What You Can Do to Get Your House Ready to Sell During COVID-19 Emergency [INFOGRAPHIC]

Infographic Courtesy of Keeping Current Matters/The KCM Blog

Some Highlights:

• Believe it or not, there are lots of things you can do to prep your house for a sale without even going to the store.
• Your real estate plans don’t have to be completely on hold even while we’ve hit the pause button on other parts of daily life.
• Tackling small projects from cleaning the corners you may normally skip to tidying up your yard are easy and necessary wins if you’re thinking of listing your house and making a move.

How Technology Is Enabling the Real Estate Process

Article Courtesy of Keeping Current Matters/The KCM Blog

Today’s everyday reality is pretty different than it looked just a few weeks ago. We’re learning how to do a lot of things in new ways, from how we work remotely to how we engage with our friends and neighbors. Almost everything right now is shifting to a virtual format. One of the big changes we’re adapting to is the revisions to the common real estate transaction, which all vary by state and locality. Technology, however, is making it possible for many of us to continue on the quest for homeownership, an essential need for all.

Here’s a look at some of the elements of the process that are changing (at least in the near-term), due to stay-at-home orders and social distancing, and what you may need to know about each one if you’re thinking of buying or selling a home sooner rather than later.

1. Virtual Consultations – Instead of heading into an office, you can meet with real estate and lending professionals through video chat. Whether it’s your first initial needs analysis as a buyer or your listing appointment as a seller, you can still get the process started remotely and create a plan together. Your trusted advisor is still on your side.

2. Home Searches & Virtual Showings – According to theNational Association of Realtors (NAR), the Internet is one of the three most popular information sources buyers use when searching for homes. Your real estate agent can send you listing information and help you request a virtual showing when you’re ready to start looking. This means you can virtually walk through the homes on your wish list while keeping your family safe. As a seller, you can still have virtual open houses and virtual tours too, so as not to miss those buyers looking to find a home right now.

3. Document Signing – Although this is another area that varies by state, today more portions of the transaction are being done digitally. In many areas, your agent or loan officer can set up an account where you can upload all of the required documents and sign electronically right from your computer.

4. Sending Money – Whether you need to pay for an appraisal or submit closing costs, there are options available. Depending on the transaction and local regulations, you may be able to pay by credit card, and most banks will also allow you to wire funds from your account. Sometimes you can send a check by mail, and in some states, a mobile escrow agent will pick up a check from your home.

5. Closing Process – Again, depending on your area, a mobile notary may be able to bring the required documents to your home before the closing. If your state requires an attorney to be present, check with your legal counsel to see what options are available. Also, depending on the title company, some are allowing drive-thru closings, which is similar to doing a transaction at a bank window.

Although these virtual processes are starting to become more widely accepted, it does not mean that this is the way things are going to get done from now on. Under the current circumstances, however, technology is making it possible to continue much of the real estate transaction today.

 

Bottom Line

If you need to move today, technology can help make it happen; there are options available. To learn about the specific regulations in your area, contact a local real estate professional to discuss your situation, so you don’t have to put your real estate plans on hold.

COVID-19 REAL ESTATE UPDATES

4/7/2020

South Carolina has finally put "stay-at-home"into affect... 

I am ALWAYS available to talk to you! Don't hesitate to call, email, or text me. I would be happy to conduct conversations by FaceTime. Anyone considering listing or purchasing a home, know that we can use all the great technology available to take care of your needs.

4/3/2020
The latest Mecklenburg County Amendment to Stay at Home Order Regarding Residential Brokerage says, "In-person showings of homes for sale or rentals on the market are restricted to vacant property only."

3/30/2020
While these orders are for Mecklenburg County, Helen Adams Realty is following these orders for all offices.  Remember, as noted previously (scroll down for earlier postings), I am ALWAYS available to talk to you! Don't hesitate to call, email, or text me. I would be happy to conduct conversations by FaceTime. Anyone considering listing or purchasing a home, know that we can use all the great technology available to take care of your needs.

Please scroll down for the latest data on showings here in Sun City Carolina Lakes.  Also, use tab above for UP-TO-DATE STATS FOR SCCL.  I update this information daily. 

The following are amendments to the proposed Detailed Plan of Action, originally included in the April 1, 2020, correspondence from the Canopy Realtor® Association and Canopy MLS and expand on the Clarification and Guidance issued on March 28, 2020 regarding Allowable and Prohibited Transactions with respect to Real Estate Transactions.
Allowable and Prohibited Transactions

• Real Estate Transactions
  
  Prohibited Unless Virtual: Anyone looking to purchase real estate, but who has not "vested" money into a house, which could be forfeited or lost, should do it virtually only and avoid any face to face interaction with a realtor during this period. Any communication regarding the transaction should be done electronically.
  
  Allowed with Conditions: Those who have vested money (either by way of earnest money or mortgage loan commitments) which they could wind up losing and closing is imminent or soon to be scheduled, in order to complete the purchase and effect the closing, the following guidance should be used when completing that transaction:
  
  Walk-through prior to closing:

• No more than three people may be in the residence at any given time. This allows for the realtor and up to two of the buyers.
• Each person present must maintain Centers for Disease Control (CDC) compliance at all times in all applicable areas.
• Practice social/physical distancing: stay at least six feet apart from other people.
• Do not participate if you have any symptoms or fever.
• Avoid touching your eyes, nose, and mouth with unwashed hands.
• Cover your cough in your sleeve or sneeze with a tissue, then throw the tissue in the trash.
• Clean and disinfect any objects or surfaces touched using a regular household cleaning product.
• Wash your hands often with soap and water for at least 20 seconds on entering and leaving the dwelling with soap and water or an alcohol-based hand sanitizer that contains 60%-95% alcohol.
• The realtor is responsible for supplying cleaning products and hand washing products.
• Owners/sellers should not be in the residence at the time if the subject property is owner occupied.
• Closing
• To the extent electronic signatures may be lawfully obtained and used, choose this option to close the transaction.
• For all face to face closings, CDC recommendations (as outlined above) should be followed.

 
3/27/2020 Update
One of my Helen Adams Realty colleagues just shared that she had a closing yesterday and everyone stayed in their cars to sign documents.  The attorney came out wearing a mask and gloves, and carrying a clipboard.  Everyone is finding ways to make things happen!

3/26/2020 Update
Starting today, all non-essential businesses in Mecklenburg County are under a "Stay at Home Order." In a message to REALTORS®, Canopy MLS CEO Anne Marie DeCatsye stated that the NC Realtors Association initial interpretation of the Stay at Home Order is that,"Real estate brokerage is NOT included as an essential business or activity. That means REALTORS® will not be allowed to conduct most business activity outside of their homes within Mecklenburg County." While SC has not yet made a similar order, best practices would suggest that REALTORS® in SC follow the same protocol. That being said, while I will not be showing property or meeting personally with current or potential clients until further notice, I am ALWAYS available to talk to you! Don't hesitate to call, email, or text me. I would be happy to conduct conversations by FaceTime. Anyone considering listing or purchasing a home, know that we can use all the great technology available to take care of your needs. 
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3/22/2020
While we are currently facing great challenges as a nation and within our local communities due to the Coronavirus Pandemic (COVID-19), this is not a time to panic, but rather a time to carefully assess everything that we do and make sure we take precautions to keep ourselves, our loved ones, our neighbors, and all who we come in contact with safe.  We are bombarded by news reports and FaceBook and Twitter posts with instructions on what we need to do.  We just need to do it.  Bottom line: Stay home, except for essential shopping and a healthy walk.  Keep your distance from others.  Wash your hands with soap and water for 20 seconds.  You know the drill.  Just do it.

At the time of this writing (updates will be posted above), there are no restrictions on our Real Estate market, except for limiting exposure by not holding open houses.  We are able to continue listing and showing properties, with careful precautions being taken.  To this end, Helen Adams Realty is asking Buyer's agents and their clients to be responsible guests in a Seller's home. Personally, I am comfortable allowing showings on vacant listings, but will, for the time being, hold off showings where someone resides in the home.  While walking through a home is ideal, excellent photos and virtual tours are a great way to view a home. Take advantage of this great technology and check out the photos found on MLS.

While in some areas, the Real Estate market has come to a screeching halt, there are some areas that are continuing to have activity.  Jeff Adams, President of Helen Adams Realty, shared that this past week "our firm (which has 4 offices in the greater Charlotte area, including nearby South Carolina) has taken 45 new listings and 62 new contracts." That being said, as we continue down this unknown path, Real Estate sales may be affected by the precautionary actions of inspection companies, appraisers, lenders, attorneys, counties, and municipalities. Here in Lancaster County, the Register of Deeds office was still open on Friday, but they have now posted the following at their website:
 
Please be advised that the Lancaster County Register of Deeds Office will be closed to the public effective Monday, March 23, 2020 until further notice. The only exception to this closure will be for Attorneys, Abstractors and Surveyors who must spend limited time in the office between the hours of 9 a.m. - 12 p.m. Our Office will still be able to assist you with any questions by phone or email from 8:30 a.m. - 5 p.m. Monday through Friday.
 
At the time of this writing, showings have slowed down significantly in Sun City Carolina Lakes and I would assume that those people who are looking at homes right now are serious Buyers.  As of March 25, 14 properties (including single family, Carriage Homes and Villas) have gone under contract in SCCL this month, the most recent being March 24.  Click HERE for the most current stats.

Below you can see the number of showings, day-by-day, here in SCCL.  Note that typically a Buyer looks at several homes in a day, so it is possible that the numbers could be reflecting the activity of just one or two potential Buyers.  Although this is a static posting, I will update the chart below regularly.  

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The chart below was last updated on 4/12/2020.  As of 4/24/2020, daily showing stats can now be found at the SHOWING STATS BY PRICE RANGE tab above.

 4/12/2020

Each day brings new information and new challenges for each of us.  But, if we all do our part, we will hopefully discover just how capable we are and how much we can do by working together for a mutual cause.  So, let's all take this time to discover our own best selves and find many wonderful things to do as we patiently wait for this coronavirus pandemic to pass. 

Stay safe and stay healthy!

COVID-19 and HOME MORTGAGES

Thanks to HIGHLANDS MORTGAGE (an affiliate of Helen Adams Realty) for sharing the following information.  Senior Loan Officer Ashleigh Clark works out of the HAR Ballantyne office and Loan Officer Kevin Barbee works out of the HAR Randolph Road office.


The Covid-19 Coronavirus has led to some challenging times for all of us.

The Government has created the CARE Act, to assist homeowners whose income may have been adversely impacted by the coronavirus. One of the components of the CARE Act is the possibility of mortgage forbearance.

Forbearance is often misinterpreted. And while it is intended to help, it can have some dangerous repercussions. Many people are mistakenly thinking that forbearance equals forgiveness. It does not.

Forbearance means that the payments will be suspended for a short period of time, initially up to 6 months, but will need to be caught up when the forbearance period is over.

Think about when you buy something at a furniture store that offers “no payments” for 3 months. You still must pay for the furniture…the payments are just deferred.

But mortgage forbearance is even worse if the borrower has dug themselves in a deep hole and can’t catch up. Should this happen, the lender will enforce their right to be paid, which may cause the borrower to be foreclosed upon. They could lose all the equity in their home in the process.

Forbearance is designed to help those as a measure of last resort. It is not a free pass and may have serious consequences.

Depending on your situation, a refinance could help by eliminating your high interest debts, lowering your monthly mortgage payment, or giving you a cash cushion during these turbulent times.
Reach out today and let's talk through your scenario!
Please be advised: Highlands Residential Mortgage is NOT a debt management company and mortgage payments should not be skipped.

Sincerely,

Kevin Barbee Loan Officer | 645363 Office: (704) 904-8836    |    Mobile: kbarbee@highlandsmortgage.com  2301 Randolph Rd.  | Charlotte, NC 28207 highlandsmortgage.com/agents/kevin-barbee/

Ashleigh ClarkSenior Loan Officer | NMLS No. 92328 Office: (704) 307-9908    |    Mobile: (704) 307-9908 Ashleighclark@highlandsmortgage.com 15235 John Delaney Drive  | Charlotte, NC 28277 www.highlandsmortgage.com

THINGS TO DO WHILE YOU'RE STAYING AT HOME

Each day when my boy Rudy and I go for our walks, I see lots of people out there enjoying the paths and trails we are so lucky to have here at SCCL.  That's a great way to get some fresh air and exercise, while keeping a distance from others.  I know there are folks playing golf (1 per cart) and some playing pickleball with all due precautions, and I'm sure others have found creative ways to get out and get their bodies moving.  So, let's all keep that happening!

Truth be told, Rudy spends most of his day just chillin' and that's okay, too.  But, hey, he's a dog and that's what dogs do!

But, if you're just sitting at home and looking for something to do (in addition to whatever hobby you're currently working on), you might want to download some books or check out some of the great virtual tours and classes that can be found online.  Some of the suggestions below were shared by the Lifestyle Department here at Sun City Carolina Lakes. They are doing a great job of keeping us informed and engaged.  Thanks, FSR Lifestyle Staff!

Have any suggestions for virtual things to do?

Send them to me!
 

READ, WATCH, PLAY

Free Books, Movies, and Games

VIRTUAL TOURS

12 Frank Lloyd Wright Buildings


12 Virtual Museum Tours

5 National Parks Virtual Tours 

Virtual Disneyland Tours


Virtual City Tours

EXERCISE

Silver Sneakers Exercise Class 1

Silver Sneakers Exercise Class 2

Check out SilverSneakers.com

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 On a personal note...
My Virtual Activities to Date

Family Chat Nights 

Trivial Pursuit With Friends

 Thanks to Dar and Ted Finkelstein for gathering our trivia team for an evening of Trivial Pursuit

Informal Office Chat

Helen Adams Realty Staff Meeting

Friends Gab Session 

BINGO and other fun games with friends

5 Simple Graphs Proving This Is NOT Like the Last Time

Article Courtesy of Keeping Current Matters/The KCM Blog

With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008. The feeling is understandable. Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research, addressed this point in a recent interview:

“With people having PTSD from the last time, they’re still afraid of buying at the wrong time.”

There are many reasons, however, indicating this real estate market is nothing like 2008. Here are five visuals to show the dramatic differences.

1. Mortgage standards are nothing like they were back then.

During the housing bubble, it was difficult NOT to get a mortgage. Today, it is tough to qualify. The Mortgage Bankers’ Association releases a Mortgage Credit Availability Index which is “a summary measure which indicates the availability of mortgage credit at a point in time.” The higher the index, the easier it is to get a mortgage. As shown below, during the housing bubble, the index skyrocketed. Currently, the index shows how getting a mortgage is even more difficult than it was before the bubble. 

2. Prices are not soaring out of control.
Below is a graph showing annual house appreciation over the past six years, compared to the six years leading up to the height of the housing bubble. Though price appreciation has been quite strong recently, it is nowhere near the rise in prices that preceded the crash.

There’s a stark difference between these two periods of time. Normal appreciation is 3.6%, so while current appreciation is higher than the historic norm, it’s certainly not accelerating beyond control as it did in the early 2000s.

3. We don’t have a surplus of homes on the market. We have a shortage. 

The months’ supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued appreciation. As the next graph shows, there were too many homes for sale in 2007, and that caused prices to tumble. Today, there’s a shortage of inventory which is causing an acceleration in home values. 

4. Houses became too expensive to buy.
The affordability formula has three components: the price of the home, the wages earned by the purchaser, and the mortgage rate available at the time. Fourteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased and the mortgage rate is about 3.5%. That means the average family pays less of their monthly income toward their mortgage payment than they did back then. Here’s a graph showing that difference: 

5. People are equity rich, not tapped out.

During the crash, home values began to fall, and sellers found themselves in a negative equity situation (where the amount of the mortgage they owned was greater than the value of their home). Some decided to walk away from their homes, and that led to a rash of distressed property listings (foreclosures and short sales), which sold at huge discounts, thus lowering the value of other homes in the area. That can’t happen today.

Bottom Line

If you’re concerned we’re making the same mistakes that led to the housing crash, take a look at the charts and graphs above to help alleviate your fears.

Buying a Home: Do You Know the Lingo? [INFOGRAPHIC]

Infographic Courtesy of Keeping Current Matters/The KCM Blog

Some Highlights:

• Buying a home can be intimidating if you’re not familiar with the terms used throughout the process.
• To point you in the right direction, here’s a list of some of the most common language you’ll hear along the way.
• The best way to ensure your homebuying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher.’

SCCL AMENITIES BEING CLOSED DUE TO COVID-19

Message from the SCCL Board of Directors

March 13, 2020

Based on escalating concerns in the community and the Nation as a whole, the Sun City Carolina Lakes Community Association Board of Directors, in concert with our FirstService Residential Management team, have determined that the most prudent manner to help safeguard our community is to take the following unprecedented actions for the safety and wellbeing of the community. In the interest of the community and using an abundance of caution, the Association has decided to close the Lake House, Lodge and Woodworker’s Shop, also cancelling all community sponsored events.  All outdoor amenities are closed for organized activity, however personal use is at resident’s own risk.  This closure is currently effective for a 30 day window, starting Saturday, March 14 through Friday, April 10.  Your Board and management team are meeting frequently to evaluate the current conditions and will make adjustments accordingly. 

Just Listed in Sun City Carolina Lakes

VIRTUAL TOUR

REAL ID in South Carolina

3/26/2020 UPDATE
Due the COVID-19 pandemic and current national emergency declaration, the deadline for REAL ID has been extended.  For update from Homeland Security click HERE.

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"Beginning October 1, 2020, your South Carolina driver's license or identification card must have a gold star to show it's a REAL ID in order to use it as your identification to board a domestic, commercial flight, enter a secure federal building, or visit a military installation*. Purchase yours today and avoid longer lines in the future."
- SCDMV 

"New South Carolina driver's licenses and identification cards, some of which are compliant with REAL ID, are now available for purchase. There’s been no change in the price of any card the SCDMV issues. The new cards are valid for no more than eight years.  A REAL ID will be your license or your ID. You are not issued separate cards. Either you will hold a REAL ID license, REAL ID ID (no driving privileges), standard license that says "Not for Federal Identification," or a standard ID (no driving privileges) that says "Not for Federal Identification." A gold star on your license or ID designates it as a REAL ID.  Regardless of whether you buy a REAL ID or not, you must still have an unexpired US Passport to travel internationally."
- SCDMV
  
Complete information can be found at the South Carolina Department of Motor Vehicles.