By: Katie Dunkle, Client Coordinator

Recently, the Department of Housing and Urban Development launched a new website which emphasizes that “healthy homeownership depends on a strong foundation of financial knowledge and enables the long-term social, emotional and financial stability of families.” This is something that Buyers Advantage Group Realty has always stressed; particularly with our first time homebuyer clients. The current economic crisis powerfully demonstrates the effect of not building a strong foundation upon which to build wealth through homeownership.

The website,   “Welcome to My Money, My Home, My Future”,  will be a great resource for real estate professionals and consumers alike. If you are looking to build wealth or manage your money, make sure to visit the Building a Financial Foundation section. For information about homeownership, visit the Healthy Homeownership section.  To learn about achieving financial stability, you should check out the Financial Security section.

We can help you answer these questions. Build your own customized “My Self-assessment Tool Kit” where you can get information specific to your unique circumstances.  If you or someone you know would benefit from the information needed to establish a strong financial foundation, I encourage you to visit HUD’s new website. There is no better time to equip yourself with the plethora of knowledge you will find there!

For more information about Raleigh real estate, contact Buyers Advantage Group Realty today!

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By - John F. Sullivan

The National Association of Exclusive Buyer Agents (NAEBA) is an organization of real estate professionals who have dedicated their business lives to representing only buyers of real estate. We don’t list homes for sale and never represent sellers. This restriction to one side of the real estate transaction stands out as vitally important in light of what has happened in real estate in the last decade or so.

Since several states discarded the common law of agency in the mid-nineties, the real estate agent’s duties of obedience, undivided loyalty, confidentiality and reasonable care have been greatly diminished.  More importantly, most consumers are not aware of agency concepts. The net effect all too often has been that real estate salespersons, and frequently affiliated loan officers, have pushed home buyers and speculative investors into inappropriate loans. This practice went largely unnoticed and unregulated, playing a major role in the mortgage and financial crises that began in August of 2007.  It continues to plague us today.
Real estate agencies that represent both sellers and buyers, known in the industry as dual agency brokers, maximize their income but shortchange both buyer and seller clients. Though dual agency is legal in almost all states, the ethics of such representation is questionable even when the seller and buyer understand and consent.

Disclosing whom the real estate agent represents is an accepted standard. The timing of such disclosure varies by state in a patchwork of requirements by law or regulation. However, as Blanche Evans pointed out in a 2006 article in Realty Times, a study by the National Association of Realtors revealed that only 30% of homebuyers received a disclosure statement at the first meeting, 28% when the contract was written, 22% didn’t receive one at all and 20% were uncertain if they received one. First time home buyers, as a group, fared worse with only 23% receiving disclosure at their first meeting.

When you purchase a home, whether your first or fifth, you deserve an agent who is trained and dedicated to serving only you the Buyer. The NAEBA members continue to provide full agency duties of obedience, undivided loyalty, confidentiality, full disclosure, accounting and utmost care to their clients. I hope that when you buy your next home you will choose one of our members and benefit from 100% representation 100% of the time.

For more information about Raleigh real estate, contact Buyers Advantage Group Realty today!

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By: Katie Dunkle, Client Coordinator

It’s a great time to buy a home if you plan to stay put for 5 or more years, if you’re qualified for a loan, and if you enjoy secure employment. One of the first questions you may have is “How much of a mortgage can I afford?” The standard “rules of thumb” used to estimate how much of a home one can afford are:

• Your monthly mortgage payments (including property taxes and insurance) should not exceed one-third of your monthly gross income. The ideal range is between 28 percent and 33 percent of gross month income
• Your total monthly debt payments (including your mortgage payment) should not exceed 36 percent of total gross monthly income, and
• The price of your home should not exceed 2.5 times total gross income.

Using the list below, you should quickly get a clear glance of your financial position:

Monthly Income

• Take-home pay/all family members (including regular overtime and bonuses):
• Child support/alimony:
• Pension/Social Security:
• Disability/other insurance:
• Interest/dividends:
• Other:

Total Monthly Income=

Monthly Debt

• Potential mortgage payment:
• Auto loans:
• Credit card minimum payments:
• Child support/alimony:
• Student loans:
• Other loans:

Total Monthly Debt=

For more information about Raleigh real estate, contact Buyers Advantage Group Realty today!

[photo credit: Eric731 on flickr]

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Raleigh area newcomers and not-so-newcomers will gather to welcome in the new year at Artsplosure’s 18th annual New Year’s Eve celebration of art and community in downtown Raleigh. First Night Raleigh 2009 will kick off with the Children’s Celebration beginning Wednesday, December 31st at 2 PM at the NC Museums of History and Natural Sciences and outside on Bicentennial Plaza. Children 5 and under attend for free (when accompanied by a button-wearing adult). Admission buttons are required for Adults and Children ages 6 and up. The People’s Procession and Early Countdown follows the Children’s Celebration at 7 PM. Evening entertainment features music, comedy, dance, and theatre in two dozen downtown locations!

For all the details, visit:  http://www.firstnightraleigh.com/home.html

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November 19, 2008

by Sabrina Schell, Southeastern Mortgage Company

The Department of Housing and Urban Development, in rewriting the RESPA (Real Estate Settlement Procedures Act) rules, has clamped down on builder discounts that are tied to use of the homebuilder’s mortgage company. Starting Jan. 16, builders won’t be able to offer $10,000 discounts on the purchase price if the homebuyer uses their affiliated mortgage or title company.

The final Real Estate Settlement Procedures Act rule issued by HUD on Nov. 17 says these referral arrangements are potentially “problematic” under RESPA. “RESPA and this final rule limit tying such a discount to the use of an affiliated settlement provider,” HUD says. Homebuilders, Realtors, mortgage bankers and other industry groups opposed this rule change.

The National Association of Home Builders contends the change will eliminate significant savings for homebuyers. But a NAHB spokesman said the builders are not ready to comment on HUD’s action. RESPA attorney Phillip Schulman said builders will have to change the way they promote their affiliates. “They won’t be able to link the incentive to the use of the affiliate,” the K&L Gates partner said.

At Buyers Advantage Group Realty, we look forward to being of service to you–exclusively! Browse through our website to see the difference an Exclusive Buyers Agent makes. Chat with Katie anytime if you have questions.

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[Source:  Triangle MLS - The Inside Scoop]

By Tara Lightner and Debra Shaw (Nov. 25, 2008)

North Carolina is one of a handful of states that is aggressively working to keep people in their homes by creating programs as well as legislation.  For instance, North Carolina is a member of the State Foreclosure Prevention Working Group, which is made up of attorney generals and banking regulators from across the county.  The group was created in 2007 to work in concert with mortgage groups to find ways to prevent unnecessary foreclosures.

Our state has also passed legislation to help curb abusive lending practices.  North Carolina requires lenders to underwrite mortgages at the fully indexed interest rate to ensure affordability after adjustment for ARM loans, and the “ability to repay” analysis is now required to include related costs such as property taxes and insurance.

Other examples of how North Carolina helps homeowners include requiring lenders to verifying borrower income, banning predatory prepayment penalties, regulating mortgage brokers more effectively, and prohibiting lenders from steering  consumers to higher cost loans.

At Buyers Advantage Group Realty, we look forward to being of service to you–exclusively! Browse through our website to see the difference an Exclusive Buyers Agent makes. Chat with Katie anytime if you have questions.

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These questions torment homeowners everywhere, especially those who like their present homes and neighborhoods.  To find the answers you must ask yourself some questions and evaluate your motivations.

First what kind of updating does your home need?  If you are talking of various minor updates using newer materials that are more in style and energy efficient with homes being built today, that is a totally different issue than doing a major remodel and adding square footage to your home.

New paint colors, replacement of flooring materials, counters and perhaps windows (while they may not get back all of your investment, if you choose to sell and move on), will certainly make your home more attractive and bring a quicker sale if you decide to move.  When selecting materials you must be sure you are not choosing such high end items that you price yourself out of the neighborhood you are in.   Adding efficient kitchen appliances will serve you well but can quickly turn your home into the most expensive one in the neighborhood if you choose the highest end units available.  Going to the Parade of Homes and seeing the million and up price range kitchens can be tempting but will be your undoing if you put them in a neighborhood with homes selling at $300 - $600K.

Selection is Everything

When making your selections aim for attractive, both to yourself and a potential buyer, mid range materials that will wear well and look good to any prospect.  Most people purchasing a home today do not want to start replacing things when they move in.

If your choice is a total remodel of your home, again you must consider the neighborhood selling prices.  Adding square footage to a home in a neighborhood with older homes on nice lots within easy commute to work and shopping will generally bring good returns when selling so long as the work is done professionally, properly permitted and designed well.  It pays good returns to have added space professionally designed so that you don’t end up with a bunch of “rooms” that perhaps work for your family but another buyer may find unappealing if they create an area that doesn’t flow properly.  Open spaces are the desired thing today and many older homes have dead end rooms, small closets and tiny baths especially in the master bedroom.

Perhaps this will give you some food for thought when you are facing these questions.  If you would like to discuss further please give us a call we will be happy to give you our input.

We look forward to being of service to you–exclusively! Browse through our website to see the difference an Exclusive Buyers Agent makes. Chat with Katie anytime if you have questions.

[photo credit: omniNate on Flickr]

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By: Katie Dunkle, Client Coordinator

Earlier I wrote about why this is a great time of year to buy a home. So, why won’t many potential homebuyers take advantage of the exceptional opportunity of historically low interest rates, high inventory and lower prices?

One reason I believe prospective home buyers are still sitting on the fence is because they are waiting for rock bottom prices. In my experience however, even in a balanced market, waiting for lower prices more often than not results in missed opportunity. Think about it. The only way to know for sure what the lowest possible price was - is to wait for the prices to start the upward trend. At that point, you waited too long.

It is understandable that potential home buyers have lost confidence considering the current economic climate. Some perceptive few will recognize however, that by waiting for that desired level of confidence and getting the lowest possible price will never occur simultaneously. It is against the laws of economics. When full confidence is restored, everyone who has been waiting will be back in the game.

My advice, if you want to buy a house to make a home and to live in for the next 5 or more years, now is the time.

We look forward to being of service to you–exclusively! Browse through our website to see the difference an Exclusive Buyers Agent makes. Chat with Katie anytime if you have questions.

[photo credit: cygnus921 on Flickr]

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By: Katie Dunkle, Client Coordinator

You might ask, “Why is Christmas day the best day to make an offer?”  According to About.com:

• People are in good moods, celebrating, opening presents, enjoying family.
• People are more inclined to be generous, even if it means coming down on the price. “Hey, it’s Christmas, hon; just sign it.”
• Home prices are at a 12-month low in December.
• If a person has their home on the market over Christmas, that person is definitely serious about negotiating and selling that home. You can bet on it. Better yet, why not write an offer?

And, making your offer this year at Christmas time will be even rewarding: historically low interest rates, the best housing inventory and generally lower home prices all merge to create a unique opportunity for anyone who wants to reap the benefits.  And, yes! Your Buyers Advantage Group Realty agent is available to present and negotiate your offer – 365 days a year!

We look forward to being of service to you–exclusively! Browse through our website to see the difference an Exclusive Buyers Agent makes. Chat with Katie anytime if you have questions.

[photo credit: jo-h on Flickr]

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By: Katie Dunkle, Client Coordinator

We at Buyers Advantage Group Realty are familiar with the needs of our clients and we help them find the right community to fit their lifestyle requirements. For our active adult clients who desire to live in a community that “has it all”, we suggest they call us to schedule a tour of the Del Webb community of Carolina Preserve at Amberly. This wonderful master planned community offers active adults everything they could dream of! New construction continues in this Cary, NC community and resale homes dating to 2006 are also available. The price range for these low maintenance homes is from the mid-$200s to $600s.

Residents may never want to leave home; but when they need to, Carolina Preserve’s convenient access to RDU Airport, RTP, the planned Amberly Village Center, and all the Town of Cary has to offer - they will not need to go far!

Carolina Preserve residents enjoy these wonderful amenities:

34,000 square foot Del Web clubhouse features:

• a state-of-the-art fitness area
• heated indoor pool
• locker rooms
• social lounge area
• library
• several multipurpose rooms with kitchen access
• elevator available
• “Varsity Room” where residents can be found cheering for their favorite teams
• an aerobics/yoga studio
• scenic walking trails
• tennis courts
• bocce courts
• chipping and putting green
• outdoor pool
• 15-acre lake
• Planned community events

Homeowners also enjoy access to the 12,000 square foot Amberly Residents Club which is the perfect place to entertain grandchildren.  The Amberly Residents Club features:

• a fitness center
• event lawn
• amphitheatre
• Jr. Olympic pool, kids pool, and adult pool

As exclusive buyer agents we serve only our buyer clients providing them with the knowledge needed to be confident they are buying the right home at the right price!

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