Youre Not Getting Any Younger - Multigen Living Can Save Your Money and Health

Friends and Clients —The real estate market continues to surge ahead. However, clouds might be forming on the horizon for sellers. Let me give you the details: 1. Ultra-low mortgage rates Throughout 2020, the popular 30-year fixed mortgage rate set 15 new record lows. It ended 2020 just one basis point higher than the latest record low and currently stands at 2.86%, a full percentage point lower than one year ago.These ultra-low mortgage rates are driving an increase in demand. Unfortunately, sales are restricted due to… 2. Record-low inventory There were just 1.28 million homes available for sale at the end of November, the last month for which we have full data. That is down 22% from a year earlier. It is also the lowest inventory count since the National Association of Realtors began tracking this metric in 1982.Unsurprisingly, home prices are shooting up thanks to strong demand and record low inventory. The median price of an existing home sold in November was a staggering 14.6% higher than in November 2019. If you’re worried this pace is unsustainable, you might be right: 3. A change in the market? Some experts warn that home prices are overheating and that affordability is suffering. They might have a point because, after five consecutive months of gains, closed sales of existing homes lowered in November. Similarly, after three straight months of record highs, homebuilder confidence in December dropped 4%. December mortgage applications also fell.  So what does this all mean for you? Well, things might get harder soon for home sellers. Lower affordability could hurt demand, and the price growth we’ve seen over the past months might slow down, or prices might decrease like we started to see before the pandemic. Fortunately, nationwide trends haven’t caught up to us yet in Raleigh. Demand is still very strong. If you were to list now, you could sell quickly and at top dollar. If you’d like to get an idea of what your home is worth right now, you can use the following home value calculator, which is based on recent Raleigh sales: Enter your address here to find out what your home is currently worth If you are considering selling while the current market lasts, give me a call at (919) 412-3475. I’ve helped many people sell in these pandemic circumstances, and I’m here to answer your questions and help however I can.

CAPE is an acronym our team uses to help sellers remember the elements that can make or break their home sale. Condition, access, price, and exposure are all key to attracting the most buyers and getting the most money possible from your sale. Today I’ll break down each of these elements and explain why they’re so important to stay on top of.First, a home’s condition is something that the seller has complete control over. Think of it this way: The buyer needs to envision themselves living in your space, so the more you can do to help them imagine living there, the better. Here’s how you can help that along: Declutter. Remove any clutter that will ruin the buyer’s fantasies. Pack your extra belongings away or get rid of them altogether. Paint. A fresh coat of paint can help a buyer envision living in your home, but period color is important, too. If you have questions about what colors are best, I’d be happy to advise you about what’s currently popular in the real estate market. Flooring. If a buyer thinks that they’ll have to change the home’s flooring when they purchase your home, they’ll be less likely to consider your listing. Deep clean your current flooring or replace it altogether to grab a buyer’s attention. Next in our acronym is access. Access is another thing a seller has total control over. Keep in mind that buyers want to see homes when they want to see homes. Particularly when they’re working with real estate agents, those homes that don’t offer wide access for showings may get overlooked. It’s typical for some sellers to be reserved about when they want to show their homes, but the more available a property is, the greater the number of buyers willing to see it, and the more potential you’ll have for receiving offers. “Generally speaking, if you get no showings for your home, that indicates that your home is overpriced by 10% or more.” Third, keep pricing in mind. If you overprice your home far beyond its market value, you’ll have few, if any, showings. Generally speaking, if you get no showings for your home, that indicates that your home is overpriced by 10% or more. If you have showings but receive no offers, that could mean it’s overpriced by 5% to 10%. If you get showings and offers, but these offers are lowball offers, that generally means that you’re somewhere between 2% and 5% over market value. When you home is priced properly, you’ll likely get many showings, receive multiple offers, and the property may even sell for higher than your list price. Finally, remember exposure. The agent you work with can help you to maximize the exposure your property receives—in other words, how many people see your listing—not only on the MLS, but also on all the websites where people are looking at homes. Make sure that the photography used to advertise your home shows it in its best light, and also be sure to track what is being said about it. If you have any questions about CAPE or about anything related to real estate, please feel free to reach out to me. I’d love to help you.

Instead of talking about real estate, today I want to talk about some of my favorite restaurants here in the Triangle Area. If you haven’t been to any of these places before, I highly encourage you to check them out. Here’s my list: 1. Cafe Tiramisu. I’ve been going here for nearly two decades and it’s my favorite place to eat. The mom-and-pop family feel is something that can’t be replicated. Even though the original owners have passed away, their personality and history continue to live on. It’s quaint, quiet, and the service and the food are excellent. It’s a great business and a great place to grab a bite. 2. El Tapatio. This Mexican restaurant is a bit off the beaten path. For the last several years, this restaurant in Wakefield Crossing has been serving some delicious, casual Mexican fare for diners of all ages and backgrounds. You’ll see people from all over the area here for the delicious, reasonably priced food and the amazing service. “I highly encourage you to check out all the restaurants on this list.” 3. Vinson’s Pub.  I stumbled into this place recently when showing a couple from Texas homes in Clayton and couldn’t have been happier I did. This restaurant, right on Main Street, is in a 100-year old building. The decor is funky and hip and the menu is quite inventive. If you’re really hungry, they have a “Man BLT” that I can’t recommend enough. 4. Ole Time Barbecue. This is my “hole in the wall” pick. Down on the border of Raleigh and Cary, you can find this good, old-fashioned barbecue joint that has been servicing Carolina-style barbecue for years. It was recently named one of the best barbecue restaurants in all of North Carolina. If you’re in the mood for some meat, this is a great place to go. It can get busy and you might have to wait, but the wait is well worth it in my opinion. If you have any questions for me about any restaurant on this list or you’d like to share your recommendations with me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

We’re taking a bit of a diversion from real estate today to talk about a few of my favorite fall weekend getaways here in the Triangle Area: 1. Asheville. This is a fantastic place to see the leaves change colors this fall. Many believe that the weekend of October 27 and 28 is going to be the best dates to do that. I highly recommend staying at Asheville Cottages, a family-owned operation that has a number of private cottages with wonderful amenities and great views of the foliage. There are plenty of galleries and boutiques to see up in Asheville, as well as delicious restaurants. My favorite one is Market Place, a wonderful farm-to-table restaurant, but you might want to make a reservation. 2. Beaufort, NC. For those of you who love boating, you know this is the boating capital of the Carolinas. This quaint little town is perfect to walk around in and the Beaufort Inn has some really nice waterfront rooms. The Cedars Inn is a historic bed-and-breakfast that’s also a great place to stay. There’s plenty of seafood dining options, including La Perla, a delicious Spanish restaurant right at The Cedars Inn. There is also Front Street Grill right on the water. 3. Kinston. If you’re a foodie, you’re probably aware of the fantastic restaurant Chef & the Farmer. You may recognize Vivian Howard from her cooking show on PBS or from her very successful farm-to-table restaurant right here in Kinston. On October 21, the Howards are hosting a celebration and a viewing of the last episode of their successful show. If you need a place to stay in Kinston, try The Mother Earth Motor Lodge for an affordable option. “Kinston is home to a world-class restaurant: Chef & the Farmer.” There you have it—our three best recommendations for fall getaways in North Carolina. If you know of a place that you enjoy going to here in North Carolina, don’t hesitate to reach out and give me a call or send me an email with your recommendations. I hope to hear from you soon.

When preparing to make a home renovation project, one of the first important decisions you’ll be faced with is selecting the right bid. To ensure you make the best possible choice, there are five tips you should follow as you proceed: 1. Become comfortable with the overall cost. Homeowners may receive bids that are thousands of dollars apart and will often choose the one which will cost them the least. However, this is not always the best way to proceed. When it comes to remodeling projects, you usually get what you pay for. At very least, you should always look at what the other bids offer beyond just considering how they’ll impact your wallet.   2. Vet the contractor. There are several ways of doing this. Whatever you do, it’s essential that you determine whether the contractor’s skillset extends into what your project will require. The project you’re getting bids on should be something the contractor has experience with. 3. Compare apples to apples. If you receive three bids, the minimum advisable number, and one contains very little detail, don’t feel bad about asking the contractor to expound. Comparing similar details between each bid will be the key to choosing the one that best fits your needs. 4. Set up financial motivation for the contractor. Unfortunately, renovation projects don’t happen for free. Your contractor will want some compensation up front, but will also expect additional payment as their work continues. Writing performance clauses into the agreement you and the contractor come up with will be a simple way to protect you from the pain of a random payment schedule. 5. Make sure you understand what’s going on. Keeping a close eye on your project is important. Don’t be afraid to speak up, or terminate your working relationship, if the contractor isn’t performing as they should. “When it comes to remodeling projects, you usually get what you pay for.” If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Are you being scammed? These days, it’s more common than you might think. Protecting yourself against fraud when buying, renting, or selling real estate is crucial. So today I’d like to highlight some scams to watch out for as well as some information on how to protect yourself. 1. Wire fraud. The media has done a lot of reporting recently about this scam, but allow me to quickly explain it in case you’ve missed this coverage. Here’s how it works: Hackers gain access to the email account of someone legitimately involved in a real estate transaction, and then use that account to send false wiring instructions to the buyer. This results in buyers unwittingly sending their funds over to someone who has nothing to do with their home purchase.There are two key things you can do to avoid falling victim to this scam. First, make sure wiring instructions are being sent from an encrypted email. Second, make sure you call your settlement agent (which, in North Carolina, will be your attorney) and double check that you have the correct instructions. If you do these two things, you will be safe. “In this day and age, you’ve got to be careful who you trust.” 2. Inauthentic rental listings on Craigslist. Scammers are posting and promoting these false advertisements with the goal of tricking those who respond to sending them money. They do this by posting a rental listing that appears to be a very attractive offer, and then telling those who respond that it has already been rented by someone else. They then convince that person that they have another property coming available soon, and tell them that they can secure it by sending over a deposit. Of course, there is no listing. The scammer is simply trying to earn money under false pretenses.To protect yourself, you can find a legitimate listing for the property being advertised and ask the rental agent representing it whether the deal can be trusted. You can also use public records to corroborate the legitimacy of a listing. I would be happy to further explain how to do this, so please get in touch if you have questions. 3. Moving company fraud. Imagine this: You’ve made an offer on a home and gone under contract. Next, you start doing some comparison shopping to find the best deal on a mover, when you notice a Craigslist ad with a very attractive deal. Of course you decide to contact the poster and get an estimate. Then comes the day of the move. The movers load up your belongings (and perhaps ask for more money than what you’ve already given them), and drive off—never to be seen again.The lesson to take away from this scenario is to always make sure companies you work with are reputable. In this day and age, you’ve got to be careful who you trust. Check out reviews, look up credentials, and be extremely careful who you hire. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Today’s market is a far cry from the mortgage crisis of 2007. In fact, it’s almost too good. But while we’re sitting pretty at the moment, our current high demand and low inventory are actually somewhat reminiscent of a time just before that low point in our market. So with that in mind, it’s time to reflect on an important question: What did we learn from the 2007 bubble burst? Let’s take a look at five crucial lessons we learned from that unfortunate period in our market: 1. Don’t buy too much house. Purchasing more than you can afford will be far more trouble than it’s worth. This was one mistake many homebuyers were guilty of just before the market crashed. It’s far better to make your home purchase according to your needs today, rather than your predictions for the future. 2. Don’t depend on your home increasing in value. With the market on its way up, some buyers are tempted to ride the trend. But what happens when this isn’t the case? There’s no guarantee a home’s value will continue to rise. Your home purchase should be based on your lifestyle and not on the hope that your home will keep appreciating. 3. Make sure you have ample cash reserves. Most experts recommend saving back six months’ worth of total expenses, so that you can still sustain your lifestyle if disaster strikes. 4. Submit a healthy down payment when you buy. People today tend to put down as little as they can, but this isn’t always a good idea. Doing this leaves you with less equity from the start, which will cause problems if the market goes south. The higher your down payment is, the more secure you’ll be in your home. 5. Buy low and sell high. This probably sounds pretty obvious, but it’s important nonetheless. “Your home purchase should be based on your lifestyle and not on the hope that your home will keep appreciating.” If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Over the past several years, I’ve been seeing a trend where buyers look for homes that will accommodate multiple generations—grandparents, parents, kids, and grandkids. Selling a home? Get a free home value report Buying a home? Search all homes for sale My gut tells me that there is a demographic shift occurring here, where: Grandparents or empty-nesters are becoming more inclined to live with people of other generations, and/or: Younger generations are more inclined to have their parents or grandparents living with them. Since we’re all living longer, the older generations might feel the pressure of housing costs. Secondly, as people try to downsize in today’s marketplace, it’s important to know that buying a smaller home doesn’t always mean that the costs are lower. Typically people are looking for different floor plans, possibly those with main-level living, and those properties can be more costly. Conversely for the younger generation, having the parents or grandparents around could be helpful in regards to caring for children. I also think that this younger generation might worry for their parents as they slow down with age; as they lose mobility and develop medical issues, they need more attention, and their younger counterparts want to be there to ensure they’re safe and comfortable. “SINCE WE’RE ALL LIVING LONGER, THE OLDER GENERATIONS MIGHT FEEL THE PRESSURE ON HOUSING COSTS.” Putting these factors together, many people have asked about what opportunities there are where they can bring the whole family together. Some big builders are starting to build what they call multigenerational plans in which they’ve accommodated into the floor plan a space where the parents and grandparents can have their own space, alongside the general or main living areas with the rest of the family. In order to accommodate multiple generations, they might move, eliminate, or add some walls. They might make the basement a fully furnished space (with a kitchen and bathroom) with a separate entrance from the main door to foster privacy for the occupants. Additionally, if the property is large enough, then a guest house could be considered. If you have any questions about accommodating multigenerational living, feel free to reach out to me. I’d be happy to help and advise you however I can.

Today I’m joined by Randy Paquette of First Choice Radon to discuss what you can do to prevent radon from seeping into your home. Selling a home? Get a free home value report Buying a home? Search all homes for sale As a gas, radon is the leading cause of lung cancer in the U.S. among non-smokers. It also kills more people annually than breast cancer, colon cancer, and prostate cancer combined. The good news is, radon is easy to test for, and you can do it with several different monitors. Randy suggests that you test for radon annually, even if you have a radon system already installed in your house. If you don’t have access to professional radon testing, you can use a home kit. Home kits take about 48 hours. After the test is done, you send the kit to a lab, which then sends you back your results. If your numbers come back a little high, you should have a professional then test your home so you know exactly what the levels are. Once you know what the levels are, the next step is to mitigate them. If you have a basement or a slab home, they create a vacuum under your home using a sub-slab system (or “fan system” as some call it), which sucks the radon out before it can get inside. “IN THE LONG RUN, THE COST OF PROTECTING YOUR FAMILY FROM RADON IS WORTH THE INVESTMENT.” If you have a crawl space home, this process takes a little more work, so the cost is a little different. Basement and slab-home mitigations cost about $1,300, but the system itself should last anywhere between 10 to 30 years, so the annual cost is negligible. It only costs about $2 per month to operate the system, which is also a negligible amount. A single test costs roughly $150. North Carolina is what’s referred to as a “red state,” meaning homes here typically have higher levels of radon in them, so $150 is a sensible investment to protect your family from something as potentially dangerous as radon is. If you have any more questions about radon or radon testing or you have any other real estate needs I can assist you with, don’t hesitate to reach out to me. I’d love to help you.

The month of March has been cold and dreary here in the Raleigh area. So, when I say that it’s time to get ready for the spring market, many people think, “Spring market? It’s still winter!” Selling a home? Get a free home value report Buying a home? Search all homes for sale However, despite the cold, spring has definitely arrived. The spring real estate market has sprung. I recently looked at all homes listed on our MLS in the last 30 days, and I found that 62% of those properties are already under contract. This tells us that the market is at a blistering pace. So, today I’d like to bring you some tips on how to prepare if you plan to buy or sell in our spring or summer market. Let’s start by talking about buyers. If you’re thinking of making a home purchase this year, I recommend that you do so sooner rather than later. Interest rates are sliding up a little bit and many predict this trend will continue into the future. So, make your move as soon as you can. The first step to take as a buyer is to get with a good lender and get pre-approved. This will give you a good starting place for your home search. Once you’ve met with a trusted local lender, you’ll need to find a good agent. The right agent will not only be able to help you strategize your home search, but they will also be able to help you find properties that haven’t come to the market yet. Additionally, a good agent will help you make faster decisions, which will be beneficial in our fast-paced market. “LISTINGS ARE MOVING QUICKLY, BUT MORE INVENTORY WILL BE COMING TO OUR MARKET SOON.” As for sellers, you may want to wait until the summer to make your move. This is especially the case if you have children since they will be out of school during this time and more family-style homes tend to be listed at this time of year. That said, now is the best time to focus on getting your home ready for the market. That way when it comes time to list, you will be well-prepared. Listings are moving quickly, but more inventory will be coming to our market soon. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.