NORTH CAROLINA FARM BUREAU~ A very competitive insurer for second homes.

Second homes, vacation properties, and rental homes account for many of the homes in our area.  Frankly, figuring out how to get the maximum coverage from your insurance company for these unique exposures can sometimes be the tricky part.  A comprehensive planning session with Farm Bureau Agent, Wendy Carver, can help clear up any questions.  The last thing anybody wants is to find out they weren’t properly covered AFTER the claim was filed.

Farm Bureau is the NUMBER ONE insurer in about 10 southern states.  (Collision Expert Nov08)  This member-driven company was founded in the 1940’s to provide rural and agricultural protection for people was otherwise couldn’t get insurance.  Today, we not only cover the family farm, but all sorts of business exposure and a wide range of property types.  Farm Bureau Membership is required to take advantage of the reduced-rate insurance, but what many people don’t realize is that you only have to pay membership in one state!  Your $25.00 North Carolina membership can allow you to insure Tennessee, Florida, Georgia property with the Farm Bureau offices of those states.  (North Carolina has the cheapest membership fees as well!)  Many people who frequently travel back and forth have found that the discounts on choice hotels and rental cars that come with Farm Bureau membership far outway Triple A and AARP discounts. When used one time at a choice hotel, the membership pays for itself!

Second homes insured with Farm Bureau need to be occupied by their owner at least 6 months out of the year.  Those months need not be consecutive.  Any vehicles that are tagged, titled, and registered in North Carolina can also be insured with Farm Bureau to qualify the homeowners for further “multi-line” discounts.   Vacation properties that are rented or leased to others may be covered, only if, the owners main dwelling is insured with a Farm Bureau of NC or any other state.  These types of policies are listed as “tenant occupied” and can cover contents or no contents based on how the home is rented.  Any damage done by tenants is not covered by Farm Bureau, or any other insurance company for that matter.   Vacant homes may be written for one year only, since then intention for any vacant home is to be sold or rented.  Once occupancy type changes, your Farm Bureau Agent can make any adjustments to the policy.

Something else our “out-of-towners” have really appreciated is how coverage can be bound entirely electronically.  With just a few minutes over the phone to discuses coverage details and complete the application, forms requiring signatures can be emailed to you with a keystroke.  Your Farm Bureau Agent then completes the process by doing a home visit and taking a picture of the outside of your mountain retreat!  Closings and mortgage transactions are all handled by the agent to make the buying experience as worry-free as possible for the new owners.

To View the above flyer larger, please click on image.

Click on above  images for a larger view

10 condominiums to be sold REGARDLESS OF BID! Sounds too good to be true doesn’t it? Well that is exactly what is happening on Saturday May 22 starting at 11:00 AM. 17 Miller’s Landing and Persimmon Point Condominiums will be put up for auction and 10 will be sold regardless of bid. But don’t think that these are cookie cutter condos, each one has unique features that set them apart from the other; whether it be a jetted tub, vaulted ceiling, or a tiled patio. Click on any image above for a large view and to get a better understanding of the site and floor plan for each condo and to learn about the differences in each.

Not only will bids be taken at the auction, the option for online bidding will also take place prior to the auction itself. Contact us to set up your online account now and to get prepare for the auction. Highlights of the online bidding include: high quality broadcast making the audio and video much clearer, and it is extremely easy to use no software download required. Also included in accepted pre-sale offers is a FREE golf membership for the remainder of 2010.

Regardless of the bidding process you choose be prepared to provide $10,000 earnest money in the form of a certified check. But what a deal! Previously listed from between $299K and $526K its just an offer that’s too good to be passed up. So call or come by and see us to find out more information and put in your bid today!

To view the Home Owners Association Info & restrictions, CLICK HERE..

If you’re looking for a new construction home or would like to preview newer homes in Haywood County, NC…  now is your chance.  The Haywood County Home Builders Association has put together 16 homes for you to view beginning today, tomorrow & Sunday from 9am-5pm. Realty World in Maggie Valley has 7 homes listed in the parade out of a total of 16.. We hope you can come join us..

For a map & route to all the homes, Click on picture

It seems daily we are reminded of the unemployment numbers in this country. I have been thinking for over a year now that the true picture of unemployment is very misleading. The reason? I think one of the hardest hit professions of this recession is real estate and more specifically Realtors. It seems we fall through the cracks in many ways. Since we are independent contractors we really do not have a “job”. It would be very tough for any of us to go to an agency and request unemployment. Personally, that is the last thing I would ever do, but does the government understand the effect this recession has on Realtors? They will spend billions to bail out our financial sectors, billions to bail out the car makers, and billions soon to be spent on a “new” health care system. I am not saying we need billions. Personally, I do not think we need anything, except for credit to flow, taxes on small business to be lowered, and allow the free market to be well, free! Let’s not let the government forget about us, but also let’s not let them get in our way either. Who better to lead the rebound than small business?

It has been a bit since I really sat down and expressed what in happening in regards to Real Estate in Haywood County North Carolina. I would like to say that we are taking it all in stride, but I will not lie. It has been a challenge. All year we have been looking towards the next “busy time” that will bring an influx of customers into the mountains to buy that special get-a-way. It started in the Spring, the flowers and trees started to bloom and we said “ok, it is coming. The visitors will be back and the sales will increase, but the market did  not pick up.  So , we said school is not out…When it gets out “they will be back” . Well this went on all Spring, Summer, and now fall. Unfortunately, we never had that “rush” of customers.

I guess we should consider ourselves lucky that the market continued even though it was slow. I know there are agents out there that are having a very tough time. Our company has maintained a steady flow of sales. We are ranked #3 in our county and have had over 80 transactions to date (typically we do 150 or so in a year).  We have about 15 transactions in the pipleline so we are better off than most. That said, it has still been a challenge to get from month to month. When your company is set up with an overhead based on a average of 150 transactions and you only do half of that, it creates a problem. I believe we have been proactive for months and knew that the market would be slow, but nobody knew that the global economy would crumble around us.  

All parts of the economy have been affected, but is there a profession hit harder by this than the 1.2 million Realtors in the US? We hear daily of bailouts for the banks, for other financial sectors, for the automakers, soon the airlines, and on and on. It has been the housing downturn that has caused all this so who do you think is affected the most? Yes, anyone associated with real estate especially the Realtors. Are we asking for a bailout? No way! I do not think it is the way our professionals operate. In good times we are accused of making to much money for doing very little work and well folks it is just not true. This is my “second” profession and I can tell you the professionals in this business work as hard or harder than any. Throw in a housing crisis and we have had to work even harder for little or no pay. We come to work each day and try to find answers to a general lack of buyers. How do we get people off the fence, what incentives do we offer, and how do we reach more potential buyers are just some of the questions that we face.

I hope that the bailout monies make it into the system, the financial markets rebound, and the housing industry rebounds. If it does not the unemployment numbers will go up and there will be many that are not accounted for such as Realtors who are independent contractors and many times are not see as having “real jobs”. Call your local Realtor today and tell them you appreciate them and send them a lead! Their families are depending on it!

Prices continue to decline in Haywood County which again is good news for buyers wanting to buy in the mountains. Below are some comparative statistics for January 1, 2007 through April 30, 2007 and the same period this year. These statistics are for residential sales including condos and townhomes.

1/1/07-4/30/07

Here is a comparison of market activity for January 1, 2008 through March 31, 2008 and the same period during 2007. The stats are for residential purchases only so land, commercial, and multifamily is not included.

2007/2008

Average Selling Price: $238,199/$228,087

Average Listing Price: $250,974/$243,578

List/Sell Ratio: 95%/94%

Units Sold: 195/129

Like much of the country, real estate sales in Haywood County NC has seen a slow start to the year. The following stats are for 1/1/08- 2/29/08 and are for residential, condo, and townhouses.

Total listings on the market: 1,066

Listing Price Average: $370,800

Average Days on the market: 191

Closed Residential Listings during the time period: 74

Listing Price Average: $252,000 (notice the price range that is selling)

Selling Price Average: $232,113

List to Sell %: 92.1

Average Days on the market: 165

Listings that have expired: 181

Listings that have been withdrawn:127

Listings that are pending:49

For comparison to all of 07 look at the earlier blog post with the final 2007 Haywood County Stats.

A great time to buy? YES We have a large inventory of homes for better selection, intrest rates continue to be low and we hope will dip lower in the coming weeks, and prices are down!

Our office has a client that is interested in a lease purchase in the Maggie Valley/Haywood County area. The home must be a newer home and have some acreage. The buyer would also like a basement. The buyer is willing to pay up to $1,300/month. If you have a home in the area and you have not been able to sell or you are thinking of selling and would consider a lease purchase please contact us at wncinfo@realtyworldheritage.com Maybe we can match your home with this buyer.