REALTOR Review Spring Ed.

REALTORreview 速

SPRING 2010

A publication of the Raleigh Regional Association of REALTORS速

latest news & 2009 in review

RALEIGH REGIONAL ASSOCIATION OF REALTORS® 111 Realtors Way, Cary, NC 27513 (919) 654-5400, Fax: (919) 654-5401 www.rrar.com BOARD OFFICERS Theresa Clark, President Linda Trevor, President-Elect Stacey Anfindsen, Secretary/Treasurer John Wood, Past-President Joey Robbins, Vice-President RRAR DIRECTORS Mark Connor Tom Smith Parker Creech Phyllis Brookshire Steina DeAndrade Eddie Brown Harriette Doggett Asa Fleming Laurie Donofrio Julie Garrison Grayson Hodge Tom Gongaware Carol McCormick Lewis Grubbs Mollie Owen Becky Harper John Pace Morty Jayson Randy Scherr Melanie Osborne Jose Serrano Teresa Pitt

REALTORreview ®

SPRING 2010, VOL. 2, NO. 2

features

WE SURVIVED! 2009 RRAR President John Wood reminisces about the year’s highlights amid the “Great Recession.”

3

YEAR IN REVIEW REALTORS® persevered, contributing to great strides that kept RRAR on the cutting edge in 2009.

4

REALTOR® FOUNDATION OF THE TRIANGLE PRESIDENT Joey Robbins NCAR REGIONAL VICE PRESIDENTS Elizabeth Allardice John Wood NAR DIRECTORS John Wood Eddie Brown TRIANGLE REALTORS® LEADERSHIP ACADEMY DEAN Morty Jayson Members are cautioned that the inclusion of a name, specific commercial product or service in an article, or the inclusion of a paid advertisement in this publication does not imply endorsement by the Raleigh Regional Association of REALTORS®. All advertisers in this publication wholly support the Fair Housing Act and fully promote equal opportunity housing.

Copyright 2010 by the Raleigh Regional Association of REALTORS®.

All rights reserved.

Spring 2010

HOME TOUR AHEAD 12 GREEN Get a sneak peek at two green

departments 2 11 14 16 17 18 29

From the President Local Market Updates Bits & Pieces NewsMakers Neighbors Helping Neighbors New Members RRAR Events

homes on the Green Home Builders of the Triangle tour in May.

CARE WITH PROPERTY 20 TAKE DESCRIPTIONS Attorneys tell how inaccurate property descriptions in sales contracts can wreak havoc and result in lawsuits.

SOCIAL MEDIA 34 1-HOUR STRATEGY The key to Katie Lance’s integrated approach to social media is to multitask and not get distracted.

ON THE COVER:

REALTOR® REVIEW STAFF:

(First row, left to right) Triangle area home featured on cover of RRAR New Member Guide, 2009 Leadership Academy, Meet the Mayors, Doobie Brothers concert and Eddie Speas – 2008 REALTOR® of the Year.

(Second row, left to right) 2009 RPAC Oktoberfest, sold sign, 2010 RRAR Board of Directors and photo contest winner.

(Third row, left to right) 2009 Golf Tournament, Housing Opportunity Telethon, the year of social media and all-new RRAR Web site.

(Fourth row, left to right) USO supply drive, Angel Tree and loading day for Angel Tree.

Patricia Gregory Rand, managing editor, patriciar@rrar.com • Heidi Ketler, APR, editor, hketler@verizon.net • Caroline Shipman, assistant editor, carolines@rrar.com • Shelly Beck, graphic designer, sbdesign@cox.net For editorial contributions and ad inquiries, please contact Caroline Shipman at carolines@rrar.com or (919) 654-5400.

REALTOR® Review

1

from the president

Looking forward in 2010

By Theresa Clark, RRAR 2010 President

T

here is a lot of optimism and enthusiasm for what our association will be accomplishing this year. I am not exaggerating.

I have seen considerable evidence of it actually occurring recently.

Here are some examples: At a recent North Carolina Association of REALTORS® Forms Committee with 35 other REALTORS® from across the state, we all noted how much our markets have improved since last year – everywhere from the mountains to the beaches.

The home sales figures in the Triangle for March 2010 were better than the same month last year, as was the case for January and February 2010. I believe this trend will continue even with the end of the first-time Home Buyer Tax Credit. We are seeing more homes sell at every price range in the market.

Sales are up at the Raleigh Regional Association of REALTORS® store. In the week leading up to the REALTOR® Nationwide Open House weekend event (April 10-11), there were always lines of people waiting to get promotional materials. When I visited, they were so busy in the store that I gladly pitched in to assist behind the counter. The store is an excellent source for all your local real estate needs.

Change ahead This year is also going to be one of considerable change in the way we work. We will continue to offer free events to help members keep up with the new modifications in business this year.

Among the topics of discussion will be a totally new way of purchasing a home with a due diligence contract.

We expect this to pass before you read this column.

This offer to purchase will take effect January 2011.

New Web site Speaking of the Web site, I hope you’ve had a chance to check out the recently launched www.rrar.com. The revamped Web site was a year-long project involving members and staff. The results make following all that is happening at RRAR a more userfriendly Web experience.

Upcoming events Two free sessions Thursday, May 6, will feature Jerry Rossi, an internationally recognized motivator, mentor and author. Speaking exclusively to RRAR membership, he will add beneficial insight into how to spice up your marketing and change behavior to make the sale.

The Annual Spring Charity Golf Tournament Monday, June 7 to benefit the REALTOR® Foundation of the Triangle will be hosted at the Lonnie Poole Golf Course (Arnold Palmer Signature Golf Course) on the North Carolina State University campus.

The RPAC SummerFest 2010: A Shaggin’ Good Time, our annual fund-raiser Friday, Aug. 13, at the RRAR office will be fun for all, with great refreshments, kids games and more.

We’re here for you!

While things are getting better for the organization and our membership as a whole, we realize we are all not out of the woods yet. We continue to plan improvements to meet your needs throughout the year, and you should know we are here for you whenever you need our assistance.

If you don’t know me yet, please don’t hesitate to contact me. I look forward to meeting each of you in person and learning more about what we can achieve working together as fellow members of the Raleigh Regional Association Sincerely, of REALTORS®.

We are still learning about the changes to the HUDTheresa Clark 1 settlement statement, Home Affordable Foreclosure Alternatives rules and new Environmental Protection Agency lead-based paint standards.

From the mountains to the beach, there is an Please visit www.rrar.com for more information. improving-market trend across North Carolina.

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REALTOR® Review

Spring 2010

Looking back

to 2009

By John Wood, RRAR 2009 President

I

t was a pleasure to serve as your 2009 president. The support from members and Raleigh Regional Association of REALTORS®/ Triangle Multiple Listing Service staff will be my greatest memory of 2009. Thanks to all of you for making it such a great year.

“The Great Recession” As we recall the year’s events in this annual report, it is very clear that the economy was the No. 1 story.

Many people have it tagged as the “Great Recession” and expect it to be remembered for decades to come.

If this account is true, we will have many great stories to tell about how we survived the “Great Recession” here in North Carolina. Many of us joked (sort of) that a top goal for 2009 was to still be standing and selling real estate at the end of the year. I’m happy to say that goal was reached!

Educational opps A goal at RRAR was to bring more opportunities for our members to reconnect with the association in news ways. We saw many of you back in the building attending education programs for the first time in years. A couple highlights included kicking off the year with several of our top producers giving us tips on how to survive in ’09. Then we learned how to Facebook (yes it’s a verb to me), how to read your clients’ body language and how to speak to the media. And RRAR brought us many more educational events throughout the year.

Fun and fellowship Fun was also possible at RRAR events this year.

The highlight was clearly the Doobie Brothers/ Bad Company concert – we needed that night out!

Thanks to Live Nation for sponsoring it. Various member socials included Oktoberfest and the annual Holiday Party, plus many RRAR councils had their own celebrations throughout the year. It’s Spring 2010

so nice from time to time to just have fun with our fellow REALTORS®.

Community support Giving back to our community remains near and dear to many of our members, and in 2009 you stepped up meeting needs that have been greater than ever. We not only supported our local community through various organizations, but we helped our troops with several USO drives and supplies shipped right to Baghdad. The Annual Angel Tree program once again brought children in our own community a gift or two to open on Christmas morning. Thank you for remembering that it’s greater to give than to receive.

Turn the page to the Annual Report for more on last year’s RRAR accomplishments.

While it’s clear I could write forever on what a great year 2009 was, I will wrap up by again thanking all of our members who support RRAR in a variety of ways and our staff who help RRAR continue to be the best REALTORS® association it can be!

I wish you the best for the balance of 2010 and beyond!

John

Many of us joked (sort of) that a top goal for 2009 was to still be standing and selling real estate at the end of the year. I’m happy to say that goal was reached!

REALTOR® Review

3

2009 IN REVIEW

What a year we had!

While the Raleigh Regional Association of REALTORS® was not exempt from membership declines endured by REALTOR® associations across the country in 2009, overall, the association remained strong.

All told, RRAR experienced an 8 percent membership decrease in 2009. To help members and minimize the losses, the RRAR Board of Directors voted to implement a $50 dues reduction.

The association also offered a record number of free events to members.

Membership services RRAR hosted these membership events in 2009: • The Triangle Real Estate Expert Summit, with a panel of local REALTORS® sharing advice on “How to Thrive in Today’s Down Market;” • A membership meeting featuring social media expert Dick Betts; • A membership lunch with experts speaking on the new appraisal procedures; • Speakers on the Home Buyer Tax Credit; • Presentation and sales skills training with Sharon Delaney McCloud and Kim Dean; and • The RRAR Spring Open Golf Tournament at Devils Ridge Club.

The Top Producers Council was sponsored for the year by John Wieland Homes, making possible six lunch meetings, each drawing 40 members. The Raleigh Young Professionals Network (RYPN) hosted four lunch/speaker meetings. The RRAR Real Estate Trends program drew a full house Oct. 19, with speakers Stacey Anfindsen, Amanda Ward and Mark Vitner.

In addition, two RRAR donation drives collected items to “Support Our Troops.” The supplies were shipped to the largest USO distribution center in Baghdad. One of our own new agents, Terry Benson, worked in a 16-month position with the USO in Iraq and rallied RRAR members back home to help coordinate the successful effort.

Awards and Hall of Fame The RRAR Awards Ceremony Dec. 3 recognized incoming officers, directors and committee chairs, as well as Hall of Fame recipients Parker Creech, Raymond Larcher, Raymond Stivers, Ed Willer, and Carter Worthy.

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REALTOR® Review

Spring 2010

Community Service Committee In the last year, the Community Service Committee extended its outreach through numerous charitydriven projects and initiatives.

Even though it was a tough year for the industry, RRAR members were still willing to reach out and give back to the community.

The Community Service Committee members are motivated by the desire to make significant and positive contributions to the community through a collective effort of service to local charitable organizations. In 2009, this goal was achieved through the following projects:

The Shepherd’s Table Soup Kitchen Helped feed the hungry in downtown Raleigh and donated $500 to assist with operating costs.

Resources for Seniors More than 20 RRAR members volunteered multiple Saturdays to help build handicapped-accessible ramps for elderly individuals.

The Miracle League of the Triangle Donated $1,000 to provide children with disabilities the opportunity to play baseball as a member of an organized league.

Inter-Faith Food Shuttle Supported organization by donating $2,000 to feed the hungry.

Hope Elementary Sponsored the “Project Hope” food drive, collecting more than Spring 2010

400 pounds of food and snacks from RRAR members. Also donated $1,000 toward the charter school mission.

Annual Community Service Committee Scholarship Presented scholarships to local high school seniors who excel in academics and seniors for community service. They were: Scott Hefner, $1,000 for North Carolina State University; Jared Hollis, $2,000 for NC State; and Svyatoslav Petrov, $2,000 for the University of Mary Washington.

Project Angel Tree Adopted more than 1,000 angels so more than 250 children had four presents to open on Christmas morning. This was a huge success. Many, many thanks to all who participated.

See WHAT A YEAR WE HAD on page 6 REALTOR® Review

5

WHAT A YEAR WE HAD continued from page 5

Professional standards Six cases were brought before the RRAR Professional Standards Committee: one for arbitration and five for ethics; two cases were mediated.

Government Affairs Committee With the slowing economy and housing market, the Government Affairs Committee in 2009 hosted several member forums on important regulatory topics, such as appraisal reform and the FirstTime Home Buyer Tax Credit, as well as community issues like the forum on Wake County Schools Growth and Planning.

The Government Affairs Department conducted a legislative/ political phone survey of the membership in early 2009 to

keep on top of issues of concern and gauge trends. In addition, the department continued to update and advise the RRAR Board of Directors on timely national and state legislative issues, and conducted dozens of interviews of Wake County candidates for public office.

RPAC hosted its first-ever Oktoberfest fund-raiser and raised more than $18,000 for the REALTORS速 Political Action Committee.

Housing Opportunity Committee The Housing Opportunity Committee hosted its first annual Housing Resource Fair at Triangle Towne Center in early summer.

The goal was to help the general public with questions regarding the Home Buyer Tax Credit, affordable housing, energy-efficiency tips, mortgage lending programs and much more.

The committee also hosted multiple phone bank telethons at the NBC 17 news station.

NBC 17 ran a newscast about the local real estate market and had REALTORS速, attorneys and lenders on set to answer questions from callers around the viewing area. The on-air panel addressed questions from callers concerning credit, equity, refinancing, loan modification and other questions from potential buyers and sellers.

2009 Triangle REALTORS速 Leadership Academy RRAR offered its second annual Leadership Academy with Ross Rhudy as dean. According to 2008 Leadership Academy graduate 6

REALTOR速 Review

Spring 2010

Julie Garrison, “the Triangle REALTOR® Leadership Academy helps participants grow both personally and professionally.

Graduates are also equipped with increased effectiveness and a resiliency that is essential in an ever-changing profession.”

Congratulations to the class of 2009! Chuck Corbett, Jeanette Hussey, Michelle Kern, Cathy Lyons, Gina Miller, Jennifer Perkins, Claudia Stadtlander and Kathy Powers Uhorchak.

Continuing education During 2009, RRAR offered 49 continuing education classes, which attracted more than 3,700 attendees. The association also presented the CRS 210 Referral Course in the fall with great success. The average class size last year was 76. Since 1995, more than 66,400 students have taken RRAR’s continuing education programs.

RRAR company store In its 13th year of service, the REALTOR® Store continued to be a profitable and sought-after service.

an opportunity to play a role in improving the association message and media relations.

One Eleven Place

RRAR issued 55 media releases in 2009; created strong Twitter, Facebook and LinkedIn followings; formed member focus groups to help steer the development of an all-new Web site; and applied the use of audio and video on the Web site.

Over the past decade, One Eleven Place has become a preferred location for hosting meetings and events. Last year, One Eleven Place was reserved for 398 events, with a total of 21,366 attendees.

Communications The Communications Department expanded operations in 2009 and offered members more two-way interaction, and Spring 2010

The department also implemented an all-new branding strategy, with an improved and updated logo and message, “It’s good to be home in the Raleigh Region.”

See WHAT A YEAR WE HAD on page 8 REALTOR® Review

7

WHAT A YEAR WE HAD continued from page 7

Triangle MLS Inc. The Triangle Multiple Listing Service hosted the MLS Refresh event, which provided subscribers the opportunity to refresh their skills, learn some new tips and check out new MLS tools.

TMLS introduced the Area Lookup tool to rapidly access the Area and SubArea information for a listing.

TMLS rolled out the new TMLS Trends tool, an easy-to-use dynamic tool that helps users better understand the rapidly changing real estate market with up-to-date sales trend information.

TMLS hosted a safety seminar, instructed by Leigh Woody, senior trainer of Citizens Against Crime.

The seminar provided REALTORS® with important information and tips on how to stay safe on the job.

TMLS began teaching a new broker-in-charge course.

North Carolina’s six largest multiple listing service organizations created Carolina Data Share (CDS). This IDX program permits the display of active real estate listing data of participating brokers from Charlotte, Greensboro/Winston, Salem/High Point, Wilmington, Brunswick County, North Carolina mountains area and Triangle MLS on broker and agent Web sites.

TMLS implemented rules, policies and procedures governing the Virtual Office Website (VOW) program, which facilitates Internet brokerage.

YEARLY TMLS STATISTICS CATEGORY

2006

2007

CENTRALIZED SHOWING SERVICE (CSS)/CALL STATISTICS

Total Calls Inbound Total Calls Outbound Avg. Answer Time

Monthly Indica 2008

A free research tool from Triangle Multiple Listing Service, Inc. on the Triangle

December681,503 2009 687,730

538,711

Home sales in the Triangle region slowed in December from their recent hot streak. There were 1,173 pending sales during the month, down 1.6 percent from last December. That means the region finished 2009 with 22,604 pending sales—down 7.9 percent from 2008.

789,273

1,000,265

987,649

12.92 Seconds 15.42 Seconds 11.83 Seconds Supply also fell in 2009 as the 44,862 new listings represented a drop of 15.6 percent from 2008.

Total Showings

2009

876,438 869,302 729,494 Despite the December slowdown, the recent strong sales have helped bring the Months Supply of Inventory down to 8.6, a decline of

504,064

New Listings Pending Sales 952,937 Closed Sales Days Market Until Sale 14.17OnSeconds Median Sales Price Average Sales Price 705,300 Percent of Original List Price Rece Housing Affordability Index 26.38% Months Supply of Inventory Market Overview 62.33% Annual Review

% of Showings via Web

6.0 percent from a year ago and a sign that the market is moving 13.29% 15.58% 19.50% slowly back towards equilibrium.

% of Showings w/ Feedback

51.58%

56.50%

62.00%

# of E-mail Notifications

829,433

835,484

663,829

Current Listings Serviced

139,277 All data from Triangle Multiple164,881 Listing Service, Inc. Reports are186,617 created and maintained by 10K184,578 Research and Marketing.

708,368

TriangleMLS.com and RRAR.com Total Hits: 23,405,951 8

REALTOR® Review

Spring 2010

Market Overview

A Monthly Indicator from the Triangle Multiple Listing Service, Inc.

December 2009 New Listings

Pending Sales

Closed Sales

Days on Market Until Sale

Median Sales Price

Average Sales Price

Total Active Listings Available

Percent of Original List Price

Housing Affordability Index

Months Supply of Inventory

Oct Nov Dec Oct Nov Dec Oct Nov Dec Oct Nov Dec Oct Nov Dec Oct Nov Dec Oct Nov Dec Oct Nov Dec Oct Nov Dec Oct Nov Dec

2009

2008

Percent Change

5-Year Average

2009 Year-toDate

2008 Year-toDate

Percent Change

5-Year Year-toDate Average

3,736 2,691 2,437 2,120 1,362 1,173 2,095 2,100 1,554 95 96 104 $180,000 $180,000 $178,510 $219,701 $216,213 $222,590 17,209 16,821 16,204 96.9% 97.2% 96.4% 176 179 176 9.2 8.9 8.6

3,803 2,891 2,495 1,540 1,252 1,192 1,709 1,299 1,549 92 98 100 $191,012 $184,500 $187,400 $239,075 $224,418 $233,788 19,490 19,342 18,720 97.1% 96.4% 96.0% 143 153 161 9.1 9.3 9.2

- 1.8% - 6.9% - 2.3% + 37.7% + 8.8% - 1.6% + 22.6% + 61.7% + 0.3% + 3.2% - 1.9% + 4.5% - 5.8% - 2.4% - 4.7% - 8.1% - 3.7% - 4.8% - 11.7% - 13.0% - 13.4% - 0.3% + 0.8% + 0.4% + 22.9% + 17.4% + 8.9% + 0.6% - 4.1% - 6.0%

4,131 3,247 2,609 2,264 1,854 1,629 2,457 2,129 2,137 83 86 89 $183,362 $182,254 $184,662 $229,251 $226,919 $230,475

39,734 42,425 44,862 20,069 21,431 22,604 18,329 20,429 21,983 101 101 101 $182,500 $182,000 $182,000 $223,603 $222,843 $222,825

47,778 50,669 53,164 22,092 23,344 24,536 22,076 23,375 24,924 90 90 91 $191,500 $190,500 $190,000 $239,739 $238,887 $238,571

- 16.8% - 16.3% - 15.6% - 9.2% - 8.2% - 7.9% - 17.0% - 12.6% - 11.8% + 12.7% + 11.5% + 11.1% - 4.7% - 4.5% - 4.2% - 6.7% - 6.7% - 6.6%

45,833 49,080 51,689 26,703 28,558 30,187 26,056 28,184 30,321 86 86 86 $183,360 $183,080 $183,000 $228,601 $228,502 $228,671

--

--

--

--

--

97.6% 97.5% 97.2% 152 155 154

96.5% 96.6% 96.6% 171 172 172

97.4% 97.3% 97.2% 145 145 146

- 0.9% - 0.7% - 0.7% + 18.2% + 18.4% + 17.8%

96.5% 96.6% 96.6%

--

--

--

--

--

--

All data from Triangle Multiple Listing Service, Inc. Reports are created and maintained by 10K Research and Marketing.

11

Annual Review

Provided by the Triangle Multiple Listing Service, Inc. January through April

April Closed Sales 34,411 34,411

Days on Market Until Sale

36,072

36,072 34,215

$190,000

$180,000

$173,000

34,215

101 91

84 76

24,924

78

21,983

+ 4.8%

- 5.1%

- 27.2%

2006

98.3% 2007

2008

$190,000

$190,000

98.4%

2004

Median Sales Price $173,000

2004

Spring 2010

$180,000

- 9.6%

- 11.8%

98.4%

98.0%

2009

2004

2006

+ 3.7%

98.3% 2007

+ 15.8%

+ 11.1%

98.0% 2008

2009

Percent of Original List Price Received at Sale $182,000

+ 4.0%

+ 5.6%

- 0.0%

- 4.2%

2006

2007

2008

2009

98.4%

2004

All data from Triangle Multiple Listing Service, Inc. Reports are created and maintained by 10K Research and Marketing.

98.3%

98.0%

97.2%

96.6%

- 0.0%

- 0.3%

- 0.8%

- 0.7%

2006

2007

2008

2009

REALTOR速 Review 12

9

1ST PLACE

RRAR.COM FUN AND FOLLYPicture

perfect

Congratulations to the winners of the www.rrar.com photo contest. Enjoy your winnings, while we enjoy your work!

1st place: Tickets to Carolina Ballet’s Cinderella

Linda Jandura

pex Horse farm, A

2nd place: Golf package

Jay Falter

3rd place: Starbucks gift card

Diana Braun

: PLACE D N O SEC il, Car y a r T o c Tobac

Race for Web site feedback Visit the www.rrar.com Web site, and let us know how you like it. The first to respond to the online visitor survey will win a $25 Starbucks card.

10

REALTOR® Review

THIRD PLACE: Home Interior, Briar Chapel, Cha pel Hill

Spring 2010

Single-Fam #N/A Townhouse-Condo

Local Market Updates

A free research tool from the Triangle Multiple Listing Service, Inc.

Entire Triangle Region All TMLS Activity

March 2009

Year to Date

2010

Change

2009

2010

Change

5,595

+ 27.8%

12,493

13,998

+ 12.0%

1,793

+ 10.8%

3,789

4,062

+ 7.2%

$183,000

+ 1.7%

$180,000

$179,000

- 0.6%

$227,186

$221,839

- 2.4%

$226,724

$217,806

- 3.9%

Total Dollar Volume (in millions)*

$367.4

$397.3

+ 8.1%

$858.9

$883.8

+ 2.9%

Percent of Original List Price Received at Sale*

96.0%

96.4%

+ 0.4%

95.9%

96.1%

+ 0.3%

107

105

- 2.2%

106

106

+ 0.3%

18,306

18,372

+ 0.4%

--

--

--

New Listings

4,377

Closed Sales

1,618

Median Sales Price*

$180,000

Average Sales Price*

Average Days on Market Until Sale Inventory of Homes for Sale *Does not account for seller concessions.

Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme due to the small sample size involved.

Activity—Most Recent Month 5,595

Activity—Year to Date 2009 2010

4,377

1,618

Closed Sales

Median Sales Price $180,000

$183,000

2009

$180,000

$179,000

- 0.6%

+ 1.7% March

Year to Date

Days on Market Until Sale 105

2010

4,062

3,789

+ 7.2%

+ 12.0% New Listings

Closed Sales

Percent of Original List Price Received at Sale 2010

107

2009

1,793 + 10.8%

+ 27.8% New Listings

13,998

12,493

96.4%

96.0%

2009 2010

+ 0.4% March

96.1%

95.9%

+ 0.3% Year to Date

March Inventory of Homes for Sale 2009

106

106

18,306

18,372

2010

- 2.2% March

+ 0.3% Year to Date

+ 0.4% 2009

2010

All data provided by Triangle Multiple Listing Service, Inc. Reports are created and maintained by 10K Research and Marketing.

For further information regarding TMLS Market Trends and Analysis please visit: www.trianglemls.com

Spring 2010

REALTOR® Review

11

Single-Fam #N/A Townhouse-Condo

Local Market Updates

A free research tool from the Triangle Multiple Listing Service, Inc.

Wake County

March

Wake County, NC

Year to Date

2009

2010

Change

2009

2010

Change

New Listings

2,334

2,883

+ 23.5%

6,782

7,325

+ 8.0%

Closed Sales

873

994

+ 13.9%

2,059

2,204

+ 7.0%

Median Sales Price*

$200,000

$205,000

+ 2.5%

$200,000

$201,154

+ 0.6%

Average Sales Price*

$253,707

$252,814

- 0.4%

$252,489

$247,992

- 1.8%

Total Dollar Volume (in millions)*

$221.5

$251.3

+ 13.5%

$519.9

$546.6

+ 5.1%

Percent of Original List Price Received at Sale*

96.5%

96.9%

+ 0.4%

96.4%

96.9%

+ 0.5%

101

102

+ 1.6%

102

104

+ 1.5%

9,198

8,962

- 2.6%

--

--

--

Average Days on Market Until Sale Inventory of Homes for Sale *Does not account for seller concessions.

Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme due to the small sample size involved.

Activity—Most Recent Month 2,883

Activity—Year to Date 2009

7,325

6,782

2010

2009 2010

2,334

873

994 + 13.9%

+ 23.5% New Listings

Closed Sales

Median Sales Price $200,000

$205,000

2009 2010

$200,000

$201,154

+ 0.6%

March

Year to Date

Days on Market Until Sale 102

+ 7.0%

+ 8.0% New Listings

Closed Sales

Percent of Original List Price Received at Sale

+ 2.5%

101

2,204

2,059

96.9%

96.5%

2009 2010

+ 0.4% March

96.9%

96.4%

+ 0.5% Year to Date

March Inventory of Homes for Sale 2009

102

104

9,198

8,962

2010

+ 1.6% March

+ 1.5% Year to Date

- 2.6% 2009

2010

All data provided by Triangle Multiple Listing Service, Inc. Reports are created and maintained by 10K Research and Marketing.

For further information regarding TMLS Market Trends and Analysis please visit: www.trianglemls.com

12

REALTOR® Review

Spring 2010

This BuildSense entry also on this year’s tour is a green renovation of a 100-year-old home.

Michael Chandler of Chandler Design Build answers questions from tour participants last year.

This Homes by Dickerson entry in Green Home Tour 2010 shows that certified green homes can have considerable style and curb appeal.

5th Annual Green Home Tour to showcase 31 homes Triangle-area home builders associations will spotlight green building techniques and materials in the 5th Annual Green Home Tour from noon to 6 p.m., May 15-16 and May 22-23.

the HBA of Raleigh-Wake County.

Each entry is required to achieve sufficient goals in all of the green building program areas and must conform to at least the bronze level of green certification.

The self-guided tour of 31 green homes in a variety of styles and price ranges is free and open to the public. With the entries’ geographic distribution throughout the Triangle – eight in Wake County, 10 in Chatham, five in Durham, six in Orange and one in Alamance – residents should be within reasonable driving distance of several entries. As in the past, the event includes several affordable and entry-level homes, in addition to a number of luxury custom projects.

“It’s not possible for a builder to enter our tour simply by adding some solar panels to an otherwise code-built home,” says Leigh Scott, director of green building programs at the HBA of Durham, Orange & Chatham Counties. “In order to achieve our certificate and enter the tour, a builder must consider the whole home as a system, and incorporate green techniques and components throughout the project.”

All homes on the tour are enrolled in the green building certification program administered by the Green Home Builders of the Triangle (GHBT), which is a joint project of the Home Builders Association (HBA) of Durham, Orange & Chatham Counties and Spring 2010

“The emphasis of the Green Home Tour is on the technical details of construction, and some of the homes in the event are expected to be only partially complete so attendees can see materials and techniques that would otherwise be hidden behind the walls,” says Pat Daley, Green Home Tour chair. “Even builders with finished homes will

be investigating creative ways to spotlight the green items in their tour entries,” she says.

Green features showcased on the tour range from A to Z (or almost, anyway), starting with advanced framing and going all the way to xeriscaping. Many of the green homes on tour will look just like traditional subdivision houses, because builders can incorporate green technologies into homes of any style. The more unusual features, such as solar panels, are not required to make a house green. Still, the tour will offer attendees the chance to see those kinds of features, too.

A list of the entries and details about each are available on the tour Web site. (www. trianglegreenhometour.com) Free tour books will be available in a variety of local outlets the week before the tour.

More information on the GHBT green building program also can be found at www.greenhome buildersofthetriangle.com.

REALTOR® Review

13

bits & pieces

SummerFest will be shag-adelic

The Raleigh Regional Association of REALTORS® invites you to get shagging at SummerFest 2010, a carnival fund-raiser for RPAC, Friday, Aug. 13, from 5 p.m. to 9 p.m., at the RRAR facility in Cary.

green home tour May 15–16 & 22–23, 2010

Shaggers will compete for bragging rights and a trip for two to Myrtle Beach to attend the North Carolina Association of REALTORS® convention and compete against other REALTORS® in a talent contest.

Bring your family – and your dancing shoes! This is a family-friendly event, with games and activities for kids, games for adults, face painting, a dunking booth, Segway rides and much more.

Great food and refreshments will include hamburgers, hot dogs, ribs, chicken and cold beer.

Whether you are looking to unwind on a Friday afternoon or want to spend some quality time with the kids, plan to come to SummerFest!

Adult tickets are $25; kids are free.

For more information visit www.rrar.com for updates.

SmartCommute: A pledge you can keep

Since April 15, the SmartCommute Challenge has given commuters in the region pause and much to ponder.

The non-profit public service campaign asks the driving public to pledge to ride the bus, bike, walk, vanpool, carpool or work from home at least once before May 15.

The mission of the annual spring challenge, coordinated by GoTriangle and SmartCommute@rtp, is to help reduce the carbon footprint of Triangle commuters, as well as get you thinking about, and taking advantage of, greener commute choices.

When’s the last time you took the bus?

TriangleGreenHomeTour.com

For more information or to sign up for the 2010 challenge and post pictures of you fulfilling the pledge, visit www.smartcommutechallenge.org.

919.493.8899

A joint program of the HBA of Durham, Orange, & Chatham Counties and the HBA of Raleigh-Wake County 14

REALTOR® Review

Spring 2010

A Night at the Ballpark

On April 16, 2010, the Community Service Committee sponsored A Night at the Ballpark to benefit The Miracle League of the Triangle. The Miracle League of the Triangle gives children with mental or physical disabilities the opportunity to

play baseball as a member of an organized league.

Members of the Community Service Committee and RRAR membership donated their Friday night to serve as buddies for the handicapped children. It was truly a remarkable and rewarding experience for everyone involved.

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Raleigh

Sylvia Phillips Currin

(919) 881-1632

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Raleigh

Sara Ivey Hodge

(919) 847-1600

ihodge@crescentstatebank.com

Holly Springs

Alex Macklin

(919) 552-6590

amacklin@crescentstatebank.com

Cary

Maureen Brown

(919) 463-6101

mbrown@crescentstatebank.com

REALTOR®4/9/2010 Review 15 1:28:06 PM

newsmakers

President’s Circle– Sam DiFranco of Cresa Partners;

2010 COMMERCIAL REALTOR® OF THE YEAR IS FRANK QUINN. SAM DIFRANCO (LEFT) ACCEPTS THE 2010 TCAR PRESIDENT’S CIRCLE AWARD FROM 2010 TCAR PRESIDENT BRET MULLER.

Community Leader Award– Adam Hartzell of Interact of Wake County; William P Eyerman Award– Kerry Saunders of NAI Carolantic; Busy Broker Award (two recipients!)– Clark Womack of Commercial Associates and Kathy Gigac of Anthony and Co.; Developer of the Year– Greg Sanchez of Tri Properties; and Development of the Year– East West Partners for its LEED-certified project East 54 in Chapel Hill.

Trail Blazer Awards for small firms, Sales Transaction of the Year and Lease Transaction of the Year also were presented.

TCAR presents 2010 Frontier Awards The Triangle Commercial Association of REALTORS® celebrated great accomplishments made in 2009 during its annual Frontier Awards celebration at the Carolina Country Club in Raleigh March 4.

Winner of the prestigious 2010 Commercial REALTOR® of the Year Award was Frank Quinn of Anthony and Co., ONCOR International. It was presented by last year’s Commercial REALTOR® of the Year, E. Stephen Stroud of SIOR. Kicking off the event was David Glenn of North Carolina Sports Talk Network, who gave insider analysis into March Madness basketball and collegiate sports in the Triangle. Considered the journalist with the “thinking man’s” approach to sports, Glenn is the award-winning writer and editor of the ACC Sports Journal and the host of Sports Radio 850 The Buzz, one of the most successful sports radio programs in Raleigh.

Frontier Award winners Every year a panel of past presidents and REALTOR® of the Year winners reviews Frontier Award nominations and makes selections based on qualifications.

In addition to the Commercial REALTOR of the Year Award, the Frontier Awards presented were: ®

16

REALTOR® Review

And inductees into the Million Dollar Clubs were announced. Each of the Million Dollar Clubs represents a specialty within the commercial industry: sales, land sales, office leasing, retail leasing and industrial leasing.

For more award details, including the names of all winners, visit the TCAR Web site, www.tcar.com.

Service to the industry, community According to TCAR President Bret Muller of Capital Associates, the 2010 Commercial REALTOR® of the Year Award recognizes Quinn’s contributions throughout an award-winning career that spans 28 years. Since 2007, Quinn has served on the North Carolina REALTORS® Commercial Alliance Board of Governors. He is now its 2011 chairman elect.

Quinn’s service to the community also was applauded. He has been an active volunteer of various civic and charitable groups, including the American Red Cross, the Visual Arts of Cary, the Catholic Diocese of Raleigh/St. Andrew’s Catholic Church, Habitat for Humanity, St. Bernadette Hispanic Ministry, March of Dimes, Muscular Dystrophy Campaign and the Inter Faith Food Shuttle.

Congratulations, new GRIs! These members of the Raleigh Regional Association of REALTORS® recently graduated from the REALTORS® Institute, earning their GRI designation: Spring 2010

neighbors helping neighbors

Dennis Bailey, REMAX Select Katie Bradley, REMAX Select Ken Brandon, Century 21 American Properties South Jessica Edwards, Coldwell Banker Sea Coast Realty Tom Gregory, Lake Norman Realty Inc. Hilary Hill, Keller Williams Preferred Realty Binny Joseph Jaime Kendall, Fonville Morisey Realty Carol King, Keller Williams Ballantyne Area Nila Kucharski, Carolina Realty Arvind Mahajan, AKM Realty Nicole Orringer, HomeTown Realty Angela Sarvis, Peak, Swirles & Cavallito Meiling Shih, Meiling Shih, Broker Bryan Sinnett, REMAX United Julie Spence, Hodge & Kitrell, Inc. Nigel Terry, Keller Williams Preferred Gene Wolf, C.B. Huff & Pennink Advantage These Region 10 REALTORS® also recently earned their GRI:

Calling all cars!

Give cancer patients a lift The local chapter of the American Cancer Society is calling on members of Raleigh Regional Association of REALTORS® to become volunteer drivers in the local Road to Recovery program.

Every day thousands of cancer patients need a ride to treatment, but some may have transportation issues that keep them from receiving life-saving treatment.

Road for Recovery is designed to come to their aid.

Volunteer drivers donate their time and resources to take patients to treatment and back home again.

They also can be a source of moral support.

Helping to rally fellow REALTORS®, Vince Bankoski calls the program a matter of life and death.

“REALTORS® have more flexibility in terms of their schedule,” he says, making them ideal Road for Recovery drivers.

ACS is seeking to boost the program’s volunteer force through-out eastern North Carolina, including Durham County. “In a county such as Durham, 40 volunteers would make a significant impact,” says Susan Dillon, ACS senior community manager/ transportation solutions manager.

“We have 31 drivers, who either live in Durham or outside of Durham and are willing to transport to cancer treatment facilities in Durham. However, transportation is always subject to volunteer availability,” Dillon says.

Those interested in volunteering as a driver must:

Jodi Simmons, Village Pine Properties

• Own a safe and reliable vehicle;

Rhonda Little, Coldwell Banker Advantage

• Have a valid driver’s license;

Karen Huckabay, Keller Williams Realty

• Have proof of auto insurance;

Mary Ann Feagan, Coldwell Banker Advantage

• Attend Road to Recovery volunteer training.

Hello, Newsmakers!

Remember to send us your news of recent designation awards and photos.

Submit to Caroline Shipman at carolines@rrar.com.

Spring 2010

• Have a good driving history; and The volunteer’s driving schedule can be as flexible as she or he desires.

To get started, call Tracey Smith, ACS community manager, at (919) 334-5241 or send an e-mail to tracey.smith@cancer.org, or contact the American Cancer Society at (800) ACS-2345 or www.cancer.org REALTOR® Review

17

WELCOME NEW MEMBERS

Rick Abshure, C-21 Becky Medlin Realty Erica D. Anderson, Keller Williams Prartnana Aphale, Howard Perry & Walston Realtor Donna Ausley, Exit Realty Professionals Phyllis U. Badesch, Howard Perry & Walston Realtor Chaynne Bailey, Zip Realty Inc. Christina Beck, Howard Perry & Walston New Homes Teresa A. Blasi, Howard Perry & Walston Realtor Amanda B. Bone, HomeTowne Realty Tracy S. Brewer, Exit Select Realty Mark Brown, Powell Realty Tobi C. Buckley, Fonville Morisey/Stonehenge Brian K. Burton, WSR Home Buyers L.L.C. Melissa Butler, Get Results Realty Inc. Jayson L. Canady, Solid Source Family First Realty Adrienne L. Harrington, New-Wave Realty John C. Carmenate, Realty World on Salem Street Kelly Carraway, Allen Tate Co. Inc. Gayle A. Carter, 1st Signal Corp.

Sara M. Chandler, Howard Perry & Walston Realtor Umesh R. Chokshi, Reddy Realty Robert Churchill, Fonville Morisey/ Brier Creek Cedric A. Clements, Market Place Real Estate Elizabeth A. Cominio, CB Advantage Carmen C. Copper, Allen Tate Co. Inc. Susan Corbin, Prudential York Simpson Underwood Tara Crawford, Flowers Plantation Information & Sales Luease T. Cyrus, Ursula Gray Realty L.L.C. Thomas Dale, Valentine Land & Timber L.L.C. Leland M. Davis, Solid Source Family First Realty Wagner Del Salto, Metropoly Realty L.L.C. Chetan V. Deshmukh, Howard Perry & Walston Realtor Pamela Dirisio, Flat Fee Realty L.L.C. William J. Dixon, Howard Perry & Walston Realtor Sheila Dockery, Zip Realty Inc. Sarah J. Drury-Marchand, Howard Perry & Walston Realtor Hollie B. Ellinwood, Keller Williams Andrea G. Enns, Prudential York Simpson Underwood Brenda L. Fall, Howard Perry & Walston Realtor Arlette J. Fernandez, Domus Real Estate L.L.C. Theresa Fey, Howard Perry & Walston Realtor Kristen Fields, Prudential York Simpson Underwood James P. Flanagan, Centex Realty Co. Grace M. Franklin, Hodge & Kittrell Inc. Realtor Mark W. Freeman, CB Advantage Fred W. Frizzle, Fonville Morisey/Youngsville

Frederick R. Garloff, Howard Perry & Walston Realtor Adam D. Gift, RealPro Realty L.L.C. Julianna A. Glauser, Fonville Morisey/Lochmere Justine I. Grayson, East Bridge Realty L.L.C. Diane Griffin, Northside Realty Inc. David Grubbs, Prudential York Simpson Underwood Karen S. Hansen, CityGate Real Estate Services Deborah A. Hatt, Prudential York Simpson Underwood Daniel J. Henthorn, C-21 Vicki Berry Realty Bo L. Herman, Belvedere Realty Stacey B. Hill, Til Dawn Real Estate Inc. Carlton Hinnant, Valentine Land & Timber L.L.C. Katelyn Hokenberg, Keller Williams Realty Lynn R. Holmes, Capital Gains Realty Tonya W. Hunt, Howard Perry & Walston Realtor Nina C. Jacobs, Keller Williams Realty Cheri H. Johnson, Allen Tate Co. Inc. Donna L. Johnson, Fonville Morisey & Barefoot Arlene O. Jones-McCalla, C-21 Vicki Berry Realty Sunny M. Kalathiveettil, Evershine Properties Inc. James W. Laxton, Howard Perry & Walston Realtor Wendy G. Lewis, Fonville Morisey/Churchill Alex J. Locklear, Keller Williams Fred C. Lohmueller, Dream Living Realty Dimitrios Louris, Allen Tate Co. Inc. Charles E. Mann, Allen Tate Co. Inc. Charlotte A. Marion, Standard Pacific Carolinas L.L.C. Linda S. McCarty, Re/Max United Elizabeth G. McCollum, Allen Tate Co. Inc. Paige D. McLaurin, Howard Perry & Walston Realtor Teresa McLean, Fonville Morisey/Garner Sales Kellie McLeod, Providence Realty Group L.L.C. Steve R. Meadows, Howard Perry & Walston Realtor Cheri A. Melfi, Allen Tate Co. Inc. Sarah G. Mendel, Keller Williams Chapel Hill Li Meng, CHK Realty Tiffany L. Merritt, Howard Perry & Walston Realtor John T. Miller, Keaton Barrow Realty Rosemary A. Molinari, Zip Realty Inc. Robert L. Moore, Howard Perry & Walston Realtor Melissa L. Morris, Keller Williams Realty Peter J. Muir, C-21 Vicki Berry Realty Cynthia S. Murrelle, Fonville Morisey/Falls Truong Nguyen, C-21 Vicki Berry Realty Angela D. Norman, Howard Perry & Walston Realtor Valance Ortyl, Rochelle Moon Realty Colette A. Parker, Vineyard Realty Inc. Debra Ann Pearson, Fonville Morisey/Tuscany

January 26 through April 10

Eugene G. Pitzer, Keller Williams Realty Jerry A. Radman, Sunshine Real Estate L.L.C. Bryan K. Renn, Howard Perry & Walston Realtor Cheri Roeder, Allen Tate Co. Inc. Cherie E. Rosa, Keller Williams Silvia Rouse, Howard Perry & Walston Realtor Renee L. Rundenza, Regan & Co. El Ryoo, Prudential York Simpson Underwood Michelle W. Schultes, Keller Williams Catherine Sentgeorge, Fonville Morisey/Preston Andrea M. Sharoian, Quail Point Amy R. Sharp Van Arkel, Zip Realty Inc. Craig S. Shatilla, Howard Perry & Walston Realtor Julian W. Shearin Jr., Howard Perry & Walston Realtor Rodna Shontz, Barker Realty Inc. Patricia M. Simmons, Keller Williams Realty Christy Smith, Fonville Morisey/Falls Sales Ronald J. Smith, Crane Realty Donna B. Stanley, Howard Perry & Walston Realtor John A. Stanton, Fonville Morisey/Preston Constance S. Stead, CB Advantage Joseph H. Stewart, Wilson Property Management Lisa A. Stroud, Appraisal Station L.L.C. Jimmy W. Swann, D.R. Horton Inc. David Sweatman, Standard Pacific Carolinas L.L.C. Christopher S. Tanas, Ammons Pittman, Realtors Celestine Taylor-King, Zip Realty Inc. Glen H. Tellefsen, Bailey Wright Realty Brien P. Thomas, Fonville Morisey/Stonehenge Joan Todd, Zip Realty Inc. Lauren Trimarchi, Zip Realty Inc. Bradley A. Turlington, Divine Stoltz Realty Christine A. Van Over, Northside Realty Inc. Ginger E. Vereen, Keller Williams Realty Natalie Wade-Bowden, Fonville Morisey/ Brier Creek Paul B. Waldner, Pineridge Realty & Development James Warren, Realty World on Salem Street Sherelle A. Washington, Cardinal Realty Group L.L.C. Jill S. Weinstein, Bailey Wright Realty Kathryn L. Whitehorne, Allen Tate Co. Inc. Stefanie B. Whitlow, Lavrack Properties Inc. Susan B. Williams, Fonville Morisey & Barefoot Jason Williamson, Fonville Morisey & Barefoot Jennifer Wolborsky, Allen Tate Co. Inc. Jeffrey D. Wolgemuth, Valentine Land & Timber L.L.C. Haixin Yang, CHK Realty Rith R. Yim, Keller Williams Realty Denise Young, Zip Realty Inc. Leslie Young, Howard Perry & Walston Realtor Ais Sam Zerarka, Howard Perry & Walston Realtor

If you would like to SPONSOR A NEW MEMBER ORIENTATION, please contact Priscilla Erwin at (919) 654-5400.

18

REALTOR速 Review

Spring 2010

Cheers to new Raleigh Associate Program members!

Are You a

Risk Taker?

Here are the first members of the new 2010 Raleigh Associate Program: Lance Bailey, Surplus Warehouse Corey Bauer, Wells Fargo Home Mortgage Jo Ann Brady, PrimeLending Matt Branstrom, Bank of America Home Loans Kevan Bytnar, The Real Estate Book Ricardo Cobos, Suntrust Mortgage David Colgan, Academy Mortgage Corp.

Heather Driver, Summit Hospitality Group Eric Goodsell, U.S. Inspect L.L.C. Katherine Haney, Kat’s Design Services Kevin Martini, Suntrust Mortgage

Skydiving, the stock market or even the funny looking stuff on the buffet line. Some risks can be fun. . . But not all are profitable. Don't take a risk with your next Real Estate Deal.

Ericka McCaw, The Governors Club Tim Minton, Home Builders Association of Raleigh-Wake County Christopher Murray, Corporate Investors Mortgage Group Inc. Lorraine Piechnik, Primary Residential Mortgage Inc. Doug Schoonmaker, Suntrust Mortgage Stephen Smallman, Steve Smallman Property Inspections Erik Taylor, First Citizens Bank Belinda Wells, James Hardie Building Products Mark Wooten, Suntrust Mortgage

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Those in an allied field or a company that provides products or services to the real estate industry are welcome to join the Raleigh Associate Program.

For more information, contact Priscilla Erwin at (919) 654-5400 or priscillae@rrar.com.

Spring 2010

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FREE to all TMLS subscribers REALTORÂŽ Review

19

Botched property description in sales contract

By Will Martin and Bill Gifford

The recent case of Drake v.

Hance, 673 S.E.2d 411 (nc Ct. App. 2009) underscores the critical importance of taking care to properly describe the property in a real estate sales contract. On June 16, 2005, Eric and Debra Hance entered into an offer to purchase and contract to purchase a home owned by Garry and Wanda Drake. The contract was prepared by a real estate agent who was acting as a dual agent in the transaction. The property was described in the contract as “#15 Legacy Lake (ALL of the property in Deed Reference: Book 1137, Page 244 Union County).”

Although the contract only specifically mentioned the purchase of Lot 15, the deed referred to in the contract described both Lot 15 Legacy Lake and Lot 11 Legacy Lake. Lot 15 was the property on which the house was located. Lot 11 was a vacant lot across the street from Lot 15.

20

REALTOR® Review

The closing attorney prepared the deed among other closing documents. The new deed also described the property as “Lot 11 and 15, Legacy on the Lake.” The deed was recorded after closing on Sept. 9, 2005. Eight months later, when the Drakes contracted to sell Lot 11 to a third party, they discovered that Lot 11 had been included in the transaction with the Hances.

After attempts to correct the mistake were unsuccessful, the Drakes filed a lawsuit in August 2006, alleging that both lots were mistakenly conveyed to the Hances. They alleged that the conveyance resulted from a mutual mistake of fact and requested the court to reform the deed to reflect the intended transaction.

The Hances denied any mistake of fact regarding the deed. Over the Hances’ objection, the trial court allowed outside evidence to determine the intentions of the parties. The court ordered

reformation of deleting Lot 11.

the

deed

by

The Hances appealed. On appeal, the Hances argued that the trial court erred by allowing the Drakes to present evidence that contradicted and modified the sales contract, where all of the documents executed prior to the sale clearly described the property to be conveyed.

The appeal court acknowledged that the parol evidence rule prohibits the admission of evidence to contradict or add to the terms of a clear and unambiguous contract.

On the other hand, if the contract leaves it doubtful or uncertain as to what the agreement was, parol (oral) evidence is admissible to determine what the real agreement between the parties was. In the case at hand, the contract included the street address and described the property as “#15 Legacy Lake” but also included a deed reference describing both Lot 15 and Lot 11.

Spring 2010

RESULTS IN LAWSUIT …Several years of litigation and a lot of legal fees would likely have been avoided had the agent either taken the time to review the actual deed prior to inserting a reference to it in the contract or not referred to the deed at all.

The appeal court concluded that this was an ambiguity, and the trial court therefore did not err in considering parol evidence to explain or construe the legal description. The trial court had found “exceptionally persuasive” the closing attorney’s testimony that the deed had been improperly prepared due to an error in his office.

The court of appeals concluded that the trial court did not err in admitting parol evidence to determine the intent of the parties, and did not err in reforming the deed when presented evidence of the attorney’s mistake, and therefore affirmed the trial court’s decision.

Spring 2010

of the Drake v. Hance decision, the “All” and “A portion of ” check boxes were removed from the Offer to Purchase and Contract as a result of several other reported situations with similar facts.)

For unknown reasons, the real estate agent and the agent’s firm were not included in the lawsuit.

However, several years of litigation and a lot of legal fees would likely have been avoided had the agent either taken the time to review the actual deed prior to inserting a reference to it in the contract or not referred to the deed at all.

(Note: A year prior to the filing

Agents must be diligent and careful in completing the property description in a contract. Sufficient information must be included to adequately identify the property and, as the Drake v. Hance case demonstrates, that information must not be contradictory.

Will Martin and Bill Gifford are managers in the law firm of Martin & Gifford P.L.L.C., which practices primarily in the area of real estate brokerage law. For more information about the firm, go to www.martingiffordlaw.com.

REALTOR® Review

21

Rebuilding Together helps with free home repairs for needy

By Tom Kelly

T

rimble was the Texas oil worker who gathered a group of caring neighbors in 1973 to help a widow living on a fixed income with some much-needed home repairs. At the end of that productive and invigorating day of work, the woman exclaimed, “This is like Christmas in April!”

Rebuilding Together (formerly known as Christmas in April) became a national nonprofit organization in 1988, headquartered in Washington, D.C. 22

REALTOR® Review

There are now 260 affiliates of this volunteer organization in 49 states, preserving and revitalizing low-income houses and communities.

The group performs home repair and maintenance services at no charge for low-income homeowners and nonprofit facilities. The organization reaches out to the elderly, the disabled and families with children in

an attempt to help them remain warm, safe and independent in their homes.

Rebuilding Together of the Triangle Inc. has been working in the Raleigh/Durham/Chapel Hill metropolitan area since 1996. Today, it provides program services year-round to residents in Chatham, Durham, Orange and Wake counties.

Year-round initiative The organization originally scheduled just one annual Rebuilding Spring 2010

Day, but extra assistance from companies like Home Depot and Bank of America now allows for a year-round operation that includes a fall Rebuilding Day and Project Homefront, a special program to help military families repair and maintain their homes while a family member is deployed.

More than 250 affiliate leaders throughout the nation processed applications for National Rebuilding Day on April 24. Applicants must be owner-occupants and meet specific income guidelines.

The 2010 national campaign officially began at the Super Bowl in Miami. “The Kickoff to Rebuild” featured present and past National Football League players who have become involved with Rebuilding Together in their respective cities.

Last year, more than 250,000 volunteers worked on more than 8,000 homes and nonprofit facilities, providing more than $84 million in improvements. Since the program began, 87,450 homes have been rehabilitated with the help of more than 2.3 million volunteers.

Injury prevention Much of the work for seniors involves building a ramp to eliminate steps to an entry. Recent statistics have revealed that the number of seniors seriously injured in falls continue to climb.

Reportedly, 60 percent of the deaths of people over the age of 65 are the result of a fall in the home. Each year, more than 11 million senior citizens fall – that’s nearly one out of every three people over 65.

Spring 2010

The injuries are also exLast year, more than 250,000 pensive to treat. According volunteers worked on more to the American Academy than 8,000 homes and nonprofit of Orthopedic Surgeons, treatment of the injuries facilities, providing more than $84 and complications assocmillion in improvements. iated with falls costs more than $20.2 billion a year. Rebuilding Together’s affiliates and the surgeons’ American Academy recently launched a series of workshops and technicalassistance sessions to explore the growing need for home modifications as the Community effort nation’s population ages.

Rebuilding Together relies on “We are encouraging all folks donations of cash, labor and who need help to let us know materials from businesses and you are out there,” said Charlie community groups before molding Foushee, Seattle Rebuilding its schedule of projects.

Together development committee While some community volunchair. “Sometimes people are teers have extraordinary skills, simply afraid to ask – especially the construction industry’s skilled seniors. If they are unsure about trade professionals – plumbers, what regional RT serves them, electricians, iron workers, glaziers we’ll try and find them a crew and roofers – not only save time and solution.” with their expertise but they also get excited about being Ripple effect part of the program. Volunteers Rebuilding Together also has must be at least 14 years old opened other doors for seniors. to participate.

For example, Edwin Hoffman, a reverse-mortgage specialist for Wells Fargo, helped coordinate a RT project for a widow, 82, in Tacoma, Wash., two years ago.

The program brought the widow’s home up to Federal Housing Administration standards.

The woman was then able to get a reverse mortgage and use the proceeds to comfortably age in place with a remodeled kitchen, new roof, septic repair and two bathroom makeovers.

For more information, visit Rebuilding Together of the Triangle at rebuildingtogethertriangle.org, call (919) 341-5980 or e-mail info@rebuildingtogethertriangle.org.

Tom Kelly is an author, nationally syndicated newspaper columnist and talkshow host, specializing in second homes.

Among his book is How a Second Home Can Be Your Best Investment, written with economist John Tuccillo. His weekly features appear in numerous national newspapers.

His award-winning radio show Real Estate Today is in its 15th year on Seattle’s 770 KTTH-AM. He can be reached at news@tomkelly.com.

REALTOR® Review

23

“You Know the Neuse…You Think You Know Jordan Lake….

Welcome to Falls Lake – The New Frontier in Watershed Protection.”

Water Quality, Land Development, and You: Why you should care about the future of Falls Lake.

The State Environmental Management Commission is developing new rules to reduce nutrient loading from development and other sources within the Falls Lake Watershed.

The Commission is proposing far-reaching measures aimed at improving water quality in one of the region’s primary water supply watersheds. This program will provide insight into what owners and developers can do to influence the process and steps to take now to try to protect themselves from , or plan for, the impact of these changes.

Come learn why everyone should be concerned about the outcome of this effort and the potential impacts to development, the environment, and regional politics.

Key Note Speakers and Panelist: ¾ Steven Levitas, Kilpatrick Stockton LLP Partner ¾ Todd St. John, P.E./ LEED AP, Kimley-Horn and Associates Senior Environmental Engineer

¾ Frank Thomas - HBA of Durham, Orange & Chatham Counties Director of Government Relations

Register today for this exclusive event either by filling out Register online today for this exclusive event at www.trcc.org the attached form or online at www.tricc.org!

Sponsored by:

24

REALTOR® Review

Registration Details on Reverse Side

Spring 2010

2010-2011 Season Subscriptions start at

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September 16-October 3, 2010

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October 14-31, 2010

Pinocchio

November 24-28, 2010

Nutcracker

December 17-26, 2010

The Ugly Duckling

February 17-March 6, 2011

Carmen

March 24-April 10, 2011

Monet Impressions April 14-17, 2011

A Midsummer Night’s Dream May 19-22, 2011

Spring 2010

REALTOR® Review

25

Social media:

Protect yourself and your friends

By Bernice Ross

Would you give away your best client’s personal contact information to a spammer or identity thief? If you are not actively protecting your client and personal contact lists on social media sites, you may be doing exactly that.

A couple of days ago, I used Facebook to ask a friend to give me a call. I included my office phone number. Later in the day, I received a note from another Facebook friend who must have seen the note on my Facebook Wall. My friend warned me: “Don’t ever post your phone number on your wall. You’ll get inundated with marketing calls.”

I can certainly understand not posting your personal phone number on your public feed on Twitter, especially if you have hundreds or thousands of 26

REALTOR® Review

followers. On the other hand, my profile page shouldn’t be an issue. After all, don’t I control who sees what is on those pages?

Here’s the problem. When I send a message to someone else on any of the social media sites and include private information, such as my direct phone number, pictures or other personal data, that person may not be as diligent about protecting their data as I am.

Part of the issue is data mining. A host of companies are doing this, including Google. Data mining can be fairly innocuous – the site may be collecting information about users so it can better serve them. In most cases, however, this is not the case. Your personal data is quite valuable to advertisers.

Many of the fun games on Facebook are nothing more than data-mining schemes.

Data mining can be dangerous.

For example, when you sign up to play a game on Facebook, the application invites you to share your game results with your friends. As soon as you broadcast your results, you have handed

over your database information to a third party.

I recently received a request to become the fan of an application that would tell me how many people had visited my Facebook profile page. The catch? I had to provide this company with access to all of my friends’ data.

There are constant stories in the news about how various databases have been attacked by hackers. In fact, Google recently suffered a major attack from Chinese hackers. Banks are constant targets, as well. If your personal data is compromised, it can lead to identity theft, creditcard issues, or even put your home and personal safety at risk.

What can you do to protect your privacy? Here are some tips.

1. Set your Facebook privacy settings to the maximum level you can tolerate

Facebook has recently improved its privacy settings. You can set up your profile to control who sees what parts of your profile. Again, Spring 2010

the challenge is whether the people on your friends’ list will be as diligent about protecting your data as you are. By limiting who has access to your personal information, you can limit your exposure.

2. Protect your passwords

One of the best strategies to protect your privacy is to change your passwords often. The challenge is keeping track of multiple passwords for multiple sites. There are numerous services that allow you to store your passwords in an encrypted file. In some cases, all you have to do is to access a single Web site that provides this service.

The software automatically logs you in and you don’t have to worry about having the passwords on your computer where they could be hacked.

3. Be suspicious

Any site that demands you provide access to your friends and/or followers is probably a threat to your security. While the service may be appealing, in most cases it’s better to avoid using it.

If you receive a direct message, an e-mail or any other com-

Spring 2010

munication that seems odd, delete it immediately. Also, let the person who sent it know their site may have been compromised. On Facebook and Twitter, one strategy for handling this is to change your passwords.

4. Monitor your computer for viruses and spyware

You are probably already running a virus program such as Norton or McAfee. It’s also wise to run a spyware program on a regular basis to remove tracking cookies and other potential risks.

To give you an idea of how serious this is, a single visit to a news Web site can attach 10-12 tracking cookies to your computer. This tends to slow your system down, expose you to annoying ads and put you at risk to have your computer data hacked. There are a number of free solutions. If you are already running McAfee, their spyware program handles close to 100 percent of the issues. Click here for a review of the top five anti-spyware programs.

5. Set up separate e-mail accounts

Whenever you sign up for a site that you suspect will be spamming you with drip e-mails, use a separate Web-based e-mail account from a service like Hotmail or Gmail. These separate accounts cost nothing and also protect your personal and business e-mail from being compromised.

6. Use your extra computer

Many agents have more than one computer. If you’re concerned about your online banking or stock trades, set up your old computer and use it only for financial transactions. Do not use it for e-mail or for surfing on the Web. While there is no way to completely guarantee your privacy, taking the steps outlined above will reduce your exposure to those who would compromise your privacy and your security.

Bernice Ross, chief executive office of RealEstateCoach.com, is a national speaker, trainer and author of Real Estate Dough: Your Recipe for Real Estate Success and other books. She can be reached at bernice@realestatecoach.com and find her on Twitter: bross.

Any site that demands you provide access to your friends and/or followers is probably a threat to your security. While the service may be appealing, in most cases it’s better to avoid using it.

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You’re Invited The Annual Raleigh Regional Association of REALTORS® Charity Golf Tournament

Monday - June 7, 2010

Lonnie Poole Golf Course • NC State Campus (Arnold Palmer Signature Golf Course)

Early Bird Special Price (Register by May 7th)

$65 Member Cost / $90 Non-Member Cost Tournament Price (Price after May 7th)

$75 Member Cost / $100 Non-Member Cost *Cost includes breakfast, green fees, driving range, beverages, prizes and lunch.

Schedule of Events

8:00am 8:30am 2:00pm 2:30pm

Check In/Breakfast Shot Gun Start BBQ Lunch Awards Ceremony

Players can register online at www.RRAR.com or by contacting Priscilla Erwin at priscillae@rrar.com or via phone at 919.654.5400, ext. 216.

Proceeds from the event benefit the REALTOR® Foundation of the Triangle

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REALTOR® Review

Spring 2010

RRAR events May 3 CE elective – FHA: The Basics, noon to 4 p.m.

Instructor: Amanda Ward

5 Mandatory Update, 8:30 a.m. to 12:30 p.m.

Instructor: Debbie Long

Social Media, E-Commerce Issues and Internet Resources, 1:30 to 5:30 p.m.

Instructor: Debbie Long Women’s Council of REALTORS®

6 Jerry Rossi seminar New Member Orientation

9 Happy Mother’s Day 10 Housing Opportunity Committee 13 Mandatory Update, 8:30 a.m. to 12:30 p.m.

Instructor: Tom Mahlum

Understanding 1031 Tax Free Exchanges, 1:30 to 5:30 p.m. Instructor: Tom Mahlum

11-15 National Association of REALTORS® Legislative Meetings, Washington, D.C.

18 Community Service Committee 19 RRAR Board of Directors Triangle International Council of REALTORS® Mandatory Update, 8:30 a.m. to 12:30 p.m.

Instructor: George Bell Broker-in-Charge Annual Review, 1:30 to 5:30 p.m.

Instructor: George Bell

20 New Member Orientation 22 RRAR Housing Fair Crabtree Mall, 11 a.m. to 5 p.m.

24 Foundation Board of Director 25 Mandatory Update, 5 to 9 p.m.

Instructor: Vicki Ferneyhough

27 Leadership Academy 31 Memorial Day, Office Closed Spring 2010

June 1 Mandatory Update, 8:30 a.m. to 12:30 p.m.

Instructor: George Bell

BICAR,1:30 to 5:30 p.m. Instructor: George Bell

2 Women’s Council of REALTORS® 3 New Member Orientation Mandatory Update, 8:30 a.m. to 12:30 p.m.

Instructor: Vicki Ferneyhough Risky Business, 1:30 to 5:30 p.m.

Instructor: Vicki Ferneyhough

7 RRAR Charity Golf Tournament 7-9 NCAR Legislative Meetings 8 Mandatory Update, 8:30 a.m. to 12:30 p.m.

Instructor: Debbie Long

Eight Strategies for a Slow Market, 1:30 to 5:30 p.m. Instructor: Debbie Long

8-9 Leadership Academy 10 Mandatory Update, 8:30 a.m. to 12:30 p.m.

Instructor: Tom Mahlum

Listings: A Two Act Play, 1:30 to 5:30 p.m.

Instructor: Tom Mahlum

12 Top Producers Council 14 Happy Flag Day 15 Community Service Committee 17 New Member Orientation Government Affairs Committee

20 Happy Father’s Day July 1 New Member Orientation 4 Happy Independence Day 5 RRAR/TMLS Offices Closed 7 Women’s Council of REALTORS® 12 Housing Opportunity Committee 15 New Member Orientation Government Affairs Committee REALTOR® Review

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Why we love big houses

By Arrol Gellner

According to United States Census Bureau statistics, the size of the average American house more than doubled between 1950 and 1999. Between 1982 and 2004 alone, new single-family homes grew some 40 percent larger – from 1,690 square feet to 2,366 square feet. In the meantime, the size of the average American household shrank from 3.3 people to 2.6 people. What’s going on?

The answer is, I think, that we Americans have fallen hook, line and sinker for the Big Marketing Lie. For decades we’ve been pummeled by advertising urging us to buy more, more, more – a relentless drumbeat that carefully reinforces the idea that our happiness is directly proportional to the size, cost and number of things we own.

This mind-numbing message grew exponentially more shrill with the advent of television, and it’s being further amplified by the Internet, which makes it possible for us to shop our duffs off even while we’re still 30

REALTOR® Review

sitting on them. Not even the present economic troubles have seriously slowed our mania for consumption.

Inevitably, the dual mantras of marketing – “More is more” and “Bigger is better” – have worked their way clear up to the single-biggest purchase most consumers ever make: their homes.

This is one reason why today’s smaller families still feel compelled to purchase ever-larger houses, even if they have to commute an extra 50 miles to afford them.

Yet whether we’re talking about televisions, cars or houses, a moment’s reflection will quickly reveal who really benefits from rampant materialism – not those who buy consumer products, but rather those who make them.

The reason is so obvious it’s almost funny: Owning two widescreen TVs certainly doesn’t make us twice as happy, but it does quite plainly bring the seller twice the profit.

Likewise, home buyers quickly learn that owning a gigantic house can be more of a headache than a pleasure, but by then the seller’s money is safely in the bank.

Perhaps there is a point when too much really is too much.

We’ve all seen that bumper sticker beloved by the terminally emptyheaded: “He Who Dies With the Most Toys Wins.” It’s a testament to the thoroughness with which Spring 2010

Madison Avenue has brainwashed consumers into equating material goods with happiness.

Yet few intelligent Americans would profess that owning a huge house, a boat and a couple of Escalades has made their lives any happier. Some might even confess to the opposite effect. Still, we seem unable to shake off the siren song of materialism and see it for the profiteering sham it is.

There was a time, long ago, when Americans were frugal, inventive and could do a lot with very little. But years of prosperity, coupled with the relentless urging to buy more, more, more, have made too many of us complacent, over-entitled and obsessed by material goods beyond all else.

Spring 2010

Frank Lloyd Wright once observed: “Many wealthy people are little more than janitors of their possessions.” Today, it’s not just the wealthy who are so afflicted. Rich and poor, left and right, in good times and bad – we Americans are becoming little more than serfs to our limitless craving for stuff.

Gellner is the author of several books on historic architecture. He is also a frequent speaker on design subjects, and has served on panels with some of California’s most distinguished architects. Gellner works in a renovated turn-of-the-century fire hose factory near San Francisco. He also maintains an office and a home in Suzhou, China, where he spends his summers. His other interests include classic cars and music recording.

Arrol Gellner is a practicing architect with 30 years’ experience in residential and commercial architecture. He is a graduate of the College of Environmental Design at the University of California at Berkeley. Gellner’s column, “Architext,” appears in newspapers nationwide, include the Chicago Tribune, Los Angeles Times and San Francisco Chronicle.

Few

intelligent

Americans

would

profess that owning a huge house, a boat and a couple of

Escalades

has

made their lives any happier.

REALTOR® Review

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Document text messages to protect all parties I am quickly approaching my 10th anniversary of working with R E A LT O R S ® and I have lived through many technology changes.

electronic media, such as name, company name, phone numbers, etc.

In my humble opinion, I look at text messaging as a thread with a certain person, much like an e-mail we keep sending back and forth. By including your information once, you have advised your client of the information required in most states.

Don’t subpoena me, as I will crumble on the stand!

I can remember back in 2001 telling agents, “If you don’t use e-mail, you will be limiting your business.” I had agents argue that e-mail was a passing fade and wasn’t here to stay.

In 2005, I started telling agents the Smartphone will become a major part of the way business is conducted, and many said they were completely happy with the flip phone.

In 2006, I stated if you don’t use text messaging, you will lose a certain amount of clients, and again folks argued with me. Well guess what? Today when I ask a group of REALTORS® “How many have worked with clients using text messages,” three quarters of those in the room raise their hands.

With this dramatic increase in agents texting clients, we need 32

REALTOR® Review

I highly suggest that agents who use texting with clients learn how to keep a copy of all text messages on a computer or convert to a printed document. to find ways to document the conversations and protect all parties involved.

Protection suggestions I always suggest that agents include early in a texting “conversation” with clients all the information required by local and state laws and regulations for

If you’re like me, I scroll back through hundreds of text messages looking for that certain tidbit of information. So, one big factor when shopping for Smartphone’s should be: Does your phone save all your text messages exchanged by you and each party you are texting? Not all phones do that. With many of us using text for business, it should be on your short list of requirements.

Next, as we find ourselves texting more and sending e-mail less, I highly suggest that agents who communicate with clients using texting keep a copy of all text messages on a computer or convert to a printed document.

Spring 2010

During one of my seminars, an agent shared his idea for copying and pasting his text-messaging conversation with a client into a Microsoft Word document. This enabled him to document the flow of information. Then when the contract closed, he could print the entire text-message conversation and put it in the closed file, along with his other documentation.

phones and found all kinds of freeware or very inexpensive programs that convert text to documents. The old Palm OS had it for years, and the new Pre has the same feature. However, they did not include time and date stamps. I’m not real happy with that fact.

It’s simple to do, so he started doing it for all of his clients, and With this dramatic increase it has served him well. At a recent closing, a buyer questioned why in agents texting clients, we need to find he had not been told something. ways to document the conversations The agent was able to pull out the printed Word document and and protect all parties involved. highlight the conversation in which the buyer acknowledged go to Google and search using the information in question. the following phrase: copy text messages from (type of phone). I For the sake of keeping this did it for many of the most common article smaller then a book, please

Dick Betts is a National Association of REALTORS® certified e-Pro trainer, and author of many articles and blogs that are circulated by REALTORS® associations and the Multiple Listing Service, and published in many print and online magazines, across the country. His areas of expertise are Smartphone technology, businessbuilding skills, customer relationshipmanagement programs, Web marketing and management technology. As a result of his knowledge, and his motivating, downto-earth speaking style, he has presented classes and seminars in 42 states and four Canadian provinces, and every year he reaches as many as 25,000 real estate professionals and logs an average of 125 days of speaking engagements.

We offer complete mortgage lending solutions, including conventional, FHA, VA, USDA & jumbo loans! Call one of our experienced loan officers, Mike Pearce or Eric Routh, today!

mikepearce@gcbmortgage.com (919) 971-8958 ericrouth@gcbmortgage.com (919) 637-3991

GCB

Mortgage (919) 971-8958

10-39-39.indd Spring 2010 1

www.gcbmortgage.com 10:37 33 AM REALTOR®3/15/10 Review

Social media in 1 hour a day

By Katie Lance

One of the topics people frequently ask me about is social media; specifically, how to make the best use of their time. Anyone who has dived in into social media knows that it is not “free” – it takes time and a thoughtful effort to make it worth your while.

If you are like me, and seem to be “always connected” – whether it’s Twitter, Foursquare, Facebook, LinkedIn, etc. – it’s a great reminder that you need to be smart with your time. If you’re not careful, social media can be a time-suck!

So how can you be smarter with your time?

Plan social media into your schedule for one hour a day: 30 minutes in the morning and 30 minutes late in the day.

The key here is multitask, move fast and don’t get distracted.

If I was a real estate agent, this is how I would do it.

In the morning, first thing after or before you check your e-mail: 1. Turn on your computer.

Open seven windows: Facebook, Twitter, LinkedIn, your Web site, your blog, your favorite news 34

REALTOR® Review

Web site (i.e., Inman News ), and your favorite “drip marketing” social media site (my fave is Hootsuite). Move fast and don’t get distracted.

2. Facebook. Scroll through the page and make three comments on other people’s posts.

Post what you are up to that day.

Respond to anyone who has commented on you or left you a message. Move fast and don’t get distracted.

3. Twitter. Click your “@” button (i.e., @katielance ). Anyone who has mentioned you – thank them publicly. Respond to DMs (direct messages). Scroll through your home page and re-tweet three things of interest. Move fast and don’t get distracted.

4. LinkedIn. Post your status update and have it feed to Twitter.

(Check the “Twitter” box to do so – so easy!) Respond to any messages in your inbox. Check your groups. Not in a group?

“LinkedIn Group”. Join a group and comment on one discussion a day. Move fast and don’t get distracted.

5. Close these three windows: Facebook, Twitter and LinkedIn.

Keep Hootsuite.com open along with your Web site, blog and your favorite news site. Pick six to eight links to share that day on Twitter. One can be a listing.

The rest must be good content or newsworthy. Pick three links to share for Facebook. Twitter moves faster than Facebook, which is why you need to post more often.

Plug your posts and links into Hootsuite. Space them one to two hours apart. If something is a hot topic you can schedule it to go out more than once. Move fast and don’t get distracted.

In the afternoon hours: Repeat!

Next day: Repeat!

Do this five to six days a week.

If you follow this schedule it will become a habit. Also, don’t underestimate the power of commenting and interacting – this is probably more important than posting your own content and links. Social media is just that: social!

BONUS TIP: Plan into your schedule an additional two to three hours a week if you are a blogger. Also plan one time a week to search for new friends, fans and followers.

Katie Lance is the marketing manager for Inman News. Future of Real Estate Marketing is a part of Inman News.

Spring 2010