I am proud to announce:

 The Linda Hall Team was in the top 100 teams in the nation for Century 21. Ranked #3 in units region and #3 in volume.

The Linda Hall Team also recieved the Presidents Award for 2011 for NC/SC! The only team to make it.

Congratulations to Barbara Ferguson and Alex Dewey to be awarded the Top Agents in The Charlotte Magazine.

http://realtytimes.com/rtpages/20120106_rates.htm

Updated information on Mortgages today.

http://www.youtube.com/watch?v=jdJtY6R_4fI&list=UUKz1vpCFbgvIPa3FIPwitAQ&index=2&feature=plcp

The Linda Hall Team wants to Thank You to all the past clients. We had a great time at the Pie Giveaway.

Please take a moment and view this video of Century 21 Market update for November.

Housing and Economic Forecast Points to Rising Activity

Home sales are expected to stay on an uptrend through 2012, although the performance will be uneven with mortgage constraints weighing on the market, according to experts at a residential real estate forum today at the REALTORS® Midyear Legislative Meetings & Trade Expo here.

Lawrence Yun, NAR chief economist, said existing-home sales have been underperforming by historical standards and will rise gradually but unevenly. “If we just hold at the first-quarter sales pace of 5.1 million, sales this year would rise 4 percent, but the remainder of the year looks better,” Yun said. “We expect 5.3 million existing-home sales this year, up from 4.9 million in 2010, with additional gains in 2012 to about 5.6 million — that’s a sustainable level given the size of our population.”

Mortgage interest rates should rise gradually to 5.5 percent by the end of the year and average 6.0 percent in 2012 — still relatively affordable by historic standards.

“A huge volume of cash sales, supported by the recovery in the stock market, show that smart money is chasing real estate. This implies that there could be a sizeable pent-up demand if mortgages become more readily accessible for qualified buyers,” Yun said. “The problem isn’t with interest rates, but with the continuation of unnecessarily tight credit standards that are keeping many creditworthy buyers from getting a loan despite extraordinarily low default rates over the past two years.”

Yun said that if credit requirements returned to normal, safe standards, home sales would be 15 to 20 percent higher. He added that some parents are buying homes with cash for their children, and offering them loans which provide better returns than bank accounts or CDs.

Yun projects the Gross Domestic Product to grow 2.5 percent this year and 2.7 percent in 2012, adding 1.5 million to 2 million jobs yearly over the next two years. The unemployment rate should decline to 8.8 percent by the end of 2011 and average 8.6 percent next year, returning to a normal level of 6 percent around 2015.

Housing starts are forecast to rise but remain below long-term trends, reaching 603,000 in 2011, up from 595,000 last year, and continue growing to 908,000 in 2012. New-home sales are seen at a record low 320,000 this year, rising to 487,000 in 2012. “A recovery in new homes will be slow because of the extra price discount in the existing home market,” Yun noted. In March, the typical new single-family home cost $53,300 more than an existing home.

Inflation appears to be relatively modest for now, with the Consumer Price Index rising 2.9 percent this year. “We’ll be closely watching the impact of fuel costs on consumer spending and inflation — that would slow economic growth, job creation and home sales,” Yun said.

Apartment rents are trending up, and are likely to rise at faster rates as vacancies decline. Following the correction in home prices, it has now become more affordable to buy in most of the country. “Twice as many renters had enough income to buy a home in 2010 in comparison with 2005, so we have a much larger pool of financially qualified renters,” Yun said. “Rising rents and excellent housing affordability conditions will encourage potential buyers who’ve been on the sidelines.”

Yun expects the median existing-home price to remain near $170,000 over the next two years, which would mark four consecutive years of essentially no meaningful price change.

Frank Nothaft, chief economist at Freddie Mac, holds similar views on the outlook. “Economic activity will accelerate this year — there will be no double dip in the economy,” he said. Nothaft is more optimistic on job growth, expecting 2.0 million to 2.5 million jobs created in 2011 with unemployment dropping to 8.4 percent by the end of the year.

Nothaft expects the 30-year fixed-rate mortgage to trend up to 5.25 percent by the end of the year, and for home sales to rise 5 percent. “National home price indices are close to a bottom and prices are likely to bottom sometime this year,” he said.

Refinancing activity in 2011 will be only half of what it was last year. “As a result, banks may become more willing to lend to home buyers,” Nothaft said.

The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Congratulations to Century 21 First Choice voted best real estate company for Top of the Times!

To put the best face on a listing and appeal to buyers who follow feng shui principles, keep these tips in mind.

1. Pay special attention to the front door, which is considered the “mouth of chi” (Chi is the “life force” of all things) and one of the most powerful aspects fo the entire property. Abundance, blessing, opportunities, and good fortune enter through the front door. It’s also the first impression buyers have of how well the sellers have taken care of the rest of the property. Make sure the areal around the front door is swept clean, free of cobwebs and clutter. Make sure all lighting is straight and properly hung. Better yet, light the path leading up to the front door to create in inviting atmosphere.

2. Chi energy can be be flushed away wherever there are drains in the home. To keep the good forces of a home in, always keep the toliet seats down and close the doors to bathrooms.

3. The master bed should be in a place of honor, power, and protection, which is farthest from and facing toward the entryway of the room. It’s even better if you can place the bed diagonally in the farthest corner. Paint the room in colors that promote serenity, relaxation, and romance, such as soft tones of green, blue, and lavender.

4. The dining room symbolizes the energy and power of a family togetherness. Make sure the table is clear and uncluttered during showings. Use an attractive tablecloth to enhance the look of the table while also softening sharp corners.

5. The windows are considered to be the eyes of the home. Getting the windows professionally cleaned will make the home sparkle and ensure that the view will be optimally displayed.

Existing home sales jump in August

Sales of existing homes jumped 7.7% in August and were up 18.6% compared to the same time a year ago, a report said.

NEW YORK (CNNMoney) — Home buyers are starting to creep back into the housing market, lured by rock-bottom prices.

Sales of existing homes rose 7.7% last month to an annual rate of 5.03 million homes, from 4.67 million homes in July, according to the National Association of Realtors.

Economists had expected August sales to come in at a rate of 4.7 million homes, according to consensus estimates from Briefing.com.

Home prices have cratered since the start of the recession, and mortgage rates have also been very low. Last week, 30-year mortgages hit a record low.

“All year, the relationship between home prices, mortgage interest rates and family income has been hovering at historic highs, meaning the best housing affordability conditions in a generation,” said Ron Phipps, president of NAR, in a written statement.

Compared to a year ago, the rate of home sales has surged
18.6% from a lethargic 4.24 million homes. Sales have picked up as home prices have fallen. The median price for an existing home was $168,300 in August, down 5.1% from a year ago.

“The biggest factors keeping home sales from a healthy recovery are mortgages being denied to creditworthy buyers, and appraised valuations below the negotiated price,” said Phipps. He recommended that community banks and small regional banks might be the best option for a prospective home owners.

Rising costs of renting are also drawing Americans into the home buying market, said Lawrence Yun, NAR chief economist, in a written statement.

Home inspections will vary depending on the type of property you are purchasing. A large historic home, for example, will require a more specialized inspections than a small condominium. However, the following are the basic elements that a home inspector will check. You can also use this list to help you evalutate properties you might purchase.

1. Structure: A home’s skeleton impacts how the property stands up to weather, gravity, and the earth. Structural components, including the foundation and the framing, should be inspected.
2. Exterior: The inspector should look at sidewalks, driveways, steps, windows, and doors. A home’s siding, trim, and surface drainage also are part of an exterior inspection.
*Doors and Windows
*Siding(brick,stone,stucco,vinyl, wood, etc.)
*Driveways/Sidewalks
*Attached porches, decks, and balconies

3. Roofing: A well-maintained roof protects you from rain, snow, and other forces of nature. Take note of the roof’s age, conditions of flashing, roof draining systems(pooling water), buckled shingles, loose gutters and downspouts, skylight, and chimneys.
4.Plumbing: Thoroughly examine the water supply and drainage systems, water heating equipment, and fuel storage systems. Drainage pumps and sump pumps also fall under this category. Poor water pressure, banging pipes, rust spots, or corrosion can indicate problems.
5.Electrical: Safe electrical wiring is essential. Look for the condition of service entrance wires, service panels, breakers and fuses, and disconnects. Also take note of the number of outlets in each room.
6.Heating: The home’s heating system, vent system, flues, and chimneys should be inspected. Look for age of water heater, wether the size is adequate for the house, speed of recovery, and energy rating.
7. Air Conditioning: Your inspector should describe your home cooling system, its energy source, and inspect the central and through -wall cooling equipment. consider the age and energy rating of the system.
8. Interiors: An inspection of the inside of the home can reveal plumbing leaks, insect damage, rot, construction defects and other issues. An inspector should take a close look at:
*Walls, ceiling and floors
*Steps, stairways, and railings
*Countertops and cabinets
*Garage doors and garage door systems
9. Ventilation/Insulation: To prevent energy loss, check for adequate insulation and ventilation in the attic and in unfinished areas such as crawlspaces. Also look for proper, secured insulation in walls. Insulation should be approciate for the climate. Excess moisture in the home can lead to mold and water damage.
10. Fireplaces: They are charming, but they could be dangerous if not properly installed. Inspectors should examine the system, including the vent and flue, and describe solid fuel burning appliances.

Remember just a few years ago if you wanted a cupcake you could get vanilla or chocolate and maybe just a few other flavors in between. Now all you see are elaborately flavored and decorated cupcakes. Today, it’s almost that way with buyers. Instead of a reasonably priced and relatively plain home in a nice area, many buyers have eaten one too many fancy cupcakes and want it all. Homes with sprinkles or a sparkler or two are the ones that sell.

The buyers we are talking about are young families and adults between the ages of 31 to 45. These buyers are in full course with their careers and are busy with their growing families and don’t have the time or money to update a house. Watchers of HGTV, they also have strong opinions about design features their new home will include. Take a look at some of these items and ask yourself how your home stacks up if you decide to sell.

1) Buyers want a deal! We are in a very price sensitive market and buyers want to know that they are getting the most value for their money. Saying that, Buyers are willing to pay more for homes that are in model home condition but either won’t buy or will discount significantly a home that needs work.

2) Kitchens and Baths Sell Homes! We know many Sellers do not like granite counters and stainless steel appliances but at this moment Buyers do! Bathrooms with dated tile should be updated and older vanities, sinks, medicine cabinets, hardware and light fixtures should be replaced.

3) Paint is an Easy Crowd Pleaser! Buyers want a house with a neutral palette to help them imagine their own decorating plans. Plain white, however, is mostly out and “Pottery Barn” colors are in. Wallpaper no matter how expensive and dear to a Seller must go as well as dated carpet. And, if you have carpet over hardwood floors, show the hardwoods. They are in and most desirable.

4) Let there be Light! Your brass or crystal Dining Room light fixture is no longer fashionable. Brush nickel and antique bronze are in. And, the overhead light fixtures that you have in your bedrooms and halls for the last 20 years must go. Good news, however, they are relatively cheap to replace.

5) Energy Efficiency! While most buyers won’t pay substantially more for green” and “energy efficient” improvements, they do want to know what it will cost to heat and cool the house and they do question whether windows, doors, the furnace, air conditioner, and hot water heater have been replaced.

6) It’s Clean Up Time! Buyers want a clean house. Not just a house where the beds are made and toys are put away but a house with clean windows, baseboards, siding, and refrigerators. Clean carpets, bathrooms, kitchens and flooring are essential as well.

7) Smelly Houses Don’t Sell! Any pet odors need to be eliminated, cooking food with strong odors (unless it’s bread or cookies) needs to be avoided, and if you are a smoker, your home will need to be de-odorized and you need to smoke outside-no kidding! If you do plan to sell, do not light any scented candles or install plug-ins. Today many Buyers and their families are allergic and will run out of a house no matter what the smell.

Oh Give Me Land! Buyers want a home with a connection between indoor and outdoor spaces. So even if your lot is relatively small, landscape it, deck it, fence it or do whatever is necessary to create a perception of another wonderful living area, even if that area is used only part of the year.

9) Size Matters! Buyers want more storage space as well as flexibility in the garage. If you have a storage room or area, make it look big by straightening it up and getting rid of anything that you haven’t touched in years or that you don’t plan to take with you. If you have a garage, clear it out so that cars can easily fit in. And if you have a carport, the only thing visible should be your car.

10) Beauty Counts! Today’s buyers start their search on the Internet and if they are not impressed by the pictures they see, they are not coming in. You simply don’t get a 2nd chance to make a 1st impression. To help you make your first impression GREAT, call Linda Hall at 803-548-4499.