• cost: $13, 461
• resale value: 10, 493
• % of cost reoccupied: 78%

2. Entry door replacement: MID-RANGE PROJECT

• cost: $1, 238
• resale value: 903
• % of cost reoccupied: 73%

3. Attic bedroom addition: MID-RANGE PROJECT

• cost: $50, 148
• resale value: 36, 346
• % of cost reoccupied: 72.5%

4. Kitchen (minor remodel): MID-RANGE PROJECT

• cost: $19, 588
• resale value: 14, 120
• % of cost reoccupied: 72.1%

5. Garage door replacement: MID-RANGE PROJECT

• cost: $1, 512
• resale value: 1, 087
• % of cost reoccupied: 71.9%

6. Garage door replacement: UPSCALE PROJECT

• cost: $2, 994
• resale value: 2, 129
• % of cost reoccupied: 71.1%

1. Pay attention to “curb appeal”: First impressions are critical, and homes with inviting landscapes and exteriors tend to sell better, agents say. Pay attention that the driveway is in good condition, lawn well-kept, and the house looks freshly painted.  
2. Set the right price: Real estate professionals know how to set the price and prepare a home for sale. Agents use comparable sales of homes sold in the last 60 days to help set the most realistic price for the sales price of a home. By setting a realistic price from the beginning, sellers should be reminded that this will prevent having to drop the price of the home several times before getting it sold and having it linger on the market. If no recent comps are available, some experts recommended sellers get an appraisal, which will also offer a realistic price that the bank may be willing to take when a buyer tries to qualify for financing the home.
3. Talk about energy efficiency: Many buyers don’t fully understand “green” homes but they understand savings. Sellers should point out any features in their homes — such as energy-efficient windows or appliances — that could save buyers money with utility costs. 
4. Give the home Web appeal: Good photographs make a home stand-out online and help lure more potential buyers to the front door. Realtor.com says that more than 6,300 photos are viewed per minute on listings posted at its site.
5. Make it move-in ready: Fix any needed repairs, such as water stains, creaky doors, and windows that don’t shut. Flaws in the home — even if relatively minor — can distract buyers, and should be fixed before the home is even listed. Some agents recommend that sellers get a home inspection prior to putting the home up for sale, which can help sellers be proactive in identifying any potential problems that could potentially derail a sale later on. Once a problem is uncovered, sellers are obligated to disclose it or fix it.

For more information please follow the link listed below:

http://realtormag.realtor.org/daily-news/2012/04/25/5-ways-sell-home-faster-for-more-money

With signs of improvement in the housing sector already emerging, participants expect to see housing starts nearly double by 2014 and project home prices will begin to rise in 2013.

The average home price, which has declined somewhere between 1.8 percent and 4.1 percent over each of the past three years, according to FHFA data, is expected to stabilize in 2012, followed by a 2 percent increase in 2013, and a 3.5 percent increase in 2014.

Single-family housing starts are expected to rise from 428,600 starts in 2011 to 500,000 in 2012, and jump to 800,000 in 2014.

The unemployment rate is expected to continue falling, with the rate dropping to 8 percent by the end of 2012, 7.5 percent by the end of 2013, and 6.9 percent by the end of 2014.

GDP is expected to grow by 2.5 percent in 2012 and grow to 3.2 percent in 2014.

But, with the improving economy is inflation and higher interest rates. These rising rates will increase costs for investors, and those surveyed do not expect substantial increases in real estate capitalization rates for institutional-quality investments (NCREIF cap rates), which are expected to remain steady at 6 percent in 2012 and 2013 and then rise slightly to 6.2 percent in 2014.

For more info please follow the link below:

http://www.dsnews.com/articles/expert-expect-to-see-broad-improvements-home-prices-rise-in-2013-2012-03-28

In fact, the signs have prompted Freddie Mac to revise its forecast upwards for home sales and originations. One economic contributor that’s helping to stabilize housing: The drop in the unemployment rate to 8.3 percent, its lowest level in three years, according to the report. 

Median home sale prices are up, despite a slight drop in new and existing home sales, Freddie Mac reports. About a half of the increase in housing starts has been for construction of rental apartments in multi-unit buildings to meet the increasing demand, the report notes. New rental construction, at its current pace, is expected to reach its highest level since 2005. 

NC Housing Finance Agency is a great source if you are struggling to pay your mortgage due to a job loss or temporary financial hardship, they have the

• NC Foreclosure Prevention Fund:   This fund can provide an interest free loan of up to $36,000 to pay your mortgage and other related expenses for up to 36 months while you search or retrain for employment.  If you are currently employed but have a second mortgage that is unaffordable because of a prior job loss or reduced income, the Fund offers an interest-free loan of up to $30,000 to pay off your second mortgage.  The fund provides assistance at no cost to you.  This is a great resource if you are facing trying times like this.  Learn how the process works and you may also call toll free at 888-623-8631.
• State Home Foreclosure Prevention Project:    This fund helps homeowners facing foreclosure for any reason.  It offers free housing counseling, access to legal services for people with lower incomes, and help with your mortgage servicer.

Did you know that…

• There are income limits for NC Housing’s MCC Tax Credit for first time homebuyers?  Find the updated income limits by clicking here.
• Use NC Housing’s $8000 down payment assistance for properties where FHA or conventional financing is needed because the property is not USDA eligible.  Click here for DAP income limits.
• NC Housing Finance Agency’s sales price maximum is $225,000 on new construction and existing housing
• An MCC Tax credit for first time buyers not only gives a potential tax credit each year but also decreases a borrower’s debt ratio for qualifying?  Read more
• If a buyer is looking for 100% financing for a USDA loan but the property needs up to $10,000 of improvements required by the appraiser to meet HUD standards, we can finance those improvements in the loan with an ESCROW HOLDBACK.  For example:  If a buyer is looking to purchase a home that is in good condition but needs a new HVAC unit for $4000 b/c it was stolen, he/she can purchase the home with a USDA loan financing 100% of the price, closing costs, prepaid items, and the $4000 for the hvac.  The seller and all costs are all paid at closing and the contractor is paid after completion of the work from escrow.  Great solution to today’s foreclosure and vacant property problems.
• A non-occupying co-borrower may be added to an FHA or conventional purchase or refinance to help the primary borrower qualify?  Read more
• A retired borrower can use a new distribution of income from a retirement account as qualifying income for a mortgage as long as the income from the asset should continue for at least 3 years?  Read more
• The term “first time homebuyer” does not mean it is the first time ever purchasing a home?  Read more
• Having VA entitlement does not guarantee that one will be able to get a VA home loan?  Read more
• On USDA loans there is no limit to how much the seller can pay towards the buyer’s costs and prepaid items at closing and the buyer can pay down revolving balances to qualify as well.
• USDA loans can close in 30 days with us?  Our underwriting turnaround is currently 48 hours
• PMI on USDA mortgages is very low which keeps the payment down and the buyer can afford a higher price compared to pricing an FHA loan
• A buyer does not have to be a first time buyer to qualify for a USDA loan? 
• The loan limit is $417,000 for USDA?  Most think of USDA loans as only smaller loans but it actually will go up to the conforming loan limit of $417,000.
• A debt to income ratio can exceed 50% on FHA mortgages?  With compensating factors a buyer can close with a higher ratio
• That USDA is not just for low income buyers?  A family of 5 purchasing in Brunswick County can make up to $97,750 per year and qualify under the income requirements.  A family of 4 can make up to $74,750 per year and some counties such are higher.  If a household is a little over these limits, there are ways to decrease their income so that they qualify such as $480 credit for each child and deduct for verifiable childcare expenses.
• A buyer can qualify with no credit scores?  If someone truly has no credit reporting (no bad credit especially), we can use nontraditional credit sources to approve the buyer with no money down.  We would need to verify the last 12 months rental history and 3 other credit references that are paid on time for at least 12 months such as utilities, cell phone, insurances, small store accounts, memberships paid monthly, etc
• USDA, FHA, VA, and conventional loans can be used to pay off a construction loan?  USDA loans can be used to pay off a construction loan for a primary residence.

Nationally, the median rent was $1,350 a month in March — up from $1,285 a year ago, according to Trulia. 

Rents have risen the most the last year in markets such as Sarasota, Fla. (12.9 percent); Miami (12.1 percent), San Francisco (11.1 percent), Middlesex County, Mass. (10.6 percent), and Edison, N.J. (10.5 percent), according to Trulia.

Interest payments on mortgages have contributed to some of the largest savings. USA Today reports that mortgage interest payments have fallen 30 percent since peaking in 2007. 

Indeed, interest payments have fallen drastically on debt. Interest payments averaged $469 per month at the end of last year compared to the $728 per month peak in 2007.

For more info please follow the link below:

http://realtormag.realtor.org/daily-news/2012/03/27/low-interest-rates-help-americans-save-money

Located off Market Street. In the shopping center where Smithfields and Big Lots is!

The bright spot is the declining number of initial jobless claims – now at a four-week average of about 13,000. That’s approaching the pre-recession figure, Boardman says.

If many new jobs aren’t being created, at least the number of people losing work has slowed.

The state’s housing markets are still jammed by a large volume of foreclosures, but as that problem resolves, new construction will pick up, Boardman says, adding: “... recent forecasts expect new housing starts to increase by 2013. They reached a low of 33,296 in 2010, compared to the high of 95,408 in 2006.”

Through January, the first seven months of the 2011 fiscal year, state tax collections were $195 ahead of a $10.5 billion budget target, according to the report.

For more info please follow the link below:

http://www.bizjournals.com/triad/news/2012/02/27/data-suggest-nc-economy-is-slowly.html

Household formation--which is a reflection of population growth and housing affordability--has drastically dropped since 2007, reaching about 300,000 to 500,000 per year. Historically, the rate is about 1.25 million.  

Home prices will likely see a 1 percent appreciation this year (that’s after falling 3 to 4 percent through March), Barclays Capital estimates. It is also projecting a 1 percent price appreciation in 2013, followed by 2 percent to 3 percent appreciation levels. 

But to reach those goals, the housing supply needs to continue to shrink first. 

For more info please follow the link below:

http://realtormag.realtor.org/daily-news/2012/03/05/when-will-housing-supply-normalize

Proven Staging Updates under $100

EXTERIOR

~paint the front door and shutters ~ you would be surprised at how much a fresh coat of paint on the entry door and shutters will liven up the curb appeal.

~maintain your front yard ~  a poorly maintained yard gives the impression of a home in disrepair. Lawn and shrubs that are neatly groomed with fresh mulch and tidy edgings looks well groomed.

~add details ~ a new mailbox, stylish house numbers, a new light fixture and /or potted plants that flank the front door are great ways to add instant appeal.

~power wash your home and driveway~ a good power washing can leave the paint job looking fresh, and can remove the oil stains from the driveway.

INTERIOR

~install new hardware on kitchen cabinets ~gives the cabinets a wonderful facelift. Brushed nickel is the most popular metal tone.

~install new light switch and outlet covers ~ looks fresh and gives the impression that every detail has been taken care of.

~wash windows ~  clear windows without the screens look best.

~paint the walls ~ You can dramatically change the look and feel of a room with a fresh neutral color.

~replace the molding ~ an older room can easily be updated with some new molding…usually painted a crisp white.

~install under cabinet lighting ~ a dramatic change in kitchens

~replace bathroom sink faucets ~ gives a clean updated feel

to the vanity area.

~replace bathroom light fixture ~ updated lighting gives the impression that the bathroom has had some updates.

100 years or more

Brick Siding: Lifetime of the home

All Wooden Floors: Lifetime of the home

Celluslose Insulation Materials: 100-plus years

50-100 years

State, copper, and clay and concrete roofs: 50+years

Copper Gutters: 50+years

Kitchen Cabinets: Up to 50 years

Modified acrylic kitchen sinks: 50 years

Vinyl Floors: 50 years

30-50 years

Thermostats: 35 years

Wooden Windows: 30 years

Wood Shake Roofs: 30 years

French Interior Doors: 30-50 years

10-20 years

Built-in Audio System: 20 years

Aluminum Windows: 15-20 years

Asphalt Shingle Roofs: 20 years

Faucets, kitchen sinks: 15 years

Gas Ranges: 15 years

Cultured Marble Countertops: 20 years

Dryers and refrigerators: 13 years

Air Conditioning Units: 10-15 years

Lighting Controls: 10+years

Interior and Exterior Paints: 15+years

Electric or gas water heaters: 10 years

Air Conditioners: 10-15 years

Furnaces: 15-20 years

5-10 years

Security Systems: 5-10 years

Heat and Smoke Detectors: 5-10 years

Dishwashers: 9 years

Microwave Ovens: 9 years

Carpet: 8-10 years

Ever get the feeling that the Realtor you hired is not working out for you? Whether you're a Buyer or a Seller and are using a Realtor, here are the Top 10 Signs That You Need A New Realtor...

1. Your Realtor took your listing 2 weeks ago and it's not on MLS yet...Time to get a new Realtor.

2. Your Realtor can only show your home in the evenings after she/he comes home from full-time job...Time to get a new Realtor.

3. Your Realtor enters your photos on MLS ~ Upside Down...Time to get a new Realtor.

4. The only time you heard from your Realtor was when your listing agreement was going to expire...Time to get a new Realtor.

5. Your Realtor uses blank business cards and pencils in her/his name and number...Time to get a new Realtor.

6. Your Realtor never answers you calls and always has an excuse...Time to get a new Realtor.

7. Your Realtor is always late for appointments...Time to get a new Realtor.

8. Your Realtor's voice mail is always full so you can't leave a message...Time to get a new Realtor.

9. Your Realtor lists the wrong directions to your property on MLS...Time to get a new Realtor.

10. Your Realtor gets an offer for your house after one year on the market and tells you to wait for a higher offer...Time to get a new Realtor!

Okay, so now you're looking for a new Realtor and It's time to get a new one...Call me Jennifer Farmer to get results! 910-297-9811