Archive for May, 2008
Even the Asheville highways are beautiful!
May 30th, 2008 categories: Area Attractions
For the past few weeks I’ve been driving by this beautiful patch of flowers on the highway, specifically future Highway 26 between Asheville and Weaverville. It’s so gorgeous that I want to stop, lay out my blanket and have a nice lunch. But of course, it wouldn’t be very peaceful would it? With Semi’s and a hundred cars a minute wizzing by. But, what I could do is share it with you and maybe you’ll want drive by some time before they disappear.
Seeing these flowers obviously put me in a flower mood, so, on to the Biltmore Estate to check out what was flowering in the gardens. I was really excited to see the Rose Gardens were in full bloom. Here are a couple of my favorites,
So, what did my husband Gary do while I was off checking out everything? Ladies, are we surprised?
OK, to be fair and since his shirt matched some of the roses, here’s a nice shot of him by one of the gazebo’s. Handsome devil!
| Discussion: 1 Comment »
Are space aliens invading us?
May 27th, 2008 categories: Interesting Tidbits
For the last couple of weeks I get up in the morning, open my windows and hear a very eerie sound, reminiscent of those sci-fi movies when there’s a space ship hovering nearby. It’s pretty loud and lasts all day until dark, then it dies down to complete silence. It took me a few days to figure out what the noise was, but somewhere in my long-term memory I did recall this sound many, many years ago. What is it? The mating call of the Cicada. I apologize for the fuzzy photo of this bug, I couldn’t get my camera to focus very well even after several tries. On second thought, you probably don’t care to see a crisp shot anyway, they’re not very attractive . . . I picked this one up myself on the way home from my daily walk, I’m just a little proud of myself for “touching” it. Apparently there are two kinds of periodical Cicadas, the 13 year variety and the 17 year sort. I’ve heard that these are the 17 year variety.
They spend 17 years feeding on tree roots as a nymph underground, then some magical signal goes out and they all emerge from the ground at the same time!! The whole process only lasts a few weeks and it’s back to hibernation for another 13-17 years. I really mean it when I tell you how loud it is collectively around here, it’s no surprise to know that the male Cicada makes the loudest sound in the insect world, so put a few billion together in one area, and it’s LOUD! Cicadas are harmless to animal life and all trees except young saplings, and they only live 30-40 days.
So, the next time you’re out & about and wonder what that weird sound is, it’s the sound of Cicada love in bloom!
| Discussion: 1 Comment »
Calling all Asheville Log Cabin Lovers!!
May 24th, 2008 categories: Buyers
Once a week I get together with a few of my Realtor friends out of the Asheville downtown office to view new listings. We’ve become smart about car-pooling together and minimizing the pain at the gas pumps! Generally, we visit anywhere from 5-10 listings and they’re usually in the North, South, East or Western locales so that we’re not zig-zaging all over the place. It’s a great way to actually see these homes in person and know first-hand the details my clients like to ask about.
The last one on the list for the day that we visited was a charming log cabin I just felt compelled to share with my readers. It was so “Mountain Asheville” and private that I could even see myself living there!
This property is located in the very desireable Cane Creek area and definitely not just a drive-by, it’s charm and uniqueness comes into play once you reach the front porch overlooking your private forest. It has two Master Bedroom suites plus a loft and space in the basement that could be an office or rec room. Is the fireplace great or what? Cathedral ceilings, jetted tub in the master bath. It has a very rustic appeal, yet it delivers all the modern features needed in todays home. The total square footage is approximately 1,945 and was built in 1993. All this on 6.24 wooded acres. You can’t even see who you’re nearest neighbor is from the house! Priced at $489,900.
If you would like to see all the details on this great home, you can go to the MLS Search feature here on my blogsite with MLS number 406134. If you would like to view this property in person, call me and we can go take a look.
| Discussion: No Comments »
Do you know your “Alternatives” - Part 2
May 21st, 2008 categories: Buyers
Ok, so let’s go over your other choice of “Alternatives”, aptly named Alternative 2. If you haven’t bought or sold a property recently, this is a fairly new addition to the North Carolina Purchase and Sales contract. I’m a fan of this Alternative and I’ll tell you why, it’s short, sweet, uncomplicated and to the point. Frankly, this is the direction of the future with respect to inspections of properties. We may see Alternative 1 drop off from the P & S contract altogether in coming years. Here you are opting to do a property investigation with an Option to Terminate. The Buyer pays an Option fee to the Seller, the amount can vary depending on the property, a normal inspection time frame is stated (Time being of the Essence) and if for any reason the Buyer is disatisfied with the outcome of the inspection report, or even simply changes his mind, he can exercise his option to terminate the contract, and move on.
So what happens to the Option Fee? It automatically goes to the Seller, in fact, the check is made out and given directly to the Seller from the beginning. The Option Fee is not refundable! Why? because the Seller has taken his property off the market and allowed you access for any and all inspections you desire. Now, if the Buyer wants to move forward in purchasing the house, the Option Fee becomes a credit towards the purchase price. If the Buyer decides to terminate the contract, they must deliver written notice to the Seller within the Option Termination date (usually 10-20 days), otherwise it is deemed that the Buyer has accepted the property in its existing physical condition .
So, why would you choose this Alternative? For many reasons, some of which might be you have interest in more than one property, but aren’t quite sure about the condition of choice #1. Alternative 2 allows you to check things out and quickly move on to the next property if it doesn’t meet your expectations, without tying up thousands of dollars in a deposit that may take 30 days to get back. That’s the “bigee”, tying up your funds and have the perfect house get away because you’re waiting to get them back. If you have any questions or scenarios you’d like to run past me, I look forward to hearing from you . . .
| Discussion: No Comments »
Do you know your “Alternatives”?
May 19th, 2008 categories: Buyers
Part 1 of 2
In the North Carolina Purchase and Sales agreement there are two sections of the contract on pages 5-7 named Alternative 1 (Sec 16.) and Alternative 2. What are they and what significance they hold is what I will be explaining in todays and Wednesdays postings.
Basically, Alternative 1 & Alternative 2 are primarily different ways on handling the necessary inspections and time frames associated with them.
Let’s talk about Alternative 1 first: Alternative 1 is mostly the way inspections have been handled for years. There is a “Repair Notice Date” that the Seller has the option of completing inspections and supply written notice to the Seller. Typically 10-14 days, but this isn’t written in stone. It “depends” on the circumstances surrounding the deal. Most Buyers opt to get this done as quickly as possible, and Sellers want it to be done as soon as possible to avoid keeping their house off the market any longer than they have to if the deal doesn’t work out.
Once the inspections have been done and notice given to the Seller for repairs (if there are any, and I don’t know of one house that has none!), the Seller must give a written response within a stated amount of days, usually 3-5 days - TIME BEING OF THE ESSENCE! These words are extremely important! If the Seller fails to respond within the stated time frame, it constitutes that the Seller has elected NOT to complete the necessary repairs. The Seller doesn’t always repair everything on the list the Buyer asks for, but the Seller still needs to respond on exactly what he’ll repair by the notice date, or it will be taken as he is refusing to make any repairs.
So, what happens if the Seller doesn’t respond, or states he’ll only repair a portion of the repairs? The Buyer has a few options:
a) The Buyer can elect to accept the property in its present condition.
b) Accepting the Seller’s offer to make repairs per Seller’s response.
c) Terminating the contract, in which case all earnest monies shall be refunded to the Buyer.
At this point, the Buyer must respond to the Seller - within 5 days of Seller’s response- in writing- their decision on how they want to proceed - TIME BEING OF THE ESSENCE! If the Buyer fails to provide this written decision within the 5 days, it constitutes the acceptance of the Sellers agreement to make repairs, or lack of agreement to make any repairs.
So, what does “Time being of the essence” mean? It means all parties must operate within the agreed upon dates, or there are potential repercussions.
Now, let’s go over the Cost of Repair Contingency. This section of Alternative 1 deals with the total cost of necessary repairs provided by estimates the buyer has obtained. This particular section has held some confusion on what the intent actually is. An amount is determined and filled in by the Buyer, and if a certain amount of repairs reaches or exceeds this amount, the Buyer can choose whether to accept the house and move forward, or terminate the contract and receive a refund of all their earnest money. Buyer must supply the Seller a written notice no later than 7 days following the Repair Notice Date - Time being of the essence. It does not mean that the Seller is obligated to make repairs up to that stated amount. If the Buyer chooses to decline the purchase of the house based on this amount, they are still responsible for the cost of all inspections done on that property.
So, in layman terms, if the Buyer has filled in an amount of $5,000 for the cost of repairs and the cost of repairs come to $5,001, he can terminate the contract if he is not comfortable with amount of repairs that need to be done to that house. It’s also the Buyers choice to go forward and purchase the property regardless of the repair amount. It all “depends” on the unique circumstances of each deal as to what direction the Buyer will take.
Check back this Wednesday for Part 2 - Alternative 2.
| Discussion: No Comments »
Asheville Festival Time!!
May 16th, 2008 categories: Festivals
Tomorrow, Saturday May 17th, with be the 5th annual Montford Music & Arts Festival, 10:30 a.m. - 8 p.m. This festival is located in the historic Montford neighborhood of Asheville and has a little bit of everything going . . . Homegrown musical acts such as: Firecracker Jazz Band, Mad Tea Party and in total about a dozen bands will perform.
There will be some fun dance troupes, clogging, Irish Step and garland performances. If you feel you have some dancing skills, attendees can also get into the act!
Do you love arts & crafts? There are going to be a host of local painters, potters, jewelry makers and other artists, with juried prizes awarded to top participants.
Lots of food - Cajun from Twin Cousins, Thai from Satay A Go-Go, Greenlife with hot dogs, veggie dogs & brats. There will also be Greek patries and breads.
It’s a fun time to visit the historic streets of Montford, lined with Victorian and Arts & Crafts era homes. You can visit the 5th Annual Montford Music & Arts Festival website for complete info:
Downtown After Five returns!
The 20th annual Downtown After Five concert series opens this weekend, in a new location. Five nights of music and lots of cold beer! They are now on Lexington Avenue, near Hiawassee and Woodfin streets. They’re going GREEN! Plates, cups and utensils are completely compostable and organizers are hoping to use solar power for the stage.
Five Asheville/Buncombe breweries will be serving beer: Highland, Pisgah, French Broad, Green Man and Asheville Brewing. Budweiser and Emprie Distributing will also be serving their brands. This series is presented by the Asheville Downtown Association. All shows will be playing 5-9 p.m.
Friday May 16th - Moonlight Over Downtown with Mamadou Diabate Ensemble and African music, with Firecracker Jazz Band opening
June 20 - John Mooney & Bluesiana with Woody Wood & Hollywood Red
July 18 - The Waybacks with Plato de Mambo
Aug. 5 - Jeff Sipe and Shannon Whitworth Band with Peggy Ratusz
Sept 19 - Blue Mountain with Lara Reed & Deep Pocket
| Discussion: No Comments »
Do you know what’s in and what’s out in Home & Design
May 12th, 2008 categories: Real Estate News
I was reading a very interesting article in my Realtor magazine about what is now considered in or out in home features and design. I thought it was worthy of sharing with my readers, especially those that have their homes on the market or are thinking about getting your home ready for sale. According to this poll done by a national real estate firm, buyers were asked what they wanted most in a home.
So here’s what IN:
A reduced Carbon footprint. How your home and you impact the earth matters more buyers who want a home that lets them save energy and lessen their contribution to global warming.
Outdoor living. Massive fireplaces, outdoor kitchens, and under-patio heating to extend the season are not just for the Sun Belt anymore.
Fully concealed appliances. That wood-printed cover for the fridge is not enough any longer; now appliances are hidden behind hinged doors.
Floating homes. Huh? I know for a fact you won’t find these in Asheville, but apparently their not your father’s houseboat, these nonmobile homes are basically ranch houses sitting on stationary barges in a lake or river.
Home elevators. Even builders of mid-priced homes are ading this essential for boomers wanting to age in place.
Pet Showers. Clean pets mean clean homes, and who wants to mess up the bathtub when this feature can be a part of the garage or mudroom?
Freestanding bathtubs. These oversized soaker tubs, or “bath thrones,” have supplanted whirlpool baths as the must-have bathroom centerpiece.
Bathroom suites. Whether it’s multiple flat-screen TV’s or a mini fridge and cappuccino maker, you’ll soon have a whole home inside this one room
WHAT’S OUT
Living Rooms. The age of the formal living room has ceased to exist in some homes.
Voluminous ceiling heights. The absurd look and wasted space of 20-foot ceilings in 12 by 10-foot rooms is finally dawning on buyers.
Tiny balconies. Room for only one chair is worthless; balconies must now function for entertaining too.
McMansions. Could it be that “small is beautiful” finally is gaining traction?
| Discussion: No Comments »
The Secrets about your house
May 7th, 2008 categories: Sellers
So, you’re thinking about listing your house? Do you think you know everything going on in the home? Most people think they know every corner of their house and, in many cases this may be true. However, if you’re a pro-active seller and have had your home inspected by a certified ASHI (American Society of Home Inspectors) inspector, you may find out that there’s more going on in the home than you’ve ever thought about!
Consider this. The buyer is dilligent and has an inspection. The inspector finds and creates a list of defects. The buyer then analyzes them and has valid questions about what is going on in the property. Usually, the first reaction may be a price reduction. We will buy your house if you drop the price $10,000 to replace the roof (it may only need a repair), and $12,000 for the HVAC system (it can probably be replaced for much less) and so on. The value of repairs can be doubled or tripled in the minds of buyers. So, you’re now in a position of negotiating the amount of repairs and save the deal at the same time, but probably at a lower sale price.
How to prevent getting yourself in a pinch like this? By having a pre-sale inspection. Hiring a home inspector to do a pre-sale inspection before listing a home, you will know the condition of the home. Once the inspection is completed and you know the results, you have three options before you: repair, replace or simply disclose. The Seller’s Disclosure statement is a series of questions that covers your knowledge of the functionality and existing defects of the home. Every buyer requests one and looks it over very carefully.
It’s very possible that the roof only needs a repair, if you as the seller makes the repair and removes the defect, there is nothing for the buyer’s inspector to report. By going about it in this manner, you’re removing an item in question as a surprise, last-minute, closing table negotiation.
A pre-sale inspection gives you the seller, the option of making repairs within your time frame, and within your budget. Nothing is more frustrating than having to do a large-ticket replacement or find someone in a hurry to make repairs, the costs go up.
It’s most important in choosing the right inspector. Choosing an ASHI-certified inspector is the safest choice. Members of this trade organization set high standards of education and performance for their members.
Having a pre-sale inspection is a growing trend in buyer’s markets. A full house inspection can avoid costly and unexpected maintenance repairs. People take their cars in for routine maintenance, does it seem reasonable to spend as much consideration and care for the largest and most expensive investment in your life?
| Discussion: No Comments »
Is the Fed rate cut really good news for mortgage rates?
May 5th, 2008 categories: Buyers
We’re all watching vigil over what the Fed will do, and this week there was another .25 percentage point reduction to 2%. The general consensus is that Fed rate cuts will automatically equate with a drop in mortgage rates, wrong my friend. Here is an excellent article that explains how this all works.
Why the Fed Rate cuts do not equal lower mortgage rates - by Barry Habib
The Federal Reserve has been on a rate cutting spree once more. Many mortgage applicants are calling their mortgage representative and expecting a lower interest rate. Others who have been waiting to refinance are puzzled as to why mortgage rates have not moved lower during the recent six Fed rate cuts. This is difficult to explain to consumers who have watched a 3.0% reduction by the Fed with very little benefit in mortgage rates.
Is a Fed rate cut realy good news for mortgage rates? The facts may be surprising. The Fed can only control the Discount Rate and the Fed Funds Rate. This is very different from mortgage rates. A mortgage rate can be in effect for 30-years while a rate set by the Fed can change from one day to another.
It is often said history repeats itself. And if history is any teacher, we can learn from what happened to mortgage rates the last time the Federal Reserve was in a rate-cutting cycle.
The last time the Fed was in a lengthy rate cutting cycle was back in 2001 from January 3, 2001 to December 11, 2001. In the span of 11 months, they cut the Fed Funds rate 11 times with eight of those cuts by 50 bp (basis points). This resulted in a total of 475 bp or 4.75% in short-term interest rate cuts taking the Fed cut rates from 6.00% down to 1.75%. Now most uninformed people would naturally think because the Fed cut rates by so much during this time that mortgage rates would follow suit and trend lower as well. No so. Mortgage rates actually moved higher during this time of significant rate cuts because inflation, the arch enemy of bonds, gradually rose.
Now let’s take a look at what happened with the Fed’s most recent cutting cycle, the first since 2001. On September 18, 2007 the Fed cut the Fed Funds Rate by 50 bp. The mortgage bond market briefly enjoyed a “knee-jerk” reaction to the Fed move by closing higher that day, but lost 140bp over the following two sessions. Then on October 31, 2007 the Fed lowered the Fed Funds rate by 25bp. The mortgage bond market responded by losing 78bp over the following five trading days. On December 11, 2007 the Fed once again lowered rates by 25bp and the mortgage bond market lost 88bp in the next three days. So far this year, the Fed delivered a surprise 75bp rate cut on January 22, 2008 and mortgage bonds lost a awhopping 144bp in just 2 days. Eight days later and as widely expected, the Fed cut rates by 50bp. Within 13 days from theat 50bp cut, mortgage bonds lost 269bp. On March 18, 2008 the Fed cut by 75 bp and morgage bonds lost 113 bp in 6 days and 214bp in 22 days.
So in summary and as my Beverly-Hanks Mortgage officer has explained to me, rates often inch up after a Fed cut. If you’re in the market to purchase or refinance, it may be better to wait a week or two after a rate cut to let things settle down. I would love to hear your comments and experiences on this issue.
| Discussion: No Comments »
