MikeJaquish » wake county

Photos in MLS Listings Carry a LOT of Weight

MikeJaquish — Mon, 10 Oct 2011 19:05:00 +0000

The Price of Poor Real Estate Photography

I was looking at visitor statistics on my No Hassle Home Search
this morning, and one detail jumped out at me.

With over 20,000 page views so far this month, 25%, over 5,000 of those views were in Photo Galleries. I.e., consumers routinely look at the property photos when surfing the internet to search for homes. And I am sure that other agents generate more traffic than I do.
It is not unusual for potential buyers to email me and inquire if more photos are available for someone else’s listing they have found on my IDX. Then I have to explain the nature of IDX services. And, sometimes I find that the Listing agent has used the tax rolls photo, which is NEVER complimentary to the property. Ouch! for that Home Seller.

Which do you think presents that home better to Buyers and Buyer Agents? I’m picking the top one, the one I shot. And when you multiply those page views I see by the number of agent IDX sites and scraper sites, the impact of poor real estate photos is exponentially increased. Like having a bad product and going international to purposefully gain more bad press on it. Why? Poor photography going viral to diminish property interest? How is that good for home sellers?
Lack of photos, poor photos, etc, actually can be one of the worst marketing investments home sellers can make.

Social Bookmarking Service

Real Estate Sales Settlement and Closing in Cary NC, 60 Seconds in Real Estate, Cary NC

MikeJaquish — Thu, 28 Jul 2011 03:14:20 +0000

Settlement vs. Closing in Cary NC Real Estate

Folks buying or selling a home in Cary need to plan well for activities around Settlement and Closing. And they should be able to expect some guidance from their Listing Agent and Buyers Agent.

And, many home buyers in Cary do not know the difference between Settlement and Closing in a North Carolina Real Estate transaction. When using the NC Association of REALTORS® Standard Offer to Purchase and Contract, the two terms have significantly different meanings. "Settlement" is the signing of documents related to conveyance of the property. "Closing" is when the Closing Attorney actually records the Deed at the Wake County Courthouse. Buyers are still Buyers until the Deed is recorded. After Recording, i.e., "Closing," Buyers become "Owners."

How to Pro-Rate Wake County Property Taxes at Closing: 60 Seconds in Real Estate Cary NC

MikeJaquish — Sat, 16 Jul 2011 14:58:29 +0000

Wake County Property Tax Proration at Closing

It really isn't all that complicated.

Seller pays property tax through Closing, the date of deed recordation.

Buyer pays the balance for the year starting from the day after closing.

Wake County Property Tax year is the Calendar year, January 1 through December 31. Your Closing Attorney will divide the tax bill by 365 days, and multiply the result, the property tax per day by the number of days for which each party is responsible.
And the total is the party's share.

If the tax bill has been paid already, Buyer will credit Seller at settlement for their share.
If the tax bill has not been paid, Seller will credit Buyer for their share.

It seemed to be worthy of a quick breathless 60 Seconds in Real Estate Cary NC video blog:

Tax Value does NOT Equal Market Value! 60 Seconds in Real Estate Cary NC

MikeJaquish — Fri, 08 Jul 2011 03:35:44 +0000

We see it routinely in the Cary area. Listing Agents shout, “Priced $Thousands below Tax Value!!”
It doesn’t mean much. If the difference is in the tens of thousands, then a Buyer might wonder if the Seller should have appealed the assessment and tried to have it lowered to a reasonable affordable number.

Wake County Property Tax reassessments are performed every 8 years. The last time was in 2008, with the next reassessment scheduled for 2016. Until then, Wake County will not adjust tax values because of market conditions or soft sales prices.

I have spoken to many homeowners who are afraid to appeal taxes, as they believe that a lower assessment may hurt their home value. That is an error, I believe. If one is contemplating selling their home, a Wake County Property Tax bill that is excessive can discourage a Buyer.

And I got into it in a 60 Seconds in Real Estate episode:

Comps, Competition, and Compelling Pricing

MikeJaquish — Tue, 21 Jun 2011 22:18:41 +0000

Comps, Competition, and Compelling Pricing

Everyone wants to see "Comps," comparable closed sales when fixing a price for a new listing.

I agree. We have to begin with the end in mind, and the "End in Mind" is a closed sale. A contract price MUST be supported by market activity, specifically recent, comparable sales that have closed.

However, a smart seller and smart listing agent will also consider "Competition." And that will include properties outside the specific neighborhood where the home to be listed for sale is located.
See, while the neighborhood activity must support the sales price for appraisal purposes, Buyers have myriad choices outside the neighborhood.
A home worth $400,000 must compete with and draw attention away from other $400,000 choices. We just cannot tell Buyers that they can only shop one neighborhood.

So, Sellers have to be competitive across a broader area, perhaps a school district, or a local geographic area in a county or town.
In Cary, and Wake County, NC, the Wake County Public School System manages all public schools at the County level. Town boundaries do not indicate school assignments, and it is not uncommon to see a neighborhood, all or part, reassigned to another school
So, parents will shop various school assignments, attempt to grasp stability in assignment, and affordable neighborhood options. To do so, they may look in a ten mile radius, or farther. That search may take them out of Cary, and into Morrisville, Apex, Raleigh or any other local municipality.
That is why it is smart to consider a wide area of competitive Active listings when pricing a home.

Comps, Competition, and Compelling Pricing, via 60 Seconds in Real Estate, Cary NC:

60 Seconds in Real Estate, Cary NC: Buyers Agency Agreement

MikeJaquish — Mon, 06 Jun 2011 12:32:36 +0000

Buyers Agency Agreement

Buyers Agency Agreements? Do you need one in North Carolina?

Yes, if you are going to work with a REALTOR® or licensed agent to represent you.

It is the law. An agent cannot represent you in a real estate transaction without a written agreement.

The North Carolina Association of REALTORS® provides members with a form that describes the relationship and establishes expectations for the parties.

Absent a formal agreement, the default assumption is that the agent is working for the Seller, not for the Buyer.

The Buyer agency agreement serves a valuable purpose for the Buyer. The Buyer becomes a “Client,” rather than a “Customer.” When the Buyer is a Customer, the Agent’s loyalty is with the Seller, and the benefits of advocacy remain with the Seller. We sell to Customers. We consult with Clients, and the legal responsibilities are more detailed in that relationship.

Some folks are hesitant to formally engage an agent for a variety of reasons:

Sometimes they are afraid they will be tied down to the agent, even if the relationship is just not working. I always give the client, and myself, a “Get Out Of Jail, Free” card. All my Buyer Agency agreements include the provision, “Either party may terminate this agreement at any time prior to location of a suitable property.” I want people to be at ease as we work together, and in the client/agent relationship of their free will.
Some folks do not understand how agents are paid, and that makes them nervous to sign a document. To make it worse, some agents are uncomfortable or inarticulate when it comes to discussing compensation. Agent compensation is dealt with in the agency agreement, but should always be open to conversation. We are fortunate in the Triangle MLS, as Buyer agents typically have no problem collecting co-brokerage fees from listing agents, and this simplifies the compensation conversation.
Some people just don’t like paperwork, and will sacrifice security for convenience. But, for sure, there will be tons more required documentation before a home is bought. Meetings where we are writing offers, discussing purchase terms, and exploring property values are much easier if we don’t have to spend valuable time going over a Buyers Agency Agreement that should have been reviewed days or weeks prior.

And I did a 60 Seconds in Real Estate video touching on some of these topics:

NC Turnpike Authority Information and Maps for NC540 in Southeastern Wake County

MikeJaquish — Thu, 18 Feb 2010 12:23:38 +0000

NC Turnpike Authority has a great deal of information available regarding planning for NC540 in Southeastern Wake County.

NC Turnpike Authority page with discussion

As the Turnpike Authority says, “Please note, these alignments are conceptual and have not been officially selected for the project.”

They note that the corridor is subject to change, as it was created without environmental study.

It is quite possible that environmental considerations will require NC DOT to move the corridor or the highway, but this corridor study is a “must see” for anyone considering purchase in that area of Wake County, North Carolina.

If looking at a home in SE Cary, Apex, Holly Springs, Garner, SE Raleigh, or nearby unincorporated areas of Wake County, this information must be considered by smart home buyers.

Updated 11/15/2011

Raleigh Durham International Airport Updated Air Traffic Noise Map

MikeJaquish — Sat, 13 Feb 2010 04:28:18 +0000

This map is just TOO LARGE to post, so I will have to leave a link.

Link to the RDU site page for Composite Noise Corridor maps. Click the links under Noise Disclosure.

The original size of the map is 90 inches x 35 inches. That allows the RDU Airport Noise folks to give us detail right down to street level, as to what subdivisions may be affected by air traffic noise.

The good folks at Staples Print Center estimated I would pay about $220 for a printed and laminated copy.

And the map extends from the north and west side of Apex to Cary and Morrisville, and well into Durham County and North Raleigh and northern Wake County.

It is the most up to date rendering, having been released in January 2010.

As a bonus, it clears up a lot of mystery regarding the proximity of the 540 freeway project to subdivisions and area features.

I-540, Western Wake Freeway, Turnpike Authority Open House Today

MikeJaquish — Thu, 03 Dec 2009 16:19:10 +0000

There isn’t much that creates the nervousness of a new freeway. We are getting one.

After many years of planning, The NC Turnpike Authority is breaking ground for the Western Wake Freeway. Rightfully so, many property owners or potential buyers in Cary andApex, and unincorporated areas of Wake County are concerned about the impact the freeway will have on their properties.

The Turnpike Authority is holding an informational Open House today, December 3, from 4:00–7:00PM, at the Halle Cultural Arts Center in Apex.

Click for Map and Directions to the Halle Cultural Arts Center.

Wake County, NC, Information Links

MikeJaquish — Tue, 08 Sep 2009 22:12:03 +0000

Today in the office, I was putting together a list of links to sites that I thought would be informative, and figured I may as well post them here.
While an Agent may be able to help a client with many topics of interest, providing the ability to dig deeper to the Buyer is often appreciated.
So I posted these links to give visitors a handy location to access a broad variety of information.

Fair Housing

HUD–US Department of Housing and Urban Development

North Carolina Fair Housing

NOTE: The Agent will conduct all brokerage activities without respect to the race, color, religion, sex, national origin, handicap, or familial status of any party or prospective party to the transaction.

Wake County Public School System www.WCPSS.net

Airport Traffic and noise: RDU Airport Traffic Noise Disclosure Information

North Carolina Department of Insurance Consumer Guide to Homeowners’ Insurance

Passenger and Freight Trains:

I-540 in Western Wake County

Other North Carolina Department of Transportation Projects

Wake County Planning and Zoning
Wake County Towns have Planning and Zoning Departments on their town websites:
All Wake County Town Sites

Town of Cary Planning Department page

Shearon Harris Nuclear Power Plant

North Carolina SBI Sex Offender Database and Mapping

Other North Carolina Criminal and Statistical Information

Wake County, NC, Government Department Contacts