Charlotte Real Estate Update

Enough blogging tips already! Are we in real estate or what???

Lori Bee, NC/SC Owner/BIC — Wed, 29 Oct 2008 13:36:00 GMT

I got my morning e-mail from Active Rain this morning, and just saw it smacking in the face. Real estate agents are morphing into bonified techie experts. I mean, just how many posts can we read on how great blogging is to our business? That's all there seems to be on here these days. Is anyone working the business? Or all we just talking about it? And it's not just on Active Rain, I wanna give equal credit to Real Town, and Relib, among others for this proliferation of "expert knowledge."

I don't mind so much from the "experts" and the website hosts, but all the agents too? Don't get me wrong, there are some great tips here and there, but let's face it a lot of this stuff is all repeat technological info. Every once in a while there is some new info to share, but in general I am tired of reading all the tips and "why we should be blogging," or "what you're doing wrong blogging," or "how to generate more comments" type articles. We're here already, so don't we know that? Huh?

If you are into real estate, I'd like to read about that, or even just about who YOU are. True branding is personal, not just "stuff." And it's not about what I should or shouldn't be doing blogging. If I have a question on that, I'll ask the "real" website/techie experts, not an agent.

I'm here, so I know already how important it all is... let's change the subject just a bit... please?!

Thanks.

Dealing With The Media....

Lori Bee, NC/SC Owner/BIC — Thu, 09 Oct 2008 18:19:00 GMT

...ESPECIALLY WHEN THEY PICK AND CHOOSE WHAT THEY WANT TO HEAR!

I had the unique opportunity to speak to the media not once, but twice this past week, while at the NC Association of REALTORS Convention, earlier this week. Well, that was an eye opening experience for me!

First was a News 14 TV Interview... http://news14.com/Video/BuildASX.ashx?vids=71687&StationId=5&am...

Well, it was very interesting to me to see what "tidbits" they edit out to get what they "want to hear." My comments were much more upbeat and positive for the future in actuality, but this interview was just the tip of the iceberg. Overall, this story wasn't a horrible report.

However, in the Tuesday edition of the Charlotte Observer, I was (MIS) Quoted as saying my business was down 50%. While I did state that, it was NOT the end of my sentence! Nor the beginning! My "quote" was prefaced that my particular market had a double whammy, because not only were we hit here in Union County with the market downturn, that the new APFO's (adequate public facility ordinances - i.e. tax on new construction), and other anti-growth measures, as well as the sewer moratorium, which all affects new construction (my primary focus - now changing! )... had hit us as well. Union County was the 6th fastest growing county in the NATION last year, but I doubt if it will be in the top 20 next.

I hate it more than anyone that my business has slowed, but I also told the Observer that my year last year, was a BANNER year, so it's hard to compare and I am just back to a "normal" market year. Of course, they didn't say all that. (But I will be happy to take your referrals now! LOL )

The Observer then took all that out and made it seem like the entire market was down 50% in Waxhaw, when the resale market is actually doing pretty well. Just great! I took quite a bit of razzing at the NCAR Convention for the piece. But I also found it interesting that I also had MANY agents come up to me and say... "Finally someone telling the truth."

Which also makes me wonder, how do you be honest and upbeat (I was trying really hard!)? I know a lot of complaints have been issued against the National Association of REALTORS for not being totally forthright with their market reporting, and that their "It's a great time to buy campaign!", which I personally like, makes it hard to get sellers to also be realistic with pricing and selling terms. So where is the balance? Can it even be done?

I don't think either being "chicken little" OR the "ostrich" with my head in the sand, is a good way to go, but the media always seems to put their slant on the story, no matter how balanced and accurate you try to be.

So in hindsight, I am thinking... how do we talk to the media, or should we even try? How do we chose our words carefully. Hence the reason for my post. My experience should serve as a warning... Your words can and will be taken out of context. But it's also a reminder that in ALL things that the media reports on, that we need to keep in the back of our mind, that those things too, also might not be fair and balanced reporting either. Be careful out there.

Post your bad experiences, warnings, or even good ones here... I'd really like to learn more about what everyone else has to say. And I hope everyone will take a moment to "read between the lines" and re-evaluate the information provided to you by the news outlets.

What are you saying/thinking about our country's financial crisis?

Lori Bee, NC/SC Owner/BIC — Tue, 16 Sep 2008 13:27:00 GMT

I REALLY try to be on the optimistic side, but with all the financial news, stock market plunge, bail out of Freddie & Fannie Mac, housing crisis, and AIG ready to file for Chapter 11 & Lehman Brothers having just filed....

Well...

Just wondering what are you saying to your customers? What are they saying to you? What's everyone thinking?

I'm admittedly pretty frightened, but then again I was raised by my Depression Era grandmother (God rest her soul, she'd be freaking out right now!). I don't see a lot of talk her on the forum about current market conditions and just would like to open up the conversation. All thoughts appreciated.

Thinking of our Pets - during Hurricane Season

Lori Bee, NC/SC Owner/BIC — Thu, 04 Sep 2008 21:22:00 GMT

This is one of my many animal loves, Raleigh, an adorable Cavalier.

Ok, so y'all are probably wondering how pets relate to real estate. They do in soooo many ways. After all, they have become members of the family in American households. And how am I qualified to know about "pet matters?" Well, I have 3 horses, 4 dogs, 2 cats, 13 chickens, 5 goats, and 2 box turtles to start with... and I am a member of the Pet Realty Network, which specialized in meeting the real estate needs of pet owners. Check out my page at : https://www.petrealtynetwork.com/agent_info.asp?id=312 or my website (esp. my Photo Album!) at http://BeeRealty.com .

Anyway, I have been thinking today a lot of my own pet needs. We have 3 hurricanes - Hanna, Ike & Josephine, kinda aimed right at us here in the Carolinas, and so, in preparing for them, I also have to take care of my pets. Thankfully I am inland a bit (3 hrs to the coast), but know that even here, you have to take your pets into consideration. I also have a good bit of property to accomodate them all (nearly 18 acres) but I have taken the time this week to stock up on pet food, make sure I have easily accessible copies of their shot and health records (including the all important Coggins test for my horses if I suddenly have to go across state lines!), and have their carriers and trailers in good working (and cleaned) shape. I have cleared the fields where the horses are, of an potential flying debris and loose tack, checked on fence boards & reinforced loose ones, and made sure any loose tools are put away inside so they don't become dangerous spears!

I also made sure I have all of their regular meds, and an adequate supply of buffered aspirin (for dogs for pain), Corona and Antibiotic Spray for horses & goats, along with Bute and other pain and tranquelizing meds for horses that may become necessary. The chicken coop has been checked to make sure it is as durable as possible, and a sheet of plywood on standby for the window, if it becomes necessary. I have plenty of gauze and other supplies, along with a very ample supply of feed for all of the critters. Their water troughs are being kept filled because even though we have well water, if we lose power, we lose the well. A generator takes gasoline, which is often in short supply after a hurricane due to power outages and supply lines being shut down. So generators would only be used if absolutely necessary. Besides, full water troughs are a whole lot less likely to blow away in a storm. :-)

I have the rare luxury of having a basement in my home here in the Carolinas, where I have moved my dog and cat crates too, and where I am absolutely sure my son will move his precious box turtle cage too, if the need should arise, as well. All their supplies, as well as most of our hurricane disaster items, are there as well... flashlights, candles, battery operated radios, water, some food, and some blankets. Tornadoes often do strike, well inland, as they spin off of the tropical systems. I am ever mindful of that.

Anyway, I was just thinking everyone should take a moment to consider your pet emergency needs during this hurricane season. Afterall, they are members of our family.... and we need to be responsible pet owners and take care of them too.

Also feel free to check out this article: http://maestro-trk.bloodhorse.com/trk/click?ref=zqoqmnmb8_1-a89x3339ax135715& from Blood Horse on more resources for your pet emergency needs during this time.

Be safe everyone, and please pass along this information to your customers. They will thank you for it!

Blessings from Blessing Hill Farm and Bee Realty - Waxhaw, NC

Make an Investment in Your Association & Protect the American Dream!

Lori Bee, NC/SC Owner/BIC — Tue, 17 Jun 2008 17:28:00 GMT

It makes a difference to your business! And in your home values & pocketbooks!

I just got back from the North Carolina Association of REALTORS(R) Legislative Days in Raleigh. It's a hard time of year to be away from your business, especially in this slow market. So you may wonder, "what's in it for me?"

A lot... and not just for the agents, but for you homeowners too !

Our association and industry not only has a slow down to contend with, but many political opponents, who would like nothing more than to reach in and take money out of our pocketbooks. Let me run down just a few of the issues at hand here in North Carolina...

#1 - Transfer Taxes - in spite of our awesome campaign last year to "Stop the Home Tax," the state law still remains on the books for counties to try and tax the sale of each structure or unit. This affects each home, each commercial building, each condo and land. Due to the hard work and diligence of our association staff and members, we have put a stop to this in each of the 20 counties that have put this on the ballot. However, they can keep trying. There is currently a bill making it's way thru the Senate to appeal that measure, and will face stiff opposition particularly in the House. Take a moment and contact your representative and tell them that you will do well enough to break even on a sale, especially in this current market, let alone pay an unfair tax (you may well be moving out of that county! ) on that sale.

#2 - Forced Annexation Moratorium -On Thursday of last week, the House Finance Committee overwhelmingly approved legislation to block involuntary annexations. Proponents of the change state that a moratorium would allow lawmakers to consider changes to the state's forced annexation laws and help municipalities ensure that they can provide water and sewer hookups as well as fire and police coverage to new citizens. There have been over a thousand individuals testify before these committees against this practice and it's clear that citizen's don't like it. HB 32 (Suspend Involuntary Annexations) would take effect as soon as it becomes law and it would ban involuntary annexations until June 30, 2009. It now goes to a House judiciary committee for review and would still have to pass the full House and Senate before the session ends.

#3 - We discussed talking points on Coastal Wetlands regulations and Mountain Slope development issues that will affect affordability and land sales negatively in both of these beautiful areas of our state. While the REALTOR(R) organization wants to work with local and state officials on developing a plan of action to protect our natural resources, we also want to protect property owner rights and promote fair and affordable housing.

#4 - And perhaps most important - NC BOD takes action to protect our consumers!

NC REALTORS® Make $10 Million Commitment !!!!
The NC Association of REALTORS® has made a $10 million commitment to continue its statewide efforts to protect private property rights and housing affordability. The Association's 160-member board of directors on Tuesday approved a long-term plan to direct association dollars into a special advocacy fund designed to educate the public on keys issues. "Several issues are on the front burner - coastal stormwater rules, steep slope ordinances, a proposed tax on services and the land transfer tax," said Tim Kent, NC REALTORS® Executive Vice President. "Because of the visionary action taken by our leadership on Tuesday, REALTORS® will be able to educate the public about these issues and their negative impact on homeowners and private property rights in North Carolina."

To view the press release, follow the link below:
http://www.ncrealtors.org/en/IMpressrelease061108.pdf

It should be clear that your association is working hard on our industry's behalf, and especially for the homeowner and homebuyers. The financial benefits are clear and a lot of effort, time, and money, are being invested to protect your business and the equity in your home.

If you are a REALTOR(R), I encourage you to get involved and know what's going on. You can make a difference. And trust me, just knowing your local and state officals may be very helpful to you someday!

Consumers, if your REALTOR(R) stepped away from their business to protect your property rights, and your most valued investment - your home, take a moment and thank them for their efforts. REALTORS(R) save consumers millions (if not billions) of dollars a year across this country with their legislative efforts on local, state and national levels. And they gladly do it because they know they make a difference for all of us!

Mixed Blessings in Charlotte Spring Market!

Lori Bee, NC/SC Owner/BIC — Wed, 21 May 2008 18:31:00 GMT

Charlotte Home Sales Drop 32%

But is named #1 for relocation by Relocate-America!

The number of houses sold in the Charlotte area fell 32.1 percent last month, and the average closing price declined 1.9 percent, according to the Charlotte Regional Realtor Association.

The number of closings dropped to 2,400 last month from 3,534 in April 2007.

The average sales price dipped to $221,497 from $225,748 a year earlier.

Houses sold last month were on the market for an average of 133 days.

The statistics cover homes that have existed for at least a year and some newly constructed residences in Mecklenburg, Union, Iredell, Lincoln, Cabarrus, Gaston and Stanly counties.

However, real estate is still very local, and there are pockets such as Myers Park and center city, that are still thriving. This buyers market also presents a great opportunity to invest in Charlotte.

Also, Charlotte was also named the #1 place consumers are wishing to relocate to, according to Relocate- America. http://realestate.msn.com/Buying/Article_mw.aspx?cp-documentid=7498469&GT1=35000 Many buyers are wanting to move here, but can't until they sell their homes elsewhere. I do think this "pent up" demand will eventually find a booming market here --- perhaps once the election is over. In the meantime, the predicition is for continued slower sales, although the market is still good comparatively to around the nation.

Written by Lori Bee, at Lori@BeeRealty.com or 704-622-8111 for more information.

Charlotte Fights Back Against National Real Estate Forecast !

Lori Bee, NC/SC Owner/BIC — Wed, 09 Apr 2008 13:28:00 GMT

Allen Tate Realtors^® recently launched an excellent ad campaign, including a television commercial which emphasizes that, just as the weather is local, so is the real estate market. It starts with a weather forecaster saying, "It's -10 degrees and snowing EVERYWHERE!" Doesn't make sense does it? They go on to say that real estate is similar, and that the Charlotte market is local, and different.

SNOW FORECAST FOR CHARLOTTE IS WRONG!

Very true. While numbers of sales are down slightly, and days on market is a bit longer, Charlotte has bucked the national trend by actually posting a 1.8% increase in sales price for the month of January. The highest in the nation, and the only major metro area posting an increase at all.

What makes Charlotte different? Well, we had fewer investors over the last 5 years over inflating our markets. While many metropolitan areas had it's share of "flippers" who sent their markets into meteoric rises, we were taking the slow and steady route. So we did not have the large bubble to burst. While many of us in the business were a bit envious of the increases in other markets over the last several years, most of us are now grateful we did not indulge in that experience. Sellers are definitely happier.

The local homebuilder's association has also done an excellent job in managing our new homes market, which helps the resale market maintain prices as well. They observed what was happening around the country and prepared our market by cutting back on land acquisitions, holding permits to a minimum, and also thinning their overhead not just in employees but with construction costs, as much as possible. This has kept the market from having a glut of new homes sitting, effectively managing the supply vs. demand. My hats off to them!

The Homebuilder's Association of Charlotte has also launched an incredible marketing tool to educate buyers and sellers about our local market. It is called, "Charlotte Between The Lines," and offers statistics and expert real estate forecasters who study our market intensively, as well as the national markets. If you have clients who are moving to Charlotte, I highly encourage you to forward this site to them, and also to a REALTOR^® , like myself ;-) , who understands our market. My e-mail is Lori@BeeRealty.com .

As REALTORS^®and homebuilders partner together to educate buyers and sellers about local market conditions, I forecast a bright future here in Charlotte. Do I think we will remain immune to the national market? Certainly not, as we honestly have already been impacted a bit. But if we allow consumers to believe the national media "knows everything everywhere," well, we allow "perception to become reality." We here in Charlotte are fighting back, and helping buyers to realize, it truely is "A good time to buy, " and that "real estate is local."

By the way, it's actually going to be 70 degrees and sunny here in Charlotte today!

Make a Difference! Be a Good Citizen and REALTOR®

Lori Bee, NC/SC Owner/BIC — Thu, 06 Mar 2008 12:29:00 GMT

Time to make a difference by voting and donating $ to RPAC....(read more)

Have you ever wondered if the 25 foot + suit of armor conveys?

Lori Bee, NC/SC Owner/BIC — Fri, 22 Feb 2008 18:41:00 GMT

Been alot of weird stuff this week... don't know if it is the full moon or the eclipse, the tides... who knows. But it got me to thinking about weird things that has happened to me on the job. Here is one of them:

Yes, this Knight was my chaperone at a property in Sharon, South Carolina on a 123 acre parcel. I could see him from just about all of it (or was he seeing me????). We had to wonder - "does he convey?" And "how in the world?" And "what in the world?" I still don't know the story... the listing agent would never call me back. Maybe the Knight got her.

Well, I am getting ready to show another farm in about a half an hour, and looking for my rabbit's foot, rosary beads, and Bible.... cause if this day gets any weirder...

ANYWAY, SEND ME YOUR STORIES - PLEASE, SO I WILL KNOW IT'S NOT JUST ME! Thanks and watch out for the full moon weirdo's.

From the BIG TOWN OF WAXHAW, NC ----- Lori Bee

Do Real Estate Signage Laws Have Your Clients Going in Circles?

Lori Bee, NC/SC Owner/BIC — Wed, 20 Feb 2008 16:05:00 GMT

With the advent of stricter signage laws, how has this affected your real estate business? What do your customers think?

Here in North Carolina, there is a growing trend towards cities and towns implementing stricter signage laws. Many now forbid all types of directionals, others only allow them in certain right of ways on weekends. The city of Charlotte recently increased their restrictions as well as their fines. Here is a memo from the Charlotte Regional REALTOR^® Association regarding our new sign laws:

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City of Charlotte Sign on Public Rights of Way and Temporary Off-Premises Real Estate Signs

Charlotte Neighborhood Development Code Enforcement Division would like to remind you of Charlotte's Sign Ordinance related to the posting of real estate and new-subdivision signs. Please pay special attention to the time restrictions on the posting of temporary off-premises real estate signs. Temporary off-premises signs can be posted after 8 a.m. on Saturdays (or holidays) and can remain until 6 p.m. on Sundays (or holidays).

It is illegal to post real estate signs that are:

Within any public right of way
Within 11 feet from the edge of the pavement of any road, street or alley
Posted on any post, pole, tree, stake, shrub, fire hydrant, traffic median or anything else within 11 feet of the public right of way
In excess of two per advertised property
Located farther than one-half mile from the advertised property
Posted before 8 a.m. on Saturdays or holidays, or that remain after 6 p.m. on Sundays or holidays

Sign Removal:
Charlotte Code Enforcement personnel or its designees have the authority to summarily remove any notice, sign or written material found in violation of the above.

NEW PENALITIES EFFECTIVE JANUARY 1, 2008

Responsible Person:
The "responsible person" is defined as the person, business, company or other entity organizing the event advertised, selling the services, dwelling or products, OR the person, business, company or other entity responsible for attaching, placing, painting, writing, stamping or pasting the sign.

Penalty:
For the first through fifth violations, the responsible person will be fined $100 per sign; for the sixth through 10th sign violations, the fine rises to $500. For the 11th and all future violations, the fee will be $1,000 per sign.

Homebuilders, developers, Realtors^® and sign contractors - please adhere to these regulations to avoid violations and subsequent penalties.

For more information contact Charlotte Neighborhood Development Code Enforcement Division at (704)336-7600 or 311.

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Charlotte is not the only city as even many of the small towns I work in, for example Matthews and Waxhaw, also have strict signage laws. Many of these laws are in retaliation for national homebuilders who are notorious for putting 10 signs in a row on every corner for miles for the same neighborhoods. Now THAT, I understand trying to prevent as it is total overkill.... But come on, let people try to sell their homes! This is a confusing enough town directionally (esp. since they change the street name after every major crossroad!) to get around, especially for newcomers.

So, this has me wondering how our laws compare to those around the country. And especially in this down market, have you heard complaints from your listing and/or buyer clients? I know I have, and I now I can't even have directional signage for agent open house events. I have had the thought, more than once, that I wonder how elected officials feel about this when it comes time to SELL THEIR HOUSE! Better yet, I would love to catch them violating the sign law (ok, yes I am a bit devious ).

Would love to have comments from everyone around the country, and especially here locally.

Downtime.... Time to Consider what is Really Going On....

Lori Bee, NC/SC Owner/BIC — Tue, 05 Feb 2008 01:56:00 GMT

Well, it's been a while for me too since posting here as well. I guess all of us have a little more time to blog now, huh?

Here locally, our market took a steep 22% drop in December (2007) after a year of increasing inventory, longer days on the market, but also a slight increase in home prices (one of the few bright spots around the country according to Forbes).

Now we have builders cutting back spec building, and one relatively large builder, Beazer, pulling out, after a local media "expose" on their unscrupulous lending practices, which seems to be leading to an increase in foreclosures. More local builders are starting to feel the crunch too.

My question is this: How much of this is due to the media? We all know they forecasted the bubble bursting for a couple of years... And in election year, what if anything can they hope to gain by sinking the foundation of our economy (real estate)?

Now I don't care what your party affiliation is, you have got to realize their is an agenda here folks, and it has me upset. How about you?

Charlotte Market Takes a Summer Dip...

Lori Bee, NC/SC Owner/BIC — Mon, 06 Aug 2007 01:05:00 GMT

Well, it had to happen sooner or later. After a very busy spring market, the national market finally had some effect on the booming market here. There was a 13% dip in sales compared to the same month in May of 2006, and then a 5.7% dip again in June. Much of this is not due a decline in interest in moving to Charlotte, but in that consumers can not sell their homes elsewhere.

However, their is a glimmer of hope as the "Pending" home market went up 5% NATIONALLY from May to June. Hopefully that will lead to more sales here in the Charlotte market too. However, nationally, the Realtors' index in June was down 8.6 percent from June of last year. In the South, it was down 12.7 percent. This is the number of actual contract closings, not pendings. Hopefully, the "pending" sales give us something to look forward too.

I can speak from personal experience that I could sell many more homes here, if the national market would pick up. Economists to expect for the real estate market to bottom out soon, and perhaps this is a sign that it already has.

Here's a glance at the Charlotte Statistics:

Beginning: 6/6/2007 Ending: 7/5/2007

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Total Total List Avg List Total Sales Avg Sales %LP/SP

Sold 3,852 $ 985,821,169 $ 255,924 $ 955,483,223 $ 248,048 96.92%

Co-Broker 3,228 $ 836,915,347 $ 259,267 $ 811,313,078 $ 251,336 96.94%

List/Sold 624 $ 148,905,822 $ 238,631 $ 144,170,145 $ 231,041 96.82%

New 6,147 $ 1,770,224,411 $ 287,981

Pending 3,932 $ 950,927,395 $ 241,843

Withdrawn 1,465 $ 520,533,266 $ 355,312

Expired 954 $ 290,881,110 $ 304,906

Active 27468 $ 8,535,788,224 $ 310,754 (as of report time)

----------------------------------------------------

This information may be subject to errors and should be verified by the user.

February 2007 Statistics for Charlotte Metro Market

Lori Bee, NC/SC Owner/BIC — Fri, 09 Mar 2007 23:38:00 GMT

ALL SMILES HERE!

Our system took in 4,934 new listings in February, and put nearly 3300 under contract. Avg. new list price was $332,083 but OVERALL Avg List Price was $203,634 , and Avg Sales Price was $189,888  (95.5%). AVG Days on Market = 102.

February weather was a little off for us, after an UNSEASONABLY warm winter.  I was in Canada for a week for my 15th Anniversary (shameful brag) and it was actually colder in Charlotte a few days than it was in Banff/Lake Louise! I'm sure this affected the market a little, but when I read what other markets are doing --- I do NOT complain. We are blessed!

The weather and the market has improved again, and spring has sprung, bringing out the buyers.   I still get a lot of potential Florida buyers desperate to move, but that can't until they sell what they have back home. Or I think our market would be officially HOT.   Thumbs up here in Charlotte and especially in the BIG TOWN of WAXHAW!

Post your thoughts & questions about the Charlotte Market

Lori Bee, NC/SC Owner/BIC — Tue, 30 Jan 2007 12:20:00 GMT

THANKS POINT 2 for yet another Excellent Resource! POST YOUR PROFESSIONAL THOUGHTS ABOUT THE CHARLOTTE MARKET HERE!

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Slow and steady has paved the way to excellent market conditions in Charlotte over the years. We did not have the meteoric rise, and subsequent fall that a lot of urban cities had last year. However, external markets DO affect sales here today. I certainly know that I could have sold MANY more homes last year, if were not due to buyers not being able to sell their houses back home, especially in Florida.

Now we are seeing a rise of "investors" in the Charlotte market. That didn't exactly work out well for other markets in the long run. In the short run, sure --- it's nice. I just wonder what it means for the long haul.

Resales sales are down just slightly, while new homes are steady. However, my experience in dealing with new construction is that while sales are still pretty good, margins are not. Many of the top builders don't make a profit here now, due to increasing land and construction costs. To keep the inventory moving, they don't raise prices, but instead offer incentives and closing costs. They aren't making a lot of money these days.

However, I know that Charlotte's market is superior to most, and I am most grateful for that.

Anyway, feel free to post your thoughts and experiences, or even compare your market to ours. If you want more information, just e-mail me. Or better yet, post your comments here!