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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.

We Did Not Get Much Snow Today

The weatherman had everyone expecting 2 to 4 inches of snow today in the valleys, and up to 12 inches above 5000 ft. elevation.  He fibbed.  We had about 1/4 inch at the house this morning, and almost none in the valley.  It is cold, however.  This morning was 31 degrees at the house, but the temperature has warmed to 38 here at the office at 1 PM.  Just another cold and blustery day after a fairly warm week.  The forecast looks like temperatures in the mid 50’s for the coming week, which is about normal for here.

It’s difficult to believe that Christmas is only 23 days away.  Merry Christmas from all of us at Mountain Dreams Realty.

Here’s hoping you have a warm and comfortable week wherever you are.

First Little Snow of the Year

I took the above photo from my driveway Tuesday morning.  We eventually had about 1 inch of snow at the house.  Wednesday morning the temperatures dipped to 15 degrees at the house, and 12-13 degrees in some of the lower valleys.  These temperatures are extreme for this time of the year in Haywood County.  In fact we broke records for that day in November.  The temperature today is in the middle 50’s, and will be in the middle 50’s to the low 60’s through most of next week.  The moral of this story is what I have often said:  “If you don’t like the weather here in the mountains, just hang around.”

From all the agents here at Mountain Dreams Realty, we wish each and every one of you a HAPPY THANKSGIVING !

Halloween, Fall Colors & Snow Flakes

The first photo was taken a couple of weekends ago near Graveyard Fields off the Blue Ridge Parkway, near mile post 419.  Colors were excellent this year, but came on a bit late.  This Wednesday and Thursday we had 4 inches of rain at my home, and lots of wind.  This combined to blow lots of leaves off the trees.  The colors are still pretty this weekend, if a bit on the brownish side here in the valley.

The second photo is our Halloween Mascot here at the office.  When you approach him, he says “Who dares take my candy!”  We participated in the “Maggie Valley Candy Trail” here at the office last evening.  We gave candy to lots of cute little goblins and ghosts.  Everyone had lots of fun, and some of the costumes were great.  We had lots of rain earlier in the day, but the rain ended and a rainbow appeared for the trick or treaters.   Later, after dark, we even had some snow that was still hanging around on some of the higher peaks this morning.

Now we can start getting a menu together for Thanksgiving!

We hope you and your family have a wonderful Thanksgiving and Christmas Season.

 

Best Places to See Fall Color in Maggie Valley

I usually write about Fall Color this time of year, so I thought I would do a timely update.  Due to the dry spell we’ve been having, color seems to be delayed a bit this year.  Hopefully it will kick in during the next couple of weeks.  Below I am paraphrasing an article from MaggieValleyNCLife.com about the best places to see fall color in Maggie Valley, NC.

1. The Blue Ridge Parkway-  Enter from Soco Road and go about 10 minutes west on Soco Road to the Blue Ridge Parkway.  Two choices once you get there: First, go toward Cherokee and you will have beautiful vistas of tall mountains.  Take the first right onto Heintooga Road to see some great views off the overlooks.  The paved Heintooga Road ends at a picnic area, but for the adventurous there is a one lane gravel road (almost like a driveway) that runs from the end of the paved road downhill into Cherokee.  (This is called the Heintooga Round Bottom Road.)  You could also go back down the paved road to the Blue Ridge Parkway, turn right and continue to toward Cherokee and the Great Smoky Mountains National Park.
2.  Cataloochee Valley in the Great Smoky Mountains National Park-  The season for fall color in Cataloochee Valley is a little later due to its lower elevation.  This makes Cataloochee Valley a great place for viewing in late October.  Also, this is where the Elk have been reintroduced.  During fall you can hear the unforgettable sounds of the bull elk bugling to attract cows during their mating season.
3.  Max Patch- Often called the crown jewel of the Appalachians, Max Patch is a beautiful 5000 ft. elevation bald in Haywood County.  Travel Hwy 209 from Waynesville toward Hot Springs, NC.  At Ferguson’s Store, Hwy 209 turns right; stay straight and the road becomes Max Patch Road.  The road is paved for a ways, then turns to gravel travelling up the mountain. Look for a small parking area on the right.  There is a loop trail that leads to the top and open views from the bald.  Charlie Ballentine, a long-time pilot from Waynesville told stories of landing here on this bald in a bi-plane many years ago and taking locals for plane rides for 50 cents a person.  Truly this was barn-storming in its heyday.
4.  Big Creek- This is an area of the Great Smoky Mountains National Park accessed off I-40 at the NC/TN state line at mile marker 451.  Follow the paved road down hill and over the river bridge.  Go left and pass the Waterville Power Plant, the stay straight into the Great Smoky Mountain National Park, Big Creek Area.  Many trails to choose from here, but the one from the parking area toward Walnut Bottoms is a wonder fall trail following Big Creek and eventually treating you to Midnight Hole, where young people swim in the summer, and Mouse Creek Waterfall on up the trail.
5.  Purchase Knob- Travel Hwy 276 north to left on Hemphill Road.  Follow Hemphill Road to the end by a gate that accesses the Great Smoky Mountains National Park.  From the gate you must walk up the gravel road for maybe one mile to access the open fields on Purchase Knob.  The purchase knob property was donated to the Great Smoky Mountains National Park by a family who owned this property off Purchase Knob and donated the land and home for the public’s enjoyment.  I, for one, am very happy they donated this gorgeous hunk of Haywood County to the park.
6.  West fork of the Pigeon River/ Hwy 215- Take Hwy 215 from downtown Canton South.  You will travel through the Bethel Community which is a pastoral farming community, continue on Hwy 215 past Lake Logan, on up to the Blue Ridge Parkway, passing a beautiful waterfall over a stone arch bridge on the way up the mountain.
7.  Black Balsam Knob- When you travel up Hwy 215 (just above) continue to the Blue Ridge Parkway, then go left toward Asheville.  At milepost 420 turn left on the paved spur road.  This will take you to a parking area in the Pisgah National Forest.  From this high elevation parking area there are many beautiful hiking trails you an access.

These are my favorites, let me know yours, and thanks for reading!