Blog :: 03-2009

Buyers Are Coming Back?

WIth the state of the real estate market and the economy any signs of life are good signs. In the last 2 days our office has had 2 walk in buyers with one already getting a home under contract and the other deciding between 2 homes. These buyers realize this current market is a great time to buy. Now 2 walk-ins in 2 days is not setting the world on fire, but we wilk take it. We are still getting about 4,000 visitors to our website each month and numerous inquiries about various properties. As the credit markets loosen up we look for continued increases in both web and foot traffic to our office. Are you contemplating a purchase? Contact us at wncinfo@realtyworldheritage.com for more information!

My Take on AIG (for anyone that cares)

I have been waiting for days to make some comments on this AIG fiasco. I wanted to hear as many details as possible before giving any sort of opinion. First of all I will say it is wrong for these companies to take tax payer money and then give it out like it is candy. BUT! Our government knew about this and the facts are starting to come out. It was not just the Bush Administration, but also the current administration. They are all at fault. For our so called "leaders" now to stand up and say this is an outrage is well, an outrage! Did or did they not just pass a $400 Billion budget omnibus bill with 8,000 earmarks worth $80 billion dollars? And they are now "outraged" over $160 million.

I feel sorry for the CEO at AIG. The man was retired and from what I have heard was a great leader for Allstate and had a great career. He comes back to assist for payment of $1 (I am not sure I fully believe this) and no bonus and jumps right into a tigers cage. He did not authorize the payments although he should have curtailed them some how. I watched his testimony the other day and it sounds like (again, trust is a huge issue with all of us these days) he and AIG have made some huge gains and he has a "plan" to continue to pull the company forward. What a novel concept: A Plan! What do we have to do to get "a plan" from the adminstration or the treasury secretary in regards to all the toxic assests that are continue to paralyze the economy thus our business in real estate?

Again, I hate that the bonus money was given out and tax payer money was most likely the main source, but is this not the United States of America? We are told from birth that if you work hard and get an education you can do whatever you want in life. I suspect many of the AIG employees worked hard and are very well educated. They signed on with the company with a salary and benefits package and their contract said they would be paid X amount. Who are we to question that? That is just unamerican! I personally do not think anyone is worth millions of dollars, but if that is their earning potential, well then congratulations. I get the sense that the adminstration is more concerned about leveling the playing field for all across the country. I think that is called socialism, but I may be wrong.

The part of all this that scares and upsets me the most is the reaction from Congress. Do you realize the house passed a bill to retrocatively tax the bonus money up to 95%? Do you not think there is something wrong with that? It sounds like something that Cuba or the former Soviet Union would do to its citizens. I will say again AIG should have modified the bonus structure, but a contract is a contract. For the Congress to step in and make a law is outright illegal in my opinion (I am no attorney, but I do have a bit of common sense). What are we doing here? We are we going as a country? It is getting scarier by the day the direction our leaders are taking us. (Case and point take a look at the Pelosi Video in regards to immigration from a few days ago).

What can we do? It seems that we are powerless, but I have taken quite an interest in Glen Becks "We Surround Them" cause. His 9/12 Project is gaining much support to take all of us back to the principles that built this great nation. All Americans must first get educated on the facts. They are hard to find becasue the media seems to be part of the problem. We do know that our "leaders" do not appear to be in it for us, but for themselves and self-interests. They also do not seem to understand the history of our country. It is the land of the free, home of the brave! Lets not let them forget that!

'Popcorn' Sutton dies

Josh BoatwrightJBoatwright@CITIZEN-TIMES.com "¢ published March 17, 2009 12:15 am

A Maggie Valley Icon, Popcorn Sutton passed away at his home in TN yesterday. See the story below. He will be missed in these parts.

PARROTTSVILLE, Tenn. - Haywood County moonshine legend Marvin "Popcorn" Sutton was found dead Monday in his eastern Tennessee home, friends and family said.

Sutton, 62, spent much of his life making moonshine, a craft that brought him fame and a string of criminal convictions dating to the 1970s.

He was facing 18 months in federal prison on moonshining and weapons charges and had told a judge at his sentencing he was in poor health and would rather die at home than in jail.

Pam Sutton declined to discuss the circumstances of her husband's death, saying it was under investigation by the Cocke County. Tenn., Sheriff's Office.

The detective handling the case could not be reached Monday night.

"He was a good man, he really was," Pam Sutton said.

Federal authorities arrested Sutton a year ago on charges of running a moonshine operation that produced hundreds of gallons of liquor.

A judge in January sentenced him to 18 months in prison, rejecting arguments that Sutton had learned his lesson and was too ill to serve time.

"I'd like to die at home instead of in a penitentiary," Sutton said in court at the sentencing.

Nearly 1,500 people had signed petitions asking for leniency in his sentence.

Born near Maggie Valley, N.C., Sutton was revered by some for preserving a dying piece of mountain history.

His reputation grew beyond the mountains through a book and film he produced about his craft and Internet and cable TV documentaries in which he demonstrated how to make his famous liquor.

Sutton evoked curiosity from people around the world, drawing tourists to places like the Misty Mountain Ranch Bed and Breakfast in Maggie Valley, which has a suite dedicated to the moonshiner.

"He made a very big impact on the whole world because people have called me from all different countries, all over the U.S., asking for his books and tapes and anything you could tell him about Popcorn," said Misty Mountain co-owner Karen Hession.

Hession and her husband had been friends of Sutton for more than 10 years.

Hession said he captured the spirit of the mountains, but there was also a gentle side to the man that those close to him knew well.

"He was a very kind, thoughtful person," she said. "I wish everybody knew him like we did

http://www.youtube.com/watch?v=EPuWX7d7yEw

httpv://www.youtube.com/watch?v=EPuWX7d7yEw

Waynesville NC Real Estate: Market Update

In an effort for these stats to be read on all the blog sources that we send them to (Facebook, Linked In, etc) I will be posting in a "non chart" fashion.

Waynesville Single Family Residential Homes Sold: Report Range: 1/1/09- 3/16/09

# of Homes sold: 31

Average Listing Price: $250,936

Average Selling Price: $226,459

Average Days on Market: 201

Months of Supply On Market: 19.3

Source for stats: NC Mountains MLS Inc

6 Months Supply = Balanced Market

Less than 6 Months Supply is Sellers Market

More than 6 Months Supply is Buyers Market

Maggie Valley Real Estate: Market Update

Date Range: 1/1/09- 3/16/09

Active Listings

Closed Listings

Average Listing Price

Average Selling Price

Average Days on Market

Months of Supply on Market

268

13

248,662

233,185

215

33.5

6 Months Supply = Balanced Market

Less than 6 Months Supply is Sellers Market

More than 6 Months Supply is Buyers Market

Source for stats: NC Mountains MLS Inc.

The Real Facts of N.C. Real Estate

FORECLOSURE FACTS

> Nationally, January foreclosure filings decreased10 percent compared to the previous month. > In January, the number of foreclosuresoccurring in N.C. decreased 29.3 percent when compared to January 2008. Nationally,foreclosure rates were 18 percent higher in January 2009. > North Carolina continues to descend in the official ranking of foreclosure rates, and is 33rd nationally. > Four states - Nevada, Arizona, California and Florida - represented 53 percent of the 274,399 foreclosures in the U.S. in January.

ECONOMY

> North Carolina is consistently at the forefront of affordable housing. Most recently, Cornelius was named one of the most affordable suburbs in the country. Fayetteville and Rocky Mount were both recognized for high price appreciations.

> In 2008, North Carolina welcomed the most newcomers (versus loss of residents) of any state, according to moving services website Relocation.com. For every 100 people leaving, 180 moved in.

HOMEOWNERSHIP

> In February, Gov. Bev Perdue signed an authorization that could save N.C. homebuyers more than $30 million. > The National Association of REALTORS® estimates the impact of the stimulus package and lower interest rates on the housing market to be about 900,000 additional home sales in 2009 compared to conditions before the stimulus package.

> Homes were more affordable in December 2008 than at any other point since the National Association of REALTORS® began its housing affordability index in 1970.