www.makeamovewithmiller.com

            Thinking about selling your home?   One of the most difficult aspects of being a Real Estate Agent is convincing sellers that their home’s value is less than what they think!  With the market as depressed as it has been over the last few years, and glutted with a vast selection of homes, properly pricing  a home is crucial.  Sellers who have kept their homes in pristine condition and have invested money in top notch remodeling do have an advantage over home sellers who have not taken care of their homes, but most buyers may not be willing to pay extra.  Home buyers today are the best educated buyers that I have seen.   About 75% of buyers begin their home search on the Internet.  Either with or without the services of a Realtor, this new wave of buyers can pull the “comps”, or comparable sales in their area of interest.  They will diligently research, analyze the sales and homes on the market andwill  want to see the homes that offer the best deal.   They will pour over hundreds of listings, based on “plugging in” an area, price range, square footage and number of bedrooms.  Anything that appears to be overpriced tends to be glossed over in this market, no matter what amenities it offers.    With this in mind, sellers need to be very realistic to home pricing and need to do their own homework before listing.

Before I list a home, I do a thorough market analysis of homes in the general area or neighborhood that have sold over the past several months, visit similar homes currently on the market, and prepare a professional alaysis of probably range of value.  If a seller wants to list the home substantially higher than what I feel it will sell for, I encourage them to carefully read my report, and offer to take them to see similar homes that are priced correctly.  I also encourage them to visit open houses on their own, to in order to get a reality check.  I also recommend having an appraisal done by a licensed appraiser, if they are still in doubt about a realistic listing price.

And, I always stress that an overpriced home, in most cases, will cause a lot more problems in the long run, than a home that is priced to sell. An overpriced home just sits on the market with little or no buyer interest until the seller cuts the price. Once a propsective buyer sees a substantial price cut, he is motivated to make an even  lower offer.  So, starting with a lower price than you want, but one that is supported by the comps in your market is the bet way to encourage a quick sale!

The moral: if you aren’t sure about what price to place on your home, go a little bit lower than what the  comps suggest and listen to your Realtor! Insiders know from experience that you’ll sell your home faster this way – and at a better price than if you overprice it out at the onset.  Invest in a reality check–you will be much happier in the long tun!

Mary Ann Appleton Miller, ABR, CSP, e-PRO, SFR, SRES                                                                                                                                                                                                                                                                                                                          336-340-7526

 www.makeamovewithmiller.com

         I am asked this question frequently in my real estate practice, and my answer is always the same.  See a good mortgage lender who can analyze your credit rating and monthly obligations in order to give you a clear understanding of how high a mortgage payment you can handle.

I  provide my buyers with a comprehensive package regarding lending,  to be used as a primer, before they visit a lender.  Lenders look at the whole picture–all of your recurring expenses such as credit card debt, car loans, student loans, child support and alimony.  They also will figure in property taxes and homeowners insurance.  In addition, they will look at any child support and alimony payments that you receive, which will be counted as extra income.  The final steps are to evaluate your income, savings, and how much you have available for a down payment, check your credit rating, and verify monthly income with your employer.

A lender will provide you with a Good Faith Estimate (GFE) that will give you a pretty accurate picture of how much you will need to close on a home in your price range.  This GFE will estimate purchase price, down payment, taxes, insurance, any escrows required by the lender, attorney’s fees and miscellaneous closing expenses, and provide you with an estimate of total monthly mortgage payment.  If you are comfortable with that payment, you can start  looking for a home in the price range for which you qualify!

The formula is rather easy–the better your credit rating and the more money you have as a down payment, the lower your monthly payments.  Most lenders today are requiring a 3.5% down payment for an FHA loan, and 5%  for a conventional loan.  However, if you have a 20% or greater down payment, you will reduce your monthly payment considerably, because the lender will not require Private Mortgage Insurance (PMI).  For example, if you are purchasing a home for $200,000, and you have a 5% down payment of $10,000, your PMI will cost you approximately $115.00 a month, based on a 30 year conventional loan with a 4.00% interest rate.  Increase the down payment to 20%, or $40,000, and you will save the $115.00 a month PMI payment.

There are many tax benefits to home ownership, so don’t let the mortgage payment intimidate you too much!  Your lender will explain the tax advantages in detail, but you are allowed to “write off”  interest payments when you file your yearly taxes.  There may be other benefits that your lender will discuss with you.

Understanding how much home you can afford before beginning your search will make the house hunting process much easier and certaintly more fun!  If you would like to receive my comprehensive guide to financing your home, please email me at mmiller@triadpremierrealty.com and I will email you my report!

                                                             www.makeamovewithmiller.com

         Don’t miss the opportunity to purchase this 4 bedroom, 2 bath ranch in a quiet community very close to Starmount Country Club!  Home boasts a beautiful, tiered, fenced back yard, with fully mature trees and new patio.  The interior of the home has many updates, including eat in kitchen with white cabinets, gas range, Corian cabinets and designer faucet.  In addition, this gem features a formal living room with picture window, built in cabinets in  roomy den that can  be easily  used as a formal dining room, and partial cellar with washer/dryer hook ups and storage area.  Other upgrades include slate front porch, storm doors and fresh paint.  Sellers are offering a $2500 carpet allowance.  Call Mary Ann to arrange a showing at 336-340-7526.

www.makeamovewithmiller.com

      A question I am frequently asked these days is “Should I look for a home now, or wait till spring?”  My answer is “Buy Now”!  As everyone knows, it’s still a buyer’s market, and with interest rates at historic lows, and an overabundance of homes to choose, why wait?  Beginning in mid-fall, most potential buyers put off purchasing a home until the spring.  With holidays rapidly approaching, they divert their attention elsewhere.   The smart prospect, however, will consider the following:

1.  Sellers are becoming more anxious to sell as the number of showings decrease.  This means that they will more than likely be willing to negotiate in your favor.

2.  Real estate agents tend to be a little “slower” this time of year, and they have a little more time to work with you to find your dream home.

3.  With less potential buyers looking for homes, you have less competition in the marketplace.

Ok, so I’ve convinced you to start your search.  How do you begin?  First, find out how much you can afford to spend on housing; visiting with a good lender is a great idea!  A mortgage lender will be able to “prequalify” you, showing you the amount of mortgage payment you can comfortably handle.  If you don’t wish to speak with a lender at this point, there are many online mortgage calculators that will provide you with this information.  Either way, once armed with a range for list price, seek out a well qualified Realtor.  If you don’t have one you’ve worked with before, ask friends and family for a good referral, preferably one who has earned the Accredited Buyer Agent  (ABR) designation This professional has the training and experience necessary to navigate you through the entire buying procedure.                

The next step is meeting with your Realtor to discuss your wants and needs.  Be prepared to discuss location, price range, and  type of housing wanted (condo, town, single family).  Your Realtor will ask additional information such as personal needs–school districts, proximity to public transportation, and whether you wish to live within the city limits, or prefer a home elsewhere.  You’ll also be asked how many bedrooms and baths you require, the age of the home you are looking for, and what amenities in general are important to you.  For example, do you wish to be governed by a Homeowners Association (HOA), or do you wish to live in a community protected by a historic preservation society.

Once armed with this information, your Realtor will do a number of things, depending on the way he or she runs the business.  At this point, some Realtors will begin the search for the buyer, and find a selected number of homes meeting the buyer’s criteria.  Others will set the buyer up with an account that enables the buyer to search the local Multiple Listing Service (MLS), and choose the homes he wants to see.  The important thing is to communicate freely with your Realtor and let him or her know how you want to search for your new home. 

Now comes the fun part–visiting homes!  Again, communicate to your Realtor how many homes you are comfortable seeing at each visit, and begin looking!  Together, you and your Realtor will narrow down your choices and find the one that is perfect for you!

www.makeamovewithmiller.com 

Buyers, are you aware that you may be eligible for a United States Department of Agriculture (USDA) loan?  These loans are 100% financed, including down payment!  Buyers virtually need nothing to become a homeowner!

                  Guaranteed Rural Housing Loans are administered by USDA which serves the public through more than 800 field offices nationwide.  Sometimes good credit and a steady income are not enough to qualify for a home loan at a commercial lending institution, such as a bank, savings and loan or mortgage company.  More rural families and individuals may be eligible to become homeowners with the help of a USDA guaranteed home loan.  When the federal government agrees to guarantee a loan, lending institutions can help buyers while incurring less risk.  Through USDA’s Guaranteed Rural Housing Loan Program, low and moderate income people can qualify for mortgages even without a down payment.

Right now, in Guilford County, if you are a single person, you may qualify for a USDA loan if your income is below $41,000.  If two people live in the household, income must be below $46,800.  Of course, you need good credit and a steady income. 

Don’t be fooled into thinking that “rural” means farmland or places that are far from the city limits.  USDA eligibility is based upon zip codes!  There are  zip codes near downtown Greensboro that qualify for USDA loans.  Here’s an example of a beautiful home in 27406 zip code, very near downtown Greensboro that qualifies for this type of loan.  The price of this home is only $145,900.  The home is near colleges, great shopping, restaurants and major highways!  To view more information about this home, please visit www.makeamovewithmiller.com

ELIGIBILITY REQUIREMENTS

**Have an adequate and dependable income;
**Be a U.S. citizen, qualified alien, or be legally
     admitted to the United States for permanent
     residence
**Have an adjusted annual household income that
    does not exceed the moderate income
    limit established for the area. A family’s income
    includes the total gross income of the
    applicant, co-applicant and any other adults in the
    household. Applicants may be eligible to
    make certain adjustments to gross income— such
    as annual child care expenses and $480 for each
    minor child—in order to qualify

**Have a credit history that indicates a reasonable
    willingness to meet obligations as they become due
**Have repayment ability based on the following
    ratios: Principle, Interest, Taxes, and Insurance
    (PITI) divided by gross monthly income must be
    equal to or less than 29 percent

HOMES THAT QUALIFY

**Guaranteed loans can be made on either new or
    existing homes
**Existing homes must be structurally sound,
    functionally adequate, and in good repair
**The home must not be used for income-producing  purposes
**Homes must be located in rural areas. Rural areas
     include open country and places with a     population of 10,000 or less and—under certain
    conditions—towns and cities with
    between 10,000 and 25,000 residents.
**Loans may be for up to 100 percent (102 percent
    if the guarantee fee is included in the
    loan) of appraised value or for the acquisition
    cost, whichever is less.
**No down payment is required
**Mortgages are 30-year fixed rate at market interest rates
**Buyers must personally occupy the dwelling
         following the purchase

For more information about a USDA loan please call  Broker/Realtor, Mary Ann Appleton Miller at 336-340-7626.

www.makeamovewithmiller.com

Hurry to the Natural Science Center at 4301 Lawndale Drive in Greensboro to see the latest exhibit now through March 6th! 

The Body Revealed is a travelling exhibit about the amazing and complex machine we call the human body, a dozen full body human specimens and hundreds of organs are respectfully displayed to tell the story of the miraculous systems at work within each of us.  Presented in a highly educational display of galleries, BODIES REVEALED gives visitors of all ages the unique opportunity to more closely observe the skeletal, muscular, nervous, digestive, respiratory, reproductive and circulatory systems, and to absorb information normally reserved only for medical professionals.  Bodies Revealed allows people to learn about their own bodies and teaches them to take better care of their health and to make positive lifestyle choices.   The specimens feel dry to the touch and can be either flexible or rigid, although guests are not allowed to touch.  To learn more about this exhibit,  contact Terri Cooke at 336-288-3769 x 315.        The exhibit is open Monday through Friday, 9-5.

The Natural Science Center also features the Animal Discovery Zoological Park, consisting of a “friendly farm” or petting zoo, and a section where guests can see tigers, monkeys, lemurs, otters, and other reptiles.   This section of the center is open daily from 10-4.  Other attractions include classes and workshops, school programs and birthday party facilities.  The Omnisphere Theatre is a fabulous digital show shown on a 40 ft dome!  Among the most popular shows are Stars and Seasonal Gazing, Waking the T-Rex,  and Big Bird’s Adventure.  Special Laser Holiday shows are planned for the Christmas season.

December is Membership Sale Month! Purchase a Family Membership in December and get a Family Gift Membership for 50% off!  Use this form to download a membership form!

 www.makeamovewithmiller.com

   Do you want to buy a home in the Triad area, but don’t have a down payment?  Sweat Equity, a gift loan from family or close friend, or a USDA 100% loan may be your answer.  Gone are the days of the government assisted down payment programs like Neighborhood Gold.  A good credit score and a job that can qualify you for a loan just aren’t enough if you don’t have at least 3% of  the purchase price saved for a down payment.

There’s a program approved by FHA (Federal Housing Administration) called Sweat Equity that may be what you need to buy that home!  This will work for new construction, and the builder can allow the prospective homeowner to actually do some of the work himself, and credit him with a down payment for the home.  The three areas that qualify to get “paid” as sweat equity are insulation, painting and landscaping.  For example, a prospective home buyer can help install the insulation in his new home, paint the dry wall once installed, or help plant trees and shrubs when final grading is done. 

There are specific rules that must be followed.  Two quotes from two different vendors, submitted on company letterhead must be received by the builder and the FHA lender.  The average of these two quotes will be used to determine the amount of sweat equity “earned” by the prospect.  In many cases, the amount earned in this way is enough to qualify for a down payment on a home!

Another alternative financing option is receiving a gift from a family member or very close friend.  This gift can be up to the amount needed for the down payment.  A letter from the person providing the gift must state that the money is indeed a gift and does not need to be repaid.  Certain rules apply; please contact an FHA lender for all the details.

The third alternative is finding a home that qualifies for a USDA (U.S. Department of Agriculture) loan.  These homes must be located within certain zip codes, in rural areas.  If the buyer otherwise qualifies, money is available for down payment assistance and the buyer does not have to contribute anything, provided that the builder will pay for closing costs.

Purchasing a home has certainly become much more difficult in recent years, but these three alternatives are great resources to use.  With a little elbow grease, expert advice from an FHA lender and a great Realtor, many people who would not qualify in the conventional way are becoming home owners!

To learn more about these programs, or to begin looking at housing in the Triad of North Carolina,visit my website at www.makeamovewithmiller.com

 www.makeamovewithmiller.com

Anyone who has recently shopped at Friendly Center in Greensboro will find it hard to believe that the center was once “in the country”. 

Winn Dixie, 1962

 Back in the early 50’s, Friendly Avenue was a two lane road, dotted with homes where people kept chickens and cows, and where people went rabbit hunting.  But, just a few years later, in 1957, twenty four merchants opened a shopping center on Friendly,  called Friendly Center.  The story of Friendly Center is one of change, as the center has grown from a small strip mall to a large shopping center featuring restaurants, upscale stores and a theater complex.

When I  moved to Greensboro back in 1980, most of  Friendly Center was not yet developed.  Anchor stores were Belk’s, which is only 1 of the 3 remaining stores, Woolworth’s, Rose’s Department Store, the Piece Goods Shop, and several other small shops.  The Big Star and Winn-Dixie was where local residents shopped for groceries.  Woolworth’s still had a soda fountain and counter.  We shopped for plants, shrubs and garden accessories at Scott’s Seed, and bowled at Friendly Lanes on Green Valley Road.

One of the most memorable sights at Friendly Center has always been the gigantic, 20 foot waving Santa, displayed around the holidays.  He has become a harbinger of the Christmas season and can be seen right on Friendly Avenue, near Belk’s.

Shops at Friendly, 2010

Today, there are 140 stores,  (directory)featuring Macy’s, Belk’s, Ann Taylor, Brook’s Brothers, Coldwater Creek, Williams Sonoma, and The Gap, to name a few.  Other attractions are Barnes and Noble’s, Ben and Jerry’s Ice Cream, Old Navy, Rite Aid Drugs, and one of the largest Harris Teeter’s in the area.  If shopping works up an appetite, you can dine at PF Chang’s, Harper’s, Cafe Carolina or a variety of other eateries.  Want some pampering?  Try Leon’s, Beverly Nail Spa, Aveda, or Luxury Nails and Spa.  Finish your day with dinner and a movie at The Regal Grande 16 theatre, and then for a snack at Cold Stone Creamery or coffee at Starbuck’s!  Friendly Center.  Something for everyone in the heart of northwest Greensboro!

          

www.makeamovewithmiller.com 

                      Want to practically “steal” a condo in northwest Greensboro?  Visit Brushwood Park, off West Friendly Avenue, just past the new Bryan Blvd overpass.

Brushwood Park Condos

Brushwood Park is one of Greensboro’s best kept housing secrets!  These luxury condos offer buyers brick construction,  elevators in each building, open floor plans with security systems in each home, large master suites and closets, and kitchens with breakfast bars, GE appliances and lots of cabinet space.  There are only several one bedroom, 1 bath condos left–at the unbelievably low price of only $59,900!  The homeowner’s association dues are only $110.00 per month, and the dues include water.

Gourmet kitchens are open and airy, and feature a double stainless steel sink with veggie sprayer, dishwasher, range, microwave and garbage disposal.  Another standard feature is a breakfast bar that can seat 4 people.  The floor plan is spacious, and includes a ceiling fan in the living area, which opens to a fenced patio with storage.  Laundry rooms are conveniently located near the kitchen, and washers and dryers may be added as upgrades.  Other upgrades include granite counters, hardwood or ceramic tile floors, 2″ faux blinds, and three choices of upgraded carpeting. 

Here’s a photo of  the Brushwood model kitchen, showing upgraded granite counter top, stainless steel appliances and hardwood flooring.  Come and see how luxury living is not reserved for the rich! Showings are by appointment only; please call 336-340-7526 to see any of these great condos!

www.makeamovewithmiller.com

        Located at 1220 Revolution  Mill Drive in northeast Greensboro, Revolution Mills is now used as a banquet facility, and occupied by 97 businesses, featuring offices with original maple floors, high ceilings and large windows. 

Original Revolution Mill

The rich history of this building began in 1898,  when Caesar and Moses Cone, brothers who entered into cloth manufacturing in 1887, here in Greensboro, decided to establish a flannel factory.   The Cone brothers convinced long time friends, Emanuel and Herman Sternberger, to move to town and partner the factory.  At this time, flannel had not been manufactured in the south and it was thought this innovation would be a “Revelation” to the textile industries. According to local history, the mill organizers felt that the name “Revelation Mill” might have Biblical associations and instead chose “Revolution” as the name for the new flannel mill.

Mill Village Homes

Revolution Mill was the first flannel mill to operate in the southern states.  As flannel became popular, Revolution Mill grew at a tremendous pace from 1900-1925.  By the 1930s, the mill had become the largest exclusive flannel producer in the world.  The Mill created jobs for local residents,  and mill towns, with cottages where the workers lived, sprouted all over northeast Greensboro. Through the ’30s and-40’s, the area was still rural,  and cows grazing on the Revolution ball field, chicken coops in Proximity, hogs butchered in East White Oak were common sights. 

Revolution Mills Today

Today, Revolution Mill is the largest restoration project in the history of Guilford County.  With over 600,000 square feet of space, Revolution Mill has been transformed from rural cotton mill to 21st century,  high tech office building.  From its humble beginnings, to the upscale feel of today, the building is home to banquet facilities, doctor’s offices and shops.  To schedule a tour, please call 336-235-2593.