Are Homes Selling in New Bern?...Yes!

When people approach me with a "doom and gloom" face about the condition of our real estate market, I share my honest opinion: All real estate is LOCAL! You don't watch the weather in Oshkosh, Wisconsin, to decide what to wear tomorrow in New Bern, NC, so why watch the national news to make your local real estate decisions.

While some states like CA, AZ, NV, FL and parts of the northeast have seen appreciation and depreciation rates as high as 40%, North Carolina and some of our LOCAL markets had not experienced the "bubble and burst" as dramatically. However, one of the key factors that DOES affect our local market here in Eastern NC, is that many prospective buyers coming here need to sell their existing homes in some of these other states. Fortunately for us, some of these other markets are starting to turn around because people are getting realistic about the market.

The statistics show that while our LOCAL market peaked between the end of 2006 and early 2007, most people did not recognize the actual effect of the downturn here until the latter part of 2008 and early 2009.

Are homes still selling in the New Bern area? . . . YES! While the majority of activity is in the lower price range ($200K and under), there are homes selling in ALL neighborhoods if sellers consider these factors:

1) Price it RIGHT, and consider "Supply and Demand": If there's only 6 properties for sale and it's a high-demand neighborhood, then sellers will probably get a better price. If there are 50+ for sale, then your price needs to be extremely attractive to even get showings.

2) Condition is CRITICAL: With more competition than ever experienced in our area, sellers need to "stage" the property so it stands out above ALL the competition.
This is not a market to "test" or dabble in: If you REALLY want or need to sell, then give it your best with #'s 1 and 2 above. If you don't need or really want to sell, then don't frustrate yourself . . . wait for a better market!

Dianne Dunn

http://www.newbernhomes.com/

Email: DDunn@NewBernHomes.com

Assistance for Military Homeowners

I just learned today from a very astute Realtor friend in Hawaii (John Riggins), that the original HAP program (Homeowner's Assistance Program) under the US Army Corps of Engineers and Base Closure Act, has been extended under the American Recovery and Reinvestment Act of 2009. Click on this link to see if you are eligible: http://hap.usace.army.mil/

This may help military and federal employees who are upside down with their homes (owe more than current market value).

Dianne Dunn
www.NewBernHomes.com
www.SearchNewBernMLS.com
Toll Free: 888-781-8800
Email: DDunn@NewBernHomes.com

New Mortgage?...Refinancing?... 8 Tips to AVOID!

With a large inventory to select from, many buyers are taking advantage of the current mortgage rates, which are near all-time lows, so that's good news for New Bern real estate market!

Also, with mortgage rates near all-time lows, many homeowners are taking advantage of these great rates by refinancing their current mortgages.

You should be aware that it's taking longer to get to closing. Why? . . . because many lenders are currently ill-equipped for the rush of new business, and the process of underwriting and approving new loans is taking some conforming lenders as long as 2 months to complete. This is nearly double the time needs as recently as six month ago.

Because there may be 60 days between the application date and the closing date, it’s important for applicants to remember that mortgage approvals can be revoked at any time prior to funding. As mortgage applicants, there are many events that are out of our control — job security and health matters, for example. But there are also events that are within our control.

Knowing that mortgage approvals can be fragile, here are 8 things you should absolutely not do while your home loan is in process. It may be the difference between being approved by the bank, and being turned down.

1. Don't buy a new car or trade-up to a bigger lease.
2. Don't quit your job to change industries.
3. Don't switch from a salaried job to a heavily-commissioned job.
4. Don't transfer large sums of money between bank accounts.
5. Don't forget to pay your bills - even the ones in dispute.
6. Don't open new credit cards - even if you're getting 20% off.
7. Don't accept a cash gift without filing the proper "gift" paperwork.
8. Don't make random undocumented deposits into your bank accounts.

Now, avoiding these items may not be practical for everyone. For example, if your car lease is expiring and you need a larger vehicle, it doesn’t mean you can’t buy the car — just check with your loan officer first to be sure the new payments won’t “break” your approval.

The same goes for accepting cash gifts from parents. There’s a right way and a wrong way to accept gifts, and doing it the wrong way may prevent you from using the gift as a source of downpayment.

Mortgage lending is full of “gotchas”, and with underwriting times stretching to 60 days, it’s a lot more likely that a mortgage applicant will trip into one of these. However, following these 8 rules is a good start!

My suggestion for New Bern Sellers refinancing their current homes, or New Bern Buyers who are buying a home: Contact a good lender and make sure everything is in order, so you can get to a smooth closing.

If you have any questions or need any help in the process, please feel free to call me at 252-636-3301 or Toll Free 888-781-8800, or email DDunn@NewBernHomes.com

Dianne Dunn
www.NewBernHomes.com
www.SearchNewBernMLS.com

Team New Bern Going Green?

Wow, . . . what an incredible class I attended yesterday! "Going Green" was sponsored by the Carteret County Association of REALTORS - an accredited CRS course (Council of Residential Specialists) and conducted by Senior CRS Instructor, MarkGiven.

The all-day session focused on energy-saving tips for existing homes and buildings, as well as new "green" materials for new-home construction, . . . how to save money, while helping the environment! The information shared covered areas as simple as energy-saving light bulbs and cost-efficient tankless water heaters, to innovative new ideas and systems on Wind power, Wave and Tidal Power and construction of a "green roof". I found it fascinating to learn about all the ways to improve conservation costs on my own home, which was constructed several years ago.

The following are just some of the websites that offer tons of information:
http://www.energystar.com/
http://www.energystar.gov/
http://www.greenhomeguide.org/
http://www.greenhome.com/
http://www.nuclearmoose.com/
http://www.usgbc.org/
http://www.desireusa.org/
http://www.treehugger.com/
http://www.epa.gov/
http://www.furnature.com/
http://www.earth911.com/

Mark's final quote "The Aim of Education is Not Knowledge, . . . but ACTION!" encouraged me to post this blog, and add a page on my current website about ways to GO Green to save energy, save money and help the environment - coming soon!

Dianne Dunn
www.NewBernHomes.com
www.SearchNewBernMLS.com

Recessionary Times? - How should we deal with it?

I just read an article which was passed along to me from a friend, Kathy Drewien, in Atlanta, GA.
The article was written by Tom Peters, a management consultant and speaker. The following are just some of the highlights that really inspired me on how to deal with this current economy and recessionary times:

• You work longer, harder, and you may work for less, . . . but adapt to these circumstances with a smile!
• Bring an upbeat attitude to work and to your life, even if you have to fake it.
• Surround yourself with positive people and good things happen . . . just like the "Law of Attraction".
• Forget about the "Good old days" . . . especially in the real estate business . . . nostalgia is for wimps.
• Shrug off your losses, and get back on your horse and try Again!
• Shoot for standards of excellence, develop a thirst for education to upgrade your career, and evaluate your own performance.
• Offer thanks and gratitude to others when good things happen, . . . and take the heat yourself when bad things happen.
• Volunteer more, help others with issues, and give new meaning to the word "thoughtful".
• Be kind to mankind.

Lots to think about this weekend ;-)

Dianne

http://www.newbernhomes.com/

Tax Credit Comparison - 2009 Stimulus Pkg

Hi Folks,

I just returned from a wonderful 6-day vacation . . . (we ALL need a recharge - especially in this challanging market! ;-)

Here's a great and simple comparison chart on the 2009 Tax Credit, which is part of the government Stimulus Package. Just click on the hotlink.

Please feel free to contact me if you have any questions or need help, and hope you all enjoy your week!

Dianne Dunn
www.NewBernHomes.com
www.SearchNewBernMLS.com

Local New Bern News - Market Update

This column is customized each month so that I can share with you, the current monthly statistics. Please feel free to contact me if you have any questions! Or, visit my website at www.NewBernHomes.com

HOMES SOLD (Closed), February 1 through February 28. (From NB Board of Realtors MLS System)

Under $100K = 6
$100K-$159,999 = 31
$160K-$199,999 = 19
$200K-$249,999 = 13
$250K-$299,999 = 3
$300K-$399,999 = 6
$400K - $499,999 = 3
Over $500,000 = 3

Total February 2009 = 84
Total February 2008 = 125
Total February 2007 = 158

NEIGHBORHOOD PROPERTIES "SOLD"

NEIGHBORHOOD PROPERTIES "FOR SALE"



For the BEST Internet Marketing, and the Most Responsive Service in New Bern, Contact DIANNE!
Email Dianne
(252) 636-3301 or Toll Free: (888) 781-8800

The Latest on the Housing Stimulus Plan!

While the Stimulus Plan does not include the proposed $15K tax credit for ALL homebuyers (as many of us had hoped for), there are still some great measures to help the housing industry and homeowners.

Read the Latest (White House papers) here!

Dianne Dunn

www.NewBernHomes.com

Search ALL New Bern Listings Here

Subscribe to New Bern Homes Blog Cast by email:

New Bern Market Comparison

According to NAR® surveys, the total existing-home sales fell 6.4 percent to 4.70 million units in the fourth quarter of 2008 from 5.02 million units in the third quarter. They were 5.9 percent below the 5.00-million unit pace recorded in the fourth quarter of 2007.

Home sales rose in only six states, while distressed sales, including foreclosures and short sales, accounted for 45 percent of all transactions during the fourth quarter.

Nevada led all states with an increase in sales of 133.7 percent in the fourth quarter from a year ago. California, Arizona and Florida followed with sales gains of 84.7 percent, 42.6 percent, and 12.5 percent, respectively. These were also the states that had the steepest declines in single-family home prices during the housing market downturn.

The national median price of existing single-family homes was $180,100, down 12.4 percent from the median price in the fourth quarter of 2007.

The most affordable metro area was Saginaw, Mich., where the median home price was $43,900. The least affordable place was Honolulu, with a median home price of $610,000.

For our Local New Bern area market, the chart shows the number of homes Sold from January 1, 2009 thru Feb. 18, 2009, compared to the same time-frame in 2008.

The Good News is, . . . while the number of home sales fell from 152 to 94, the median price range has managed to squeek out a modest appreciation!

So, if you're considering a move, a second home or an investment property, this is a great time to buy! The interest rates are still at all-time lows, and we have a nice inventory to select from!

Dianne Dunn

http://www.newbernhomes.com/

Subscribe to New Bern Homes Blog Cast by Email

Search ALL New Bern Listings

Instant Stress-Busters for Healthy Living!

Are we stressed out as a nation today?


We seem to so much going on in our lives, and the media is full of economic crisis. A good real estate friend of mine, Alice Held, shared the following article from Reader's Digest, and I would like to share it with you!


Click here for 79 Instant Stress-Busters, to start your week - Enjoy!


Dianne Dunn

www.NewBernHomes.com

Search ALL available properties in New Bern!

Subscribe to New Bern Homes Blog Cast by Email

Real Estate Outlook: What's in Store for 2009?

I just read an article by a long-time columnist, Ken Harney, and he says that while it's easy to look at all the negataive economic news in the headlines and say that there's no sign that 2009 is going to be much better than 2008, there's a different perspective to consider.

A vereran financial analyst, Richard Bove of Ladenburg Thalmann, an investment banking company said that he sees a positive dynamic taking shape in the current cycle, and I must agree with him.

The government has intervened aggressively in the markets to push interest rates down -- most notably in the home mortgage sector. Though it takes awhile for low-cost money to begin having its effect, Bove said he expects "housing prices to stabilize and/or rise (in 2009) after a likely boom in mortgage refinancings as rates fall and loan applications increase."

While I disagree with him about housing prices rising in many areas of the country just yet, I would expect that they WILL stabilize, and we'll start to move some of the inventory that we currently have, which is about three times the inventory of homes that we had on the market in New Bern in the early and mid 2000's.

Coupled with the economic Stimulous package that's being put together on Capital Hill -- there's a good chance we're going to see a gradual transformation of the downward cycle into a slow rebound over the coming several quarters.

I met a mortgage banker today in one of the local stores. He said that mortgage applications are off the charts right now, with about 80% in refinances, and still another 20% in new loans, where people are taking advantage of the affordable prices and the low interest rates.

Rates continue to hover at 50-year lows - five percent and even four and three quarters percent for 30-year mortgages, and still lower for 15 and 20 year mortgage terms. Plus, we're all paying a lot less at the gas pump, and sharply discounted prices for retail goods and autos.

And guess what else Ken Harney says? Americans are actually SAVING again, -- the national savings rate took a nearly three percent jump last month. That might sound small, but it's hugely important if it is the start of a trend.

There are also some signs that housing prices are stabilizing in some parts of the country. The latest monthly Federal Housing Finance Agency index found home prices UP by six-tenths of a percent in the Mountain states and UP by two tenths of a percent in New England.

You can ridicule small regional gains as statistically irrelevant, but here's an economic proposal to you for the New Year: Keep your eyes open for the small positive signs that are accumulating out there … because all downcycles tail off and come to an end.

The smartest players in real estate -- consumers and the industry - will make the most of the positives -- low-cost money, low prices, stabilizing local markets -- and thrive in the new year!

Dianne Dunn

Click here for information on New Bern.

To search our MLS for ALL available properties, www.SearchNewBernMLS.com

$15,000 Tax Credit Proposed by Senate!

Several economists have said that the condition of the housing industry is a major factor in leading the way to providing more jobs and improving the economy. While I'm not a trained economist and I don't have a crystal ball, after 33 years in the real estate business, it certainly makes logical sense to me!

Why? When people are buying homes, it's not only the Realtors® who are earning a living, -- jobs are created for builders, subcontractors, plumbers, electricians, carpenters, roofers, appraisers, inspectors, loan officers, and many other trades and professions.

As these professions and trades are earning a living, then they'll be spending money in numerous other areas that also create new jobs, - the retail industry, automotive industry, food chains, medical professions, etc.

The US Senate unanimously passed a bipartisan amendment last night, (offered by two senators --one Republican and one Democrat) to the Economic Stimulus Bill, creating a $15,000 tax credit to individuals who purchase a home in the next year.

While the final details are still being debated, the key parts are:

• The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less.
  
• The bill applies to ANYONE purchasing a home within the next year.
  
• Must be principal residence.
  
• Purchases must be made within one year of the legislation’s enactment.
  
• Tax credit would NOT need to be repaid, unless the home is sold within 2 years of purchase.
  
• The amendment would sunset the current $7,500 housing tax credit on the date of enactment.

I encourage you to voice support for this amendment, by contacting your Senators and Congressmen: Click on the following link, enter your zip code and your US Senators and Representative names will appear:

http://www.congress.org/congressorg/home/

While there could be several revisions before (or if) this bill passes the House and is signed by the President, it could certainly be a bright spot for the real estate undustry and the economy!

Dianne Dunn

Keller Williams Realty

www.NewBernHomes.com

www.SearchNewBernHomes.com

Local New Bern News - Market Update

This column is customized each month so that I can share with you, the current monthly statistics. Please feel free to contact me if you have any questions! Or, visit my website at www.NewBernHomes.com

HOMES SOLD (Closed), January 1 through January 31. (From NB Board of Realtors MLS System)
Under $100K = 7
$100K-$159,999 = 13
$160K-$199,999 = 10
$200K-$249,999 = 8
$250K-$299,999 = 2
$300K-$399,999 = 6
$400K - $499,999 = 1
Over $500,000 = 2

Total January 2009 = 49
Total January 2008 = 97
Total January 2007 = 144

NEIGHBORHOOD PROPERTIES "SOLD"

NEIGHBORHOOD PROPERTIES "FOR SALE"

For the BEST Internet Marketing, and the Most Responsive Service in New Bern, Contact DIANNE!
Email Dianne
(252) 636-3301 or Toll Free: (888) 781-8800

It's SNOWING in New Bern North Carolina!

Wow! . . . what a beautiful scene, and it's soooo unusual for our area of Eastern North Carolina.

Tomorrow is supposed to be warmer and sunny, so I'm enjoying it while it lasts! ;-)


CLICK HERE to see a short video:


Dianne Dunn
www.NewBernHomes.com

Fabulous CyberStar Real Estate Convention!

Just returned from my 8th CyberStars Summit this past week in Phoenix/Scottsdale, Arizona. I always consider this annual event to be THE BEST real estate seminar or conference, (and I’ve attended numerous real estate seminars/classes and conventions over the past 30 years!)


It was really awesome to see so many top-producing friends again (from many different companies), and to meet new ones. It’s an annual educational/learning event, attended by Cyberstars™ who are passionate about real estate, and we all share new ideas with a positive attitude, about ways to help the housing industry. Real estate should still be your first and most important investment strategy!

The Cyberstars™, founded by Allen Hainge in 2001 with 4 original members, has grown to approximately 200 real estate agents from the United States, Australia, Bahamas and Canada. It's a very exclusive group “by-invitation-only”, and I’m very honored and proud to be affiliated since 2002. There are only 7 Cyberstar™ Realtors® in all of North Carolina and I am the only New Bern area member. Each CyberStar™ member must:

• Be a Top-Producing Realtor® in his/her marketplace.


• Demonstrate a commitment to the use of technology and a custom website, to better serve their clients.
  
• Share real estate technology ideas, tips and strategies with other CyberStars™.

The end result: Better client service, more productivity, sharing of knowledge, and more fun!

CLICK HERE to view ALL CyberStars

I'm always amazed to be in a large room with top Realtors® sharing real estate and business technology and ideas, in a very fast-paced learning environment. Every Realtor® in the room had a laptop PC and it's awesome to see over 110 PCs in one room!

Over time, I will be sharing some strategies and tips that I have learned, and have already implemented a few. Watch my BLOG for exciting CyberStar™ idea implementations.

SIGN UP HERE to subscribe to the New Bern Blogs as they are posted - it's easy!

Tour New Bern on my website: www.NewBernHomes.com

Search ALL property listings in the New Bern MLS area:

Feel free to email me with any questions - I'd be delighted to hear from you!

Dianne, (charged and excited about 2009!)

Local New Bern News - Market Update

This column is customized each month so that I can share with you, the current monthly statistics. Please feel free to contact me if you have any questions! Or, visit my website at www.NewBernHomes.com

HOMES SOLD (Closed), December 1 through December 31. (From NB Board of Realtors MLS System)
Under $100K = 6
$100K-$159,999 = 30
$160K-$199,999 = 10
$200K-$249,999 =14
$250K-$299,999 = 6
$300K-$399,999 = 7
$400K - $499,999 = 2
Over $500,000 = 4

Total December 2008 = 79
Total December 2007 = 119

NEIGHBORHOOD PROPERTIES "SOLD"

NEIGHBORHOOD PROPERTIES "FOR SALE"

For the BEST Internet Marketing, and the Most Responsive Service in New Bern, Contact DIANNE!
Email Dianne
(252) 636-3301 or Toll Free: (888) 781-8800

Happy New Year - State-of-the-Market!

Happy New Year, Everyone!

While 2008 has been a very challenging year for real estate and our economy, Eastern North Carolina continues to be a favorite place for relocation, retirees and second homes. For most of our out-of-state buyers, their biggest concern is selling their current home first.

Total Number of Homes Sold in 2008 was 1457, which is down 26% from 2007.

Total Days on the Market (average) went from 102 in 2007 to 151 in 2008.

While the "average" sales price for the entire MLS was +3%, several neighborhoods and areas have experienced depreciating prices.

We have a large inventory of properties on the market for sale, so it's definitely a Buyer's Market here!

View ALL New Bern Listings here! Or, contact our team

Dianne and Team

List Now? . . . or Wait til Spring?

Many prospective home sellers have asked that same question: "Should I list my house NOW? . . . or wait until Spring?

The answer really lies with the seller's personal goals. For example: Do you have definite plans to move soon? Is there a specific date for your business transfer? If there's no urgency, then it really doesn't matter.

However, if you need to move quickly, then consider these factors:
1. Inventory - How many other sellers are waiting until the spring? If you list NOW, you will have less inventory to compete with in March, April or May!

2. Motivated Buyers - Many buyers will often wait until spring to start their search, also. The buyers who are house-hunting through the holidays are serious buyers!

3. Interest Rates - Rates for home mortgages are currently at a 4-year LOW, so smart buyers are searching now!

4. Accomplish your Goals Now - When all is said and done, wouldn't you rather have your house sold by March or April and move on with your personal plans? By listing now, you are positioning yourself to accomplish your goals sooner than later!

5. Reverse Fear - While I don't buy into the media's doom-and-gloom, there's always a risk that the housing market could deteriorate more, instead of improving by the middle of 2009. By listing now, you avoid that extra layer of uncertainty!

View ALL New Bern Listings here! Or, contact our team

Happy New Year!
Dianne and Team

5 Reasons for Buyers to get off the Fence!

We are witnessing some great opportunities in the New Bern real estate market, that have not been seen for years! If you are one of those buyers who are "sitting on the fence", it's time to cross over and accomplish your goal. Why now?

1. Mortgage Rates are near all-time LOWS! One lender just quoted 5% for a 30-year fixed rate loan. Yes, rates may trend lower, but there's no guarantee for how long.


2. Large Inventory to Choose from! Our New Bern market has nearly 3x the inventory that we had a few years ago, so there's a great selection, and buyers are in a better position now to negotiate their best terms. As soon as the inventory starts to decline, negotiations will be more favorable to sellers.


3. Inspections: This is the time when sellers are more willing to negotiate for repairs or offer financial concessions for inspection items. When the market turns, there will be many more sellers who will not be as liberal with concessions. Why? There will be less inventory, and more buyers who are interested in their property.


4. Time of Year: Many sellers believe that activity falls over the holidays and winter season, so now is the time for "serious buyers" to act, to get their best terms!


5. Tax Credit, $7,500 for First-Time Buyers! ( See our prior post on this tax credit). Buyers have until June 30, 2009 to close on a property and take advantage of this incentive. Yes, it is an interest free loan but how often does that ever happen ?

No one has a "Crystal ball" to time the exact bottom of the market (wish we did!). However, I know from over 30 years of real experience that when the market turns around, it's generally quick, and buyers only recognize it as they chase the market back up!

View ALL New Bern Listings here! Or, contact our team for more information on how we can help YOU achieve your goals!

Wishing you all a Happy Holiday season and a wonderful New Year!

Sincerely, Dianne and Team

Local New Bern News - Market Update

This column is customized each month so that I can share with you, the current monthly statistics. Please feel free to contact me if you have any questions! Or, visit my website at http://www.newbernhomes.com/

HOMES SOLD (Closed), November 1 through November 30. (From NB Board of Realtors MLS System)
Under $100K = 8
$100K-$159,999 = 22
$160K-$199,999 = 18
$200K-$249,999 = 8
$250K-$299,999 = 4
$300K-$399,999 = 3
$400K - $499,999 = 0
Over $500,000 = 1

Total November 2008 = 64
Total November 2007 = 121

NEIGHBORHOOD PROPERTIES "SOLD"

NEIGHBORHOOD PROPERTIES "FOR SALE"

For the BEST Internet Marketing, and the Most Responsive Service in New Bern, Contact DIANNE!
Email Dianne
(252) 636-3301 or Toll Free: (888) 781-8800

Wishing you a very Merry Christmas and a Happy and Healthy New Year!

Sincerely, Dianne and Team