Oliviero, Keller Williams Preferred Joseph Owens, Keller Williams Realty Olu Omoloju, Howard Perry & Walston Realtor William B. Patterson, Howard Perry & Walston Realtor

Nam D. Pham, Go Realty Diane M. Pisch, Howard Perry & Walston Realtor Tara M. Polon, Allen Tate Co. Sara R. Pratt, Keller Williams Kirby L. Raley, Fonville Morisey/Stonehenge Sales Office Joseph Regino, Champion Realty Inc. Evan G. Riggle, Re/Max One Realty Rebecca Robbins, Bailey Wright Realty Cathy J. Ryan, Howard Perry & Walston Realtor Abigail L. Schaeffer, Fonville Morisey/ Stonehenge Sales Office Markus A. Seppanen, Equity Saver Plus Realty David T. Servoss, Builders Choice Real Estate Co. Liuying Shen, CHK Realty Vivica Smith-Hall, A Dunn Deal Realty Chris Stallings, McNeill Burbank Homes L.L.C. Diane G. Starrett, Coldwell Banker Advantage Mark Charles Stevenson, ERA Pacesetters Realty Monique L. Strong, Allen Tate Co. Inc. Christina A. Taylor, Keller Williams Cynthia Lee Taylor, Fonville Morisey/Brier Creek Sales Office Cheryl A. Thorne, Howard Perry & Walston Realtor Tara L. Tiffany, Fonville Morisey/Lochmere Sales Office Linda K. Turner, Fonville Morisey & Barefoot Jason R. Van Hanswyk, Howard Perry & Walston Realtor James H. Walker, Parrish Realty Inc. Ann S. Walsh, Fonville Morisey/Triangle Real Estate Associates L.L.C. Timothy R. Walters, Fonville Morisey/ Preston Sales Office Kathleen L. Ward, Fonville Morisey & Barefoot/Fallon Park Clifton Watkins, Howard Perry & Walston Realtor Christian D. Webb, Real Home Services and Solutions Inc. Linda Wert, Re/Max One Realty Craig R. Wieser, Howard Perry & Walston New Home Kevin A. Wiley, Fonville Morisey/Jeanne Hendren Realty Group Kevin A. Wolff, Re/Max Integrity Mary Louise A. Wolff, Allen Tate Co. Inc. Stephanie Williams, Whitlock Residential Realty Group

If you would like to sponsor a new member orientation, please contact Betsy Ramsey at (919) 654-5400. REALTOR Review ®

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Fall 2011

Now Is the Time to Buy that New SUV BY STEPHEN FISHMAN

If you’ve been thinking about purchasing a new SUV to use in your real estate business, you should start looking now and make sure to purchase and place it in service before the end of 2011. This way you can qualify for particularly generous tax writeoffs – write-offs that are scheduled to be greatly reduced in 2012.

Indeed, you may be able to deduct the entire cost of the vehicle in a single year. Here’s how it works: Whenever you purchase a vehicle to use in your business you are allowed to deduct the cost through depreciation, the same as for any other business equipment. However, this usually takes several years. Indeed, depreciation of business vehicles is unique in one very REALTOR Review ®

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Fall 2011

important way: The annual depreciation deduction for automobiles is limited to a set dollar amount each year. The annual limit applies to all passenger vehicles, no matter how much they cost. These limits are quite low. For example, for first-year depreciation of passenger automobiles placed in service in 2011, the limit is up to: See NOW IS THE TIME on page 17

bits & pieces

The REALTOR® Store

Don’t change what’s working!

2012 Magnetic Calendars

15% OFF (Nov. through Jan.)

Magnetic calendars are still available but hurry before we run out! You can order these calendars online but not at the low price we offer and why pay shipping?

Re-order Boss Real Estate Planners again this year! Boss contains: Week At A Peek, Buyer Prospects, Seller Prospects, Active Listings, Sale Progress, Closed Sales and Phone Number pages. Pre-orders are being accepted.

HERE’S A HOLIDAY GIFT IDEA! We have gift certificates

Laser Distance Measure PREXISO X2 This is a one-person laser measuring tool for distances, areas and volumes. It is easier and faster to use than a tape measure and more accurate than ultrasonic measuring tools!

in any amount.

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REALTOR® Love REALTOR® Logo Items!

These make great stocking stuffers or gift-exchange items.

We carry colorful coffee mugs, water bottle and bags at affordable prices! REALTOR Review ®

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Fall 2011

Pepper Spray This pepper spray is not only for agents but for anyone you care about.

NOW IS THE TIME continued from page 15

$11,060 for the first year; $4,900, the second year; $2,950, the third year; and $1,875 for each successive year. Moreover, this assumes you use the car 100 percent for business. If you use it for more than just business, you may only depreciate an amount equal to your percentage of business use. For example, if you use your car 60 percent for business, you may depreciate or expense only 60 percent of the cost. However, these annual depreciation limits apply only to passenger automobiles, which are vehicles with a gross loaded weight of less than 6,000 pounds. Heavy sport-utility vehicles – those that are built on a truck chassis and are rated at more than 6,000 pounds gross (loaded) vehicle weight – are not subject to these limits. So if you’re in the market for an SUV, this is the year to buy it because of that special bonus depreciation. For 2011 only, you can use bonus depreciation to deduct 100 percent of the cost of many types of business property in a single year. There is no dollar limit on this deduction. Using bonus depreciation, you may be able to deduct all or most of the cost of an SUV weighing 6,000 pounds or more in a single year – a potentially enormous deduction. If an over-6,000-pound SUV is placed in service during the period from Sept. 8, 2010 through Dec. 31, 2011, it will qualify for 100 percent first-year bonus depreciation.

This means you can deduct 100 percent of the cost in one year if you use the vehicle 100 percent for business. For example, if you buy and place in service a new $75,000 heavy SUV during 2011, and use it 100 percent for your real estate business, you may write off the entire cost on your 2011 tax return. To qualify, just make sure the vehicle weighs more than 6,000 pounds. Michelle Chiou, a real estate broker who purchased a Honda minivan for her business, learned this the hard way. The Internal Revenue Service claimed that her minivan weighed less than 6,000 pounds because it had a listed gross vehicle weight of only 5,953 pounds. Fortunately, Chiou purchased the minivan with five accessories: all-season floor mats that weighed 18 pounds, cargo boards that weighed 10 pounds, a cargo tray that weighed 6 pounds, a third-row sunshade that weighed 8 pounds and a cargo mat that weighed 10 pounds.

passenger vehicle for tax purposes and the annual depreciation limits didn’t apply (see Engle v. Commissioner, 2009 Tax Court Summary Opinion 138). However, it won’t be possible to use bonus depreciation if you use the SUV less than 51 percent for business or if you bought the car used. In this event, you must depreciate the entire cost under the regular rules. You’ll have to use the slowest method of depreciation (the straightline method) if you use the car less than 51 percent for business, and you’ll have to continue with this method even if your business use rises more than 50 percent in later years. 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. Opinions regarding this story are welcome.

The combined weight of the five accessories was 52 pounds, and when added to the minivan’s gross vehicle weight of 5,953 pounds, the total was 6,005 pounds. As a result, the Tax Court found that the minivan was not a

l 17 l

Fall 2011

RRAR events 7 Women’s Council of REALTORS®, 8:30 a.m. Angel Tree Loading Day, 10:30 a.m. 8 RRAR Awards Banquet, 4:30 p.m. to 6 p.m. Holiday Party, 6 p.m. to 9 p.m.

November 10 Property Management Council, 11:30 a.m. 11 Project Angel Tree - Deadline for Adoption of Project Angel Tree “Angels”

15 New Member Orientation, 8:30 a.m. to 3 p.m. 20 HANUKKAH begins 23 Office closed

VETERANS DAY

25 CHRISTMAS

11-14 National Association of REALTORS® Convention, Anaheim, Calif.

26 Office closed 31 RRAR 2012 Annual Membership Dues are due

14 Housing Opportunity Committee, 9:30 a.m. 15 Community Service Committee, Noon

January

16 Small Broker’s Council, 8:45 a.m. to 10 a.m.

1 Triangle MLS first quarter 2012 user fees due

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

2 Office closed

24 THANKSGIVING

4 Women’s Council of REALTORS®, 8:30 a.m. 6 RRAR Inaugural Ball, 6 p.m. to 11 p.m.

25 Office closed

13 Property Management Council, 11:30 a.m.

30 Project Angel Tree – Deadline for delivery of gifts to RRAR

16 MARTIN LUTHER KING DAY, office closed 17 Community Service Committee, Noon

December

18 Small Broker’s Council, 8:45 a.m. to 10 a.m.

1 CE Mandatory Update, 8:30 a.m. to 12:30 p.m. Top Producer’s Council, 11:30 a.m.

19 Triangle International Council of REALTOR®, 11:30 a.m.

Broker-In-Charge Annual Review, 1:30 p.m. to 5:30 p.m.

Events will be at RRAR offices unless otherwise noted. Dates are subject to change. REALTOR Review ®

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Fall 2011

Please join us for a

Holiday Party �ursday, Dec. � 6pm - 9pm

111 Realtors Way, Cary

Members & Guests: $10 Each

Hors d’oeuvres

Spirits

Entertainment

To register, visit www.rrar.com. Advance registrations requested. Please register before Dec. 5th.

Special Thanks to Our Platinum Sponsors

Questions? Contact Vicki Buckholz at VickiB@rrar.com REALTOR Review ®

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Fall 2011

Should I or Shouldn’t I Upgrade? or someone has sold them on the fact they need to upgrade to help with their career and life.

BY DICK BETTS

It seems like every time a new tablet, iPad or Smartphone is released my e-mail inbox fills up with the same question, “Dick should I upgrade?” My first question is what are you using today and are you happy? This sometimes leads to a long-winded discussion trying to determine where some folks are in regards to technology. One of my favorite responses I hear is, “I currently have a dumb phone and want to wait until the latest technology comes out so I don’t have to switch again.” Well guess what, you will be waiting forever because new devices are coming out almost daily. Last year, I was invited to speak at a tech forum and sit on a panel of agents to talk about Smartphones. We had an agent with a Droid, another with an iPhone, another with Blackberry, another with a Palm Treo 680 and me. My role was to not take sides. Each agent explained to the audience why they thought the device they used was the best. The agent with the Treo 680, who was sitting next to me, wowed the audience with how much he was getting out of the five-yearold technology. When it was my turn to speak, I told the audience if they got as much out of their phone as the agent with the Treo, we would not be sitting here.

My first question is what are you using today and are you happy? Many clichés have been written about “The Right Technology” or “The Technology You Will Use.” I could fill this article with them. We each need to take inventory. What are we getting out of our current technology? What features does the new device offer that I could implement into my career and life? Is this step worth upgrading? Many of the users of new technological devices only use about 20 percent to 25 percent of the capacity offered. So why not spend the time learning how to maximize what you already have, instead of focusing on buying new and starting all over again. While I’m venting, let me also talk about the exact opposite I see. An agent talks to me about wanting to upgrade from a current phone, which is normally very antiquated, to a new phone. A loved one, colleague in the office REALTOR Review ®

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Fall 2011

Increased productivity and maybe even profitability are well documented, but the individual is concerned about a $100 early cancelation fee, and will wait another 10 months until the contract expires. Wait a minute! Why not suck it up and spend the $100 to increase production and profit, while adding to the quality of my life now, rather than be frustrated for the next 10 months? I know money doesn’t grow on trees but neither does life! If I can work smarter rather then harder, if I can accomplish tasks in a shorter time giving me more time for either my career or personal life, why am I fighting with $100? So “should I or shouldn’t I” can only be answered by one person, you! Feel free to drop me an email. I can help you with a list of benefits a new technology offers over older technology, but it will be your choice alone. Dick Betts is a national speaker, with a down-to-earth style and special expertise in mobile technology (he’s known as the “Guru of Smartphones”), web presence/ marketing and business management, including time and customer-relationship management. He understands the Facebook Generation and how to reach the intended audience using social media. He manages a rigorous schedule of classes and seminars in 42 states and four Canadian provinces, and averages 100 days of speaking to a collective audience of 25,000 professionals annually. Mr. Betts welcomes new clients and speaking forums. He can be reached at: Dick@DickBetts.com or www.DickBetts.com.