realtor review spring ed

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reviewREALTORreview® SPRING 2010

A publication of the Raleigh Regional Association of REALTORS®

latest news & 2009 in review

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cc0021-RRAR-ad.ai 4/15/10 10:53:11 AM

2 From the President11 Local Market Updates14 Bits & Pieces16 NewsMakers17 Neighbors Helping Neighbors18 New Members29 RRAR Events

departments

RALEIGH REGIONAL ASSOCIATION OF REALTORS®

111 Realtors Way, Cary, NC 27513(919) 654-5400, Fax: (919) 654-5401 www.rrar.com

BOARD OFFICERSTheresa Clark, PresidentLinda Trevor, President-ElectStacey Anfindsen, Secretary/TreasurerJohn Wood, Past-PresidentJoey Robbins, Vice-President

RRAR DIRECTORS Mark ConnorParker CreechSteina DeAndradeHarriette DoggettLaurie DonofrioGrayson HodgeCarol McCormickMollie OwenJohn PaceRandy ScherrJose Serrano

REALTOR® FOUNDATION OF THE TRIANGLE PRESIDENT Joey Robbins

NCAR REGIONAL VICE PRESIDENTS Elizabeth AllardiceJohn Wood

NAR DIRECTORS John WoodEddie Brown

TRIANGLE REALTORS® LEADERSHIP ACADEMY DEAN Morty Jayson

Members are cautioned that the inclu-sion of a name, specific commercial product or service in an article, or the inclusion of a paid advertisement in this publication does not imply endorsement by the Raleigh Regional Association of REALTORS®. All advertisers in this publication wholly support the Fair Housing Act and fully promote equal opportunity housing.

Copyright 2010 by the Raleigh Regional Association of REALTORS®.

All rights reserved.

ON THE COVER:

(First row, left to right) Triangle area home featured on cover of RRAR New Member Guide, 2009 Leadership Academy, Meet the Mayors, Doobie Brothers concert and Eddie Speas – 2008 REALTOR® of the Year. (Second row, left to right) 2009 RPAC Oktoberfest, sold sign, 2010 RRAR Board of Directors and photo contest winner. (Third row, left to right) 2009 Golf Tourna-ment, Housing Opportunity Telethon, the year of social media and all-new RRAR Web site. (Fourth row, left to right) USO supply drive, Angel Tree and loading day for Angel Tree.

REALTOR® REVIEW STAFF:

Patricia Gregory Rand, managing editor, [email protected] • Heidi Ketler, APR, editor, [email protected] • Caroline Shipman, assistant editor, [email protected] • Shelly Beck, graphic designer, [email protected]

For editorial contributions and ad inquiries, please contact Caroline Shipman at [email protected] or (919) 654-5400.

SPRING 2010, VOL. 2, NO. 2

®

REALTORreviewTom SmithPhyllis BrookshireEddie Brown Asa FlemingJulie GarrisonTom GongawareLewis GrubbsBecky HarperMorty JaysonMelanie OsborneTeresa Pitt

featuresWE SURVIVED!

2009 RRAR President John Wood reminisces about the year’s highlights

amid the “Great Recession.”

YEAR IN REVIEW REALTORS® persevered, contributing to great strides that kept RRAR on the cutting edge in 2009.

Spring 2010 REALTOR® Review 1

12 GREEN HOME TOUR AHEAD Get a sneak peek at two green

homes on the Green Home Builders of the Triangle tour in May.

20 TAKE CARE WITH PROPERTY DESCRIPTIONS Attorneys tell

how inaccurate property descriptions in sales contracts can wreak havoc and result in lawsuits.

34 1-HOUR SOCIAL MEDIA STRATEGY The key to

Katie Lance’s integrated approach to social media is to multitask and not get distracted.

3

4

2 REALTOR® Review Spring 2010

from the president

Looking forward in 2010New Web site

Speaking of the Web site, I hope you’ve had a chance to check out the recently launched www.rrar.com. The revamped Web site was a year-long project involving members and staff. The results make following all that is happening at RRAR a more user-

friendly Web experience. Upcoming events

Two free sessions Thursday, May 6, will feature Jerry Rossi, an internationally recognized motivator, mentor and author. Speaking exclusively to RRAR membership, he will add beneficial insight into how to spice up your marketing and change behavior to make the sale.

The Annual Spring Charity Golf Tournament Monday, June 7 to benefit the REALTOR® Foundation of the Triangle will be hosted at the Lonnie Poole Golf Course (Arnold Palmer Signature Golf Course) on the North Carolina State University campus.

The RPAC SummerFest 2010: A Shaggin’ Good Time, our annual fund-raiser Friday, Aug. 13, at the RRAR office will be fun for all, with great refreshments, kids games and more.We’re here for you!

While things are getting better for the organization and our membership as a whole, we realize we are all not out of the woods yet. We continue to plan improvements to meet your needs throughout the year, and you should know we are here for you whenever you need our assistance.

If you don’t know me yet, please don’t hesitate to contact me. I look forward to meeting each of you in person and learning more about what we can achieve working together as fellow members of the Raleigh Regional Association of REALTORS®.

By Theresa Clark, RRAR 2010 President

There is a lot of optimism and enthusiasm for what our association will be accom-plishing this year. I am not exaggerating.

I have seen considerable evidence of it actually occurring recently.Here are some examples:

At a recent North Carolina Association of REALTORS® Forms Committee with 35 other REALTORS® from across the state, we all noted how much our markets have improved since last year – everywhere from the mountains to the beaches.

The home sales figures in the Triangle for March 2010 were better than the same month last year, as was the case for January and February 2010. I believe this trend will continue even with the end of the first-time Home Buyer Tax Credit. We are seeing more homes sell at every price range in the market.

Sales are up at the Raleigh Regional Association of REALTORS® store. In the week leading up to the REALTOR® Nationwide Open House weekend event (April 10-11), there were always lines of people waiting to get promotional materials. When I visited, they were so busy in the store that I gladly pitched in to assist behind the counter. The store is an excellent source for all your local real estate needs.

Change aheadThis year is also going to be one of considerable

change in the way we work. We will continue to offer free events to help members keep up with the new modifications in business this year.

Among the topics of discussion will be a totally new way of purchasing a home with a due diligence contract. We expect this to pass before you read this column. This offer to purchase will take effect January 2011.

We are still learning about the changes to the HUD-1 settlement statement, Home Affordable Foreclosure Alternatives rules and new Environmental Protection Agency lead-based paint standards. Please visit www.rrar.com for more information.

From the mountains to the beach, there is an improving-market trend across North Carolina.

Sincerely,Theresa Clark

www.rrar.com

www.rrar.com

By John Wood, RRAR 2009 President

It was a pleasure to serve as your 2009 president. The support from members and Raleigh Regional Association of

REALTORS®/ Triangle Multiple Listing Service staff will be my greatest memory of 2009. Thanks to all of you for making it such a great year.“The Great Recession”

As we recall the year’s events in this annual report, it is very clear that the economy was the No. 1 story. Many people have it tagged as the “Great Recession” and expect it to be remembered for decades to come. If this account is true, we will have many great stories to tell about how we survived the “Great Recession” here in North Carolina. Many of us joked (sort of) that a top goal for 2009 was to still be standing and selling real estate at the end of the year. I’m happy to say that goal was reached!Educational opps

A goal at RRAR was to bring more opportunities for our members to reconnect with the association in news ways. We saw many of you back in the building attending education programs for the first time in years. A couple highlights included kicking off the year with several of our top producers giving us tips on how to survive in ’09. Then we learned how to Facebook (yes it’s a verb to me), how to read your clients’ body language and how to speak to the media. And RRAR brought us many more educational events throughout the year.Fun and fellowship

Fun was also possible at RRAR events this year. The highlight was clearly the Doobie Brothers/Bad Company concert – we needed that night out! Thanks to Live Nation for sponsoring it. Various member socials included Oktoberfest and the annual Holiday Party, plus many RRAR councils had their own celebrations throughout the year. It’s

Looking back to 2009

Many of us joked (sort of) that a top goal for 2009 was to still be standing and selling real estate at the end of the year. I’m happy to say that goal was reached!

so nice from time to time to just have fun with our fellow REALTORS®.Community support

Giving back to our community remains near and dear to many of our members, and in 2009 you stepped up meeting needs that have been greater than ever. We not only supported our local community through various organizations, but we helped our troops with several USO drives and supplies shipped right to Baghdad. The Annual Angel Tree program once again brought children in our own community a gift or two to open on Christmas morning. Thank you for remembering that it’s greater to give than to receive.

Turn the page to the Annual Report for more on last year’s RRAR accomplishments.

While it’s clear I could write forever on what a great year 2009 was, I will wrap up by again thanking all of our members who support RRAR in a variety of ways and our staff who help RRAR continue to be the best REALTORS® association it can be!

I wish you the best for the balance of 2010 and beyond! John


While the Raleigh Regional Association of REALTORS® was not exempt from membership declines endured by REALTOR® associations across the country in 2009, overall, the association remained strong.

All told, RRAR experienced an 8 percent membership decrease in 2009. To help members and minimize the losses, the RRAR Board of Directors voted to implement a $50 dues reduction.

The association also offered a record number of free events to members.

Membership servicesRRAR hosted these membership events in 2009: • The Triangle Real Estate Expert Summit, with a panel of local

REALTORS® sharing advice on “How to Thrive in Today’s Down Market;” • A membership meeting featuring social media expert Dick Betts; • A membership lunch with experts speaking on the new

appraisal procedures; • Speakers on the Home Buyer Tax Credit; • Presentation and sales skills training with Sharon Delaney

McCloud and Kim Dean; and • The RRAR Spring Open Golf Tournament at Devils Ridge Club. The Top Producers Council was sponsored for the year by John

Wieland Homes, making possible six lunch meetings, each drawing 40 members. The Raleigh Young Professionals Network (RYPN) hosted four lunch/speaker meetings. The RRAR Real Estate Trends program drew a full house Oct. 19, with speakers Stacey Anfindsen, Amanda Ward and Mark Vitner.

In addition, two RRAR donation drives collected items to “Support Our Troops.” The supplies were shipped to the largest USO distribution center in Baghdad. One of our own new agents, Terry Benson, worked in a 16-month position with the USO in Iraq and rallied RRAR members back home to help coordinate the successful effort.

Awards and Hall of Fame The RRAR Awards Ceremony Dec. 3 recognized incoming officers,

directors and committee chairs, as well as Hall of Fame recipients Parker Creech, Raymond Larcher, Raymond Stivers, Ed Willer, and Carter Worthy.


2009 IN REVIEW

What a yearwe had!

Community Service Committee

In the last year, the Community Service Committee extended its outreach through numerous charity- driven projects and initiatives. Even though it was a tough year for the industry, RRAR members were still willing to reach out and give back to the community.

The Community Service Com- mittee members are motivated by the desire to make significant and positive contributions to the community through a collective effort of service to local charitable organizations. In 2009, this goal was achieved through the following projects:

The Shepherd’s Table Soup Kitchen

Helped feed the hungry in down-town Raleigh and donated $500 to assist with operating costs.

Resources for SeniorsMore than 20 RRAR members

volunteered multiple Saturdays to help build handicapped-accessible ramps for elderly individuals.

The Miracle League of the Triangle

Donated $1,000 to provide children with disabilities the opportunity to play baseball as a member of an organized league.

Inter-Faith Food ShuttleSupported organization by do-

nating $2,000 to feed the hungry.

Hope ElementarySponsored the “Project Hope”

food drive, collecting more than

400 pounds of food and snacks from RRAR members. Also donated $1,000 toward the charter school mission.Annual Community Service Committee Scholarship

Presented scholarships to local high school seniors who excel in academics and seniors for community service. They were: Scott Hefner, $1,000 for North Carolina State University; Jared Hollis, $2,000 for NC State; and Svyatoslav Petrov, $2,000 for the University of Mary Washington. Project Angel Tree

Adopted more than 1,000 angels so more than 250 children had four presents to open on Christmas morning. This was a huge success. Many, many thanks to all who participated.


See WHAT A YEAR WE HAD on page 6

Professional standards

Six cases were brought before the RRAR Professional Standards Committee: one for arbitration and five for ethics; two cases were mediated.

Government Affairs Committee

With the slowing economy and housing market, the Government Affairs Committee in 2009 hosted several member forums on important regulatory topics, such as appraisal reform and the First-Time Home Buyer Tax Credit, as well as community issues like the forum on Wake County Schools Growth and Planning.

The Government Affairs Depart-ment conducted a legislative/political phone survey of the membership in early 2009 to

WHAT A YEAR WE HADcontinued from page 5

keep on top of issues of concern and gauge trends. In addition, the department continued to update and advise the RRAR Board of Directors on timely national and state legislative issues, and conducted dozens of interviews of Wake County candidates for public office.

RPAC hosted its first-ever Okto-berfest fund-raiser and raised more than $18,000 for the REALTORS® Political Action Committee.

Housing Opportunity Committee

The Housing Opportunity Com-mittee hosted its first annual Housing Resource Fair at Triangle Towne Center in early summer. The goal was to help the general public with questions regarding the Home Buyer Tax Credit, afford-able housing, energy-efficiency tips, mortgage lending programs and much more.

The committee also hosted multiple phone bank telethons at the NBC 17 news station. NBC 17 ran a newscast about the local real estate market and had REALTORS®, attorneys and lenders on set to answer questions from callers around the viewing area. The on-air panel addressed questions from callers concerning credit, equity, refinancing, loan modification and other questions from potential buyers and sellers.

2009 Triangle REALTORS® Leadership Academy

RRAR offered its second annual Leadership Academy with Ross Rhudy as dean. According to 2008 Leadership Academy graduate


Julie Garrison, “the Triangle REALTOR® Leadership Academy helps participants grow both personally and professionally. Graduates are also equipped with increased effectiveness and a resiliency that is essential in an ever-changing profession.”

Congratulations to the class of 2009! Chuck Corbett, Jeanette Hussey, Michelle Kern, Cathy Lyons, Gina Miller, Jennifer Perkins, Claudia Stadtlander and Kathy Powers Uhorchak.

Continuing education

During 2009, RRAR offered 49 continuing education classes, which attracted more than 3,700 attendees. The association also presented the CRS 210 Referral Course in the fall with great success. The average class size last year was 76. Since 1995, more than 66,400 students have taken RRAR’s continuing education programs.

RRAR company storeIn its 13th year of service, the

REALTOR® Store continued to be a profitable and sought-after service.

One Eleven PlaceOver the past decade, One

Eleven Place has become a preferred location for hosting meetings and events. Last year, One Eleven Place was reserved for 398 events, with a total of 21,366 attendees.

CommunicationsThe Communications Depart-

ment expanded operations in 2009 and offered members more two-way interaction, and

an opportunity to play a role in improving the association message and media relations.

RRAR issued 55 media releases in 2009; created strong Twitter, Facebook and LinkedIn followings; formed member focus groups to help steer the development of an all-new Web site; and applied the use of audio and video on the Web site.

The department also implement-ed an all-new branding strategy, with an improved and updated logo and message, “It’s good to be home in the Raleigh Region.”

See WHAT A YEAR WE HAD on page 8


WHAT A YEAR WE HADcontinued from page 7

Triangle MLS Inc.The Triangle Multiple Listing

Service hosted the MLS Refresh event, which provided subscribers the opportunity to refresh their skills, learn some new tips and check out new MLS tools.

TMLS introduced the Area Lookup tool to rapidly access the Area and SubArea information for a listing.

TMLS rolled out the new TMLS Trends tool, an easy-to-use dynamic tool that helps users better understand the rapidly changing real estate market with up-to-date sales trend information.

TMLS hosted a safety seminar, instructed by Leigh Woody, senior trainer of Citizens Against Crime.


The seminar provided REALTORS® with important information and tips on how to stay safe on the job.

TMLS began teaching a new broker-in-charge course.

North Carolina’s six largest multiple listing service organiza-tions created Carolina Data Share (CDS). This IDX program permits the display of active real estate listing data of part- icipating brokers from Charlotte, Greensboro/Winston, Salem/High Point, Wilmington, Brunswick County, North Carolina mountains area and Triangle MLS on broker and agent Web sites.

TMLS implemented rules, policies and procedures governing the Virtual Office Website (VOW) program, which facilitates Internet brokerage.

New Listings 2 Pending Sales 3 Closed Sales 4 Days On Market Until Sale 5 Median Sales Price 6 Average Sales Price 7 Percent of Original List Price Received at Sale 8 Housing Affordability Index 9 Months Supply of Inventory 10 Market Overview 11 Annual Review 12

Monthly IndicatorsDecember 2009

A free research tool from Triangle Multiple Listing Service, Inc. on the Triangle Regional Housing Market

Home sales in the Triangle region slowed in December from their recent hot streak. There were 1,173 pending sales during the month, down 1.6 percent from last December. That means the region finished 2009 with 22,604 pending sales—down 7.9 percent from 2008.

Supply also fell in 2009 as the 44,862 new listings represented a drop of 15.6 percent from 2008.

Despite the December slowdown, the recent strong sales have helped bring the Months Supply of Inventory down to 8.6, a decline of 6.0 percent from a year ago and a sign that the market is moving slowly back towards equilibrium.

All data from Triangle Multiple Listing Service, Inc. Reports are created and maintained by 10K Research and Marketing. 1

YEARLY TMLS STATISTICS

Total Calls Inbound 687,730 681,503 538,711 504,064

Total Calls Outbound 789,273 1,000,265 987,649 952,937

Avg. Answer Time 12.92 Seconds 15.42 Seconds 11.83 Seconds 14.17 Seconds

Total Showings 876,438 869,302 729,494 705,300

% of Showings via Web 13.29% 15.58% 19.50% 26.38%

% of Showings w/ Feedback 51.58% 56.50% 62.00% 62.33%

# of E-mail Notifications 829,433 835,484 663,829 708,368

Current Listings Serviced 139,277 164,881 186,617 184,578

CATEGORY 2006 2007 2008 2009

CENTRALIZED SHOWING SERVICE (CSS)/CALL STATISTICS

TriangleMLS.com and RRAR.com Total Hits: 23,405,951


Market Overview A Monthly Indicator from the Triangle Multiple Listing Service, Inc.

2009 2008 PercentChange

5-Year Average

2009Year-to-

Date

2008Year-to-

Date

Percent Change

5-Year Year-to-

Date Average

Oct 3,736 3,803 - 1.8% 4,131 39,734 47,778 - 16.8% 45,833Nov 2,691 2,891 - 6.9% 3,247 42,425 50,669 - 16.3% 49,080Dec 2,437 2,495 - 2.3% 2,609 44,862 53,164 - 15.6% 51,689

Pending Sales Oct 2,120 1,540 + 37.7% 2,264 20,069 22,092 - 9.2% 26,703Nov 1,362 1,252 + 8.8% 1,854 21,431 23,344 - 8.2% 28,558Dec 1,173 1,192 - 1.6% 1,629 22,604 24,536 - 7.9% 30,187

Closed Sales Oct 2,095 1,709 + 22.6% 2,457 18,329 22,076 - 17.0% 26,056Nov 2,100 1,299 + 61.7% 2,129 20,429 23,375 - 12.6% 28,184Dec 1,554 1,549 + 0.3% 2,137 21,983 24,924 - 11.8% 30,321

Days on Market Until Sale Oct 95 92 + 3.2% 83 101 90 + 12.7% 86Nov 96 98 - 1.9% 86 101 90 + 11.5% 86Dec 104 100 + 4.5% 89 101 91 + 11.1% 86

Median Sales Price Oct $180,000 $191,012 - 5.8% $183,362 $182,500 $191,500 - 4.7% $183,360Nov $180,000 $184,500 - 2.4% $182,254 $182,000 $190,500 - 4.5% $183,080Dec $178,510 $187,400 - 4.7% $184,662 $182,000 $190,000 - 4.2% $183,000

Average Sales Price Oct $219,701 $239,075 - 8.1% $229,251 $223,603 $239,739 - 6.7% $228,601Nov $216,213 $224,418 - 3.7% $226,919 $222,843 $238,887 - 6.7% $228,502Dec $222,590 $233,788 - 4.8% $230,475 $222,825 $238,571 - 6.6% $228,671

Total Active Listings Available Oct 17,209 19,490 - 11.7%Nov 16,821 19,342 - 13.0% -- -- -- -- --Dec 16,204 18,720 - 13.4%

Percent of Original List Price Oct 96.9% 97.1% - 0.3% 97.6% 96.5% 97.4% - 0.9% 96.5%Nov 97.2% 96.4% + 0.8% 97.5% 96.6% 97.3% - 0.7% 96.6%Dec 96.4% 96.0% + 0.4% 97.2% 96.6% 97.2% - 0.7% 96.6%

Housing Affordability Index Oct 176 143 + 22.9% 152 171 145 + 18.2%Nov 179 153 + 17.4% 155 172 145 + 18.4% --Dec 176 161 + 8.9% 154 172 146 + 17.8%

Months Supply of Inventory Oct 9.2 9.1 + 0.6%Nov 8.9 9.3 - 4.1% -- -- -- -- --Dec 8.6 9.2 - 6.0%

December 2009New Listings


Annual Review Provided by the Triangle Multiple Listing Service, Inc.

April

34,41136,072

34,215

98.4% 98.3% 98.0%

January through April

$173,000$180,000

$190,000

98.4% 98.3% 98.0%

Closed Sales

34,41136,072

34,215

24,92421,983

2004 2006 2007 2008 2009

Days on Market Until Sale

8476 78

91

101

2004 2006 2007 2008 2009

Median Sales Price

$173,000$180,000

$190,000 $190,000$182,000

2004 2006 2007 2008 2009

Percent of Original List Price Received at Sale98.4% 98.3% 98.0% 97.2% 96.6%

2004 2006 2007 2008 2009

+ 4.8% - 5.1% - 27.2% - 9.6% + 3.7% + 15.8%

+ 4.0% + 5.6% - 0.0%- 0.0% - 0.3% - 0.8%

- 11.8% + 11.1%

- 4.2%- 0.7%



Horse farm, Apex

SECOND PLACE:

Tobacco Trail, Cary

RRAR.COM FUN AND FOLLY

Congratulations to the winners of the www.rrar.com photo contest. Enjoy your winnings, while we enjoy your work! 1st place: Tickets to Carolina Ballet’s CinderellaLinda Jandura2nd place: Golf packageJay Falter3rd place: Starbucks gift cardDiana Braun

1ST

PLACE

Picture perfect

Race for Web site feedbackVisit the www.rrar.com Web site, and let us

know how you like it. The first to respond to the online visitor survey will win a $25 Starbucks card.

THIRD PLACE: Home Interior, Briar Chapel, Chapel Hill

www.rrar.com


For further information regarding TMLS Market Trends and Analysis please visit: www.trianglemls.com

Single-Fam #N/ATownhouse-Condo

Local Market Updates A free research tool from the Triangle Multiple Listing Service, Inc.

All TMLS Activity 2009 2010 Change 2009 2010 Change

New Listings 4,377 5,595 + 27.8% 12,493 13,998 + 12.0%Closed Sales 1,618 1,793 + 10.8% 3,789 4,062 + 7.2%Median Sales Price* $180,000 $183,000 + 1.7% $180,000 $179,000 - 0.6%Average Sales Price* $227,186 $221,839 - 2.4% $226,724 $217,806 - 3.9%Total Dollar Volume (in millions)* $367.4 $397.3 + 8.1% $858.9 $883.8 + 2.9%Percent of Original List Price Received at Sale* 96.0% 96.4% + 0.4% 95.9% 96.1% + 0.3%Average Days on Market Until Sale 107 105 - 2.2% 106 106 + 0.3%Inventory of Homes for Sale 18,306 18,372 + 0.4% -- -- --

Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme due to the small sample size involved.

Entire Triangle Region

*Does not account for seller concessions.

March Year to Date

4,377

1,618

5,595

1,793

Activity—Most Recent Month

20092010 12,493

3,789

13,998

4,062

Activity—Year to Date

20092010

4,377

1,618

5,595

1,793

New Listings Closed Sales


20092010

+ 27.8% + 10.8%

12,493

3,789

13,998

4,062



20092010

$180,000 $180,000$183,000 $179,000

March Year to Date

Median Sales Price

20092010 96.0% 95.9%96.4% 96.1%

March Year to Date

Percent of Original List Price Received at Sale

20092010

107 106105 106

March Year to Date


20092010

18,306 18,372

2009 2010

March Inventory of Homes for Sale

+ 12.0% + 7.2%

+ 1.7% - 0.6% + 0.4% + 0.3%

- 2.2% + 0.3% + 0.4%

All data provided by Triangle Multiple Listing Service, Inc. Reports are created and maintained by 10K Research and Marketing.

www.trianglemls.com


Single-Fam #N/ATownhouse-Condo

Local Market Updates A free research tool from the Triangle Multiple Listing Service, Inc.

Wake County, NC 2009 2010 Change 2009 2010 Change

New Listings 2,334 2,883 + 23.5% 6,782 7,325 + 8.0%Closed Sales 873 994 + 13.9% 2,059 2,204 + 7.0%Median Sales Price* $200,000 $205,000 + 2.5% $200,000 $201,154 + 0.6%Average Sales Price* $253,707 $252,814 - 0.4% $252,489 $247,992 - 1.8%Total Dollar Volume (in millions)* $221.5 $251.3 + 13.5% $519.9 $546.6 + 5.1%Percent of Original List Price Received at Sale* 96.5% 96.9% + 0.4% 96.4% 96.9% + 0.5%Average Days on Market Until Sale 101 102 + 1.6% 102 104 + 1.5%Inventory of Homes for Sale 9,198 8,962 - 2.6% -- -- --

Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme due to the small sample size involved.

Wake County

*Does not account for seller concessions.

March Year to Date

2,334

873

2,883

994


20092010 6,782

2,059

7,325

2,204


20092010

2,334

873

2,883

994



20092010

+ 23.5% + 13.9%

6,782

2,059

7,325

2,204



20092010

$200,000 $200,000$205,000 $201,154

March Year to Date

Median Sales Price

20092010 96.5% 96.4%96.9% 96.9%

March Year to Date

Percent of Original List Price Received at Sale

20092010

101 102102 104

March Year to Date


20092010

9,198 8,962

2009 2010

March Inventory of Homes for Sale

+ 8.0% + 7.0%

+ 2.5% + 0.6% + 0.4% + 0.5%

+ 1.6% + 1.5% - 2.6%

All data provided by Triangle Multiple Listing Service, Inc. Reports are created and maintained by 10K Research and Marketing.

For further information regarding TMLS Market Trends and Analysis please visit: www.trianglemls.com

www.trianglemls.com


Triangle-area home builders associations will spotlight green building techniques and materials in the 5th Annual Green Home Tour from noon to 6 p.m., May 15-16 and May 22-23.

The self-guided tour of 31 green homes in a variety of styles and price ranges is free and open to the public. With the entries’ geographic distribution through-out the Triangle – eight in Wake County, 10 in Chatham, five in Durham, six in Orange and one in Alamance – residents should be within reasonable driving distance of several entries. As in the past, the event includes several affordable and entry-level homes, in addition to a number of luxury custom projects.

All homes on the tour are enrolled in the green building certification program administer-ed by the Green Home Builders of the Triangle (GHBT), which is a joint project of the Home Builders Association (HBA) of Durham, Orange & Chatham Counties and

the HBA of Raleigh-Wake County. Each entry is required to achieve sufficient goals in all of the green building program areas and must conform to at least the bronze level of green certification.

“It’s not possible for a builder to enter our tour simply by adding some solar panels to an other-wise code-built home,” says Leigh Scott, director of green building programs at the HBA of Durham, Orange & Chatham Counties. “In order to achieve our certificate and enter the tour, a builder must consider the whole home as a system, and incorporate green techniques and components throughout the project.”

“The emphasis of the Green Home Tour is on the technical details of construction, and some of the homes in the event are expected to be only partially complete so attendees can see materials and techniques that would otherwise be hidden behind the walls,” says Pat Daley, Green Home Tour chair. “Even builders with finished homes will

be investigating creative ways to spotlight the green items in their tour entries,” she says.

Green features showcased on the tour range from A to Z (or almost, anyway), starting with advanced framing and going all the way to xeriscaping. Many of the green homes on tour will look just like traditional subdivision houses, because builders can incorporate green technologies into homes of any style. The more unusual features, such as solar panels, are not required to make a house green. Still, the tour will offer attendees the chance to see those kinds of features, too.

A list of the entries and details about each are available on the tour Web site. (www.trianglegreenhometour.com) Free tour books will be available in a variety of local outlets the week before the tour.

More information on the GHBT green building program also can be found at www.greenhomebuildersofthetriangle.com.

5th Annual Green Home Tour to showcase 31 homes

This BuildSense entry also on this year’s tour is a green renovation of a 100-year-old home.

Michael Chandler of Chandler Design Build answers questions from tour participants last year.

This Homes by Dickerson entry in Green Home Tour 2010 shows that certified green homes can have considerable style and curb appeal.

www.trianglegreenhometour.com

www.trianglegreenhometour.com

www.greenhomebuildersofthetriangle.com

www.greenhomebuildersofthetriangle.com


bits & pieces Shaggers will compete for bragging rights and a trip for two to Myrtle Beach to attend the North Carolina Association of REALTORS® convention and compete against other REALTORS® in a talent contest.

Bring your family – and your dancing shoes! This is a family-friendly event, with games and activities for kids, games for adults, face painting, a dunking booth, Segway rides and much more.

Great food and refreshments will include hamburgers, hot dogs, ribs, chicken and cold beer. Whether you are looking to unwind on a Friday afternoon or want to spend some quality time with the kids, plan to come to SummerFest!

Adult tickets are $25; kids are free.For more information visit www.rrar.com for updates.

green

tourMay 15–16 & 22–23, 2010

TriangleGreenHomeTour.com919.493.8899

A joint program of the HBA of Durham, Orange, & Chatham Counties

and the HBA of Raleigh-Wake County

home

SummerFest will be shag-adelic

The Raleigh Regional Association of REALTORS® invites you to get shagging at SummerFest 2010, a carnival fund-raiser for RPAC, Friday, Aug. 13, from 5 p.m. to 9 p.m., at the RRAR facility in Cary.

SmartCommute: A pledge you can keep

Since April 15, the SmartCommute Challenge has given commuters in the region pause and much to ponder.

The non-profit public service campaign asks the driving public to pledge to ride the bus, bike, walk, vanpool, carpool or work from home at least once before May 15.

The mission of the annual spring challenge, coordinated by GoTriangle and SmartCommute@rtp, is to help reduce the carbon footprint of Triangle commuters, as well as get you thinking about, and taking advantage of, greener commute choices.

When’s the last time you took the bus?For more information or to sign up for the 2010

challenge and post pictures of you fulfilling the pledge, visit www.smartcommutechallenge.org.

www.rrar.com

www.smartcommutechallenge.org


We have a variety of mortgage options to choose from including:• First time home buyer• Conventional loans• Non-conforming loans• Fixed & Adjustable Rates

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Raleigh Sylvia Phillips Currin (919) 881-1632 [email protected]

Raleigh Sara Ivey Hodge (919) 847-1600 [email protected]

Holly Springs Alex Macklin (919) 552-6590 [email protected]

Cary Maureen Brown (919) 463-6101 [email protected]

Contact a Crescent State Bank Mortgage Executive Today!

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mtg20102.indd 1 4/9/2010 1:28:06 PM

A Night at the BallparkOn April 16, 2010, the Community Service

Committee sponsored A Night at the Ballpark to benefit The Miracle League of the Triangle. The Miracle League of the Triangle gives children with mental or physical disabilities the opportunity to

play baseball as a member of an organized league. Members of the Community Service Committee and RRAR membership donated their Friday night to serve as buddies for the handicapped children. It was truly a remarkable and rewarding experience for everyone involved.


President’s Circle– Sam DiFranco of Cresa Partners;

Community Leader Award– Adam Hartzell of Interact of Wake County;

William P Eyerman Award– Kerry Saunders of NAI Carolantic;

Busy Broker Award (two recipients!)– Clark Womack of Commercial Associates and Kathy Gigac of Anthony and Co.;

Developer of the Year– Greg Sanchez of Tri Properties; and

Development of the Year– East West Partners for its LEED-certified project East 54 in Chapel Hill.

Trail Blazer Awards for small firms, Sales Transaction of the Year and Lease Transaction of the Year also were presented.

And inductees into the Million Dollar Clubs were announced. Each of the Million Dollar Clubs represents a specialty within the commercial industry: sales, land sales, office leasing, retail leasing and industrial leasing.

For more award details, including the names of all winners, visit the TCAR Web site, www.tcar.com.

Service to the industry, communityAccording to TCAR President Bret Muller of Capital

Associates, the 2010 Commercial REALTOR® of the Year Award recognizes Quinn’s contributions throughout an award-winning career that spans 28 years. Since 2007, Quinn has served on the North Carolina REALTORS® Commercial Alliance Board of Governors. He is now its 2011 chairman elect.

Quinn’s service to the community also was applauded. He has been an active volunteer of various civic and charitable groups, including the American Red Cross, the Visual Arts of Cary, the Catholic Diocese of Raleigh/St. Andrew’s Catholic Church, Habitat for Humanity, St. Bernadette Hispanic Ministry, March of Dimes, Muscular Dystrophy Campaign and the Inter Faith Food Shuttle.

Congratulations, new GRIs!These members of the Raleigh Regional Association

of REALTORS® recently graduated from the REALTORS® Institute, earning their GRI designation:

TCAR presents 2010 Frontier Awards

The Triangle Commercial Association of REALTORS®

celebrated great accomplishments made in 2009 during its annual Frontier Awards celebration at the Carolina Country Club in Raleigh March 4.

Winner of the prestigious 2010 Commercial REALTOR® of the Year Award was Frank Quinn of Anthony and Co., ONCOR International. It was presented by last year’s Commercial REALTOR® of the Year, E. Stephen Stroud of SIOR.

Kicking off the event was David Glenn of North Carolina Sports Talk Network, who gave insider analysis into March Madness basketball and collegiate sports in the Triangle. Considered the journalist with the “thinking man’s” approach to sports, Glenn is the award-winning writer and editor of the ACC Sports Journal and the host of Sports Radio 850 The Buzz, one of the most successful sports radio programs in Raleigh.

Frontier Award winnersEvery year a panel of past presidents and

REALTOR® of the Year winners reviews Frontier Award nominations and makes selections based on qualifications.

In addition to the Commercial REALTOR® of the Year Award, the Frontier Awards presented were:

newsmakers

2010 COMMERCIAL REALTOR® OF THE YEAR IS FRANK QUINN.

SAM DIFRANCO (LEFT) ACCEPTS THE 2010 TCAR PRESIDENT’S

CIRCLE AWARD FROM 2010 TCAR PRESIDENT BRET MULLER.

www.tcar.com

Dennis Bailey, REMAX Select

Katie Bradley, REMAX Select

Ken Brandon, Century 21 American Properties South

Jessica Edwards, Coldwell Banker Sea Coast Realty

Tom Gregory, Lake Norman Realty Inc.Hilary Hill, Keller Williams Preferred RealtyBinny JosephJaime Kendall, Fonville Morisey RealtyCarol King, Keller Williams Ballantyne AreaNila Kucharski, Carolina RealtyArvind Mahajan, AKM RealtyNicole Orringer, HomeTown RealtyAngela Sarvis, Peak, Swirles & CavallitoMeiling Shih, Meiling Shih, BrokerBryan Sinnett, REMAX UnitedJulie Spence, Hodge & Kitrell, Inc.Nigel Terry, Keller Williams Preferred Gene Wolf, C.B. Huff & Pennink AdvantageThese Region 10 REALTORS® also recently earned

their GRI:Jodi Simmons, Village Pine PropertiesRhonda Little, Coldwell Banker AdvantageKaren Huckabay, Keller

Williams RealtyMary Ann Feagan, Coldwell

Banker Advantage

Hello, Newsmakers!Remember to send us your news of recent

designation awards and photos. Submit to Caroline Shipman at [email protected].

Calling all cars!Give cancer patients a lift

The local chapter of the American Cancer Society is calling on members of Raleigh Regional Association of REALTORS® to become volunteer drivers in the local Road to Recovery program.

Every day thousands of cancer patients need a ride to treatment, but some may have transportation issues that keep them from receiving life-saving treatment. Road for Recovery is designed to come to their aid.

Volunteer drivers donate their time and resources to take patients to treatment and back home again. They also can be a source of moral support.

Helping to rally fellow REALTORS®, Vince Bankoski calls the program a matter of life and death. “REALTORS® have more flexibility in terms of their schedule,” he says, making them ideal Road for Recovery drivers.

ACS is seeking to boost the program’s volunteer force through-out eastern North Carolina, including Durham County. “In a county such as Durham, 40 volunteers would make a significant impact,” says Susan Dillon, ACS senior community manager/transportation solutions manager.

“We have 31 drivers, who either live in Durham or outside of Durham and are willing to transport to cancer treatment facilities in Durham. However, transportation is always subject to volunteer availability,” Dillon says.

Those interested in volunteering as a driver must:• Own a safe and reliable vehicle;• Have a valid driver’s license;• Have proof of auto insurance;• Have a good driving history; and • Attend Road to Recovery volunteer training. The volunteer’s driving schedule can be as flexible

as she or he desires. To get started, call Tracey Smith, ACS community

manager, at (919) 334-5241 or send an e-mail to [email protected], or contact the American Cancer Society at (800) ACS-2345 or www.cancer.org

neighbors helping neighbors


[email protected]

[email protected]

www.cancer.org

Rick Abshure, C-21 Becky Medlin RealtyErica D. Anderson, Keller WilliamsPrartnana Aphale, Howard Perry & Walston Realtor

Donna Ausley, Exit Realty ProfessionalsPhyllis U. Badesch, Howard Perry & Walston Realtor

Chaynne Bailey, Zip Realty Inc.Christina Beck, Howard Perry & Walston New Homes

Teresa A. Blasi, Howard Perry & Walston Realtor

Amanda B. Bone, HomeTowne RealtyTracy S. Brewer, Exit Select RealtyMark Brown, Powell RealtyTobi C. Buckley, Fonville Morisey/Stonehenge Brian K. Burton, WSR Home Buyers L.L.C.Melissa Butler, Get Results Realty Inc.Jayson L. Canady, Solid Source Family First Realty

Adrienne L. Harrington, New-Wave RealtyJohn C. Carmenate, Realty World on Salem Street

Kelly Carraway, Allen Tate Co. Inc.Gayle A. Carter, 1st Signal Corp.Sara M. Chandler, Howard Perry & Walston Realtor

Umesh R. Chokshi, Reddy RealtyRobert Churchill, Fonville Morisey/ Brier Creek

Cedric A. Clements, Market Place Real EstateElizabeth A. Cominio, CB AdvantageCarmen C. Copper, Allen Tate Co. Inc.Susan Corbin, Prudential York Simpson Underwood

Tara Crawford, Flowers Plantation Information & Sales

Luease T. Cyrus, Ursula Gray Realty L.L.C.Thomas Dale, Valentine Land & Timber L.L.C.Leland M. Davis, Solid Source Family First RealtyWagner Del Salto, Metropoly Realty L.L.C.Chetan V. Deshmukh, Howard Perry & Walston Realtor

Pamela Dirisio, Flat Fee Realty L.L.C.William J. Dixon, Howard Perry & Walston Realtor

Sheila Dockery, Zip Realty Inc.Sarah J. Drury-Marchand, Howard Perry & Walston Realtor

Hollie B. Ellinwood, Keller WilliamsAndrea G. Enns, Prudential York Simpson Underwood

Brenda L. Fall, Howard Perry & Walston RealtorArlette J. Fernandez, Domus Real Estate L.L.C.Theresa Fey, Howard Perry & Walston RealtorKristen Fields, Prudential York Simpson Underwood

James P. Flanagan, Centex Realty Co.Grace M. Franklin, Hodge & Kittrell Inc. RealtorMark W. Freeman, CB Advantage Fred W. Frizzle, Fonville Morisey/Youngsville

Frederick R. Garloff, Howard Perry & Walston Realtor

Adam D. Gift, RealPro Realty L.L.C.Julianna A. Glauser, Fonville Morisey/Lochmere Justine I. Grayson, East Bridge Realty L.L.C.Diane Griffin, Northside Realty Inc.David Grubbs, Prudential York Simpson Underwood

Karen S. Hansen, CityGate Real Estate ServicesDeborah A. Hatt, Prudential York Simpson Underwood

Daniel J. Henthorn, C-21 Vicki Berry RealtyBo L. Herman, Belvedere RealtyStacey B. Hill, Til Dawn Real Estate Inc.Carlton Hinnant, Valentine Land & Timber L.L.C.Katelyn Hokenberg, Keller Williams RealtyLynn R. Holmes, Capital Gains RealtyTonya W. Hunt, Howard Perry & Walston Realtor

Nina C. Jacobs, Keller Williams RealtyCheri H. Johnson, Allen Tate Co. Inc.Donna L. Johnson, Fonville Morisey & BarefootArlene O. Jones-McCalla, C-21 Vicki Berry Realty

Sunny M. Kalathiveettil, Evershine Properties Inc.James W. Laxton, Howard Perry & Walston Realtor

Wendy G. Lewis, Fonville Morisey/ChurchillAlex J. Locklear, Keller WilliamsFred C. Lohmueller, Dream Living RealtyDimitrios Louris, Allen Tate Co. Inc.Charles E. Mann, Allen Tate Co. Inc.Charlotte A. Marion, Standard Pacific Carolinas L.L.C.

Linda S. McCarty, Re/Max UnitedElizabeth G. McCollum, Allen Tate Co. Inc.Paige D. McLaurin, Howard Perry & Walston Realtor

Teresa McLean, Fonville Morisey/Garner SalesKellie McLeod, Providence Realty Group L.L.C.Steve R. Meadows, Howard Perry & Walston Realtor

Cheri A. Melfi, Allen Tate Co. Inc.Sarah G. Mendel, Keller Williams Chapel HillLi Meng, CHK RealtyTiffany L. Merritt, Howard Perry & Walston Realtor

John T. Miller, Keaton Barrow RealtyRosemary A. Molinari, Zip Realty Inc.Robert L. Moore, Howard Perry & Walston Realtor

Melissa L. Morris, Keller Williams RealtyPeter J. Muir, C-21 Vicki Berry RealtyCynthia S. Murrelle, Fonville Morisey/FallsTruong Nguyen, C-21 Vicki Berry RealtyAngela D. Norman, Howard Perry & Walston Realtor

Valance Ortyl, Rochelle Moon RealtyColette A. Parker, Vineyard Realty Inc.Debra Ann Pearson, Fonville Morisey/Tuscany

Eugene G. Pitzer, Keller Williams RealtyJerry A. Radman, Sunshine Real Estate L.L.C.Bryan K. Renn, Howard Perry & Walston Realtor

Cheri Roeder, Allen Tate Co. Inc.Cherie E. Rosa, Keller WilliamsSilvia Rouse, Howard Perry & Walston RealtorRenee L. Rundenza, Regan & Co.El Ryoo, Prudential York Simpson UnderwoodMichelle W. Schultes, Keller WilliamsCatherine Sentgeorge, Fonville Morisey/Preston Andrea M. Sharoian, Quail PointAmy R. Sharp Van Arkel, Zip Realty Inc.Craig S. Shatilla, Howard Perry & Walston Realtor

Julian W. Shearin Jr., Howard Perry & Walston Realtor

Rodna Shontz, Barker Realty Inc.Patricia M. Simmons, Keller Williams RealtyChristy Smith, Fonville Morisey/Falls Sales Ronald J. Smith, Crane RealtyDonna B. Stanley, Howard Perry & Walston Realtor

John A. Stanton, Fonville Morisey/Preston Constance S. Stead, CB AdvantageJoseph H. Stewart, Wilson Property ManagementLisa A. Stroud, Appraisal Station L.L.C.Jimmy W. Swann, D.R. Horton Inc.David Sweatman, Standard Pacific Carolinas L.L.C.

Christopher S. Tanas, Ammons Pittman, RealtorsCelestine Taylor-King, Zip Realty Inc.Glen H. Tellefsen, Bailey Wright RealtyBrien P. Thomas, Fonville Morisey/Stonehenge Joan Todd, Zip Realty Inc.Lauren Trimarchi, Zip Realty Inc.Bradley A. Turlington, Divine Stoltz RealtyChristine A. Van Over, Northside Realty Inc.Ginger E. Vereen, Keller Williams RealtyNatalie Wade-Bowden, Fonville Morisey/Brier Creek

Paul B. Waldner, Pineridge Realty & DevelopmentJames Warren, Realty World on Salem StreetSherelle A. Washington, Cardinal Realty Group L.L.C.

Jill S. Weinstein, Bailey Wright RealtyKathryn L. Whitehorne, Allen Tate Co. Inc.Stefanie B. Whitlow, Lavrack Properties Inc.Susan B. Williams, Fonville Morisey & BarefootJason Williamson, Fonville Morisey & BarefootJennifer Wolborsky, Allen Tate Co. Inc.Jeffrey D. Wolgemuth, Valentine Land & Timber L.L.C.

Haixin Yang, CHK RealtyRith R. Yim, Keller Williams RealtyDenise Young, Zip Realty Inc.Leslie Young, Howard Perry & Walston RealtorAis Sam Zerarka, Howard Perry & Walston Realtor

W E L C O M E N E W M E M B E R S

If you would like to SPONSOR A NEW MEMBER ORIENTATION, please contact Priscilla Erwin at (919) 654-5400.

January 26 through April 10



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www.tmlstrends.comFREE to all TMLS subscribers

Cheers to new Raleigh Associate

Program members!Here are the first members of

the new 2010 Raleigh Associate Program:

Lance Bailey, Surplus WarehouseCorey Bauer, Wells Fargo

Home MortgageJo Ann Brady, PrimeLendingMatt Branstrom, Bank of America

Home LoansKevan Bytnar, The Real Estate BookRicardo Cobos, Suntrust MortgageDavid Colgan, Academy

Mortgage Corp.Heather Driver, Summit

Hospitality GroupEric Goodsell, U.S. Inspect L.L.C.Katherine Haney, Kat’s

Design ServicesKevin Martini, Suntrust MortgageEricka McCaw, The Governors ClubTim Minton, Home Builders Assoc-

iation of Raleigh-Wake CountyChristopher Murray, Corporate

Investors Mortgage Group Inc.Lorraine Piechnik, Primary

Residential Mortgage Inc.Doug Schoonmaker, Suntrust

MortgageStephen Smallman, Steve Smallman

Property InspectionsErik Taylor, First Citizens BankBelinda Wells, James Hardie

Building ProductsMark Wooten, Suntrust Mortgage

Those in an allied field or a company that provides products or services to the real estate industry are welcome to join the Raleigh Associate Program.

For more information, contact Priscilla Erwin at (919) 654-5400 or [email protected].

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By Will Martin and Bill Gifford

The recent case of Drake v. Hance, 673 S.E.2d 411 (nc Ct. App. 2009) underscores the critical importance of taking care to properly describe the property in a real estate sales contract. On June 16, 2005, Eric and Debra Hance entered into an offer to purchase and contract to purchase a home owned by Garry and Wanda Drake. The contract was prepared by a real estate agent who was acting as a dual agent in the transaction. The property was described in the contract as “#15 Legacy Lake (ALL of the property in Deed Reference: Book 1137, Page 244 Union County).”

Although the contract only spec-ifically mentioned the purchase of Lot 15, the deed referred to in the contract described both Lot 15 Legacy Lake and Lot 11 Legacy Lake. Lot 15 was the property on which the house was located. Lot 11 was a vacant lot across the street from Lot 15.

The closing attorney prepared the deed among other closing documents. The new deed also described the property as “Lot 11 and 15, Legacy on the Lake.” The deed was recorded after closing on Sept. 9, 2005. Eight months later, when the Drakes contracted to sell Lot 11 to a third party, they discovered that Lot 11 had been included in the transaction with the Hances.

After attempts to correct the mistake were unsuccessful, the Drakes filed a lawsuit in August 2006, alleging that both lots were mistakenly conveyed to the Hances. They alleged that the conveyance resulted from a mutual mistake of fact and requested the court to reform the deed to reflect the intended transaction.

The Hances denied any mistake of fact regarding the deed. Over the Hances’ objection, the trial court allowed outside evidence to determine the intentions of the parties. The court ordered

reformation of the deed by deleting Lot 11.

The Hances appealed. On appeal, the Hances argued that the trial court erred by allowing the Drakes to present evidence that contradicted and modified the sales contract, where all of the documents executed prior to the sale clearly described the property to be conveyed.

The appeal court acknowledged that the parol evidence rule prohibits the admission of evidence to contradict or add to the terms of a clear and unambiguous contract. On the other hand, if the contract leaves it doubtful or uncertain as to what the agreement was, parol (oral) evidence is admissible to determine what the real agreement between the parties was. In the case at hand, the contract included the street address and described the property as “#15 Legacy Lake” but also included a deed reference describing both Lot 15 and Lot 11.

Botched property description in sales contract


The appeal court concluded that this was an ambiguity, and the trial court therefore did not err in considering parol evidence to explain or construe the legal description. The trial court had found “exceptionally persuasive” the closing attorney’s testimony that the deed had been improp-erly prepared due to an error in his office.

The court of appeals concluded that the trial court did not err in admitting parol evidence to determine the intent of the parties, and did not err in reforming the deed when presented evidence of the attorney’s mistake, and therefore affirmed the trial court’s decision.

For unknown reasons, the real estate agent and the agent’s firm were not included in the lawsuit. However, several years of litigation and a lot of legal fees would likely have been avoided had the agent either taken the time to review the actual deed prior to inserting a reference to it in the contract or not referred to the deed at all. (Note: A year prior to the filing

of the Drake v. Hance decision, the “All” and “A portion of ” check boxes were removed from the Offer to Purchase and Contract as a result of several other reported situations with similar facts.)

Agents must be diligent and careful in completing the property description in a contract. Sufficient information must be included to adequately identify the property and, as the Drake v. Hance case demonstrates, that information must not be contradictory.

Will Martin and Bill Gifford are managers in the law firm of Martin & Gifford P.L.L.C., which practices primarily in the area of real estate brokerage law. For more information about the firm, go to www.martingiffordlaw.com.

RESULTS IN LAWSUIT…Several years of litigation and a lot of legal fees would likely

have been avoided had the agent either taken the time to review the

actual deed prior to inserting a reference to it in the contract or not

referred to the deed at all.


Rebuilding Together helps with free home repairs for needy

By Tom Kelly

Trimble was the Texas oil worker who gathered a group

of caring neighbors in 1973 to help a widow living on a fixed income with some much-needed home repairs. At the end of that productive and invigorating day of work, the woman exclaimed, “This is like Christmas in April!”

Rebuilding Together (formerly known as Christmas in April) became a national nonprofit organization in 1988, head-quartered in Washington, D.C.

There are now 260 affiliates of this volunteer organization in 49 states, preserving and revitalizing low-income houses and communities.

The group performs home repair and maintenance services at no charge for low-income homeowners and nonprofit facil-ities. The organization reaches out to the elderly, the disabled and families with children in

an attempt to help them remain warm, safe and independent in their homes.

Rebuilding Together of the Triangle Inc. has been working in the Raleigh/Durham/Chapel Hill metropolitan area since 1996. Today, it provides program services year-round to residents in Chatham, Durham, Orange and Wake counties.

Year-round initiativeThe organization originally sche-

duled just one annual Rebuilding

Day, but extra assistance from companies like Home Depot and Bank of America now allows for a year-round operation that includes a fall Rebuilding Day and Project Homefront, a special program to help military families repair and maintain their homes while a family member is deployed.

More than 250 affiliate leaders throughout the nation processed applications for National Rebuild-ing Day on April 24. Applicants must be owner-occupants and meet specific income guidelines.

The 2010 national campaign officially began at the Super Bowl in Miami. “The Kickoff to Rebuild” featured present and past National Football League players who have become involved with Rebuilding Together in their respective cities.

Last year, more than 250,000 volunteers worked on more than 8,000 homes and nonprofit facilities, providing more than $84 million in improvements. Since the program began, 87,450 homes have been rehabilitated with the help of more than 2.3 million volunteers.

Injury preventionMuch of the work for seniors

involves building a ramp to eliminate steps to an entry. Recent statistics have revealed that the number of seniors seriously injured in falls continue to climb.

Reportedly, 60 percent of the deaths of people over the age of 65 are the result of a fall in the home. Each year, more than 11 million senior citizens fall – that’s nearly one out of every three people over 65.

The injuries are also ex-pensive to treat. According to the American Academy of Orthopedic Surgeons, treatment of the injuries and complications assoc- iated with falls costs more than $20.2 billion a year. Rebuilding Together’s affiliates and the surgeons’ American Academy recently launched a series of workshops and technical-assistance sessions to explore the growing need for home modifications as the nation’s population ages.

“We are encouraging all folks who need help to let us know you are out there,” said Charlie Foushee, Seattle Rebuilding Together development committee chair. “Sometimes people are simply afraid to ask – especially seniors. If they are unsure about what regional RT serves them, we’ll try and find them a crew and solution.”

Ripple effectRebuilding Together also has

opened other doors for seniors. For example, Edwin Hoffman, a reverse-mortgage specialist for Wells Fargo, helped coordinate a RT project for a widow, 82, in Tacoma, Wash., two years ago.

The program brought the widow’s home up to Federal Housing Administration standards. The woman was then able to get a reverse mortgage and use the proceeds to comfortably age in place with a remodeled kitchen, new roof, septic repair and two bathroom makeovers.

Community effortRebuilding Together relies on

donations of cash, labor and materials from businesses and community groups before molding its schedule of projects.

While some community volun-teers have extraordinary skills, the construction industry’s skilled trade professionals – plumbers, electricians, iron workers, glaziers and roofers – not only save time with their expertise but they also get excited about being part of the program. Volunteers must be at least 14 years old to participate.

For more information, visit Re- building Together of the Triangle at rebuildingtogethertriangle.org, call (919) 341-5980 or e-mail [email protected].

Tom Kelly is an author, nationally syndicated newspaper columnist and talk-show host, specializing in second homes. Among his book is How a Second Home Can Be Your Best Investment, written with economist John Tuccillo. His weekly features appear in numerous national newspapers. His award-winning radio show Real Estate Today is in its 15th year on Seattle’s 770 KTTH-AM. He can be reached at [email protected].


Last year, more than 250,000 volunteers worked on more

than 8,000 homes and nonprofit facilities, providing more than $84

million in improvements.

http://www.rebuildingtogethertriangle.org/Home.html

[email protected]

[email protected]


“You Know the Neuse…You Think You Know Jordan Lake…. Welcome to Falls Lake – The New Frontier in

Watershed Protection.”

Water Quality, Land Development, and You: Why you should care about the future of Falls Lake. The State Environmental Management Commission is developing new rules to reduce nutrient loading from development and other sources within the Falls Lake Watershed.

The Commission is proposing far-reaching measures aimed at improving water quality in one of the region’s primary water supply watersheds. This program will provide insight into what owners and developers can do to influence the process and steps to take now to try to protect themselves from , or plan for, the impact of these changes.

Come learn why everyone should be concerned about the outcome of this effort and the potential impacts to development, the environment, and regional politics.

Key Note Speakers and Panelist:

Steven Levitas, Kilpatrick Stockton LLP Partner

Todd St. John, P.E./ LEED AP, Kimley-Horn and Associates Senior Environmental Engineer

Frank Thomas - HBA of Durham, Orange & Chatham CountiesDirector of Government Relations

Register today for this exclusive event either by filling out the attached form or online at www.tricc.org!

Sponsored by:

Registration Details on Reverse Side

Register online today for this exclusive event at www.trcc.org


2010-2011 Season

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Firebird September 16-October 3, 2010

DraculaOctober 14-31, 2010

PinocchioNovember 24-28, 2010

NutcrackerDecember 17-26, 2010

The Ugly DucklingFebruary 17-March 6, 2011

CarmenMarch 24-April 10, 2011

Monet Impressions April 14-17, 2011

A Midsummer Night’s DreamMay 19-22, 2011

919.719.0900www.carolinaballet.com

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By Bernice Ross

Would you give away your best client’s personal contact information to a spammer or identity thief? If you are not actively protecting your client and personal contact lists on social media sites, you may be doing exactly that.

A couple of days ago, I used Facebook to ask a friend to give me a call. I included my office phone number. Later in the day, I received a note from another Facebook friend who must have seen the note on my Facebook Wall. My friend warned me: “Don’t ever post your phone number on your wall. You’ll get inundated with marketing calls.”

I can certainly understand not posting your personal phone number on your public feed on Twitter, especially if you have hundreds or thousands of

Social media:

Protectyourself and your friends

followers. On the other hand, my profile page shouldn’t be an issue. After all, don’t I control who sees what is on those pages?

Here’s the problem. When I send a message to someone else on any of the social media sites and include private information, such as my direct phone number, pictures or other personal data, that person may not be as diligent about protecting their data as I am.

Part of the issue is data mining. A host of companies are doing this, including Google. Data mining can be fairly innocuous – the site may be collecting information about users so it can better serve them. In most cases, however, this is not the case. Your personal data is quite valuable to advertisers. Many of the fun games on Facebook are nothing more than data-mining schemes.

Data mining can be dangerous. For example, when you sign up to play a game on Facebook, the application invites you to share your game results with your friends. As soon as you broadcast your results, you have handed

over your database information to a third party.

I recently received a request to become the fan of an application that would tell me how many people had visited my Facebook profile page. The catch? I had to provide this company with access to all of my friends’ data.

There are constant stories in the news about how various databases have been attacked by hackers. In fact, Google recently suffered a major attack from Chinese hackers. Banks are constant targets, as well. If your personal data is compromised, it can lead to identity theft, credit-card issues, or even put your home and personal safety at risk.

What can you do to protect your privacy? Here are some tips.

1. Set your Facebook privacy settings to the maximum level you can tolerate

Facebook has recently improved its privacy settings. You can set up your profile to control who sees what parts of your profile. Again,


the challenge is whether the people on your friends’ list will be as diligent about protecting your data as you are. By limiting who has access to your personal

information, you can limit your exposure.

2. Protect your passwordsOne of the best

strategies to protect your privacy is to change your passwords often. The challenge is keeping track of multiple passwords for multiple sites. There are numerous services that allow you to store your passwords in an encrypted file. In some cases, all you have to do is to access a single Web site that provides this service. The software automatically logs you in and you don’t have to worry about having the passwords on your computer where they could be hacked.

3. Be suspiciousAny site that demands you

provide access to your friends and/or followers is probably a threat to your security. While the service may be appealing, in most cases it’s better to avoid using it.

If you receive a direct message, an e-mail or any other com-

munication that seems odd, delete it immediately. Also, let the person who sent it know their site may have been compromised. On Face- book and Twitter, one strategy for handling this is to change your passwords.

4. Monitor your computer for viruses and spyware

You are probably already running a virus program such as Norton or McAfee. It’s also wise to run a spyware program on a regular basis to remove tracking cookies and other potential risks. To give you an idea of how serious this is, a single visit to a news Web site can attach 10-12 tracking cookies to your computer. This tends to slow your system down, expose you to annoying ads and put you at risk to have your computer data hacked. There are a number of free solutions. If you are already running McAfee, their spyware program handles close to 100 percent of the issues. Click here for a review of the top five anti-spyware programs.

5. Set up separate e-mail accounts

Whenever you sign up for a site that you suspect will be spamming you with drip e-mails, use a separate Web-based e-mail account from a service like Hotmail or Gmail. These separate accounts cost nothing and also protect your personal and business e-mail from being compromised.

6. Use your extra computerMany agents have more

than one computer. If you’re concerned about your online banking or stock trades, set up your old computer and use it only for financial transactions. Do not use it for e-mail or for surfing on the Web.

While there is no way to completely guarantee your privacy, taking the steps outlined above will reduce your exposure to those who would compromise your privacy and your security.

Bernice Ross, chief executive office of RealEstateCoach.com, is a national speaker, trainer and author of Real Estate Dough: Your Recipe for Real Estate Success and other books. She can be reached at [email protected] and find her on Twitter: bross.

Any site that demands you provide

access to your friends and/or

followers is probably a threat to

your security. While the service

may be appealing, in most cases

it’s better to avoid using it.

http://netforbeginners.about.com/od/lockdownyourpc/a/antispyware.htm

http://netforbeginners.about.com/od/lockdownyourpc/a/antispyware.htm

RealEstateCoach.com

[email protected]

http://twitter.com/bross� \t �_blank


You’re InvitedThe Annual Raleigh Regional Association of REALTORS®

Charity Golf Tournament Monday - June 7, 2010

Lonnie Poole Golf Course • NC State Campus(Arnold Palmer Signature Golf Course)

Schedule of Events8:00am Check In/Breakfast8:30am Shot Gun Start2:00pm BBQ Lunch2:30pm Awards Ceremony

$65 Member Cost / $90 Non-Member CostEarly Bird Special Price (Register by May 7th)

$75 Member Cost / $100 Non-Member CostTournament Price (Price after May 7th)

Players can register online at www.RRAR.com or by contacting Priscilla Erwin at [email protected] or via phone at 919.654.5400, ext. 216.

Proceeds from the event benefit the REALTOR® Foundation of the Triangle

*Cost includes breakfast, green fees, driving range, beverages, prizes and lunch.


RRAReventsMay3 CE elective – FHA: The Basics, noon to 4 p.m. Instructor: Amanda Ward

5 Mandatory Update, 8:30 a.m. to 12:30 p.m. Instructor: Debbie Long

Social Media, E-Commerce Issues and Internet Resources, 1:30 to 5:30 p.m. Instructor: Debbie Long

Women’s Council of REALTORS®

6 Jerry Rossi seminar

New Member Orientation

9 Happy Mother’s Day

10 Housing Opportunity Committee

13 Mandatory Update, 8:30 a.m. to 12:30 p.m. Instructor: Tom Mahlum

Understanding 1031 Tax Free Exchanges, 1:30 to 5:30 p.m. Instructor: Tom Mahlum

11-15 National Association of REALTORS® Legislative Meetings, Washington, D.C.

18 Community Service Committee

19 RRAR Board of Directors

Triangle International Council of REALTORS®

Mandatory Update, 8:30 a.m. to 12:30 p.m. Instructor: George Bell

Broker-in-Charge Annual Review, 1:30 to 5:30 p.m. Instructor: George Bell

20 New Member Orientation

22 RRAR Housing Fair Crabtree Mall, 11 a.m. to 5 p.m.

24 Foundation Board of Director

25 Mandatory Update, 5 to 9 p.m. Instructor: Vicki Ferneyhough

27 Leadership Academy

31 Memorial Day, Office Closed

June1 Mandatory Update, 8:30 a.m. to 12:30 p.m. Instructor: George Bell

BICAR,1:30 to 5:30 p.m. Instructor: George Bell

2 Women’s Council of REALTORS®


Mandatory Update, 8:30 a.m. to 12:30 p.m. Instructor: Vicki Ferneyhough

Risky Business, 1:30 to 5:30 p.m. Instructor: Vicki Ferneyhough

7 RRAR Charity Golf Tournament

7-9 NCAR Legislative Meetings

8 Mandatory Update, 8:30 a.m. to 12:30 p.m. Instructor: Debbie Long

Eight Strategies for a Slow Market, 1:30 to 5:30 p.m. Instructor: Debbie Long

8-9 Leadership Academy

10 Mandatory Update, 8:30 a.m. to 12:30 p.m. Instructor: Tom Mahlum

Listings: A Two Act Play, 1:30 to 5:30 p.m. Instructor: Tom Mahlum

12 Top Producers Council

14 Happy Flag Day

15 Community Service Committee



20 Happy Father’s Day

July1 New Member Orientation

4 Happy Independence Day

5 RRAR/TMLS Offices Closed

7 Women’s Council of REALTORS®

12 Housing Opportunity Committee




According to United States Census Bureau statistics, the size of the average American house more than doubled between 1950 and 1999. Between 1982 and 2004 alone, new single-family homes grew some 40 percent larger – from 1,690 square feet to 2,366 square feet. In the meantime, the size of the average American household shrank from 3.3 people to 2.6 people. What’s going on?

The answer is, I think, that we Americans have fallen hook, line and sinker for the Big Marketing Lie. For decades we’ve been pummeled by advertising urging us to buy more, more, more – a relentless drumbeat that carefully reinforces the idea that our happiness is directly proportional to the size, cost and number of things we own.

This mind-numbing message grew exponentially more shrill with the advent of television, and it’s being further amplified by the Internet, which makes it possible for us to shop our duffs off even while we’re still

sitting on them. Not even the present economic troubles have seriously slowed our mania for consumption.

Inevitably, the dual mantras of marketing – “More is more” and “Bigger is better” – have worked their way clear up to the single-biggest purchase most consumers ever make: their homes. This is one reason why today’s smaller families still feel compelled to purchase ever-larger houses, even if they have to commute an extra 50 miles to afford them.

Yet whether we’re talking about televisions, cars or houses, a moment’s reflection will quickly reveal who really benefits from rampant materialism – not those who buy consumer products, but rather those who make them.

The reason is so obvious it’s almost funny: Owning two wide-screen TVs certainly doesn’t make us twice as happy, but it does quite plainly bring the seller twice the profit.

Likewise, home buyers quickly learn that owning a gigantic house can be more of a headache than a pleasure, but by then the seller’s money is safely in the bank.

Perhaps there is a point when too much really is too much. We’ve all seen that bumper sticker beloved by the terminally empty-headed: “He Who Dies With the Most Toys Wins.” It’s a testament to the thoroughness with which

By Arrol Gellner

Why we love big houses


Madison Avenue has brainwashed consumers into equating material goods with happiness.

Yet few intelligent Americans would profess that owning a huge house, a boat and a couple of Escalades has made their lives any happier. Some might even confess to the opposite effect. Still, we seem unable to shake off the siren song of materialism and see it for the profiteering sham it is.

There was a time, long ago, when Americans were frugal, inventive and could do a lot with very little. But years of prosperity, coupled with the relentless urging to buy more, more, more, have made too many of us complacent, over-entitled and obsessed by material goods beyond all else.

Frank Lloyd Wright once ob-served: “Many wealthy people are little more than janitors of their possessions.” Today, it’s not just the wealthy who are so afflicted. Rich and poor, left and right, in good times and bad – we Americans are becoming little more than serfs to our limitless craving for stuff.

Arrol Gellner is a practicing architect with 30 years’ experience in residential and commercial architecture. He is a graduate of the College of Environmental Design at the University of California at Berkeley. Gellner’s column, “Architext,” appears in newspapers nationwide, include the Chicago Tribune, Los Angeles Times and San Francisco Chronicle.

Gellner is the author of several books on historic architecture. He is also a frequent speaker on design subjects, and has served on panels with some of California’s most distinguished architects. Gellner works in a renovated turn-of-the-century fire hose factory near San Francisco. He also maintains an office and a home in Suzhou, China, where he spends his summers. His other interests include classic cars and music recording.

Few intelligent AmericAns would proFess thAt owning A huge house, A boAt And A couple oF escAlAdes hAs

mAde their lives Any hAppier.


I am quickly approaching my 10th anni-versary of working with REALTORS ® and I have

lived through many tech-nology changes.

I can remember back in 2001 telling agents, “If you don’t use e-mail, you will be limiting your business.” I had agents argue that e-mail was a passing fade and wasn’t here to stay.

In 2005, I started telling agents the Smartphone will become a major part of the way business is conducted, and many said they were com-pletely happy with the flip phone.

In 2006, I stated if you don’t use text messaging, you will lose a certain amount of clients, and again folks argued with me. Well guess what? Today when I ask a group of REALTORS® “How many have worked with clients using text messages,” three quarters of those in the room raise their hands.

With this dramatic increase in agents texting clients, we need

to find ways to document the conversations and protect all parties involved.

Protection suggestionsI always suggest that agents

include early in a texting “conver-sation” with clients all the infor-mation required by local and state laws and regulations for

electronic media, such as name, company name, phone numbers, etc.

In my humble opinion, I look at text messaging as a thread with a certain person, much like an e-mail we keep sending back and forth. By including your information once, you have advised your client of the information required in most states. Don’t subpoena me, as I will crumble on the stand!

If you’re like me, I scroll back through hundreds of text messages looking for that certain tidbit of information. So, one big

factor when shopping for Smart-phone’s should be: Does your phone save all your text messages exchanged by you and each party you are texting? Not all phones do that. With many of us using text for business, it should be on your short list of requirements.

Next, as we find ourselves texting more and sending e-mail less, I highly suggest that agents who communicate with clients using texting keep a copy of all text messages on a computer or convert to a printed document.

I highly suggest that agents who use

texting with clients learn how to keep a

copy of all text messages on a computer

or convert to a printed document.

Document text messages to protect all parties


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10-39-39.indd 1 3/15/10 10:37 AM

During one of my seminars, an agent shared his idea for copying and pasting his text-messaging conversation with a client into a Microsoft Word document. This enabled him to document the flow of information. Then when the contract closed, he could print the entire text-message conversation and put it in the closed file, along with his other documentation.

It’s simple to do, so he started doing it for all of his clients, and it has served him well. At a recent closing, a buyer questioned why he had not been told something. The agent was able to pull out the printed Word document and highlight the conversation in which the buyer acknowledged the information in question.

For the sake of keeping this article smaller then a book, please

With this dramatic increase

in agents texting clients, we need to find

ways to document the conversations

and protect all parties involved.

go to Google and search using the following phrase: copy text messages from (type of phone). I did it for many of the most common

phones and found all kinds of freeware or very inexpensive programs that convert text to documents. The old Palm OS had it for years, and the new Pre has the same feature. However, they did not include time and date stamps. I’m not real happy with that fact.

Dick Betts is a National Association of REALTORS® certified e-Pro trainer, and author of many articles and blogs that are circulated by REALTORS® associations and the Multiple Listing Service, and published in many print and online magazines, across the country. His areas of expertise are Smartphone technology, business-building skills, customer relationship-management programs, Web marketing and management technology. As a result of his knowledge, and his motivating, down-to-earth speaking style, he has presented classes and seminars in 42 states and four Canadian provinces, and every year he reaches as many as 25,000 real estate professionals and logs an average of 125 days of speaking engagements.


Social media in 1 hour a day Keep Hootsuite.com open along

with your Web site, blog and your favorite news site. Pick six to eight links to share that day on Twitter. One can be a listing. The rest must be good content or newsworthy. Pick three links to share for Facebook. Twitter moves faster than Facebook, which is why you need to post more often.

Plug your posts and links into Hootsuite. Space them one to two hours apart. If something is a hot topic you can schedule it to go out more than once. Move fast and don’t get distracted.

In the afternoon hours: Repeat!

Next day: Repeat!Do this five to six days a week.

If you follow this schedule it will become a habit. Also, don’t under-estimate the power of commenting and interacting – this is probably more important than posting your own content and links. Social media is just that: social!

BONUS TIP: Plan into your schedule an additional two to three hours a week if you are a blogger. Also plan one time a week to search for new friends, fans and followers.

Katie Lance is the marketing manager for Inman News. Future of Real Estate Marketing is a part of Inman News.

By Katie Lance

One of the topics people fre-quently ask me about is social media; specifically, how to make the best use of their time. Anyone who has dived in into social media knows that it is not “free” – it takes time and a thoughtful effort to make it worth your while.

If you are like me, and seem to be “always connected” – whether it’s Twitter, Foursquare, Facebook, LinkedIn, etc. – it’s a great remind-er that you need to be smart with your time. If you’re not careful, social media can be a time-suck!

So how can you be smarter with your time?

Plan social media into your schedule for one hour a day: 30 minutes in the morning and 30 minutes late in the day.

The key here is multitask, move fast and don’t get distracted.

If I was a real estate agent, this is how I would do it.

In the morning, first thing after or before you check your e-mail:

1. Turn on your computer. Open seven windows: Facebook, Twitter, LinkedIn, your Web site, your blog, your favorite news

Web site (i.e., Inman News ), and your favorite “drip marketing” social media site (my fave is Hootsuite). Move fast and don’t get distracted.

2. Facebook. Scroll through the page and make three com-ments on other people’s posts. Post what you are up to that day. Respond to anyone who has commented on you or left you a message. Move fast and don’t get distracted.

3. Twitter. Click your “@” button (i.e., @katielance ). Anyone who has mentioned you – thank them publicly. Respond to DMs (direct messages). Scroll through your home page and re-tweet three things of interest. Move fast and don’t get distracted.

4. LinkedIn. Post your status update and have it feed to Twitter. (Check the “Twitter” box to do so – so easy!) Respond to any messages in your inbox. Check your groups. Not in a group? “LinkedIn Group”. Join a group and comment on one discussion a day. Move fast and don’t get distracted.

5. Close these three windows: Facebook, Twitter and LinkedIn.

Hootsuite.com

http://www.linkedin.com/groups?gid=59&trk=myg_ugrp_ovr

realtor review spring ed

Documents