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Corona Virus Restrictions have been Eased for Home Buyers

I wanted to let everyone know, if you are looking to purchase a home or land here in Haywood County, that you may now travel here to view property.  Property buyers are now considered “essential services personnel” under out Corona Virus restrictions.  Most motels are not open, but a few are now open for “essential services personnel”.  Please contact us before you travel, and we can arrange lodging for you.  We do have to travel in separate cars and maintain a 6 foot distance between ourselves and take common sense precautions against the virus.

So far here in Haywood County, we only have 9 cases of the virus, and 5 of those have recovered.  We have been extremely fortunate when compared to some other locations.  The stay-at-home order does seem to have protected our county.  I believe many of the restrictions will begin to ease in the near future.

So, if you are looking for that mountain home, plus are tired of staying at home, call us and let us know what type of property you have an interest, and provide us with your travel plans.  We will find lodging for you, and set up appointments for your home search.

Otherwise, stay safe out there!

More Local Info on Coronavirus

Below is a letter sent to all Haywood County Realtors® concerning Coronavirus restrictions.

It has been determined that real estate is an essential business.  As an essential business, buyers may travel here to view or purchase real estate.  There are only certain hotels, motels and rentals that are staying open for essential occupants.  Let us know when you plan to visit and we can help find accommodations for you.  You will have to call thee Coronavirus Hot Line at 828-356-2019 and let them know you are here, and that you are looking for real estate.  They will only ask a few simple questions.  Many of our restaurants are open for carry-out meals with curb service so you can avoid personal contact.

If you already own a home here, and are coming up to stay in your home, you must call the number above and register.  You must then quarantine yourself for 14 days.  So, if you do this, bring your groceries with you, as you will not be able to leave your home for 14 days.

I hope this helps answers your questions if you were wanting to come to Haywood County to view properties.  Please let us know how we can help you.  We are all in this together.

 

 

 

 

Coronavirus Updates from Haywood County

Being a rural area in these mountain seems to give us some advantage over the spread of viral infections compared to more urban areas.  However, that does not mean that we are not practicing social distancing and washing our hands.  The county fathers and our governor have us under stay at home orders for all but essential health care, public safety personnel, and other essential services such as grocery stores and carry-out restaurants.  We are allowed to go out for food at the grocery stores and at restaurants serving take out or drive-through.

For travelers coming into the area from another county or state the rules are somewhat different.  If you have been gone from the county for 3 days or more, you must call 828-356-2019 when entering the county and register.  You must then self quarantine for 14 days.  By quarantine, I mean you cannot even leave your home to go to the grocery store.  This applies to second home owners returning to their homes here.  So if you do decide to come to your home in Haywood County, you must register with the above number and quarantine for 14 days.  (Bring some groceries!)

Also all hotels, motels, and campgrounds cannot take new guests,  and VRBO rentals are prohibited for less than 15 days.  In other words, if someone comes here from elsewhere, there is no lodging unless they own a home here, or you have rented a VRBO home for 15 days or more, and even then you must call, register, and quarantine.

Some areas have taken this even further.  The Cherokee Reservation has set up roadblocks at all roads entering Cherokee.  If you do not live on the reservation, you cannot enter.  The Cashiers/ Highlands area of Jackson County has similar roadblocks.

Certainly all of these actions might seem somewhat extreme, but we do have an older, more vulnerable population here, as this is a retirement area.

If you have any question feel free to call either Paul at 828-421-3655, or Danny at 828-734-1120.

Thoughts about the Coronavirus

I wanted to share some thoughts about what is happening now with events being cancelled and businesses closing temporarily.  Here in Haywood County, schools are closed for at least 2 weeks, as our governor declared all K-12 schools must close for at least 2 weeks.  In neighboring Buncombe County (Asheville) schools will be closed for 3 weeks, and possibly longer.  There has been some discussion in Buncombe County of closing schools through the end of the school year.

Here in Haywood County, many people are laying low at home, although no cases of the virus have been found in our county.  The closest case so far is in Watauga County at Boone.  Our local grocery stores still have toilet paper, although there has been some panic buying of staples.  Yesterday at Ingles in Waynesville, many items were getting low on the shelves, but Pat, the manager, said they were unloading a truck full of groceries in the rear of the store.  Our grocery stores have also announced shorter hours due to the virus.  Ingles will now be closing at 10PM and Publix is now closing at 8PM.

Cataloochee Ski Area here in Maggie Valley announced they would be closing as of yesterday for the season.  They still had plenty of snow, but decided having hundreds of customers in close proximity would not be a good idea.

Some restaurants in Asheville have announced they will be open for carry-out orders only.

The governor has also issued an executive order banning mass gatherings of 100 or more people.

Feel free to call us directly if you have any questions about closings.  Call Paul at 828-421-3655, or Danny at 828-734-1120

I must add that we feel much safer here in the mountains than if we were in a large city.

 

Architectural Details Best Left Untouched in a Remodel

These days it seems many home owners are remodeling their homes.  I found the below article in Realtor® Magazine, and thought it was good information to share with anyone contemplating a remodel of their home.

Some items in older homes should not be touched in a remodel, designers warn.

Homeowners should hold off on removing certain architectural details because they could be removing some selling points in the process.

“Architectural features that give homes distinct character should be left intact,” Patrick Garrett, a broker and owner at H&H Realty in Trussville, Ala., told realtor.com®. “There are home buyers looking for homes with unique features and older homes with character and charm.”

Realtor.com® highlighted several qualities in older homes that shouldn’t be touched, and molding was at the top of the list.

“On the inside of the home, the first things we salvage are the staircase, window trim, and crown molding,” Thomas Kenny, co-founder of Scott Simpson Design + Build in Northbrook, Ill., told realtor.com®. “The original molding, in particular, gives the home character and is usually crafted from high-quality materials that will stand the test of time.”

Stained glass is another feature that experts recommend keeping, and it can make a home more valuable. “Once you come across [stained-glass windows], you will remember them for a lifetime,” Anastasios Gliatis, CEO at Anastasios Interiors in New York City, told realtor.com®. “They also provide a spiritual, peaceful feeling, since they are identified with churches.”

Exposed brick walls are nothing to put a sledgehammer too either. Instead, make it the focal point of the room, says Laurie DiGiacomo, principal designer at Laurie DiGiacomo Interiors in Ho-Ho-Kus, N.J. “You should not remove exposed brick, because it lends a unique architectural element that brings texture and a rustic vibe to a space,” she told realtor.com®.

Don’t touch those doors either, designers add. Solid core and paneled doors don’t compare to todays’ big-box styles. “Old solid-core doors, and often their metal elements like doorplates, are real gems,” Jonathan Self, a real estate professional at Center Coast Realty in Chicago, told realtor.com®. “You can’t buy these with any amount of money, because the craftsmanship it takes to make them doesn’t exist anymore.” Gliatis adds that preserving paneled doors that include brass knobs and hinges is particularly a smart move because they are expensive and difficult to find nowadays.

This article originally appeared in Realtor® Magazine.

Home Features Buyers are Searching For

House hunters tend to fall head over heels for homes that offer up attractive storage space, private backyards, man caves and she sheds, and plenty of more. In a new analysis by realtor.com®, researchers scanned keyword home search data in each state to find the regional must-have features for those shopping for a home.

For example, Oklahoma residents tend to fall for “storm shelters,” Californians love “solar polar,” and Hawaiians desire “fee simple” (homes where they own the land and building). Washington, D.C., buyers want to live near the Metro, the city’s public transportation system, while Pennsylvanians are hot for parking and New Yorkers desire a balcony.

“While some of the country’s most-loved home features, such as accessory dwelling units or lakefront properties, will likely fetch a premium on the open market, others are more matters of the heart,” says George Ratiu, realtor.com®’s senior economist. “Maybe you grew up in a certain style of home or have always dreamed of having a big yard—everyone’s vision of home is unique and being able to search for what makes a house perfect for you can help you find true love in a new home.”

Overall, the top desired features among states included alternative living spaces, such as man caves, she sheds, workshops, granny pods or accessory dwelling units, casita, barns, or RV parking. Residents rated those at the top in Arizona, Idaho, Louisiana, Massachusetts, Mississippi, Montana, Nevada, New Jersey, New Mexico, Oregon, Texas, Utah, and Washington.

Many buyers also are on the hunt for privacy and big backyards too. Home buyers in six states rated this high, including in Alaska, Illinois, Iowa, Vermont, Wisconsin, and Wyoming. They desired acreage, fenced in yards, room for horses, or a country setting that provided distance from their neighbors.

Several buyers are also falling in love with the idea of single-story living. Residents in nine states swooned over listings that included first-floor masters, ranches, rambler, and single-level living: Colorado, Delaware, Georgia, Kentucky, Maryland, North Dakota, Ohio, Rhode Island, and Virginia.

Also, water views certainly are beguiling to buyers. Six states ranked this feature highly—Arkansas, Florida, Minnesota, Missouri, Tennessee, and West Virginia. Buyers in these states were on the hunt for a beautiful view, such as a lake view, canal, dock, lakeshore, or river access.

Reprinted from Realtor® Magazine

Mortgage Vocabulary and Terms

With mortgage rates dropping to as low as 3.51% this week on a fixed-rate 30 year term, I though I would forward this article from Realtor® Magazine.

Term.

Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, shorter terms mean you pay less interest over the life of the loan.

Fixed vs. adjustable interest rates.

A fixed rate allows you to lock in a low interest rate as long as you hold the mortgage and, in general, is a good choice if interest rates are low. An adjustable-rate mortgage (ARM) usually offers a lower rate that will rise as market rates increase. ARMs usually have a limit as to how much and how frequently the interest rate can be increased. These types of mortgages are a good choice when fixed interest rates are high or if you expect your income to grow significantly in the coming years.

Non-traditional mortgages.

Also sometimes called “exotic,” these mortgage types were common in the run-up to the housing crisis, and often featured loans with low initial payments that increase over time.

Balloon mortgage.

This is a form of non-traditional financing where your interest rate will be very low for a short period of time—often three to seven years. Payments usually only cover interest so the principal owed is not reduced. This type of loan may be a good choice if you think you will sell your home at a large profit in a few years.

Government-backed loans.

These loans are sponsored by agencies such as the Federal Housing Administration or the Department of Veterans Affairs. They offer special terms, including reduced interest rates to qualified buyers. VA Loans are open to veterans, reservists, active-duty personnel, and surviving spouses and are one of the only options available for zero down payment loans. FHA loans are open to anyone, and while they do require a down payment, it can be as low as 3.5 percent. Drawbacks include a slower loan process and—for FHA loans—the need to pay mortgage insurance.

However…

As the housing market shifts, so do lending practices. A mortgage broker—an independent professional who acts as an intermediary between you and lending institutions—may be able to help you find a better rate than you can on your own. Also, be sure to shop around; slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment.

Real Estate Agency Relationship Vocabulary Explained

Sometimes the terms we use as Realtors® can be confusing, particularly for new buyers, or sellers that have not been in the real estate market for a while.  Below are some common terms used to define agency relationships with buyers and sellers.

The term “agency” is used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction.

The buyer’s representative (also known as a buyer’s agent) is hired by prospective buyers and works in the buyer’s best interest throughout the transaction. The buyer can pay the agent directly through a negotiated fee, or the buyer’s rep may be paid by the seller or through a commission split with the seller’s agent.

The seller’s representative (also known as a listing agent or seller’s agent) is hired by and represents the seller. All fiduciary duties are owed to the seller, meaning this person’s job is to get the best price and terms for the seller. The agency relationship usually is created by a signed listing contract.

A subagent owes the same fiduciary duties to the agent’s customer as the agent does. Subagency usually arises when a cooperating sales associate from another brokerage, who is not the buyer’s agent, shows property to a buyer. The subagent works with the buyer to show the property but owes fiduciary duties to the listing broker and the seller. Although a subagent cannot assist the buyer in any way that would be detrimental to the seller, a buyer customer can expect to be treated honestly by the subagent.

A disclosed dual agent represents both the buyer and the seller in the same real estate transaction. In such relationships, dual agents owe limited fiduciary duties to both buyer and seller clients. Because of the potential for conflicts of interest in a dual-agency relationship, all parties must give their informed consent. Disclosed dual agency is legal in most states, but often requires written consent from all parties.

Designated agents (also called appointed agents) are chosen by a managing broker to act as an exclusive agent of the seller or buyer. This allows the brokerage to avoid problems arising from dual-agency relationships for licensees at the brokerage. The designated agents give their clients full representation, with all of the attendant fiduciary duties.

Thanks to Realtor® Magazine for the above article.

 

 

Local Real Estate by the Numbers

There’s an old saying in real estate that all real estate is local.  This means ultimately that the value of real estate is principally derived from its unique location.  It would be highly impractical to find the home of yours dreams and want to move that home to the location of your dreams.  Hence, all real estate is local.  I was playing around on our MLS today, since this is the last day of the year, looking at our local numbers here in Haywood County, NC.  Below are some comparison numbers for the last 4 year period.

Back in November of 2015, the average home was selling for $114 per square foot.  In November of 2019, the average home sold for $158 per square foot.  This represents a 39 percent price increase over the last 4 years in dollars per square foot of homes sold.

In November of 2015 the median time on the market before a home sold was 86 days on the market.  In November of 2019, the median time on the market before a home sold had decreased to 52 days on the market.

In November of 2015 there were 1025 homes listed for sale in the county.  In November of 2015 there were only 637 homes listed for sale in the county.  This is a 38 percent decrease in the number of available homes for sale.

The above numbers show a trend of rising home prices, combined with less days on the market, partially because of fewer homes for sale, or decreased inventories of listed homes.

The market has definitely shifted from a buyer’s market (one in which the buyer has the upper hand) to a seller’s market.

The moral of the story:  If you are considering buying a home, act now.  Prices are steadily increasing.  If you are considering selling your home, we would certainly love to have the listing.  There are buyers waiting for your home to come on the market.

Here’s wishing a very Happy New Year to you and yours.

Night Skiing at Cataloochee and Merry Christmas!

Cataloochee Ski Area in Maggie Valley officially opened the season for night skiing this past weekend.  Hours will now extend to 10:00 PM on both weekdays and weekends. (Except for Christmas Eve)  I always liked skiing after dark at Cataloochee.  Years ago some of us would meet there on Tuesday evenings to night ski.  Cataloochee has excellent lighting for night skiing.

We want to wish each and every one of you reading this a very Merry Christmas and a Happy New Year.  Christmas is a wonderful time of the year to get together with family and friends to celebrate the season.  Here at Mountain Dreams Realty we look forward to the new year.  Hopefully 2020 will be a magical year for us all.