Real Estate Information

When I first moved to the Washington area in the mid-70s, one of the first people I met was Aubrey Moore (no relation).  At the time, I was in the boatyard business and Aubrey was the dockmaster at the Washington Yacht and Country Club.  I quickly realized just how affable and accommodating a person he was. These traits have not changed over the past 30-35 years and he still holds the same position. But, let me tell you a little about the WYCC itself.

WYCC is located on Broad Creek, which is on the Pamlico River
just east of Washington, NC. Broad Creek serves a significant portion of the marina complexes in the Beaufort County area with several boatyards, commercial marinas and one large private marina, in addition to the WYCC. Whether you visit by land or water, you will be impressed with just how well-kept, groomed and tidy everything is. The clubhouse is a beautiful, contemporary brick structure, which was well ahead of its time, when constructed. It sits conveniently between the marina and golf course.  The marina offers a good mix of both open and covered slips to accommodate power and sailing vessels alike.  The golf course is well-groomed and highly respected in this area.  I know individuals who drive past other 18-hole courses in this area for the competitive, yet less intense style of play at WYCC.  If tennis or lounging by the pool is more your cup of tea, WYCC has that covered as well. After a day of relaxation, you might want to retire to the restaurant for an excellent meal in the clubhouse dining room or stop by one of a couple of private watering holes for a cocktail.

All of the above is available for far less money than you would imagine! Click here to learn more about the features and costs of this jewel in eastern NC.  If you are thinking of moving to our area, please visit my website. I'd love to tell you more about some other eastern NC treasures.

Click here for a WYCC brochure. 

Come to see us!

As my post from May 25th points out, real estate sales really are a local phenomenon.  It has been frustrating over the past several years when various news media, etc. painted the real estate market with a VERY broad, black brush. With that in mind, I am encouraged by the data which is compiled from the sold property data collected by the North Carolina Association of REALTORS® (NCAR). This data is collected from the various Multiple Listing Services across the state and is compiled by NCAR.

The June 2010 data indicates that existing home sales enjoyed double-digit gains over year-ago levels for the fourth consecutive month.  The June 2010 sales were up 17% over June 2009 levels.  The prices of existing homes are showing stability, as well, with the statewide average increasing 1% to $212,598.00.

The year to date statistics were equally impressive.  Two of the areas that I happen to serve received special mention.  The Washington-Beaufort County area posted a 56% year to date sales growth increase, which was second best in North Carolina to Brevard County's 59% increase.  Greenville tied for the largest price appreciation in the state with a 6% increase.

What does all of this mean for buyers and sellers in our area?  It means that sellers can list their homes with growing confidence. Buyers can expect good inventory, as well as near historic low mortgage rates.  All but the fence sitters stand to win!  

Check out our homes for sale by clicking HERE.

Come to see us! 

Have you ever wondered how splendid the view would be from the top of one of the most iconic lighthouses in the United States? Well, wonder no more.....if you are stout of heart....and legs!  As of July 15, 2010, the Cape Lookout National Seashore has opened the Cape Lookout Lighthouse for those souls willing to count the steps all the way to the top.  It has to be a grand sight looking out into the Atlantic or back over the Outer Banks.  Maybe the Shackleford horses, which have recently been named the NC State Horse, will be grazing along the edges of the marsh.  

I should mention that the lighthouse is accessible only by boat.  If you do not have a boat capable of accessing this area, there are other ways to make the trip. The shortest trip is from Harkers Island, the Gateway to Cape Lookout.  Several marinas, etc. on the island operate "ferries," which are actually open outboard-powered skiffs, to carry passengers to the Cape.  It's a fun boat ride, and the captains often go out of their way to point out areas of interest.  If you are nice, they will even come back after you at your desired time later in the day.  That was a joke.  They hardly ever lose anybody!

Naturally, there are reservations to be made, tickets to be bought and some restrictions.   Click here for a full list of schedules, requirements, etc.  And by all means, DON'T FORGET YOUR CAMERA!  Have fun!

The much publicized troubles of the home mortgage industry has prompted an abundance of inquiries regarding the possibility of rent-to-own or lease-to-own agreements between home sellers and buyers.  In many of these cases, the economy of the past few years may be equally to blame by robbing individuals of the cash reserves that might otherwise have been used for down payments or even closing costs associated with a home purchase.  Of course, we shouldn't forget the unemployment issue that is the third side of this current home buying problems triangle.  

Just this week, I was discussing some of the particulars relating to rent-to-own with Lisa Roberts, a home mortgage specialist with Wells Fargo Mortgage.  First, I should note that there are many different flavors of this type mortgage.  Our discussions related to buyers wishing to rent-to-own for a relatively short period (not 30 years), while building credit to be used as a down payment, improving their credit scores or enhancing their employment position.  Lisa pointed out that there are potentially significant requirements by lenders that should be known sooner than later, regarding the above rent-to-own scenario.  A short snippet of these requirements can be found below:

A down payment derived from a “rent with option to buy” transaction may be used only for the purchase of a primary residence and only if the original lease contained the “option to buy” clause. The present rent must have been in excess of market rents, thereby allowing the difference between market and current rents to be applied toward the down payment. The portion of the rental payment that exceeds the market rent can be applied to the down payment if there is a valid rental/purchase agreement in effect. The file must contain a photocopy of the rental/purchase agreement to verify the monthly rental and the specific terms of the lease. The original term ofthe lease must have been at least 12 months.

Five Percent Minimum
The rent credit can be used for all or part of the down payment. The purchaser does not have to make a 5 percent minimum cash down payment in order for the rental payments to be credited towards the down payment.

Verification
The market rents must be developed by an appraiser or by local rental publications. Copies of the canceled checks or money order receipts must be obtained to document the rental payments for the last 12 months.

While the above is but a tiny portion of the information needed to enter into one of these agreements, it does point out the need for more information. Whether buying or selling, my recommendation is to "measure twice and cut once" when entering into any agreement as important as purchasing a home. Feel free to contact me if you have further questions about this topic.

Anyone who makes "substantial business contact" with a real estate broker who is licensed in the state of North Carolina should be presented the brochure pictured to the left almost immediately.  This brochure can be in one of several formats and may not be identical to this.  For more detailed information on this brochure click here. The reason this should happen is because the North Carolina Real Estate Commission requires that you be made aware that all agents you work with do not necessarily represent you or your best interests.

How can this be, you ask.  You have called an agent and possibly confided in them information that could possibly compromise your negotiations on a particular property.  After the fact, you learn that not only does this agent work for the seller, but also is obligated to make the seller aware of your confidential information.  How can this be?  To borrow from the sitcom, Seinfeld, "Oh, it can be! And, it does be!"

The "obligation" mentioned above is mandated by the "common law of agency," the roots of which originated in the Middle Ages. The hypothetical example above was exaggerated to make you aware of exactly why the NCREC requires every agent to discuss this important brochure with you VERY early in your relationship. Agency related matters dominate the complaints heard every year by the NCREC.

So, what do you need to do to ensure that you do not feel ill-used by an agent?  The short answer is understanding.  You should at least understand "seller agency," "buyer agency" and "dual agency."  Don't hesitate to ask questions about this important subject.  If you are a buyer, hire an agent to provide you "exclusive representation" as a "buyer's agent."  In 99.9% of the cases, this is a FREE service to the buyer because the agent's commission is paid by the seller.  It's a great deal for buyers here in NC. Also, here in NC, any buyer's agent must have a "written" buyer's agency agreement in place before they can write an offer to purchase for you.  Many agents also feel that it is just reasonable to reach this formal agreement early in the buyer/agent relationship.  It signifies a mutual trust in one of life's most important dealings.  Maybe that is why this principle has lasted over a thousand years!

Download "Working with Real Estate Agents" here.

The Washington Summer Festival 2010 is just a warm memory but was a huge success! Speaking of warm, the graphics viewed here were taken early Saturday afternoon and the weather was a little toasty.  A gentle, cool breeze coming across the river was everyone's salvation.  But, that's what puts the "Summer" in Summer Festival. Great fun was had by young and old.  Good food, drink, rides, arts, crafts and entertainment were located at every turn.

You might also be interested in another ongoing street festival that is presented by the Historic Downtown Washington Merchant's Association called "Music in the Streets."  During these festivities, musicians of varying styles are located along the downtown streets to entertain passers by.  According to reports by our Pulitzer Prize winning Washington Daily News, this venue is becoming both more sought out and recognized by entities outside our area.  

Yet another notable monthly gathering in The Original Washington is the popular "Movies in the Park" series when movies are presented outside in the Downtown Festival Park.  Bring a blanket or folding chair to enjoy these free movies which begin at dusk.  You are encouraged to purchase a box lunch from one of the local restaurants or bring a picnic to enjoy during the film.  There is still a lot of the above entertainment left this year.  See below for dates and times.

Music in the Streets:

Evenings 6PM-9PM
June 18
July 16
August 20
September 17
October 22
December 3

Movies in the Park:

Evenings: From Dusk until
Field of Dreams: June 18
Ferris Bueller's Day Off: July 16
The Eagles Farewell Tour Live: August 13
A Bug's Life: September 17
We are Marshall: October 22

We hope to see you there!

It is fitting for the family-oriented 2010 Washington Summer Festival to open with "Family Fun Night" on Thursday, June 10th from 5:00PM until 10:00PM.  Bring the kids for an evening of fun, where they can enjoy all of the rides for one price.

The fun begins again at 5:00PM on Friday, as well, with a full fare of food, arts, crafts and amusement.  In addition to the seafood, hamburgers and hot dogs, specialty and International cuisine will be offered.  And what would a festival be without funnel cakes, smoothies and ice cream? Children from toddlers to 99 will enjoy the "Fossel Search" at the end of the Parkway.  Of course, all the rides will be in full swing. Get a look at the Pamlico from way up high!  Bring your penny loafers, because the Craig Woolard Band kicks off a night of Beach Music from 7:30PM until 10:00PM. Everyone will want to enjoy the fireworks over the Pamlico at 9:00.

Be back bright and early on Saturday for a full day (9:00AM-10:00PM) of the "Fun on the Pamlico." The children will enjoy a visit from Ronald McDonald. All the rides will be rolling, spinning to the amusement of children and adults, alike. Try just a little sampling of the food from all the vendors so you don't eat too much.......at least that's what my wife tells me! The arts and crafts areas will have many items of all types to sell.  How do they do some of this stuff? Don't forget to buy a custom WSF t-shirt.  It's neat to see all of the various designs from years past out in public.  Save a little energy, because Nantucket will be in concert from 7:00 until closing, bringing us a blend of beach, oldies and Top-40 music.  I'm excited!  Meet me there.

Full Schedule of Events

Map of Historic, Downtown Washington

Here is the initial offering for a list of utility and services contact information in our area.  I hope to expand the list whenever possible.  Let me know if you have a suggestion for any additions. 

Cable/Satellite/Phone:
CenturyLink (formerly Embarq):  (800) 366-8201
Direct TV: (888) 777-2454
Dish Network:  (800) 823-4929
Suddenlink:  (877) 694-9474
Tri-County Telecom:  (252) 964-8000

Cellular Services:
Sprint PCS:  (866) 866-7509
T-Mobile: 
US Cellular (Recommended Reseller):  (252) 946-1900
Verizon Wireless: 

Garbage Pickup:
David's Trash Service: (252) 923-2742
Pak-R Disposal: (252) 974-1225

Home Inspections:
Advanced Termite, Pest Control and
Home Inspections: (252) 244-6870
First Flight Home Inspections:  (252) 946-1590
Home Inspection Professionals:  (252) 635-1149
Jeffrey L. Mathis Inspection Service:  (252) 714-1809
Squire Home Inspections:  (252) 940-1575

Insurance Agencies:
Allstate:  (866) 621-6900
Beaufort County Farm Bureau (Wash):  (252) 946-0169
Bragaw and Company (Wash):  (252) 946-7151
Edward Ray Edwards Insurance (Wash):  (252) 946-7761
Morris Insurance Agency (Wash):  (252) 946-6151
Nationwide Insurance (Wash):  (252) 946-4208
Sloan Insurance Agency (Wash):  (252) 946-6114
State Farm Insurance (Wash):  (252) 946-5114

Local Newspapers:
The Daily Reflector (Greenville):  (252) 329-9516
The Washington Daily News:  (252) 946-2144

LPG (Propane) Suppliers:
Amerigas:  (252) 943-3547
Blount Petroleum: (800) 642-2008
Etheridge Oil and Gas: (252) 925-4301
Ferrellgas:  (888) 508-4530
Jenkins Gas:  (252) 946-2963
F. Ray Moore Oil Company:  (252) 946-9061
Swain Gas Company: (252) 946-5178
Taylor Oil and Gas: (252) 946-0066
Tidewater Energy: (252-946-6597

Pest Inspections and Control:
Advanced Termite and Pest Control: (252) 244-6870
Clegg's Termite and Pest Control:  (888) 672-5344
Mark's Termite and Pest Control: (252) 940-0300
Orkin Inc:  (866) 949-6097
Terminix Termite and Pest Control:  (866) 244-4661
Turner Pest Control: (252) 975-2497

Utilities:
Beaufort County Water:  (252) 975-0720
Greenville Utilities Commission:  (252) 752-7166
Piedmont Natural Gas:  (800) 752-7504
Progress Energy:  (800) 452-2777
Tideland Electric Membership Corp:  (800) 637-1079
Washington Utilities:  (252) 975-9300

About 4 years ago, a buyer client of mine elected to pull a major brand gas pack out of a just purchased home and replace it with a new unit.  Now, this is a fairly common occurrence, but this instance is somewhat unusual in that this move was made primarily to gain the updated efficiency of the newer unit.  The buyer explained to me that he had made a similar replacement at another residence and was surprised at the reduction in the utility bills.

My wife and I recently moved into another home that had some old, but serviceable, HVAC equipment.  This past winter we made the decision to replace an old hot water boiler heating system and the associated central air conditioning system with a single package-unit HVAC system.  The installer talked us into one of the new dual-fuel heat pumps.  This unit utilizes a gas burner for supplemental heat when the temperature drops so low that the heat pump cannot continue to extract heat from the cold air very efficiently.  This burner replaces the electric heat strips that have been used for so long in this application, eliminating the very expensive resistance-type heat.  

When the unit arrived, it looked pretty much like other package HVAC units.  The installation was somewhat different, in that the old 3-wire thermostat and wires were replaced with a 10-wire thermostat and wires to manage the intricate controls of the system.  Exterior temperature probes were mounted on the unit to ensure accuracy.  In the end, my wife and I have been absolutely thrilled with this unit.  It is quiet and dirt cheap to operate.  The register air feels warm, even when running in heat pump mode on a reasonably cold day.  If we bump the thermostat more than a degree or two, the unit switches over to gas mode because it knows we want more heat in a hurry.

There are actually a lot of different very efficient new innovations for heating air, hot water, etc.  The above just happens to be one that I have personally experienced.  My buyer client from a few years ago really knew what he was talking about!

Over the past several years it has been more than a little bothersome to me that some of the news media has lumped the real estate market into one big story.  The real estate industry has worked methodically in an attempt to make the public aware that the downturn in the economy has not affected all areas equally.  As a matter of fact, some areas experienced fewer foreclosures in the past 2-3 years than they did in the "golden years" of 2004-2005.

Recently I stumbled onto some interesting data while watching a local morning newscast on WITN-TV, a local NBC affiliate in Washington, NC.  The foreclosure numbers reported caught my attention as being surprisingly low.  I logged on to the station's website and downloaded the data sheet referenced in the report. Click here to download a PDF copy of the report (I have highlighted the three main areas I serve in yellow).  This report contains the foreclosure data for North Carolina, by county, from 1998 through 2009. Note that the data is indicated not to be verified, which is not surprising to me, given the vast amount of numerical data spanning 12 years.  In any case, this makes for some very interesting reading.  As mentioned above, note the significant number of counties listed, which experienced fewer foreclosures in the past 1-3 years than in the 2004 time frame.

The data contained in this report could not more clearly support the localized nature of real estate.  Contiguous counties are shown here in which one suffered significant increase in the incidence of foreclosure, while the other saw little or no increase at all.

There is no question in my mind that the painting of the real estate market with the "broad black brush" in the past few years has led to unrealistically low offers, frustration and a tremendous waste of everyone's time in some areas. Knowledge is power!  Let's do our homework and go look at some homes.

Come to see us!