Professionalism

Beating the same drum and worried about REALTOR professionalism

In the past two weeks, two agents, both from the same Coldwell Banker office in Chapel Hill have phoned me to ask if they could give a home inspector a combination to one of my lockboxes so that the home inspector could complete their work with no REALTOR present. These agents have figured out that home inspections are boring but they rather like collecting their 2.5%, 3% or even 5% commissions, they sure don’t get bored by that activity.

In both instances I said no, much to the ire and chagrin of both agents. Each contended that they’d passed out combinations previously with other listings and other listing agents, and that the listing agent had no issue with this behavior. Huh? Let an unlicensed inspector who is not a member of Triangle Multiple Listing into a home unaccompanied by a REALTOR who is a member of multiple listing. Well we might as well simply write the combinations to our lockboxes on bill boards along interstate 40 and post the address too. In each case the agents said that the home was vacant and this should ease my mind to release the combination. Huh? More is the case for being careful. One could speculate that it is ten times easier to perhaps break into a vacant home rather than an occupied home.

I prevailed in both instances, kind of. The second agent gave the combination to her unlicensed assistant who stood in for her. Huh? I imagine that she thought that I wouldn’t check up on her. I imagine that she is so enamored with her press and her notoriety as a real estate super star that she felt she doesn’t need to attend inspections. To this I’d ask; how do you intend to protect your buyer client’s fiduciary interests by not being in attendance? Frankly she can’t.

Then there is the instance of a REALTOR friend of mine with Prudential here in Durham who actually has paid an unlicensed friend to hold his listings open for open house. Huh? It is a violation of North Carolina real estate law for an unlicensed person to engage in brokerage. This is why my unlicensed assistant does not answer the phone; I don’t want to run the risk of her crossing the line by engaging in conversation about real estate.

Now I know that I’m not perfect. I make many mistakes in spite of my best efforts not to but I rather believe in the three instances above this goes beyond simply making a mistake, this steps across the legality line and the REALTOR ethics line. What kind of fiduciary benefit does a seller derive from Joe friend holding an open house on behalf of a REALTOR agent? Is Joe friend equipped to deal with questions of pricing, fair housing, structure, real estate law and ethics when prospective customers come along? I don’t think so; the same is true of an agent not attending an open house. Cutting to the chase not only are the above lazy, they are in some cases downright illegal.

640 Piper Stream Circle Cary NC 27519

640 Piper Stream Circle Cary NC 27519

This lovely home is marketed by Michael Sullivan and Team Michael Sullivan with Fonville Morisey Realty.

640 Piper Stream Circle is nearly new and shows that way too. If you desire a home where you can move right in and put your stuff down and not have to worry about fixing anything, then this is the place for you.

This home located in a peaceful neighborhood is commanding through and through. The combination living room and dining room with its hardwood flooring and abundance of windows floods with natural light. These rooms flow so easily into the spacious family room, with fireplace, the breakfast room and a kitchen that just says wow!

The kitchen is truly a cook’s delight with top notch appliances, a large center island for staging and cooking, a ceramic tiled backsplash, tons of cabinet and counter space and a well through out and efficient lay out.

Need room to grow, or a bonus area or a play room. The loft space on the second floor offers this. Games, toys, puzzles and homework can be tackled and left out in the intimate space close to the bedrooms on the second level. Upstairs is a glamorous master bedroom retreat with spa bath and huge walk in closet and three additional bedrooms and a proper laundry room. Throughout this home you’ll find scads of closet and storage space.

Need a main level bedroom? The current owner upgraded this home when she purchased and added a main level bedroom and full bath just in case someone had trouble with steps.

You’ll love the lot with an irrigation system, a wooded buffer and two covered porches. Want to see inside or learn more….call us or text us at 919-608-2372 or visit www.TeamMichaelSullivan.com to take a virtual tour of this home and many other fine homes.

What Homes are Selling in Raleigh/Durham and the Eastern Triad and Why

What’s Selling and Why

There has been a noticeable up tick in some sales within the Raleigh/Durham and eastern Triad real estate markets . To be sure bargin hunters are out and they are looking for deals. They are also not afraid to walk away if a seller isn’t willing to negotiate in hard fashion or offer some sort of incentive to motivate a sale.

I see incentives working across the market. The first incentive which seems to be driving traffic to listings and encouraging offers on those listings is a buyer agent bonus. When possible I am encouraging my seller clients to offer a 1% buyer agent bonus for an acceptable offer. I’ve had success with this tactic many times this year.

The second tactic, usually added in conjunction with a buyer agent bonus is a buyer incentive. When possible sellers should consider offering generous seller paid closing costs to potential buyers. The number that I see working this year is $3,000 or $4000 in seller paid costs. Of course this is negotiable.

When seller paid costs and a buyer agent bonus is attached to a price modification or reduction of price, the result is generally very positive. Showings increase and offers have been tendered. Are the offers just what the seller wanted? Typically not, there have been multiple rounds of counter offering to get a home pending but the happy news is offers are made.

Sellers in the best position are those with equity to play with. Typically home valuation in our region is off some ten to twenty percent or so on average from market highs of 2005 and 2006. This deflation in values depends tremendously on location and type of property.

1402 Holly Grove Way Durham NC 27713

1402 Holly Grove Way affords space, versitility and convienence. This three level townhome has been enhanced and updated at every turn.

The main level has a large one car garage and a huge family room with French doors that lead to a main level patio. The patio is bounded by lush and established shrubbery.

On the second level is a cook's delight kitchen, a breakfast area, a formal dining room and a large formal living room. The focal point of the living room is a gas burning fireplace and French doors here lead to an elevated rear deck.

The thrird level has a spacious master suite with adjoining spa bath, an additional bedroom and bath and laundry area.

A one year warranty is offered on this home for piece of mind.

Call us or text us today at 919-608-2372 to see inside.

4904 Pine Cone Dr. Durham NC 27707

4904 Pine Cone Dr. Durham NC 27707 listed at $144,900
Five Oaks

Play where you live, walk to where you shop and eat and enjoy residing seven minutes from UNC or Duke. Truly the best of all worlds are found here in Five Oaks.

4904 Pine Cone Dr. is a two bedroom, two bath end unit townhouse that feels like a detached home inside. At 1036 square feet you will be surprised at how large this home feels. The living room with a cathedral ceiling and a bank of sliding glass doors is light filled. There is a large rear patio bounded by gardens and woods. The current owner an avid gardener has planted a tremendous amount of blooming perennial plants.

The galley kitchen with modern appliances and ceramic tile flooring can easily be closed off by two pocket doors.

This entire property has recently received a fresh coat of paint and the wall to wall carpets have been freshly dry cleaned. Additionally the heating system is newer too as is the water heater.

A one year HSA is being offered for the buyer’s piece of mind.

Interested in seeing inside? Phone or text Michael Sullivan at 919-608-2372 or email MSullivan@fmrealty.com

56 Citation Drive Durham NC 27713

56 Citation Drive Durham NC 27713

There is so much nice that can be said about Woodcroft and the homes in Woodcroft and such the same is true with 56 Citation Dr.

This stately brick fronted, end unit, townhouse sits on a cul de sac lot which is lushly landscaped and established.

On the main level is a huge eat-in kitchen with a tremendous amount of cabinet and counter space. The room floods with natural light through a bay window and a side window at the kitchen sink. Steps away from the kitchen are a light filled dining room, with hardwood flooring, and a huge formal living room also with hardwood flooring and a wood burning fireplace.

A large rear deck sits off the back of this home.

Guests never have to venture upstairs to the bedroom level because there is a main level powder room and a tremendous amount of coat closet space on the main level.
The second level with its freshly cleaned carpets is spacious too. There are two nicely sized auxiliary bedrooms and a deluxe master suite with spa bath, soaking tub, stall shower and two sinks. The master bedroom is also vaulted.

56 Citation Drive has a full basement with one finished room and a whole bunch of unfinished space, useful for storage or a home gym or a workshop or studio.

For a private showing or for more information call or text Michael Sullivan and Team Michael Sullivan at 919-608-2372 or email MSullivan@fmrealty.com

715 Fairfield St. Burlington NC 27215

715 Fairfield St. Burlington NC

Do you need some room to grow? Here it is. Lots of work has been done to make this post war cottage a comfortable home. The living room, hallway and bedrooms are adorned with hardwood flooring adding warmth to this home.

The main level has a sun room for reading and reflection, this space is heated and cooled. There is a cook’s delight kitchen with Corrian counter tops, gas range, built in microwave oven and tons of cabinet and counter space. Adjoining the kitchen is a light filled dining room.

The main level of this home also offers an elevated rear deck overlooking a fully fenced backyard, one full bath and one half bath, two bedrooms and a laundry room.
Upstairs is “bonus” space which could be used as a bedroom, storage space, study or any combination of all three.

You will love the fact that the roof, HVAC, windows, siding and many of the home’s systems has been updated.

715 Fairfield St. is just minutes to the Triangle or Triad.

For a private showing or for more information call or text Michael Sullivan and Team Michael Sullivan at 919-608-2372

5207 Langford Terrace Hope Valley Farms Durham NC 27713

5207 Langford Terrace Hope Valley Farms Durham, NC 27713

You got to love it. This large home is absolutely flooded with natural light on the inside and sits at the nexus of two cul de sac streets on the outside.
Outside entertainment is made easy on the large rocking chair porch and on the oversized rear deck.

Inside there is a large formal dining room, a cook’s delight kitchen with built in microwave and 42 inch cabinets and an adjoining breakfast room. Holiday and entertaining are made easy with the family room being just steps away and its focal point being a fireplace.

Upstairs there is a tremendous master bedroom with adjoining spa bath with double sinks, soaking tub and stall shower. The three auxiliary bedrooms are large too and offer abundant closet space.

Walk to the Hope Valley Farms club or meet friends for a bike ride on the American Tobacco Trails then stop off from refreshments at any of the food venues along the trail.

5207 Langford Terrace is just minutes to RTP, Duke, UNC and Raleigh Durham International Airport.

For a private showing or for more information call or text Michael Sullivan and Team Michael Sullivan at 919-608-2372

Where is it all going?

The bottom of the market may be at hand. Like so many others working in finance and business I am reluctant to say that we are there. Since 2006 yes that's right, 2006, home values have declined on a nationwide average of some seventeen percent while volume in sales is down nearly fifty percent. This according to Real Capital Analytics Inc out of New York.

Ouch! So let’s hope that this is the bottom. Where do we go in the future and what does home valuation look like over the next two to five years? To answer that we have to know where we are now. According to the TARR report in the first quarter of 2009 in Durham County the number of detached home sales was down 23.34% against 1Q 2008, condo sales were down 42.86%, townhome sales down 52.63%, newly constructed home sales are up 48.7%. Sold prices in all categories except condominiums are up between 2% and 3%.

For the next 2 to 5 years I see home prices in Raleigh/Durham as stable except for condominiums. I’ll explain that one in a moment. Builders are now building on demand, which means that there is little if no new home inventory. Buyers purchasing new homes are coming in, cash in hand and upgrading their dream home and waiting five to six months to close.

Resale homes are starting to sell again and should expect between 0% and 2% appreciation in value depending on geography. Southwest Durham, Chapel Hill and neighborhoods along the interstate 40, corridor should expect the best net result while folks in North Durham and further out should expect a relatively flat appreciation rates if any. Resale homes are selling due in large part to a 18% decline in inventory between 2008 and 2009 1Q.

Condominiums will remain the problem children within the market dependent on what the particular property looks like. Condos in established neighborhoods like the Duke St. warehouse, Five Oaks and Woodcroft should do fairly well while the glitzy, high dollar, high profile, urban and urban wannabe properties will continue to suffer and not sell without significant pricing reductions.

Home buying consumers will be unwilling in the next two to five years to dump $300,000 plus into small one and two bedroom condominiums when they can buy a comparable detached home or townhouse for $150,00 to $200,000 dollars. Penny wise consumers will avoid the exorbitant monthly maintenance fees in these condo properties recognizing that a la carte gym memberships and other amenities are more cost effective. Developers of this type of property will be wise to realize that declining stock and 401K portfolios mean less disposable income.

Interested in knowing the value of your home or the best deals in our market? Call me or text me and I will complete a free no obligation home pricing evaluation. If you do have to sell your home, I have tools and techniques in place to help you succeed.

What a world

What a world, what a world.

I am so thankful that this past weekend I showed like sixty homes to three different couples. I am also tired. Thankfully there are offers on some of my listings too. Regrettably in some instances I have to do the work of other agents, but that’s what a professional who wants to get deal closed does.

An offer came in on one of my listings on Saturday morning. I knew when the buyer’s agent phoned me before nine thirty in the morning that the offer would be low. Typically human tells are pretty consistent. The offer came and it was indeed some fourteen thousand dollars below asking price and a market analysis and lengthy explanation was included too. I presented the offer to my seller late Saturday evening. He wasn’t thrilled. This seller couple is very savvy and knowledgeable.

Cutting to the chase, we countered the low offer, I included some comparables and the buyer’s agent called to debate shortly before eight o’clock last night. In a nut shell, she challenged our pricing, she challenged the seller’s ability to close and she challenged my comparables. All of this challenging made me question myself, so as soon as the conversation was over, I went to multiple listing to check myself.
Simply put I found three perfect and recent comparables that justified my seller price range. I did follow up with an email to the buyer’s agent and haven’t heard back from her yet. While in multiple listing I pulled up the other agent’s sales records. Here in the Raleigh/Durham Triangle, she’s had six sales, six sales!

So, what is my issue, do I have an issue? I do, first, any of us can make numbers justify anything that we want to justify, a high asking price or a low offering price. It’s important to understand that fact going in the door. Second, the late evening phone call last night took us all down a path that none of us belong on, that being trying to play mommy or daddy to adult people. My seller clients are adult, we’ve reviewed comparables, they know their property and they are very aware of their responsibility as adults.

My question is; are the potential buyers in the same place. Their agent has explored what she believes is an accurate accounting of the seller’s financial standing, per public record and based on that information has drawn erroneous conclusions and fed those conclusions to her buyer clients. This causes anxiety and trepidation in their minds and really takes everyone’s eyes off the ball; getting the house sold.

So seeing through the minutia I hope that my counterpart carefully reviews the comparables sent last night and can counsel her clients back from the edge. Unfortunately I see the writing on the wall with this one; it will be difficult and trifling right to the end. We have stated on the wrong foot.

First Time Home Buyer Tax Credit

It is time to buy a home. In an effort to move the U.S. economy forward Congress and the President have enacted legislation providing a tax credit of up to $8000 for first time home buyers. A first time buyer is defined by the IRS as someone who has not owned a home in the last three years. Here is the happy news; this tax credit does NOT HAVE TO BE REPAID. The credit is also up to ten percent of the home’s value or up to $8000 dollars.
Now don’t rest on your laurels, there is a time limit on all of this….you have from January 2009 until December 1, 2009. So call me, email me or text me and let’s find you a home.

12304 North Exeter Way Durham NC 27703

12304 North Exeter Way is proudly marketed by Michael Sullivan and Team Michael Sullivan with Fonville Morisey Realty.

This gently lived in home has a location that can’t be beat. Ten minutes to Research Triangle Park, fifteen minutes to downtown Raleigh and Durham and ten minutes to Raleigh/Durham International Airport. Harrington Pines offers small community warmth and comfort minutes to all that the Brier Creek area of the “Triangle” has to offer.

This lovely home is flooded with natural light. There are formal living and dining rooms, a modern functional kitchen and a huge family room on the main level. Just off the family room is a gigantic deck inside a fully fenced rear yard.

Upstairs is a master retreat with spa bath and huge walk in closet and two auxiliary bedrooms. The paint décor, window treatments are fresh, fun and very chic.

Interested in learning more, call us or text us at 919-608-2372 or email us at MSullivan@fmrealty.com. We’d love to show you this fantastic home.

1007 Camden Ave. Durham NC 27701

1007 Camden Ave. Durham NC is proudly marketed by Michael Sullivan and Team Michael Sullivan with Fonville Morisey Realty.


Charm abounds in this classic 1920’s bungalow located in the Duke Park neighborhood of Durham North Carolina. Inside you’ll find an abundance of hardwood floors. The rooms are light and airy with ten foot high ceilings. There are two working fireplaces too.

1007 Camden Ave. has been updated by its current owners. There is a new heating system, a new roof, a new water heater, many new windows and the home has been rewired.

The acre lot is an in town oasis. There is lots of space to plant and play in soil and grown fresh vegetables and fruits. Tools and garden supplies can easily be stored in the very serviceable basement area, complete with a ground level walk out. Summer evenings can be enjoyed sitting on the screened porch or rocking on the front porch.

At every turn this vintage home harkens back to days gone by. Inside there is enveloping warmth of times more simple.

Interested in learning more or seeing inside, call us or text us at 919-608-2372 you may also email at MSullivan@fmrealty.com
We look forward to speaking with you soon.

1251 Falmouth Court Chapel Hill NC 27517

1251 Falmouth Court Chapel Hill NC 27517 is proudly marketed by Michael Sullivan and Team Michael Sullivan with Fonville Morisey Realty.

What a home! Surprises at every turn, lots of space, pre-inspected, freshly painted, a lot that can’t be beat and so much more waits for you at 1251 Falmouth Court. This spacious home rests on a gently sloped lot that backs up to Army Corps of Engineer’s land in the Durham county section of Chapel Hill. The mailing address is Chapel Hill but this home is in Durham, Creekside is the elementary school, Githens is the middle school and the award winning Jordan High School is the school for 9th -12th grades. This home is five minutes from UNC Chapel Hill and fifteen minutes to Duke and Research Triangle Park.

The main level of this large home is comprised of a bedroom with adjoining custom tiled bath and décor vanity, a spacious foyer adorned in heavy moldings and hardwood flooring, spacious formal living spaces also with heavy moldings and hardwoods and a stunning stone fireplace. At the back of the home is a gourmet kitchen with Granite counter tops, stainless steel appliances, a giant breakfast room and breathtaking views of the pond/lake located on Army Corps land.

Additionally there is a spacious screened porch with skylights and ceiling fans so that outdoor living can be enjoyed sans bugs. For more informal living there is a large family room which opens to the kitchen. Just a few steps from the kitchen and family room is an oversized side load garage with freshly epoxy painted floors.
The second level features four large bedrooms all freshly painted, with newer carpeting and ceiling fans. The master suite features a balcony overlooking the woods and a large master bath with ceramic tiled dressing area.

1251 Falmouth Court also has a full basement, which is finished with a family room with stone fireplace, a bar/bistro room decorated in a diner motif and a larger room which could be a bedroom or nanny retreat with full bath adjoining. There is also a space which would make a terrific office or studio.

Additionally there is a one bedroom, fully equipped apartment with kitchen and living room located above the garage. This space has its own full bath and is serviced by its own HVAC.

If expanding the 100% brick and fiber-cement home is ever contemplated or if storage is a concern there is a full unfinished walk up attic and a large garage shop available for a multitude of activities.

For peace of mind we’re offering a one year HSA Warranty for the buyer of this home.
Interested in learning more? Call or text us to see inside…919-608-2372 or email us at MSullivan@fmrealty.com

www.TeamMichaelSullivan.com

www.TeamMichaelSullivan.net

517 Wheeling Circle Durham NC 27713

517 Wheeling Circle

This home is proudly presented by Team Michael Sullivan and Michael Sullivan Realtor, Broker, E-Pro, SRES with Fonville Morisey Realty.

517 Wheeling Circle is a split bedroom ranch style home. The master suite is on one end of the home and the auxiliary bedrooms on the other end of the home, affording privacy for everyone.

The living areas are spacious, light filled and very transitional (open). The living room is vaulted with a ceiling fan, gas burning fireplace and nearly brand new wall to wall carpeting. Steps from this large room are a huge deck which overlooks a fully fenced rear yard and a bright sunny dining room kitchen combination. The appliances in the kitchen are modern and functional.

The master suite is also light filled with an enormous walk in closet and a large spa type bath with soaking tub, stall shower and double sinks. The two other bedrooms are also serviced by large closets and this home offers a full laundry room.
If storage is a concern a huge loft has been constructed in the two car garage, the space measures approximately six feet wide by twenty feet long and there is a plethora of space for holiday decorations, sports equipment and anything else that is occasionally used.

Play time here is made fun and safe. Wheeling Circle is a low traffic cul de sac street and the backyard is fully fenced with a wood stockade fence.
517 Wheeling Circle is ten minutes to RTP and Chapel Hill and is just minutes to Duke and the Streets at Southpoint.

Call or text Michael Sullivan and his team to see inside this great home; 919-608-2372 mobile/text or MSullivan@fmrealty.com

Continue

Continue
I’d like to thank my pastor Dr. Benji Kelley of New Hope Church here in Durham NC for the inspiration for this blog entry. I’ll try to tie it all into this roller coaster of a real estate market.

According to the National Association of Realtors® the median price of resale homes is expected to fall for the third straight year in 2009 to $188,800. The National Association of Realtors® also expects the median price of new homes to drop to $223,600. So, what to do? Continue.

According to the Durham Association of Realtors as of December 2008 there was a seven month supply of housing inventory across the housing spectrum, single family homes, condominiums and townhouses in Durham County North Carolina. Why just today CNN reported that nationwide there is an 11 month supply of homes. This leads to the determination that buyers are shopping longer with more choices. What to do? Continue.

Sellers considering renting their homes will find the rental pool of potential tenants drying up faster than the buying pool. The home buying population is in fact starting to grow with the newly passed stimulus package in place. Large apartment home communities are pulling out all the stops; free appliances, free wi-fi, six months free rent, free gym memberships, free meals, free socials and any other perk that comes to mind. So sellers must continue in their efforts to attract buyers to their homes.

I recognize that it is difficult to keep one’s home on the market for an extended period of time. There is the daily chore of prepping for a potential showing; making sure beds are made, dishes are done, pets cleaned up after and that the yard and entry are in tip top shape. After all, buyers make a buying decision within the first ten (10) seconds of viewing a home; it is an immediate thumbs up or thumbs down. That in mind, front doors ways should have gleaming brass, fresh paint, no cobwebs, fresh flowers and freshly trimmed and mulched flower beds. Steps should show no evidence of settlement. A homeowner attempting to sell should consistently evaluate his or her home’s first impression.

A seller should continue by evaluating the equity held in their home if it is on the market. If a seller is highly motivated in this faltering economy and market they should continue to evaluate their pricing position. If they have room in their home’s equity to reduce pricing to the next lowest psychological threshold, then they should do so. An example of a psychological threshold is reducing a price from 289,900 to 284,900 or 279,900. This kind of adjustment opens a buyer pool exponentially. Pricing adjustments also address the one and only reason why homes do not sell, price. A shack in a terrible neighborhood priced properly will sell if properly exposed to the open market. Unfortunately in this market pricing is changing day to day and trending downward, a proverbial moving target. All parties interested in seller property should continue to evaluate pricing.

Sellers and agents should continue to evaluate the incentive or pay that they are offering a buyer’s agent. A 2.5% commission pay out on a property will attract much less attention than a 3% commission. Just imagine what a 3.5% payout would attract or even a 4% commission payout. Sellers should continue to be open to flexible and outside of the box attempts to get their properties sold.

Sellers should continue to see if they have equity to pay a portion of a buyer’s loan costs at settlement. Buyers can have deficiencies in purchase funds in three ways; credit, if credit is bad, no one can help, income, if income is lacking only the lottery can help, if cash to close is lacking then a seller can help by paying a portion of the buyer’s closing costs. Currently FHA now allows up to 6% as a seller paid contribution.

So, yes it is a tough real estate market, yes pricing is trending lower, yes buyers are looking longer but homes are selling. Sellers and agents willing to continue to look for creative solutions to sale will continue to trail blaze in an industry and market experiencing contraction.

22 Gwendolyn Circle Durham NC 27703

22 Gwendolyn Circle Durham NC 27703

This well cared for home offers home buyers the opportunity to move right in and put down their belongings and settle right in. The landscape is fresh, the interior paint is fresh and this home is just gently lived in.

22 Gwendolyn Circle offers a large formal living room with hardwood flooring, heavy molding and nine foot smooth ceilings, as does the large dining room. At the back of the home is a huge kitchen with large adjoining breakfast space and family room.

The kitchen has a center island and modern appliances. The informal spaces are also adorned with nine foot ceilings, lots of windows, a sliding glass door with a view of the golf course and hardwood flooring.
The second level of 22 Gwendolyn Circle offers three or four bedrooms all large with lots of closet space. The master bedroom is a treat with a vaulted ceiling and adjoining glamour bath. This home also has a large laundry room on the second level.

The exterior is worry free brick and fiber cement siding and the view of the golf course from the patio is fantastic. The Grove Park neighborhood offers a community pool, tennis courts, club house and lake. There are walking paths and the golf course is semi private and open to the public. Grove Park in eleven minutes to Duke, ten to RTP, twenty to RDU International Airport and Raleigh and there is fine dining just down the road at Brier Creek.

Call or text us today to see inside this home, a one year HSA warranty is offered for your piece of mind. Michael Sullivan 919-608-2372 mobile/text.

5904 Wateree Dr. Durham NC 27713

5904 Wateree Dr. Durham, NC 27713 priced at $234,900

5904 Wateree Dr. in Woodlake has something for everyone. The kitchen with 42 inch cabinets offers an abundance of cabinet space and the kitchen, breakfast room and living room are open so that the cook can be part of the party. There is a tremendous about of counter space too and all appliances stay with this kitchen. Just steps from the living room is a large freshly stained deck overlooking a fully fenced rear yard a safe and secure play space.

The formal dining room with its décor colors offers a soothing entertaining environment and the heavy moldings lend a classic air to the room. The current owner is using the space as a music room. On the second level is a large master bedroom with full bath adjoining and a large walk in closet. There are two additional bedrooms and a large bonus room or fourth bedroom.

Some nice upgrades here is the freshly painted exterior, the freshly painted interior, freshly cleaned carpets, a ceramic tiled kitchen, a ceramic tiled breakfast room. Of course any Woodlake resident can avail themselves of the community swimming pool and club house, the walking trails at the lake and the close proximity of Pine Wood park with its dog park and athletic fields.

5904 Wateree Dr. is just minutes from fantastic shopping and dining at Southpoint Mall. This home is also an easy commute to Duke, UNC, RTP and all Triangle Points.

Call me today if you'd like to see this home 919-608-2372

615 E. Davis St. Burlington NC 27215

615 Davis St. Burlington NC 27215

If you’re green you’re growing…so why not grown in a challenging time. We’ve broadened our horizons and we’re moving into a new market…we’re heading west to Burlington. Just twenty minutes from my front door, Cary is just as far so why not?

615 Davis St. is in the heart of Burlington. This 1910 Craftsman style home is comfortable, spacious and ready for someone to move on in. The main level has nine to ten foot high ceilings, many of the windows have been replaced and yet some of the original wavy glass windows remain adding warmth and charm.

There is a huge formal parlor in this home with glass French doors leading to a large dining room. Each room has a coal grate fireplace the dining room chimney remains but the living room chimney has been removed. However vent less gas logs for coal grates can be purchased on line and 615 Davis St. is serviced by natural gas.

The kitchen is light filled and modern with a gas range, refrigerator and dishwasher and there is a garden window too. The vinyl flooring is nearly brand new as are the water heater, the heat, the roof the replacement windows, the carpeting and much, much more. Just a step from the kitchen is a large utility, laundry/mud room.

There are two main level bedrooms and two upper level bedrooms here also. There is a full basement with a work shop space and storage space and then there are all sorts of attic niches with access doors for storage or office space. The possibilities are endless.
Outside you’ll find a two car garage with carriage doors and lots of gardening opportunity….

Team Michael Sullivan would love to show you this home. Call us, email us or text us. 919-608-2372 msullivan@fmrealty.com

You could buy this home and receive and $8000 tax credit if you qualify as a first time home builder. We have a lender who can help with that too, call us.

605 Gatehouse Lane

605 Gatehouse Lane, Durham NC 27707

This wonderful townhouse is located between Duke University and UNC Chapel Hill. Who could ask for anything more? The current owners have done almost all of the honey do’s.

The living spaces have been updated with durable and pretty laminate flooring. Care is so easy, just dust mop and go. The kitchen has newer appliances and new 42 inch Maple cabinets for tons of storage and the breakfast bar with new counter tops provides a great eating or studying space.

The bathrooms have been updated too with new sinks, lovely paint and updated fixtures and finishes.

605 Gatehouse Lane with its two bedrooms and two baths is light filled, spacious and well decorated through and through. You’ll love the fact that you can walk to shopping and dining and hop in your car or on the bus and be at Duke, Downtown Durham or Chapel Hill in less than ten minutes.

Team Michael Sullivan would love to show you this home. Call us, email us or text us. 919-608-2372 msullivan@fmrealty.com

You could buy this home and receive and $8000 tax credit if you qualify as a first time home builder. We have a lender who can help with that too.

Team Michael Sullivan and Michael Sullivan with Fonville Morisey Realty, we have central North Carolina covered from the Triad to the Triangle.

December TARR report numbers

Click on chart to increase size.

December TARR numbers for Durham County North Carolina

Wow, starting at the bottom of the chart, here’s what I think. Resale home sellers and their agents still are not really in the game yet. I will say that we’re starting to get close though. I’m pleased to see $784 average dollar list price increase between December 2007 and December 2008. This tells me that everyone is starting to come on board and realize that home values are not moving up, they are at best flat. More disappointing is the 2.94% average increase for the greater Raleigh/Durham area. I think however that if we look at overall market inventory for the area, that helps explain some perceived appreciation in real property. Inventory is down nearly 9% between 2007 and 2008 and scarcity causes price points to move up.

I’ll all but bet too and I might be wrong that we’ll see smaller inventories when comparing January 2008 and January 2009. I say this because I’m finding it rather difficult to find decent and appropriate homes to show to buyers.

When contemplating new construction in the area, it would seem that our builders get it. New construction average list prices are down 1.30% and more importantly the average sales price for new construction is down 12.41%. It is very clear when visiting new home neighborhoods recently that builders have cut their costs any way they can. REALTOR perks are gone, buyers are settling for less when buying and are having to pay more for options. One builder has removed a powder room as a standard feature and now charges $1500 as an upgrade to add a powder room. This particular builder also calls a 3 foot by 3 foot patio a patio. It is not, 3x3 is a pad, and a pad not worthy of a child’s tea party let alone a picnic gathering. Oh and one builder is charging for a doorbell. Welcome back to the days of knock, knock. Still while settling for less buyers, love new homes; and truly nothing beats the smell of a brand new home.

Day to day the struggle seems to be showings and moving traffic through my inventory. I seem to see fits and starts and then flat, flat, weekends; and this past weekend was rather flat. With just three showings total for the whole weekend and so far not a hint of an offer; my twelve active listings are just kind of languishing. This can be frustrating in light of the some 250 personalized prospecting emails sent to agents working in the market.

So, it is full steam ahead, I'm in the midst of planning a broker's open house for Tuesday February 24th to help build some interest in my listing at 204 Sturdivant Road in American Village...a home that is just five, FIVE, 5 minutest to Duke Hospital, Duke University and the VA Medical Center. Interested in residential real estate in Durham, Chapel Hill or Raleigh NC, call me.

6704 Somerknoll Dr. Durham NC 27713

6704 Somerknoll Dr. Durham NC 27713
This home is marketed exclusively by Michael Sullivan and Team Michael Sullivan with Fonville Morisey Realty.

www.TeamMichaelSullivan.com
MSullivan@fmrealty.com
919-608-2372 mobile/text


Live where you play, dine, shop and relax. Live at the center of it all yet in a peaceful, serene setting. Live at 6704 Somerknoll Dr.
This light filled transitional home has a terrific flow and ample room to grow into or downsize to. The bright and airy foyer opens to a spacious living room which is currently being used as a home office and formal dining room. Each room is flooded with natural light. Tucked intimately at the back of the home is a large family room with gas log fireplace which looks out onto a wooded back yard.

Additionally at the back of the home is a large kitchen with breakfast bar, 42 inch cabinets, abundant counter space and a built in desk. The kitchen, family room and adjoining breakfast room are all open to one another so when entertaining everyone can be part of the party. Off the breakfast room is a large rear deck.
Upstairs there is an amazing vaulted master bedroom which is serviced by three walk in closets and there is a sitting area too. There is an adjoining glamour bath with soaking tub and stall shower.

Also upstairs are three additional large bedrooms all with ample closet and storage space.

Through and through this home has been well cared for and a one year HSA warranty is being offered for buyer peace of mind.

Call us today to see inside.

5512 Sutteridge Court Durham NC 27713

5512 Sutteridge Court Durham, NC 27713 is being marketed by Michael Sullivan and Team Michael Sullivan with Fonville Morisey Realty.

To see inside this home visit our web sites, TeamMichaelSullivan.com or TeamMichaelSullivan.net.

For a private showing of this home, phone or text us at 919-608-2372 you may also email us at MSullivan@fmrealty.com

5512 Sutteridge Court is a study in taste, elegance, refinement and the well made home. This property is a treat at every turn. The exterior of the home is an amalgamation of the Craftsman style home and the modern transitional home with box gables, stone accents, shake accents, window boxes and columns. 5512 Sutteridge Court is a large home at 3540 heated and cooled square feet yet the home is subtle and unimposing from the street and upon entering.

The foyer is adorned with heavy molding, hardwood flooring and opens to the right to a formal living room and to the left to a large formal dining room. The dining room is serviced by a handy butler’s pantry and is just steps from a fabulous kitchen. The kitchen cabinets are crafted of Maple and the counter tops are Granite. The large kitchen with stainless steel appliances is open to a large breakfast room and a spacious family room.

5512 Sutteridge Court has a formal front staircase and a less formal rear staircase. There is a main level bedroom serviced by a full bath and on the second floor are four additional bedrooms and a bonus room as well as unfinished attic space. The master bedroom is plush and well thought out with a bath well suited to a home of this caliber.

5512 Sutteridge Court is sited on a green way lot with woods behind the home. This home is just steps from the Grandale swimming pool and play ground.

Here are some additional features- hardwood flooring in the kitchen and breakfast room, sprinkler system, bonus room, freshly stained rear deck, alarm system, plush wall to wall carpet, custom built interior shutters, ceramic tiled baths, glamour master bath with jetted tub, two vanities and large walk in closets, large stall shower, walk in attic storage, tile backsplash in kitchen, stainless appliances, Wrought iron pickets inside, surround sound wired, hardwood flooring in foyer, living room and dining room, fireplace with gas logs, proper main level laundry room and much more.

4125 Five Oaks Dr. Durham NC 27707

This fine home is being marketed by Team Michael Sullivan with Fonville Morisey Realty.
You may reach Michael and the team at 919-608-2372 mobile/text or email MSullivan@fmrealty.com

Visit us on the web... TeamMichaelSullivan.com

4125 Five Oaks Dr. Durham NC 27707

Welcome to carefree townhouse living. 4125 Five Oaks Dr. has single family home characteristics all wrapped up in a conveniently located and completely updated town house. This two-level home with master-bedroom down, affords you more privacy than you could imagine from a townhome. The townhome is an end-unit and has little adjoining area with the adjacent house ensuring peace and quiet.


Living Areas: Custom features abound and paint is fresh throughout the home. The entry hall and galley style kitchen are adorned with updated ceramic tile flooring. Pocket doors and décor paint colors lend an air of warmth and sophistication to the kitchen. Easy-to-care-for hardwoods complete the flooring in the downstairs living areas. A multitude of windows flood the living and dining room areas with natural light and a warm masonry fireplace brightens up the room in the evenings. Custom 2” faux wood blinds adorn the extremely large living and dining room windows.


Bathrooms: The two and a half bathrooms have been updated with fresh paint, new hardware, lighting, flooring, and efficient and ultra-quiet fans. Dura-ceramic tiles make for an easy-maintenance bathroom floor that is pleasant to look at but not cold to walk on!


Bedrooms: This home boasts 3 good-sized bedrooms with fresh paint and brand-new, high quality carpet. You will have no problem fitting a king-sized bed into any of these rooms! Each room has two large closets with ample storage for its occupants. Many of the closets have been updated with custom, 1-inch thick, solid, North Carolina wood shelves maximizing the efficiency and storage capacity of these spaces.


Lighting: Updated light fixtures illuminate the hallways, dining room, bedrooms and bathrooms. The current owners have removed the florescent lighting fixtures from the bathrooms.


Outdoors: No need to worry about the landscaping, as the association takes care of this for you. In addition the rear decking is a Trex deck and is virtually maintenance free. This oversized two-tiered entertaining area is just steps from the kitchen and dining room and has accommodated large groups for outdoor gatherings. Built in benches offer seating for all.

A fully-fenced rear yard with new fencing makes for a terrific, safe play space. This back yard, the quiet neighborhood, and the Five Oaks Dog Park make this a wonderful home for you and your canine friends.

Take a leisurely stroll to the facilities at Five Oaks. Your new association proudly boasts a 10,000 square foot clubhouse with industrial kitchen to host your parties, big-screen tv, bar, gym, yoga studio, and function rooms. The lively clubhouse hosts regular Bunco, sewing circle, movies at the loft, barbeques and other functions. Swing by the lake for feeding ducks or fishing. Get on the listserv to find out about the most recent bird sightings (blue heron and more) in the neighborhood.

Summertime at Five Oaks is like being at a resort. The junior Olympic-sized swimming pool is host to the Five Oaks stingray swimming team, and is a wonderful place to kick back and relax. Your little ones will love the toddler splash pool. Lighted tennis courts are adjacent to pool and clubhouse, and an on-site tennis pro is available for lessons. Year-round track-out camps hosted at the recreation facilities are an additional source of income to your new association and a huge benefit for your kids should you need the option.


Parking: The four- to six-car private driveway will easily accommodate your cars and guest vehicles.

Finally we’re offering a one year HSA Warranty with this home for peace of mind for the first year of ownership. All appliances, range, refrigerator, washer, dryer and dishwasher will convey with this home too.

January 26th 2009 Durham Housing Market Update

Click on the image to enlarge!

The above information is the from the TARR report for November 2008. I find the information contained in the report to be telling and fascinating. On the very basic level resale home sales in Durham in a year have totally tanked in terms of units sold, a fall of some 44%, no wonder I don’t see as many agents around the office or out in the field. Many part time agents are running for the hills. There is indeed keener competition for buyer clients and seller clients in the current real estate atmosphere. It stands to reason more now than ever that buyer and seller real estate consumers should be looking for full time professional agents with experience and resources who can best serve their needs.

Interestingly enough when contemplating the graph above, townhouses are starting a bit of a pricing come back in light of recent depreciation in sale prices. The average sale price of a townhouse is up some 8.9%. This is great news for townhouse owners and even better news for those that own townhouses in more modestly price neighborhoods like Five Oaks, Woodcroft, Woodlake, Hope Valley Farms, Westgage, Hedingham and Alexander Crossing. Owners in those locations based on the information in the TARR report should expect some stability moving into the next three quarters.

Additionally detached resale property’s sales price has deflated a bit between 2007 and 2008 in Durham; that deflation is 1.66% but Triangle wide the news appears to be much more dire with a deflation of 5.35%. Still when we ponder list prices agents and owners are still pushing the pricing envelope with an average increase Triangle wide of 2.94%. Listen up folks, stop it, the appreciation just isn’t there right now. For home sellers looking to build equity in their homes now, they must apply additional payment to loan principal. The real estate market on a whole is unable to grant principal equity right now. This simple fact extends to broader financial markets too.

Still as we move into a spring market, the phone is ringing and I find myself out and about most days, either showing or listing homes. The happy news too is that some of my listings are selling. Happier too is that in the last six weeks I’ve most likely had more showings on my listings than I did in most of 2008. This weekend past is excepted, the weather was a tad gloomy, so maybe that is accounting for a bit of a slow down. Still, I’m optimistic. My greatest worry right now is the opening bell on Wall St. today. A whole lot of earnings reports are due out and I’m expecting to see a slide.

Michael Sullivan and Team Michael Sullivan are proud to be affiliated with Fonville Morisey Realty, a Long and Foster Company and the market leader in the Research Triangle Region of North Carolina. Our offices are conveniently located just off Interstate 85 overlooking the Croasdaile Country Club in Durham, North Carolina.

Michael Sullivan and Team Michael Sullivan are the residential real estate experts for Raleigh, Durham, Cary, Hillsborough or Chapel Hill, North Carolina. We’re always happy to help you with your housing needs so call or email Michael Sullivan and Team Michael Sullivan today. There are great deals to be had and we love putting our skills as Certified Real Estate Negotiators to work for our clients. Our email is MSullivan@fmrealty.com, our telephone number is 919-608-2372 and that number works for text messaging too.

Visit our web sites at TeamMichaelSullivan.com or TeamMichaelSullivan.net.

What is fiber cement?

What is fiber cement siding

Often buyers and I will roll up on a home for a showing and inevitably as I fiddle with the lock box at the front door and as they buyer is soaking in their first impressions of the home, the buyer will query, “What kind of siding is this?”

After running my finger along the bottom of the siding and referring to my listing sheet I sometimes say, “Fiber cement.”

Then the conversation turns to an explanation of what is fiber cement also known by name brands, Hardiplan, Cement siding and on and on. Simply put fiber cement siding is produced by combining a mixture of cement, sand and cellulose fibers. Those materials are mixed and then autoclaved at high temperatures to cure and add strength and stability.

Fiber cement siding can be molded into a variety of shapes and sizes and textures. It can take on the appearance of traditional wood based siding, it can appear as if it is Cedar Shake it can look like Dutch lap, and essentially the sky is the limit when it comes to appearance.

Fiber cement is easy to maintain, it doesn’t rot like wood or other composite sidings, it is paintable to stay in fashion and many insurance companies rate fiber cement like brick but it is a fraction of the cost of brick. With that in mind fiber cement is typically less expensive than wood but more expensive than hardboard (composite hardboard is basically cardboard.) clad homes. Nationally about 12% of all homes are now clad in fiber cement siding.

Most fiber cement manufacturers require that their sidings be installed to their specifications and if not the warranty may be voidable. It is very important when hiring a contractor to install fiber cement siding that one verifies that the contractor has experience with the product. Make sure that you check references before proceeding. Fiber cement manufacturers offer a whole host of information at their company web sites…oh and one last thing…my next home will be clad in fiber cement siding. Fiber cement siding is a wise choice in the humid, moist climate of Raleigh/Durham, North Carolina.

Cemplank - www.cemplank.com
CertainTeed Corporation - www.certainteed.com
GAF Materials - www.gaf.com
James Hardie - www.jameshardie.com
MaxiTile - www.maxitile.com
Nichiha USA - www.nichiha.com
Michael Sullivan and Team Michael Sullivan with their 15+ year’s real estate market experience in the Raleigh/Durham/Cary/Chapel Hill/ Research Triangle Region of North Carolina have a host of companies at their fingertips to help you resolve any UST issue that you might have.

Michael Sullivan and Team Michael Sullivan are proud to be affiliated with Fonville Morisey Realty, a Long and Foster Company and the market leader in the Research Triangle Region of North Carolina. Our offices are conveniently located just off Interstate 85 overlooking the Croasdaile Country Club in Durham, North Carolina.

Michael Sullivan and Team Michael Sullivan are the residential real estate experts for Raleigh, Durham, Cary, Hillsborough or Chapel Hill, North Carolina. We’re always happy to help you with your housing needs so call or email Michael Sullivan and Team Michael Sullivan today. There are great deals to be had and we love putting our skills as Certified Real Estate Negotiators to work for our clients. Our email is MSullivan@fmrealty.com, our telephone number is 919-608-2372 and that number works for text messaging too.

Visit our web sites at TeamMichaelSullivan.com or TeamMichaelSullivan.net.

1713 Palmers Grove Church Rd. Hillsborough NC

1713 Palmers Grove Church Rd. Hillsborough NC 27278

This is an exciting property located just between Durham and Hillsborough. This rock solid ranch style home which is all brick veneer and vinyl siding and is nestled on 2.6 acres of partially clear and wooded land. One of the first striking features about this property are the views, out the front a vista of gently rolling hills and out the back woods, what could be better?

Inside this home is open and updated. The original kitchen, living room and family room have been opened to present one large living space. Imagine the flexibility of being able to entertain in a country kitchen type of living space. Natural light floods into this home almost all day, through the front windows in the morning and the back windows in the afternoon. The roof is newer, the air conditioning is newer, the fixtures replaced, the windows replaced.

Additionally there is a huge 19x19 bonus room with ceramic tile off to the right side of the home. This room could easily be a large play room, media room, home office or craft space. The laundry room/3rd full bath also adjoins this room.

On the opposite end of the house are three bedrooms and two ceramic tiled baths. There is an abundance of closet space for storage and the entire original end of the home is finished in hardwood flooring.

1713 Palmers Grove Church Rd. has several out buildings for storage of garden tools. These sheds can also be used as workshop space.

Michael Sullivan and Team Michael Sullivan with their 15+ year’s real estate market experience in the Raleigh/Durham/Cary/Chapel Hill/ Research Triangle Region of North Carolina have a host of companies at their fingertips to help you resolve any UST issue that you might have.

Michael Sullivan and Team Michael Sullivan are proud to be affiliated with Fonville Morisey Realty, a Long and Foster Company and the market leader in the Research Triangle Region of North Carolina. Our offices are conveniently located just off Interstate 85 overlooking the Croasdaile Country Club in Durham, North Carolina.


Michael Sullivan and Team Michael Sullivan are the residential real estate experts for Raleigh, Durham, Cary, Hillsborough or Chapel Hill, North Carolina. We’re always happy to help you with your housing needs so call or email Michael Sullivan and Team Michael Sullivan today. There are great deals to be had and we love putting our skills as Certified Real Estate Negotiators to work for our clients. Our email is MSullivan@fmrealty.com, our telephone number is 919-608-2372 and that number works for text messaging too.

Visit our web sites at TeamMichaelSullivan.com or TeamMichaelSullivan.net.

Why don't homes get shown and why don't they sell?

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Why don’t homes get shown and why don’t they sell?

That is a tough question especially now at the bottom of a tough year, and a gut wrenching real estate market. During the boom years of the past 10 or so years in residential real estate here in Raleigh/Durham an agent, any agent could practice the four P’s. Put a sign in the yard. Place the home in MLS (multiple listing), Put an ad in the newspaper and Pray. All of these are great ideas with the exception of putting an ad in the newspaper. The days of newsprint ads are…well ending. That’s a blog topic for a different time. Sorry to my friends in newsprint.

So, back to the question at hand…and the answer has a variety of folds. First, why don’t homes get shown? Well the agent isn’t marketing the home. Step one to getting folks through a property; get the property with multiple photos and virtual tours into some sort of huge database so that other agents and buyers can find the property. Here in Raleigh/Durham we call that system Triangle Multiple Listing (TMLS). Team Michael Sullivan painstakingly measures and enters each listed home into TMLS. Here information accuracy is vital; one mistake and our owner clients get sued and so will we.

As for photos, pictures and virtual tours; well no picture no looker, it is that simple. Buyers, their agents and everyone will breeze right past a home if there aren’t well done, PROFESSIONAL photos. Team Michael Sullivan does the starter point and click photo, but we hire a big gun professional photographer to shoot your home. Remember you never get a second chance to make a first impression. We multi use these professional photos in TMLS, REALTOR.COM, TeamMichaelSullivan.com, TeamMichaelSullivan.net and FMRealty.com. We buck shot the internet and print advertising with photos of our client’s homes.

Ah, the love of language. To be sure, this is where I blossom, bloom, flourish and thrive. Oh, excuse my poetic waxing, for readers the language describing the home must be spot on. I never leave my writing to someone else, since I’ve been in the home, since I’ve toured the home with my seller clients, since they’ve entrusted me to sell their home, I’m the one who will write about the home. Reality check here…I do NOT guild the lily, reputations can easily be destroyed by painting an inaccurate picture of a home. Hopefully if I’ve done my coaching the house can easily be described accurately. This is where good agents show their value, we coach our sellers into making their properties market ready.


Pricing, oh pricing the aspect of my career that wakes me up at three o’clock in the morning. In a steady market pricing is easy; one views the comparables in the area and makes adjustments and zeros in on a price range. In a market like this one, one finds comparables, makes a pricing recommendation based on market data and then prepares seller clients for pricing reductions. Typically if my team puts our three tiered marketing plan into action and we do everything that we tell a seller that we will do and if no one comes to look at the home then we have a problem. We have a pricing problem.

What to do? Adjust; adjust the price quickly and dramatically in five thousand dollar increments if at all feasible, this depends on the home’s price points. So, perhaps the subject property is listed at $309.900, the next drop in two weeks should be $304,900 then $299,900 until an offer is received. In reality, I know that this isn’t always possible but it should be discussed going in the door.

So, to wrap things up in a bow; homes don’t sell because of price and marketing, but mostly price. Any property exposed to the open market and priced properly will sell. The difficulty in this real estate market is today’s right price may not be tomorrow’s right price. Through much of 2008 I'd review comparable homes almost weekly to try to get my arms around pricing inventory.


Michael Sullivan and Team Michael Sullivan with their 15+ year’s real estate market experience in the Raleigh/Durham/Cary/Chapel Hill/ Research Triangle Region of North Carolina have a host of companies at their fingertips to help you resolve any UST issue that you might have.

Michael Sullivan and Team Michael Sullivan are proud to be affiliated with Fonville Morisey Realty, a Long and Foster Company and the market leader in the Research Triangle Region of North Carolina. Our offices are conveniently located just off Interstate 85 overlooking the Croasdaile Country Club in Durham, North Carolina.


Michael Sullivan and Team Michael Sullivan are the residential real estate experts for Raleigh, Durham, Cary, Hillsborough or Chapel Hill, North Carolina. We’re always happy to help you with your housing needs so call or email Michael Sullivan and Team Michael Sullivan today. There are great deals to be had and we love putting our skills as Certified Real Estate Negotiators to work for our clients. Our email is MSullivan@fmrealty.com, our telephone number is 919-608-2372 and that number works for text messaging too.

Visit our web sites at TeamMichaelSullivan.com or TeamMichaelSullivan.net.

520 Crossview Lane Durham NC

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520 Crossview Lane Durham NC 27703 in the Grove Park neighborhood. This Beaufort style home invites easy family living. The open transitional plan is informal yet functional and versatile. This is a great home to grow into and is ideally suited for any phase in life.

The home is clad in brick and fiber cement siding, so in our climate maintenance is of little worry. The yard gently slopes and is level providing outdoor play space, garden space and living space. Tools can easily be stored in the two car garage and the covered rear porch makes a perfect afternoon ice tea spot or picnic location.

Inside there is a wide center hall with hardwood flooring and heavy molding, two bedrooms and a full bath to the right and a laundry area to the left. Straight in is a dramatic vaulted and open living space with masonry fireplace and a wall of windows looking onto the covered porch. The kitchen and breakfast area to the rear right are large and spacious too and the dining table can be configured so that ten could easily be seated.

At the left rear of the home is a terrific light filled master retreat. The master bedroom at 520 Crossview Lane has a deluxe glamour bath with tub and shower, double sinks, a huge walk in closet and adjoining the bedroom area is a sitting area or media area or home office.


Interested in learning more…

Michael Sullivan and Team Michael Sullivan with their 15+ year’s real estate market experience in the Raleigh/Durham/Cary/Chapel Hill/ Research Triangle Region of North Carolina have some twenty thousand home listings at their fingertips. Call us today.
Michael Sullivan and Team Michael Sullivan are proud to be affiliated with Fonville Morisey Realty, a Long and Foster Company and the market leader in the Research Triangle Region of North Carolina. Our offices are conveniently located just off Interstate 85 overlooking the Croasdaile Country Club in Durham, North Carolina.

Michael Sullivan and Team Michael Sullivan are the residential real estate experts for Raleigh, Durham, Cary, Hillsborough or Chapel Hill, North Carolina. We’re always happy to help you with your housing needs so call or email Michael Sullivan and Team Michael Sullivan today. There are great deals to be had and we love putting our skills as Certified Real Estate Negotiators to work for our clients. Our email is MSullivan@fmrealty.com, our telephone number is 919-608-2372 and that number works for text messaging too.

Visit our web sites at TeamMichaelSullivan.com or TeamMichaelSullivan.net.

UST the underground storage tank

Real Estate and the UST (underground storage tank)

Prior to the oil crisis of the 1970’s most homes were heated with home heating oil or kerosene. In many areas of the south oil tanks were placed above ground for easy access and because often times in less affluent areas the tanks were packaged for use with an oil contract. Basically, the tank was free if the customer used x number of gallons of oil per year. Prior to 1950 almost all homes were heated with home heating oil and if there is a coal chute in a vintage home, well you can bet that at one time the home was heated with oil.

So, how do you know if you have an underground storage tank? Well hopefully you don’t and hopefully you’ll never find one. The exterior tells of a home heating oil tank are its fill cap and vent. Basically two metal pipes sticking out of the ground somewhere in the yard. Unfortunately given weather, the fill cap and vent pipes of underground oil storage tanks rust away.

Oh my goodness, what should I look for? There are a couple of tells for homes previously serviced by an underground storage tank. First, prospective buyers should look for fill and vent pipes in the yard. Second, look for patch holes in a foundation wall. Typically when homes were converted over to electricity or gas, the oil lines those that delivered the oil and returned the oil to the tank and vent pipes were clipped and the holes in the foundation patched. Sometimes in crawl or basement spaces fuel delivery lines, about 3/8 of an inch were clipped where they entered the house and left on flooring joists abandoned.

Buyers and their agents can also check the yard for rectangular indentations left by a collapsing tank. A great rule of thumb is to ask questions about the heating and cooling systems found in the target property.

A huge tell in a home is the smell of petroleum in a basement or crawlspace. Home heating oil is pungent and smells like kerosene. There is little danger of explosion; the danger and liability come in ground and groundwater contamination. Both require remediation.

Who is responsible for cleanup? In North Carolina the statutory tank owner is responsible for contamination clean up. The statutory owner depends on when the tank was last used. If the tank was last used before November 8, 1984 then the last party who used that UST is considered the tank owner even if they no longer own the property. However, if the tank was last used on or after November 8, 1984 anyone that owned the tank would be considered the owner, even if they never used the tank.

Michael Sullivan and Team Michael Sullivan with their 15+ year’s real estate market experience in the Raleigh/Durham/Cary/Chapel Hill/ Research Triangle Region of North Carolina have a host of companies at their fingertips to help you resolve any UST issue that you might have.

Michael Sullivan and Team Michael Sullivan are proud to be affiliated with Fonville Morisey Realty, a Long and Foster Company and the market leader in the Research Triangle Region of North Carolina. Our offices are conveniently located just off Interstate 85 overlooking the Croasdaile Country Club in Durham, North Carolina.

Michael Sullivan and Team Michael Sullivan are the residential real estate experts for Raleigh, Durham, Cary, Hillsborough or Chapel Hill, North Carolina. We’re always happy to help you with your housing needs so call or email Michael Sullivan and Team Michael Sullivan today. There are great deals to be had and we love putting our skills as Certified Real Estate Negotiators to work for our clients. Our email is MSullivan@fmrealty.com, our telephone number is 919-608-2372 and that number works for text messaging too.

Visit our web sites at TeamMichaelSullivan.com or TeamMichaelSullivan.net.

4022 Fernbank Way, Youngsville NC 27596

4022 Fernbank Way Youngsville NC 27596

Is the lovely, genteel town of Wake Forest North Carolina on your radar array? Do you desire a home that is dramatic, well appointed and pretty? Then consider 4022 Fernbank Way in Youngsville, just outside of Wake Forest and Raleigh NC.

This home is simply lovely through and through and truly addresses the needs of not only a growing family, but a changing family. The owner’s suite is on the main level and it is truly graciously sized with a cathedral ceiling and offers stunning views of the woods behind this home. Additionally there is another main level bedroom which contemplates guests that might not be able to handle steps to a second floor. This bedroom is also serviced by another main level bath.

The second floor offers two additional bedrooms and a huge bonus room. At 4022 Fernbank Way the stunning Granit and ceramic kitchen with stainless steel appliances says wow. The work space is efficient and easy to use and every modern convenience has been though of. There is a gas range and built in microwave oven. Steps away from this fabulous kitchen are an oversized formal dining room and a large morning room.

The savvy real estate buyer will enjoy and appreciate the fine finishes found through out this property and the low maintenance exterior. The savvy buyer will also appreciate low Granville county taxes.

4022 Fernbank Way’s garage is side load which helps maintain the symmetry of the front of the home. The Silverleaf neighborhood is roughly ten minutes to Wake Forest and Youngsville and about fifteen minutes to North Raleigh. Durham can be reached in about half an hour. The community of Silverleaf is characterized by custom built homes on acre and acre plus lots. The community is quiet and serene and a wonderful escape from town. The area is up and coming horse country and there are any number of riding facilities close at hand.

Interested in learning more…

Michael Sullivan and Team Michael Sullivan with their 15+ year’s real estate market experience in the Raleigh/Durham/Cary/Chapel Hill/ Research Triangle Region of North Carolina have some twenty thousand home listings at their fingertips. Call us today.
Michael Sullivan and Team Michael Sullivan are proud to be affiliated with Fonville Morisey Realty, a Long and Foster Company and the market leader in the Research Triangle Region of North Carolina. Our offices are conveniently located just off Interstate 85 overlooking the Croasdaile Country Club in Durham, North Carolina.

Michael Sullivan and Team Michael Sullivan are the residential real estate experts for Raleigh, Durham, Cary, Hillsborough or Chapel Hill, North Carolina. We’re always happy to help you with your housing needs so call or email Michael Sullivan and Team Michael Sullivan today. There are great deals to be had and we love putting our skills as Certified Real Estate Negotiators to work for our clients. Our email is MSullivan@fmrealty.com, our telephone number is 919-608-2372 and that number works for text messaging too.

Visit our web sites at TeamMichaelSullivan.com or TeamMichaelSullivan.net.

New HUD Rules for January 16th.

For many years new home builders would offer incentives to buyers who used their in house mortgage lenders; buy an Acme Home and finance through Acme Home Loans and builder will pay up to $3000 in closing costs/settlement charges. Sounds great doesn’t it? Well not so fast and Katie bar the door, there was typically a catch.

Perhaps Acme mortgage was at a higher interest rate, or perhaps they had a whole lot of “junk” fees rolled into their loan, savvy real estate agents advise their buyers to shop the APR, or a synthesis of all loan costs rolled into one figure. That allows an apple to apple comparison.

So, it really wouldn’t be fair to pay a higher interest rate over thirty years just to get some short term closing cost settlement benefit. But many folks need a little extra help at settlement, moving is expensive anyway you slice it. A lot of people would take a higher interest rate or loan fees hoping to refinance within a couple of years of buying that sparkling new home.

The Federal Housing and Urban Development agency (HUD) through it’s rules RESPA (Real Estate Settlement Procedures Act) has finally weighed in on this expensive issue. HUD has stated starting January 16th 2009 that Builders can offer incentives to homebuyers, but that builder cannot offer incentives to buyers as a REQUIRED USE of the builders preferred or controlled providers, ie mortgage company or title agency.

Secondly, if a builder offers incentives and a buyer chooses a vendor of their own, the builder must honor the incentives with the buyers chosen provider.

Lastly, settlement service providers can offer bundled services or incentives as long as the combination of fees and services would be less than if the fees were charged individually. Good news for the consumer.

Sadly, this news comes as new home builders are severely on the skids and in big trouble. All indications here in the Triangle are that home builders are in for a rough ride through the next two to three quarters. Drive out to almost any new home subdivision and you’ll see acre after acre of vacant land waiting for the housing market to rebound.

This new ruling through HUD begs the question I suppose, where is the recompense for those who were forced to use preferred lenders and service providers during the boom time of the past four to five years?

Michael Sullivan and Team Michael Sullivan are proud to be affiliated with Fonville Morisey Realty, a Long and Foster Company and the market leader in the Research Triangle Region of North Carolina. Our offices are conveniently located just off Interstate 85 overlooking the Croasdaile Country Club in Durham, North Carolina.

Michael Sullivan and Team Michael Sullivan are the residential real estate experts for Raleigh, Durham, Cary, Hillsborough or Chapel Hill, North Carolina. We’re always happy to help you with your housing needs so call or email Michael Sullivan and Team Michael Sullivan today. There are great deals to be had and we love putting our skills as Certified Real Estate Negotiators to work for our clients. Our email is MSullivan@fmrealty.com phone is 919-608-2372 and that number works for text too.




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Call Michael Sullivan at 919-608-2372 or email us at MSullvan@FMrealty.com. Or click here...Wealth!


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Snowmass Way

Durham Market Trends in Real Estate October 2008

Click on the image to zoom in so that you can see the numbers!

The statistics above are from the TARR report market snapshot for October 2008

Here are some items of note….resale detached home prices are actually UP over a year ago. Townhouses have tanked some 73.86% which is unbelievable and really points to the fact that there was some over valuation in this sector of the housing market in Durham NC.

Interestingly enough condominium sales are perfectly static between 2007 and 2008 and in fact overall listing inventory is down nearly 7.3%.

My analysis based on showing trends and offers generated on listings and what my buyer clients are saying to me is that the over all real estate market in Raleigh/Durham is starting to improve. I expect that we will hit out bottom here sometime in January 2009 and then the market will start a slow,steady rebound.

Additionally there seems to be an overwhelming pent up demand for housing and there do seem to be an especially large number of people sitting on the fence and waiting to move.

Here is the proverbial double edged sword, knock new construction out of the equation, there will be little if anything to buy through the first two or three quarters of 2009, in a nutshell, builders are not building and have little if NOTHING in standing inventory. Most of the large builders have pulled their wagons into a circle. So, with current interest rates running 5 ¼ to 5 ½ I expect that there will be keen competition for re-sale properties, detached homes, townhouses and condominiums in spring of 2009.

My recommendation to the consumer preparing to buy is to start looking now. There are amazing deals to be had in the Raleigh/ Durham real estate market.

Michael Sullivan and Team Michael Sullivan are proud to be affiliated with Fonville Morisey Realty, a Long and Foster Company and the market leader in the Research Triangle Region of North Carolina. Our offices are conveniently located just off Interstate 85 overlooking the Croasdaile Country Club in Durham, North Carolina.

Michael Sullivan and Team Michael Sullivan are the residential real estate experts for Raleigh, Durham, Cary, Hillsborough or Chapel Hill, North Carolina. We’re always happy to help you with your housing needs so call or email Michael Sullivan and Team Michael Sullivan today. There are great deals to be had and we love putting our skills as Certified Real Estate Negotiators to work for our clients. Our email is MSullivan@fmrealty.com phone is 919-608-2372 and that number works for text too.

7606 Satinwing Lane

7606 Satinwing Lane

7606 Satinwing Lane in Raleigh’s Alexander Place neighborhood offers comfort, intimacy and luxury. This main level Cordova plan was upgraded as it was built with solid surface counter tops, upgraded carpeting and padding, a built in stereo and intercom system and more. This home also offers a tremendous amount of space spread out over three levels.

The main level of 7606 Satinwing Lane is comprised of a light filled living room, a dining room and a cook’s delight kitchen. The kitchen has hardwood flooring, black appliances and lovely Maple cabinets. The kitchen opens onto a tree top deck a great extension of living space. Upstairs on the second level is a deluxe master suite with glamour bath and vaulted ceiling and lots of closet space. The second bedroom has a beautiful view of the woods behind the home.
There is also a laundry on the second level and the appliances stay with the house.

On the basement level, a rare find in Raleigh/Durham, there is a family room with fireplace and sliding doors to a patio area. There is a huge closet tucked under the steps and there is a full bath on the daylight basement level. There is also a large unfinished storage area. 7606 Satinwing Lane Raleigh is 1735 of finished, heated and cooled living space. 7606 Satinwing Lane is located just five minutes outside of Research Triangle Park and is ten minutes from the RDU Airport, happily this home is peaceful and quiet on the inside. Want to learn more…call us or text us or visit www.TeamMichaelSullivan.com

Michael Sullivan and Team Michael Sullivan are proud to be affiliated with Fonville Morisey Realty, a Long and Foster Company and the market leader in the Research Triangle Region of North Carolina. Our offices are conveniently located just off Interstate 85 overlooking the Croasdaile Country Club in Durham, North Carolina.

Michael Sullivan and Team Michael Sullivan are the residential real estate experts for Raleigh, Durham, Cary, Hillsborough or Chapel Hill, North Carolina. We’re always happy to help you with your housing needs so call or email Michael Sullivan and Team Michael Sullivan today. There are great deals to be had and we love putting our skills as Certified Real Estate Negotiators to work for our clients. Our email is MSullivan@fmrealty.com phone is 919-608-2372 and that number works for text too.

901 Camden Ave. Durham NC

901 Camden Ave. Durham NC 27701

Welcome to grandma’s house. Well kind of. Is an in town home, on a nice lot, with boundless character on your home buying radar screen? If your answer is yes, then consider 901 Camden Ave. located in the Duke Park neighborhood of Durham NC.

This cute starter home is in a word or two, cute, cute, cute; ok so I’m a little zealous and I used three. Now let me describe. The setting, mature and settled with a nice fifty foot wide in town lot, which is one hundred fifty so feet deep, there is a fully fenced backyard too. A long straight front walk invites you to an oversized front porch compete with a swing. We do love our front porches and porch swings here in Durham, North Carolina. This porch is so spacious that it is indeed another room.

Enter through the front door into a spacious living room with wall to wall Oak floors, built in cabinets and nifty architectural features. In fact the whole home is Oak flooring with the exception of the kitchen and bath. You’ll love all of the replacement windows too which flood this home with natural light and the nine foot high ceilings. There is also a large dining room with a glass door to a rear screened porch, yet another living space and elevated deck. The kitchen is undergoing some minor update which includes a new dishwasher. The kitchen space is large and functional and ready for the cook.

On the second level of 901 Camden Ave. there are three bedrooms and a full bath. The bath comes complete with claw footed bath tub, you can soak or shower.

The roof on 901 Camden Ave. is less than one year old and the siding is vinyl, so no painting worries. There is also a partial basement for laundry and a workshop. The appliances stay with this home and we’re offering a one year HSA Warranty for the buyer. 901 Camden Ave. Durham NC 27701 is priced at $125,000.

Interested in learning more? Visit www.TeamMichaelSullivan.com to see interior photos or call us at 919-608-2372 mobile/text.

Michael Sullivan and Team Michael Sullivan are proud to be affiliated with Fonville Morisey Realty, a Long and Foster Company and the market leader in the Research Triangle Region of North Carolina. Our offices are conveniently located just off Interstate 85 overlooking the Croasdaile Country Club in Durham, North Carolina.

Michael Sullivan and Team Michael Sullivan are the residential real estate experts for Raleigh, Durham, Cary, Hillsborough or Chapel Hill, North Carolina. We’re always happy to help you with your housing needs so call or email Michael Sullivan and Team Michael Sullivan today. There are great deals to be had and we love putting our skills as Certified Real Estate Negotiators to work for our clients. Our email is MSullivan@fmrealty.com phone is 919-608-2372 and that number works for text too.

Wealth Seminars and web site click throughs

Team Michael Sullivan

Thanksgiving was supposed to be a break to give me time to rest, relax and write. I did rest, I did relax and I did write, but not at the tasks that I’d assigned myself in my head. I’d headed to my folks to work on my book but I neglected to save the most current copy to my memory stick so perhaps God was telling me something. I think that I was being told to work on work stuff. I did. Thankfully it rained cats and dogs on Saturday and I knocked most of it out.

So, here’s what’s new. The first task that I completed was an update of Meta tags and keywords….boring. The second more important task completed was that I added listing links to each one of my neighborhood pages. Now, you can click straight through on any neighborhood link and bam you’re looking at active listings updated in real time. So if you’d like to try it, click on this link, http://www.teammichaelsullivan.com/fiveoaks.html and then click on the link that says, “To Find a Home in Five Oaks click here.” If all works well you should zip right through. I’ve linked each neighborhood.

Second, in an effort to better serve and help clients build wealth and outright own their home, debt free with no mortgage, Team Michael Sullivan has implemented wealth building seminars. The link to that information is here. http://www.teammichaelsullivan.com/wealthbuilding.html The seminars are short two to three hour long sessions which offer five key steps to wealth building and home ownership. The happy news is that they are offered free to community groups, churches, home owner’s associations and the like. Seminar attendance limit is 20 people, call ahead for details if you’re interested.

Real estate has been slow but builders are giving terrific incentives to get properties sold. Recently, a client and I were able to renegotiate the price of a contract because that client did not do as well on the sale of his “old” home as we thought he would. We went to the builder of his “new” home and said, “We need some help from you to make this deal work,” and they did it, we modified his purchase agreement and he closed. Four years ago this would have been unheard of.

Interest rates are still very low so if you are in a position to purchase a home in Raleigh, Durham, Cary, Hillsborough or Chapel Hill, North Carolina, call or email Michael Sullivan and Team Michael Sullivan today. There are great deals to be had and we love putting our skills as Certified Real Estate Negotiators to work for our clients. Our email is MSullivan@fmrealty.com phone is 919-608-2372 and that number works for text too.

Michael Sullivan and Team Michael Sullivan are proud to be affiliated with Fonville Morisey Realty, a Long and Foster Company and the market leader in the Research Triangle Region of North Carolina. Our offices are conveniently located just off interstate 85 overlooking the Croasdaile Country Club in Durham, North Carolina.

Up beat and moving forward

Up beat and positive in spite of it all…

Let’s face it, whichever side of the political aisle that you come down on, November 4th, 2008 was an historic day. However, when one turns to the overall economy one wonders just when all of it will shake out. In August, there was better than expected news in real estate in terms of mortgage applications and resale home sales. This all happened before the stock markets precipitous decline in October. Many of us watched as our stocks and equities contracted at a tear brining rate. Additionally, in Florida, Nevada, California and Arizona those folks have been faced with a rapid deflation in their home values too.

Complicating all of this is the fact that one out of every six home owners in the United States is upside down. They owe more on their homes than their homes are worth. You’ll hear this referred to as being under water too. The reality is that 12 million households owe more on their homes than they are worth. Still in North Carolina for the time being we can count our blessings, we’ve avoided being in the top twenty five when it comes to home foreclosures. Still it is very telling that last March at Fonville Morisey’s awards program, the top listing agents for both the northern and southern Triangle region were agents who list foreclosed and bank owned homes.

With everything going on, with the 24 hour news cycle, and media sales driving exactly what news is; it’s easy to be paralyzed, run home and pull the covers over your head. To that end I will keep in touch with my clients who have homes listed, coach them and inform them as to what is happening in our markets and always endeavor to offer them a glimmer of hope. I believe that those who remain positive and up beat and nimble in the face of economic adversity will come through this storm. It won’t be easy, but then again, adversity seldom is. I think now is a great time to grow my business and team.

Finally in an effort to build business and clients for life, I’ve begun offering free wealth building seminars. I’m offering two to three hour long seminars that teach five hands on steps to wealth, savings and ultimately home ownership. In this case I mean true ownership, no mortgage or deed of trust. It is my belief that most of us have it within our grasp to own our homes outright. I believe that this can be achieved with a cohesive and cogent approach to money management.

Interested in learning more, visit TeamMichaelSullivan.com or call me at 919-608-2372, email is great too… Msullivan@fmrealty.com


**Statistic Insight Magazine, NC Association of REALTORS®

Realtor.com and the web

The new face of REALTOR.com

I’ll make no bones about it, next to the desk fee that I pay to Fonville Morisey one of my largest out of pocket expenses is what I pay to Realtor.com on a yearly basis for my highlight zip code, currently 27713, my enhanced listings, and my TeamMichaelSullivan.net web site. Having said all of that, Realtor.com has recently undergone a face lift and the new site looks good.

Searching for homes has been made simple, near the top of the page visitors are given the option of searching by city, state or zip code or MLS id number, under a heading that says find a home. Then immediately below that visitors can enter the option of renting versus buying and their desired price range. So for example if one enters 27713 today and presses search or enter and new page comes up with more options and homes highlighted at the 27713 zip code. If you click on the townhouse there this week my listing at 1652 Snowmass Way in Durham comes up. Here you’ll see full listing information and Realtor.com has now added some of my other listings to the page.

Visitors may also request more information, print a brochure, send the listing to a friend or save the listing. Most importantly in my opinion, visitors can schedule a showing of the property. They will also see multiple photos; in this case there are twelve, a featured tour which is the moving virtual tour and video with music which has been added to the site. The site also offers a mortgage calculator and a link to mortgage rates. Near the bottom of the listing is a map showing exactly where the property is.

On new aspect of Realtor.com that I simply adore is the fact that I can now add video to the site. My team has purchased software that allows up to cobble together video highlighting our listed properties and adds that video with voice over or music to Realtor.com. This feature creates a move personalized and intimate portrait of listed homes.

The new site looks good but there will be some features that take getting used to. My specialized messages highlighting closing costs, warranties and other special features don’t crawl across the photos at the moment. That being said the site does have a feel similar to some of the social networking sites which have become popular. The new layout on Realtor.com also has a feel of a magazine, which in this age where print advertising is passing to the wayside is very important. Online media advertising is environmentally sound, is in real time and is easily modified. So, I invite you to visit Realtor.com often, enter 27713 and check out my featured homes, the rotate on a weekly basis.

My other web site is www.TeamMichaelSullivan.com

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Short Sale a case study

November 3, 2008

Housing and home equity analysis

In September 2008 according to WRAL television foreclosures in the Triangle area were up some eighteen percent. This news does not bode well for homeowners and home sellers who are current with their mortgages or are contemplating a home sale. Foreclosed homes drag down home values in a market. The reason here is that the banks or investors only want out of the properties what they have into them or often less. It is the less that often damages the neighbors.

To illustrate, I will case study a recent sale of mine which closed the week of October 20th, 2008. The property was a “short sale.” This is a sale where the seller is upside down, they owe more to the bank than they can sell their home for. This particular property was one where I was left speechless when I walked through the front door. The paint was ok, the carpet terrific, the kitchen lovely, and the appliances actually new and in the home and the yard ok too. Typically short sales and foreclosures are terrible, dirty, beat up and abused properties. This home was none of those things, and the price, one heck of a deal anyway you looked at it.

The buyer I was working with immediately made an above list offer, asked for a gracious amount of closing costs and an extended closing date. A pushed out closing date key in a foreclosure or short sale; I vetted my clients going into the transaction that they shouldn’t be in a hurry and fortunately they weren’t. We put our offer in at the beginning of August and we closed October 20th. We didn’t have a contract approved by the bank until nearly October 1st. Typically in this market with so many homes in foreclosure or upside down, it just takes time for bank employees to work through the stack of files. They also have to calculate their loss and procure approval.

Short sale homes and foreclosed homes are typically as is where is. This means the bank owner will not do any repairs. In the particular short sale that I was dealing with, the property was as is because the individual owners could not afford to perform any repairs and the bank wouldn’t do any repairs. The buyers acted prudently and had the home inspected from top to bottom, there were some minor issues but no deal killers. We additionally had a termite/wood destroying insect inspection and a survey. The survey revealed that the buyers were actually buying more than any of us imagined.

The silver lining is this transaction came with the bank appraisal for the buyer’s new mortgage. In this down market many homes don’t appraise for purchase price, they fall short because when they went up for sale they were priced right but as the market has contracted value has evaporated. In this case the home actually appraised for some eleven thousand dollars more than purchase price. Furthermore, when the new owners finish dressing their new home up with some paint and landscape I have no doubt that there will be additional value.

Finally, the buyers of this short sale home are very savvy. They have laid out a plan to pay off their home in ten years. They will send additional principal payments into their bank and build equity faster. This is an excellent idea in a contracting market. The days of instant market appreciation are over in the United States for the near term. Homeowners are well served to pay down their mortgages as quickly as possible to build equity in their homes.