Get the Real Story: Ask a REALTOR

Pick up any newspaper across the country these days and you'll see every angle of the gloom & doom befalling the real estate industry. The real news however, is what you won't find in those articles. Doug Duncan, chief economist for the Mortgage Bankers Association, commented in September on the state of the mortage market and dropped some interesting observations that have yet to show up in the mainstream media:

• Thirty-five percent of the homes in the U.S. do NOT have a mortgage.
• Some 94.88 percent of the loans ARE performing.
• The foreclosure problem in this country is really a story about seven states.
• The biggest foreclosure problems are in Michigan, Ohio and Indiana. These are manufacturing states that had horrible job losses. Since 2001, Michigan has lost 300,000 jobs. These states would probably have had problems no matter what the market was doing.
• The other four states -- California, Florida, Nevada and Arizona -- experienced significant overbuilding. Twenty-five percent of the foreclosures in these states are on properties that are held by investors who were speculating.
• Only 25 percent of all mortgages are subprime, and of these, 75 percent are performing.
• In the other 43 states, foreclosures have fallen in 2007 from 2006 (data from Michael Clawson, vice president, Central Texas Mortgage).

- Inman News, 9.16.07


So what does this mean for you? If you're in the stock market, "buy now", and the same concept goes for real estate: if you're in the market for a home, don't get caught on the sideline when the fears subside. The best thing to do is meet with your real estate advisor. They can answer your questions and guide you according to your particular interests. Don't have an advisor? Meet the professionals of Prudential Burroughs & Chapin Realty, Inc. and stop by an office today.

Consider Prudential For A Career

Prudential Burroughs & Chapin Realty has been a leader in coastal real estate not only for clients, but for our professional sales associates. The benefits of working with a Prudential affiliate are hard to top:

• Exclusive listing relationship with Yahoo! Real Estate
• Online Seller Advantage
• Subsidized advertising
• Luxury homes program
• Large geographic area for referrals within the company plus the nationwide network of Prudential
  
• FREE website & email
• FREE business, computer & software training
  
• FREE eCards

A recent unscientific study by the folks over at The Future of Real Estate Marketing blog had some interesting findings in the habits of real estate professionals. They say many agents don't take time to figure out their goals and create a business strategy. Not so here at Prudential. Every single one of our agents works with a manager to establish their own strategy and together they work throughout the year to make sure personal needs, and ultimately those of their clients, are met.

Another interesting revelation in the study was the idea that agents who want to communicate online will succeed only because others will try "shortcuts that simply don't work." Prudential Burroughs & Chapin Realty sales professionals have a variety of online and offline communication tools available along with varying levels of training to fit their desire to learn advanced techniques. Each agent is Prudential eCertified, meaning they are knowledgeable and capable with the latest internet tools. Our clients can be confident in our agents' ability to stay in touch in the way that is most convenient for them, the customer.

There's a lot more info on what it's like to work at Prudential Burroughs & Chapin in our Careers section, including a Real Estate Simulator that will give you an idea of how well you may perform in the business. And take time to stop by any one of our offices to learn more.

Prudential Burroughs & Chapin Contributes to Local Schools

Burroughs & Chapin Company, Inc. contributed $2,480.00 to Communities in Schools of Brunswick County, Inc. (CIS). CIS provides educational assistance to children and families throughout Brunswick County.

The contribution to CIS' annual Silent Auction was made possible by the Ocean Isle Beach sales office of Prudential Burroughs & Chapin Realty, Inc.

Top 5 Mistakes To Avoid When Selling Your Home

Today's home sellers can reach their goals with a little market savvy and some professional guidance from a qualified Realtor, who can help you avoid these common mistakes so you'll sell your house for the price you want.

Beware of:

Not working with a Realtor
A Realtor can help navigate the extensive legal documentation and financial jargon associated with the home-selling process, allowing you to avoid costly errors. Deciding not to work with a Realtor often results in a much lower sale price. Also, Realtors must be members in good standing of the National Association of Realtors, adhering to strict standards regarding ethics and customer service. They are experts on the local real estate market. Prudential Burroughs & Chapin Realty has nearly 300 Realtors in North Carolina and South Carolina ready to server you.

Over-pricing
Listing your home at the appropriate price is crucial to getting it sold, Realtors report. Be conservative or you will miss out on buyers who are looking in your home's true price range. By the time you correct the price, you may have already missed out on potential buyers.

Determining the correct listing price is tricky. Realtors have the most up-to-date knowledge of local real estate market trends and the price, financing, terms and conditions of similar properties. They can help you determine what is a reasonable price.

Forgetting the little things
Buyers' first impressions of a property will stick with them and inevitably help determine whether they come back or make an offer. Realtors report that remembering the simple details while preparing a house for sale can make all the difference, such as:

• Making sure the gutters and roof are clean and free of debris
• Maintaining sealants around windows and doors
• Cleaning windows
• Keeping pet areas clean and free from odor
• Removing unnecessary furniture, appliances and other clutter

Questioning the first offer
Many homeowners are tempted to reject the first offer, even if it is close to their full asking price. This offer may be the best you will receive because very competitive buyers will be eager to make an offer as soon as an attractive property comes on the market. Holding out for more money is rarely an effective strategy and may hurt you in the long run. Ask your Realtor for guidance about what you should -- and should not -- be willing to negotiate when receiving offers.

Picking the wrong buyer
Selecting the wrong buyer can lead to a multitude of problems throughout the selling process. For instance, a Realtor can make sure that your buyer is pre-qualified for a home loan to avoid any financial difficulties. Beware of buyers who add contingencies to the contract, especially a clause that states they will not close on your property until their prior home is sold. It is difficult to determine how long it will take for the buyer to sell his or her own property, which might leave you in limbo. Ask your Realtor what is -- and is not -- a reasonable request.

House Or Condo: Which Is Right For You?

With a multitude of new modern condominiums popping up in downtown Wilmington, homebuyers may feel torn about whether to consider the downtown lifestyle or opt for a traditional single-family home in the suburbs. Taking lifestyle, transportation needs and other key components of each option into careful consideration will help you to make the right decision.

Lifestyle
Your parents probably bought their first home in the suburbs. If this is the only lifestyle you are accustomed to, the hustle and bustle of the city may seem overwhelming to you. However, many find the amenity-rich lifestyle of downtown neighborhoods increasingly appealing. As more young couples make the switch to urban dwellings, these neighborhoods are being revitalized, with condo buildings within walking distance to bars, restaurants, shops and parks.

It is also important to consider how much spare time you have to commit to the maintenance of your property. A house may be better for you if you enjoy maintaining a home and garden. In a condo, you will share decision-making with other tenants and could pay a steep fee for building maintenance. A condo may be more realistic for you if you lack the time and enthusiasm for upkeep.

A major difference between single-family homes and condos is the amount of privacy you are afforded both at home and with your neighbors. Couples can find that they need at least a mid-sized condo to feel comfortable, but budget considerations often do not allow this space. Also, consider if you enjoy having neighbors close by for comfort or if you prefer more privacy. You may find it difficult having neighbors in adjacent condo units if your lifestyles are very different.

Transportation
Whether you live downtown or in the suburbs, the location of your home will inevitably affect your daily commute. If you live and work downtown, you may be able to walk or take a short trip on mass transit. You could save an hour or more each day in addition to the money you save on gas.

If you work in the suburbs and live downtown, you could also save time by traveling against the traffic. Regardless of whether you decide on the suburbs or the city, test drive your route to be sure excessive congestion will not be a problem.

Parking must also be considered when deciding between a condo and a single- family home. If you have three vehicles, a condo probably isn't your best choice. You may have to purchase or rent parking spaces downtown for a hefty fee. Also, find out whether family and friends will have easy access to on-street or off-street parking when visiting.

Be sure to ask your Realtor these questions when looking to purchase a suburban house or a condo. Their knowledge and expertise will help lead you to your perfect home.

Buying Your First Home

Congratulations! You have decided to purchase your first home. Luckily for you, this is an excellent time for first time homebuyers. The market is tipped in your favor, presenting the best opportunity in years for buyers on a budget. There is no doubt that this is an intimidating financial step, but proper preparation and aid can ease your mind and simplify the process.

Play by the Numbers
Before you do anything else, examine your budget to determine how much you can afford to spend. Be sure to take into account your gross monthly income, existing housing costs and other monthly expenses. Check your credit rating so you have a good idea of where you stand financially. If your score is below 700, start taking measures to raise it. Pay off existing debts such as credit card balances and student loans and be certain you are paying all your bills on time.

When your finances are in order, meet with a mortgage lender. If you are unclear about the differences between mortgages, such as adjustable rates, fixed rates, or three-year or five-year arms, be certain you ask plenty of questions. After you determine what is best for you, apply for a pre-approved home loan.

It's all in the details
During your home search, be certain to take notes about the characteristics of each property that stand out to you. Also take notice of the surrounding area, including parks, stores, restaurants and schools. Bring a digital camera with you to capture images that remind you what you liked and disliked most about each home.

Ask your Realtor to help you decide what search criteria are most important. They can also point out any defects that may slip past you, such as poor closet lighting or worn carpeting. These details add up and may become major factors in your decision-making.

Find a Realtor
As a first time homebuyer, you may have questions about everything from homeowners insurance to home warranties and the local school system. Real estate professionals can answer these questions and ease any concerns you may have. Working with a Realtor is the best way to assure that you are making an informed decision. Realtors are trained to explain each step of the buying process in its entirety. Best of all, this valuable aid costs you nothing because the seller pays any commission.

Landscaping is Your Home's First Impresssion

Everyone knows that you only have one chance to make a first impression and this certainly holds true for your home when placing it on the market. Homeowners often spend time and money renovating outdated bathrooms and kitchens, painting walls and reorganizing living area. These are all great ways to sell your home, but you have to get potential buyers in the door before they can appreciate your efforts. All too often a home's first impression -- it's landscaping -- is overlooked, which in turn, can cause many potential buyers to overlook your home. With the latest home trend focused on outdoor living, landscaping is an essential part of what today's buyers are looking for in a home.

The decision to improve your landscaping can be profitable and has the potential to increase your home's value by several thousand dollars. A Clemson University study conducted in Greenville, S.C. revealed that houses with appealing landscaping sold for 14% to 17% percent higher than those with poor landscaping. Popular Home and Garden Television (HGTV) programs such as "Curb Appeal" and "Design to Sell" feature real estate experts who voice the importance of an attractive yard.

Enhancing your landscaping may seem like an expensive and daunting task, but some simple changes combined with a little elbow grease can go a long way. Start by cleaning your outdoor spaces by pressure washing sidewalks and siding, raking leaves, cleaning out gutters and edging the lawn and planting beds. Once you've tidied the yard, step back and look at your house from a buyer's point of view. Take note of the things that you think enhance your home's aesthetics and what needs to be changed. Remove items that block important architectural elements.

To design a beautiful landscape, you don't have to hire an expert whose fee could diminish your profits. Ask your real estate agent what alterations they would recommend to improve the look of your home. Research gardening magazines and online sources for ideas on what would enhance your landscaping. Talk to expert green thumbs at your local lawn and garden center and get their suggestions. Purchase shrubs and mature colorful flowers to plant in areas that need attention. Don't buy trees or plant bulbs that mature slowly and won't immediately improve the look of your home. Another tip is to place lighting on walkways and entry points of the home so evening visitors are drawn to your home.

If you're willing to jump in and get your hands dirty, even a small landscaping budget can substantially add to the value and appeal of your home. You may discover your new landscaping is something you wish you'd done sooner.