realtor review winter 2012 edition
DESCRIPTION
RRAR's winter edition of the e-REALTOR ReviewTRANSCRIPT
An e-publication of the Raleigh Regional Association of REALTORS®
REALTORWINTER 2012®
review
Leading the Way in 2012
1 From the President
9 Local Market Updates
12 New Members
14 Bits & Pieces
18 Calendar of Events
departments
RALEIGH REGIONAL ASSOCIATION OF REALTORS®
111 Realtors Way, Cary, N.C. 27513Phone: 919-654-5400; Fax: 919-654-5401www.rrar.com
RRAR OFFICERSStacey Anfindsen, PresidentMarshall Gay, Vice PresidentAsa Fleming, President-ElectMollie Owen, Secretary/TreasurerLinda Trevor, Immediate Past President
RRAR DIRECTORS Vince Bankoski Linda KolarovAutumne Bennette Carol McCormickPhyllis Brookshire Gina MillerKelly Cobb John PaceDavid Chance Mark ParkerSteina DeAndrade Teresa PittHarriette Doggett Zach SchabotTom Gongaware Jose SerranoBecky Harper Josh SwindellGrayson Hodge Kevin WoodyMorty Jayson
REALTOR® FOUNDATION OF THE TRIANGLE OFFICERS President: Marshall GayPresident-Elect: Theresa ClarkSecretary/treasurer: Vince Bankoski
NCAR REGIONAL VICE PRESIDENTS Theresa Clark Harriette Doggett
NAR DIRECTORS Eddie Brown John Wood
TRIANGLE REALTORS® LEADERSHIP ACADEMY DEAN Diana Braun
Members are cautioned that the inclusion of a name, specific commercial product or service in an article, or 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 2012 by the Raleigh Reg- ional Association of REALTORS®. All rights reserved.
REALTOR® REVIEW STAFF: Patricia Gregory Rand, managing editor, [email protected] Ketler, APR, editor, [email protected] Washington, communications associate, [email protected] Beck, graphic designer, [email protected]
For editorial contributions and ad inquiries, please contact Sandee Washington at [email protected] or (919) 654-5400.
WINTER 2012, VOL. 4, NO. 1REALTORreview
®
features
Preliminary Identity Colors
Dark Blue PMS 282CMYK: 100, 72, 0, 56RGB: 0, 40, 93
PMS 282
Blue PMS 299CMYK: 85, 18, 0, 0RGB: 0, 158, 221
PMS 299
Light Purple PMS 265CMYK: 54, 56, 0, 0RGB: 129, 119, 183
PMS 265
Purple PMS 360CMYK: 58, 0, 80, 0RGB: 115, 193, 103
PMS 360
313GREAT EXPECTATIONS The Raleigh-Cary region tops an Inman News list of metro areas expected to outshine others in real estate performance in 2012.
PICTURE PERFECT Take a look back at the 2012 installation ceremony, a memorable event framed by high spirits and hopes.
rrar.com
11YEAR ENDS ON UPSWING
Closed home sales ended the year on a six-month favorable trend and exceeded those for the same time last year.
REALTOR®
Review l 1 l Winter 2012
MISSION STATEMENTThe Raleigh Regional Association of REALTORS®, the area’s voice of real estate, promotes the highest ethical and professional standards and cooperation among its members; provides products, programs and services to meet the evolving needs of the real estate industry and consumers; and serves as a leading advocate of private property rights and community involvement.VISION STATEMENT“Anticipating and meeting the opportunities and challenges of our industry.”RRAR 2012 COMMITTEE CHAIRS Bylaws: Asa FlemingBuilding: Stacey AnfindsenCommunications & Public Relations: Carol McCormickCommunity Service: Frank DeRonjaGovernment Affairs: Bill FletcherRPAC: Asa FlemingPersonnel: John WoodGrievance: Autumne Bennett, Suzanne Burton, Nancy Cashwell, Margaret SophieHall of Fame: Ed WillerNominating: Gary RabonRRAR 2012 COUNCIL CHAIRS Women’s Council: Lynn GardinerInternational Council: Mike HumphreysTop Producers Council: Co-Chairs Shawn Britt and John WoodSmall Brokers Council: Chair Brenda CarrollYoung Professionals Network: Co-Chairs Autumne Bennett and Aquene HernandezRRAR STAFF DIRECTORYMain Office (919) 654-5400 Fax (919) 654-5401 www.rrar.comRRAR Company Store, (919) 654-7253Executive Vice President Raymond C. Larcher, Ext. 218, [email protected] Association Services Director Betsy Ramsey, Ext. 217, [email protected] Services Associate Vicki Buckholtz, Ext. 216, [email protected] Director Patricia Gregory Rand, Ext. 239, [email protected] Associate Sandee Washington, Ext. 238, [email protected] Education Director Cara Mottershead, Ext. 211, [email protected] Education Associate Sonya Yankoglu, Ext. 212, [email protected] Facilities Manager Mary Rachel White, Ext. 210, [email protected] Affairs Director Tara L. Robbins, Ext. 215, [email protected] Associate Shelia Clark, Ext. 200, [email protected] Manager Yukari Powers, Ext. 201, [email protected] STAFF DIRECTORYVice President of Operations Rachel Wiest, Ext. 219, [email protected] Executive Associate Christy New, Ext. 220, [email protected] Director Letitia Santos, Ext. 234, [email protected] Associate Raina Joyner, Ext. 242, [email protected] Distribution Director Carol Hamrick, Ext. 213, [email protected] Distribution Associate Bonnie Eaddy, Ext. 207, [email protected] Systems Director Kathy Matheson, Ext. 233, [email protected] Technical Support Associate J Stepp, Ext. 226, [email protected]/Realist Support Associate Jennifer Horton, Ext. 227, [email protected] Operations Director Matt Nagy, Ext. 225, [email protected] Development Manager Allan Nielsen, Ext. 208, [email protected]/MLS Training Manager Lynne Brid, Ext. 232, [email protected]/TMLS MEMBERSHIP/ FINANCE DEPARTMENTMembership/Finance Director Randi Clodfelter, Ext. 221, [email protected] Associate Pat Long, Ext. 222, [email protected] Associate Jill Pressley, Ext. 221, [email protected] Associate Kelly Hunsucker, Ext. 209, [email protected]
from the president
Stacey Anfindsen
RRAR Welcomes Stacey Anfindsen, 2012 Association President
Dear REALTOR® member,It is an honor to serve Raleigh Regional Association of REALTORS®
as 2012 president. In this position, I am looking forward to giving back to an association
that has fostered so much personal and professional growth. In doing so, I will work to instill greater awareness among members
and prospective members of the value of RRAR membership. I will work to further relationships throughout the community, with the common goal of benefiting overall quality of life in our region.
I will work with my fellow RRAR members on advancing our associa-tion. Some specific goals I have are:
• Create greater transparency in our political endorsement process and with RPAC.
• Take the Real Trends show “on the road.”
• Reinstate the Community Servant of the Year award.
• Host face-to-face meetings with our political leaders.
• Encourage greater board of director outreach to new members, through monthly welcoming calls.
• Grow the Raleigh Associate Program (RAP).
I look forward to working with you and I welcome your input and ideas.
Sincerely, Stacey Anfindsen
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REALTOR®
Review l 3 l Winter 2012
Inaugural Ball: A Night
to Remember
The Raleigh Regional Associa-tion of REALTORS® members con-vened at a black tie affair at Pre-stonwood Country Club in Cary Jan. 6 for the swearing in of their new president and board of di-rectors, as well as the graduation
ceremony for the 2011 Triangle REALTORS® Leadership Acad-emy.
“I am honored to be the 2012 president of the RRAR,” said An-findsen, a state-certified residen-
tial real estate appraiser and licensed residential broker. He has practiced in the Research Tri-angle Park market since 1988.
In addition to being the 2012 RRAR president, Anfindsen is also director for Triangle Multiple List-ing Service Inc. and on the advi-sory board of governors for Pres-tonwood Country Club. The New Jersey native is a 1983 graduate of Furman University in Green-ville, S.C.
RRAR Welcomes New Board, Officers and Congratulates Leadership Graduates
See INAUGURAL BALL on page 5
REALTOR®
Review l 4 l Winter 2012
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REALTOR®
Review l 5 l Winter 2012
RRAR WELCOMES NEW BOARD, OFFICERS…continued from page 3
“This provides me with an op-portunity to give back to the asso-ciation that has fostered personal and professional growth,” said Anfindsen. “I look forward to communicating the value propo-sition of RRAR to prospective and current members during the year. I also look forward to reaching out to community and political leaders to determine how our common interests can benefit the overall quality of life.”
RRAR 2012 OfficersStacey Anfindsen, PresidentAsa Fleming, President elect Marshall Gay, Vice PresidentMollie Owen, Secretary/ TreasurerLinda Trevor, Past President
RRAR 2012 Board of Directors
Vince BankoskiAutumne BennettPhyllis BrookshireEddie BrownDavid ChanceKelly CobbSteina DeAndradeHarriette DoggettTom GongawareBecky HarperGrayson HodgeMorty JaysonLinda KolarovCarol McCormickGina MillerJohn PaceMark ParkerTeresa PittZach Schabot
Jose SerranoJosh SwindellJohn WoodKevin Woody
2011 Leadership Academy Graduates
Adam BrownDonna DeLongLaurie DonofrioRandi ClodfelterLee GoldsteinDeJane KerrKristine KiegielMark ParkerRita PerryTrish Gregory RandSherri RimelTracy SantrockSusan Tenney
2012 Triangle Multiple Listing Services Inc.
Raymond C. Larcher, PresidentRachel Wiest, Vice President of Operations/Treasurer Christy New, Executive Associate
2012 DIRECTORS:Stacey AnfindsenEddie BrownTom GongawareDavid JonesEddie SpeasKirk WestJohn WoodClick here for a list of the RRAR
board of directors and their e-mail addresses.
See INAUGURAL BALL on page 6
REALTOR®
Review l 6 l Winter 2012
Phyllis York Brookshire Is Named REALTOR® of Year
Phyllis York Brookshire was named 2011 REALTOR® of the Year by the Raleigh Regional As-sociation of REALTORS® at the as-sociation’s annual inaugural ball at Prestonwood Country Club, Friday, Jan. 6.
An RRAR past president, and current board member of RRAR and the REALTOR® Foundation of the Triangle, Brookshire is senior vice president for Allen Tate Co., where she oversees operations of the Triangle region, as well
as residential real estate services throughout the Carolinas.
“Phyllis is focused, dedicated and one of the most deserving of this award. We are grateful for her loyalty, commitment and all of her efforts on behalf of the Raleigh Regional Association of REALTORS®,” said Bill Owens, 2010 REALTOR® of the Year, who presented the award. “She is one of the best candidates I have ever seen.”
REALTOR®
Review l 7 l Winter 2012
Hall of Fame Inductees and Emeritus Recipients Honored
Three members of the Raleigh Regional Association of REAL-TORS® were inducted into the association’s hall of fame for their contributions and outstanding ser-vice to the real estate profession.
Several others were honored as REALTOR® Emeriti for their 40 years or more of membership in the Na-tional Association of REALTORS®.
Hall of Fame inductees recog-nized for their community ac-tivities, professional accomplish-ments and association activities were: Burks Crumpler, Gilliam Kittrell and Myra Zollinger.
“We are proud to announce this year’s Hall of Fame inductees,” said RRAR Executive Vice Presi-dent Raymond Larcher. “These
members have worked very hard to achieve such a high level of industry success. They are more than deserving of this award.”
Emeritus recipients honored for their lasting contributions to the real estate profession were: Ed-ward H. Willer, Gerald J. Rossi, Larry D. Kingsley, H. A. (Speck) Underwood III, John L.(Lanse) Houston, Gordon B. Tefft, Thomas G. Cochrane III and Jean P. Hunt.
“We are incredibly proud of our members who have achieved the emeritus. They have contrib-uted greatly to our association, the real estate profession and our community over the years,” Larcher said.
See INAUGURAL BALL on page 8
A native of Raleigh and a grad-uate of the University of North Carolina at Chapel Hill, Brook-shire began her career in real estate while attending UNC as a Morehead scholar. She later helped establish and grow the residential real estate division for her family’s company, where she served as vice president and chief operating officer until 2006.
Brookshire is committed to community service and currently serves on the board of directors for the Greater Raleigh Chamber of Commerce and as associate dean of the Triangle REALTORS® Lead-ership Academy.
Brookshire also is a multi-titled world champion equestrienne. In addition to working with horses in the ring, she enjoys watch-ing ACC sports and an ice-cold glass of sweet tea with her hus-band, Don.
REALTOR®
Review l 8 l Winter 2012
RRAR Communications & Public Relations Committee Going Strong in 2012
Laurie Donofrio (vice chair) Mark Parker (RRAR Board member) and Asa Fleming (RRAR pres elect) enjoy the Communications & Public Relations kickoff dinner meeting at the home of for committee chair Mollie Owen
RRAR Communications & Public Relations Committee Kicked off the year with a dinner meeting at the home of 2011 Chair Mollie Owen. The 2012 Chair is Carol McCormick with Laurie Donofrio serving as Vice Chair.
McCormick gave encouraging remarks, sharing her hopes for an open, honest and collegial rela-tionship between committee mem-bers. She said, “I am confident that the committee can make a difference in protecting and advo-cating for the interests of the com-munity of homeowners and those who aspire to own a home.”
McCormick and Communica-tions Director Trish Rand recently met with WRAL Vice President and General Manager Steven Hammel to discuss how best to facilitate continued positive com-munication with the association and its members.
Mark Parker and Asa Flem-ing are leading the media rela-tions subcommittee and finding ways to help grow relationships with area reporters. RRAR mem-bers are encouraged to email
[email protected] regarding me-dia calls and questions. When contacted by the press, the RRAR Communications Department can help you prepare for an interview.
Mark your calendar now for the third annual Nationwide Open House – scheduled for April 28 & 29. Laurie Donofrio and Mary Biathrow are co-chair-
ing this subcommittee.Communications & Public Re-
lations Technology Chair, Kevin Woody recently led a focus group through a discussion of how best to plan for an RRAR and TMLS Mobile Website(s). The meet-ing provided members and sub-scribers with an opportunity to share insights about how to make the mobile site(s) most convenient for users. The group will recon-vene to discuss look and feel be-fore a user group tests the site (s).
REALTOR®
Review l 9 l Winter 2012
For further information regarding TMLS Market Trends and Analysis please visit: www.trianglemls.com
A RESEARCH TOOL PROVIDED BY TRIANGLE MLS
2010 2011 + / – 2010 2011 + / –
New Listings 2,134 1,797 - 15.8% 45,983 37,711 - 18.0%
Closed Sales 1,513 1,521 + 0.5% 20,679 19,665 - 4.9%
Median Sales Price* $185,550 $185,000 - 0.3% $189,500 $185,000 - 2.4%
Average Sales Price* $227,666 $222,083 - 2.5% $228,893 $222,960 - 2.6%
Total Dollar Volume (in millions)* $344.3 $337.0 - 2.1% $4,729.7 $4,377.8 - 7.4%
Percent of Original List Price Received* 92.8% 91.9% - 1.0% 92.3% 92.0% - 0.4%
Percent of List Price Received* 97.2% 95.7% - 1.5% 96.4% 96.0% - 0.4%
Days on Market Until Sale 111 128 + 15.2% 105 127 + 21.0%
Inventory of Homes for Sale 16,657 13,036 - 21.7% -- -- --
Months Supply of Inventory 9.7 8.0 - 17.4% -- -- --
- 15.8% + 0.5% - 0.3%Change in
New ListingsChange in
Closed SalesChange in
Median Sales PriceEntire Triangle Region
Local Market Update – December 2011
* Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.
December Year to Date
45,983
Year to Date 2010 2011
2 134
December 2010 2011
** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period | Current as of January 17 2012 All data from Triangle Multiple Listing Service Inc | Powered by 10K Research and Marketing
Entire Triangle Region
All MLS
- 8%
- 6%
- 4%
- 2%
0%
+ 2%
+ 4%
+ 6%
+ 8%
+ 10%
1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011
Change in Median Sales Price from Prior Year (6-Month Average)** b
a
5,983
20,679
37,711
19,665
New Listings Closed Sales- 4.9%- 18.0%
2,134
1,5131,797
1,521
New Listings Closed Sales+ 0.5%- 15.8%
share of sales during that period. | Current as of January 17, 2012. All data from Triangle Multiple Listing Service, Inc.. | Powered by 10K Research and Marketing.
REALTOR®
Review l 10 l Winter 2012
For further information regarding TMLS Market Trends and Analysis please visit: www.trianglemls.com
A RESEARCH TOOL PROVIDED BY TRIANGLE MLS
2010 2011 + / – 2010 2011 + / –
New Listings 1,077 897 - 16.7% 24,001 19,507 - 18.7%
Closed Sales 835 855 + 2.4% 11,077 10,608 - 4.2%
Median Sales Price* $208,500 $216,993 + 4.1% $210,855 $209,000 - 0.9%
Average Sales Price* $260,086 $257,776 - 0.9% $255,762 $247,090 - 3.4%
Total Dollar Volume (in millions)* $217.2 $220.2 + 1.4% $2,833.7 $2,620.8 - 7.5%
Percent of Original List Price Received* 94.3% 93.0% - 1.4% 93.0% 92.8% - 0.1%
Percent of List Price Received* 98.7% 96.6% - 2.1% 97.1% 96.7% - 0.5%
Days on Market Until Sale 105 118 + 13.0% 101 121 + 19.7%
Inventory of Homes for Sale 7,986 5,897 - 26.2% -- -- --
Months Supply of Inventory 8.7 6.7 - 23.1% -- -- --
- 16.7% + 2.4% + 4.1%Change in
New ListingsChange in
Closed SalesChange in
Median Sales PriceWake County
Local Market Update – December 2011
* Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.
December Year to Date
Year to Date 2010 2011
1 077
December 2010 2011
** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period | Current as of January 17 2012 All data from Triangle Multiple Listing Service Inc | Powered by 10K Research and Marketing
Wake County
All MLS
- 10%
- 5%
0%
+ 5%
+ 10%
+ 15%
1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011
Change in Median Sales Price from Prior Year (6-Month Average)** b
a
24,001
11,077
19,507
10,608
New Listings Closed Sales- 4.2%- 18.7%
1,077
835897 855
New Listings Closed Sales+ 2.4%- 16.7%
share of sales during that period. | Current as of January 17, 2012. All data from Triangle Multiple Listing Service, Inc.. | Powered by 10K Research and Marketing.
REALTOR®
Review l 11 l Winter 2012
PENDING SALES UP 21 PERCENT
Real Estate Sales End Year On Positive Note
The Triangle Multiple Listing Ser-vice reports the following infor-mation pertaining to the housing industry on residential properties located in the 16 counties of the greater Triangle Region of North Carolina during December 2011. The percentage changes are com- parisons with the prior year’s month unless otherwise noted.
Closed sales ended the year on a six-month favorable trend, in which sales exceeded the same timeframe in 2010 by just .5 percent. The prior five months showed sales up with ranges be-tween 9 percent to 23 percent over the same months in 2010.
Wake, Johnston and Chatham counties fared the best, with closed sales up 2.4, 7.5, 16.7 percent, respectfully. The three
communities with the largest in-crease in sales for December were North Durham, up 34.4 percent; North Raleigh, up 18.9 percent; and Wake Forest, up 13.2 percent, over December 2010.
Another positive indicator for the real estate market was the continued growth in pending sales (homes under contract, but not yet closed) for the eighth month running. Pending sales for December 2011 were up 21.5 percent over December 2010.
New listings in the Triangle re-gion decreased 15.8 percent to 1,797. Inventory levels shrank 21.7 percent to 13,036 units, extending the signature trend of 2011. Prices remained fairly sta-ble for the month with the median sales price decreasing 0.3 per-
cent to $185,000. Absorption rates improved as month’s supply of inventory was down 17.4 per-cent to 8.0 month’s supply.
“We are seeing more optimism in the market with more stable prices,” said TMLS President Ray-mond Larcher. ”Buyers are seeing sub 4.0 percent loans, with more balanced supply and demand trends. The Housing Affordability Index is at 191, which is the second highest level in 2011. An index of 120 means the median household income was 120 per-cent of what is necessary to qual-ify for the median-priced home under prevailing interest rates. A higher number means greater affordability.”
Melissa M. Albert, Keller Williams PreferredChilon Anderson, Above All Property Management
Jacob M. Anderson, Howard Perry & Walston-Triangle at Southpoint
Kristin Anderson, Howard Perry & Walston Realtor
Carlton S. Ashby III, Ford Premier Properties L.L.C.
Amy R. Auman, Allen Tate Co. Inc.Betty Baker, Landmark ResidentialLaDonna M. Barnhill, Howard Perry & Walston Realtor
Kameswari G. Bhandaru, Howard Perry & Walston Realtor
Lynda H. Bradbury, Keller Williams PreferredStephen Braun, Steve M. Braun Realty & Building
Jill M. Brito, Howard Perry & Walston Realtor
Chip Brown, Bank of North CarolinaAlah Bumgardner, Powell RealtyPhyllis G. Callahan, Fonville Morisey/ Brier Creek Sales Office
Anthony N. Capozzoli, Carrabbozzoli RealtyMadeline Carriger, Fonville Morisey/ Lochmere Sales Office
Matt Cartwright, Prudential York Simpson Underwood Realty
Adelino Cerveira, Only Way RealtyPatricia Cheaure, Triangle Closers L.L.C.Vicki H. Chiang, Fonville Morisey/Preston Sales Office
William S. Cline, Carolina MaxRealty Inc.Robert S. Converse, Prudential York Simpson Underwood Realty
Maggie E. Dnistran, Standard Pacific Carolinas L.L.C.
Catherine A. Dobbins, Fonville Morisey/Lochmere Sales Office
Diana L. Driscoll, Ashton Woods HomesSara J. DuChon, Fonville Morisey/Inside the Beltline Office
Gregory A. Dyer, Howard Perry & Walston Realtor
Monica M. Eastin, Coldwell Banker Advantage
Michael E. Edwards, Allen Tate Co. Inc.Steven D. Elliot, Howard Perry & Walston Realtor
Jerald L. Eskew, Prudential York Simpson Underwood Realty
Phyllis Faulkner, Guaranteed Rate Inc.
Stanley R. Filipkowski, Keller WilliamsEsther Giambalvo, Fonville Morisey/Preston Sales Office
Ramona P. Grady, Real Living Pittman Properties
Christopher V. Hart, Keller Williams PreferredAlden J. Hawkes, Howard Perry & Walston Realtor
Nancy E. Hays, Chatham Homes RealtyAaron Herstein, Bank of North CarolinaTracy M. Hoggard, Keller WilliamsGregory T. Holland, Fonville Morisey/ Falls Sales Office
Donna R. Johnson, HomeTowne RealtyJolene Johnson, Drees HomesSara K. Johnson, Howard Perry & Walston Realtor
Denise K. Jones, Howard Perry & Walston Realtor
Dan Keech, Fiber CleanEdward B. Kirk, Howard Perry & Walston-Triangle at Southpoint
Donna B. Kleinert, Keller WilliamsYongbin Liu, Carolina Hope Realty L.L.C.Sharon Y. Lopez, Howard Perry & Walston Realtor
Tom Mabrey, Keller Williams Realty Chapel Hill
Elizabeth S. McCormick, Fonville Morisey/Youngsville Sales Office
Michele L. McLeod-Minor, Coldwell Banker Advantage
Allen Meadows, Easy Street RealtyChristine K. Mengel, Fonville Morisey & Barefoot/Bella Casa
Rayna R. Morrison, Fonville Morisey/ Preston Sales Office
Susan M. Napolitano, Prudential York Simpson Underwood Realty
Colleen M. O’Keefe, Howard Perry & Walston Realtor
Julie Olive, Fonville Morisey/ The ReWard Team
Russell Oliver, All Property Appraisal Corp.Joseph T. Owens, Keller WilliamsPatrick L. Perry, HomeTowne RealtyVictoria C. Peters, Howard Perry & Walston Realtor
Loresha G. Phillips, Fonville Morisey/ Stonehenge Sales Office
Eleanor Reid, Trademark Property Services L.L.C.
Mike Reiser, Real Estate Marketing & Con.
Barbara L. Rossi, Beazer HomesHampton Rutledge, ERA Strother Real EstateHeather Sasser, Freedom Realty FirmJack L. Schrold, Allen Tate Co. Inc.James H. Schultz, The New Realty Group L.L.C.
Denise Seagroves, The Glass GuruJohn Sears, Benham Real Estate GroupThomas R. Smith, Howard Perry & Walston Realtor
Grover C. Smothers, ASK Appraisals L.L.C.Deborah Stafford-Louisiana, Fifth Third Mortgage
Dale A. Strickland, Howard Perry & Walston
Jessica L. Suttles, Lennar Carolinas L.L.C.Robert TeCarr, Howard Perry & Walston Realtor
Sylvia Thompson, The New Realty Group L.L.C.
Koren M. Underdue, Keller Williams Preferred
J. Albert van Overeem, Dan Ryan Builders North Carolina L.L.C.
William J. Vasquez, Benham Real Estate Group
Edward M. Wangoo, Howard Perry & Walston Realtor
Wendy Waring, Premiere Real EstateDouglas J. Weaver, Fonville Morisey/Youngsville Sales Office
Ronald L. Weidenfeller, Fonville Morisey/Preston Sales Office
Melissa A. Westbrook, Fonville Morisey/Falls Sales Office
Jeff S. Williams, Howard Perry & Walston Realtor
Keith A. Wilson, Howard Perry & Walston Realtor
Louise Wilson, Howard Perry & Walston Realtor
Steven A. Wilson, Premier Properties of the Triangle
David Worters, Hodge & Kittrell Sotheby’s International Realty
George Young, Beazer HomesLihua Zhang, First Triangle Realty Inc.Wen J. Zheng, Only Way Realty
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 Betsy Ramsey at (919) 654-5400.
REALTOR®
Review l 13 l Winter 2012
BY ANDREA V. BRAMBILA
While national home prices and sales may not recover to their historical levels until 2013 at the earliest, some local housing mar-kets always outperform others in any given year. The Raleigh-Cary market tops this year’s Top 10 list. See REAL ESTATE MARKETS on page 15
Raleigh Tops In-man News List.
Despite a steep drop in sales, the Raleigh-Cary mar-ket saw consider-able price appre-ciation last year, with its median sales price for sin-gle-family homes jumping 7.3 percent from third-quarter 2010 to third-quarter 2011.
At $224,300, Raleigh-Cary metro had the highest median sales price among the 10 mar-
kets on this list and was the only mar-ket with a median sales price above the U.S. median. Nonetheless, its affordability rate stayed above the national level, with 73.6 per-
cent of its homes affordable to households earning the area’s median income, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
RALEIGH-CARY, N.C. Total population (2010): 1,130,490Median sales price (Q3 2011): $224,300% change median sales price (Q3 2010-Q3 2011): 7.3%Sales volume (# units sold Nov. 2010-Oct. 2011):12,156% change sales volume (Nov. 2010-Oct. 2011 vs. Nov. 2009-Oct. 2010): -39.8%Sales per population (Nov. 2010-Oct. 2011): 1 sale per 93 people Unemployment rate (Nov. 2011): 7.8%Foreclosure activity rate (Nov. 2011): 1 in 1,295 units Walk Score: 40
SOURCE: INMAN NEWS
In this second annual report (see last year’s Top 10 Markets to Watch in 2011), Inman News examined housing, economic and demographic data for metropoli-tan areas nationwide to identify 10 housing markets to watch in 2012.
Ten Real Estate Markets Poised to Outperform in 2012
REALTOR®
Review l 14 l Winter 2012
bits & pieces
Lock Box Safeguard Did you know, you can retrieve the combination for your lock box if you purchased it at the REAL-TOR® Store? Lock box combina-tion records go back to 1987!
Good Cents Deals at the REALTOR® Store There are lots of good reasons to shop at your company store.
The REALTOR® Store
Valentine’s Day Sale10% OFF (February 2012)
Imagine her delight with a beautiful purse hook or eyeglass holder! Both items are 10 percent off in February! For the men, all measuring devices and calculators are 10 percent off!
Information Boxes in March SALE $15.99 (March 2012)
In March our most popular in-formation boxes with stakes (white and black) are on sale for $15.99. Regular Price: $18.99
*****
These offers cannot be combined with other dis-counts or online. Please come into the store or call (919) 654-7253 to receive these discounts.
As always, thank you for your business!
REAL ESTATE MARKETScontinued from page 13
These markets are showing signs of strength in several key metrics, including above-average price appreciation, a flourishing job market, a high rate of sales in proportion to population, a high level of home affordability, low foreclosure activity, a below-aver-age share of distressed sales, a low vacancy rate and other char-acteristics indicating a healthy housing market.
While real estate markets in the Midwest and Northeast made up the majority of markets on last year’s list of 10 markets to watch, this year the Midwest and the South dominated. Two Northeast-ern markets, both in New York state, also made the list; and no markets in Western states are on the list.
The 10 markets are, in order: Raleigh-Cary, N.C.; Wichita, Kan.; Rochester, N.Y.; Des Moines-West Des Moines, Iowa; Chattanooga, Tenn.-Ga.; Peoria, Ill.; Amarillo, Texas; Binghamton, N.Y.; Wa-terloo-Cedar Falls, Iowa; and Bloomington-Normal, Ill. The Des Moines and Bloomington-Normal metros are on the list for the sec-ond year in a row.
Nationwide, unemployment is high, though trending down; the median price of an existing home fell more than 4 percent in 2011; and existing-home sales rose a modest 1.7 percent last year, ac-cording to the National Association of REALTORS®.
Stan Humphries, chief econo-mist for Zillow,
said 2012 will be a “transitional year” in the housing recovery, with an improvement in home sales and prices anticipated to fall to a long-awaited “bottom.”
Zillow identified some markets that are “undervalued” on a his-torical basis in a chart provided for this report, and Inman News reached out to a range of other real estate research and informa-tion companies for their insight on those real estate markets ex-pected to outperform others in the year ahead. Those companies’ findings were not considered in the review and selection process of the top 10 markets featured in this report.
“While home values are expect-ed to fall further (another 2 per-cent to 4 percent) in 2012, with a definitive bottom probably a year away, encouraging precursors to a true stabilization of home val-ues are falling into place as the new year begins,” Humphries said in a recent forecast.
“Home sales will show a more consistent upward trend this year, slowly reducing the amount of vacant housing inventory. This in-creased demand will eventually start to put a
floor under home values later this year.”
United States foreclosure activ-ity hit its lowest level since 2007 last year, though experts largely expect it to ramp up this year, putting downward pressure on home prices.
See REAL ESTATE MARKETS on page 16
REALTOR®
Review l 15 l Winter 2012
At $224,300, Raleigh-Cary
metro had the highest
median sales price among
the 10 markets on this list
and was the only market
with a median sales price
above the U.S. median
“There were strong signs in the second half of 2011 that lend-ers are finally beginning to push through some of the delayed fore-closures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below
the peak of 2010,” said Brandon Moore, chief
executive officer of RealtyTrac, in the company’s year-end foreclosure report.
REALTOR®
Review l 16 l Winter 2012
REAL ESTATE MARKETScontinued from page 15
To compile the list of 10 markets to watch this year, Inman News looked for markets with above-av-erage median sales price growth, a low unemployment rate, a high rate of sales per population, high affordability, low and falling fore-closure activity, a low share of distressed sales, above-average projected job growth, median household income growth, low and falling vacancy rates, growth in the number of building permits issued, above-average popula-tion growth, high projected pop-ulation growth and a rise in in-migration from other states.
While no markets on the list fulfilled all of these ideal econom-ic characteristics, they did meet most of them.
Contrary to last year’s list, in which most of the resulting markets had populations under 250,000, half of the metros on this year’s list had populations above 500,000. This may be
partially a result of only consid-ering metros with a population of 150,000 or above, while last year’s list did not limit the list by population size.
Among the findings in this report:Three of the 10 markets on
this list are state capitals, and both Illinois markets benefit from proximity to that state’s capital, Springfield.
Four of the markets: Blooming-ton-Normal and Peoria in Illinois, as well as Des Moines-West Des Moines and Waterloo-Cedar Falls in Iowa, are no more than 300 or so miles from each other.
Nine of 10 markets had median sales prices below the national median in the third quarter of 2011.
Where affordability rankings were available, the markets on the list had no less than 73.6 per-cent of homes affordable to those households earning the area’s me-dian income in the third quarter.
All had unemployment, fore-closure and vacancy rates lower
than the national average. None of the markets had unemployment rates higher than 7.9 percent. All had lower shares of distressed sales than the national average.
Only two of the markets had populations above 1 million, and three had populations above 500,000. The remainder had populations below that figure, but above a minimum 150,000.
As in last year’s report, jobs in the public sector as well as the health care industry were major employers in most markets. This year, however, nine out of 10 mar-kets also counted manufacturing companies among primary em-ployers. Technology companies, energy providers, and universi-ties also boosted many markets.
The 10 markets are ranked according to population, sales volume and median sales price appreciation. Population was weighted most heavily in the rankings, followed by sales vol-ume in proportion to population, and rate of price appreciation.
International Council Wins Gold Status
The National Association of REALTORS® named the Triangle International Council of REAL-TORS® a Gold council in the 2011 Global Business Council
Achievement Program. Among the nearly 90 global
business councils operating na-tionwide, only 12 were named Gold or Platinum councils.
“On behalf of the 240,000 REALTOR® members represented by global business councils across the country, we thank you for
your efforts and congratulate you on your achievement,” said Janet Branton, senior vice president of the National Association of REALTORS® Global Business and Alliances Group.
Diana Braun is chair of the Triangle International Council of REALTORS® .
REALTOR®
Review l 17 l Winter 2012
Register at: www.rrar.com/event-view.cfm/id/259
Contact: Betsy Ramsey: 919-654-5400
Sponsored by Meritage Homes
Are you ready to move to the next level?Today is the day to move past yourself and the way you are currently doing
things! This seminar will teach you how to become a great sales person. We will introduce you to DISC the leading personal assessment tool used
by over 40 million people to improve work productivity, teamwork, and communication.
Speaker Deno Paolini is owner of Define the Way professional training and coaching.
Free-to-member events2
Top Producers Presents: Developing Strategies & Accomplishing Dreams
February 22 1 p.m. – 4 p.m. @ RRAR 111 Realtor Way Cary, NC 27513
Tax Strategies for The Real Estate Professional
March 2 9 a.m. – 11 a.m. (Breakfast at 8:30) @ RRAR 111 Realtor Way Cary, NC 27513
Register at: www.rrar.com/event-view.cfm/id/212
Contact: Betsy Ramsey: 919-654-5400
This is an easy to learn and fun to apply educational seminar which is guaranteed to identify between $2,500 - $27,500 in NEW deductions that you can use right away to pocket thousands in tax savings. These deductions are based in tax law, but presented in simple English that all of us can easily understand. You will not be buried in legal jargon.
Seminar presented by Kelly Clark of Bradford and Company, Inc. and excerpted from Bradford & Co.
REALTOR®
Review l 18 l Winter 2012
15 New Member Orientation, 8:30 a.m. to 3 p.m.
Triangle Leadership Academy Class: Leadership Concepts, Tom Martin 8:30 a.m. to 6 p.m.
16 Triangle Leadership Academy Class: Leadership Concepts, Tom Martin 9 a.m. to 6 p.m.
20 Community Service Committee, 11:30 a.m.
21 Triangle International Council of REALTORS®, 11:30 a.m.
Small Brokers Council, 8:45 a.m.
C.E. Mandatory Update, 8:30 a.m. to 12:30 p.m.
2011-2012 Broker-in-Charge Annual Review, 1:30 p.m. to 5:30 p.m.
22 Property Management Council, 11:30 a.m.
April1 Triangle MLS 2nd Quarter User Fees Due
3 Commercial Mandatory Update & Elective, 8:30 a.m. to 12:30 p.m., www.tcar.com
4 Women’s Council of REALTORS®, 8:30 a.m.
Top Producers Council, 11:30 a.m.
5 New Member Orientation, 8:30 a.m. to 3 p.m.
11 Continuing Education with Bill Galagher, 8:30 a.m. to 5:30 p.m.
13 Triangle REALTORS® Leadership Academy, 9:00 a.m. to 5:00 p.m.
16 REALTOR® Foundation of the Triangle Board Meeting, 12:30 p.m.
Broker-in-Charge Annual Review, 5:00 p.m. to 9:00 p.m.
17 Community Service Committee, 11:30 a.m.
18 Small Brokers Council, 8:45 a.m.
19 New Member Orientation, 8:30 a.m. to 3 p.m.
26 Continuing Education with Stacey Adfindsen, 8:30 a.m. to 5:30 p.m.
28-29 Nationwide Open House
Events will be at RRAR offices unless otherwise noted. Dates are subject to change.
February9 C.E. Mandatory Update, 8:30 a.m. to 12:30 p.m.
C.E. Elective: Foreclosures, Short Sales, REOs, 1:30 p.m. to 5:30 p.m.
15 Small Brokers Council, 8:45 a.m.
16 New Member Orientation, 8:30 a.m. to 3 p.m.
21 Community Service Committee, 11:30 a.m.
22 Top Producers Free National Speaker Event, 1 p.m. to 4 p.m.
23 TCAR Showcase, speaker: Bob Geolas, President of RTP, www.tcar.com
MarchTBD Successfully Selling HUD Homes
1 New Member Orientation, 8:30 a.m. to 3 p.m.
C.E. Mandatory Update, 8:30 a.m. to 12:30 p.m.
C.E. Elective: Protecting Client Interests in Virtual World, 1:30 p.m. to 5:30 p.m.
TCAR Frontier Awards, speaker: Ron Francis, Carolina Hurricanes, 8 a.m. to 10:30 p.m., www.tcar.com
2 FREE Tax Strategies for the Real Estate Professional, 8:30 a.m. to 11 a.m.
7 Women’s Council of REALTORS®, 8:45 a.m.
8 Technology Fair: Let the Good Times Roll, 9 a.m. to 4 p.m.
14 Orientation Dinner for Leadership Academy Class of 2012, 5 p.m.
RRARevents
