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Asheville has been recognized for its splendors by dozens of magazines, websites and publications in recent years. Accolades range from the designation by Frommer’s as one of a dozen top travel destinations in the world to recognition for the Asheville area arts community, outdoor adventures, cuisine, organic and vegetarian eats, and much more.

2011:

TripAdvisor.com lists Asheville as one of its “15 Destinations on the Rise.” (December 2011)

Zagat.com included Firestorm Cafe & Books in a list of the “10 Coolest Independent Coffee Shops Across the US.” 

Condo Nast Traveler‘s annual Reader’s Choice Awards Poll chose two Asheville properties among the best in the nation. The Grove Park Inn Resort & Spa was rated a Top U.S. Resort, and the Grand Bohemian Hotel Asheville was rated at Top U.S. Hotel.

Asheville is named “Best Place to Start a Fall Foliage Tour” by Livabiliy.com (October 2011)

The editors of Prevention magazine and Fitbie rank Asheville as the #5 best U.S. city for weight loss, thanks to a wide variety of options for finding farm fresh food choices. (October 2011)

Asheville comes in at #10 in TripAdvisor.com’s Travelers’ Choice Awards for top food and wine destinations in the U.S. (October 2011)

Good Morning America featured Asheville as one of its“Most Beautiful Places in America.” (August 2011)

DogFriendly.com released its list of “Top 10 Resort Areas to Visit with your Dog” in the U.S. and named Asheville and the Blue Ridge Parkway as #2. (August 2011)

Yoga Journal magazine includes Asheville in its list of “10 Fantastically Yoga-Friendly Towns.” (August 2011)

Asheville again rises to the top of AmericanStyle magazine’s Top 25 Small City Arts Destinations, narrowly beating Santa Fe in the annual readers’ poll. (May 2011)

Online poll on Examiner.com: “Asheville, BeerCity USA 2011 makes it a three-pete” Asheville won with more than 46% of the vote and significant support from outside North Carolina. (May 2011)

Livability lists McCormick Field, the home of the Asheville Tourists, as one of the top 10 minor league stadiums. (March 2011)

The Donald Ross-designed course at the Grove Park Inn Resort & Spa makes the reader-nominated list of “125 Top Golf Resorts.” (April 2011)

Fodors.com names Asheville as one of the “21 Places We’re Going in 2011,” highlighting the city’s food and drink scene and its artsy vibe. (January 2011)

The Traveler’s Choice Awards on TripAdvisor.com named the Residences at Biltmore the #23 hotel in the nation. (January 2011)

2010:

White House Statement: During President Obama’s spring vacation in Asheville, White House spokeswoman Moira Mack issued the following statement, The president first visited the Asheville area during the campaign, and he liked it so much that he vowed to take his family there. The president and first lady are planning to spend a quiet weekend enjoying some of the many things this beautiful part of the country has to offer. (April 2010)

Online Poll Posted on Examiner.com: Asheville holds onto its title as Beer City USA. (May 2010)

AmericanStyle.com: Asheville was ranked the number one small city (population under 100,000) for the arts in their annual Top 25 Arts Destinations reader’s poll. (May 2010)

Livability.com: Ranked Asheville one of their 10 most surprisingly vibrant food cities. (April 2010)

Sherman’s Travel: Named Asheville as one of its top 10 spring getaways. (March 2010)

TopRetirements.com: Asheville was rated number one in TopRetirement.com’s list of the most popular retirement towns for 2010. (February 2010)

RateBeer.com: This craft beer aficionado Web site named several Asheville area restaurants, breweries and craft beer stores in their annual RateBeer Best 2010. (January 2010)

Bruisin Ales Number three best beer retailer worldwide. The Thirsty Monk Number 41 Beer Bar Barley’s Taproom & Pizzeria Number 27 Beer Restaurant Mellow Mushroom Number 41 Beer Restaurant Highland Brewing Number 26 Brewery to VisitWedge Brewery Number 43 Brewpub

Southern Living: In the magazine’s Best of the South Travel Awards, Ashevilles Little Pigs BBQ placed second in the best barbecue in North Carolina category. (January 2010)

Travel+Leisure: Asheville’s Inn on Biltmore Estate and Richmond Hill Inn were named in the magazines “500 Best Hotels” list. (January 2010)

Byways: Named Asheville as one of the magazine’s “Top 50 North American Group Tour Destinations of 2010.” (December 2009)

Why Live In Western North Carolina?:

Art, Music, & Culture

There are hundreds of artists who live near the Asheville, NC and they don’t mind welcoming you into their art studios. For example, in downtown Asheville, along the French Broad River, is where you will find the River Arts District, home to 165 year round working artist studios. You can observe famous artists such as Jonas Gerard painting colorful masterpieces, Constance Williams molding pottery and more artists creating hand blown glass and art sculptures.

Thirty minutes to the north in Burnsville NC, the Toe River Studio Tour takes place twice a year where you’ll find 100 more local artists opening their studio doors to the public. Have you visited the Appalachian Folk Art Center located on the Blue Ridge Parkway at mile post 382, only five minutes from downtown Asheville? This is a fantastic place to find one of a kind Appalachian art made from natural elements such as stone, animal artifacts, fabric and find breath taking photographs of the Blue Ridge Parkway.

One of the classic examples of observing Ashevillian culture is by attending the weekly Friday night Drum Circle held in downtown Asheville NC. Locals come out of the woodwork to bang their drums in harmony while others dance to the music. You will find life in Western North Carolina revolves around art, music and spending as much time as possible outdoors.

High End Education:

Asheville NC is ahead of the curve by recognizing how desirable this region has become to retirees and delivering community forums geared towards mature adults. The University of North Carolina Asheville founded the North Carolina Center for Creative Retirement. The NCCCR offers an impressive list of lifelong learning courses for mature adults and cultural entertainment on campus.

To the south, Western Carolina University in Cullowhee is home to the Catmounts. For over 100 years, this college has molded some of the finest entrepreneurs graduating from their business school. Brevard College, Blue Ridge Community College and Montreat College are more excellent colleges within 30 miles of downtown Asheville NC.

You might be surprised to discover that Haywood Community College in Waynesville NC is carving a high tech image for itself as its new RHTC campus teaches 3D imaging, solar energy technologies and robotics courses. No matter where you to choose to live in Western North Carolina, you will find affordable college courses to enjoy and campuses offering you part-time teaching opportunities.

Easy Access to Many Major Cities:

Getting in and out of Western North Carolina to see your family and friends is quick, easy and is becoming less expensive. Asheville Regional Airport ( AVL ) currently offers the following non-stop flights from these major cities:

Atlanta – Delta

Charlotte – U S Airways

Chicago – United

Detroit – Delta

Houston – Continental

Newark – Continental

Orlando – Allegiant

Philadelphia – U S Airways

Greenville Spartanburg International Airport is about an hour south of Asheville and is the new east coast hub for Southwest Airlines. Charlotte International Airport is about 2 hours east of Asheville NC and is U S Airway’s east coast hub. Major highway access can be found traveling in all directions via Interstate 26 or Interstate 40. For those of us in no rush, scenic U.S. Route 64 travels from Western North Carolina to the Outer Banks beaches or you can travel north or south on America’s Favorite Scenic Drive, the Blue Ridge Parkway.

Healthy Food Choices:

From the farm to the dinner table, if eating healthy food is important to you, there is no better place to live than in Western North Carolina offering I Green Markets, farm stands and organic health food stores through the region. The city of Asheville appeals to the most demanding taste buds and health conscious obsessions. Ashevillian’s pride themselves on fresh grown mountain produce. Apples, herbs, homemade cheeses, breads, grass fed beef and free range poultry are just a few of the items you can find at the 88 tail gate markets in the Appalachian Mountain range. Whole Foods and Earth Fare clearly dominate the grocery store market in Asheville North Carolina. Beyond the city limits, you will find 30 more weekly farmer’s markets to explore or you can grow your own organic garden.

Festivals, Fairs, and Shows:

These are just of few of the major festivals and events that occur each year. There is hundreds of local shows, festivals and fairs for you to attend year round.

Asheville NC – Bele Chere Festival

This is the largest free outdoor street festival on the east coast held each year in July. The City of Asheville blocks off the downtown city streets for three days as 200,000 people enjoy live music, fantastic food and art exhibits.

Asheville NC – Big Band Swing and Dance Weekend

Held in January at the legendary Grove Park Inn, this annual festival brings in world class Big Bands playing jazz music from the Swing Era as dancers perform the Tango, the Charleston and popular 1920‘s swing dances.

Asheville NC – Comedy Classic Weekend

Held in March at the Grove Park Inn, this two day annual event brings in the funniest and best known comedians from across the country.

Asheville NC – Festival of Flowers

Held during the month of April, this well known North Carolina festival is held at The Biltmore Estate attracting gardening hobbyist and photographers alike.

Asheville NC – Winter Warmer Beer Festival

Named the Best BeerCity USA three years in a row, this annual January beer festival is held at the Asheville Civic Center.

Black Mountain NC – Lake Eden Arts Festival (LEAF)

Held in May and October, this is the closest to a mini Woodstock festival I’ve ever seen. Attendees camp out overnight for three days around the lake listening to the fabulous blues and jazz artists.

Brevard NC – White Squirrel Festival

Held Memorial Day Weekend, this annual festival includes live entertainment, an old fashioned box car derby and everything you can image relating to a fluffy white squirrel.

Hendersonville NC – North Carolina Apple Festival

Held Labor Day weekend, this is four day festival is the largest Apple Festival in North Carolina. Celebrating the sweetness of apples, you can find just about anything apple at this tasty festival. Be sure not to miss the King Apple Parade.

Waynesville NC – Folkmoot USA

Held in July, Folkmoot USA is the State International Festival of North Carolina. Up to 350 performers from 10 countries dance in the streets during this mountain festival. The Folkmoot Parade kicks off this two day North Carolina festival celebration.

The BLUE RIDGE PARKWAY and Over One Million Acres Of National & State Parks:

From the Virginia state line at mile post 216.9 south to mile post 469.1 bordering Tennessee and Western North Carolina, this 253 mile stretch is among the most scenic roadways in America overlooking more than 1,000,000 acres of protected national forest. Â The Blue Ridge Parkway passes through the Pisgah National Forest, Nantahala National Forest and leads to the gateway of Great Smoky Mountains National Park. Â The Blue Ridge Parkway is easily accessible from Asheville, Waynesville and the North Carolina High Country. Hiking trails, waterfalls, picnic areas and breath taking scenic outlooks are fantastic places to spend the afternoon along the Blue Ridge Parkway. Living near the Blue Ridge Parkway is truly special.

Every year 8.6 million people visit the National Forests in North Carolina, to camp, hike, mountain bike, fish, take scenic drives or enjoy the forest’s solitude. The two National Forests Western in North Carolina include Nantahala &Pisgah and don’t forget Dupont State Forest ( land of the waterfalls).

Top Medical Care:

Mission Hospital Asheville NC – Ranked a Top 100 Heart Hospital

As bizarre as it sounds, your chance of dying in Mission Hospital Asheville are 21% less than a typical hospital according to Dr. Ronald A. Paulus, president and CEO of Mission Health. The Asheville Mission Hospital Health system is ranked among the Top 15 Health Care Systems in the country by Thomson Reuters, a measurement of excellence. Asheville Mission Hospital’s comprehensive geriatric specialties serve the community by providing preventive care and inpatient care in the heart of Western North Carolina.

VAMC Hospital is Asheville North Carolina’s Veterans Hospital.

Established in 1922, this hospital continues to provide a long list medical specialties to over 100,000 veterans in Western North Carolina. From surgery to diagnostics, fitness to rehabilitation, the VAMC is committed to diligently caring for America’s heroes. Beyond the city limits of Asheville NC, the Pardee Hospital system in Hendersonville, Haywood Regional Medical Center in Waynesville NC and the West Care Health System in Sylva also provide quality medical care.

Come to Western North Carolina for the Season or Year-Round:

Whether you’re a Floridian half backer seeking to escape the summer heat or a northerner leaving the frigid winters behind, Western North Carolina offers four mild seasons, incredible mountain beauty, intriguing art, rich culture, quick access to major cities and home affordability.

Filed under: Blog by Kim Bregman
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Next to filing for bankruptcy protection, nothing wrecks your chances of qualifying for a home loan like a foreclosure.

And if you got out from under an oppressive mortgage through a short sale when the bank agrees to accept less than what the homeowner owes lenders can look upon you just as unfavorably.

It’s a reality that the former owners of the more than 4 million homes lost to foreclosure in the six years since the housing bubble burst will have to confront if they want to own again. But the passage of time makes all the difference.

That’s because mortgage-lending guidelines that most banks follow prohibit them from making loans to people with foreclosure or a short sale in their credit history, often for years. Never mind the hit that one’s credit score takes.

Still, some of the homeowners who were foreclosed upon when the market first started to skid are now looking to buy and getting loans.

They’re probably going to pay a little higher interest rate, but with rates so low, a higher interest rate of 4 percent is not a big deal, said Rosa Herwick, a broker and owner of Century 21 JR Realty in Henderson, Nev.

So how likely are banks to approve your mortgage application if you have a real estate-related blemish on your record? And can you do anything to spring yourself from the mortgage penalty box?

It depends on several factors, but largely on whether you had a foreclosure or a short sale.

Foreclosure

Generally, borrowers who have a foreclosure in their credit history can expect to wait between two to seven years before a lender will even accept their loan application.

The waiting periods stem from guidelines most banks must follow in order to be able to sell their home loans. That’s because potential purchasers, such as Fannie Mae and Freddie Mac, each have a different set of guidelines for the loans they will buy and criteria for whom they deem a qualified borrower.

The fact is, a person’s credit score, employment history and other factors that make up one’s creditworthiness will take a back seat to these resale guidelines.

If a buyer with a past foreclosure is seeking a government-backed mortgage, the waiting period can vary before they can qualify.

Take the Federal Housing Administration (FHA), which insures roughly 30 percent of new loans. Under its guidelines, former homeowners must wait three years from the date of their foreclosure before they can qualify for backing by the agency.

Compare the U.S. Department of Agriculture’s housing program, which requires three years, while the time penalty for a VA loan is two years. Fannie Mae and Freddie Mac, which own or guarantee about half of all mortgages, require the longest stretch: seven years after a foreclosure.

In some cases, the waiting periods for a foreclosure can be reduced.

Fannie Mae, for example, allows a three-year waiting period in the event the foreclosure was due to an extenuating circumstance. The company defines this as an event that was beyond the homeownerscontrol and resulted in a sudden reduction in income or catastrophic increase in financial obligations. Think job layoff, medical bills or divorce.

FHA may grant an exception to its waiting period in the event a wage earner becomes seriously ill or dies. A divorce may qualify for an exception, but only in certain cases.

Short sales

The roadblocks for having a short sale in your credit history can be less severe, and in some cases, waived altogether.

FHA requires borrowers who weren’t paying their mortgage when they sold their house to wait three years before they can qualify for a home loan. That time penalty may be waived in certain cases, including long-term job loss.

There is no FHA time penalty for homeowners who made their house payments in the 12 months before their short sale.

The size of a downpayment can also shorten the waiting period.

A downpayment of 20 percent or more will cut Fannie Mae’s time penalty on a borrower with a short sale down to two years from seven. Buyers who put down 10 percent can qualify after four years.

Credit score

It’s no longer just a waiting game for homeowners caught up in the earliest stages of the foreclosure crisis in 2007 and 2008. There’s still the impact a foreclosure or short sale has on one’s credit score still very much a factor in qualifying for a loan.

Like most credit blemishes, foreclosures and short sales will remain in your credit history for seven years.

As a general rule, the higher your FICO score, the more it will drop as a result of a bad debt, said Barry Paperno, consumer affairs manager for MyFICO.com, the consumer website for FICO.

FICO credit scores range from 300 to 850. In simulations, a foreclosure sent a FICO score of about 720 down to as low as 570 and took about seven years to recover fully, assuming everything else being equal.

Still, there are steps one can take to burnish one’s tarnished credit rating.

While in the foreclosure penalty box, make sure to pay all your bills on time.

Get more credit. This may sound counter intuitive after a foreclosure, but beefing up your track record of good credit accounts can help boost one’s credit score. A car loan or a credit card will do. But if you get a credit card, pay it off every month.

Be patient. A foreclosure’s drag on your credit score will decline over time.

Dispute any mistakes on your credit report, which can lower your score.

Don’t close your oldest credit accounts. Your score gets a boost from older credit lines.

Scale back your lifestyle and pocket the savings toward a future down payment.

Article written by Alex Veiga a real estate writer.

Filed under: Blog by Kim Bregman
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According to the Insurance Information Institute ( I.I.I.) there are six basic questions everyone should ask before buying or renewing a homeowners insurance policy:

1. How much would it cost to rebuild my home in its current location in the event of a total loss? Ideally, a homeowners insurance policy should cover the cost of building a new home from scratch. In general, homeowners policies cover partial or total damages caused by fire, hurricane, hail, lightning or any other disaster if it’s listed in the policy. Flood and earthquake-related losses must be insured separately because both perils are excluded in standard homeowners insurance policies.

2. How much is my personal property worth in the event of a total loss? A homeowners insurance policy should cover the cost of replacing all personal property (furniture, appliances, clothing) should it be stolen or destroyed by fire, hurricane or another insured disaster. Most companies provide personal property coverage equal to about 50 to 70 percent of the amount of insurance on the home’s structure. (A $100,000 policy for the structure would have perhaps $50,000 to $70,000 worth of personal property coverage.)

However, the best way to determine personal property coverage in a specific situation is to conduct a home inventory. I.I.I. provides online software to help homeowners catalog and value possessions (link underlined to: https://www.knowyourstuff.org/iii/login.html) as well as an iPhone app.

3. How much liability protection do I need? Liability covers homeowners against lawsuits for bodily injury or property damage caused to other people, including damage caused by pets. The liability portion of a policy pays legal defense costs and any court awards but only up to the limit set in the policy. It’s effective not just inside the home but also anywhere in the world. Liability limits generally start at about $100,000, and many insurance agents will recommend at least $300,000. Homeowners with significant assets may want more; others may want less.

4. What level of additional living expense coverage do I need? The Additional Living Expenses (ALE) provision is found in standard homeowners insurance policies. It pays for the costs of living away from home if damage from an insured disaster makes the house uninhabitable. ALE covers hotel bills, meals and other expenses above customary living expenses.

ALE coverage differs from company to company. Many policies provide coverage equal to about 20 percent of dwelling protection. For example, if the structure of your home is insured for $100,000, you would have $20,000 of ALE coverage. Some companies impose a time limitation, such as 12 to 24 months.

5. Should I buy a separate flood and/or earthquake insurance policy? Flood coverage is available from the federal government’s National Flood Insurance Program (NFIP) and from a few private insurers. Earthquake coverage is usually available in the form of a supplemental policy.

6. Do I qualify for any discounts? Homes with smoke detectors, burglar alarms or dead-bolt locks often get a premium rate discount. Sophisticated sprinkler systems and alarms that ring at monitoring stations often reduce homeowners insurance premiums too. Ask an agent. If you are at least 55 years old and retired, for instance, you may qualify for a discount of up to 10 percent at some companies. If you have completely modernized your plumbing or electrical system recently, a few companies may provide a price break.

Filed under: Blog by Kim Bregman
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Homebuyers often have a lot of questions about mortgage insurance (MI)…and understandably so. With different rules for different loan programs, the details can be confusing.

Here are a few things to keep in mind. All types of MI protect the lender in the event of default, and MI is typically required when homebuyers have less than a twenty percent deposit to put down on a home. There are two main types of MI: an Up Front Mortgage Insurance Premium (UFMIP), which is generally financed into the loan, and an additional monthly mortgage insurance premium (MIP), paid as a part of your normal monthly mortgage payment.

Here are some additional details to keep in mind:

** Note that the FHA MIP example is based on a 30 year example.

Filed under: Blog by Kim Bregman
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Homebuyers and sellers looking to negotiate the best commission rate, obtain the highest level of service, and protect their legal rights in the event of a dispute can start off on the right foot by making sure they understand the form of representation their broker or agent is providing.

Consumers may assume that, like a lawyer, a real estate agent always represents their interests and their interests alone. But the rules governing the agency relationships between consumers, real estate brokers and their agents vary from state to state, and have been completely rewritten in the last 25 years.

Laws in most states allow real estate agents to “double dip,” representing both the buyer and seller in the same transaction without owing either party their undivided loyalty. Licensees in 25 states are now permitted to provide services to one or both parties as non-agency “facilitators” or “transaction brokers,” owing limited or no fiduciary duties to act in their clients’ best interests.

Depending on where they live, buyers and sellers may receive services from Realtors who are acting in an agency capacity as sub-agents, single agents, disclosed dual agents, or designated agents. Or they may have the option of working with non-agency transaction brokers, facilitators or intermediaries.

Many states also allow brokers to provide limited services to unrepresented buyers as “customers” rather than clients. In theory, providing consumers with a range of options for working with real estate brokers and their agents gives buyers and sellers flexibility to choose the form of representation that works best for their situation.

Experienced buyers or sellers, for example, may be comfortable working with a transaction broker or a “dual agent” who doesn’t owe them loyalty — especially if that helps them negotiate a reduced commission rate.

But consumers who don’t understand their agency relationship with their broker or agent may be at a disadvantage when searching for properties, marketing their home, or negotiating a sale — and may be more likely to blame their agent if they’re not happy with outcome of a transaction.

Buyers and sellers should insist at “the first substantial contact” that brokers disclose whether they will represent their financial interests at all stages.

If not, the group advises, consumers should ask whether the broker will represent the financial interests of the other party, or simply serve as a facilitator or transaction broker.

In general, consumer advocates warn, buyers and sellers alike rely on their brokers and agents to put their clients’ interests first. When brokers or agents owe limited or no fiduciary duties to their clients, buyers and sellers may have little or no legal recourse if they get bad advice or are victims of incompetence. Transaction brokers, facilitators and intermediaries are largely immune to claims of professional negligence.

Today, most states — Florida being the notable exception — require real estate brokers and agents to disclose agency relationships, including who they are representing and what duties they owe their clients.

(In Florida, licensees are presumed to be operating as transaction brokers, and aren’t required to provide agency disclosures unless they intend to represent consumers as singe agents.) But it’s difficult to gauge the effectiveness of disclosures. Most states require that disclosures be presented in writing, but a few allow brokers to provide spoken explanations.

Most states require that agency disclosures be provided early in the process, before confidential information is shared. But some allow agency disclosures to be provided in purchase contracts, after most of the negotiating has already been concluded.

What An Exclusive Buyer’s Agent- Single Agent Will Do For You:

Information & Counseling

• Explain the forms of agency available to you and explain how different relationships may affect the level and type of service a Buyer may receive from a real estate agent.
• Offer to enter into a written Agency Agreement with the Buyer. The agreement will include fee structure and payment method and the responsibilities of both parties.
• Pledge absolute confidentiality to a Buyer when representing him/her.
• Counsel the Buyer regarding his/her financial qualifications and assist the Buyer in finding and working with mortgage lenders.

Searching For A Property

• Discuss preferences in size, areas, styles, age, floor plans, and develop a property profile.
• Search the entire real estate market, including the Multiple Listing Service (MLS), properties for sale by owners, short sales, foreclosures, custom builders, and upcoming developments.
• Provide information and insight about communities
• Unbiased assessment of the pros and cons of each property

Contract Offer

• Inform the Buyer about any defects or problems he/she has observed or discovered regarding the property.
• Prepare a comparative market analysis, to determine the property’s fair market value.
• Explain the choices available in each section of an offer to purchase and explain the alternatives available to the Buyer.
• Advise the Buyer to seek legal counsel where appropriate.
• Prepare the offer to purchase in a manner which will protect the Buyers interest. Will provide proper disclosures regarding agency representation and any other matters as required by law.
• Develop negotiation strategies with the Buyer, including pre-set limits on key points of negotiation when the Buyer wishes to do so.
• Counsel the Buyer regarding the time requirements in the contract and encourage the Buyer to have professional inspectors inspect the property if the contract is accepted.

After The Offer To Purchase Is Accepted

• Will counsel the Buyer about home inspections, and provide the names of real estate inspectors. Will encourage the Buyer to be present during inspections.
• Will explain options available to the Buyer regarding items in the inspection report.
• Where appropriate, will notify the Seller or the Seller’s Agent in writing of inspectors’ findings and the Buyers choice of any options available to the Buyer.
• Assist in locating a mortgage and property insurance
• Maintain contact with the Title Company and Mortgage Company to insure that the Buyers interests are being protected.
• Will review the settlement statement with the Buyer at or before closing.
• Will attend the closing with the Buyer and be prepared to answer questions the Buyer may have.
  Assist with temporary housing alternatives and movers

Filed under: 20 Blogs, Blog by Kim Bregman
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Every home-whether it’s a resale or new-has some kind of an issue, and the reality is that there is no perfect house. Many homebuyers embark on their search for a home with the belief that new homes should be flawless, when this is never actually the case.

Problems are found in all homes, but the issues with new homes are totally different than the defects found in resale homes. When evaluating a resale home, most problems are often related to older systems that are near the end of their service life. On the other hand, problems in new homes typically involve incomplete work, damaged systems, missing pieces of key materials and imperfect workmanship.

Unfortunately, many people who purchase new construction homes put a lot of trust in their builder and opt not to perform a home inspection. Hiring a home inspection company prior to the closing of a new home can help save homebuyers money and prevent headaches due to unexpected home repairs down the road.

New home construction problems primarily fall into four categories:

1. Incomplete work: Many new home construction projects aren’t completed properly. The incomplete work may be as simple as a layer of paint on a wall that was accidentally skipped, or a room that has no air ducting. In many cases, the unfinished or imperfect work isn’t detected until the homebuyer moves in. A home inspection company will uncover these issues prior to the move-in date.

2. Damaged systems and finishes: Homes often incur damage during construction as a result of rain, snow, impact damage and stacking and storage damage. An example of this is ducting that gets compacted under attic insulation.

3. Missing elements: Oversights during construction due to human error are more common than many REALTORS and homebuyers think. For example, the construction team may have forgotten to install insulation in the attic. Taking a proactive approach to identify issues before moving in can prevent costly problems that could arise in the future.

4. Imperfect or sloppy workmanship: While perfect workmanship is ideal, it’s nearly impossible. In reality, any number of things can go wrong on the construction site of a new home. A contractor could get delayed by work on another site and has to hurry to finish the current home he’s working on; rain and other elements can damage a home before it’s closed in; tradesmen could be diverted to another site, etc.

Other common problems with new homes include interior and exterior finish issues, tile and floor damage, water damage, buckled siding, roofing issues and structural problems. All new homes should be inspected to uncover possible defects. Knowing upfront what issues might arise in the future can save homebuyers thousands of dollars in the long term. The most reliable way to uncover problems is by hiring an unbiased third-party home inspector.

Filed under: Blog by Kim Bregman
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Low interest rates, as we all know, are making history. Last week, according to an article found on CNNMoney, rates on both the 30-year and 15-year fixed loans fell to new records, at 3.89 percent and 3.16 percent, respectively, according to Freddie Mac.

The question, though, is how long will prospective buyers enjoy such low rates? Even with these rates, sales are still sluggish, with the market flooded with family homes and investment properties. Doug Duncan, chief economist for Fannie Mae, suggests that low and declining interest rates may cause homebuyers to hesitate: They may expect them to fall even further.

On the other hand, rising rates, which often accompany an improving economy, can give potential homebuyers a reason to act-before rates and prices become less affordable. Potential buyers sitting on the fence waiting for the rates to go lower may be getting their reason to act: a recent action by Congress may be pushing those rates higher shortly.

According to CNNMoney, to pay for the extension of payroll tax cuts, Congress mandated an increase in fees for Fannie Mae and Freddie Mac loans. That could mean an increase in upfront costs for borrowers of about half a point, starting April 1. The new fee would add $500 for every $100,000 in principal. Instead of an additional upfront fee, borrowers could pay the fee as a higher interest rate, [adding] an additional one-eighth of a point to their rate, according to Keith Gumbinger of HSH Associates.

That amount might seem inconsequential, but when added to a $250,000 mortgage, the mortgagee could be paying approximately $225 more per year.

Housing inventory slid to 1.89 million homes in December – down 6 percent from the previous month and 22.3 percent from the prior year, according to Realtor.com. In the 145 markets tracked by Realtor.com, only Springfield, Ill., registered a year-over-year increase. Inventories plunged 49.7 percent in Miami, 49.1 percent in Phoenix, and 46.6 percent in Bakersfield, Calif.

Meanwhile, the national median price edged up 5 percent year-over-year. Asking prices – the amount sellers include on a Realtor.com listing – climbed 32.5 percent in Miami, 21.7 percent in Naples, 21.5 percent in Fort Myers-Cape Coral, and 19.4 percent in Punta Gorda, according to Realtor.com.

However, asking prices were down 11 percent in Detroit, 10 percent in Chicago, 7.6 percent in Las Vegas, and 7 percent in Sacramento.

Andrea Szlavik of Prudential Fox and Roach in Collegeville states that with a market filled with desirable listings, interest rates at historic lows, and a threat of rising rates, prospective buyers would benefit from getting off the fence and jumping into the present day buyers market.

Filed under: Blog by Kim Bregman
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Homeowners’ insurance shouldn’t be taken lightly. If you get too much coverage, you’re throwing money away. However, with too little, you won’t be able to rebuild if disaster strikes. Homeowner insurance policies can vary greatly, and if homeowners aren’t careful, they may find their claims denied when disaster strikes, according to a study to be published early next year by the University of Chicago Law Review.

Knowing what your insurance policy covers — including fire, theft, and earthquakes — is important. Nevertheless, knowing the things that aren’t covered — known as exclusions — may be even more crucial. While home insurers once used standard policy forms by the Insurance Services Office, now some are coming up with their own policies and a few tweaks in the wording can mean trouble for some homeowners, according to the study. Homeowners should read the fine print and carefully review their policies to examine what’s covered and what’s not, the study notes. For example, some policies include mold and lead coverage; other policies do not.

Your homeowners’ insurance policy should probably cover the following items:

1. The structure of your house: Don’t base the cost of replacement of your home on what you paid for it, or on the value of the land. You’re not replacing the ground around you, and construction costs might be much different from what you paid.

2. Your personal possessions: Take an inventory of your home’s personal property, especially high-priced items such as jewelry, furniture, and electronic equipment. Determine how much it would cost to replace everything if you lost your goods to theft or destruction. If you think you need more than what the basic policies provide, talk to your agent.

3. Additional living expenses if you can’t live in your home: Additional living expenses are usually part of your standard policy and total about 20% of the cost of insuring your home. Policies that provide for unlimited expenses for a short period may also be available, as are policies for special situations, such as renting out your home.

4. Liability for injury to others: While most policies provide a base of $100,000 in insurance to cover your liability should you be sued, consider getting more: In today’s litigious society, potential damage awards could exceed those lower limits in a hurry.

5. Get special coverage if you need it: If you live in an area that floods frequently, you’ll want to make sure your coverage won’t leave you underwater in a flood. Similarly, residents in earthquake-prone areas have to weigh the added costs of earthquake insurance against the risks of being uninsured.

6. Consider umbrella insurance: Umbrella insurance isn’t directly connected to your home. However, if other types of insurance you have don’t provide enough coverage for damages, then your home could be at risk. Umbrella insurance provides additional coverage that makes sure injured parties won’t threaten to collect by taking away your home.

You should consider homeowners’ insurance to be an integral part of your overall financial plan. It can help minimize the disruption and economic loss you would realize should a calamity strike.

Filed under: 20 Blogs, Blog by Kim Bregman
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It appears there is some good news for real estate players here as we close out 2011 and approach the dawn of 2012 although it may be tenuous at best, according to a comparison of statements released by industry groups.

A study released by Deloitte Real Estate Services says the U.S. commercial real estate market appears to be on a gradual but uneven path to recovery with increased capital availability, transactions and improved fundamentals. However, a potential pause in recovery momentum exists due to the European Debt Crisis, continued high unemployment rates in the U.S. and the high rate of maturing debt levels.

The Associated General Contractors of America released a study that says private construction spending increased for the first three quarters of 2011, but investments in the public sector continue to rapidly decline.

The National Association of Realtors reports pent up demand exists from buyers who normally would have entered the market in recent years, and that homeowner default rates now are lower than at any time in history.

A press release issued by the American Institute of Architects says that there has been a definitive shift away from large residential subdivisions towards smaller-scale infill development projects with a greater emphasis on affordability, access to public transportation, commercial opportunities and job centers.

Fannie Mae’s November Housing Survey, which gauge’s consumer confidence, finds that during the next year 22 percent of homeowners expect home prices to increase, 22 percent expect a decrease, and 53 percent think values will remain unchanged.

And yet another study released by credit reporting agency TransUnion finds that mortgage delinquency rates should decrease in 2012 as long as the U.S. economy continues its move into positive territory.

For now, a 30-year fixed-rate mortgage remains at less than 4 percent, but a forecast by New York based investment banking firm Keefe, Bruyette and Woods, Inc. says the rate of 10-year treasury bonds should rise in 2012 because the Federal Reserve will not purchase enough mortgage backed securities to keep mortgage rates from rising to 4.7 percent by the fourth quarter of 2012.

What does all of this information mean? According to BusinessWeek, even the worst hit markets will begin to see improvement (in) 2012.

Filed under: Blog by Kim Bregman
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Homes.org recently released a list of the top 10 reasons for using a buyer’s agent. The list was derived from detailed feedback provided by numerous real estate professionals across the country. After reviewing the reasons provided it became clear that the better question wasn’t why should home buyers use a buyer’s agent but why wouldn’t they?

“HUD’S Settlement Cost Booklet, ‘Shopping for Your Home Loan’ advises the home buyer in Section IV on page 6: It is your responsibility to search for an agent who will represent your interests in the real estate transaction. If you want someone to represent only your interests, consider hiring an “exclusive buyer’s agent”, who will be working for you, ” points out John F. Sullivan, Vice-President & Associate Broker at Buyer’s Edge Co. Inc. “If a buyer can’t find an exclusive buyer’s agent in their area, they should seek a single agency licensee who is an Accredited Buyer’s Representative (ABR) or an ABR with a small dual agency brokerage to minimize the chance of dual agency.”

Maxwell Carr Realtor and Designated Luxury Specialist at First Team Real Estate put it this way, “imagine sitting at a poker table, and there’s $200,000 in the center of the table. You’re emotionally involved, nervous – get the idea? Rather than risk making a mistake, find representation. A [buyer agent] Realtor is a professional negotiator, with a fiduciary duty to act in your best interest.”

Top 10 Reasons for Using a Buyer’s Agent based on feedback from real estate professionals actively working around the country, the points below are the most important and beneficial reasons for hiring a buyer’s agent.

1. It’s free
2. It’s makes the home search and buying process much more convenient
3. Market knowledge
4. Professional negotiation
5. Professional connections
6. Insider knowledge
7. Access to Comps/Sales
8. Â Info Help Identifying your needs
9. Buyer agent is a mitigatory of emotions
10. Knowledge of industry standards, legalities, and writing a contract

Filed under: 20 Blogs, Blog by Kim Bregman
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