About Craven County, NC

Riverkeeper Film Festival in New Bern

Saturday, January 22, 2011 6:30-8:30pm

This event begins at 6:30pm with a Wine & Cheese Reception followed by a series of short, entertaining and independent films related to water at 7pm. This great event is sponsored by Neuse Riverkeeper Foundation and Christ Episcopal Ministry Center. Admision is Adults - $10 and Children/Students - $5.

For more informaions www.neuseriver.org 252-637-7972

New Offer to Purchase in North Carolina.

January 1, 2011 rang in the New Year and also some major changes in the way real property/real estate buyers and sellers interact contractually in North Carolina. The Joint Forms Task Force has been working on the new revisions, for over 18 months in an attempt to draft a form that eliminates many of the areas that had created disputes between buyers and sellers in North Carolina.

Prior to the new form, buyers and sellers could use Alternative One or Two. Frankly Alternative Two, which used an "Option Money" concept was seldom used in residential transactions. The concept of Earnest Money has been retained in the new Offer to Purchase for 2011.

The new form looks very different from the older one and has been rearranged, regrouped and modified. According to the NC Real Estate Commission, even with the new look, 60% of the previous language is "still found in the new form, just in different places, i.e.reorganized."

In the next series of blogs I will discuss the other 40% that make up the changes in the way buyers buy and sellers sell in North Carolina today.

The new Standard Form 2-T major changes are: Inclusion of a due diligence concept, due diligence fee and due diligence period. Other major changes include the removal of the apprasial condition/contingency and the removal of the loan condition/contingency.

I'll be discussing these major changes and some others in upcoming blogs for the benfit of buyers, sellers and real estate brokers.

I have two questions:

1. Brokers outside of NC " Do you use a due diligence, due diligence fee and due diligence period" concept in your state? If so what is your state?
2. NC brokers: How about some feedback for week one? Thanks

Exterior Replacement Project Recoup More

Curb appeal sets the stage for buyers to make an offer!

According to the 2010-11 Remodeling Cost vs. Value Report by Remodeling magazine with cooperation by REALTOR® Magazine, nine of the top ten most cost effective projects nationally were- exterior replacement projects!

The only item this year that would return full investment cost at resale was: a steel entry door replacement @102.1% of cost. A new garage door came in second at 83.9%.

As for interior remodeling projects, which are usually more expensive than replacement projects,
the attic conversion to bedroom returned the most @72.2% of cost.

A good REALTOR®, that keeps up with the market, can help you develop a plan to help your home stand out in today's inventory heavy housing market. Do not be cavalier, the competition is TOUGH and first impressions are the most important.

By the way, that backup generator will not (according to the survey) recoup more than 48.5% of it's cost at resale and the office remodel will return about 45.8% of your cost.

Consult before you spend!

(Based on South Atlantic-Midrange housing)

New Bern Short Sale Online Help Now Available

www.EastCarolinaShortSales.com

As the Havelock/Cherry Point/New Bern, NC area housing market continues to sputter along, it looks like total sales volume for 2010 will be just slightly under 2009 sales levels. This projected total (with 1 week to go) shows some signs of stabilization as the decline will be around 20-30 homes vs. last year. This is the fourth year in a row of declining home sales in this part of eastern North Carolina, however this is MUCH better than the decreases of the past several years.

Foreclosures are up in Craven County and inventory levels for new and existing homes for sale remain very high.

Most homeowners who bought in 2005-2009 and NEED to sell will, in my opinion have a hard time getting their homes sold for a profit. Some will perhaps find themselves "underwater" with their mortgage. They may not be having problems making the payments, but can't sell the house and move on to their next job assignment without having to "bring money to the closing table".

I am starting to see foreclosures pop up in new home developments like Brices Crossing, Derby Park and Creekside Village. You did not see that a couple of years ago. Home buyers should be prepared to stay put 4-5 years before buying a home in this current enviroment.

Foreclosure or walking away may not be the best option. A short sale may be worthy of consideration.

Check out EastCarolinaShortSales.com for free information about short sales, what they are, how they work and if they may be something for you to consider, if you need to sell and find out you can't "break even".

The New Bern Firemen's Museum is sponsoring their annual fundraising event - BBQ in Blue Jeans, Friday, January 21, 2011, at the New Bern Riverfront Convention Center. Wear your comfortable blue jeans and enjoy a great barbeque dinner including ribs, chicken, sides, and dessert. Dance to the music of local favorites Cold Biscuit and 3-Day Weekend. Doors open at 6:00pm with dinner at 7:00pm. Tickets are $25.00 ($30.00 at the door) and can be purchased at the New Bern Riverfront Convention Center, New Bern Firemen's Museum, Mitchell's Hardware, and the New Bern Fire Department. For additional information, please call 636-4087.

Funds raised at this event help support the many activities of the New Bern Firemen's Museum including their plans to restore the Central Fire Station, circa 1928, located on Broad Street. The building will house interactive exhibits as well as the many important relics that have already been collected to further demonstrate the City's legacy of firefighting. Attendees at BBQ and Blue Jeans will be able to make their own history and purchase a 4'x8' brick or 8'x8' paver to leave a legacy in support of this capital project.