Number of home buyers paying with cash increasing

One of the real estate industry trends of 2013 was fairly easy to spot. Cash buyers accounted for one-third of all home sales in the past 12 months. This is about where it has been for the last three years.

Surprisingly, cash home sales took a jump in November, according to RealtyTrac. Cash sales accounted for 42 percent of all homes purchased in November, which is the highest level since RealtyTrac began tracking it. The percentage of cash sales in October was higher than average at 38.4.

Who pays cash?

There are certain segments of the population that have the liquid assets available to pay cash for homes.

• flippers


• retirees who are downsizing


• wealthy who are investing or purchasing vacation homes


• investors who expect the market to improve enough for a good return on investment through rentals


• overseas buyers


• people who have trouble getting financed

What it means

While the housing market is slowly heading back to normal, the rising number of cash sales is a sign that recovery is not complete. The pace is simply not sustainable.

The trend upward in cash-only sales began when mortgage rates began to tick up. Buyers with cash are willing to forego the tax advantage of carrying a mortgage to save on interest. Other savings for cash buyers include loan origination fees, appraisals and some closing costs.

Other advantages for cash buyers include avoiding the loan qualification process and the ability to close the deal very quickly.

How your property taxes are paid

Last week, we talked about where your property taxes go. This week, we’ll talk a little about how they are paid, which for most homeowners is a line item on their mortgage statement.

For most borrowers, holding property taxes in escrow is required by the lender. Some lenders who will let you do it still discourage it by charging you more interest. Today, though, most banks won’t even give you the option of not having an escrow account unless you can prove you have a certain amount of funds on hand or you have a certain amount of equity in your home, usually 20 percent.

No matter what state you live in, if you have a mortgage, chances are pretty good that your lender pays your property taxes through an escrow account. In fact, many people never even become aware of the monthly allocation until their mortgages are paid in full and they are directly responsible for paying the property taxes themselves.

Even if your bank pays your personal property taxes, you should receive a copy of the bill at least once each year, whether you pay your property taxes directly to the tax authorities or through your mortgage lender.

Always keep the latest copy of your tax bill where you have easy access to it. You never know when you might need it to prove residency. For example, some school districts require it when you enroll the kids in school, particularly if you're enrolling them in a new school. And you'll ALWAYS need it to do your income taxes, too!

The obvious reason to use an escrow account is, quite honestly, convenience. Simply adding it to your mortgage payment, not worrying about the paperwork, ensuring that it is paid on time... it honestly negates any cons related to escrow.

Some people who own their home continue to use an escrow account because they can set it on autopilot and don’t have to worry about making the payments when they are due.

What do property taxes pay for?

The end of the year brings holiday celebrations, New Year’s resolutions, football playoffs and bowl games, and for many, the dreaded property tax bill.

If you're like most people, you look at your property tax statement and automatically think "That's too high." But if you take a closer look, you'll see that your property taxes are spent in a lot of different areas, which is why it’s so hard to get lower taxes overall.

Depending upon where you live, your property taxes fund any number of state and local government functions. Here are the most common lines you'll see on your property tax.

Schools

By far, public schools are the largest single line item in nearly any property tax bill. A commitment to providing the best possible education often leads to higher local property values. In addition, the houses in neighborhoods with higher rated schools generally have higher prices. Although public school systems get funding from a variety of sources, including federal government, state government, fund raising efforts, the largest source is generally from property taxes. This is also why any tax reduction attempts meet strong resistance from both school employees and parents of school-aged children.

Public roads and parks

Although a lot of money from gasoline goes to roads, those are mostly financed by state and federal government. City and neighborhood street repair comes from property tax. Public park maintenance is funded as well.

Utilities

Depending upon the area in which you live, your property tax bill may also include certain utility costs that are provided by the county or municipality, which could include sewer, water and maybe garbage collection.

Government administration costs

This is a relatively small part of the local budget, but it covers salaries and benefits for municipal administrative staff and the buildings that house them.

Public safety

Many people mistakenly think that traffic citations fund police budgets, but most of their operating budget is provided through property taxes. Firefighters are also included in this category. This includes not only salary and benefits for policemen and firemen, but support personnel as well the acquisition of buildings and police cars.

Libraries

Although they’re not usually very large parts of your tax bill, they are considered highly desirable in most communities and largely beyond political haggling. When a tax increase is on the ballot, it rarely fails.

City and county allocations

Both rely primarily on real estate tax revenues to support their operations, so taxes are usually collected and paid to both. In many cities and counties, one government agency may collect the tax under a single bill, then apportion the funds, so you may pay your taxes to your municipality who then forwards the required portion to your county.

Nrew schedule for Corolla curbside collection for 2014

Corolla curbside collection dates announced

From Staff Reports

The Daily Advance

Saturday, December 14, 2013

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CURRITUCK — Currituck County and Bay Disposal Inc. have established a new schedule for the 2014 curbside collection of trash and recyclables in Corolla.

The schedule follows meetings by county staff and Bay Disposal officials with property associations on the Currituck Outer Banks.

Effective Jan. 1, 2014, the collection schedule will be as follows:

• Monday and Friday service (in-season, May 1 to Sept. 30):

Buck Island, Corolla Light, Currituck Club, Pine Island, Spindrift, Ocean Sands South — Sections A, B and C, and remaining residences fronting N.C. 12 not included in communities listed below.

Off-season, Oct. 1 to April 30, pickup day will be Monday.

• Wednesday and Saturday service (in-season):

Corolla Village, Crown Point, Monteray Shores, Ocean Hill, Ocean Sands — Sections D-Q, Villages at Ocean Hill, and the Whalehead subdivision.

Article Continues Below

Off-season pickup day will be Wednesday.

Anyone not included on this list should call Brenda McQueen, Currituck County Public Works Department, at (252) 232-2504.

Recycling service has been expanded for 2014. From May 1 to Sept. 30, recycling will be picked up twice per week, on the same day as the trash collections listed above. Each house will continue to receive one free recycling container from Currituck County.

Property owners who previously leased trash cans from Waste Management may continue to use the same cans. Bay Disposal has purchased from Waste Management all containers in the lease program and will visit each house to place new stickers on these cans.

Citizens who own their cans may continue to use those containers. Bay Disposal will collect trash from each household, provided it is in a proper container, regardless of whether the cans are leased or privately owned.

Anyone who owns their cans may obtain a free sticker to specify the recycling can. These stickers are available at the Currituck County Satellite Office, located at 1123 Ocean Trail. Stickers are to be placed on the can’s top lid, so it is visible to Bay Disposal’s truck drivers.

Corolla customers needing to contact Bay Disposal regarding leasing cans, damaged cans, bulk pickups or other questions about service may call (252) 491-5105.

The pros and cons of buying a home during the holidays

Two weeks ago, we talked about the pros and cons of selling your home during the holiday, so this week we'll talk about why buying your home at the same time presents challenges and opportunities.

The pros

The holiday season can be a good time to find a home. If you are planning to buy a home, but are waiting until the market heats up in the Spring, you might want to reconsider.

Right now, interest rates remain low, but because there is less demand for mortgage loans, you could get an even better rate.

Prices can be lower because sellers may drop their asking price

Fewer buyers = Less competition

Homeowners who keep their homes on the market are motivated sellers

Tax deduction for the current year

Fewer closings = faster transactions

The cons

Of course, there are some disadvantages to trying to buy a new home during the holiday. There's a shortage of inventory—the best homes in your price range may not be available because the seller may choose to wait until Spring. The market is slower because many agents schedule vacations at this time of the year. A blanket of snow can hide defects in the home's exterior and the landscape as well.

If you’re considering buying a new home, this time of year could prove to be advantageous. It could be the best time of year to buy. Talk to your REALTOR® to discuss your options.

BONNER BRIDGE TO CLOSE IMMEDIATLEY

News Release 

Bonner Bridge to Close Immediately

RALEIGH - To protect the traveling public, the N.C. Department of Transportation has closed the Herbert C. Bonner Bridge over the Oregon Inlet on N.C. 12 along the Outer Banks today due to immediate safety concerns.

Routine sonar scanning of the bridge identified scouring concerns, or areas where too much sand has eroded from the support structure of the bridge. As NCDOT crews continued to monitor these conditions, inspections revealed additional areas of concern, which led department officials to decide to close the bridge immediately for the safety of all residents and visitors of the area. The bridge will remain closed until the department can bring in additional resources to inspect the bridge and make necessary repairs to fortify the structure.  NCDOT has declared a state of emergency as a way of expediting the process and steps are already underway to begin repair work as soon as possible.

“Closing the Bonner Bridge is necessary to keep all travelers safe, but we know it will have a devastating effect on the people who live along and visit the Outer Banks,” said NCDOT Secretary Tony Tata. “We will work to safely reopen this vital lifeline quickly, and hope to be able to begin construction on a new bridge as soon as possible.”

NCDOT is working closely leaders, emergency workers and other officials to keep the public informed throughout the process.

The Bonner Bridge is the only highway access for vehicles between Hatteras Island and the mainland. Until it is safe to reopen, The NCDOT Ferry Division will provide emergency support to move people and cars across the Pamlico Sound.

Ferry Division workers have already tested the emergency ferry ramps at Stumpy Point and Rodanthe, and the division is currently sending four 180-foot River Class vessels to begin operating the emergency Hatteras Island route. All tolls currently in place on the Ocracoke-Swan Quarter and Ocracoke-Cedar Island ferry routes will be waived for residents, emergency personnel and vendors while the bridge is closed and the emergency ferry route is in operation. The U.S. Coast Guard is also currently on standby.

“We expect the emergency ferry route to be up and running Wednesday morning,” said Ferry Division Deputy Director Jed Dixon. “We know the residents of Hatteras Island are depending on us to be their lifeline, and we take that responsibility very seriously.”

At full capacity on a full schedule, the route can ferry 760 single cars a day, 380 from each side. A detailed emergency ferry route schedule will be available on the Ferry division website.

Replacing the Bridge
For decades, NCDOT has known the Bonner Bridge stands on borrowed time and needs to be replaced. NCDOT awarded a contract to a design-build team to replace the bridge in August 2011.  Design work began immediately and construction of the replacement bridge was originally set to begin in early 2013. All work is currently on hold following a series of legal challenges by the Southern Environmental law center on behalf of the Defenders of Wildlife and National Wildlife Refuge Association.

On Sept. 16, NCDOT received a favorable ruling in the federal lawsuit filed by the SELC when Judge Louise Flanagan issued a 42-page order denying all claims that NCDOT violated federal law when the department studied and selected the parallel bridge.

On Sept. 27, Judge Julian Mann III issued an order allowing NCDOT to intervene in the state action filed by the SELC against the N.C. Department of Environment and Natural Resources Division of Coastal Management for issuing a Coastal Area Management Act (CAMA) permit to NCDOT. Legal staff is working to resolve the state action as quickly as possible.

On Oct. 1, the SELC appealed the federal judge’s ruling that would allow construction to begin on the bridge replacement project. The appeal added further delay in building a parallel bridge to replace the current bridge, which is already well beyond its expected 30-year lifecycle and in constant need of repair and maintenance to keep it safe for travel.

The documents relating to the state action, as well as the federal ruling are available on the Bonner Bridge Replacement webpage.

Next Steps
Once the CAMA permit challenge and the federal appeal are resolved, NCDOT will immediately move forward with construction of the new bridge.

Background
NCDOT has already spent more than $56 million in necessary repairs, inspection and maintenance on the 50-year-old bridge since beginning the process to replace it more than two decades ago. Two additional repair projects on the Bonner Bridge, which total $2 million, and are needed to keep this critical transportation corridor open, began this fall.

Read more about the history of the Bonner Bridge and challenges to building a new one.

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How to get a better rate on your mortgage

When you buy a new home, you can reasonably expect that the cost of borrowing will add up to a great deal of money. Anything you can do to shave even tenths of a percent off the percentage rate can potentially save you thousands of dollars over the 30 years you'll carry the mortgage.

There are a number of things you can do to help yourself get a better rate on your mortgage:

Check your credit score

To get an idea of what your credit score is, you can check with free services or at MyFICO.com, which costs around $20. Looking at these reports can give you a general idea of what your score is and how to improve it. If you pull your own scores, make sure to compare them to what your lender is seeing.

Fix any errors on your credit report

Look through your credit report from each company for errors and negative items. Try to fix any errors that you find as quickly as possible. Each reporting agency will have details about disputing information. If the issue is not resolved after filing a complaint, contact the Consumer Financial Protection Bureau.

Pay your bills on time

From time to time, it's easy to put off paying a bill on its due date. It really seems insignificant, especially if you're having trouble making ends meet. Just one late payment, though, can cause your credit score to drop.

Reduce the amount of debt you owe

One of the criteria your mortgage lender looks at is your debt-to-income ratio, which is simply how much debt you are carrying compared with your monthly income. This number affects whether you qualify for a loan and what your interest rate will be.

Keep your old accounts open

Part of your credit score is based on the length of your credit history. It will not hurt to keep an old account open until your mortgage is secured. It may even be beneficial to keep your oldest account open even if your annual fee is due.

Don't apply for any new credit

When you decide that you're going to apply for a mortgage, don't apply for new credit of any kind. Not only can it mess with your debt to income ratios, if you have few accounts or a short credit history, inquiries can have a greater impact on your credit score.

Make sure to discuss your credit scores – and how they affect your mortgage rates – with your lender. They may be able to make other suggestions about how to improve your credit score so that you may qualify for a lower rate, which could save you a lot of money in the long run.

Outer Banks Multiple Listing Stats as of 12/1/13

There are over 3,000 listings on the market, out of those 3000 only 9% are distressed sales. There are 381 under contract or under contract continue to show. Out of these under contract listings 30% are distressed sales.

Current  active listings average days on market is 301.  322 new listings came on the market in past 30 days and 114 went under contract

Year to date 1886 properties have closed, and in 2012 there were 1916 properties to sell year to date.We are down 1.57% from 2012.

The average days on market for sold listings in 2013 are 239, and for 2012 they were 237. In 2013 the sold price was 93% of asking price and in 2012 the sold listings were 85% of asking price.

In 2013 and 2012 the number of distressed sales for sold listings  was  32%
This information was taken from OBXWHERE application.

What is OBXWHERE?

The purpose of OBXWhere application (app) is to allow for anyone to search for properties for sale on and near the Outer Banks of NC. OBXWhere is a web app that runs in almost any web browser. Formatted for a smartphone, it also runs on computers. So, you do not need to download anything from an app store to start using it. You can bookmark it and/or save to your mobile device's home screen to quickly access it.

OBXWhere is used by many agents, belonging to Outer Banks of Association Realtors® (OBAR), to provide easy access to information on properties for sale. It is free for anyone to use to look up property for sale and to contact the agent. There is also an evolving "Area Info" section where you can find information about areas as well as events.

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