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Latest Blogs

Why Home Prices are Up

Why Home Prices are Up

Maybe you’re in the market for your first home. Or perhaps you’re looking to sell your current home and relocate your family. In either case, you’ve doubtless had some exposure to the house market. Whether looking at online listings or perusing local opportunities in your town or neighborhood, surely you’ve noticed the inflated prices of homes for sale today. It can be challenging enough finding the perfect home, but the overall increase in asking price can make this process even more difficult. You may have wondered, what causes this inflation? Why have home prices been on the rise in recent years?

Like most things that have to do with the economy, there isn’t just one reason for the spike. There are actually multiple variables to consider. Ultimately, supply and demand is a big factor. If the demand outweighs the current availability, then it becomes a seller’s market. A seller can get away with higher listing prices and higher rent because of limited supply. Unfortunately, there’s no one to blame for the comparatively lacking supply of today’s housing market. Oftentimes, even with the rapid growth of some towns and cities, builders can’t work fast enough to accommodate the ever-growing demand from an ever-growing population. Most recently, housing production has been severely affected by the COVID-19 pandemic, beginning back in 2020.

In fact, the pandemic is another major factor behind the inflated price of homes, if perhaps in unexpected ways. Records show that there are fewer houses for sale than there have been in past years. Perhaps the fear of COVID-19 infection has kept people from opening their homes to the outside world. The pandemic has also kept people inside, away from their jobs, their friends, and their lives. With this comes a decrease in spending on things such as fuel, food, drinks, entertainment, vacations, etc. As spending decreases, saving increases, and people set their sights on a new house. These circumstances continue, adding to the already growing demand which, in turn, boosts home prices even higher. It’s a vicious cycle that favors the fortune of the seller. This means that unless you currently have a home to sell before moving, you’re up against a steep cost.

It’s unclear when or if the price of housing will begin to decrease. Supply and demand is at the heart of it all, and the onset of a global pandemic only further destabilized the already fragile economy. The best thing you can do is keep an eye on the market. It may generally favor the seller, but you might just spot a diamond in the rough!

How to Deal With Water Damage

How to Deal With Water Damage

Water damage: something no homeowner ever wants to encounter within the walls of their home. Whether it’s the result of severe weather and a leaky roof or a burst pipe inside the framework, water damage is every homeowner’s worst nightmare. Fortunately, it’s not permanent and can be fixed after the fact. You may want to contact a professional cleanup company to do any major restoration and repairs, but there are a few things you can do meanwhile to prepare the area and prevent any further damage.

First, you must identify the source of the water. Has the house undergone any severe damage recently? Do you have any known leaks in your roof or cracks in your ceiling? Were your plumbing pipes frozen or corroded? Knowing what type of leak you’re dealing with will help you better stop the continuous flow of water and correct and issues down the road.

Once you’ve identified the source of the problem and contacted the appropriate correspondence (roofer, plumber, etc.), it’s time to start fixing the damage left behind. Begin by drying the affected areas and wicking any moisture that may be trapped under furniture, beneath floorboards, or soaked into carpet padding. This is crucial, as mold and mildew could creep up and take hold as soon as 24 hours after the incident.

If the water damage is extensive, you may have to do some major repairs inside your home. For example, saturated drywall will need to be replaced, as will carpets and the padding beneath them. You may be able to salvage your hardwood flooring if you caught the water leak and removed the moisture in time to save its integrity. Otherwise, you may have to replace it.

If any of this sounds difficult or outside your expertise, consider allowing a professional cleaning service to come in and take care of things for you. They will often be better equipped with the tools and know-how to get excellent results. Contact your insurance company to see who and what is covered under your insurance plan, then work alongside the cleaners to get advice on how to proceed and how to prevent future incidents.

In the end, time is of the essence when it comes to water damage. The sooner you are able to spot it and resolve the issue, the better. Water damage can spell disaster, but act quickly and you may be lucky enough to emerge with only some minor cleaning bills.

Picking the Right Property Manager - Charlotte Property Management

Picking the Right Property Manager - Charlotte Property Management

While not essential to the success of your rental income, a property manager can make things a lot easier for you, especially if you have a full-time job. Property managers will take care of things like website listings, screening potential tenants, and even collecting rent from current tenants. But of course, you don’t want to choose just anyone for the job. You want someone reliable, someone you can trust with your business and your income, even when you aren’t there to watch over their shoulder. Here are some things you should consider when looking for a good property manager.

  • Get Referrals. The single best thing you can do when looking for a reputable manger is collect referrals from other sources. Contact people who would have had experience with a property manager, then ask whom they would recommend. After a while, you may find that there’s some overlap in the names being recommended. These are the property managers you’ll want to follow up with first.
  • Do Research. Rather than depend entirely on someone else’s favorable opinion, do your own research. A quick internet search will typically tell you everything you need to know regarding experience, credentials, and other information. They may even have a website available for you to browse.
  • Meet & Ask Questions. Form your own opinions by scheduling an in-person, face-to-face meeting with some of your top prospects. Consider the image you want to project and remember that your tenants, potential or otherwise, will likely interact with their property manager more frequently than they will with you. Record any general observations, including personality, sociability, and any other qualifications that you may consider important.
  • Observe Business Practices. If you have the opportunity, observe how they conduct business. Alternatively, you may ask these questions when meeting in person. Have they gone paperless, or are they more traditional? Do they prefer digital communication, face-to-face, or some combination of the two? Are they strict or lenient in the observation of rules and contracts? The ideal property manager aligns with your own values and current practices.
  • Ensure Insurance. Should something happen under their supervision, it’s essential that the manger have their own insurance. You shouldn’t be held personally responsible for a manager’s mistakes. Be sure to clarify during the interview process and weigh your options before hiring an uninsured property manager.

Finding a property manager that you like and trust can be tough, but it will be worth the extra time and effort spent in the end. Follow Talley Properties blog for more tips and tricks!

Home Interior Trends for 2022 - Charlotte Property Management

Home Interior Trends for 2022 - Charlotte Property Management

After spending an unusually large amount of time in our homes these past few years, it’s no surprise that home interior trends going into 2022 represent a paradigm shift. These new trends reflect a changing of the times. Rather than simply looking nice for others who happen to drop in, our homes have become a personal haven of utility, functionality, tranquility, and personal expression. If you think it’s time that our homes reflect who we are, what we want, and how we want to live our lives, then 2022 will be the year to do just that.

  • As we’ve been stuck in our homes, we’ve had to be flexible and adapt as we go. Our houses have become offices, gyms, schools, and so much more. This year, design trends are taking this idea and running with it. What if our homes were designed to be multipurpose? What if they were designed with functionality first and foremost? Gone are the stuffy dining rooms only used for special occasions, and gone are the awkward bonus rooms filled with various odds and ends. It’s time to take control of your space and make it work for your life, your schedule, and your activities.
  • Furniture & Decor. As we head into the future, our homes may begin to feel like they’re slipping into the past. Traditional furniture pieces, as well as the spaces they inhabit, may see a return in 2022. Gone are the hard, sharp edges and modern sterility often associated with the style of the future. In its place will come rich fabrics, high-quality materials, and inviting homescapes.
  • Color, texture, and pattern can be used to evoke certain emotions and create an atmosphere. Bold colors and patterns are predicted to make a comeback this year as people reinvent their homes to be more personal, more expressive. Bygone decades, such as the 60s and 70s, will likely be a key inspiration as people learn how to create a comfortable, livable, relaxing home atmosphere.
  • Our homes are no longer bound by four walls. We open windows and doors, and we coexist with plants and animals. Now more than ever, we have begun to invite the outdoors inside. This is reflected in the materials we use, the colors we choose, and the decor we select to accent these elements. In 2022, make a conscious effort to live in harmony with your surroundings.

As you head into the new year, consider some of the latest design trends. Whether you’re moving to a new home or simply contemplating updating your current home, there’s never been a better time to hop on board and redecorate!

How Much to Invest in Landscaping - Charlotte Property Management

How Much to Invest in Landscaping - Charlotte Property Management

As a landlord, it’s your responsibility to make your property attractive to as many potential tenants as possible. Of course, the most important part is the living space. How many bedrooms/bathrooms? What amenities are offered? How competitive is the rental rate? These things will be at the forefront of renters minds as they are searching for their next home.

But what about the landscape? Surely you want your lawn and foliage to be just as attractive as the house itself. Not only that, but the right landscape design can drastically reduce regular maintenance and even discourage prying eyes. Below are a number of ideas that you may want to consider for your investment property.

  • Choosing the right type of grass for your lawn is essential. Some types are very high maintenance and need regular watering and mowing. In other words, they require quite a bit of upkeep. Research grass types that will thrive in your area, and pick one that does not require constant maintenance. This will make landscape management easier for you and your tenants.
  • Hardscaping or xeriscaping. Hardscaping makes use of tough materials such as brick, stone, gravel, wood, and other naturally occurring elements. Decks, patios, walls, and walkways can be a great use of space, and they require very little upkeep. Hardscaping may be considered a subset of xeriscaping, which is defined as water-conscious landscaping. Less water, less maintenance.
  • Climate-conscious shrubs. Depending on the climate of your rental property, you may be quite limited in the types of foliage that will grow. Consider cultivating local flowers, shrubs, and trees that will thrive in your particular environment, whether hot and humid or cold and dry. This will make it significantly easier to keep them alive and healthy, no matter your skill level when it comes to gardening.
  • Privacy screen. Everyone wants privacy in their own home. Depending on the property and its layout, you might consider planting trees or vines surrounding the house. Not only will this make the property more attractive, but it will make the residents feel secure and block prying eyes from the street. It may even discourage burglars during those times when the house is sitting empty between tenants.

Landscaping may not be top priority when compared to the house itself, but it’s a considerable bonus for potential tenants. Consider investing your time and money into making your property look finished. A lush lawn, a few flower beds, or an outdoor living area go a long way in making a house feel like a home.

Latest News

Charlotte fastest growing city over last 10 years

Charlotte fastest growing city over last 10 years

CHARLOTTE, N.C. — Charlotte was the fastest growing city in the last decade. New numbers from the Census Bureau show the urban area grew 65 percent from 2000 to 2010. The next fastest growing urban area was Austin, Texas at 51 percent.Las Vegas came in third at 43 percent. To put that in perspective, the country’s entire urban population grew 12 percent during the same time. The state of North Carolina ranks second in the nation for largest rural populations with 3,233,727. Texas came in first with 3,847,522 people and Pennsylvania came in third with 2,711,092 residents.

 

See more @ http://www.wsoctv.com/news/news/local/charlotte-fastest-growing-city-over-last-10-years/nLfBM/

Talley Properties Announces Opening of New Facility

Talley Properties Announces Opening of New Facility

Charlotte—Talley Properties Inc., a property management firm serving the Charlotte area real estate market has announced their move to a new facility 2716 Westport Road. The move will be official March 23rd.
The brick, 2-story 7300 square foot building is situated on an acre plot and includes 5000 sq feet of office space and a 2300 sq. foot warehouse. It was built in 1998 and served as a corporate office for a local builder.

According to owner and President Tony Moore, "Talley Properties has experienced tremendous growth since 2004. We feel this new office will provide us with a stable location to continue to serve our existing clients while giving us room to continue to grow and expand our services." Moore received his BS in Management and Production Sciences from UNC Wilmington. A native of Lincolnton, he now resides in Gastonia with wife Cathy and their children, Melissa and MaKenzie.

Talley Properties has specialized in midrange to high end residential and commercial property management since 1980. Their mission is to provide full service management to a diverse group of investors. With the goal to achieve long-term relationships with their investors, they are on call 24-hours a day, and provide quick, efficient same day service. Visit Talley Properties at www.talleyproperties.com or call 704-332-2206.

In shaky economy, renting increasingly tops owning

In shaky economy, renting increasingly tops owning

It's an ideal time to buy a home, but many potential buyers in Sioux Falls are forgoing home ownership and the American dream.

Instead, despite historically low interest rates, a drop in home prices and an ample inventory of houses to chose from, many are opting for short-term rental agreements.

Some question whether there's still value in owning a home .

Others say the popularity of renting is a trend that will be a short-lived function of economic uncertainty. Many potential first-time homebuyers don't want to be tied down to a home. They don't know whether the future will bring a pay raise or a layoff. So they opt for an apartment or town home.

The trend of renting will turn around eventually, but it's going to be slow, said Michael Roach, assistant professor of economics at the University Center and Dakota State University.

"That's a short-lived phenomenon we're experiencing simply because of where the housing market has gone for a couple of years," he said. "(Homeownership) is still the American dream; people still want homes. People still want to own their own home, but they want to do it in an environment that makes economic sense."

As the local economy grows and adds jobs, and as new businesses pop up, Roach said home ownership will pick up.

"Especially for younger people, younger families, nobody likes uncertainty when they're dealing with that amount of money. It's the biggest investment most people will make in their lives," he said. "People are gun-shy still, and it's going to take a little while to get over that."

Fear is the No. 1 reason for the shift from home ownership to renting, said Tony Ratchford of the Ratchford Group with Hegg Realtors.

He said although home inventory has dropped in Sioux Falls, and business is better than last year, it's not as good as he had hoped. He's had clients who sold homes and moved into rental properties to get out from under some debt. He also owns five rental properties that he said he gets calls about weekly.

"It's just been absolute fear. ... They just don't have confidence in the economy," he said. "People were careful with their money. They realized the cost of gas, cost of food and have a fear of the economics of the world that brought them to the realization to pay off debt, pay off credit cards and just hunker down a little and make life cheaper."
Ratchford said he thinks Sioux Falls has hit bottom and predicts things will pick up by summer. At that time, he said the market will be more balanced, home values will increase, rentals will be mostly full and prices will be up. People will realize it's cheaper to buy than rent.

"The American dream of owning your own home, it's such a great investment, but the last three or four years we haven't seen that," he said. "Some people are questioning whether or not there's any value in owning a house anymore. I know there is, and long term it's going to be a big deal. It's part of the cycle of what happens when you have a down dip."

Kayla Pederson, 27, never has owned a home, and said financially, she can't buy a house now. This month, she moved into a two-bedroom apartment with her 4-year-old son after living with a friend and saving money.

"These days, it's more common. I'm hearing friends and acquaintances move in with friends or parents to catch up until they're ready to get out on their own," she said.

Pederson recently moved back to Sioux Falls from Colorado. Although she has a degree in business management, she was unemployed for more than two months before she was hired as an IT support technician in June. She plans to own a home someday but said renting is the best option now.

Pederson passed on buying a foreclosed home in the Denver area. She's glad she did.

"With the economy, you could get more bang for your buck, but when we had time to think about it, we decided renting was a better option," she said. "I knew eventually I was going to be moving back home."

Matt Larson, president of the Realtors Association of the Sioux Empire, said pending home sales were up 16 percent in October compared with last October. Pending sales this year are up 0.9 percent. New listings and inventory are down.

Larson said people remain cautious.

"It should start improving in 2012, and I think we're going to lead the country out of it in the Midwest, because we didn't have the terrible downside," he said. "I think we're going to outperform most markets."
Rental vacancies in Sioux Falls are at an all-time low of 4.58 percent, said Dan Siefken, executive director of the South Dakota Multi-Housing Association. That's the lowest the organization has seen since it began the vacancy survey in 1996, he said.

It's also down substantially from a record-high of 13.28 percent in January 2010.

"I think (apartment living) is back in vogue," he said. "People went through a period of time where they were sold on the fact that home ownership was for everybody and that you were throwing your money away if you rented. Now they're realizing that renting is a good bargain."

Siefken said the high vacancy rates of 2010 can be attributed largely to the first-time homebuyer tax credit perks. Now, he said, renters are finding a savings in renting when they don't have to pay property tax, maintenance, insurance, lawn care and snow removal and other costs.

Today's renters don't want homeowner costs, but they do want more than a couple bedrooms, a bathroom and a kitchen. They want units with dishwashers and a washer and dryer. They want complexes with heated garages or underground parking, fitness facilities, pools and Jacuzzis, Siefken said.

"They're pretty much must-haves," he said. "Those apartments are getting harder and harder to find; those complexes have almost zero vacancy."

Angie Stingley, manager for Boulder Creek and Boulder Pointe Townhomes, said she has 184 units and expects one vacancy this month. She said if there is a vacancy, it doesn't last long.

The Dunham Co. will start construction next spring on a 262-unit apartment complex on South Grange Avenue. CEO Don Dunham expects it to be ready for tenants next fall.

"The old days of Section 8 housing and 4-plexes, that's not good enough for young professionals today," he said. "If you make enough money, you want to live someplace nice, but that doesn't mean you want to buy a house."

That's why Dunham hasn't built any single-family homes in more than two years. There's no demand.

He said the company used to have 40 to 50 spec homes for sale at all times throughout the area that includes Sioux Falls, Dakota Dunes, Yankton and Elk Point. Dunham said the company has about 150 lots fully developed and ready for single-family homes, but there's no plans for buildings.

"We're just trying to liquidate what we still have," Dunham said. "There is no demand. People are seeing that a home is not the deal it used to be anyway."

Rental Prices Soaring as Home Values Stay Low

Rental Prices Soaring as Home Values Stay Low

Foreclosure Deals, a leading provider of foreclosure listings, news and information, has released new research on home prices and rent values across the nation. Drawn on data collected from regional and local real estate markets, the numbers demonstrate the relationship between the average cost of rent and the average cost of a home purchase in each state, which can help homebuyers choose the best markets in which to invest.

"Foreclosures have had a huge impact on home values," remarked John Evan Miller, a real estate analyst with Foreclosure Deals. "In almost every market, prices are well below their 2008 values, simply because there are so many homes available."

Foreclosure Deals presents the new data compared with values recorded in 2008 using an infographic available on their web site, and the impact of the foreclosure wave is clear. In many areas, home prices are extremely low, while rent prices are notably higher.

"Rents are up, and they're going to stay up," said Miller. "Even though it's the best market for homebuyers we've seen in over a decade, the recession made a lot of people reconsider spending at the time, so they rented. This drove up demand, and prices, for rental properties."

Despite the sluggish economy, Miller points out that this is the perfect market for real estate investment. He adds that mortgage interest rates are also at historic lows, creating other opportunities for value investing.

"Not only do you have rock bottom prices, you've got a terrific market to rent out your property while you wait for prices to rise. And they will rise. Home values will come back, but the days of 3.5% and 4% mortgages aren't going to be around forever. Once home values rise, those interest rates will rise too."

Experts currently predict average rental costs to be 4.5% higher than by the end of 2011 than their value last year, and up another 3% in 2012. In contrast, foreclosure homes currently offer savings of anywhere from 10% to 50% off market value. As buyers who put off buying a home during the recession look to start buying again once the economy improves, it will create the opportunity for big profits for foreclosure investors.

"In a great many cases, you're going to end up paying less on a monthly mortgage payment if you buy a home than you would in rent on the same property," said Miller. "Could there be a better reason to buy than that?"

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