We Can Help You Protest Your Property’s Assessed Value

If you were alarmed at your home’s assessed value on this year’s property taxes, we can help remedy the situation. Here’s what you need to know.

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

Just about a week ago, I started getting a lot of phone calls from homeowners who had recently received their property tax assessments in the mail. Many are confused about the huge increase they have seen in their home’s assessed value over the past year. If you're in the same boat, it’s time to get in touch with the assessor’s office to see about protesting your assessed value.

If you have a home that we’ve taken a look at in the past or want us to give you a CMA of what your home is worth in today’s market, we can use that to support a lower value. You can also give me a call and I’ll be happy to send you some comps as well. That’s my offer to you. Even though we’re extremely busy, we’re always happy to help whenever we can. 

The right information is out there, but the county assessor isn’t using it.

”

The county assessor’s office doesn't take the uniqueness of your home into account, especially here in the Outer Banks. If your property’s value went up by $150,000, like some have, that’s not right. We’ve had a lot of sales over the last few years that the assessor should be able to see and factor into their estimation, but it doesn’t always work out that way.

It’s because they’re not using that information on their values. They’re using an algorithm that doesn’t take everything into account. We can help you use the information that they aren’t using to get a fair market value for your home.

If you need help or have any questions at all, don’t hesitate to reach out via phone or email. I look forward to hearing from you.
.

A Quiet Walk in the Maritime Forest

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

There’s no telling what you might find in the Maritime Woods here in the Outer Banks—you might see some hawks, an osprey, rabbits, squirrels, and the occasional coyote, but watch out for turtles and snakes!

Beyond the wildlife, you’ll find interesting articles of history like the covered bridge. And that’s not to mention the myriad hiking trails that wind through the area. Walking through the Maritime Forest in the morning, you don’t hear much at all.

I used to say that the soft, silicon sands of the beach wash away the stresses of daily life here in the Outer Banks, but I’ve recently learned how good for your soul a quiet walk in the woods can be.

If you have any questions for me in the meantime or need any assistance at all when it comes to real estate, don't hesitate to reach out and give me a call or send me an email. I look forward to hearing from you.

When It Comes to Flooding, Low Risk Is Not No Risk

Are you aware that flood zone maps are being redrawn for Dare County? Today I would like to go over a few key things you should consider as these changes are made.

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

Have you heard? Dare County flood maps are being redrawn in the coming six months.

These changes will impact insurance requirements for residents, but it is important to realize that if these newly drawn zones indicate your property is at low risk of flooding, it does not mean that there is no risk.

Homeowners using borrowed money to purchase a home within a flood zone, which are labeled on zone maps as AE or VE, will be required to take out flood insurance. But flood insurance is not a requirement for cash buyers or for those purchasing within zone X.

Many hope that recently collected storm and flooding data will lower insurance premiums once mapping is approved, but in the meantime, Dare County’s “Know Your Zone” pamphlet may serve as a helpful guide for area homeowners.

As stated on the cover of the Dare County “Know Your Zone” pamphlet, “Low risk is not no risk.” Especially given that for every inch of water, homeowners can expect about $21,000 worth of damage.

If you would like a copy of this pamphlet, I would be happy to provide you with one. So please reach out to obtain yours. You can also check out the information that's available on www.obxfloodmaps.com.

“

For every inch of water, homeowners can expect about $21,000 worth of damage.

”

Going back to how these changes will impact Dare County, it is important to note that a large portion of our elevated areas currently zoned in AE is set to be mapped in X. Yet, it takes very little water for massive damage to occur. So be mindful that while premiums may be decreasing, the risks associated with flooding are not. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

It May Be Summer Now, But Winter Is Coming: Is Your Home Ready?

It is summer now, but time slips by quickly. It is never too early to think about winterizing your home.

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

If you already own property on the Outer Banks or are thinking about purchasing a property there soon, you should take some time to hire a professional to come in and winterize your home.

Yes, I said ‘winterize,’ and yes, I realize that it is summer.

If the astounding past winter taught us anything, it is that time is fleeting. A lot of homeowners were unaware their house was not winter-ready until the cold months arrived and madness had begun to take its toll—water sprayed out from behind ice makers and turned into icicles, toilets cracked, and pipes leaked. These are all expensive repairs to make, and certainly no fun to do in the dead of winter.

“

If the astounding past winter taught us anything, it is that time is fleeting.

”

That is why I am recommending that you take some time to get it taken care of now. My best estimate would be that it will cost about $150 to winterize and $75 to de-winterize. It will be much more cost-effective than replacing drywall, insulation, and potentially flooring because your home was not ready to take the brunt of winter.

If you have questions about winterizing your home or about buying Outer Banks properties, feel free to reach out to me directly. I would be glad to help you.

Debunking 15 Real Estate Myths

Do you think you know everything about real estate? A lot of what you may know could actually be a myth.

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

Today I have a list of 15 real estate myths that people actually believe and the truths behind them. Here are the ones you need to keep an eye on:

1. Real estate agents are paid a salary. 99% of agents work on commission split with their brokerage firm. They only get a percentage for themselves.

2. The agent keeps all of the commission. There are overhead and expenses with any firm—employees, insurance, marketing costs, etc., all have to be paid.


3. The typical commission is 6%. It depends on the property, actually. Some places such as a piece of land, have a higher commission rate.

4. An agent’s gas mileage and other transportation expenses are reimbursable. We do get to write them off, but if we don’t have income, write-offs do not help us. If your income is zero, then your expense write-off is still zero.

5. Marketing expenses aren’t the agent’s responsibility. They are. In fact, agents pay a lot of money every month to market and sell your property.

6. The home either passes or fails an inspection. This is all in the eyes of the beholder. One thing may be an issue for one client that is not for another.

7. Inspectors have to find something. While they may seem like they do, their overall objective is to find any material defect in a structure. It could be something as simple as a GFI on an outside deck that is not tripping. It is their job to find it so that future accidents do not happen.

8. Weekends bring out the most serious buyers. We are in a second home market, so that's not necessarily true. Weekdays during this time of year actually bring out a lot of buyers—if it's raining.

9. Zillow says it’s the case, therefore it is. 98% of the information on Zillow, because of the algorithms they use to combine data, is incorrect. For those that love to look at Zillow’s Zestimate, be aware that your home may not be worth as much as the quote.

10. It is better to price a home high as a seller. After all, you can always come down, right? The reality is that buyers will actually look past you and buy other homes which are priced to the market. The market dictates prices based on what buyers are willing to spend and sellers are willing to take.

11. When making an offer on a home, you need to start low. You have to be realistic about the current market and the home’s condition. As long as the property is not overpriced to the market conditions compared to similar homes with similar features, you have to go in with a realistic offer. In some areas, homes listed properly will actually sell above asking.

12. The longer the home is on the market, the more negotiable the deal. There are some markets like that, but here we have 3.5 years of inventory in a certain area. If a home sits on the market for a year and the average time on the market is a year, you do not have a big negotiating point.

“

I personally prize candor and truthfulness when dealing with buyers and sellers.

”

13. Multiple price reductions means the seller is desperate to sell. Actually, they may just be trying to feel the market to see where they can attract the most buyers.

14. Multiple offers give the seller an advantage. Sometimes this is true. Buyers may really love the house so they up their offer if they know that there are other people interested. They may even make the contingencies less restrictive for the seller.

15. All agents are the same. They are not. I personally prize candor and truthfulness when dealing with buyers and sellers. The reality is that I am watching the market every day as a full-time profession. Someone who does this job part-time cannot understand the market if they are spending time elsewhere.

If you have any questions, comments, or real estate needs in our area, please feel free to reach out to me. Even if you are looking in another area, please contact me. I will gladly refer you to another great agent that can help you. I hope to hear from you soon. See you on the beach!

Prepare and Protect Your Home for the Summer Season With These 7 Tips

Summer will be here before you know it, so here are some tips that will help protect your second home or investment property.

Want to sell your home? Get a FREE home value report

Want to buy a home? Search all homes for sale

Summer is approaching fast, so if you have a second home or an investment property in the Outer Banks area, here are a few tips that will prepare and protect that home for the season:

1. Make sure your home is adequately insured. This is tough in our area because most of our insurance for investment properties is done through a federal fund with the state. Reach out to your insurance agent and ask them if you’re adequately insured for the coming season. Talk about what you need to do or whether you need to amend your policy in certain areas. 

2. Take a proactive position in maintaining your home. This point was reiterated to me just this morning—a client of mine in Frisco had their hot water tank fail even though they installed it brand new back in 2016. They got it replaced and now they’re being proactive with upgrades that will make their home look better and rent better in the long term.  

3. Keep an eye on your plumbing and fixtures. This primarily means keeping an eye on any drippy faucets or running toilets. Monitoring these items can save you a lot in terms of repair costs. 

4. Have an electrician walk through your home and make sure your outlets are working. The GFI outlets in your bathrooms and on your deck should be functioning properly. In the second home market, this is especially important to pay attention to as we head toward summer. If you have a property management company, you can give them a call and have them do this for you.  

5. Check your fire alarms, smoke detectors, and carbon monoxide detectors. Hopefully you never have to use these items, but you should make sure they’re working and their batteries are up to date. Remember, these items are now required to have 10-year batteries. 

“

Be proactive with any upgrades your home needs.

”

6. Have your roof inspected. Wind loads will be picking up as we approach summer, and we may have a storm or two as well. Historically, shingle tabs (especially cap shingles) can peel or prop during high wind loads, so make sure there’s no potential for water infiltration around your home’s attic space. 

7. Trim your trees. If you have trees up against your property, you can reach out to one of the tree-trimming services here on the island and have them thin them out. If you’re considering selling, this will help with your home’s curb appeal. 

If you have any questions about any of these tips or you have any other real estate needs, feel free to give me a call or send me an email. I’d be glad to help you. 

What Is the Difference Between the Home Inspection and the Appraisal?

What is the difference between a home inspection and an appraisal? Each has a different goal, but they do have one thing in common.

Want to sell your home? Get a FREE home value report

Want to buy a home? Search all homes for sale

Last time, we talked about the difference between a home warranty and an inspection. Afterwards, I got a lot of questions about home inspections and appraisals, so I want to address those today. 

What is the difference between a home inspection and an appraisal? 

Inspections and appraisals try to accomplish very different things. 

The home inspection is designed to determine the condition of the home. The inspector weighs a variety of factors in order and compiles a report for you. The report can range anywhere from 24 to 62 pages depending on the age, size, and condition of the home. Even new houses can have issues. 

Inspectors look at everything from your HVAC system, plumbing system, electrical system, smoke alarms, fasteners for desks, railings, and pickets for safety issues. The inspector wants you to know if there are any areas that may be a cause for concern. 

As an agent, I look at the defective summary and the marginal summary pages before going back to the report itself to look specifically what any issues mentioned in the defective summary. Problems in the defective summary need to be addressed immediately, and the buyer needs to know which repairs they want the seller to address. 

When selling a home, you can do an inspection before the house is on the market and handle any repairs on your own. That way, you won’t hinder the sale down the road. 

One point that both inspections and appraisals cover is safety. If you’re looking to buy a home with missing handrails or loosely secured handrails, the lender wants to know that those issues have been repaired before they lend you any money. They don’t want to give you money to buy an unsafe property. 

Once you get the inspection report back, you decide how you want to proceed. Listen to the agent’s recommendations for any issues in the defective summary, as they need immediate attention. The marginal summary is more of an outline of things you may want to take care of down the road. 

The appraiser is hired by a third party to determine the value of the property. Your lender will send out a request to a company (usually based in California or Colorado) which will send it out to a network of appraisers. If an appraiser is available, they step up to do the appraisal. This way, neither the lender nor the agent has any influence over the appraiser. 

The appraiser will note safety issues that might have been covered on the home inspection. They will also look at three active comparable properties and three recently sold comparable properties to derive a value of the property you are listing or purchasing. 

“

Home inspections and appraisals may overlap on safety issues.

”

That value is only good for the specific day it’s written because our market is constantly changing. From 2008 to 2014, the market was going down. From 2014 to now, the market has been coming up. It’s been somewhat slow, but it is encouraging to see median price increases across the board. 

2017 has been a very active year so far, so it’s much easier for appraisers to get comparables than it was from 2008 to 2012. Back then, the average days on market was about 692; today, it’s 255. 

When an appraiser looks at a home, they also look at the overall economic condition. The lender wants to know if economic conditions are static, depressed, increasing, or decreasing. Now that we hit an uptick in the market, it is a little bit easier to get through the loan process. 

Essentially, the main difference between an inspection and an appraisal is that the inspection aims to determine the condition of the home while the appraisal aims to determine the value of the home on that particular day. 

If you have any other questions about home inspections or appraisals, just give me a call or send me an email. I would be happy to help you!

Home Warranty Advantages and Challenges

Home warranties are a topic I’ve been getting asked about a lot. Here’s a little bit of information about how they work in our area.

Want to sell your home? Get a FREE home value report

Want to buy a home? Search all homes for sale

It’s a beautiful day here in Frisco, so I decided to take a walk on the beach. While I’m here, I also wanted to clear a few things up about home warranties. I’ve been getting a lot of questions about them recently. 

Home warranties are great because they offer you an advantage as a homeowner and potential seller. It protects you from any expensive repairs inside the home. With a warranty, the major systems in your home are covered in the event of a breakdown.

“

In most cases, getting a home warranty is well worth it.

”

However, on the southernmost beaches of the Outer Bank, we’re having a real problem getting home warranties serviced. The reason is that these companies will only use their preferred vendors, which come from as far as three hours away. That doesn’t enable homeowners in this area to get quality service in a timely fashion. For that reason, I wouldn’t recommend having a home warranty in either Hatteras Island or Ocracoke unless you plan on selling the home and including it with the sale.

In those areas, I would definitely recommend a pre-listing home inspection. That enables you to get ahead of any problems in the home before buyers see them. Addressing the issues ahead of the sale will bring much more to your bottom line.

In our next series, I’ll expand on inspections a little more and talk about how they differ from appraisals. For now, I’ll just enjoy this morning walk on the beach. If you have any questions for me or my team in the meantime, give us a call or send us an email. We look forward to hearing from you soon.