Deborah's Blog
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Attention All Buyers...Townhome in Westgate
- Ridgewood Elementary,A.G.Cox Middle,South Central HS
- Two minutes from Memorial Drive (Hwy 11)
- Near Lowes, Home Depot, Fresh Market and Kohls
- Sidewalks, Greenspaces
Immaculate, beautifully landscaped and 4 minutes from Pitt County Memorial Hospital and University Health Systems East, home of Dr. Randolph Chitwood and his band of merry cardiologists!
3419 Westgate Drive, $92,500 with three bedrooms, 1 1/2 baths, laminate wood floors and ceramic tile. Wooded rear yard with privacy fence and patio. Fresh paint, security system, outside storage.
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Two Kinds of Pain....
I love new agents, I truly do. And I'm happy to tell you why. New agents are like the rising 4th graders I used to get each September so many years ago. Those students were bright, excited, open minded and ready to learn something new. Just like Brand New Agents. And they usually don't have bad habits to overcome....raely do I hear, "That's not how we did it at________". So what are the basics I want our new agents to know? They need to internalize their job description. There are FIVE things we do and all else is simply "stuff". One, we lead generate every day. Two, we follow up on those leads. Three, we go on appointments. Four, we negotiate contracts and offers. And five, we practice our scripts and role-play. Without these fundamentals it does not matter how much you know about social media, how creative you are in your marketing or how smart your mother thinks you are. Without leads and a system for following those leads your real estate business will be over before you even get started. The late (great) Jim Rohn said that we will all suffer one of 2 kinds of pain...the pain of discipline or the pain of regret. Take the discipline and memorize the job description.
The Devil's In The Details! Or, What I Learned At Parris Island
As the helicopter mother of one son I planned his graduation in detail...the young men in crisp school blazers, dappled sunlight under the towering oaks of the lawn, the muted voices of the families as they waited for the ceremonies to begin. Alas, this was not to be. Number one son decided he wanted to experience public school and the subsequent graduation looked and sounded nothing like I had anticipated. After one year of university number one son decided he didn't know what he wanted from life and promptly joined the U.S. Marine Corp. Weeks later as I sat on the cold hard bleachers of the parade ground at Parris Island, S.C., anxiously scanning the rows of impeccably groomed young men for our number one son...it hit me. This was a graduation, I was sitting in the sun with the families of other Parris Island recruits. There was music, uniforms, speeches.....this was what I had planned! And the lesson here? Be careful what you pray for and be VERY, VERY, specific! What does this little story have to do with real estate, you ask? Everything, I answer. We connect with our buyer/seller, the most wonderful home is found, the offer is made and accepted, the inspections are done and the closing is scheduled. Happy people leave the closing with checks and keys in hand, ready to move on to the next chapter of their lives. Then reality hits. The stainless steel refrigerator is not in the house, nor is the lovely mirror which was in the powder room...and the dining room light fixture is definitely NOT the one they vividly remember! Oh, the specifics of writing offers and counseling our clients. There are blank spaces in the offer to purchase papers for a reason. Ask for the refrigerator (at no additional value) in writing; if you represent the seller and they plan to replace the light fixture or remove a valued mirror put it in writing and have all parties agree/acknowledge the change. Do not assume the sellers will patch the holes left in the walls from the removal of pictures and plates. Do the carpets need to be stretched? Then ASK for that in writing and inspect it before the closing. Be tediously specific! We get what we expect when we inspect what we get. As I post this offering, number one son is somewhere in Afghanistan and you can be assured that my prayers are VERY, VERY specific and that he will be carefully inspected when he returns.
Welcome to the "Good Buy" Club
Posted by Deborah Randolph under For Buyers, For Realty Professionals, Marketing Reports, Greenville
One of the by-products of working with buyers is finding great homes...for someone else. So I have decided that each Friday I will compile a "good buy" list to share with ya'll. These are homes that are priced really well, have unique floorplans, unexpected updates to the interior, wonderful yards or locations, or a combination of any or all of these features. For instance, there is a neighborhood in Winterville, North Carolina which has three new homes in different price ranges....all three have been reduced $50,000. The builder is simply moving the inventory and the winner here will be the lucky buyer. Tucked into an interesting neighborhood near 10th Street, Greenville NC and a short drive to East Carolina University is a remodeled bungalow...two bedrooms, two new private baths, a half bath, laundry room, updates throughout...and has a lovely little price tag. Looking for the charm of Craftsman style homes? I know where to find them....Tulls Cove, Davencroft Village, Willow Run. Perhaps you want a new(ish) home in a golf course community. Well, there are several in Ironwood, Greenville, NC and only 5 and 1/2 minutes from the entrance of Pitt Memorial Hospital for those who need to get to work quickly. And home quickly. So call or email me for the details on these homes and others. In this age of tax credits, low interest rates and motivated sellers you cannot afford to wait. Act now..call me. www.sellinghomesingreenville.com DeborahRandolph@kwgreenville.com |
Be One of The Village People!!
That's Davencroft Village, actually. Tucked in behind Davencroft and Sterling Trace, through a raised berm and decorative fence, and sided by a rolling meadow is a fourty lot neighborhood of craftman style homes. Each unique house has a combination of stone and siding, architectural roofs, mission style windows and doors, double garages and covered porches. At the end of Davencroft Village Drive is a green space perfect for walking your dog or planting wild flowers for all to enjoy. Now is the time to pick out your lot and select your home plan. Interest rates are historically low, materials are the most affordable in years and economicallly, those who buy in early get the most for their money. So don't wait! Call me at 252-917-4556 and I'll get you started on the path to your new home. www.SellingHomesinGreenville.com DeborahRandolph@kwgreenville.com 252-917-4556 |
Where, oh where, do buyers come from?
Are you tracking your leads? Do you really know where your money is coming from? Are you spending your energy on the top 20% of activities that bring you happiness and wealth? Look back over the past 12 months and write down where every closed buyer and seller came from. Look at the patterns. Does your business come from past clients? Sphere of influence? Open houses? Networking? Only you know....so figure it out and then spend your valuable time where you received the most return . While considering that, keep in mind what the NAR has learned about the origins of buyers. According to their surveys only 1% bought the Open House they saw. Three percent bought due to a combination of reasons, and an additional 3% bought due to an advertised property. Seven percent of buyers came through a relocation service. Eight percent responded to an Open House but purchased a different house. The sign in the yard generated 20% of buyers and a whopping 40% purchased due to the recognition of the name of the agent/firm and contact from the salesperson. This solidifies the fact that people will buy from and work with agents they know and trust. And trust is built through Face-time and sharing of knowledge and ideas. There has been a shift in the last few years away from the printed ad/newspaper to the internet/Facebook/Twitter/Blog/website. This trend will not reverse. We either keep up or fall behind. I regret all the money I spent on print ads when the good times were rolling and promise to learn from past errors...I was not tracking effectively. |
Everyone Deserves a Break...A tax Break, That is!
Taxes this year will be more complicated than unusal due to new deductions and tax credits created last your. Many of the new tax breaks are credits and those reduce your bottom -line taxes dollar for dollar. Here are a few to keep in mind as you prepare your taxes. 1. Haiti Donations: Money given to Haiti prior to March 1st 2010 can be deducted on your 2009 itemized tax return. This applies to cash donations, not food and clothing. 2. Making-Work-Pay Credit: This applies to people within certain income limits and involved authorizing your employer to deduct fewer taxes from your pay. Check with your tax preparer regarding the amount of taxes to withhold. 3. Home Buyer Credit: This is the Golden Egg of tax credits! For first time home buyers or those who have not owned a home in three years the credit is $8000. If a homeowner has lived in their house for five out of the past eight years and purchased their next house after Novemebr 6, 2009 the tax credit is up to $6500. Buyers must be under contract by the end of May and closed by the end of June. Tax credits can be claimed on the 2009 tax return. 4. Car Sales Tax Deduction: If you bought a new car, motorcycle or mobile home between February 17th and the end of 2009 you may be eligible to deduct the sales tax paid on the first $49,500. 5. Energy Credits: Did you buy energy effecient windows, doors, heating units, AC, water heaters in 2009 and this year? You may be able to deduct up to $1500 or 30% of the cost (whichever is less). Certain items, like solar energy systems, may be deducted at 30% with no dollar limiit. 6. Unemployed Credit: If you received unemployment benefits in 2009 you will not pay income taxes on the first $2400. Your tax preparer can explain additional credits regarding the expense of health insurance purchased through COBRA. 7. Education Credit: The Opportunity Tax Credit covers the first $2000 spent on tuition, book, required fees, and 25% of the next $2000 in expenses. If you do not owe any taxes you can receive up to $1000 back as a refund. 8. Savings Bonds: You can instruct the IRS to use part of your refund to purchase US Savings Bonds, up to $5000 of series I bonds. So keep your receipts and do some basic planning. Consult a tax professional for advice. This could be the year you save big on taxes! |
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The Greenville "DIRT" is authored by Deborah Randolph
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Time to Fluff Up
Okay, one of the joys of my life is selling a home to a new family/person. It's like fitting that last piece in the jigsaw puzzle...it just feels good. The other joy is finding a great bargain and sharing the news with someone else. There are those who, when complimented on an outfit or shoes, just accept the praise and move on. Not so with me!! I want you to know where I got it and how it can be yours. And that's why you should know about the TJMaxx in Greenville, NC. They currently have an incredible selection of salon shampoos and conditioners (the same brands I see on the shelves where I get my hair colored and roots hidden), designer fragrances, french milled soaps, hair sprays and "shine -0- rama" spritzers. PLUS, face creams and nail polishes with fancy names. They also have a huge selection of handbags and luggage. There are days when I get dressed and realize that every item on my body came from TJMaxx, as well as the hairspray on my head. So in these days where we all should make our dollars go further, get yourself fluffed up at TJM and then call me....I'll find you that perfect home with just the right bells and whistles. And a big ole closet for those shoes and bags
Why You Should Buy in Willoughby Park!
1. Location...on Evans Street near shopping and connector roads. Short distance to ECU and Pitt Community College.
2. Price...where else can you get 2 bedrooms, 2 baths, balcony, fireplace w/gas logs, vaulted ceilings, walk-in closets, for less than $60,000? And it's FHA eligible since more than 50% of residents are owners.
3. Condition...buildings have new architectural roofs, new vinyl siding, resurfaced parking, fresh landscaping, mature trees and green spaces.
4. As well as...pool and tennis, active HOA.
Keep Polishing That Apple...Or, What I've Learned Lately
Forget the heady days of 2005 and 2006 when buyers fell from the trees and sellers could expect automatic appreciation of their homes. I don't think we'll be seeing that again any time soon...and maybe that's just fine. I hope we've learned a few lessons from this market shift. The winds have blown away the chaff and left us with a few "truisms".
1. This is a price war and a beauty contest. If you bring your house to the dance (market place) it had better be buffed out and in its best outfit. And the price should be prettier than all the rest.
2. The marketing and selling of real estate is serious business. Those who simply dabble will not last in this market.
3. Everything (and I do mean everything) boils down to relationships. Relationships with your buyers, sellers, friends, family, neighbors, store clerks, bank tellers...people will do business with those they like and trust. So be nice to people, follow the Golden Rule, listen more than you speak.
4. The world expects you to be knowledgeable about real estate. Would you go to a dentist who did not keep up with the changes in his field? Read the trade magazines. Listen to webinars. Do not go to bed at night unless you have learned something new that day which will enrich your life.
5. This is not business as usual. So keep up.
6. Why should you pursue and understand social media? Because that's where your clients are. Go meet them.
7. Be prepared...
8. Be available...
9. Be positive...
10. Be there...
Approaching Information Meltdown....
My brain is full...it's time to go home. Over two hours listening to and taking notes from the fabulous Ida Terbet and Greg Robbins. They make the complex look easy, which is the sign of a true professional. My husband asked me what I like about my job (profession?) and after a bit of thought my answer was..."I learn something new every single day." Isn't that wonderful? The shelf life of the information we gleaned in school lasts about 18 months unless we practise our skills, read more books, study new technology. I'm so thankful to be in a postition where I HAVE to learn new things, skills, words, rules, every day. Long live my brain!
Why You Cannot Sell From an Empty Wagon!!
I awoke in the middle of the night with this question on my mind, "How do I spread the word?". Blast emails? Radio? How about an airplane banner flying over Pitt County? The "word" is that we are running out of new construction inventory!! In 2008 we had 900 building permits approved...less than a third of that in 2009. Now, we all know a few reasons for this and I won't bore anyone with redundancy. But the ground truth is this....for the past 20 years 33% of our local market has consisted of new construction...until now. Our current new construction inventory is less than 18% of the active listings, less than 15% in the Winterville area. Factor in the last 6 month absorption rate and we now have a 9 month supply of new contruction for sale in Pitt County. So? Well, let's add this up. Low new home inventory + Spring market + Lack of new "starts" in construction = No Sales and Huge Missed Opportunities for builders, buyers, bankers and those of us who work in the real estate/construction industry. Builders need bankers who will make loans for new construction. Bankers need to look at Pitt County and it's strengths rather than regional data sheets. And we, the real estate professionals, need to get out the "word" that homes are selling in Pitt County and we need more homes for our buyers! So call your bankers, builders, database...we can reverse this negative construction trend.
Preparing Buyers for the Short Sale Wait
This is such a timely piece! Please read.
Short Sales are so frustrating for everyone, but none so much as for the buyers.
When a home buyer writes an offer on the home, they often spend a sleepless night wondering, hoping, praying...."Will we get this home"? Normally the wait time is about 1-2 days and then they can relax and start planning for the move. Not with Short Sales......the "wondering, hoping, praying" can take months. How can we as agents make this any easier for our buyers?
I'm not sure I know!
The first thing is to know exactly where we stand with the listing agent and the Short Sale Negotiator. Are we the only accepted offer sent to the bank? Are we one of many? Do we have an open escrow? We need to be in touch with the listing agent to be aware of our standing. Based on the listing agent's approach, we can prepare our buyers.
If we are the only accepted offer, and there is an open escrow with a deposit.....we can be very comfortable that the bank is going to act on our offer and not see multiple offers. This is how I proceed with my listings and what I push for with my buyers. To me this just makes sense. The bank does not own the home, the seller does and it's up to the seller to find the best offer and then send a package to the bank for approval. But this is not the way many agents work. This approach provides some level of confidence for both buyers and sellers. The buyers know that no one is going to outbid them at the last minute, and the seller knows the buyer is committed and they can put the home in back-up and make some decisions.
A variation of this is when the listing agent only sends our offer to the bank and puts all others in back-up, but without an open escrow or deposit. I have a couple of Short Sales in this situation. The disadvantage is my buyers often ask if I BELIEVE the listing agent.....that we are the only offer they are working. It's tough, I am honest and find most agents are honest too.....but it's often hard to reassure the buyer who has waited several months. Over time, I do get emails asking what if the agent is "lying" to us.
In this situation we have to do more hounding of the listing agent for information and more reassuring to the buyer. It creates more anxiety! In preparing the buyer for this type of situation, we have to be honest and clear. The process takes a long time. The good news is that we are most likely the first, or close to first offer they have. That's why we are lucky enough to be the ONE accepted offer....but since the process is just beginning, we will also be in for a long wait. It can easily be 2+ months.
Helping our buyers understand what happens during this time is critical. The misconception is that a completed file sits on an overworked and under-interested bank representative who has no urgency to act on the case. Overworked? Probably....but certainly motivated to make decisions.
The Short Sale process is time intensive and it seems all the steps take 1-2 weeks. At least that's what we hear when we call to get status. Other posts are available to discuss these steps in detail....but the short is:
1) Short Sale package assembled and submitted
2) File is assigned to a lender negotiator
3) Lender negotiator orders the internal appraisal
4) Appraisal received and lender negotiator approves the offer
5) Package goes to higher levels for approval
6) If there is PMI (Private Mortgage Insurance), file goes to PMI investor to approve
7) If there is a second loan on the property, file goes to the second to approve
If one assumes 1-2 weeks for each step? One can see how this can drag on. As agents, we need to explain this in detail....and over-and-over again! Often!! Our buyers need to hear from us that we are still thinking about them and checking in. I think the black hole of waiting can be brightened by constant communication.
Set the right expectations....and then check in and let our buyers know we are monitoring the process and are still there for them.
Spring Punch List For Sellers (aka "Is This a Good Tine to Buy?")
Let's put the question to rest once and for all. "Yes! Yes!Yes! This is the greatest time to buy a house in the USA.".The best reason for most people is the historically low interest rates on residential property. The next best reason is the $8000 tax credit for first time home buyers or those who have not owned a home in the past three years. When you read that last sentence read GIFT in all caps. Rates will rise, the feds will take their gift away and the really good deals will be purchased by someone else. Home ownership in America, unlike life,liberty and the pursuit of happiness, is not a right. Believe me, I have met people who should not own a home. Home ownership is a privilege. And properly managed home ownership helps build wealth for the individual and stability for our neighborhoods and towns. According to the National Home Builders Association each home purchase represents, on average, $35,000 to the local economy through monies involved in the sale of the property, taxes generated, furnishings and home goods purchased, fences erected, lawns landscaped and...the family minivan in the garage. Home owners invest in their property. Most renters do not. If you already own your home and want or need to sell, what should your next move be?So for those of you in a position to buy...get moving. I think most men do well with a list so here goes...
Spring Punch List (Exterior)
1. Power wash the house, driveway and deck. Pay special attention to the north side of the house...remember the tree and the moss.
2. Put down fresh pine straw and make sure it is fluffy.
3. Plant flowers and shrubs...do not skimp on the size.
4. Trim existing shrubs.
5. Clean the windows inside and out, as well as the screens and window sills.
6. Purchase new front and side door mats.
7. Clean and polish door hardware.
8. Declutter the garage and storage rooms. Get everything off the floor by using pegboards and shelving. You will be thrilled with how special this makes you feel!
Spring Punch List (Interior)
1. Clean the carpet and upholstery.
2. Declutter the closets and cupboards (see#8 above).
3. Throw away old magazines, dead plants, etc.
4. Open the windows. Let the fresh air inside the house.
5. Flip your mattress (side to side/top to bottom)
6. Purchase new bed pillows.
7. Change all the filters.
8. Organize your clothes and throw out all wire hangars.
9. Clean your refrigerator, throwing away all items outdated or of unknown origin.
10. Clean your oven and dishwasher.
11. Dust the blades on all ceiling fans.
Keep in mind that when buyers visit your home they are looking for a reason to mark it off their list. We like short lists. So make certain your home looks and smells wonderful. Buyers will not be fooled by candles and artificial scents plugged into the wall. The sale of your house will be based on four basic facts: the price, the location, the condition and the terms. You control all of these except the location. So remember this is a price war and a beauty contest. In other words, go for cheap and pretty.
Market Comparison May 2007 and May 2008
North Carolina has been spared many of the housing woes reported on the evening news and Greenville has been somewhat insulated by our strong local economy...East Carolina University, Pitt County Memorial Hospital, The Brody School of Medicine, and more. The ripples we have felt are usually the result of housing markets outside the Carolinas...buyers who need to sell their homes in the north or west before buying a new home in Greenville. In May 2007 we closed 220 single family homes, the median price was $156,000 and the average days on market was 97. One year later we closed 176 single family homes, the average days on market was 99 AND the median price was $165,000. We need more buyers...buyers who recognize Greenville as a great value for their money and a wonderful place to raise their families. So call me...I can find a home for you! Visit my website at www.DeborahRandolph.com or email me, Deborah@DeborahRandolph.com.
