BestHomePro Blog

Time to Build Mass Transit in The Triangle?

Thu, 01 Sep 2011 12:54:09 GMT

A friend of mine, Robert "Bo" Glenn is a retired local attorney and very well informed community activist. Today, he wrote a letter to the editor in The Durham Herald-Sun newspaper suggesting that it is time for all of us to take seriously the need to move forward with mass transit. Yes, we have a pretty good bus system in Durham and The Triangle, but we don't have any light rail to move the masses between our cities and The Research Triangle Park.

Bo suggests traffic will only get worse, the expense to individuals of long commutes will only get higher and more and more citizens will not be able to be productive members of our community because they will not be able to afford personal transportation. In order to compete for jobs, he suggests, we need efficient public transportation. On top of the personal expense side of the equation, exclusive reliance on personal transportation eats away with our beautiful natural resources: forests and green-spaces.

Do we need mass transit in this area? Can we afford to pay for an efficient mass transit system in these tough economic times? I personally agree with the need, but wonder where the money will come from.

Your thoughts?

"Shadow Inventory" Continues to Shrink

Fri, 24 Jun 2011 18:50:23 GMT

According to reports through RealTrends Magazine, Corelogic and Bloomberg, shadow inventories in the United States have continued to drop. Shadow inventories have been a major concern for home values because they are the homes that are not yet in foreclosure, but are "distressed" with delinquent payments and other sources of problems, making them more likely to call into foreclosure.

So having the shadow inventory in the United States continue to shrink is a good sign -- at least for the intermediate to long-term -- for home prices to stabilize.

If home prices are beginning to stabilize, then it is likely that home ownership may return to the belief that home ownership is a good investment. Stable prices also mean that more consumers wishing to sell their homes and "move-up" will seriously consider this.

Stability is very important to consumer confidence. Let's hope this continues.

Your opinion from what you read and see in your area?

To Buy or Not to Buy ... That is the Question

Mon, 20 Jun 2011 18:29:07 GMT

We are in the business of helping people find the perfect home, in the perfect neighborhood, in the perfect city, near the perfect job ... and of course with the perfect significant other, and if appropriate, with the perfect children and the perfect pets. Our BestHomePro search software is really good at matching people with homes. And our BestHomePro MarketPlace is a unique business process for matching consumers, who are ready to buy or sell a home, with really great REALTORS, who are smart, savvy and eager to help. The problem has been the real estate market: it has just been severely challenging over the last couple of years.

But the truth is, hundreds of thousands of homes are being sold each month in The United States. More than 1,500 homes are selling per month in The Triangle of North Carolina, and similar numbers are being bought and sold in each and every market in Georgia, Florida, North Carolina and every other state.

Economists are saying things won't get back to the 2007 levels until 2014. Wow! They are saying that inventory (the number of homes people want to sell) will remain high, because there are not enough buyers. They also say that there is downward pressure on home values because people are afraid. They are afraid of losing their jobs. They are afraid of a "double dip recession." People are afraid that homes will not be a great investment, like they were for 50 years.

People are afraid of Al Qaeda, China, Greece, war, elections and a myriad of other things. We have been trained by the media and politicians to be afraid of the unknown and this makes us unwilling to take on much risk.

Well, here is my call to action: STOP BEING AFRAID. It is certainly smart to be thoughtful and cautious, but stop being afraid. The strategy of "flipping homes" was a great idea in a really hot market, but now it may be dumb. But I contend that buying a home to live in, to raise a family or to create a stable nest will always make sense. AND, it will always be a good investment.

My bet is that if you live in most homes for 5 or more years, you will make money. You will make money through enforced savings (paying the mortgage each month) and you will make money because the value will increase. Buy a home to please your every day life. Live in it well and joyfully. Paint it. Primp it. Plant flowers. Update a bathroom or kitchen. Love it.

I do not believe that the American dream of owning a home is a thing of the past. It remains a dream for most people and the economics of owning a home will remain strong, particularly if you buy a home now, when values are down and mortgage rates are as low as they likely ever will be.

Assess the stability of your income. Evaluate where you are in your life, but do not be afraid of owning property in a free and vibrant country. This may, in fact, be the best time to buy your first home, or upgrade your situation by selling your smaller home and buying one just a little larger, or fancier, or just more to your pleasure.

If we American's give up our dreams because of fear, then Al Qaeda wins. In every market, there are risks. For example, 3 years ago many people paid too much for their homes and the market crashed. Now, the risks are different, but the opportunities are high.

I say, "go for it." Be rational, but pursue your dreams and make them happen. Amen!

Durham 4th Smartest City in the United States

Wed, 01 Dec 2010 20:07:39 GMT

The Herald-Sun Newspaper ran a story today indicating that the City of Durham is the fourth smartest in the entire country. Wow! Fourth Smartest City.

Now, I have lived in Durham for over 30 years and, yes, I have met a heckuva lot of smart people, but there are also some really dumb ones as well. My cable guy, for instance, once used a power shovel to place a new cable line, not particularly caring that he cut through my power line. Road crews all over town, lately, have torn-up both sides of a road, repaired one side and left the other side un-done for weeks. The post office recently put in a greeting card rack, so that patrons who have to wait forever in line have something to read.

I am sure you can name a few examples of Durham dumb. But the facts are clear. Durham is one of the most progressive, thoughtful and tolerant cities in The Triangle -- and perhaps the nation. We have lots of MDs, PhDs and folks with masters degrees, but we also have a "slew load" of hard-working, prosperous citizens who don't have the fancy degrees. From the major universities here, to farming and businesses, the population is incredibly diverse. Invention and innovation abound. Durham used to be "sleepy," but with the re-emergence of a vibrant downtown, the successes of the Durham Bulls combined with the new Durham Performing Arts Center, we are looking more and more brilliant.

I am proud to live in Durham and it is very nice to see the city being recognized for all its gifts and opportunities.

How Bad is the Triangle Real Estate Market?

Thu, 11 Nov 2010 21:45:47 GMT

Real estate at the national level is in a slump, right? You probably think the local Triangle real estate market is performing horribly too. With recent home sales reports you might think the Triangle market is in complete disarray. But is it really that bad?

It is certainly not what it was back at the peak of 2006 when over 35,000 homes sold in the Triangle. As a point of reference, last year (2009) just over 22,000 homes were sold in the Triangle area of North Carolina (that's a 35% decline since the peak).

Check out the following graph comparing 2010 to 2009:

In four out of the first five months, 2010 exceeded 2009 sales. Only in the latter half of the year have sales fallen, coinciding with the end of this year's tax credit.

In the past three months (August, September and October) sales have been down 33% for the Triangle compared to last year. However, if you do a year-over-year comparison of total homes sold in the first 10 months, sales in 2010 are down about 9%. Not nearly as drastic compared to a year-over-year comparison of sales in just the past quarter.

No doubt, the home buyer tax credits of 2009 and 2010 have led to abnormalities in the normal real estate cycle in the Triangle. The 2010 home buyer tax credit inflated sales in the first half of the year (and obviously robbed some sales from the second half). The 2009 tax credit inflated sales in the final months of 2009. Hence why we are now seeing the 30%+ drop in sales when you compare the second half of 2010 to 2009. It exacerbates the decline.

However, no matter how you "slice and dice" the numbers, come year end, I doubt total homes sold in the Triangle will be 30% below 2009 levels. Even if November and December sales were 30% below last year's levels, 2010 would only be 19% below 2009 levels.

Not necessary a rosy picture, but maybe not the real estate apocalypse you've been envisioning.

How do you see real estate sales finishing out the year?

Homeowners' Associations - Boon or Bane?

Thu, 04 Nov 2010 13:13:26 GMT

Many of you might remember not long ago when a homeowners' association (HOA) made the national news for their crackdown on a homeowner wanting to display an American flag in his yard. Right or wrong, people were outraged, portraying the HOA as an unpatriotic tyrant.

HOAs are supposed to help residents by maintaining community spaces and preventing "eyesores" to protect property values but are some going too far?

How do you know if you're buying into an development with an HOA? What's the HOA like? What are the homeowners' association's rules?

What is a Homeowners' Association and Why Do They Exist?

Newer developments often contain small parks, playgrounds, tennis courts, pools and clubhouses (to name a few types of "common areas"). Of course these need to be maintained and managed, hence the existence of an HOA.

HOAs are entities that manage the public spaces in a development. All property owners within the development are members of the HOA and there are typically mandatory dues/fees to help fund the maintenance of these areas.

Homeowners Association Rules and Restrictions

Homeowners' Associations also enforce design standards and sometimes dictate how homeowners must maintain their homes. HOAs can enforce restrictions including, but not limited to, on-street parking, storage of boats and RVs, types/styles of fence and exterior paint colors.

Do HOAs Go Too Far?

Many will agree that HOAs protect residents by creating restrictions on things like, but not limited to, wild paint colors (Ever seen one fuchsia house among a row of earth-tone colored homes?), cars on cinder blocks in the front yard (screams Jeff Foxworthy joke) and other eyesores. Those rules do help keep a development attractive and therefore protect property values. Heck, it might help prevent fights between neighbors!

However, anti-HOA organizations and some homeowners feel HOAs can go too far and are overly restrictive. Is it necessary to nit-pick over the type of fencing? Why shouldn't you be able to keep your garage door open? Should you really be prevented from raising the American flag in your front yard?

Tensions can flair when HOAs update and/or add to their restrictions. Homeowners that agreed to the original covenants aren't always happy with the updates.

HOA fees are also an area of contention. HOAs can raise dues that homeowners can't decline because membership is mandatory.

How do you know if a development has a HOA?

In recent years home buyers have grown to expect more and more neighborhood amenities. However, with that expectation comes the need for an entity to manage and maintain those "extras." With many of the new home communities you'll encounter some kind of HOA, but the extent of their power will vary.

If a development offers common areas like playgrounds, pool or walking trails, chances are there is an HOA.

Within the property detail pages on websites that display listings from the local multiple listing service you might be able to find a yes/no indication of whether the home falls under the governance of a HOA.

You can also try search engines to find a homeowners' association website. Try a term like "{neighborhood name} HOA" or "{neighborhood name} Homeowners Association." Many HOAs maintain a website to post community announcements, provide a list of covenants, encourage activity sign-ups and much more. A search might also reveal complaints from residents about their HOA, cluing you in on what to expect.

If you want to get a feel for the community's opinion of their HOA, don't be afraid to seek out an online forum, post a question and obtain feedback from local residents about their HOA.

A local real estate agent should also be able to provide you with information about local communities and the area homeowners' associations.

Should You Buy in a Development with a HOA?

Buyers looking to move into a development need to know what they are getting into when considering the purchase of a home in a development governed by a HOA.

Since membership is mandatory, can you afford the fees? Are you willing to accept their restrictions? Are you willing to participate in your HOA to make sure your concerns are voiced?

It's Your Choice

In the defense of HOAs, they have reasons for their restrictions. One person's idea of overzealous restrictions is another's bliss.

It's an individual choice if you want to reside in a community with a HOA. Do your research before you buy. Be aware that the added amenities and protection could come with restrictions and guidelines on how you decorate and maintain your home. Take the time to read and understand the restrictions before you buy.

On a final note, don't think you have free reign if your future home doesn't fall within the boundaries of a HOA. Although HOA rules tend to be more restrictive, cities and local municipalities also have ordinances. Although they tend to be related to protecting health and safety, they can also relate to the aesthetics of a property, limiting you to what you can and cannot do with your home.

Good or bad experience with an HOA? Let us, and others, know in the comments.

Never in My Lifetime...

Thu, 14 Oct 2010 17:42:04 GMT

Mortgage rates continue to fall.

I purchased my first home at an interest rate of 18% -- and at the time thought I was getting a pretty good deal. Now, our home back then was purchased for $35,000, so 18% on $30,000 over 30 years wasn't all that bad a payment. But now, whew! Last week, Freddie Mac announced that both 30 year and 15 year mortgages were at an ALL-TIME LOW... The 5 year ARM also set an all-time low.

The 30 year fixed rate mortgage averaged 4.27 percent, down from 4.32 last week. The 15 year mortgage rate averaged 3.72 percent, down from 3.75%. Just one year ago the 15 year rates averaged 4.33.

What does that say for affordability? Extremely low interest rates, plus homes valued at 15% to 30% below their highs two years ago means that anyone with reasonably good credit and steady employment can afford much more house than they could two and three years ago.

So what is wrong with the market? In my opinion, The Feds and major banks continue to create fear in the market place. The recent stoppage of foreclosures all over the country just adds uncertainty to the market. It says to me, "this downward pressure on homes just won't stop. I should wait longer and longer to buy because it looks like I will get a better and better deal."

This may be true or it may not be true. There needs to be more certainty in real estate. The market will not improve until people have faith that their current home will sell at a reasonable value and they are no longer waiting for the market to hit "bottom." Very, very few people are smart enough or lucky enough to gauge when a market reaches its peak or its bottom. But as long as our elected officials and banks conspire NOT to allow the market to fix itself, we will continue to have problems.

My advice: if you have been yearning for a newer, larger, smaller or nicer home, and you believe you can get reasonable value for your existing home; then shop for, make an offer and dream about how lovely your new home will be for you and your family. Don't just dive in without careful thought, but don't be afraid of missing the bottom. I can almost guarantee that you will never see such low interest rates again. Good luck!

Previously Owned Home Sales Rise Nationally

Thu, 23 Sep 2010 19:59:06 GMT

Ah, all the doom and gloom around these days keeps many people from seriously considering selling or buying a home. Optimism may be what is needed, but you can't blindly create optimism, can you? "Show me the FAX, ummmm, the FACTS" says the consumer these days.

I have spoken before about my problem with tax incentives to boost home sales and I still feel they boost says during one period, but then diminish them in the next. Now, I am just not sure anymore.

Affordability remains very high nearly everywhere, because interest rates continue to be at "all-time-lows." This is true. Combined with home prices continuing to be depressed, this makes the purchase of a home a really good deal. But you need to believe you will still have a job in six months so you can make those new payments. How stable do you feel?

It is very good news that August sales of previously owned homes increased 7.6% (Wall Street Journal, September 23, 2010). But to keep it going, the first house must sell before the seller has the money to purchase the next house, which allows the next person to purchase the NEXT house -- and so-on-and-so-on....

But there are so many caveats to good news in real estate. I just heard from a REALTOR friend that their corporate management is saying there is a last wave of foreclosures coming in the 4th quarter of this year that will (hopefully) be the last of this. When foreclosures slow-down, that means home prices can finally stabilize, which means more people might consider selling, and then buying something else.

Keep in mind, however, that if your job is stable, even if you lose 10% to 15% in selling your current house, you can often move-up considerably, with house payments the same or only slightly higher then you currently have. 15% off a $200,000 house is $30,000. 15% off a 400,000 house is $60,000. Who wouldn't want to save $30,000 on a bigger house, which will increase in value much faster when the market finally improves.

It is confusing and no one knows when the real, sustainable turnaround will occur. But think about the possibilities for moving up with mortgage rates low and prices down, and don't be afraid just because it is fashionable right now. There are thousands of great homes for sale right now in The Triangle, Raleigh, Durham, Chapel Hill, Cary, Garner, Greensboro, Winston-Salem and everywhere else. Take a look, and if you like a home for sale, perhaps you should consider taking the plunge.

Tax Incentives for Downtown Durham Growth

Thu, 16 Sep 2010 15:39:20 GMT

Bill Kalkoff, President of Downtown Durham, Inc. is relentless in his pursuit of growth opportunities for the revitalization of the downtown area. Having watched downtown struggle for so many years and now continuously surprise with a delightful combination of residential and business relocations, sports, transportation and a flourishing arts community; I am so very proud of this community.

Recently, Bill wrote a column in The Herald-Sun, Good Incentives, good business, about the benefits of tax credits for the Greenfire Hotel public-private partnership, the goal of which is to transform the old CCB bank building (now Suntrust) into a 4 Star boutique hotel.

In my opinion, there is an ecological aspect to creating a vibrant downtown. Businesses must locate in the area to create employment. Restaurants must be there to feed people who work in the area, and people must decide to live in downtown, which creates greater need for night-life and shopping. The Marriott, downtown, serves as a small convention center and brings business to downtown, but one hotel likely is not enough. And the venerable "skyscraper" appears to be sitting nearly vacant after the Suntrust acquisition of CCB. A decaying landmark will do nothing to create the balanced ecosystem of a vibrant downtown.

If we want condominium projects to succeed in downtown Durham, then we need all the other pieces of the puzzle to fall into place. More visitors means a greater need for downtown amenities. More amenities means more residential owners, more shops and restaurants and more support for the arts.

Thanks Bill Kalkoff for your relentless pursuit of energy and growth in downtown Durham. Your years of work seem to be paying off. Based on what I know and Bill's column, I think we should all support the tax incentives for the Greenfire project.

Coach Krzyzewski The Best

Mon, 13 Sep 2010 20:48:13 GMT

Love him or hate him, you have to admit that Coach K is one of the best ever. I just Googled him and found a website with 50 "images of coach K" that you could buy. (I didn't buy one... ugh! Where would I hang it on the wall? Bedroom? Bathroom? Dart board?) And while many of them show him as the intense sideline coach Duke fans love and rivals hate, the one thing that I believe is that he must be one of the most flexible coaches in any sport in history.

There have been a lot of great coaches in history (Wooden, Bear Bryant, Bobby Knight; (Gandhi, Jesus, Napolean Hill -- ha!) but I do not believe any of them were as flexible as the stern, disciplined and tough Coach K.

He coaches incredibly talented teams (like Hurley, Laettner, Davis and Hill) or (Kobe and Labron in the Olympics) to championships. He loses Carlos Boozer to injury and instantly adapts the team's style to a different talent pool (and still a championship.) In 2010 his "slow" and "un-athletic" team won The NCAA Championship without a player that got drafted.

In his most recent coaching stint he won the Gold Medal in the FIBA World Championships with a young group of under-sized NBA players who bought into his team concept and love of country. And he lost his two biggest players only two weeks before play began.

Coach K is not a God, but anyone who leads a team should take notice. You can be highly disciplined and driven, without losing flexibility. Whether you are in real estate, sports, teaching or any other profession, discipline is essential to success; but perhaps even more important is problem-solving and flexibility.

Way to go, Coach K. From big Duke fans to biggest rivals, you deserve all the accolades and we all should learn from your incredible success.

Triangle Golf Clubs - Croasdaile Country Club

Fri, 03 Sep 2010 15:43:13 GMT

One of the reasons I moved south from Ohio many years ago was the temperate climate. In Ohio, I would put my "sticks" away in early October and take them out again in early April (when there was usually still a little snow on the ground). North Carolina is heaven when it comes to outdoor sports year-round. My friends and I play golf most weekends, even during the core months of winter.

I have played most of the country clubs in The Triangle area of North Carolina and this year I continue to see many lovely homes for sale in those neighborhoods. Because of the recessionary economy and issues with the real estate market in general, the executive and luxury home market has been seriously impacted and this obviously has affected homes for sale in country club communities. That being said, there are some wonderful deals available around most clubs, and with mortgage rates at all-time lows, the affordability of golf course homes is very favorable.

In the coming weeks I will try to do a few short write-ups about some of the area clubs with which I am most familiar. This blog post is about Croasdaile Country Club in Durham. You can also read information about Croasdaile and Croasdaile Farm on our landing pages to get a better sense of the area.

Croasdaile Country Club

As part of full disclosure, I have been a member of Croasdaile since 1994, and I remain excited about being a member. It is not the oldest or the most prestigious club in the area, but it has great facilities, a head greens keeper who has no peer in the area, immaculate, fast greens and fairways where nearly every ball is offered a plush, even, and soft platform for striking the perfect shot... (well, not always a perfect shot, but that's my fault). Players from other clubs always comment that Croasdaile is one of the best layouts and best maintained courses in the area. In fact, recently, the Duke University golf teams have chosen to use Croasdaile as their practice facility because of the quality of the course and practice facilities.

Croasdaile was built in the early 1960's. The golf course was completely renovated in 2002. It is a terrific old course, designed for golfers who love to take that lovely walk in harmony with nature. No greens far from the next tee.

Recently, Croasdaile hired a new head PGA professional, Rob Nelson, who is focused on building youth programs, as well as building comaraderie among existing members. He has started leagues, organized more mixers and re-designed our tournament structure.

Led by professional Rebecca Laughton, the tennis program is strong, with a heavy emphasis on youth programs and adult leagues. The swimming program is energetic and successful.

Croasdailes membership has remained stable, even during tough economic times. Proof of this is that there has only been on assessment since 2002, and that was a small $300 assessment in 2008.

Affordability

Initiation fees for country clubs in The Triangle area of North Carolina range from $4,000 to $42,000, depending upon the club. Croasdaile's initiation fees over the years have been maintained in the lower third among area clubs. With a new golf pro and a desire to build membership, particularly with young families, Croasdaile's Board just announced deals for a new membership drive during the fall. They asked that I not publish the actual numbers, but I can tell you that the initiation fee is a great deal, plus they are offering a reduced monthly dues structure for anyone who joins the club before year-end 2010.

If you are looking for beautiful homes in a country club setting, Croasdaile or Croasdaile Farm offer some lovely properties right now. And if you are looking for a great country club "deal," with great benefits, drop me a note with questions or contact Jason Carter, Croasdaile Marketing Director ( jcarter@croasdailecountryclub.com 919-383-1591 Ext. 237.) Tell him Jeff Johnston (jeff.johnston@besthomepro.com) suggested you call.

BestHomePro MarketPlace Explained

Wed, 01 Sep 2010 14:26:31 GMT

You invent a new game. Everyone you chat with about the game says, "Hey, that's really a great idea." You decide to launch your new idea by holding an on-line party. You send announcements. You Tweet. You Facebook. You Google and Yahoo and Bing. Tens of thousands of people show-up. Great!

But then you realize that the rules are not clear. People log on and start playing, but they get stuck because they are not sure how it works. What can they expect after each move? Will the death-ray kill them? Can they trust that the water-slide won't drop them into a mud-pit rather than the beautiful blue pool?

Being clear is essential to building trust. Creating comfort with the process is critically important.

The BestHomePro MarketPlace is a powerful, helpful, money-saving real estate "reality game." Over 100,000 consumers have come to our site to "play" since March. (Look for homes in The Triangle.) Our core tenant is that consumers can search all they want in total privacy: we will never share their contact information until they click a button indicating they want to work with an agent. And at the same time, when consumers enter our MarketPlace, agents get to choose to whom they make offers. Everyone plays this real estate game with the knowledge that agents and consumers pick each other in a free and open marketplace setting.

Recently, we decided to create a video explaining how things work. We identified Ryan Stolp, a brilliant college student from Tufts University, who happens to be a clever cartoonist and videographer. We wanted to clearly illustrate how our MarketPlace works and have some fun doing it.

Take a look at MarketPlace video. Let us know what you think of our new process for finding the perfect home and a great agent. Also, let us know if you like the video.

We are excited to see the "games begin!"

Watch the Video About the BestHomePro MarketPlace

Harmony, Beautiful Homes and Not Trying Too Hard

Fri, 30 Jul 2010 17:25:20 GMT

My father once said, "golf is the only game that punishes you for trying too hard." He was right. I play golf most weekends at Croasdaile Country Club in Durham. At Croasdaile, you don't have to "try too hard" to enjoy a great game of golf on a challenging course. It amazes me how well I play when I relax and feel in harmony with my surroundings.

By most standards, Croasdaile Country Club might be considered the "second country club of Durham," behind the oldest and more exclusive club, Hope Valley Country Club. Durham has a number of wonderful private and public golf clubs, and most have lovely homes for sale surrounding them. No matter what your financial situation, however, walking on lush, green grass and marveling at how the greens keeper makes grass smooth enough to putt on is a joyous experience.

In my opinion, Croasdaile Country Club has one of the nicest tracks in the area. From the blue tees it is 6511 yards, while from the Championship tees it is 7068. It is a course designed for walking: no tee boxes 300 yards from the last green. The fairways have always been immaculate, with nary a spot where your ball is not sitting on lush, green, tight Bermuda grass. The greens are large and fast, with many visitors from other clubs commenting on how impressed they are with their high quality. The entire course was renovated in 2002, with all greens completely re-built.

The homes in Croasdaile were built mostly from the late 60's through the 80's, while there are some new homes built in the last 10 years. Just across Carver Street is Croasdaile Farm, with most homes built in the 1990s and 2000s.

The average home for sale in the Croasdaile Country Club area ranges in price from $400,000 to $650,000. In Croasdaile Farms, the prices of homes for sale range from approximately $500,000 to $1,200,000.

If you are looking for a comfortable golfer's country club community with reasonable prices, Croasdaile Country Club has moderate entry fees and monthly dues. The members are friendly and competitive. The new pro, Rob Nelson, believes in building strong youth programs and has created a highly collegial atmosphere for fun and competition. Croasdaile also has a strong tennis program, pool and dining facilities.

Garner Homes for Sale

Thu, 08 Jul 2010 13:30:25 GMT

If you're looking for a great (and growing) suburb of Raleigh, Garner is a great place to start your home search. Located just 8 miles south of Raleigh, this community of over 26,000 residents is a great place to live.

If you're not familiar with Garner, North Carolina start with our newly created Garner Homes for Sale page.

If you already know a little about Garner and are looking for a taste of what some of the neighborhoods have to offer, check out one of our Garner neighborhood pages (a hightlight of some of the neighborhoods are below):

Arbor Greene

Arbor Greene is a development that began around 2000 and is now comprised of about 160 homes. The median price of homes for sale in Arbor Greene is about $200,000. Residents can enjoy the community pool and clubhouse which is available for private and community gatherings.
View Arbor Greene Homes for Sale

Bingham Station

A single family home neighborhood, Bingham Station offers a median home price of around $190,000. There is a great recreation center, pool and playground area.
View Bingham Station Homes for Sale

Breezeway

The Breezeway neighborhood higher-end homes with lots of upgrades and quality finishes. The median price of homes in Breezeway is currently about $440,000.
View Breezeway Homes for Sale

Cloverdale

With many homes being built in the 1950s and 60s, Cloverdale is an older Garner neighborhood but offers affordability and charm. Many have been updated, yet still retain the character of an older home. The median home price in Cloverdale is about $100,000.
View Cloverdale Homes for Sale

Everwood

This neighborhood offers existing homes or you can also purchase a lot and custom build a home. The median price for existing homes is about $360,000 with lots priced around $50,000.
View Everwood Homes for Sale

Forest Hills

Forest Hills is another older, yet still very desireable, Garner neighborhood. Many of the homes were built in the 50s and 60s but have since been updated and modernized.
View Forest Hills Homes for Sale

Southern Trace

Homes in Southern Trace are built mostly on .5 acre or larger lots, offering plenty of space for a yard. Most homes also have front or wrap-around porches and 2-3 car garages.
View Southern Trace Homes for Sale

Turner Farms

Homes in Turner Farms sit on relatively large lots and contribute to the "country" feel of the neighborhood. Older resale and new custom homes are available. Median price for homes in Turner Farms is $230,000.
View Turner Farms Homes for Sale

The Truth About Rebating Commissions to Home Buyers

Tue, 15 Jun 2010 19:56:09 GMT

Wondering how you can save money when you buy a home? Thinking about asking a real estate agent to rebate some of their commission? Know the facts first.

The Legality of Rebating Real Estate Commissions

One of the most common misconceptions is that rebating is illegal. That's just not true (At least in most states it's not).

The truth according the Justice Department's website is that only "Ten states forbid buyers’ brokers from rebating a portion of the sales commission to the consumer." Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon and Tennessee are the ten states with restrictions on rebating of commissions.

The reality is there are numerous brokerages that make a standard practice of rebating commissions. For some, their entire business model it built on rebating and discounting the cost of their services.

Caution to Buyers Looking for a Rebate

I never had this experience myself but some agents claim that the rebating agents and brokerages provide less service. Some agents claim that the discounting agents shift the work back to the agent on the other side of the transaction.

Some within the industry also make the claim that discounting is the same as limited service. The debate will rage on, however, there are in fact agents and brokerages that provide "full service" but do so at discount prices. On the flip side, some agents may collect a full commission for so-called "full service," however, they provided less than stellar service.

The point is to make sure you know what level of service you're getting. Does it match your needs and expectations? If you are getting a "discount" are you going to be receiving less service? If you're getting "full service" and paying a "full commission" what does that mean? Make sure you know if there are limits on what the agent is going to do for you and how much of a "burden" you have to bear.

The Bottom Line about Real Estate Sales Commission Rebates

1. Rebating is not illegal. The majority of states allow some kind of rebates. Some brokerages have actually built their business models on rebating their commission. If you're not sure, check on the laws in your state before you ask an agent to rebate their commission.
2. Buyers - know the level of service you're going to be receiving. Whether your agent is receiving a full commission or a discounted commission, know what level of service they are going to be providing. Think about what kind of service you need. Review what several agents have to offer and then make a decision.

A Little Bit about the BestHomePro Marketplace and How it Relates to Rebating

We designed the Marketplace to help consumers find the agent that fits their wants and needs the best. As part of the Marketplace we provide the functionality for agents to make money-saving offers, like rebates on commissions, as part of their offer.

Consumers enter the Marketplace when they are ready to work with an agent. Local agents are notified and respond if interested. The system is designed to allow agents to offer a rebate if they choose to do so but is not required. Consumers can compare the Realtors' profiles and offers and decide which one fits them best.

We've had numerous Marketplace entries where agents have offered 10 and 15% rebates on their commission and NOT be selected by the consumer. Offering a rebate isn't always the trump card. In our experience, informed and savvy consumers will make their selection based on a number of factors.

Start Here if you're interested in entering the Marketplace to find a Triangle, NC area agent.