Broker Breeze

FORMS CHANGES: Lions and Tigers and Bears, OH MY!

WRAR CEO - Jerry Panz — Thu, 02 Sep 2010 12:00:12 +0000

Let WRAR help you transition to the new agency agreements, termination of OTP&C and 13 addenda.

Date: Friday, October 8th
Location: Holiday Inn Resort at Wrightsville Beach
Cost: $20 for Members / $60 for Non-Members
Instructor: George Bell

Register for Session #1 – 8AM to 12PM
Register for Session #2 – 1PM to 5PM

*Each session is limited to only 250 people per session, so grab your seat today!

Podcast: Support the Wilmington REALTORS® Foundation

Broker Breeze — Mon, 30 Aug 2010 12:22:18 +0000

Buyer’s Guide: Hot Marketing Tools

Broker Breeze — Wed, 25 Aug 2010 17:04:23 +0000

To promote their listings and services, real estate pros are turning more to online solutions. Here are some cutting-edge yet inexpensive ways to impress consumers with Web marketing.

By Michael Antoniak

As consumers turn to the Internet first in their search for property, real estate professionals continue to explore an ever-expanding array of marketing tools to capture their attention online and drive them to their Web sites.

Newer options like social networking, video, and blogging now figure prominently in the promotional strategies of many, joining such standards as virtual tours, yard signs, and direct mail campaigns.

With so many choices and so much time required to use some effectively, the challenge is to adopt the mix that speaks to your target buyers and sellers to attract new clients and win referrals. It’s half science, half trial and error.

In this guide, you’ll find:

   • Trends That Matter for Real Estate
   • Common Terms and Phrases
   • What Others Are Using
   • Shopping by Need and Budget
   • Upgrades for your Social Media Marketing

Membership Changes: July 9, 2010 to August 13, 2010

Broker Breeze — Mon, 16 Aug 2010 18:20:31 +0000

ALLIED MEMBERS
Bruce Kiernan, First Federal

DESIGNATED REALTORS®
Nicholas Fulbright, Economic Solutions
Angel McCurry, Century 21 Sweyer & Associates
Pamela Mercer, Diamond Shore Properties, LLC
Sherry Shaw, Shaw Real Estate, LLC

NEW OFFICE
Economic Solutions
Realty World First Coast Realty
Shaw Real Estate, LLC

NEW REALTOR® MEMBERS
Michael Bain, Coldwell Banker Sea Coast Realty
Christopher Birdyshaw, Live Oak Real Estate
Kenneth Brown (Secondary), Southland Realty
James Jackson, The Markham Company
Amy Lineberry, Hanover Realty
Cindy Oliver, Century 21 Sweyer & Associates
Charles Pierce, Keller Williams Realty
Terry Noe, Live Oak Real Estate
Mark Reiser, Exit Homeplace Realty

REINSTATEMENTS
Robin Hackney, Robin Hackney Appraisal
Kathy Willis, (Secondary), Kathy Willis Real Estate

RESIGNATIONS
Emily Adams, Adams Appraisals
Kenison Billings, Point South Realty, LLC
Eric Boneske, Keller Williams Realty
Bruce R. Brown, Coldwell Banker Sea Coast Realty
Paula Burke, Wilkinson & Associates Realty
Paula Campbell, Century 21 Sweyer & Associates
Renee M. Carroll, Intracoastal Realty –New Homes
Paul Coffman, Coastal Carolina Properties
Elizabeth Crowley, Coastwalk Real Estate
Adam C. Emanuels, Prudential Laney Real Estate
Ruth C. Gaskins, Century 21 Pro Realty
Walter P. Gilbertsen, Intercoastal Realty Corporation
Lillian L. Herring, Duplin Land Development
Tiffany Johannes, Tiffany Johannes
William L. Johnson, III, William Johnson REALTOR
Alan J. Karg, Point South Realty, LLC
Mary Morin, Coldwell Banker Sea Coast
Sean Neblett, Coldwell Banker Sea Coast
Chester W. Pennock, Coldwell Banker Sea Coast Realty
James S. Powell, Stevens New Home Realty
Christa C. Preville, Keller Williams
Billy J. Robertson, Keller Williams
Nan Spainhour, Surfside Brokerage, LLC
David Turner, Turner Group
Bethany Wilson, Keller Williams Realty

TRANSFERS
Wayne Bigg, BlueCoast Realty Corporation
Judy Carlton, Ward Realty Corporation
Gregory J. Connolly, Exit Homeplace Realty
Steve Gaconnier, BlueCoast Realty Corporation
Carlton Johnson, Wilkinson & Associates
Carmen Johnson, Wilkinson & Associates
Kathie Jordan, Coldwell Banker Sea Coast Realty
Joseph Kennedy, BlueCoast Realty Corporation
Jennifer McGhie, Keller Williams Realty
Cynthia A. McMunn, Realty World First Coast Realty
Michael Moshofsky, Neighbour Realty & Associates
Kristen Ohler, BlueCoast Realty Corporation
Mary C. Price, Coastal Properties
Jennifer C. Ray, Live Oak Real Estate
Maya Schultz, BlueCoast Realty Corporation
Jill Sink, Exit Homeplace Realty
Jamie K. Stowe, Keller Williams Realty
John D. Tartaglione, Exit Homeplace Realty

TERMINATIONS
Cameron Deaver, Cameron Deaver, REALTOR
Rene Hunter, Coldwell Banker Sea Coast Realty
Linda Spainhour, Coastal Connection Realty
Jess Yates, Beach Girls Realty
Melissa Yates, Beach Girls Realty

COOPERATING KEYS
Carolyn C. LeBlond, Clark Realty & Associates, Fayetteville

Let’s Keep ‘Em Flying – Fall Honor Flights Announced

Broker Breeze — Wed, 11 Aug 2010 14:00:53 +0000

Written by Jason McLeod, Honor Flight SENC President

This past spring over 200 WWII veterans experienced a long overdue thank you from the community of Southeastern North Carolina. The inaugural Honor Flight on April 13, 2010 and second flight on May 26th were a tribute to their service 65 years ago as they stopped an empire, conquered a tyrant and saved the world. The flight was a one day trip to Washington D.C to see the WWII Memorial built in their honor. To some, the day was described as the best day of their lives. To others, a day filled with overwhelming emotion. To most, a day they thought never possible. And to all, gratitude that their service had not been forgotten.

Please Click Here to view pictures and video of the inaugural flight or Click Here to watch the Honor Flight Network video.

This fall we will conduct another two flights bringing over 200 veterans to their memorial. These flights will take place on September 22nd (originating from New Bern) and October 13th (originating from Wilmington). These flights are offered at no cost to the veteran. Our heroes of the Greatest Generation are passing away at a rate of 1,200 per day and within the next 5-7 years most will be gone. The time is now and we need your help.

Your help is urgently needed. For every veteran on the flight, we need to raise $400 to cover the flight, tour buses, meals, insurance, memorabilia, etc. (Volunteers on the flight pay their own way) Your help is needed over the next several weeks to help raise an additional $70,000 to make these flights possible. With every one’s help, we are confident that we can meet this goal.

Make your personal donation today by going to http://www.honorflightsenc.org/donate.html. Then:

We ask for everyone to reach out to their family, friends and colleagues and ask them to help pay tribute to our WWII heroes by making a donation to help sponsor one of our veterans.

We ask that you share this urgent request for help to all your affiliates including business partners, churches, civic groups, associations, etc.

Donations can also be sent directly to Honor Flight of Southeastern NC at P.O. Box 4563, Wilmington, NC 28403. Any amount given is greatly appreciated. Information is also available on our website for groups wanting to conduct fundraising activities for HFSENC. Donations are tax deductible.

Many of you have already given of your time and treasure to help with this incredible mission. Thank you!

For our veterans that gave so much… Let’s give all we can. Let’s keep ‘em flying!

VIDEO: Pending Home Sales Pause

Broker Breeze — Sun, 08 Aug 2010 14:00:05 +0000

Amy Holcomb – 2011 WRAR Director Candidate

Broker Breeze — Tue, 03 Aug 2010 14:00:24 +0000

Click Here to Read Amy’s Profile

Other Candidates:

Vice President
RJ Alex – Profile

3 Year Directors
Gloria Degnan – Profile
David Eggleston Jr. – Profile | Video
Lenora Norris – Profile

Beginning Thursday, August 12th, online voting for the Annual Board of Directors Election will open at 12PM (noon). Shortly before 12PM, we will send out an email notice with a link to the online ballot. This link will also be placed on the WRAR.com homepage. Online voting will close on September 9th at 3PM and the results will be announced later that evening at the Annual Meeting being held at the Holiday Inn Resort at Wrightsville Beach.

Click Here to view a SAMPLE ballot now.

David Eggleston, Jr. – 2011 WRAR Director Candidate

Broker Breeze — Thu, 29 Jul 2010 16:25:49 +0000

Click Here to Read David’s Profile

Other Candidates:

Vice President
RJ Alex – Profile

3 Year Directors
Gloria Degnan – Profile
Amy Holcomb – Profile
Lenora Norris – Profile

Click Here to view a SAMPLE ballot now.

Summer 2010 Updates from Your President

2010 WRAR President - Mary Martin — Wed, 28 Jul 2010 19:00:24 +0000

One of my goals this year is to increase the communication between the WRAR and members like you. Actually, almost everything you need to know is communicated in the weekly Broker Briefing – but I know how busy we all get! So here are just a few important updates and a link for your review.

Short Sales

The NC Real Estate Commission requires the listing broker to not only send every contract to the lien holder, but also every offer to the lien holder when involved in a short sale transaction. Listing agents should confirm to Buyer’s agents that the contract or offer has been submitted to the lienholder. To learn more about how to handle short sales, go to your WRAR website, click on: Membership, Current Members, Resources and Links and scroll down to the BEST BUSINESS PRACTICES (or just click this link). The short sale section is on pages 9-12. On page 12, bullet #7 has the revised information about submitting all offers. There is a wealth of information on the Resources and Links page.

New Offer to Purchase and Contract (OTP&C)

The new OTP&C has been approved effective January 1, 2011. The Joint Forms Task Force has not completed all of the addenda yet, but should be finished in August. Jerry Panz met with HOA managers to help smooth their transition to the revised Owner Association Addendum. WRAR will also bring a Joint Forms Task Force attorney to Wilmington to meet with the attorneys here. The goal is not to have any conflicting opinions about the meaning of the clauses in the OTP&C and addenda-so all brokers get similar advice. If you would like for Jerry to come to a sales meeting to talk about the forms, please email him directly at JPanz@WRAR.com. A Sample Copy of the OTP&C may be downloaded from the WRAR.com Home Page.

New Forms

Since we have changes to the OTP&C and addenda, many of our standard forms will also change-including our agency agreements. Some forms will be removed because they will no longer be needed. A Forms meeting will be held on Oct. 8th to assist you with the transition. Please continue to read Broker Briefing for updates!

MLS

Because of the changes to the forms, new and modified MLS fields are necessary. We are hopeful that all of the modifications necessary-including reports-will be ready for you before January 1.

New Building

Progress continues toward building a new facility. There is a link on the WRAR home page at the top: New Building where you can always get the latest information.

Local Market Continues to Rebound with Increased Home Sales

Broker Breeze — Mon, 26 Jul 2010 13:50:46 +0000

By Mary Martin, SRS
President, Wilmington Regional Association of REALTORS®

Wow, this is a hot summer already! And like the temperatures, local home sales are also on the rise. During the second quarter of this year, our market surpassed levels from the previous year for the tenth straight month. The most notable improvement was seen in the number of homes sold. This type of market offers some amazing opportunities for both buyers and sellers.

When analyzing the growth within the six major zip codes in our region, our average sales price has a slight decreased of .02% from year-end 2009. When we look at the median sales price, we have a slight increase over year-end 2009 from $192,750 for second quarter 2010 compared to year-end 2009 of $189,900.

• Sellers received 95.16% of the asking price in second quarter 2010 compared to 95.12% for year-end 2009.
• Second quarter 2010 had an increase in the number of sold homes by 30.3% from second quarter 2009.

Over the last couple of years an analysis of six major zip codes – 28403, 28405, 28409, 28411, 28412 and 28451 was conducted. The areas of focus were:

   • Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
   • List Price – The amount of money a home is listed on the market.
   • Selling Price – The price the seller accepts for his or her house.
   • Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
   • List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.

2009 Year-End Average Selling Price vs. 2010 2nd Quarter Average Selling Price

2nd Quarter 2010 – 28403 Zip Code

   • The average selling price of $214,218 has increased 2.4% from year-end 2009 average selling price of $209,290.
   • 18% of sellers in second quarter paid a concession compared to 16% in year-end 2009. The best of all the zip codes.
   • The average list price of $232,909 for second quarter has increased 4.1% over year-end 2009 average list price of $223,749.
   • The average number of days a property remained on the market for second quarter was 136 days compared to 142 days for year-end 2009.
   • The median sold price of $175,950 for second quarter has increased 3.6% from year-end 2009.
   • Sold homes in second quarter received 91.97% of the asking price, a decrease from 93.6% year-end 2009.

2nd Quarter 2010 – 28405 Zip Code

   • The average selling price of $264,322 has increased 5.7% from year-end 2009 average selling price of $250,111. The best of all the zip codes.
   • 29% of sellers in second quarter paid a concession compared to 22% for year-end 2009.
   • The average list price of $283,681 for second quarter has increased 6.7% from year-end 2009 average list price of $265,960. The best of all the zip codes.
   • The average number of days a property remained on the market for second quarter was 133 days compared to 138 days for year-end 2009.
   • The median sold price of $168,000 for second quarter has decreased 6.8% from year-end 2009.
   • Sold homes in second quarter received 93.18% of the asking price, a decrease from 94.2% for year-end 2009.

2nd Quarter 2010 – 28409 Zip Code

   • The average selling price of $279,699 has decreased 3.9% over year-end 2009 average selling price of $291,090.
   • 24% of sellers in second quarter paid a concession compared to 19% in year-end 2009.
   • The average list price of $298,807 for second quarter has decreased 4.4% over year-end 2009 average list price of $312,455.
   • The average number of days a property remained on the market for second quarter was 116 days compared to 133 days for year-end 2009.
   • The median sold price of $230,500 for second quarter has decreased 1.9% from year-end 2009.
   • Sold homes in second quarter received 93.6% of the asking price, an increase from 93.1% for year-end 2009.

2nd Quarter 2010 – 28411 Zip Code

   • The average selling price of $267,295 has decreased 6.3% over year-end 2009 average selling price of $285,407.
   • 38% of sellers in second quarter paid a concession compared to 22.0% in year-end 2009.
   • The average list price of $280,611 for second quarter has decreased 8.1% over the year-end 2009 average list price of $305,422.
   • The average number of days a property remained on the market for second quarter was 122 days compared to 126 days for year-end 2009.
   • The median sold price of $212,150 for second quarter has decreased 1.3% from year-end 2009.
   • Sold homes in second quarter received 95.2% of the asking price, an increase from 93.4% for year-end 2009.

2nd Quarter 2010 – 28412 Zip Code

   • The average selling price of $195,115 has increased .06% over year-end 2009 average selling price of $193,872.
   • 38% of sellers in second quarter paid a concession compared to 27% in year-end 2009.
   • The average list price of $202,336 for second quarter has decreased .02% over the year-end 2009 average list price of $202,816.
   • The average number of days a property remained on the market for second quarter was 112 days compared to 139 days for year-end 2009. The best of all the zip codes.
   • The median sold price of $182,250 for second quarter has increased 4.1% from year-end 2009. The best of all the zip codes.
   • Sold homes in second quarter received 96.4% of the asking price, an increase from 95.5% for year-end 2009.

2nd Quarter 2010 – 28451 Zip Code

   • The average selling price of $215,376 has decreased 1.4% over year-end 2009 average selling price of $218,453.
   • 38% of sellers in second quarter paid a concession compared to 31% in year-end 2009.
   • The average list price of $219,405 for second quarter has decreased 1.5% over the year-end 2009 average list price of $222,709.
   • The average number of days a property remained on the market for second quarter was 113 days compared to 124 days for year-end 2009.
   • The median sold price of $178,553 for second quarter has decreased 2.4% from year-end 2009.
   • Sold homes in second quarter received 98.1% of the asking price, an increase from 98.0% for year-end 2009. The best of all the zip codes.

Summary

Our second quarter continued the year with a positive increase in units compared to second quarter 2009 by 30.3%. While we might have sold more homes, our average sold price from second quarter 2009 showed a 4.2% decline.

Three zip codes had average sold price increases from .06% to 5.7% over year-end 2009 while three other zip codes had average sold price decreases from 1.4% to 6.3%. This is excellent progress. During the first quarter of 2010, we only had one zip code showing an increase in average sold price and five with a decrease of as much as 13.5%. Our list to sales price ratio for the second quarter 2010 is 95.16%, a slight increase from 95.12% for year-end 2009. The average list price of the sold properties is $250,572 and is down .02% from year-end 2009.

Concessions offered to buyers are now offered in 18% to 38% of the transactions in second quarter 2010. Our median sales price of $192,750 for the second quarter reflects a gain of 1.5% from year-end 2009 which as $189,900. Our overall average days on the market are 121, a decrease of 11 days from year-end 2009. Sellers in 28451 got about 98.1% of their asking price while those in 28403 only got 91.9% of their asking price. Five zip codes had an increase in units sold over second quarter 2009.

2009 will be looked at as the year in which our market bottomed out and started to stabilize. 2010 presents us with a housing opportunity that makes it the most affordable in generations. Here are just some of the reasons that now is the time to buy:

1) Our median home prices are down 7.9% from year-end 2008.
Last quarter, it was 10%. As it improves, prices of homes will continue to go up.

2) Foreclosures and Short Sales make for excellent buying opportunities.
At least 10% of sales in the last quarter were foreclosures and short sales.

3) Mortgage rates have reached historic lows.
Fixed rate mortgages continued to hover at 50 year low, thereby supporting homebuyer affordability and refinance activity. (Source: Freddie Mac 7-15-10)

4) We have a large housing inventory.
There are over 2,889 residential homes available in the six zip codes studied.

An Analysis of information from the Wilmington Regional Association of REALTORS® Incorporated for the period Jan. 1, 2005 through June 30, 2010 – data pulled on July 15, 2010.