Is that Condo FHA Approved?

Condos offer a carefree lifestyle that many of you find especially appealing. However, if you have been pre-qualified for an FHA loan, you need to be sure that the community you’re interested in is approved under your loan requirements.

At one time, condominium developments that were FHA approved were approved for “life”. Thanks to the 2007 housing meltdown, that is no longer the case. In order to establish better oversight of all condo loans it insures, FHA forced all communities (who were approved before 2008) to get re-certified. And this new certification now comes with an expiration date. Just like it is with professional associations, condos will have to get re-certified every couple of years. Here are some of the requirements needed for FHA approval:

1. No more than half of all units can be tenant-occupied.

2. The number of owners who are delinquent in their condo fees cannot exceed a certain threshold.

3. There cannot be any pending litigation regarding safety or habitability.

4. No more than 30% of the units can be backed by the FHA financing.

5. Reserve funding for maintenance and repairs should equal about 10% of the operating budget.

As a result of these new changes we can no longer assume that a community is FHA approved just because it was in the past. Some may no longer qualify. Others may still be going through the re-certification process. So if you are in the market for a condo, don’t set yourself up to be disappointed! Before you put a condo on your must-see list, make sure that you are able to purchase it with your FHA loan. Click here to visit HUD’s website for a detailed list of FHA approved condominiums. If you have any questions or need help, just let me know!

Are higher gas prices influencing your search criteria?

With soaring prices at the gas pump, the appeal of walkable neighborhoods will certainly get an extra boost this year. Builders, non-profit organizations, and city governments have been working to slow urban sprawl for years and as a result, lots of live/work/play and higher-density communities have been developed or revitalized throughout the country. That iconic image of the American home - with its picket fence and big backyard - will continue to represent the ideal. But as prospective homebuyers contemplate - with great dread - their next trip to the gas pump , it's safe to say, they won't only be thinking about the school district and work commute. They will be counting the miles to their favorite grocery, retail, parks, and entertainment. So even if walking is not always possible, at least they won't have to visit the gas pump too often. Do you know how walkable your neighborhood is? Visit http://www.walkscore.com/ and find out. It's a great site to see what your neighborhood has to offer or help you find the one that's just right for you.

For Sale: 622 S Mendenhall Street

I’ve just listed a charming, all brick, Tudor ranch in downtown Greensboro. It is in the vibrant, historic College Hill neighborhood.

Many recent and near-recent updates give this home added youth but its gorgeous 1930's charm remains its most outstanding feature. There is a remodeled kitchen, new heat pump, and the roof is approximately 6 years old. It also has beautiful hardwood floors throughout, a lovely deck overlooking a private backyard, and the interior gets great natural light. The glass door knobs, built-ins, and arched doorways top off the character of this home.

College Hill is a desirable historic neighborhood that is tucked in between UNC Greensboro and the heart of downtown Greensboro. 622 S Mendenhall is in easy walking distance to UNCG’s campus. Proximity to the many amenities and conveniences downtown living has to offer is a definite advantage here.

It is always a treat for me to walk into this home! Take a look at the PictureShowTour to enjoy a preview and visit GreensboroRealEstateSearch.com for more details. You'll love what you see.

Guilford County High Schools Counted Among Best

Several Guilford County high schools made Newsweek’s list of America’s Best High Schools this year. This list highlights public high schools who work hard to promote an overall rigorous academic school culture to help their students prepare for a successful college career. These schools represent the top 6% of all public high schools in the nation.

Grimsley High #78

Northwest Guilford High #231

Weaver Academy #248

Western Guilford High #250

High Point Central #473

Walter Hines Page High #581

Ragsdale High #685

Southwest Guilford High #708

T. Wingate Andrews High #953

Southeast Guilford High #1084

Northeast Guilford High #1208

Southern Guilford High #1298

Be sure to read Joe Matthews explanation of the list in Frequently Asked Questions to learn more about the rankings and how the list was compiled.

Happy Earth Day!

“The Earth is the only world known so far to harbor life…it underscores our responsibility to deal more kindly with one another and to preserve and cherish the Pale Blue Dot, the only home we’ve ever known.” ~Carl Sagan

Why you should service your HVAC system regularly

I just recently attended an HVAC (heating, ventilation, air conditioning) inspection for one of my buyer-clients. While talking to the technician about everything HVAC, he filled me in on the EPA regulations on Freon that went into effect in January.

Freon 22 is probably the coolant in use in your HVAC system. Well, it just so happens that this type of coolant is damaging to the atmosphere and is being phased out over time. Here’s the kicker: the newer, more improved, coolant isn’t compatible with your equipment. So in the future, if coolant needs to be replaced, you may need to do a major (and potentially expensive) overhaul.

Now may be a great time to have a technician over to check on your system. If you keep it in good repair by having regular maintenance done, it will go a long way to keeping it running in tip top condition and you can push back the time when expensive repairs become necessary.

Undetectable and Deadly

It is the second-leading cause of lung cancer in the United States. It poses a danger to you and your family even at low or medium dose exposure. It is a world-wide health risk. You could be living with it in your home and not even know it. You can’t see it. You can’t smell it. You can’t taste it. Are you at risk?


Radon gas is a toxic, radioactive gas that results from decaying uranium. It is found in nearly all soil and typically moves up through the ground, into the air and your home above. It does not matter who you are, where you live or the type of home you live in. Any home has the potential to have a radon problem. Fortunately, the testing and remediation of radon gas is simple and inexpensive. The EPA provides a wealth of information about Radon Gas.

January is Radon Action Month. Learn more about it.

CNBC's Diana Olick takes a look back

The Decade in Housing

Do you remember the dot.com bomb of 2000?  Well, here we are, starting a new decade in the aftermath of another bomb...housing.  CNBC's Diana Olick takes look back at what happened.

Happy January 20th!

@BarackObama Congratulations President Obama; to you, your family, to us all. Happy Jan 20th. We did it and we'll work hard to do it again!

It’s 2009! I Believe I’ll Go Paperless This Year!

It was sometime during 2007 when I first "resolved" to run a paperless office. Now, this latest declaration for 2009 is not some renewed effort at a previously failed attempt! I've actually been generating less and less paper in my office since I set out on this mission. Just how paperless it could become, however, was up for debate. Nonetheless, I was convinced the potential was there thanks to my husband, the technology consultant, who is on a never-ending quest to keep me streamlined, fit, and efficient.

It all started when he noticed my printing habits - bad printing habits - like stuffing folders with printouts just because the screen told me to “print this for your records”. “Nandi, what are you doing?” he would groan. “Just convert it to a .pdf file and save it on the computer.” This inevitably lead to a crash course in how to save, file, and manage documents in a computer-based format wherever possible. “You should go paperless,” he declared. It was a damn good idea. And that is how this mission was born.

For Christmas that year, he got me a tablet notebook – a Fujitsu T2010 Lifebook. Wow!! I could now use an electronic pen to write directly onto my notebook screen. This gave me a way to eliminate the practice of printing out contracts, collecting signatures, and then scanning all of those pages back into the computer. Now, buyers could sign documents directly onto my notebook! It was a major step forward for me. But still, I continued to fight with my paper “problem”.

The problem I’ve struggled with the longest was my Buyer Showing Packet. I liked the idea of offering something concrete, in-hand, that my buyers could take away with them from a showing appointment. At its most cumbersome, my showing packet included a brochure, an informative article, property information sheets along with all of the accompanying photos, and my very own feedback/ranking form for every home. In Color. Whenever I would have a really full showing appointment, where as many as eight homes were toured, I would have to print out about 26 pages for my showing packet. Ouch! The poor trees!

My showing packet has taken many forms and I’ve managed to whittle it down tremendously over the years. But as you can see, I’ve struggled with balancing my paper output with the perceived need to provide my buyers with a showing packet because, let’s face it. Without it, I felt like an empty-handed party guest.

But, good news! My husband-slash-tech-consultant just introduced me to a really cool piece of software called Microsoft OneNote. This program is going to the umbrella application, the key component, the ultimate solution to my paper problems. I don’t believe there will be any more room for debate. I believe I’ll go paperless this year! And yesterday’s showing appointment was just the proof I needed.

Yesterday, I met with clients of mine to tour four homes. They just relocated here from another country. We’ve been collaborating online for several months and were very happy to see one another again and get our second showing appointment underway. I was using my new paperless “system” (i.e. my tablet notebook + Microsoft OneNote) in the field for the first time so I didn’t bring a showing packet with me. I was committed that, for this appointment, all of the property information we would need and any feedback we would generate will remain entirely computer-based. To do that, I imported all of the MLS property information to Microsoft OneNote, effectively creating my very first digital showing packet.

As we went through each house, I would make digital handwritten notes onto the the MLS property information screen on my tablet notebook. If I were using paper printouts, I would have had to thumb through, organize, and file the paperwork after the appointment. Not any more! This time, everything was automatically saved AND searchable within Microsoft OneNote. Are you kidding me!!! I LOVE this application! And I was not the only one who was impressed.

When I explained to my clients my goal for this year, they were very pleased with the idea. “Save a tree…or two!” they said. My clients were so tickled to see my paperless “system” at work (they, too, are in the market for a tablet notebook). I’ve earned a ton of extra cool-points with them. “I already thought highly of you but now…!” one told me. So, yes. I believe I am so over my need to provide a Buyer Showing Packet. Showing packet? What showing packet?!

I’m feeling very energized about the tech-savvy/eco-friendly upgrades I am embarking on this year. Only a few minor hurdles remain. Mostly, I need to get more familiar with Microsoft OneNote and get more accustomed to this new way of managing all of my data. I’ll certainly continue to share how things are progressing with my quest to achieve a truly paperless office. I’ll have more progress reports for you, so check in with me from time to time. Well…back to software training I go!

Happy New Year!

Real Estate is Local - Always

As always, real estate is local. Freshman lawmakers are not having an easy time locating affordable housing on Capitol Hill. CNN's Samantha Hayes gives an inside look at what it's been like for some of them.

While the housing market has deteriorated tremendously for the nation as a whole, there are specific areas where unique local market conditions continue to provide upward pressure on housing prices. The situation in D.C. is a good example of this. The continued demand for housing close to federal government offices has caused housing prices to remain high there.

If you are relocating to a new city, don't forget to take local conditions into account as you set expectations for what you are able to get for your money.

What Can You Buy for $200,500?

The median home price, as of 3rd qtr 2008, is now $200,500. This is a 9% drop from the same period last year. Foreclosures are mostly to blame, but of course, the bad state of the economy, stricter lending standards, and the high number of unsold homes have also contributed to the price decline. So, what can you buy for $200,500? Sushil Cheema at the Wall Street Journal took a look to find out. I thought you'd be interested to see how far the money goes and what people are saying about it. Check it out here. See how the homes compare to what's in your city or town.

A Call From John

Just recently, I received a call from John, a prospective homebuyer, who found a few homes on my website that interested him. Wanting to learn more about these homes, he gave me a call to discuss them and his plans to buy. This call was unlike most I receive. Instead of focusing all attention on the homes themselves, his first questions centered on how I give representation and how I would work with him. Since questions like these don't come along often, I took extra pleasure in answering them all.

Whenever I receive a call or an email inquiry from serious prospects about a home for sale, I raise the subject of buyer agency as part of my "orientation" process with them. Hoping not to overwhelm or confuse, I always take care to invite questions and I take advantage of subsequent opportunities to revisit and further clarify specific points we've discussed. There are many times, unfortunately, where prospective buyers would unwittingly share sensitive information with me in an initial email inquiry regarding a home that interests them. It is the kind of information they certainly wouldn't want the seller to be privy to if they ever wished to enter into purchase negotiations. Luckily I don't represent the sellers, but what if I did?

Thinking about my conversation with John, I thought I would highlight it as a good example for homebuyers to follow. So, whenever you are ready to contact a real estate agent and before you engage him/her in a discussion about your real estate needs, do what John did. Ask about representation and what it means for you first. Ask follow-up questions if you have any and don't hesitate to ask for clarification if there is something you don't quite understand. Finally, if that agent does not welcome your questions, find one that will!

The Beautiful Thing About Built-Ins

Perhaps the most popular item on the wish-list of any homebuyer today is "character". This wish-list item is often difficult to describe except to say "I'll know it when I see it"! There really is no one specific thing that a home must have in order to have character, but among the homebuyers I've worked with, all agree that the home should have that je nais se quoi - that thing that pulls them in and says "this is home".

My favorite item that can give any home a little bit of personality is the built-in. I've found them to consistently grab the attention of my homebuyers whenever we've come across them. A few have even had built-ins added after their home purchase. Built-ins are quite versatile in nature. Here is an extremely small sampling of what they have to offer.

Built-ins surrounding the fireplace are by far the most common option I come across regardless of the age or price range of the home.

Another popular trend, especially among homes less than 20 years old, is the tv nook above the fireplace. This particular one was made for the wide flat-screen, but I still see way too many (even in new construction) that only fit the 25-27" tube sets. Consider this built-in carefully if you EVER plan on upgrading your tv.

For larger homes, a butler's pantry gives both style and function to the transition area between the kitchen and formal dining room.

This is a great example of one of my favorite built-in options. Bonus rooms can sometimes be a bit awkard to furnish because of the sloping ceilings. But with built-ins you can adapt to the shape of the room with no problem.

Here is another wonderful example of how versatile built-ins can be. You can create a special place for your library just about anywhere - even underneath the stairs!

Benches - whether in a sunroom, a breakfast nook, or made as a window seat - can add a bit of charm to any home. The addition of drawers underneath for extra storage just can't be beat.

One thing I think everyone would enjoy is the built-in work area. I see versions of this option both in high-end homes with spacious, exquisite offices as well as in smaller homes with little nooks that can be found just about everywhere - hallways, bedrooms, closets, underneath the stairs - you name it!

I absolutely love built-ins. They are functional, space-saving, and eye-catching. Best of all, the options in design are endless. They can be fancy and expansive or they can be simple and abbreviated. It really doesn't matter if you are in the market for an 800 sq.ft. condo or an 8,000 sq.ft. mansion. Built-ins are wonderful in any home.

President-Elect Obama's Interview on 60 Minutes

President-Elect Obama sat down with Steve Kroft for his first interview since November 4th. The interview covered a wide range of topics - from politics to family, and of course the transition to life in the White House. Michelle Obama joined her husband for the latter part of the conversation and the playful banter between the two made for quite a charming interview.

When asked about where his focus rests as he prepares to take office, Obama raised the issue of the foreclosure crisis and how it was being managed. He stated that "if we don't have a clear focused program for homeowners by the time I take office, we will after I take office". While housing (and the economy) has always been at the top of his executive to-do list, I was reassured that this issue remains at the forefront.

The way I see it, addressing the foreclosure crisis in a prompt and meaningful way is necessary for both homeowners and homebuyer's alike. We must stabilize neighborhoods as quickly as possible. Homebuyers need to have confidence in knowledge that their investment will not be adversely affected by an over-abundance of foreclosure and for rent signs sprouting up on lawns across the neighborhood. In case you missed it, go to CBS News-60 Minutes to see video and transcripts from the interview.

- Amenities -

Amenities - The qualities or state of being attractive and comfortable.

When applied to real estate, this term refers to the benefits that are attached to a property. For example, a home may have state-of-the-art appliances in the kitchen or a well-appointed home office with its own private entrance. Others may have a neighborhood pool & tennis club or have proximity to city parks and entertainment venues. Amenities are simply things that add value and make a house a pleasant place to live and call home.

Cash Found in Ohio's House Wall (AP)

Associated Press writer, Joe Milicia, submitted a rather interesting story over the weekend. A contractor discovered $182k cash in the bathroom wall of his friend's home. That's a nice chunk of money to come into - talk about hidden value!

Too bad the story doesn't have a happy ending, though. Greed, as always, has a way of complicating things. Read the full story.

A (HOME) Score

If you knew that you could not - in fact - afford the home loan you were pre-approved for, would you convince yourself otherwise? Would you go for it anyway? Of course not!

No well-meaning person would accept a mortgage that would guarantee a path to foreclosure. Unfortunately, there are many homeowners out there who have found themselves completely blindsided by the true costs of their home loan. This problem is just one of many at the center of the current housing crisis. Many homeowners just did not have the means to properly interpret their mortgage options and compare them to one another.

Recognizing its importance, the National Association of Realtors has provided homebuyers with buyer agency. But here's the problem; there is no clear mechanism within the mortgage industry to extend the same agency relationship to borrowers. Unless a lot of time is invested in "reading up" on mortgage options, how is a borrower able to make a good decision? And is that really enough? Where's the expert advice needed to arrive at a truly informed decision?

Now that the election is over, prospective homebuyers are wondering what they can expect from the new Obama Administration. Barack Obama has followed the subprime mortgage industry for years and has already taken steps to create protections for homebuyers. One of his plans will create a mandate for clear, complete, and honest information about home loans. It will take the form of a (HOME) score.

This mandate will give you the means to not only understand all of the costs entailed in your home loan, but it will make it easier for you to compare them too. One thing is certain. This mandate must be written effectively so as to accomplish what it intends to. Borrowers can't be helped by a mandated accurate loan disclosure that is not accurate.

__________

Mandate Accurate Loan Disclosure: Today's subprime mortgage problem stems in large part from the lack of easy-to-understand information that borrowers receive from mortgage brokers. As president, Barack Obama will enact laws to ensure that all prospective homebuyers have access to accurate and complete information about their mortgage options. Obama and Biden will create a Homeowner Obligation Made Explicit (HOME) score, which will provide potential borrowers with a simplified, standardized borrower metric (similar to APR) for home mortgages. The HOME score will allow individuals to easily compare various mortgage products and understand the full cost of the loan. The HOME score would also help borrowers understand their long-term obligations and would be required to include mandatory taxes and insurance.
www.BarackObama.com

We Believed!

America has undergone a remarkable sea change and will soon embark on a different journey, one that faces a brighter future, with President-elect Barack Obama at her helm.
Phenomenal! Phenomenal.