from Daily Real Estate News
HUD Launches New One-Stop Website for Economic and Housing Data
RISMEDIA, November 23, 2010—The U.S. Department of Housing and Urban Development has unveiled a new website (hud.gov/datamap) that consolidates a wide variety of economic and housing market data at the regional, state, metropolitan area and county levels.
Using data from the Census Bureau, Labor Department, state and local governments, housing industry sources, as well as HUD’s own field economists, the new website employs interactive maps that allow visitors to access a variety of reports—from a region-wide look at employment and housing activity to individual county-level figures on population trends, rental activity and vacancy rates.
“This is a powerful new tool that’s easy to use and offers the public a remarkable look at their local economic and housing markets,” said Dr. Raphael Bostic, HUD’s Assistant Secretary for Policy Development and Research. “Current and reliable data shouldn’t be hard to come by. This is precisely why this site will be so helpful to state and local leaders, developers, the real estate industry, and the general public who need the latest available data on their markets.”
HUD’s new website displays an interactive map of the U.S. allowing visitors an intuitive way to seek data in a number of areas of geography – from an entire region down to a particular county. In particular, the portal offers the following reports:
“Market at a Glance” reports contain economic and housing market data trends for every metropolitan area and county nationwide with employment data updated on a monthly basis. Employment data is provided from the Bureau of Labor Statistics and housing data is derived from the Census Bureau’s American Community Survey. Some adjustments are made by HUD field economists based on regional information. The data are expected to be released on a monthly basis for most of the metropolitan areas and counties. Eventually these reports will become “live” documents enabling field economists to include analysis as they complete more in-depth research for specific areas and monitor local conditions.
“Regional Housing Market Profiles” are based on the quarterly U.S. Housing Market Conditions report and include non-farm employment, population changes, and building activity. These regional profiles also focus on the most recent housing rental and sales activity for the past two years. In addition, approximately 10-12 individual metropolitan areas are specifically profiled each quarter to provide these same data down to the metro area level.
“Regional Narratives” are broad overviews of economic and housing market trends within 10 regions of the U.S. These narratives are based on information obtained by HUD economists from state and local governments, from housing industry sources, and from their ongoing investigations of housing market conditions
“Comprehensive Housing Market Analysis” – Periodically, HUD field economists focus on particular metropolitan housing markets to produce counts and estimates of employment, population, households, and housing inventory. Each housing market analysis considers changes in the economic, demographic, and housing inventory characteristics during three periods: from 1990 to 2000; from 2000 to the as-of date of the analysis; and from the as-of date to up three years in the future.
Dream. Discover. Learn. Live Well.
Tuesday, December 21, 2010
Thursday, December 16, 2010
Housing Bust? So What? We Still Want to Own.
NEW YORK (CNNMoney.com) -- The American Dream is still alive and kicking, including within immigrant and minority communities, according to a survey from mortgage giant Fannie Mae.
The housing crisis hasn't quenched the homeownership thirst, the company found. More than 51% of people said the bust did not change their willingness to buy a home and an additional 27% said it actually made them more likely to do so.
The crisis has not put a dent in the desire to own," said Doug Duncan, Fannie's chief economist, "although it may have changed the reasons that people want to own."
The report, the first close analysis Fannie has taken of consumer attitudes about the rent-or-own decision, found that qualitative reasons -- like having the ability to remodel or to send the kids to a better school -- have overtaken financial considerations as the primary motivators for homeownership.
Some misperceptions about financial benefits may help to keep it high.
"People's attitudes don't always line up with empirical facts," said Duncan.
For example, although trillions of dollars of equity were wiped out by the housing bust and millions of people will lose homes to foreclosure, nearly two-thirds of people surveyed still believe purchasing a house is a safe investment. That could be viewed as a major disconnect.
Buying a home now is a no-brainer
Also, more than half the public thought buying a home was a good idea financially even if they plan to move out in less than three years. That's actually rarely true because transactional costs like real estate commissions, title insurance costs and mortgage fees take a big cut off the top of selling and purchase prices.
Furthermore, a huge majority, 86% of those surveyed, cite income-tax benefits -- mostly the mortgage interest deduction -- as a big reason to buy. That benefit, however, is very small for most homeowners or even nonexistent.
"Lower-income homeowners, for example, don't itemize," said Duncan, "so there is no tax benefit for them at all."
Fannie found that no matter what their ethnicity or immigration status, Americans generally share similar positive attitudes toward homeownership, even though there are substantial differences among these groups in homeownership rates.
It seems that economic opportunities, not attitudes, account for much of the variation.
Only 44% of African Americans own homes, for instance, compared with 71% of whites, but that disparity starts to vanish among families in stronger financial circumstances. African Americans' homeownership rises to 60% for those earning between $50,000 and $99,000, for example.
The survey findings have implications for Fannie's business model. Non-Hispanic whites are projected to account for just 46% of the population by 2050. Immigration will account for most of the population growth between now and then.
And since, as the report stated, "strong homeownership aspirations exist across races, ethnicities and immigrant groups," Fannie can count on future demand for owner-occupied homes remaining strong, as long as the economy cooperates.
By Les Christie, staff writerDecember 16, 2010
The housing crisis hasn't quenched the homeownership thirst, the company found. More than 51% of people said the bust did not change their willingness to buy a home and an additional 27% said it actually made them more likely to do so.
The crisis has not put a dent in the desire to own," said Doug Duncan, Fannie's chief economist, "although it may have changed the reasons that people want to own."
The report, the first close analysis Fannie has taken of consumer attitudes about the rent-or-own decision, found that qualitative reasons -- like having the ability to remodel or to send the kids to a better school -- have overtaken financial considerations as the primary motivators for homeownership.
Some misperceptions about financial benefits may help to keep it high.
"People's attitudes don't always line up with empirical facts," said Duncan.
For example, although trillions of dollars of equity were wiped out by the housing bust and millions of people will lose homes to foreclosure, nearly two-thirds of people surveyed still believe purchasing a house is a safe investment. That could be viewed as a major disconnect.
Buying a home now is a no-brainer
Also, more than half the public thought buying a home was a good idea financially even if they plan to move out in less than three years. That's actually rarely true because transactional costs like real estate commissions, title insurance costs and mortgage fees take a big cut off the top of selling and purchase prices.
Furthermore, a huge majority, 86% of those surveyed, cite income-tax benefits -- mostly the mortgage interest deduction -- as a big reason to buy. That benefit, however, is very small for most homeowners or even nonexistent.
"Lower-income homeowners, for example, don't itemize," said Duncan, "so there is no tax benefit for them at all."
Fannie found that no matter what their ethnicity or immigration status, Americans generally share similar positive attitudes toward homeownership, even though there are substantial differences among these groups in homeownership rates.
It seems that economic opportunities, not attitudes, account for much of the variation.
Only 44% of African Americans own homes, for instance, compared with 71% of whites, but that disparity starts to vanish among families in stronger financial circumstances. African Americans' homeownership rises to 60% for those earning between $50,000 and $99,000, for example.
The survey findings have implications for Fannie's business model. Non-Hispanic whites are projected to account for just 46% of the population by 2050. Immigration will account for most of the population growth between now and then.
And since, as the report stated, "strong homeownership aspirations exist across races, ethnicities and immigrant groups," Fannie can count on future demand for owner-occupied homes remaining strong, as long as the economy cooperates.
By Les Christie, staff writerDecember 16, 2010
Monday, November 15, 2010
Veteto's Children Explore the Trails on the Blue Ridge Parkway
BLUE RIDGE PARKWAY — At the young and rambunctious ages of 4 and 5, brother and sister Wren and Mia Veteto are on their way toward promising careers as outdoor explorers. Or at least they're on the path to a life of fitness and healthy curiosity about the natural world. The siblings were honored recently at the Blue Ridge Parkway Visitor Center as the first children to complete six trail adventures in the Kids in Parks program. “I like hiking. I went hiking six times,” said Mia Veteto, 5, of Biltmore Lake.
The siblings have actually logged many more hikes and miles on the trail, said their mom, Nina Veteto, but it only took the exploration of six TRACK Trails to earn hand-carved hiking sticks. “We met Carolyn Ward (president of the Blue Ridge Parkway Foundation) at a program at Mast General Store, and she told us about the Kids in Parks program. We were so excited and started doing it right away,” said Veteto, who home-schools her children. “I feel so strongly about getting them outdoors. One of the reasons I home-school is so I can maximize their outdoor time.”
The youngsters were honored by parkway assistant chief ranger Lena Koschmann and Jason Urroz, director of the Kids in Parks program, with the walking sticks carved with rivers, mountains and wildlife. Kids in Parks is a partnership of the Blue Ridge Parkway Foundation, the Blue Ridge Parkway and the Blue Cross/Blue Shield of North Carolina Foundation, which are working with community partners to increase physical activity of children, to improve nutritional choices, and to get kids outdoors.
The program was funded with a three-year, $300,000 BC/BS of NC Foundation grant. Urroz said Kids in Parks is applying for another grant to continue the program after this one ends next year. “We have 200 kids registered now,” Urroz said. “You just go online to sign up and it gives parents advice on how to start. The trails are set up so you're not out in the wilderness, but you're hiking on your own.”
TRACK Trails, which stands for Trails, Ridges and Active, Caring Kids, take children and their families on self-guided scavenger hunts. The first trail was designated along the Mountains-to-Sea Trail near the Parkway Visitor Center in August 2009.
Since then, TRACK Trails have been designated at the Andy Cove Nature Trail in Pisgah National Forest, at Chimney Rock State Park and on trails on the Virginia section of the Blue Ridge Parkway.
At the start of each trail there are brochures that help guide visitors along, with different topics such as insects, ferns and birds. The program targets ages 4-9, Urroz said, but anyone from 1 to 18 can sign up.
Adults can learn just as much, Urroz said, but they can't earn the prizes such as bandanas and field guides. Those serve as incentives to lure children away from TVs and computers and into the never-ending world of exploration outdoors. There is no fee for parents to register their children.
TRACK Trail Adventures can be downloaded from the website or picked up at the trailhead. Once a trail is completed, kids go back to the website and answer some questions.
“The program is going great,” Urroz said. “We are getting seven-eight new kids a week. We're trying to get kids outdoors, off the couch and fighting childhood obesity and nature deficit disorder. If we can get children back outdoors, we can really make a change.”
Urroz said there are plans to continue expanding Kids in Parks. The next installment will be a disc golf course and nature trail at Owen High School in Black Mountain, opening Dec. 15, where children can pick up scorecards at the start of the nine-hole course that will teach them about their natural surroundings. Future disc golf nature trails are planned at Enka and North Buncombe high schools.
“Studies show that children are cognitively, physically and socially more advanced the more time they spend outdoors,” said Nina Veteto, who used to work in environmental education. “The kids love to go hiking. They run down the trail and climb trees. I tell everyone I know about it. It's free, it's safe and the kids love it.”
The siblings have actually logged many more hikes and miles on the trail, said their mom, Nina Veteto, but it only took the exploration of six TRACK Trails to earn hand-carved hiking sticks. “We met Carolyn Ward (president of the Blue Ridge Parkway Foundation) at a program at Mast General Store, and she told us about the Kids in Parks program. We were so excited and started doing it right away,” said Veteto, who home-schools her children. “I feel so strongly about getting them outdoors. One of the reasons I home-school is so I can maximize their outdoor time.”
The youngsters were honored by parkway assistant chief ranger Lena Koschmann and Jason Urroz, director of the Kids in Parks program, with the walking sticks carved with rivers, mountains and wildlife. Kids in Parks is a partnership of the Blue Ridge Parkway Foundation, the Blue Ridge Parkway and the Blue Cross/Blue Shield of North Carolina Foundation, which are working with community partners to increase physical activity of children, to improve nutritional choices, and to get kids outdoors.
The program was funded with a three-year, $300,000 BC/BS of NC Foundation grant. Urroz said Kids in Parks is applying for another grant to continue the program after this one ends next year. “We have 200 kids registered now,” Urroz said. “You just go online to sign up and it gives parents advice on how to start. The trails are set up so you're not out in the wilderness, but you're hiking on your own.”
TRACK Trails, which stands for Trails, Ridges and Active, Caring Kids, take children and their families on self-guided scavenger hunts. The first trail was designated along the Mountains-to-Sea Trail near the Parkway Visitor Center in August 2009.
Since then, TRACK Trails have been designated at the Andy Cove Nature Trail in Pisgah National Forest, at Chimney Rock State Park and on trails on the Virginia section of the Blue Ridge Parkway.
At the start of each trail there are brochures that help guide visitors along, with different topics such as insects, ferns and birds. The program targets ages 4-9, Urroz said, but anyone from 1 to 18 can sign up.
Adults can learn just as much, Urroz said, but they can't earn the prizes such as bandanas and field guides. Those serve as incentives to lure children away from TVs and computers and into the never-ending world of exploration outdoors. There is no fee for parents to register their children.
TRACK Trail Adventures can be downloaded from the website or picked up at the trailhead. Once a trail is completed, kids go back to the website and answer some questions.
“The program is going great,” Urroz said. “We are getting seven-eight new kids a week. We're trying to get kids outdoors, off the couch and fighting childhood obesity and nature deficit disorder. If we can get children back outdoors, we can really make a change.”
Urroz said there are plans to continue expanding Kids in Parks. The next installment will be a disc golf course and nature trail at Owen High School in Black Mountain, opening Dec. 15, where children can pick up scorecards at the start of the nine-hole course that will teach them about their natural surroundings. Future disc golf nature trails are planned at Enka and North Buncombe high schools.
“Studies show that children are cognitively, physically and socially more advanced the more time they spend outdoors,” said Nina Veteto, who used to work in environmental education. “The kids love to go hiking. They run down the trail and climb trees. I tell everyone I know about it. It's free, it's safe and the kids love it.”
Friday, October 1, 2010
Brevard named "One of the Coolest Towns in America"
Budget Travel recently voted Brevard, North Carolina, one of the "Coolest Small Towns in America." In Budget Travel's fifth annual celebration of hometown escapes across the country, Brevard is chosen as one of the cities that packs personality!According to the recent article, "If the notion of town-wide square dances with an old-time caller sounds appealing, then Brevard is your kind of place. Set in the Blue Ridge Mountains 45 minutes south of Asheville, the redbrick town is an outpost of authentic Appalachia. Every Tuesday night in summer, locals block off Main Street, a bluegrass band strikes up, and everyone lets loose."
Thursday, June 24, 2010
Carolina Mountain Sales Participates in the American Cancer Society Biltmore Park Relay for Life
On June 18th, Biltmore Park hosted the first annual Relay for life. Over 37 teams and 300 people participated in raising money for the American Cancer Society. The Carolina Mountain Sales team was awarded fourth place, raising close to $3,000 for cancer reseach!! The team began raising money by flocking friends and neighbors in the Asheville area. At the crack of dawn, pink flamingos were tastefully placed on front lawns. The flocked home owner then contributed money to the cause and in turn, earned the right to have the flamingos moved to the lawn of their choice. The team also raised money by selling baked goods and raffle tickets. Everyone enjoyed live music, good food, exercise and fellowship - all for a good cause!
Wednesday, April 14, 2010
Biltmore’s 25th Annual Festival of Flowers
Gorgeous blooms are in full glory as thousands of tulips welcome springtime during Biltmore’s 25th annual Festival of Flowers, April 3 – May 16, 2010. The estate-wide event celebrates the beauty of George Vanderbilt’s 8,000-acre property and its original design by Frederick Law Olmsted, father of American landscape architecture. Biltmore’s gardens, Olmsted’s final and most grand project, are in their 120th year, continuing to mature and are becoming more beautiful as time passes. For the first time, a cell phone audio tour of the gardens offering historical facts as well as more detailed information about plant varieties will also be available.
The 25th anniversary celebration of Festival of Flowers coincides with the grand opening of Antler Hill Village. This pedestrian-friendly venue will be open to guests as part of daily admission to Biltmore and expands current offerings to include a new exhibition space, village green with live entertainment, dining, shopping and a new outdoor adventure center. Biltmore Winery, located in the village area, will also be celebrating its 25th anniversary and will be offering a newly-designed tour and tasting room. Antler Hill Village will be open to guests during Festival of Flowers and a grand opening celebration is planned for May 20 – 23, 2010.
Floral décor this year will focus on the iris, fleur de lis and color silver, all symbolic of the 25th anniversary. Tulips – over 100,000 of them – will mark the beginning of the festival greeting visitors at Biltmore’s main entrance and continuing to the stunning colors in the Walled Garden and elsewhere around the estate. Guests won’t want to miss the vibrant colors in the 20-acre azalea garden and cascades of native and exotic blooms in the natural gardens and along the walking trails.
The entrance vestibule at Biltmore House will feature a fresh flower carpet design, and in the Entry Hall, six woven commemorative banners will hang, all designed and woven by local company Manual Woodworkers & Weavers. French influences with designs in blues, purples, soft yellow, soft greens, a touch of pink, burgundy and red will grace floral arrangements in Biltmore House.
In honor of the winery’s 25th anniversary, the conservatory display will take inspiration from Biltmore’s wines, with elaborate container gardens planted with beautiful colors and scents to represent selections. During the last half of the festival, the Walled Garden’s pattern beds will feature a fleur de lis design.
With so much to celebrate, festivities across the estate will include music in Biltmore House and other locations, tips from Biltmore gardeners and innovative displays in the conservatory. Biltmore Winery will host live music, wine tastings, seminars and children’s activities. Seasonal Festival of Flowers wines are crafted each year to mark the occasion. In addition, Biltmore’s restaurants will feature special silver anniversary menus, drinks and desserts. See below for the full schedule of events.
Activities–In the Gardens
“Ask a Biltmore Gardener” station under the Arbor – Guests may ask Biltmore gardeners their gardening questions, 11 a.m. to 4 p.m., Saturdays and Sundays
Conservatory, 11:30 a.m., 12:30 p.m., 1:30 p.m., 2:30 p.m. and 3:30 p.m., daily
Live music and innovative container garden displays created by Biltmore gardeners
Activities–Antler Hill Village
The Bandstand on the Village Green
Listen to live music, beginning at 2 p.m. daily
The Barn
Enjoy live music and farm-life demonstrations, Saturdays and Sundays
Activities–At the Winery
Red Wine and Chocolate Seminars, daily
Learn how these divine treats complement each other.
Wine Bar, 12 p.m. to 7 p.m., Sundays
Featuring music at 3:30 p.m., 4:30 p.m., 5:30 p.m. and 6:30 p.m. on select dates
Enjoy a glass or bottle of your favorite Biltmore wine while listening to music. Add a cheese or tapas plate for an afternoon snack.
Grape Stomp and Children’s Activities, 2 p.m. to 5 p.m., Saturdays and Sundays
Children of all ages who stomp grapes can take home their grape juice hand and footprints as a keepsake.
Behind-the-Scenes Production Tour, 4 p.m. and 5 p.m., daily
Explore the winery’s production areas and learn how Biltmore wines are crafted.
Activities–Across the Estate
A Gardener’s Place, 1 p.m. to 3 p.m., daily
Let Biltmore gardeners reveal helpful hints for decorating your home with fresh flowers, tips for crafting a stunning wreath and more.
Special seminars each day:
• 1 p.m.: Creating five-minute centerpieces
• 2 p.m.: How to "wreath" your door into spring
• 3 p.m.: Learn the basics of growing roses
Deerpark Restaurant
Art Show featuring works by members of the Blue Ridge Watermedia Society, 11 a.m. to 3 p.m. Monday through Saturday and 10 a.m. to 3 p.m. on Sunday.
April 4th Easter Sunday Egg Hunt
Front Lawn
Visits with the Easter Rabbit from 9:30 a.m. to 3:30 p.m.
Children’s Music and Stories – Special songs and stories for our littlest guests
Thirty-minute sets beginning at 9:45 a.m., 11:45 a.m. and 1:45 p.m.
Magic Shows at 10:30 a.m., 12:30 p.m. and 2:30 p.m.
Easter Egg Hunts at 11a.m., 1 p.m. and 3 p.m.
• Registration begins at 9 a.m. and will close 15 minutes before each hunt
• Designed for children ages 2 to 9 years old
• Children will need to bring their own basket
Activity Area from 9:30 a.m. to 2:30 p.m.
Crafts, coloring pages and word find games
In addition to Biltmore House and Gardens, estate admission includes entry to Biltmore Winery, Antler Hill Village, specialty gift shops and restaurants. Spring is the perfect time to take advantage of Biltmore’s unique surroundings by taking part in the Explore Biltmore program. Outdoor activities include hiking, biking, rafting, kayaking, horseback riding, carriage rides, Segway tours, a sporting clays program and a Land Rover Driving School. Guests looking for accommodations will enjoy the four-star Inn on Biltmore Estate, which provides a variety of packages. For more information or reservations, contact Biltmore at 877.BILTMORE or visit www.biltmore.com.
The 25th anniversary celebration of Festival of Flowers coincides with the grand opening of Antler Hill Village. This pedestrian-friendly venue will be open to guests as part of daily admission to Biltmore and expands current offerings to include a new exhibition space, village green with live entertainment, dining, shopping and a new outdoor adventure center. Biltmore Winery, located in the village area, will also be celebrating its 25th anniversary and will be offering a newly-designed tour and tasting room. Antler Hill Village will be open to guests during Festival of Flowers and a grand opening celebration is planned for May 20 – 23, 2010.
Floral décor this year will focus on the iris, fleur de lis and color silver, all symbolic of the 25th anniversary. Tulips – over 100,000 of them – will mark the beginning of the festival greeting visitors at Biltmore’s main entrance and continuing to the stunning colors in the Walled Garden and elsewhere around the estate. Guests won’t want to miss the vibrant colors in the 20-acre azalea garden and cascades of native and exotic blooms in the natural gardens and along the walking trails.
The entrance vestibule at Biltmore House will feature a fresh flower carpet design, and in the Entry Hall, six woven commemorative banners will hang, all designed and woven by local company Manual Woodworkers & Weavers. French influences with designs in blues, purples, soft yellow, soft greens, a touch of pink, burgundy and red will grace floral arrangements in Biltmore House.
In honor of the winery’s 25th anniversary, the conservatory display will take inspiration from Biltmore’s wines, with elaborate container gardens planted with beautiful colors and scents to represent selections. During the last half of the festival, the Walled Garden’s pattern beds will feature a fleur de lis design.
With so much to celebrate, festivities across the estate will include music in Biltmore House and other locations, tips from Biltmore gardeners and innovative displays in the conservatory. Biltmore Winery will host live music, wine tastings, seminars and children’s activities. Seasonal Festival of Flowers wines are crafted each year to mark the occasion. In addition, Biltmore’s restaurants will feature special silver anniversary menus, drinks and desserts. See below for the full schedule of events.
Activities–In the Gardens
“Ask a Biltmore Gardener” station under the Arbor – Guests may ask Biltmore gardeners their gardening questions, 11 a.m. to 4 p.m., Saturdays and Sundays
Conservatory, 11:30 a.m., 12:30 p.m., 1:30 p.m., 2:30 p.m. and 3:30 p.m., daily
Live music and innovative container garden displays created by Biltmore gardeners
Activities–Antler Hill Village
The Bandstand on the Village Green
Listen to live music, beginning at 2 p.m. daily
The Barn
Enjoy live music and farm-life demonstrations, Saturdays and Sundays
Activities–At the Winery
Red Wine and Chocolate Seminars, daily
Learn how these divine treats complement each other.
Wine Bar, 12 p.m. to 7 p.m., Sundays
Featuring music at 3:30 p.m., 4:30 p.m., 5:30 p.m. and 6:30 p.m. on select dates
Enjoy a glass or bottle of your favorite Biltmore wine while listening to music. Add a cheese or tapas plate for an afternoon snack.
Grape Stomp and Children’s Activities, 2 p.m. to 5 p.m., Saturdays and Sundays
Children of all ages who stomp grapes can take home their grape juice hand and footprints as a keepsake.
Behind-the-Scenes Production Tour, 4 p.m. and 5 p.m., daily
Explore the winery’s production areas and learn how Biltmore wines are crafted.
Activities–Across the Estate
A Gardener’s Place, 1 p.m. to 3 p.m., daily
Let Biltmore gardeners reveal helpful hints for decorating your home with fresh flowers, tips for crafting a stunning wreath and more.
Special seminars each day:
• 1 p.m.: Creating five-minute centerpieces
• 2 p.m.: How to "wreath" your door into spring
• 3 p.m.: Learn the basics of growing roses
Deerpark Restaurant
Art Show featuring works by members of the Blue Ridge Watermedia Society, 11 a.m. to 3 p.m. Monday through Saturday and 10 a.m. to 3 p.m. on Sunday.
April 4th Easter Sunday Egg Hunt
Front Lawn
Visits with the Easter Rabbit from 9:30 a.m. to 3:30 p.m.
Children’s Music and Stories – Special songs and stories for our littlest guests
Thirty-minute sets beginning at 9:45 a.m., 11:45 a.m. and 1:45 p.m.
Magic Shows at 10:30 a.m., 12:30 p.m. and 2:30 p.m.
Easter Egg Hunts at 11a.m., 1 p.m. and 3 p.m.
• Registration begins at 9 a.m. and will close 15 minutes before each hunt
• Designed for children ages 2 to 9 years old
• Children will need to bring their own basket
Activity Area from 9:30 a.m. to 2:30 p.m.
Crafts, coloring pages and word find games
In addition to Biltmore House and Gardens, estate admission includes entry to Biltmore Winery, Antler Hill Village, specialty gift shops and restaurants. Spring is the perfect time to take advantage of Biltmore’s unique surroundings by taking part in the Explore Biltmore program. Outdoor activities include hiking, biking, rafting, kayaking, horseback riding, carriage rides, Segway tours, a sporting clays program and a Land Rover Driving School. Guests looking for accommodations will enjoy the four-star Inn on Biltmore Estate, which provides a variety of packages. For more information or reservations, contact Biltmore at 877.BILTMORE or visit www.biltmore.com.
Saturday, April 3, 2010
Looking Twice at Overpriced Homes
Common perception says that if a home doesn't sell, there has to be something wrong with it. Physical defects or location are not always factors which drive away homebuyers.
The number one reason why an otherwise attractive home doesn't sell is price. Homes that are grossly overpriced often don't sell at all. Why? Because homebuyers don't even bother to make an offer on them.
Why Don't Homebuyers Make Offers on Overpriced Homes?
1) They don't want to offend the seller. It really goes against human nature to offer substantially less than the asking price to the seller. It's insulting to the seller and embarrassing to the buyer.
2) Buyers truly believe that the seller knows the home is overpriced and is just waiting for that 'special buyer' to show up and make them an overpriced offer. They believe that if a seller would be willing to sell for less, they would simply lower their price.
3) Buyers also assume that the sellers have already turned down 'low-ball' offers from other buyers because surely someone, somewhere along the line, had offered a reasonable price to the seller. But, many times, there had been no offers at all!
Your Real Estate Agent is a Professional. We know the real estate market, forwards and backwards. There are no special tricks to determining the market value nor do we offer our opinions on pricing your home. We create a Competitive Market Analysis which compares sold homes, pending sales and homes still on the market, all just like yours so you can see where your competition is priced.
The number one reason why an otherwise attractive home doesn't sell is price. Homes that are grossly overpriced often don't sell at all. Why? Because homebuyers don't even bother to make an offer on them.
Why Don't Homebuyers Make Offers on Overpriced Homes?
1) They don't want to offend the seller. It really goes against human nature to offer substantially less than the asking price to the seller. It's insulting to the seller and embarrassing to the buyer.
2) Buyers truly believe that the seller knows the home is overpriced and is just waiting for that 'special buyer' to show up and make them an overpriced offer. They believe that if a seller would be willing to sell for less, they would simply lower their price.
3) Buyers also assume that the sellers have already turned down 'low-ball' offers from other buyers because surely someone, somewhere along the line, had offered a reasonable price to the seller. But, many times, there had been no offers at all!
Your Real Estate Agent is a Professional. We know the real estate market, forwards and backwards. There are no special tricks to determining the market value nor do we offer our opinions on pricing your home. We create a Competitive Market Analysis which compares sold homes, pending sales and homes still on the market, all just like yours so you can see where your competition is priced.
Thursday, March 11, 2010
This Month In Real Estate March 2010
Existing Home Sales
Existing home sales slowed in January. According to Lawrence Yun, NAR chief economist, this is mainly due to the lack of urgency with the extension and expansion of the first-time buyer tax credit in November. January sales of 5.05 million remain 12 percent above the 4.53 million-unit level last year.
Median Home Price
Existing-home price was $164,700 in January, 3.4 percent below December and unchanged from January 2009. Distressed homes, which accounted for 38 percent of sales last month, continue to skew prices downward as they typically are discounted in comparison with traditional homes.
Inventory
The supply of homes continued to shrink, falling 0.5 percent to 3.27 million, representing a 7.8-month supply at the current sales pace. Compared to a year ago, there are now 10 percent fewer homes on the market. This is the lowest level of competing homes on the market since March 2006.
Mortgage Rates
Mortgage rates edged above the 5 percent threshold during the week of February 25, but remained near historically low levels. As the Federal Reserve mortgage-backed securities purchase program is scheduled to run out at the end of March, the Fed has held the door open to extending it if the economy weakens.
Affordability
Affordability remains at record levels, supported by the lowest mortgage rates in decades, low home prices, as well as the first-time buyer tax credit. So far this year, the home price-to-income ratio has fallen well below the historical average of 25 percent. The ratio now stands at 14.1 percent.
Sources: National Association of Realtors, Freddie Mac
Existing home sales slowed in January. According to Lawrence Yun, NAR chief economist, this is mainly due to the lack of urgency with the extension and expansion of the first-time buyer tax credit in November. January sales of 5.05 million remain 12 percent above the 4.53 million-unit level last year.
Median Home Price
Existing-home price was $164,700 in January, 3.4 percent below December and unchanged from January 2009. Distressed homes, which accounted for 38 percent of sales last month, continue to skew prices downward as they typically are discounted in comparison with traditional homes.
Inventory
The supply of homes continued to shrink, falling 0.5 percent to 3.27 million, representing a 7.8-month supply at the current sales pace. Compared to a year ago, there are now 10 percent fewer homes on the market. This is the lowest level of competing homes on the market since March 2006.
Mortgage Rates
Mortgage rates edged above the 5 percent threshold during the week of February 25, but remained near historically low levels. As the Federal Reserve mortgage-backed securities purchase program is scheduled to run out at the end of March, the Fed has held the door open to extending it if the economy weakens.
Affordability
Affordability remains at record levels, supported by the lowest mortgage rates in decades, low home prices, as well as the first-time buyer tax credit. So far this year, the home price-to-income ratio has fallen well below the historical average of 25 percent. The ratio now stands at 14.1 percent.
Sources: National Association of Realtors, Freddie Mac
Thursday, January 7, 2010
Good Credit Score Not Good Enough Anymore
With historically low rates, many homeowners are watching closely for the right time to refinance their mortgages. Those with good credit may well recall being showered with praise by a mortgage broker during the initial purchase for that solid credit score.
That was then. This is now.
A few years ago, a score of 620 or higher was good enough. That increased to 680 in early 2008. Then it jumped to 720 in April last year and 740 in August, says Rodney Anderson, senior managing partner of Plano, Texas-based Rodney Anderson Lending Services.
In the past, any score of 700 or higher would get a double thumbs-up from credit experts. Now, rate adjustments begin kicking in at 740, with every 20-point drop adding another adjustment.
In other words, many people who were taking pride in their credit habits either must pay significantly higher or try to make quick changes to nudge their scores upward. "What used to be great is now only good," says mortgage broker Todd Huettner, president of Denver-based Huettner Capital. Refinancing that would have worked a year ago might well not make sense, he adds.
"I have clients all the time who literally wind up with a score of 739, 719, 699, 679 ... and it costs them money to either fix it or pay for it," Huettner says.
One of Huettner's clients, who always had a score of about 740, went to do a refinance and found her current score at 719. "The reason was, she put a new washer and dryer on a store credit card," he says. Many store cards are actually revolving credit, and your limit may well be equal or about equal to the purchase you're trying to make that day.
Take the application that Stamford, Conn.-based Luxury Mortgage Corp. got recently.
Interested in lowering the rate on an existing mortgage, the borrower could verify substantial income, assets and personal credit history, says chief executive David Adamo. But the borrower's credit score had taken a hit after co-signing an auto loan for his son that had not been paid timely.
"As a result, the borrower, who otherwise met every other criterion, was unable to refinance the loan at a rate that made economic sense," Adamo says.
Another wrinkle in today's market: Even those with FICO scores of 740 or higher are penalized for buying in a geographic market on the downswing. "This adjustment affects all borrowers, regardless of score, if in a declining market," says mortgage broker Jim Heidelberg, president of Heidelberg Capital Corp. in Tampa, Fla.
In many cases, the added costs of rate adjustments are "enough to make a refinance that would otherwise make sense have no benefit to the borrower," Huettner says.
The road to new scoring
How did we get to this new reality?
The nation's two largest mortgage lenders, Fannie Mae and Freddie Mac, suffered major losses in the market last year and then redefined risk, announcing price adjustments for borrowers with FICO scores below 720, says Sean Cragg, vice president of sales for Ann Arbor, Mich.-based Gold Star Mortgage Financial Group.
And, in case you were wondering, "these fees have nothing to do with your mortgage company or its various products and cannot be negotiated away," Cragg says.
All mortgage bankers, brokers and credit unions must comply with the higher interest rates and delivery changes in all traditional mortgages, says Heidelberg. Only entities intending to hold the mortgages in their own portfolios can follow their own guidelines.
Worse news may be on the horizon. "There are many factors, including proposed legislation and regulation, that continue to change the mortgage lending landscape," says David Chung, managing director of Towson, Md.-based CreditXpert Inc., which provides credit analysis services to consumers. "In the near term, it is more likely that this benchmark will continue to rise than fall."
Surprise, surprise
Joe and Jane Homeowner have likely heard of the new credit restrictions. But the actual cost to them is often a surprise when they sit down with a broker.
"Often, lenders will quote rates that include the adjustments, without calling attention to them in order to avoid a negative reaction from their customer," says James Guthrie, a partner in New Home Finance in Suwanee, Ga.
Less surprising are other factors that go into securing financing for a new or existing mortgage.
Paola Kielblock, national products manager for Sun Prairie, Wis.-based Fairway Independent Mortgage Corp., clarifies today's requirements:
• Good credit.• Stable job, with a minimum of two years of employment.• Reserves after closing, including a minimum of two to six months of mortgage principal, interest, taxes and insurance.• Down payment from the borrower's own funds.• Low debt-to-income ratio. The required ratio varies between banks but is generally less than 40 percent, according to many in the industry.•
Good loan-to-value percentage. It also varies, but it's often cited as less than 80 percent.
Having equity in your home is a major factor in getting approved for a refinance and in finding the best rate, says Cameron Findlay, chief economist for LendingTree.com. The more equity in the home, the less risk there is to the lender if the home is repossessed.
Taking action on your score
What can a homeowner who wants to refinance do with a good FICO score that's not good enough?
"Virtually everyone can raise their scores by at least 10 (points) to 20 points, sometimes significantly more in 30 days," Anderson says. Here's what to do.
1. Find out what might have gone wrong. Applicants should know their credit score, understand what it means to their loan rates and ask their loan officers to use credit analysis on their behalf, says Chung. Credit analysis tools are a simple way to identify key score influencers by scrutinizing the information contained in each of an individual's three credit reports to look for inconsistencies, errors and omissions that may artificially depress the score.
2. Correct any inaccuracies. Although consumers can improve scores on their own, Kielblock notes that credit agencies offer services to mortgage brokers to help consumers raise their credit scores if something is reported inaccurately and there is proof of a discrepancy.
3. Decrease the percentage of available credit used. This can be done by paying down balances or increasing credit limits, says Guthrie. Ideally, this means keeping balances as close to zero as possible, and definitely below 30 percent of the available credit limit, experts say.
"We've seen people increase their scores by as much as 90 points or more, simply by paying off the right cards," Anderson says.
4. Move things around. If one income can be used to qualify for the loan, transfer accounts to "park" the debt in the other party's name, Guthrie says.
5. Get a rapid rescore. It's the only way to find out fast if an attempt to improve a score was successful. It's done through your lender and a rescoring company. The process takes about a week, but it can get the loan process back on track. The downside is it costs a few hundred dollars. The credit bureau Experian has seen an increase in rapid rescoring requests, says spokeswoman Cynthia Baker. "While we haven't done a direct cause-and-effect analysis, anecdotally, the volume does appear to have increased as interest rates have dropped in March," she says.
Aside from working toward a better score, there are two additional options. One is paying points to buy down the interest rate. "This is only a good idea if the borrower will then live in the house beyond the break-even point, meaning the time where the money they've paid in points is made up for by way of less expensive monthly payments," says Findlay.
The other option: shopping around. Some lenders, such as Palo Alto, Calif.-based Addison Avenue Federal Credit Union, have loans, known as "portfolio" loans, that aren't subject to blanket rules on credit scores because the lender intends to keep them rather than sell the loans in the secondary market.
Michelle Edwards, national mortgage sales director, reports that for these loans, her company increases the cost of a mortgage only for consumers whose credit scores are below 680. One customer looking to refinance avoided a pricing adjustment because of compensating factors such as loan-to-value ratio, assets and length of employment.
In a perfect world, anyone contemplating a refinance or a new mortgage anytime within the next year or so would start working on getting the ideal credit score now.
But what if that didn't happen? Try not to let your emotions drive how you feel about your interest rate. A mortgage is a financial decision that should be driven by economics, "not the pursuit of the world's lowest rate because having it would make you feel good," Heidelberg says.
He also says some consumers wait six months for a slightly better rate when a refinance could save $500 a month means missing $3,000 in savings. As Heidelberg says,
"This is foolish."
Written by Melissa Ezerick. Copyrighted, Bankrate.com. All rights reserved.
That was then. This is now.
A few years ago, a score of 620 or higher was good enough. That increased to 680 in early 2008. Then it jumped to 720 in April last year and 740 in August, says Rodney Anderson, senior managing partner of Plano, Texas-based Rodney Anderson Lending Services.
In the past, any score of 700 or higher would get a double thumbs-up from credit experts. Now, rate adjustments begin kicking in at 740, with every 20-point drop adding another adjustment.
In other words, many people who were taking pride in their credit habits either must pay significantly higher or try to make quick changes to nudge their scores upward. "What used to be great is now only good," says mortgage broker Todd Huettner, president of Denver-based Huettner Capital. Refinancing that would have worked a year ago might well not make sense, he adds.
"I have clients all the time who literally wind up with a score of 739, 719, 699, 679 ... and it costs them money to either fix it or pay for it," Huettner says.
One of Huettner's clients, who always had a score of about 740, went to do a refinance and found her current score at 719. "The reason was, she put a new washer and dryer on a store credit card," he says. Many store cards are actually revolving credit, and your limit may well be equal or about equal to the purchase you're trying to make that day.
Take the application that Stamford, Conn.-based Luxury Mortgage Corp. got recently.
Interested in lowering the rate on an existing mortgage, the borrower could verify substantial income, assets and personal credit history, says chief executive David Adamo. But the borrower's credit score had taken a hit after co-signing an auto loan for his son that had not been paid timely.
"As a result, the borrower, who otherwise met every other criterion, was unable to refinance the loan at a rate that made economic sense," Adamo says.
Another wrinkle in today's market: Even those with FICO scores of 740 or higher are penalized for buying in a geographic market on the downswing. "This adjustment affects all borrowers, regardless of score, if in a declining market," says mortgage broker Jim Heidelberg, president of Heidelberg Capital Corp. in Tampa, Fla.
In many cases, the added costs of rate adjustments are "enough to make a refinance that would otherwise make sense have no benefit to the borrower," Huettner says.
The road to new scoring
How did we get to this new reality?
The nation's two largest mortgage lenders, Fannie Mae and Freddie Mac, suffered major losses in the market last year and then redefined risk, announcing price adjustments for borrowers with FICO scores below 720, says Sean Cragg, vice president of sales for Ann Arbor, Mich.-based Gold Star Mortgage Financial Group.
And, in case you were wondering, "these fees have nothing to do with your mortgage company or its various products and cannot be negotiated away," Cragg says.
All mortgage bankers, brokers and credit unions must comply with the higher interest rates and delivery changes in all traditional mortgages, says Heidelberg. Only entities intending to hold the mortgages in their own portfolios can follow their own guidelines.
Worse news may be on the horizon. "There are many factors, including proposed legislation and regulation, that continue to change the mortgage lending landscape," says David Chung, managing director of Towson, Md.-based CreditXpert Inc., which provides credit analysis services to consumers. "In the near term, it is more likely that this benchmark will continue to rise than fall."
Surprise, surprise
Joe and Jane Homeowner have likely heard of the new credit restrictions. But the actual cost to them is often a surprise when they sit down with a broker.
"Often, lenders will quote rates that include the adjustments, without calling attention to them in order to avoid a negative reaction from their customer," says James Guthrie, a partner in New Home Finance in Suwanee, Ga.
Less surprising are other factors that go into securing financing for a new or existing mortgage.
Paola Kielblock, national products manager for Sun Prairie, Wis.-based Fairway Independent Mortgage Corp., clarifies today's requirements:
• Good credit.• Stable job, with a minimum of two years of employment.• Reserves after closing, including a minimum of two to six months of mortgage principal, interest, taxes and insurance.• Down payment from the borrower's own funds.• Low debt-to-income ratio. The required ratio varies between banks but is generally less than 40 percent, according to many in the industry.•
Good loan-to-value percentage. It also varies, but it's often cited as less than 80 percent.
Having equity in your home is a major factor in getting approved for a refinance and in finding the best rate, says Cameron Findlay, chief economist for LendingTree.com. The more equity in the home, the less risk there is to the lender if the home is repossessed.
Taking action on your score
What can a homeowner who wants to refinance do with a good FICO score that's not good enough?
"Virtually everyone can raise their scores by at least 10 (points) to 20 points, sometimes significantly more in 30 days," Anderson says. Here's what to do.
1. Find out what might have gone wrong. Applicants should know their credit score, understand what it means to their loan rates and ask their loan officers to use credit analysis on their behalf, says Chung. Credit analysis tools are a simple way to identify key score influencers by scrutinizing the information contained in each of an individual's three credit reports to look for inconsistencies, errors and omissions that may artificially depress the score.
2. Correct any inaccuracies. Although consumers can improve scores on their own, Kielblock notes that credit agencies offer services to mortgage brokers to help consumers raise their credit scores if something is reported inaccurately and there is proof of a discrepancy.
3. Decrease the percentage of available credit used. This can be done by paying down balances or increasing credit limits, says Guthrie. Ideally, this means keeping balances as close to zero as possible, and definitely below 30 percent of the available credit limit, experts say.
"We've seen people increase their scores by as much as 90 points or more, simply by paying off the right cards," Anderson says.
4. Move things around. If one income can be used to qualify for the loan, transfer accounts to "park" the debt in the other party's name, Guthrie says.
5. Get a rapid rescore. It's the only way to find out fast if an attempt to improve a score was successful. It's done through your lender and a rescoring company. The process takes about a week, but it can get the loan process back on track. The downside is it costs a few hundred dollars. The credit bureau Experian has seen an increase in rapid rescoring requests, says spokeswoman Cynthia Baker. "While we haven't done a direct cause-and-effect analysis, anecdotally, the volume does appear to have increased as interest rates have dropped in March," she says.
Aside from working toward a better score, there are two additional options. One is paying points to buy down the interest rate. "This is only a good idea if the borrower will then live in the house beyond the break-even point, meaning the time where the money they've paid in points is made up for by way of less expensive monthly payments," says Findlay.
The other option: shopping around. Some lenders, such as Palo Alto, Calif.-based Addison Avenue Federal Credit Union, have loans, known as "portfolio" loans, that aren't subject to blanket rules on credit scores because the lender intends to keep them rather than sell the loans in the secondary market.
Michelle Edwards, national mortgage sales director, reports that for these loans, her company increases the cost of a mortgage only for consumers whose credit scores are below 680. One customer looking to refinance avoided a pricing adjustment because of compensating factors such as loan-to-value ratio, assets and length of employment.
In a perfect world, anyone contemplating a refinance or a new mortgage anytime within the next year or so would start working on getting the ideal credit score now.
But what if that didn't happen? Try not to let your emotions drive how you feel about your interest rate. A mortgage is a financial decision that should be driven by economics, "not the pursuit of the world's lowest rate because having it would make you feel good," Heidelberg says.
He also says some consumers wait six months for a slightly better rate when a refinance could save $500 a month means missing $3,000 in savings. As Heidelberg says,
"This is foolish."
Written by Melissa Ezerick. Copyrighted, Bankrate.com. All rights reserved.
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