News & Information for In-Person and online real estate classes nc

August 30, 2023

The real estate market is a dynamic landscape that reflects the economic, social, and cultural fabric of a region. Fayetteville, North Carolina, nestled between the coastal plains and the Sandhills region, is no exception. Known for its historical significance, military presence, and natural beauty, Fayetteville's real estate market offers a unique blend of opportunities and challenges. In this blog post, we will delve into the current state of the real estate market in Fayetteville, exploring its trends, factors driving growth, and considerations for buyers and sellers.

A Snapshot of the Market:As of my last knowledge update in September 2022, Fayetteville's real estate market had shown resilience and adaptability, even in the face of nationwide market fluctuations. The market was characterized by several key factors:

1. Affordability: One of the standout features of Fayetteville's real estate market is its affordability compared to larger metropolitan areas. This affordability often attracts first-time homebuyers and military personnel stationed at Fort Bragg.
2. Military Influence: Home to Fort Bragg, one of the largest military installations in the world, Fayetteville's real estate market is significantly impacted by the military population. Deployments, transfers, and relocations of military personnel play a role in market fluctuations.
3. Historic Charm: Fayetteville boasts a rich history dating back to the Revolutionary War. Historic districts and homes add to the city's character and can influence property values.
4. Rental Market: With a substantial transient population due to the military presence, the rental market is also an essential aspect of Fayetteville's real estate landscape.

Trends Shaping the Market:Since trends can evolve over time, it's crucial to consider developments that might have emerged after September 2022:

1. Home Appreciation: Fayetteville's real estate market had been experiencing steady appreciation, making it an attractive option for investors and homeowners alike.
2. New Construction: New residential developments and construction projects were contributing to the expansion of the housing market, offering modern options for potential buyers.
3. Shifts Due to Remote Work: The COVID-19 pandemic prompted a surge in remote work arrangements. If this trend persisted, it might have influenced homebuyer preferences and demand for properties with dedicated home office spaces.
4. Economic Factors: Factors such as job growth, local economic developments, and interest rates play a role in shaping the real estate landscape.

Considerations for Buyers and Sellers:Whether you're considering buying or selling property in Fayetteville, staying informed is essential:

For Buyers:

1. Market Research: Research recent sales, price trends, and neighborhood dynamics to make informed decisions.
2. Affordability: Fayetteville's affordability can work to your advantage, but budget carefully to ensure a comfortable purchase.
3. Military Considerations: If you're part of the military community, understand the implications of deployments and relocations on your homeownership journey.

For Sellers:

1. Pricing Strategy: Work with a real estate agent to determine the optimal pricing strategy based on market trends and comparable sales.
2. Curb Appeal: Enhance your property's curb appeal and consider any upgrades that might boost its value.
3. Market Timing: Timing your sale strategically can make a difference. Consider the broader market conditions before listing your property.

Conclusion:The real estate market in Fayetteville, NC, is a multifaceted landscape influenced by historical significance, military presence, affordability, and economic dynamics. As with any real estate market, staying up-to-date with the latest trends, conducting thorough research, and enlisting the guidance of professionals are essential steps for both buyers and sellers. Whether you're captivated by Fayetteville's history, drawn to its military ties, or enticed by its affordability, the city's real estate market offers a range of opportunities for those looking to invest in this thriving community.

Assisting a buyer using a VA (Veterans Affairs) loan involves guiding them through the process of obtaining a mortgage backed by the U.S. Department of Veterans Affairs. This type of loan is available to eligible veterans, active-duty service members, and some members of the National Guard and Reserves, as well as certain surviving spouses. Here are the steps to assist a buyer using a VA loan:

1. Pre-Qualification:Help the buyer get pre-qualified for a VA loan by connecting them with a VA-approved lender. The lender will assess their financial situation and determine how much they can afford to borrow.
2. Eligibility Verification:Ensure that the buyer meets the eligibility criteria for a VA loan. This typically involves verifying their military service or veteran status through the appropriate documentation.
3. Certificate of Eligibility (COE):Assist the buyer in obtaining their Certificate of Eligibility from the VA. This document confirms their eligibility for the loan program. The COE can be obtained online through the VA's eBenefits portal or by submitting the necessary forms to the VA.
4. Home Search:Help the buyer find a suitable property that meets their needs and falls within the VA loan limits for their area. VA loans can be used for various types of properties, including single-family homes, condominiums, and multi-unit properties (up to a certain limit).
5. Offer and Negotiation:Guide the buyer through the process of making an offer on a property and negotiating the terms with the seller. Ensure that the offer includes any contingencies related to the VA loan approval process.
6. VA Appraisal:Once the offer is accepted, a VA-approved appraiser will assess the property's value and condition to ensure it meets the VA's minimum property requirements. If there are issues, work with the buyer to address them before proceeding.
7. Loan Application:Assist the buyer in completing the loan application with the chosen VA-approved lender. Provide any necessary documentation, such as income verification, credit history, and assets.
8. Loan Processing and Underwriting:The lender will process the loan application, verifying the buyer's financial information and conducting a credit check. The loan will also go through underwriting to ensure it meets VA guidelines.
9. Loan Approval and Closing:Once the loan is approved, coordinate with all parties involved (buyer, seller, lender, and title company) to schedule the closing. At the closing, the buyer will sign the necessary documents, and the funds will be distributed.
10. Funding and Move-In:After closing, the loan funds will be disbursed, and the buyer can take possession of the property. The VA loan terms, including interest rate and payment schedule, will determine their mortgage payments.

Remember that the VA loan process can vary based on individual circumstances and market conditions. It's important to stay in close communication with the buyer, the lender, and other relevant parties throughout the process to ensure a smooth transaction. Always recommend that the buyer seeks advice from qualified professionals for legal, financial, and real estate matters. 

Measuring and calculating the square footage of a house is an important step for various purposes, including real estate transactions, home improvement projects, and property assessment. Here's a step-by-step guide on how to do it:

Tools you'll need:

1. Measuring tape: A 25-foot or longer tape measure is typically sufficient.
2. Pen and paper or a digital device: To record measurements and perform calculations.
3. Calculator: For accurate calculations.

Steps to Measure and Calculate Square Footage:

1. Break the House into Sections: To make the process more manageable, divide the house into distinct sections. For example, you might have a main living area, bedrooms, bathrooms, and other rooms.
2. Measure Each Section:
   
   • Length: Start by measuring the length of each section by using the measuring tape. Measure along the walls from one end to the other. Be sure to measure along the longest walls, even if they are not perfectly straight. Measure both in feet and inches.
   • Width: Next, measure the width of each section in the same manner, again measuring along the longest walls.

1. Calculate the Area of Each Section:
   
   • For square or rectangular rooms, simply multiply the length by the width to get the area in square feet. The formula is: Area = Length x Width.
   • For irregularly shaped rooms, break them down into smaller rectangles or squares, measure those individually, and then add up the areas of the smaller sections.

1. Add Up the Sectional Areas: Sum up the areas of all the sections to get the total square footage of the house. This will give you the interior square footage.
2. Include Non-Living Spaces: If you want to calculate the total square footage, including non-living spaces like garages, porches, or decks, measure and calculate those areas separately using the same method, and then add them to the total from step 4.
3. Double-Check: Double-check your measurements and calculations to ensure accuracy.

Keep in mind that when measuring a multi-story house, you'll need to measure each floor separately and then add them together to get the total square footage for the entire house.

It's also worth noting that when dealing with irregularly shaped rooms or areas with alcoves or other architectural features, the calculations can be more complex. In such cases, you might want to consider using a home design software or consulting with a professional appraiser or architect for accurate measurements.

Remember that the square footage measurement is typically used for interior space. For real estate and property assessments, you may also want to consider the measurement of the exterior walls and total land area, which can be different calculations.

The average income of a real estate broker in North Carolina can vary widely depending on factors such as experience, location, market conditions, and the size of their real estate business. As of my last knowledge update in September 2021, the average income for real estate brokers in North Carolina was in the range of $50,000 to $100,000 per year.

However, it's important to note that these figures are just averages, and there can be significant variations. Highly successful and experienced real estate brokers can earn well above this range, sometimes even exceeding six figures annually. On the other hand, those who are new to the profession or who work in less competitive markets may earn less.  Are you average ?

Exploring Excellence: Fayetteville Real Estate School

When it comes to entering the dynamic world of real estate, education is the key that unlocks countless opportunities for success. In Fayetteville, a city known for its rich history and vibrant community, the Fayetteville Real Estate School stands as a beacon of knowledge and expertise for aspiring real estate professionals. With its commitment to excellence and comprehensive approach to education, this institution has carved a niche for itself in the realm of real estate training.

A Pathway to Professional Growth

Embarking on a career in real estate is a journey that demands dedication and a deep understanding of the industry's complexities. The Fayetteville Real Estate School recognizes this, and that's why its programs are designed to be more than just classroom sessions. They offer a pathway to professional growth by imparting practical skills, theoretical knowledge, and a strong ethical foundation.

The school's curriculum covers a wide range of topics, including real estate law, property management, market analysis, negotiations, and more. Students are exposed to real-world scenarios, enabling them to develop problem-solving skills and the ability to navigate the challenges of the ever-evolving real estate landscape.

Expert Faculty and Industry Connections

One of the hallmarks of the Fayetteville Real Estate School is its team of experienced and knowledgeable faculty members. These instructors bring a wealth of real-world experience to the classroom, sharing insights, anecdotes, and practical advice that can't be found in textbooks alone. Their expertise not only enriches the learning experience but also helps students bridge the gap between theory and practice.

Moreover, the school has established strong connections within the local real estate industry. Regular guest lectures, workshops, and networking events provide students with opportunities to interact with professionals currently thriving in the field. This exposure not only enhances their learning but also facilitates potential job placements and partnerships.

Embracing Technology for Enhanced Learning

In today's digital age, staying ahead means embracing technology. The Fayetteville Real Estate School recognizes this trend and has integrated various tech tools and resources into its educational framework. From virtual property tours and online case studies to interactive simulations, students get a taste of the digital tools they'll encounter in their careers. This approach not only makes learning engaging but also ensures that graduates are well-prepared to leverage technology in their real estate endeavors.

Community Impact and Ethical Foundation

Real estate isn't just about transactions; it's about creating spaces where individuals and families build their lives. The Fayetteville Real Estate School places a strong emphasis on ethics and community impact. Students are guided to make responsible and empathetic decisions that consider the welfare of clients, communities, and the industry as a whole.

By instilling ethical values and a commitment to social responsibility, the school produces real estate professionals who understand the importance of integrity, transparency, and fairness in their interactions.

Conclusion

The Fayetteville Real Estate School isn't just a place of education; it's a launchpad for aspiring real estate professionals. With its comprehensive curriculum, experienced faculty, industry connections, and dedication to ethical standards, the school equips students with the tools they need to excel in the dynamic world of real estate.

As the real estate industry continues to evolve, institutions like the Fayetteville Real Estate School play a pivotal role in shaping the next generation of professionals who will drive innovation, uphold ethical standards, and contribute positively to their communities. So, whether you're considering a career in real estate or looking to enhance your existing skills, Fayetteville Real Estate School could be the stepping stone to your success in this exciting field.

I know we have had a ton of questions surrounding this week's news on the lawsuit. I wanted to share my thoughts and why you should not worry about it.

I, like many of you when I first learned of the verdict, was worried about it but as I have had time to research, talk to people, and contemplate this I am not concerned. I don't know if you guys are aware of the billions of dollars that have been spent over the last 20 years on fintech technology that is aimed at our commissions, they are always trying to remove the Realtor from the transaction. After all the money and the Opendoors, Offerpad, Zillow Offers, Redfin Now and you name it over the last 20 years Realtor involvement in a transaction has actually increased. Realtors are involved in over 90% of every home sale in the USA. 

That is a staggering number, and that will not change because of the commission lawsuit. This is still the biggest financial decision most people will make in their lifetime, and they need a professional to guide them. 

Believe it or not, I have been licensed in NC for 32 years, before Buyer Agency was a thing in NC. Buyer Agency was created to give the buyers an advocate - someone to represent them. 

The crux of the lawsuit was that companies conspired to keep commissions up. I just don't see that, nor will I be convinced of that. I have never had a conversation with another owner of a company and discussed keeping commissions high. They are where they are because of the services provided and the cost of being in business. And they are always negotiable!

The unintended possible consequence that will have to be addressed is the outcome could hurt the consumers who need Buyer Agency assistance the most - first-time home buyers and Veterans. Veterans are not allowed to pay a commission and first-time buyers don't have the funds to pay a buyer’s agent. I know that Fannie and Freddie are looking at financing this into the loan, but we shall see how this unfolds. 

What is funny about the lawsuit if you think about it. The sellers that are involved want to lower the commission for listing their home so let's think about it, if they lowered the commission on a 500k home they are selling to save "x" percent because they don't want to pay a buyer’s agent but then they go to purchase a 750k home and pay a buyer’s agent to represent them. Would that not cost them more than paying it on their listing?  

I am just confused about the math and the motivation of this lawsuit. 

So, what do we do? Well, the need for Realtors is there and will always be there. If we have to charge the buyers for our services, then we will do that. I would think that the conversation will have to be had with the sellers letting them know all the advantages of offering a buyer’s agent commission including selling their home faster and for more money. It could also be like commercial real estate, and we send in a buyer’s agent commission with the offer or prior to the offer just like it is done in commercial. 

Right now, the unknown is scary but don't worry, we are needed and will always be needed. We may change our language, we may change our contracts, but we will always be needed, and this is still going to be the best business to be in. 

Remember to make 5 calls, 5 texts, 5 personal notes, and 5 social media interactions each day. If you do that it will build your database and plenty of opportunities for buyers and sellers. 

If you need an accountability partner - someone to hold you accountable for making the 4-5s work for you, then post it on the Hangout.

One of the mantras in the mortgage business is that we want them to always ask for referrals. On each call you have or interaction you have, ask them "Do you know anyone getting ready to Buy, Sell, or Refinance, If so, can I count on you to send me that referral?

Again, once we have a bit more info we will hold a mastermind just for this subject. In the meantime, please let me know if I can help you with anything.

 ~Scott Wilkinson