Sweet and Southern is what Bill Gallagher always says. Bill owns Superior School of Real Estate in Charlotte NC but teaches Real Estate Classes throughout the state of North Carolina. Bill’s school teaches preliscening and post licensing including the mandatory update and electives. To stay licensed in NC, the North Carolina Real Estate Commission requires that each licensee take a 4-hour mandatory class as well as a 4-hour elective. Bill is one of the premier instructors for North Carolina real estate. I have known Bill for over 12 years and have laughed and learned a lot from him. I want to share with you some of Bill’s more notable stories that go along with the lesson so you too will get an idea of Bill’s method of laughing and learning.
I have to tell about the “wild animal.” Bill was once the broker-in-charge of the Prudential South park office. He had an agent that went to show a house that had two de-clawed kitties in it. There was a sign on the door that read: Please don’t let out the two de-clawed kitties out. The agent was careful not to let the two de-clawed kitties out but inadvertently let the neighborhood tomcat in. When the owners got home from the Hornets basketball game the house was shredded. The people told Bill that they didn’t know kitties could fly! Fortunately for everyone involved the insurance covered it by reporting that a “wild animal” got in the house. Bill has several funny animal stories including “the seeing eye pony” and the invisible fencing collar for a Doberman that the people put on their poodle to try to save money and the dog has to see therapist now. You’ll have to take Bill’s class to hear these and many more.
While Bill was at Prudential he had another agent Vonda Lee. Oh my there are more Vonda Lee stories than I have space to tell about. Vonda Lee game back from a listing appointment once and said, “That house has the worst case of Radon gas I have ever smelled” Bill told her “Vonda Lee you can’t smell Radon Gas” “Well something stank,” replied Vonda Lee. As it turns out it was the sewage treatment center off Park Rd that Vonda smelled. From then on Bill didn’t have his agents bring people down Park when bringing them from the airport to the office. He had them come down Wilkinson Blvd by the Paper Doll Lounge. Wee welcome to Charlotte. Vonda drove a Jaguar and carried a pistol in her purse. Everyone found this out one day when she came walking into the office with a gun hanging out of her purse. A few agents came running to Bill “Bill, Voda’s got a gun, Bill Vonda’s got a gun” Bill had to talk to her “Vonda, is everything alright? Is everything Ok? You aren’t mad at anybody are you?” I used to think Bill was making this woman up but I actually meet her during one of Bill’s update classes at Birkdale. She asked me to hold her shoes while she took of running bare foot to roll the windows up on her Jaguar, err uh Lexus now (she told me) as it was beginning to rain.
Now in NC if a broker receives any bonus or incentive from a builder or seller it has to be disclosed to the buyer. Speaking of full disclosure Bill tells the story of a woman in Myers Park Presbyterian Church whose cell phone goes off in church. “She bent over in the pew and talked on it,” says Bill. He says after the sermon he told the preacher who it was “Full Disclosure” Tell it, tell it, tell it.
Bill also tells a story about me inspecting the wrong house. The woman came home while I was inspecting it and asked me what I was doing. I told her that I was inspecting her house. She said go right ahead and she got a free home inspection from me. Bill is great. I try to take his classes every year. If you too would like to get you r require credits but at the same time laugh and learn contact Superior School of Real Estate at http://www.ssore.com or me Preston Sandlin at http://www.homeinspectioncarolina.com
Archive for February, 2009
Laughing and Learning With Bill Gallagher
Saturday, February 28th, 20092006: U.S. Cities With Overvalued Real Estate And Home Prices
Saturday, February 28th, 2009Buying a home is a big-time real estate investment and has to be done with great prudence. Knowing where not to buy a home is as important as are the dos and don’ts of buying a home.
Of the many top ten lists on CNNMoney.com, there is listed the top ten overvalued cities in America where it is better not to buy a home for the next two years or so. The report states a variety of reasons for the unfavorable market conditions.
Five cities in California – Bakersfield, Fresno, Merced, Sacramento and Stockton, figure among the top ten cities that have the least possibility of home price appreciation. Home prices have reached a new high (by nearly 60%) in these areas over the past two years. With an economy driven by agriculture and relatively higher unemployment rates anticipated for that area, the real estate market is predicted to slump in the region.
Although three cities in Florida are recommended as good real estate buys, the report also cites four others in Southwest Florida that fall among the very bottom of the list. With home prices here expected to plummet very soon, cities like Fort Myers, Naples, Punta Gorda and Sarasota are those that one would do best to avoid for a year’s time or so, while buying a home or a condo.
Market prices are expected to decline in the Jersey Shore (New Jersey) area that saw a radical boom in the last two quarters. Although home prices in the third quarter have rebounded from the slight drop during the second quarter, the bubble is expected to burst soon and the overpriced market is likely to stabilize. The popular seaside cities of New Jersey, Atlantic City and Ocean city are anticipated to fall under the unfavorable list.
In Phoenix, Arizona, a hot favorite among investors last year, sliding home prices may to be an unavoidable occurrence in the next 12 months. With home prices dropping by more than $100,000 in some residential developments and investors trying to sell off their property, it is safer to wait for a year or longer before investing here.
Economists at Moody’s Economy.com also predict a sharp decline in Riverside and San Bernardino counties, California’s Inland Empire.
The bottom ten cities that are likely to see major drops in median home prices during the coming year are Stockton, (leading the list with a predicted fall of 9.7%), Merced, Reno/Sparks, Fresno, Vallejo/Fairfield, Las Vegas, Bakersfield, Sacramento, Washington, D.C and Tucson.
Given these fluctuating real estate market conditions, one should exercise a great deal of caution when investing in real estate. It makes sense to get the expert advice of a real estate agent to advise you about your next home purchase, since agents often have access to the most up-to-date real estate market data and neighborhood pricing trends.
Before Renting Property in Gurgaon
Saturday, February 28th, 2009Gurgaon—the most happening business destination in northern India—is also a dream location to reside.
As a subject of intense commercial development, companies operating their businesses from Gurgaon are on streak to expand their operations.
As we know that the IT and its related industries like ITeS and BPO have already set a strong foothold in this integral part of National Capital Region (NCR) region, other industries like banking, financial, automobiles and telecom have also strengthened its roots in the thriving economy.
The all around expansion activities in the city have paved way for a massive number of people to pursue a host of employment opportunities available here.
Now that you are employed, you need to have a home at top priority. Of course, you need to know the scenario of rental property in Gurgaon before arriving at any decisions.
A backgrounder
To your delight, Gurgaon offers you an enviable quality of life. The city with an area of about 2,100 sq. km. is comparatively smaller than the metropolitans but is never behind in terms of ongoing developments and growth potential.
As far as housing in Gurgaon is concerned, you can always choose among flats, independent floors and duplexes. Generally, renting apartment in Gurgaon is considered as the most feasible option.
Most of the apartments are equipped with facilities like power back-up, cupboards, etc along with the general ones like constant water supply, security system, spacious parking lots, gardens etc.
The rentals vary from Rs 7,000 to Rs 1-lakh a month, depending upon the location, area, quality of construction and associated facilities.
Don’t go astray
Moreover, a number of residential projects are underway all around and there is a regular addition of newly-built flats in Gurgaon. India’s most prestigious real estate developers like DLF, Unitech and Ansals have set their base in Gurgaon and have several successful residential projects in credit.
However, the issue comes in the form of getting the house of your choice and comfort within a strict timeframe. In order to rent a flat, you can seek professional assistance to avoid wastage of time, money and energy in searching a house at nooks and corners of the city.
Interesting Facts About Florida Real Estate And Short Sales Market
Wednesday, February 25th, 2009It is truly riveting to know that many souls want to move forward for a Florida Real Estate. Numerous primary causes for their interest in Florida Real Estate are the sunny and romantic climate, sufficient engagement chances and the contrary refinement. The early few twelvemonths has considered the real estate market of Florida rich. In That Respect have been numerous constructions passing on in Florida.
Buying a real estate in Florida is worthwhile because Florida is a real effective place. The monetary values of Florida Real Estate commercialize is valuing and is touching sky rocketed terms. You would determine virtually of the mansions smooth however rich and rich. Numerous real estates which are worthy considering are row houses, apartments, villas, cottages, flats and studio apartment flats.
The Florida Real estate has really improved, thanks to the attempts of professional and noted architects who exercise state of the art substructure readinesses and have supplied fashionable conveniences. You would determine every last real estate in Florida causes lot of verdure adjacent the holding.
If you are sharp on deciding for a Florida Real Estate, you demand to best identify the soul who would serve you out with the buying operation. A Florida Real Estate Agent should be your future mark. It is imperative that you go in for a professed broker who gains the natural endowment and the cognition and who would aid you with the almost complicated proceedings without any troubles utterly. Aiming the Florida Real Estate Agent will be your foremost step towards progression and the continuing matters would automatically fall into place.
When selecting real estate agents, determine their reference letters and credential. Also get in meet with the customers who have taken the servings of this agentive role. If potential, go and contact them in person, therefore that you are whole certain of what to anticipate from this agentive role. If you have not been winning or are not really well-off with the references, do numerous to a greater extent research on the World Wide Web online. Browsing point-blank the localized real estate website would commit you a lot of worthy data.
Always gain 5 to 6 brokers on your listing and reach them on a one to one basis and resolve for one which causes your requirement and of course your budget. Settling for a Florida Real Estate Agent with whom you can mousse better is very important thus that on that point is nary harsh state of affairs afterwards on.
Purchasing your personal Florida Real Estate is not tough if you know what to require from it. Understanding the requirements, facts and the legitimate formality connected with it aids in reduction and well-off expedition of the attainment operation without umpteen troubles.
Why Should I Rent Property in France?
Wednesday, February 25th, 2009With house prices being so much cheaper in France than in the UK it is tempting to pile in and buy a place straight away. This temptation is getting harder to resist due to the inevitable rise in property prices in France due to the influx of ‘cashed up’ Brits, certainly in the more popular locations.
So, why should I rent property in France? you may be asking.
So many factors aren’t immediately apparent when considering buying a home in France and it’s easy to fall foul of the end of house hunter holiday panic buying. People have bought the place of their dreams only to find out too late the money required to refurbish it is over their budget. Other aspects not immediately apparent when caught up in the excitement of a beautiful, rural property purchase are the 45 minute drive to reach a town starts to lose it’s appeal especially when you forget something off your list, after all it’s not like nipping out to Sainsburys.
The worry of being so remote if the unthinkable happened and you were to suffer an accident is something many people won’t consider possibly until the first heavy snowfall cuts them off with no power, no phone and a 10 mile walk to get to the nearest house. Well at least the oil fired heating will still work in the event of a power cut wont it? …. Not without a generator to run the fuel pump it won’t…..
For some people this may be part of the adventure but for others it can creep up and slap them in the face when they least need it or it may just be a constant worry nagging in the back of their mind, what if? What if?
How important is it to know you’re buying a place where you want to live that is everything you really want and expect?
Rent a French property long term before you buy, try it out and know for sure you want to buy a place in France and that you want to buy a place that is where it is.
Personal Property Taxes – Learn The Tax Rules Of Different States
Wednesday, February 25th, 2009A few states in the United States of America have taxes on personal property when an individual sells a personal property. Is this applicable to you? This completely depends on the state you live in and whether you own any personal property. Moreover, the state should be imposing taxes for the sale of personal property. While a few states aloe its residents to buy properties in other states, a few charge tax on the property which you have purchased from the other state. It is very essential to know the laws of the particular state you live in and also the one you intend to buy property from. This is very important especially when one charges a good personal property tax on the purchase of a property. It can be a huge mistake to presume a state’s rules and regulations before you make a decision to purchase a property. It is very important to remember that every state in the US has its own rules on taxes, so the better you know about it better your chances of being safe after transaction.
If you are person who travels quite occasionally and shuttles from state to state, you will better of familiarizing the rules of each state on the personal property taxes. Do not depend on your prior charges in your earlier transaction, as these taxes are liable to change anytime during the year. If you happen to be a regular traveler, you should be aware of the fact that tax laws change every week of the year. Before you decide on your travel also make sure you know what all you can get back without paying taxes for. This will be really helpful in case of merchandise.
Be it your business travel or just a holiday, you will have to know clearly the taxes each state applies for bringing personal property back to your own state. Keep in track of the things which you can get back without paying taxes for it. You will not need to be flummoxed by the taxes the states impose on you if you are well prepared beforehand. If you have the intention of bringing home some merchandise bought in another state, you have to be well aware of the taxes imposed by the government. You should not be short of money when it really matters. You can then adjust your budget accordingly and make your trip less stressful.
Asian Property: a Decade After the Crisis
Wednesday, February 25th, 2009A decade after the 1997 Asian Crisis erupted, most housing markets in Asia are well on their way to recovery.
Boosted by strong economic growth and strong local and international demand, residential real estate prices in the Philippines, Singapore and South Korea rose by more than 10% in nominal terms y-o-y to Q1 2007.
In Hong Kong, after registering price falls in early 2006, the over-all residential price index is back in positive territory. The index rose 5.2% y-o-y to March 2007. However this is significantly lower than the annual price increases to the first quarter of 2005 and 2004, at 21% and 28%, respectively.
No bubble this time
Although property prices in most Asian countries are still below their peak levels, rapid price appreciation has taken place over the past five years, leading to renewed fears that a speculative property bubble is forming in several Asian countries.
The fear is not unfounded; one has only to recall Asia’s spectacular and disastrous property bubbles of the 1990s.
However, the recent price increases are actually recoveries from the previous slump caused by the Asian crisis and other phenomena.
As of Q1 2007, property prices in most Asian countries are in fact still below their peak levels in real terms.
Strong housing demand
Current economic and monetary conditions suggest continued strong demand for housing. All economies affected by the Asian Crisis grew by 5% or more in 2006. GDP growth from 2002 to 2006 has been markedly stronger than during the crisis period – 1997 to 2001, although slower compared to the tail-end of the “Asian Economic Miracle”.
As a result of financial and monetary reforms implemented after the crisis, banks and other financial institutions are in much better shape now. Asia’s mortgage market is set for a boom. This is despite the fact that mortgage lenders are more cautious of over-exposing themselves to particular sectors (some pundits worry that banks are actually being too cautious).
Despite recent interest hikes, in line with global interest rates, base interest rates for mortgage lending are generally lower now than before the crisis.
Socio-economic conditions also point to continued strong demand for residential properties. Strong urbanization and population growth has led to high population densities in several Asian cities.
In view of the relatively restrained dwelling price rises, strong economic growth and banking sector caution and healthy yields to be enjoyed on properties in Asia, talk of another bubble seems far-fetched.
Other problems
A more pressing concern for Asian economies is the continuation of reforms to improve real estate efficiency and transparency. Transaction costs remain high and the property registration is still cumbersome in several countries.
While Malaysia is encouraging foreign property buyers, Thailand’s military junta is pushing them away. Thailand announced that it is completing a crackdown on foreign companies established for the sole purpose of buying landed properties. While the motivation for this move is unclear, the signal is clear “foreigners are not welcome.” Political uncertainty and policy flip-flaps by the ruling junta are undoubtedly hurting the real estate market.
In the Philippines, proposed property market reforms are languishing in congress. These laws include the establishment of a centralized agency for registering property and a standard property valuation system.
Full Report:
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Are Online Real Estate Listing Trustworthy?
Tuesday, February 24th, 2009With options for free and relevant data over the internet is making a northward go, anyone can expect for a quick service from ones in the business to help in finding a desired location. One of the most competitive industries on the web is the Online Real Estate. The Real Estate companies and the agents have to work hard to come up with most promising strategies to make a mark in the market. To enhance selling capabilities, the industry has come up with the idea of creating online property listings and auction services. This idea is beneficial to real estate agents and customers alike. Freelance and independent agents can access and transact on any online property without boundaries.
In Today’s date, nearly everyone, before purchasing a house, these days looks online either before or after contacting a real estate agent. You can search for a home not only according to your desired price range, number of bedrooms, garage space and location, but you can see color pictures and in some cases videos, and forward them to your friends.
The online real estate listings contain only the “broker reciprocity” listings. Some brokers elect to not allow their listings to be displayed on other company web sites. Only a real estate agent is able to access the entire Multiple Listing Service. Your agent may also know of properties that are not yet listed, so you are able to increase your search considerably by working with a licensed real estate agent.
You may also receive quite a bit of additional information on online real estate listings that you have already browsed online, by getting the listing sheet from your agent. Most of the online databases list only a fraction of the listing information. If you are looking for lakeshore real estate for instance, you agent is able to search for listings on a specific lake. If you are an investor, your agent can search for listings based on the length of time they have been on the market. He or she can also save these search parameters and recheck them for you as often as you would like.
How to Hire a Property Management Service
Tuesday, February 24th, 2009Regardless of the current condition of the housing market it is very well known that investing in real estate and properties is one of the most stable and most profitable activities in the long run. In order to keep your Investment Property profitable it is important that you manage it correctly, that means that from the moment you put your property for rent, you need to make sure that the person you are renting your property to is responsible hence keeping your risk at a minimum.
While property management does involve screening and hand picking your tenants it doesn’t mean that it stops there, the property itself needs to be maintained and there needs to be a high level of accountability regarding all the financial transactions resulting from your properties equity growth as well as from the revenue generated by renting it to a tenant.
Many property owners who think about saving money often end up hiring a single person to manage their property, whether it be an apartment complex or a house, the only problem with this situation is that not everyone is fully qualified to run your property, give it proper maintenance while making it a profitable investment.
Because of the fact that managing the property is not an easy task and is not laughing matter either, your number one concern as an investor and as an owner is to hire a qualified company that will provide you with financial statements that are accurate and that the services they lend you will keep your asset performing at the highest level possible.
If you are the owner of an apartment complex or an even bigger piece of property then you definitely want someone who knows what they’re doing and is able tool assess your financial goals. All properties should be treated as businesses because of their ability to generate cash flow for their owners so when you are ready to hire a management company to take hold of your investment is necessary that you consult with them in order to create the business plan because only those who treat your investment as an actual business are the ones who are going to be capable of handling your asset, lowering your risks and returning balance sheets that will in turn favor your finances.
As you see, there is so much at stake that when you choose a company to run your asset and keep it profitable it is important that the company and the overall presentation inspires trust which is actually the bottom line when it comes to giving your investment for someone else to manage. Making the right decision when it comes to property management and assessing the experience of the company you are about to hire can dictate whether are not your investment will be a success.
Golden Hill, San Diego, Real Estate Market Trends, Single-family Homes, Mid Year Analysis, 2006
Sunday, February 22nd, 2009The Golden Hill region is located near Downtown San Diego County, California. The community is located between Interstates 5 and 15, just south of the famous Balboa Park.
For the period observed (January through July 2006 compared against January through July 2005), the number of homes sold remained relatively consistent. Approximately 74 single-family homes sold in 2006 and 76 homes sold in 2005.
One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.
The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.
The median price of homes in July 2006 was $572,000, compared to $425,000 in July 2005, which represents a 34.6% increase. The average price of homes in July 2006 was $551,875, compared to $466,636 in July 2005, which represents a 19.5% increase. Approximately 8 homes sold in July 2006 and 11 in July 2005. In summary, there was an upward price trend in July 2006 compared to the same period last year.
The median price of homes in June 2006 was $451,500, compared to $540,000 in June 2005, which represents a 16.4% drop. The average price of homes in June 2006 was $457,600, compared to $514,846 in June 2005, which represents an 11.1% decline. Approximately 10 homes sold in June 2006 and 13 in June 2005. In summary, there was a downward price trend in June 2006 compared to the same period last year.
The median price of homes in May 2006 was $500,000, compared to $430,000 in May 2005, which represents a 13.9% increase. The average price of homes in May 2006 was $545,067, compared to $465,727 in May 2005, which represents a 10.5% increase. Approximately 15 homes sold in May 2006 and 11 in May 2005. In summary, there was an upward price trend in May 2006 compared to the same period last year.
The median price of homes in April 2006 was $442,500, compared to $510,000 in April 2005, which represents an 8.3% drop. The average price of homes in April 2006 was $448,071, compared to $512,067 in April 2005, which represents a 10.9% decline. Approximately 14 homes sold in April 2006 and 15 in April 2005. In summary, there was a downward price trend in April 2006 compared to the same period last year.
The median price of homes in March 2006 was $415,250, compared to $437,500 in March 2005, which represents an 8.2% decrease. The average price of homes in March 2006 was $451,886, compared to $428,375 in March 2005, which represents a 5.5% increase. Approximately 14 homes sold in March 2006 and 12 in March 2005. The data was mixed for March 2006, as the median price dropped and the average price increased from the same time last year.
The median price of homes in February 2006 was $452,500, compared to $512,500 in February 2005, which represents a 6.7% drop. The average price of homes in February 2006 was $483,128, compared to $503,625 in February 2005, which represents a 1.7% decline. About 8 homes sold in February 2006 and 8 in February 2005. In summary, there was a downward price trend in February 2006 compared to the same period last year.
The median price of homes was $455,000 in January 2006, compared to $500,000 in January 2005, which represents a 9% decline. The average price of homes in January 2006 was $446,280, compared to $467,483 in January 2005, which represents a 1.3% drop. Approximately 5 homes sold in January 2006 and 6 in January 2005. In summary, there was a downward price trend in January 2006 compared to the same period last year.
So what does the data tell us? Well, the data above does not reveal a consistent pattern. The home prices for May and July 2006 were up year-over-year in the range of 10% to 35% from the same period last year. However, prices were down 1% to 16% during January, February, April and June 2006, compared to the same time last year. The data for March 2006 was mixed, with the median price dropping 8.2%, and the average price increasing 5.5% for the same time last year. Given the ups and down described above, a longer period of evaluation is needed to determine if a clear pattern emerges. Contact an experienced Realtor to obtain additional insights about the pricing trends in the Golden Hill real estate market.