Homer Ray

The 29th Annual Mum Fest kicks off this week-end and locals as well as visitors will flock to the historic downtown New Bern streets for a great weekend of fun and entertainment. This is the best weekend to experience New Bern's small town charm in a great setting.

The work on Broad Street is really showing that that there is an end in sight. Construction has been a little inconvenient to say the least, but this weekend you will get to see the beginning of the end. Most of the work is complete from Hancock Street to the River. It looks great!

There's all kinds of things to do this weekend, so we'll see you downtown in New Bern for Mum Fest!

Here's the link:http://www.mumfest.net/

Ya'll come!

The best of times may be here if you are a residential real estate buyer! Yep, that's what I said. Here's 4 reasons why:

• I talked to a mortgage banker on 10/8/2009 and she said rates had slipped down a little this week and she quoted a percentage rate less than 4.9 on a fixed 30 year mortgage with no points. My first mortgage in 1989 was 11% and I was glad to get that deal because rates where going up everyday!
• There is excess inventory in just about every neighborhood that I work in. This puts a lot of pressure on sellers to be at the front of the line with pricing, if they really want to sell and move on with their lives.
• We're not seeing double digit home price appreciation like before.
• The $8000 Tax Credit still might work for someone who really gets their act together and makes a decision to buy NOW. Time is short as you are currently required to close by November 30, 2009.

Folks are saying prices are going to go lower and that may happen. But prices and interest rates will go higher at some point in time as well. If I knew the answer to when all this is going to happen I'd not be a real estate broker anymore, I'd be on T.V.!

I am convinced that home ownership is the cornerstone to a financial portfolio that will help ensure your future. Most of us have rented a condo or apartment for a while and how much equity did we walk away with on that deal?

It's a real estate market, where supply and demand still work. Are there risks and rewards sure. But more money has been lost by folks who were scared to make a decision and waited. Remember riding around with someone who said " I could have bought that for "X" in 1999.

It will happen again. America is on sale. Why are you still on the fence? If you think prices will go lower, figure that into an offer and "buy it right". Make the decision to make an offer, with the help of a great buyer's agent you will not be sorry!

This is your opportunity calling!

Opinion of Homer Ray Accredited Buyer's Representative for the New Bern NC area.

The last couple of "first time home buyers" that have contacted me did not really understand that they don't have until December 1, 2009 to take advantage of this potential 10% discount on a home. If they buy a $80,000 home they could get up to a $8,000 tax credit on that purchase.

In our area most lenders are recommending that we give everyone 45-50 days to "CLOSE" the purchase. If we figure 30 days per month and subtract 50 days from November 30, we end up with the first week of October as the "beginning of the end". If buyers have not submitted an offer to buy a home and started the loan process and the inspection process, there is a strong possibility that they won't be able to close by November 30. It's my understanding as of today this program will end and there is no extenstion at this time.

I know we are all being bombarded by "Cash for Clunkers" and "Health Care Reform" but I really don't think the potental market for the $8000k tax credit understand time is running out.

There is a video clip on my website www.CherryPointRelocation.com that discusses the end of the tax credit and how to plan for action now. Military families using VA loans need to act now as well.

I commend the goverments effort to inform the public about the switch to digital TV from analog, remember how many ads you saw about the dead line? Where is the urgency from the media, the goverment and the REALTORS about our deadline?

Let's let everyone know, that time is indeed short!

In New Bern you can enjoy the grounds of Tryon Palace for free on the first Sunday of each month until program is changed.

So today, you and your friends or family can get free admission and tour the grounds of Tryon Palace which is really great!

You'll find smiling, friendly people touring the gardens where lots of early North Carolina history began.

I recently traveled to Richmond, Va. to attend a training program sponsored by the Distressed Property Institute, LLC. At the conclusion of the training I was one of approximately 60 other REALTORS® from Virginia, Maryland, North Carolina and South Carolina that earned the Certified Distressed Property Expert® designation.

While the foreclosure market in eastern North Carolina has not been as devastating as it has been in other parts of the country, we still have people everyday that are just 'one bad month" away from missing a mortgage payment. When that occurs they are in default of their mortgage obligations, setting up the potential for a emotional and financial storm which some may never recover from.

As a REALTOR® I have no control over the market cycles, the fair market price of a property or the local employment situation. I do see people hurting, jobs being lost and financial pressures and problems being endured everyday. I also believe that our roles are being molded by factors almost to large to comprehend: i.e. how big is 8.5 trillion dollars? Selling real estate is changing and just being able to put a sign in the yard, and a listing in the MLS will not cut it in the future.

The needs of the public are also changing rapidly as well. In 2006 who had heard of a real estate "short sale'?

By staying up to date with new educational opportunities and investing in training even when money is tight, I try to prepare myself to be a real estate professional who can help people with their real estate problems.

Up to 70% of homeowners who go into foreclosure make no formal attempt at intervention. Not all homeowners can be saved from foreclosure, but I am committed to working with those I can and lay out the alternatives they have to possibly prevent a credit destroying, family catastrophe.

Thanks to the Richmond Va. Board of REALTORS® for the great facilities and bringing the class to Richmond!

This sign said it best:' You don't need an eye chart to spot the true professional in a crowd!"