Real Estate Information

You love Fluffy and Fido as if they were your children – but don’t expect prospective homebuyers to feel the same way about your four ( or two) legged family members. Here are some tips for showing and selling your home when you have pets in residence.

1. Remove your pets from the home during showings – It’s unlikely that you will relocate your pets during the entire season your home is on the market, so at a minimum, make sure that they are not present during open houses or scheduled showings. Take them with you or drop them off at a friend’s house.
2. Completely remove litter boxes and dog potty pads - These items are unsightly and also have an odor, even if you are used to it. Try to avoid heavy air fresheners – they really serve to compound the problem. Make sure all pet areas are very clean and fresh, not fragrant.
3. Treat pet stains on carpets and furniture – If home remedies don’t work, have the floors and furniture professionally cleaned.
4. Replace carpets or furniture that can’t be cleaned – It may seem extreme, but if you are serious about selling your home, especially in a buyer’s market, you have to put your best foot forward. If you clean or replace items and they get damaged again, think about relocating your pets until you get the home sold.
5. Seal pet doors and pick up pet toys and food dishes – Don’t leave obvious signs of your pet’s habitation in plain view. Chances are that some clues will remain that you have animals, but try not to be too obvious with toys, beds and dishes scattered about.
6. Crate pets as a last resort – You may have no alternatives but to keep your pets in the home during showings – as a last resort, at least crate your animals and leave a note that they should not be disturbed.

Be understanding – not everyone loves to have animals in their home, and some people are allergic. Respect prospective buyers’ sensitivities by creating a neutral space where your pets and their food and accessories are not in the way of your buyers and agents.

Share any tips you may have for selling your home with pets!

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The holiday's are finally here and it's the best time of the year! The Chapel Hill area has many festive events for all ages to enjoy. Below are some of the happenings around the area. Happy Holidays!

Singin' and Swingin' for the Holidays

North Carolina Jazz Repertory Orchestra will perform for this special holiday event. Cost is $15, $20 and $25 for general public. For more information, contact Memorial Hall Box Office at (919) 843-3333 Friday, December 10th, 2010, starts at 11:00 AM. Memorial Hall
Cameron Ave, UNC Campus, Chapel Hill, NC 27599

 Arts at the Holidays Trolley Tour

Womancraft and the Shops at Eastgate will team with FRANK Gallery in downtown Chapel Hill to introduce a Holiday Art Loop that will run between the two locations on Friday, December 10, departing from Eastgate every half-hour, beginning at 6pm and running until 9pm. The program is designed to give shoppers an opportunity to purchase local arts and crafts for the holiday gift-giving season.  The Arts at the Holidays Trolley Tour will begin at Eastgate at 6pm and travel straight down Franklin Street to FRANK gallery. FRANK’s artists will be-on hand to welcome shoppers and will feature their Small Wonders exhibit. The trolley will travel back on Franklin Street to Eastgate.  1800 E. Franklin Street - Chapel Hill (919) 968-2060  This is a free event.

Gingerbread Village Display

Nothing says the holiday season like Gingerbread Houses! Enjoy the festive display of the 8th Annual Gingerbread House Competition entries. Contestants from Chapel Hill and surrounding areas will showcase their creativity and imagination with their edible masterpieces this holiday season. Competition is open to amateur and professional bakers alike, with separate categories for youth and adults. Registration form is due Friday, December 3rd. This is a free event that goes from 8am-10pm December 11 - December 27. The Carolina Inn - 211 Pittsboro St - Chapel

 Breakfast with Santa at The Carolina Inn

What could be more fun than breakfast with Santa? Make reservations today for your little ones to create a special memory!  Reservations required, Open seating.
The Carolina Inn - 211 Pittsboro St - Chapel Hill. $20 Adults/$15 Children 3 and under Free 

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According to The Herald Sun, The Durham-Chapel Hill metropolitan area gained 4,600 jobs in the past year. The Durham area had the highest percentage gain of jobs in the state at 1.6% and the lowest unemployment rate at 6.6%.

A new survey by the business site Portfolio.com shows Durham is the fourth smartest city in the nation. Having large universities, which focus on research, attract a talent pool that companies are interesting in tapping into.  The Triangle area has an educated work force. 43% of adults in Durham have attained at least a bachelor's degree.  We are smarter than those 5th graders after all!

The National Board of Realtors said today that the index of pending home resales jumped a record 10% after dropping 1.8 percent in September. Low mortgage rates and reduced prices have finally helped the housing market.

Even though the recession will take years to rebound, housing should be expected to grow in 2011.  That is good news for sellers.  If you are thinking about selling, be smart and list your house with Masha Halpern & The Smart Move Team. 2011 is right around the corner.

We all know the holiday season isn't the best time to sell your home but it doesn't mean it can't sell.  Anyone who is house hunting during this time of year is usually seriously about buying.  I recently read an article in the newspaper by Annalisa Burgos from HGTV's FrontDoor.com. She suggested the following tips:

1. Decorate tastefully-Don't overdo it. Friends and family may like to see lights and trees but buyers want to see your home. Try to steer clear of religious items.

2. Add curb appeal-Fall foliage is over, bare trees are now exposed. Touch up paint and clean gutters since they will be more visible. Clear walkways of snow and ice.

3. Price for a fire sale-Price your home 10-15% below comparable homes on the market. It will take that much longer to sell your home if it's overpriced.

4. Hire a good agent-You'll need a professional who is readily available. Masha Halpern & The Smart Move Team is reliable and will get the job done!

5. Use the Web-Market your home with photos and a video tour. Masha Halpern and the Smart Move team does both!

What are you waiting for? Tis' the season to sell your home!

You’re ready to buy a home – or so you think. Many home buyers make mistakes when purchasing a home, especially a first home. But these mistakes can lead to a bad purchase or even a foreclosure. Here are the top ten pitfalls and mistakes many people make when buying a home – don’t fall into these traps!

1. The “No Money Down” Pitch.  Beware these online or cable TV ‘gurus’ who tell you how to get rich in real estate without a penny down. The only money these guys make is off of you if you buy their CD, book or attend a seminar. It takes experience AND capital to make money in real estate, whether it is one home or ten.

2. All Realtors are the Same, Right? Wrong. Holding a real estate license does not mean that the agent you are talking to is the best one in your market or for your situation. Get referrals, look at the agents sales statistics and interview potential agents carefully.

3. Depleting Your Savings. Most lenders require 20% or more down on a new mortgage. If you don’t have it, wait until you do. Completing wiping out your savings or borrowing a down payment leaves you in a precarious financial situation if something happens.

4. Ignoring Professional Advice. Unless they sound really off base, listen to your realtor and mortgage broker when they offer advice or guidance. You should also do your own homework when looking for the right neighborhood or figuring out the best mortgage package for your family. Let the professionals guide you with their expertise and experience.

5. The “Too Good To Be True” Monthly Payment. Low monthly payments can mean that you are building no equity in your home – even going in the hole on your principal balance. Make sure that you completely understand ALL the terms of your mortgage agreement – from interest rates to monthly payments, and what the consequences are.

6. Landing in the Wrong Neighborhood. Do your homework on the neighborhoods you are looking at. The city should have demographic information, school information and ranking and crime statistics. Is the neighborhood full of foreclosures? IT could affect the value of all the homes in the neighborhood. Make sure you understand the comps and the real value of your potential home site.

7. Buying Above Your Means. Tough times mean that everyone has to revaluate priorities. Be sure to carefully consider the features and prices of homes that will really suit your needs and allow you to live comfortably without spending your entire income on your monthly mortgage payment.

8. Foregoing the Home Inspection. Even if the conditions of your loan don’t require a home inspection, go ahead and spend the relatively small sum to get the home thoroughly checked out by an objective third party. You may uncover problems that the seller should be responsible for, and at the very least, you’ll go into the purchase with the right information about the condition of the home.

9. Acquiring More Debt Before Closing. With credit requirements continuing to tighten, rest assured that your lender will run additional credit reports right before closing. If you have made additional credit purchases – from a new car to furnishings for your new home, it can reflect negatively on your credit and your debt to income ratio. In some cases in can cost you your new mortgage, even if you were pre-approved.

10. Sinking Into Debt After Closing. Many people breathe a sig of relief once the home loan has closed and then immediately begin purchasing for the home or buying items they have been putting off while waiting for the mortgage to go through. Take it easy! You’ve just added a big responsibility with that mortgage payment.

You may not realize it at the time, but many of the decisions you make when looking for a new home will affect your ability to stay in it once the loan has closed. Respect the advice of professionals, do your homework and avoid the common pitfalls of ‘too good to be true pitfalls.’

Share your experiences, what other pitfalls should buyers avoid?

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Eventhough the deadline for receiving tax credits for buying a new home expired in April, eligible veterans who are purchasing a new home are still able to receive a credit up to $6500.

Veterans only need to be in contract by April 30, 2011 and close by June 30, 2011 and they are not required to take a VA mortgages to get the credit.

Qualified service members who are ordered on a period of official extended duty have until April 30^th, 2011 to get a binding contract on a home in place and until June 30^th, 2011 to close. Additionally, a service member who must return to the U.S. for medical reasons before completing his or her tour outside the U.S. may also qualify for the one-year extension.

Eligible parties specifically include members of the uniformed services, Foreign Services or employees of the intelligence community who were on qualified extended duty for at least 90 days during the period beginning after Dec. 31, 2008 and ending before May 1, 2010.

This credit is much needed and can help veteran's who are selling their current home and may need to lower their asking price in order to sell their property. The credits and deductions should serve to both help the housing recovery efforts as well as provide additional benefits to service people and their families.

As with any government credit or incentive, let tax professionals, including resources at the Internal Revenue Service, guide you through the qualifying and deduction requirements.

If you or a military personnel you know has or who have or plan on taking advantage of this extension we would love to hear from you. Will this incentive encourage you to purchase a new home?

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It's hard to believe but Thanksgiving is next week! From great places to dine to fun events that you can enjoy with your family, the Chapel Hill area offers plenty to choose from.

Enjoy this holiday season and take time to give thanks. Happy Thanksgiving!

Thanksgiving Holiday Blues Jam

Friday, Nov 26 9:00p to Saturday, Nov 27 12:30a at Papa Mojo's Roadhouse, Durham, NC. After a day of shopping stop by to enjoy some popular Triangle musicians for a jammin’ good time. Lots of great food too - come join in on the fun!!

Downtown Chapel Hill Lights Up Sunday Night

Make plans to watch as Chapel Hill lights up with energy saving LED snowflake lights next Sunday night throughout downtown.

With the holiday season fast approaching, plans are now set for the Downtown Tree Lighting Ceremony and the lighting of the 22 foot tall Community Tree in the Memorial Garden of University Baptist Church at 6 p.m. Sunday, Nov. 28. The ceremony is organized by the Chapel Hill Downtown Partnership.

Enjoy the caroling of the church choir as Mayor Mark Kleinschmidt joins us as the guest tree lighter again this year. Don't forget your camera - children can meet Santa Claus and Mrs. Claus and have their pictures taken for free! The community tree will stay up through the holiday season. University Baptist Church is located at 100 S. Columbia St. at the corner of Columbia and Franklin streets.

The holiday parade, scheduled 10 a.m. to noon on Saturday, Dec. 11, is presented by the Chapel Hill Jaycees. The parade starts at the Morehead Planetarium and winds the entire length of Franklin Street to Carrboro Town Hall. Applications for parade participants will be accepted until Nov. 27. For more information visit www.chapelhilljaycees.org.

Annual Thanksgiving Food Drive for NCCU Alumni Association

Saturday, Nov 20 8:00 am at Eagleland, Durham, NC
The Young Professional Experience (TYPE) will be assisting the NCCU Alumni Association this upcoming Saturday, November 20, 2010, from 8am until 11am in the Annual Thanksgiving Food Drive. The food drive will benefit 10 area families in need. To volunteer or to donate please contact Carolyn Ramsey-Williams at 919 479-9613.

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The final step of purchasing a new home is when the buyer goes to closing. This is a time when the paperwork will be completed, and for the home seller it is e the remaining mortgage balance and the agent's commission will be deducted from the sales price. However, many however don't figure in the closing costs that are involved as well. 

While the amount and who will be responsible can vary from state to state, typical closing costs refer to all of the taxes, fees and costs required to close a real estate transaction.

When selling your home, it is important to ask your agent for a breakdown of what you are expected to pay in closing costs as well what the buyer will pay. In most states the buyer and seller split closing costs but some states consider the buyer to be responsible or both parties can be required to pay the costs. 

Typically the person responsible for paying closing costs can be dependent on the market. For example in a market that is plentiful, the seller could have more of a chance in having the buyer pay the majority of the closing costs. But in a market that is struggling such as now, buyers tend to have the upper hand and many sellers will pay the majority of the closing costs in order to complete the sale.

Below are some of the common closing costs faced by sellers and buyers:

•Escrow/attorney fees: Some states require third-party escrow companies handle real estate closings, while others dictate attorneys perform the function. Title companies, title agents, lenders, brokers and even real estate agents are allowed to handle closings and/or escrows depending on the state. These fees are usually split between the buyer and seller.
•Title insurance: There are usually two types of title insurance that must be purchased – the lenders’ policy and the owners’ policy. Usually either a title company or in some states a lawyer will research the title to make sure there are no liens against the property or unidentified owners. These policies protect the lender and new owner for the full value of the property. Usually, the seller pays for the owner’s policy and the buyer pays for the lender’s policy. This is often referred to as clearing title.
•Transfer or documentary taxes: These are paid either to the state, county, city or a combination depending on the state. This is where the government agency gets their share of the transaction. This is also known as a reconveyance tax.
•Recording fee: Usually paid to the county for recording the deed, which shows ownership of the property.
•Mortgage tax: This is an additional tax collected by some states. Alabama, Florida, Georgia, Hawaii, Kansas, Maryland, Minnesota, New York, Oklahoma, Tennessee and Virginia are the states that collect this tax.
•Brokerage commission: The fee you contractually agreed to pay for the selling of your home.


Aside from these costs, the seller may be responsible for costs such as any credits that were promised to the buyer for repairs or home warranties. Don't forget that Federal law requires that sellers and buyers receive a copy of a HUD-1 form outlining all charges in a real estate transaction.

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It seems like every day there is a new twist to the housing crisis and mortgage meltdown – from ‘robo-signing’ to the latest stats that rising rents and falling property values are changing the cost of home ownership in some of the nation’s top markets.

Many are asking is it really cheaper to own now than rent? The surge in foreclosures has forced high numbers of homeowners into the rental market, which means demand is up and outpacing the availability of affordable rental units. Home values and prices continue to tumble, making the cost of ownership a better financial proposition than leasing. Is this a natural correction that’s going to boost homeownership and lower inventories? Not so fast.

With so many Americans out of work and on credit tightropes, you aren’t going to see a surge in mortgage applications any time soon. Mortgage credit and other qualifications are still strict and unlikely to loosen up in the near future. Instead, we may see a real housing crisis – one in which families can’t afford to rent or buy standard housing.

Trulia.com tells us that the top five markets in which to buy are Arlington, TX, Fresno, CA, Miami, FL, and Mesa and Phoenix, AZ.

“Choosing to buy a home or continue to rent is a highly personal financial and life decision that many people are grappling with right now,” said Pete Flint, CEO and co-founder of Trulia. ”In the wake of the foreclosure crisis and ongoing struggles in the industry, we created the Rent vs. Buy Index to provide a bit more context about current marketplace conditions to help prospective buyers make the right decisions for their own personal situations.”

High foreclosure rates, falling home prices and widespread unemployment have all contributed to the trend.

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Some good news has finally emerged! According to a report just released, sales of existing homes rose 10% in September. This comes as encouraging news as September is the second month that has shown gains in sales of existing homes.

According to The National Association of Realtors, existing home sales rose 10% to a seasonally adjusted annual rate of 4.53 million, from a downwardly revised 4.12 million in August. 
 
“A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions,” said Lawrence Yun, chief economist at NAR.

Economists polled by MarketWatch had anticipated a smaller gain but sales are 19% below the 5.6 million unit pace in September 2009, when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.

Hopefully this trend will continue for the upcoming months! 

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