Duke Brothers

Closing on the sale of a home that’s not your own

noreply@blogger.com (Lisa Duke) — Thu, 08 Mar 2012 00:57:00 +0000

I always laugh at the MLS when it gives a selection for how long the owner of the property has owned it. 1) More than a year 2) less than a year3) the seller does not yet own the property… Ahhhh, that last one… those were the days when someone was purchasing a property to flip it and has already put it on the market to entice a buyer.

I know there are other reasons to use this function but it still gives me the giggles. But here is another reason a seller is selling a property that isn’t really their own- when they have inherited the property.

Let’s say you have a seller who puts a property up on the market. The inheritors never lived in the home and their parent, who had life tenancy, died a few years ago. This may not be a complicated situation. The folks who were on the deed were the children of the last remaining parent. However, one of the adult children died before the mother did and didn’t have a will.

The children of that inheritor inherited her share of the property (or at least they think they did) but to further complicate things, the father of those children (essentially, the grandchildren of the original owner) wants a piece of the pie.

I don’t know the end of the story yet but I will tell you that it has taught me a very valuable lesson- when you become an adult and you start gathering assets, don’t let the state decide who gets what. I know the rules are different depending on the state you live in but, regardless, make that decision for yourself while you are well and of sound mind.

Get a will made and don’t let your family fight over something silly. You can’t take it with you and neither can your heirs.

Starting your search

noreply@blogger.com (Lisa Duke) — Tue, 31 Jan 2012 21:42:00 +0000

One of the first things you should do as a buyer in this fantastic buyers’-market is find out your buying power. I advise shopping around since different lenders have different products. On the one hand, there is a myth that several credit checks will ruin your credit score- not true if you are shopping for a car, student loan or home. However, this is typically done in a short period of time. Check the internet or with your lender to find out their opinion.

For example, if you estimate you will be ready to buy six months from now, you will likely want to get prequalified in 3-4 months. However, a rule of thumb is that you do not want your mortgage payment to exceed 28% of your gross (before taxes) monthly income. So, if your household income is $50,000 a year, your monthly gross income is $4,167. You don’t want your monthly payment to be more than $1,167.

A monthly payment is comprised of PITI. This is an acronym for Principal, Interest, Taxes and Insurance. In many cases, a monthly payment will also include a fifth component: PMI or Private Mortgage Insurance. PMI is insurance for the lender, not you (even though you pay for it). If you default on your mortgage, the lender gets paid. It is typically applied to mortgages where the principal you're financing is greater than 80% of the value of the home.

Conversely, that means you have saved up 20% or more down payment for the loan. For example, if you are purchasing a home that appraises for $100,000 and you’ve saved up 20% for the down payment (or $20,000) then your principal will only be $80,000 and you shouldn’t require PMI. Plus, depending on your loan product, your monthly payment will be about $520 per month.

Keep in mind, this payment depends on a lot of things. It assumes the tax value of the property is about $80,000 at a local (High Point) tax rate. It also assumes the interest rate on your loan is true to today’s interest rates: somewhere around 4%. Get shopping!

Starting your search

noreply@blogger.com (Lisa Duke) — Tue, 31 Jan 2012 21:42:00 +0000

You'd think foreclosures were the only bargain...

noreply@blogger.com (Lisa Duke) — Mon, 09 Jan 2012 15:50:00 +0000

I am fascinated by the new view of what a "bargain" is. It was only a few years ago that folks were having bidding wars on properties. Now, some buyers believe if they have to pay a dollar extra each month, they've been had.

There is no doubt, for those in the financial position to do so, this is by far the best time to buy real estate. Housing prices have fallen dramatically since 2007 and interest rates hold steady in the 3-4% range!

One man’s misfortune has been another man’s gain, and that is foreclosures. Many people are attracted to these properties because they have dollar signs in their eyes. They believe the added equity in the purchase of such a “bargain” leaves them in the catbird seat. However, most foreclosures were held by folks who were struggling to pay their mortgage. Is there any reason to believe that these homes were kept up by the occupants? If they couldn’t afford the payments, they certainly wouldn’t be able to afford any upkeep or repairs.

Assuming there are very few “gems” as foreclosures and most need quite a bit of work, any bargain you may get will quickly evaporate as you invest $10,000, $20,000, $30,000 to get the home into a livable condition. For the most part, foreclosures are great for investors who are experienced and can quickly assess the “damage,” determining how much to fix and whether to flip or rent. They also have the capital as this is their livelihood.

On the other hand, foreclosures are not ideally suited for first-time homebuyers. That’s not to say first-time homebuyers should never consider a foreclosure. However, between saving money for the downpayment (if any), the money brought to the closing table (tax service, inspections, appraisal fees etc…) and the new fridge, moving truck and new blinds, the first-time homebuyer is too often tapped out.

There are many fantastic deals out there that are owner-occupied, ready to move in. These houses often are in pristine condition and with the right Realtor^®, the owners can be convinced that taking less than the asking price is a smart move for everyone. Plus, the smart Realtor^®will have already convinced the seller to price the home right from the get-go.

Although banks have a magic number they want to attain and likely place the offering price in some sort of formula, the owner-occupied listing should have received a heart-to-heart talk from their Realtor^®, explaining to them a “bottom dollar” or “magic number” is unrealistic if you want to sell quickly. Sometimes, taking a loss is the only alternative to waiting. And if you've got a mortgage on the home, you've paying your monthly payment and continuing to bleed when you could have sold sooner. The sooner you realize your cheese has been moved, the sooner you will sell your home.

There may have been a time where a foreclosure here and a foreclosure there should not be considered when pricing a home. But the pervasiveness of foreclosures has brought down the “going rate” of nearly all homes which is why most current asking prices are pretty accurate.

It’s very important buyers find the right Realtor^®who will show them the true value of homes they are considering and who will explain to them that foreclosures are not the only bargain on the market. It is also critical that sellers find that same type of Realtor^®who will not blow smoke just to get the listing. Sellers must have a frank talk with their Realtor^®about the rapidly-changing market and that their home today is not worth what it was four years ago.

So proud!

noreply@blogger.com (Lisa Duke) — Sun, 26 Jun 2011 17:35:00 +0000

Every year, the High Point Enterprise puts out a guide to High Point. This year's version came out in the paper yesterday and in the section addressing real estate, they placed two pictures of homes in High Point. Just so happens BOTH of those homes are houses my husband built!

The first one is the first NAHB Green home in High Point. We know other tract builders have built MANY other green homes in High Point since then but before we started bragging about this in early 2009, we checked with the NAHB to make sure no one else had applied at the same time so we were pretty sure we were the first. ;)

The second picture is of a lovely craftsman style home Steve picked out in 2007. Always trying to keep up with trends, he finished this house in 2008 and now, craftsmen are all the rage. Same thing happened in the 90s- my husband traveled to California, stole the idea of bullnose corners for homes and then all of a sudden, in the late 90s, early 2000s, builders in this area started doing them all over.

Maybe it is coincidence the best pictures they had of High Point homes were two beautiful houses Duke Brothers built, but I would like to think that ours shine above most.

So proud these two awesome houses are now representative of what High Point can offer you in the way of quality real estate!

If you know anyone anywhere who is thinking of moving to North Carolina, tell them to consider High Point. If they are moving to High Point, tell them to consider a custom home by Duke Brothers. We build some of the best quality you will ever buy. The investment is worth not giving your money away to the utility companies. It might cost a little more, but you won't be disappointed!

Hindsight is 20/20

noreply@blogger.com (Lisa Duke) — Wed, 09 Mar 2011 19:30:00 +0000

I was watching an old episode of one of my favorite TV shows, Monk, when I came across this: The episode is The Girl Who Cried Wolf from Season 3, 2004. Mr. Monk and the infamous Harold characters are fighting over how the magazines should be organized. One of the magazines in the background is a copy of San Francisco and the headline on the cover reads: Surreal Estate- will the bubble ever burst?

Yes, Virginia, the bubble will burst in the worst way...

Marketing

noreply@blogger.com (Lisa Duke) — Tue, 28 Dec 2010 02:54:00 +0000

I know this isn't an "energy efficient" topic but I just had to make a comment about a letter I received recently.

For the holidays, I sent a new calendar to my family, friends, and past clients to thank them for their business, wish them a Merry Christmas, and hope they think of me if anyone they know needs a Realtor in the near future.

I had a few leftover calendars so I thought I would send them to some local folks who might appreciate the business we are in- selling healthy, energy efficient homes.

Keep in mind that sending yearly calendars is a common practice among Realtors and, in this market, we need to find any way we can to ferret out folks who might be considering getting in the market. Imagine, if you will, YOU working 40 hours a week and not getting paid until your account "closes." IF your account closes. Not a fun career all the time. When you fairly new and you're trying to create a steady client base, we need all the help we can get.

The letter I received back was ironic in soooo many ways.

First, the letter was a tad bitter. Instead of addressing me directly like the letter I sent explicitly made clear, they sent it TO WHOM IT MAY CONCERN in all caps.

Second, it was from a local mental health organization. Tsk, tsk, mental health workers playing mind games? One would think that they would be kind, gentle, thoughtful people. But instead, they took the time out to express their crabbiness that I had sent a letter to a docctor who does not practice at their facility anymore. Fair enough- a nice way to say that is "please take us off your mailing list." Looks like someone needs etiquette lessons....? Or maybe even some counseling themselves.

Finally, the ironies of all ironies, the very end of the letter said they were trying to save trees by not receiving unsolicited mail. That's pretty funny they decided to kill a tree by responding to me via snail mail instead of writing me an email, which was available in my original letter.

So a couple things have been accomplished here- if anyone ever asked me, a fairly linked-in and connected community figure, where I'd recommend to get behavioral health or disability services, I would make sure they avoid this place. Secondly I wonder where they market themselves. I know for a fact they have a website so obviously they think there is some value to marketing.

Lighten up, people! You would not hurt my feelings by sending me an email asking me to take you off my mailing list. But you do yourself some damage by acting like an ass in a response letter.

Merry Christmas! Hope your 2011 brings you less anxiety and more meditation.

Green Siding Options

noreply@blogger.com (Lisa Duke) — Fri, 22 Oct 2010 23:22:00 +0000

By: John Riha

Selecting green siding is a matter of weighing trade-offs in longevity, insulation, biodegradability, maintenance, and, in some cases, cost.

If you think you’ll pay a premium for selecting green siding for your home, think again. Many of the best sustainable choices are familiar materials that have been on the market for years. Some products are made with recycled materials and others have improved insulating qualities that add only a moderate increase in price. When choosing replacement siding, weigh the pros and cons of sustainability, thermal performance, and the cost of eco-friendly products.
Evaluate sustainability

When choosing siding, consider its sustainability. Sustainability is an estimate of how long a material will last; if the material can be recycled; if it contributes to health concerns; and if it’ll readily biodegrade in a landfill. Maintenance, too, is a key consideration. High-maintenance materials that require regular upkeep, such as repainting, and use additional resources and energy over their lifecycle, are less sustainable.
Improve energy performance

A siding replacement project offers an excellent opportunity to boost your home’s energy performance and make your house healthier. Adding a house wrap (which prevents water infiltration and air leaks) and rigid-foam insulation is one of the best ways to reduce energy consumption and protect your home from moisture condensation inside walls—a major source of mold problems—no matter what type of siding you choose.

Adding insulation increases R-value—a measure of insulation performance. A house with 3-1/2-inch stud walls filled with fiberglass insulation has an R-value of about R-12. Adding rigid foam and house wrap can boost insulating performance to between R-16 to R-20, reducing your annual energy costs 5% or more.
Costs of green

Siding replacement has proven value. A siding replacement project using foam-backed vinyl siding returns more than 80% of its initial cost at resale, according to Remodeling magazine’s Cost vs. Value Report—one of the highest values in the annual survey.

Because many types of siding are extremely long-lasting, they can be considered green options, but without a premium price. However, improving thermal performance—and, therefore, boosting the siding’s greenness—with house wrap and rigid-foam insulation adds cost—about $1,800 for an average house, according to Fine Homebuilding magazine. Many green consumers feel that contributing to a healthier, sustainable environment is more important than higher initial costs.
House wrap

House wrap is a thin, tough, semi-permeable membrane that’s applied over the outside of wall sheathing and under the siding. It’s designed to block water and reduce air infiltration while allowing moisture vapor to pass through.

Sustainability: Extremely durable and long-lasting, this flexible, plastic material is recyclable.

Energy efficiency: Using house wrap, along with properly sealed joints at windows and doors, can reduce air infiltration and save on annual energy bills. Some varieties, such as DuPont’s Tyvek ThermaWrap and Low-E Housewrap from Environmentally Safe Products include heat-reflective layers that increase insulation performance by a factor of R-2.

Cost: 25 cents to 50 cents per sq. ft., installed
Rigid-foam sheathing

Rigid-foam sheathing is lightweight, easy to apply, and comes in a variety of thicknesses. Unlike fiberglass insulation, which fits between studs, sheathing blankets the entire exterior wall. It can be applied directly over existing wall materials, such as hardboard, stucco, and wood, providing a smooth substrate for new siding.

Sustainability: The manufacture of extruded polystyrene (XPS) sheathing is associated with the production of chlorofluorocarbons (CFCs), which damage the ozone layer, although some manufacturers are researching CFC-free production methods. Expanded polystyrene (EPS) foam sheathing doesn’t produce CFCs and is considered environmentally friendly. EPS can be recycled but doesn’t degrade readily in landfills.

Energy efficiency: Insulating values of R-3 to R-7 per inch thickness.

Cost: 20 cents-$1 per sq. ft., depending on thickness and thermal performance.
Insulated vinyl siding

Insulated vinyl is similar to regular vinyl siding, except it includes a layer of EPS foam insulation. Its thickness makes it more rigid and easier to work with than regular vinyl.

Sustainability: Vinyl requires little maintenance and will last 30 to 50 years, but it’s made from polyvinyl chloride (PVC), a chemical compound that doesn’t degrade in landfills. During manufacturing, PVC produces byproducts that include dioxin. Vinyl siding can be recycled.

Energy efficiency: Adds approximately R-3 to walls

Cost: $3-$8 per sq. ft., installed; 15-30% more expensive than regular vinyl
Fiber-cement siding

Fiber-cement siding is a low-maintenance product made from sand, Portland cement, clay, and wood pulp fibers. It’s termite-proof, fire-resistant, and doesn’t rot.

Sustainability: Extremely durable and long-lasting, it’s available with low-maintenance finishes that last for decades. But fiber-cement carries high embedded energy—the energy necessary to fire the kilns that heat its raw materials. Any energy expended toward a material ads to its carbon footprint. The newest varieties are lighter and include more recycled material.

Energy efficiency: Negligible R-value, but its superior stability helps keep the building envelope free of cracks and caulk failures.

Cost: $5-$9 per sq. ft., installed
Wood

Unmatched beauty makes wood a premier choice for siding.

Sustainability: Although a precious natural resource, wood is a renewable product that can be recycled and readily degrades in landfills. To ensure the wood products you buy are harvested from sustainable, managed forests, look for certification stamps from the FSC (Forest Stewardship Council) and the SFI (Sustainable Forest Initiative). Wood siding is a high-maintenance siding that requires refinishing every two to five years.

Energy performance: Wood is a natural insulator, but as a siding it offers a minimal R-value of about R-1.

Cost: $6-$9 per sq. ft., installed
Stucco

Traditional stucco is made from sand and Portland cement mixed with water to make a workable plaster. Modern stucco often includes epoxies to harden the material. It’s tough, durable, and resistant to insects and fire. Well-maintained stucco will last for the life of the house.

Sustainability: Eco-friendly varieties of stucco are made with an earth-and-lime mixture instead of Portland cement and epoxy, reducing the embedded energy and CO2 emissions associated with cement production. Painted stucco requires periodic touch-ups and repainting every 5-7 years.

Energy performance: Negligible thermal performance, but effective at reducing air infiltration while remaining permeable to moisture vapor.

Cost: $6-$9 per sq. ft., installed
Engineered wood

Engineered wood products are made from wood fibers, resins, and wax. They’re pressed in molds to create panels resembling real wood lap siding and shingles.

Sustainability: The high wood waste content of engineered siding boosts its sustainability factor. Engineered siding comes with baked-on factory finishes that reduce maintenance, but warranties of about 20 years are less than for other types. It easily biodegrades in landfills.

Energy performance: Negligible

Cost: About $2-$4 per sq. ft., installed

John Riha has written six books on home improvement and hundreds of articles on home-related topics. Heís been a residential builder, the editorial director of the Black & Decker Home Improvement Library, and the executive editor of Better Homes and Gardens magazine. His standard 1968 suburban house has been an ongoing source of maintenance experience.

Read more: http://www.houselogic.com/articles/green-siding-options/#ixzz138KfnPC7

Happy Birthday, America!

noreply@blogger.com (Lisa Duke) — Sat, 03 Jul 2010 18:14:00 +0000

America. It's one of the only places in the world where we're expected to be accommodating. In any other country in the world, the visitors would be expected to know the language and be respectful of the mores and culture. It's exhausting- we welcome so much here but are expected to adapt, to be tolerant of everything.

Recently, John Stossel described what sets America apart from other countries and it struck me- one of the most outstanding things about being an American is that we keep trying. We embrace the entrepreneurial spirit. When it comes to being in real estate, this has never been more apparent than now. I get frustrated when people don't think we deserve to earn a living. That somehow, we should give our product away for cost or worse, for free.

I guess this means that too many folks of too many countries just sit back and let the government decide their fate in life. This reitorated an opinion I've had for quite some time after I watched a reality show. In this reality show there were two women compteting who were originally from Europe. What a couple of whiners!

Not all Americans are resilient, but for sure we preach that if at first you don't succeed, try try again, right? I don't know what they teach kids in Europe but it troubles me.

America may not be perfect, but it's a fantastic country and we have every right to be proud!

HOA Hullaballoo

noreply@blogger.com (Lisa Duke) — Sat, 17 Apr 2010 20:39:00 +0000

I am by no means an HOA expert but I think it’s fair to say that you give up some rights being part of a private club when you join. If the supreme court hasn’t outlawed HOAs by now, I’m thinking that we need to accept the differences between a lifestyle of a community with an HOA versus the lifestyle of a community without an HOA and move on.

Recently, I was unwillingly initiated into a fracas about a subdivision for which I was sitting in a model. This is not a subdivision I normally work- I am an alternate for the folks who normally work the area when they take time off.

As an economy just coming out of a recession, builders have taken a hit. I know that the public has a love/hate relationship with builders and I have discussed my displeasure before. When builders are purposely scam-artists, it doesn’t matter what business they are in- what defines them is the scam artist part. So to paint all builders as folks who are just trying to “get one over” on someone rubs me the wrong way, but I digress.

Case in point- builders are trying to remain competitive in a market that continues to struggle. Many people who are out shopping this very moment are likely doing so for the tax credit. New construction has a hard time competing in a market like this because, in general, you can get more square footage for the money on older homes.

So in trying to remain competitive, there is a certain builder/developer nearby who is altering the architecture of some townhomes to cut costs. What the homeowners must not understand is that it is within the builder’s right to do so (there was never anything in the covenants that said the builder would never change the architecture nor does he need to ask permission) and if it helps the builder STAY IN BUISNESS it would be wise to allow him to do so.

Yes, the value of your home probably went down within the last year or two. Yes, if you bought in 2008 or earlier, you stand the likely chance you paid more for your home than folks would for a similar piece of property today. Is that the builder’s fault? No. Myriad communities across the nation felt the hit. The worst, most would agree, Michigan, southern California, Florida, to name a few.

Some that fared better than others? I have heard great stories about places in Texas. North Carolina has always been in the middle. Although we lost a lot of industry to China like furniture and fabrics, we are still one of the most popular states in which to move. As of January, NC ranked only 37 in foreclosures. That continues to tell me that people can move here and stay here. On the other hand, our unemployment is a shocking 11.8% compared to 10.6% for the country overall.

My point in quoting these statistics is that North Carolina is doing pretty well but still hurting. I am curious to know what will happen once May arrives. Will we hear enough folks getting out and wanting to initiate a buy? If not, subdivision-livers are going to feel the hurt if their builders continue to go out of business and here’s why: If the builder has to leave because he is insolvent, the neighborhood will almost certainly fall fallow OR be bought out by a cheaper tract builder who will cut the prices in half. Either way, not good news for current homeowners in that unfinished subdivision.

So when I say that a little mêlée over architecture is ridiculous, I do not exaggerate.

I was approached the other day by a resident in this subdivision. Call it a PUD, call it what you will, there are mixed uses here- single family homes of different price points, townhomes, patio homes, and a lovely golf course in the center of it all. The resident who approached me told me that the HOA is upset because of the architecture change on the townhome starts. My knee-jerk reaction is that she should be happy her builder is actually building in this awful economy. But far be it for me to judge, I am just the lowly wife of a builder who is dangerously close to losing everything for which he’s worked for over 22 years in another town. What do I know…

She then went on to explain how they are tired of being told what they can and cannot change architecturally (for example, this particular neighborhood disallows decks) and that the final straw was something the developer/builder allowed a new homeowner (under contract) to add to their condo.

Here’s the thing: READ YOUR COVENANTS. If you don’t like the idea of not being allowed to build a deck at your own discretion, perhaps a restrictive neighborhood such as this one is not the right place for you. You must weigh your priorities. Is it more important for you to lounge around the 19th hole as you wait for your hubby to finish his round or is it more important for you to have a deck?

The HOA in the subdivision my husband builds in (or used to build in) was started because the city we live in required him to. It was not at his choosing and I assure you, if he had a choice, he would have chosen not to put in the retention pond which then required someone to maintain it (and it sure wasn’t going to be his company). We live in a watershed area which uses the runoff from lakes and streams as our drinking water and the local municipality has found that retention ponds limit the amount of oil and other contaminants from getting in.

Our covenants are simple- please take care of your property. Please don’t get farm animals, please mow your lawn. Please don’t go for days with toys and bikes strewn around your yard. Please take pride in where you live.

If you are the type of person that likes to start trouble and have drama in your life because you have nothing better to do with your time, I feel sorry for you. I know people like this and they desperately either need a hobby or they need to do some volunteer work to fill up their schedule. These people often do not have friends because A. They are either the type of person who thinks certain things are important that are not really important or B. They rant about stupid things so often, they alienate what few friends they have.

Don’t get me wrong, the one case that had an impact on me was a situation where some older folks lived in a “55 and older” community and if my memory serves me, the couple took custody of a grandchild. What to do? Yes, it’s unfair to the folks who purposely moved there to be away from snotty, noisy, messy kids. On the other hand, couldn’t an exception be made in this unusual case? Especially if the kid wasn’t terrorizing the neighborhood.

Bottom line is this: folks need to start reading this stuff more closely. Gone should be the days where we “just sign” where the closing attorney wants us to in order to move the day along. If you want ducks as pets, maybe you should live out in the country. If you want a deck on your house, maybe you should either build new in a place that allows decks or buy resale. If you want your mailbox to look exactly like everyone else’s mailbox at all costs, then indeed, a subdivision with strict protective covenants may be the place for you.

But if you want a golf community and you know you are trading that lifestyle for other things, suck it up. Oh, and by the way, faulty memory is no excuse. You can’t say “I wasn’t shown the covenants” (because you WERE) and just because you don’t remember them, doesn’t mean you are exempt from them.

The whining must stop and I am shocked that during this time of economic suffering in the United States, people have time for such trivial things. I guess it just goes to show you that indeed the recession is over.

Tax incentive deadline

noreply@blogger.com (Lisa Duke) — Thu, 18 Mar 2010 13:08:00 +0000

This is a great explanation of the tax incentive deadline. Things have picked up lately and I have come to the conclusion that things aren't going to be gangbusters like I had hoped they would.

I really envisioned that folks would get "recession weary" and after a year or so of saving and scrimping and scrimping and saving, they would say "OK, it's time to get off the fence and make a move. But I'm just not seeing it.

Jim Gillespie said something really great this past week when he visited the Coldwell Banker TRIAD awards ceremony. He said that this is the most fantastic time to buy for four reasons: IIIP.

First, the tax Incentive. Not only can first time homebuyers get a credit of $8000 but move-up buyers (if qualified) can get a credit of $6500. Theoretically, this is fantastic for those folks whose houses are being purchased by first-timers.

Second, Interest rates are at an all-time low and everyone predicts that they will begin to go up (probably after the tax credit expires).

Third, Inventory is abundant. Most folks should be able to find some fantastic homes in their price range and not have to "settle" like in the past.

Finally, Prices. Things are plateauing and ideally, the value of real estate will go back up. This is why buying is such a good investment (when done properly) because real estate values tend to increase (as opposed to cars whose values tend to go down).

As a buyer, if you are on the fence and you have good credit, take the leap! In many ways, this is a fantastic time to buy. And in many ways, I hope we NEVER see this extreme circumstance again!

YAY Andrews!

noreply@blogger.com (Lisa Duke) — Sat, 13 Feb 2010 22:23:00 +0000

I was sooo glad to hear the news about our neighborhood high school! Kudos to Carson Wofford for taking the leap!

Weatherization

noreply@blogger.com (Lisa Duke) — Tue, 09 Feb 2010 21:42:00 +0000

Steve, in the constant pursuit of bettering himself, is taking a class on weatherization next week.

This should help him learn more about retrofitting homes that are leaky and drafty. This is green for several reasons- one, it improves the energy efficiency of a home. When a home is energy efficient, it means LOWER UTILITY BILLS.

Also, when done correctly, it makes the home healthier. Some people say it’s possible to have a home that is too “tight.” Others say, if the airflow is controlled (the HVAC is sized as it should be, fresh air comes in through the handler instead of the electric sockets and stale air pushed out through the returns) and the system is maintained properly (air vent filters are changed regularly etc…) a tight home is the goal.

Either way, sealing up places where airflow wasn’t meant to exist improves your bills.

Communication

noreply@blogger.com (Lisa Duke) — Wed, 20 Jan 2010 21:27:00 +0000

It becomes more and more apparent to me how critical it is to communicate to one’s clients often and well. In fact, I would even go so far as to say that as a Realtor, you can even make all kinds of mistakes so long as you keep your clients abreast of the latest and greatest.

I am not perfect in this area but I am getting better. I always try to ask myself “who needs to know XYZ and when?” But more importantly, I try my best to give my clients updates, even when there is not much to say.

Recently, Steve and I have come to the realization that dropping the prices of our specs might be the only way to unload them. It breaks our hearts that after all our hard work, none of it will get rewarded. There are no winners in this game.

Some customers called Steve recently and talked about buying one of our specs. One thing led to another and Steve thought they were talking about one house when they were really talking about the other. Steve even tried to clarify with them which house they were talking about “The craftsman-style house, right? 3008 Quail Run Drive?”

They confirmed the address and style (the other one is a transitional style, VERY different) but it didn’t matter. The communications were still crossed and in the end, all parties were very disappointed.

Perception is reality and I guess in this latter case, someone can get so excited, it didn’t occur to them that not dotting an “i” or crossing a “t” could be such devastation. My husband builds such beautiful homes, it kills me that we were not savvy enough to see this economy coming. Next time, we will be prepared.

Goodbye 2009... and good riddance!

noreply@blogger.com (Lisa Duke) — Thu, 31 Dec 2009 22:48:00 +0000

Dear 2009,

I am writing to tell you goodbye.

It's not me, it's MOST DEFINITELY YOU! You have been very abusive to me
this last year and I want out of this relationship. None of my friends
like you and agree that the relationship needs to end.

I can't take the stress. All my money is gone, I am exhausted, and the
abuse you've doled out on me has taken its toll on my mind, body, and
soul.

Not to mention, I've met someone. His name is 2010 and he's been so
promising that I just can't pass up the possibilities that I've met my
soul mate. He's got such potential, and you've just proven to me that you
are sadistic and cruel.

So long 2009! Don't let the door hit you in the rear!

Sincerely,

Lisa

Recipes

noreply@blogger.com (Lisa Duke) — Wed, 16 Dec 2009 00:17:00 +0000

It’s occurred to me that being a Realtor is a lot like sharing your best recipe at the holidays.

Let’s face it, when you bring a dish to a Christmas party and someone actually likes it and they ask you for the recipe, aren’t you a tad disappointed? In some ways, it’s your baby. You want to make sure you get credit for the pleasure of eating the dish.

In some ways, you feel like “if someone else tastes this dish outside of my circle of friends, I wish they would know that I am the source.”

Not unlike being a Realtor. Sometimes, when folks ask you for advice, especially as a veteran to a newbie, you might not want to share your intimate “secrets.” You might not want to give a really good piece of advice for fear that you won’t get credit for it. Or the client, for that matter.

Of course, one of the most valuable pieces of Realtor real estate (pun intended?) is your sphere of influence. Let’s face it- if you know a lot of people and they respect you, your SOI works itself. The older you are, the more folks you probably know. Young realtors may struggle with this but older realtors (even if they’ve entered the business late) may not.

Yes, I recognize that if you work things by the book and you touch expireds and you touch FSBOs and call your SOI regularly and possibly even cold call and take advantage of call time, you are likely to build your client base.

What does this have to do with bean dip and pumpkin pie? Karma.

Sharing your secrets won’t break you. And as long as you are honest and still “got game” you should have nothing to worry about. Pass it along to the next generation to carry on or possibly improve and your place in history should be secure. Don't be so egotistical that it's all about you. Whatever the market will bear, I say.

Happy Holidays everyone! I will be 38 tomorrow and still feeling like a kid. ;)

Duke Brothers: Jamestown Christmas Parade

noreply@blogger.com (Lisa Duke) — Tue, 08 Dec 2009 18:51:00 +0000

Duke Brothers: Jamestown Christmas Parade

Jamestown Christmas Parade

noreply@blogger.com (Lisa Duke) — Mon, 07 Dec 2009 18:44:00 +0000

Duke Brothers was in the Jamestown Christmas Parade yesterday. It was about the fastest 3 hours of my life. Even though the waiting was a bit frustrating (maybe next year we won't get there so early) the actual moving through the line was quick.

I liked being in the back of Matt’s truck where no one could see me. Next year, we might try to find different candy. I am also looking for ideas to throw things that have our logo or website on it so folks can bring them home. The conclusion I came to this year was pens but we just didn’t have the money for them.

I like participating in local activities like this. This was especially neat because I don’t recall the last time I was in a parade except in NJ when my sister entered my nephew in their local Halloween parade. I was a clown throwing candy.

Subscribe please!

noreply@blogger.com (Lisa Duke) — Fri, 04 Dec 2009 21:00:00 +0000

I hate to say it but I am a tiny bit insulted when someone unsubscribes to my email blasts. As the recipient of many of these, I know why they unsubscribe, but many of the people who unsubscribe to them are the very people who would benefit from them.

Realtors, for example, keep unsubscribing themselves. I know, firsthand, the value of becoming familiar with as many homes on the market as possible. Most of the larger agencies have what they call “caravan” where, once a week, Realtors drive to colleagues’ listings to become familiar with those homes.

I did this at least once and then the following week had a prospect who was interested in the very listing I had just seen. I was able to speak to him about it knowledgeably and with confidence.

Not to mention networking. The power of networking is strong enough that I can confidently say that the perfect person for any job isn’t always the one who occupies it. But the person who occupies it usually knows people and he/she was top of mind when someone considered him/her for the job.Not to mention that ANYONE can benefit from networking, not just Realtors.

So when someone unsubscribes, particularly these agents, I am often surprised because they would benefit from knowing about my listings. Not to mention that if it’s a family member or friend who unsubscribes, they may not know anyone at the moment who is in the market for a listing of mine but you never know when someone will happen to tell you “we’re in the market!” and you can say “Hey, I know someone who has a house that matches the description of what you’re looking for!”

New tax incentive

noreply@blogger.com (Lisa Duke) — Fri, 20 Nov 2009 22:19:00 +0000

Traffic has been picking up at the ol' homestead lately. Theoretically, we are one step closer to an offer but it's so hard to keep wondering "when will it happen?" On the one hand, if it doesn’t happen for another six months, we’re in big trouble. On the other hand, winter tends to be a little slooooow for real estate shoppers and with the new tax incentive not expiring until April, folks may very well take their time this winter.

I feel we were meant to be here. As I have no doubt mentioned before, we have learned some hard lessons but every challenge points us in the direction that we were meant to be building and building some of the best green homes in the Triad.

It wasn't long ago that I learned that necessity is the mother of invention. If someone has been doing something like planting tobacco or harvesting sugar for their entire lives and then suddenly, they have realized that they need to get in a new line of business, I am a firm believer they need to change with the tide. In our case, I just feel that we need to shift our paradigm a little bit.

The Triad can't go with out all builders so why not rise to the top once the dust settles, if I may mix my cliches? :)

My husband is brilliant!

noreply@blogger.com (Lisa Duke) — Mon, 28 Sep 2009 16:09:00 +0000

I know for a fact that I have married one of the greatest guys on the planet. Some days are more mundane than others but my favorites are the days when Steve comes out with those zingers that reinforces why I married him.

I was philosophizing about our mishap with folks offering us way less on our homes than they are worth- I am not just talking about what WE think they are worth but even less than what the market is dictating right now, but I digress. Mentioning to him that perhaps we take these things too personally he said "you know what? That doesn't bother me. If we DIDN'T take it personally, that would be a sign we didn't care anymore and I love what I do."

Couldn't have said it better myself.

Insult to injury

noreply@blogger.com (Lisa Duke) — Fri, 25 Sep 2009 18:25:00 +0000

Picture, if you will, yourself as an artist. You create a masterpiece. You put money and time into a work of art and then, not only does someone come along, see your art, and urinate on it but they offer you less than what you paid for it.

I don’t know where realtors are getting their clients or where their clients are getting their pathetic information but it has GOT TO STOP! Maybe that insidious agent on the Today show, Barbara Corcoran. This is one of the best times to buy a home in nearly 100 years and still there are folks who are stupid enough to offer someone, in a relatively healthy part of the country, 20% less than the going rate of a home. It’s one thing if the home is not priced right. It’s another thing if it is and the buyers think they’ll take a chance.

There is not a one-size-fits-all approach to the market right now and buyers who think there is are either so egotistical they need to get over themselves or have the wrong agent.

What classes are these realtors taking? What jerk is teaching them that it’s OK to allow their clients to offer this outrageously small amount combined with thinking they are irrefutably right? OR what realtor is taking a class to make the listing agent feel like a jerk for not accepting the offer? That latter tact is getting pretty old.

Granted, as Realtors, we are required to carry out any legal action our clients want us to. We can try to talk them out of GOUGING the seller or buyer but ultimately, if our clients are determined to be a jerk, we have to represent them. However, I get the feeling that someone is feeding them this information.

Logic #1 making the seller mad (if the seller is a human being versus a bank) is not the best idea. You want to humanize the buyer and if you ask for too much on the front end, the seller won’t be very amiable to help you out on the backend (e.g. repairs).

Logic #2 putting a builder out of business AFFECTS THE BUYER. How? You may not give a damn if the builder goes out of business but his livelihood affects you if you move into the neighborhood he’s trying to build in. Especially in this economy, the likelihood of someone wanting to buy the land is slim. And, even if they do, it will be a cheaper, crappier, builder. I know of a perfect example down the street from us. Try me.

Logic #3 if you gouge the value of the home you are buying, you are decreasing the property value of the neighborhood you live in and ultimately, doing yourself a disservice.

Logic #4 Have I mentioned this is one of the best times to buy in a century? Don’t make me quote you statistics on how North Carolina is fairing far greater than places like PENNSYLVANIA, for example, and that prices here are about as low as they are going to go barring something catastrophic like a terrorist attack. Go ahead and try to gouge someone but don’t be a cry baby when the seller doesn’t want to play your pathetic game. If you want someone to “work” with you, you’d better be willing to “work” as well.

Should the seller take it personally, no. But nor should the buyer be a jerk when the seller won’t/can’t play his game. It’s called a seller net sheet, people, not all sellers are sitting on a gold mine, waiting to make a killing on your offer.

Widget

noreply@blogger.com (Lisa Duke) — Wed, 09 Sep 2009 14:45:00 +0000

Hoppin' mad!

noreply@blogger.com (Lisa Duke) — Mon, 22 Jun 2009 12:05:00 +0000

I was Googling some ideas for creative incentives during this crazy time in real estate and I stumbled upon an article in the San Francisco Chronicle, written just this past February, that made me very angry.

The article was actually about "stimulus" money incentives that were or were not distributed to the real estate sector. An economy "expert" was interviewed and here is the segment that bothered me:

Chris Thornberg, economist with Los Angeles research firm Beacon Economics, said the stimulus package is necessary to help revive the economy, but that the home building industry doesn't require or deserve any special consideration.

"The housing industry broke first, but it was only a symptom of the underlying problem in the U.S. economy ... a 12-year spending binge based on overinflated values of our homes," he said.

I am not an economist myself but I am SHOCKED that an "economist" would not acknowledge the concept of supply and demand. If supply is low and demand is high, it's not the builders who set the price, it's not the car dealers who set the price, it's not the flat-screen TV makers who set the price. The market sets the price.

Let's say Mr. Thornberg sells candy bars. Let's pretend it costs him 5 cents to make and wrap the candy bar but that there has developed a sudden demand for candy bars because Barney Frank says that folks who haven't been able to afford $2 candy bars in the past deserve to be candy bar eaters.

Let's also say that in places like Atlanta, people can't get enough of the candy bars and that folks who previously could afford the $2 candy bars are now demanding $5 candy bars because they are in a bidding war with other folks and the price has skyrocketed. Is that Mr. Thornberg's fault? Should Mr. Thornberg start making candy bars faster and faster and more sloppily and at the original $2 price just because some sociallist thinks that's the right thing to do?

I say that if the public is willing to pay, there is nothing wrong with making a profit. It is not the builders', entrepreurs', or widget-makers' fault that the public was willing to pay more for real estate in 2005 and that the bubble burst.

Shame on you, Mr. Thornberg, for implying that builders had some kind of control of the current recession that they don't deserve help. My husband is an honest, hard-working, builder and has been in business for more than 20 years and it is mentality like yours that make people think that he was price gouging the public.

If you only knew. My husband can name you at least a half dozen "customers" who have taken advantage of the kindness of him and his dad over the years. Don't tell me they don't deserve help.

Edited to read: This is a great quote from Atlas Shrugged-

"Do I wish to sell my product for less than my customers are willing to pay me? I do not. Do I wish to sell it at a loss or give it away? I do not. If this is evil, do what you please about me, according to whatever standards you hold. These are mine. I am earning my own living, as every honest man must. I refuse to accept as guilt the fact that I am able to do it and do it well. I refuse to accept as guilt the fact that I am able to do it better than most people - the fact that my work is of greater value than the work of my neighbors and that more men are willing to pay me. I refuse to apologize for my ability - I refuse to apologize for my success - I refuse to apologize for my money."

Green Sweepstakes

noreply@blogger.com (Lisa Duke) — Fri, 08 May 2009 00:46:00 +0000

In the interest of survival, I am entering sweepstakes and stumbled upon this one. Enter to win!

"Throughout the month of May, I will be hosting a giveaway to reward my regular readers and those who are active on my site. Similar to the February giveaway, the winner of this giveaway will a gift certificate to your favorite green store. This time it will be $50 either in the form of a gift certificate or as cash, to spend the money at a local green store."