What is the Future of Flood Insurance?

Thanks to the lobbying efforts of the National Association of Realtors (NAR), the National Flood Insurance Program (NFIP) has been extended for 5 years. The NFIP essentially guarantees affordable flood insurance to millions of homeowners and businesses across the country. This is an important victory not only for homeowners, but for the housing market in general. Below is a statement released by the NAR:

"As the nation’s leading advocate for homeownership and housing issues, we are pleased that Congress has approved a long-term reauthorization of the National Flood Insurance Program, which ensures access to affordable flood insurance for millions of home and business owners across the country,” said NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami. “Realtors® have been advocating a long-term reauthorization of the NFIP for years. The 5-year reauthorization will end the uncertainty of NFIP stopgap extensions and shutdowns and will help bring stability to real estate markets.”

NAR has long supported the NFIP, which protects property owners in more than 21,000 communities where flood insurance is required for mortgages. More than 5.6 million property owners rely on the program against flood-related disasters, which claimed more lives and property than any other natural disaster in the U.S. over the past century. Click here to read more about NFIP.

Without the NFIP, families and business owners across the U.S. would go without essential flood protection, since the private market cannot guarantee the availability or affordability of flood insurance. The NFIP also saves taxpayers money, since it serves as an alternative to expensive federally funded disaster relief for flood victims. NAR has done a great job on this issue."

Drew Parker, CCIM is the owner of The Parker Company real estate. Drew and his team of experts are equipped to assist you with your commercial or residential real estate needs.

Save Money, Grow Your Own Veggies

Edible gardens can save the average
family as much as $500/yr

Why not save money and do something that's good for your health at the same time?  Edible home gardens are becoming more popular these days for that very reason.  Thanks to a financial recession and an organic food craze, many non-gardeners are deciding to give it a try.

How much can you save?


According to studies conducted by W. Atlee Burpee Co. every $1 spent on seeds and supplies yields approximately $25 worth of produce. George Ball, owner of Burpee Co., says a $10 investment in seeds for tomatoes, beans, bell peppers, lettuce, peas, and carrots, plus $80 for soil, fertilizer, and the cost to build several raised beds, can yield more than $250 worth of produce.

Getting started


If you are new to gardening, then I would recommend spending some time on a site such as Burpee.com to get step by step guidance on what you will need. You could also enlist the services of a local garden club to advise you. The barrier to entry is surprisingly low and the average family of four only needs 200 sq. ft. of land to keep veggies on their plate all summer.  According to gardening experts, you should plan to spend 4 hours per week tending your garden with an additional 8 - 12 hours of prep time each spring.  The cost to buy your first batch of seeds and build your raised beds should cost between $80 - $250.

What to grow?


The most cost effective vegetables to grow include: slicing tomatoes, bell peppers, cucumbers, bush green beans, pole green beans, leaf lettuce, squash and spinach.  Learn more about the yield and savings of each of these by reading Julie Martens article "Save Money with Your Edible Garden".

If you will be moving soon and think a garden isn't worth the effort, think again. A well built edible garden could actually make your home more appealing to potential homebuyers!

*Source: "Save Money with Your Edible Garden" by Julie Martens and W. Atlee Burpee Co.

Drew Parker, CCIM is the owner of The Parker Company real estate. Drew and his team of experts are equipped to assist you with your commercial or residential real estate needs.

New Listing - Home with acreage!

Piedmont, SC - Beauty, privacy, pecan trees...This property has it all! Allow yourself to drift back in time as you drive down the pecan tree lined driveway into your own 6.4 acre slice of heaven. Only 20 minutes from downtown Greenville, this home offers a convenient sanctuary for all who appreciate a slower pace of life. The home is a very well built 1963 custom ranch, featuring an attached garage, 3 bedrooms and a screened in porch. Don't miss an opportunity to live your dream! Call us or your agent today to set up an appointment to view the home.
Click here to get the details!

America's Greatest Main Street - Greenville, SC

It's nice to receive national recognition for the charm of our downtown! If you haven't already, check out Travel and Leisure Magazine's latest rankings of "America's Greatest Main Streets". The revitalization of downtown started over 30 years ago, when Main Street was narrowed from four lanes to just two. Add free parking, wide sidewalks, world class dining, shopping, a pedestrian bridge over a waterfall and you have an award winning downtown. With over 300 event days per year, there is no excuse for you to not get out and enjoy Greenville's Main Street!

Drew Parker, CCIM is the owner of The Parker Company real estate. Drew and his team of experts are equipped to assist you with your commercial or residential real estate needs.

New Listing!

Check out our latest listing in the Pebble Creek community! Looking for a beautiful 3/2.5 home, on a large lot, in a quiet neighborhood? Look no further. This home has all the features you would expect and so much more...Click here for a virtual tour. Give Annie or Drew a call today to schedule a showing!

Drew Parker, CCIM is the owner of The Parker Company in Greenville, SC. He and his team of experts are fully capable and ready to help you with your residential or commercial real estate needs.

How to Claim Your 2011 Energy Tax Credits

While the 2011 federal energy tax credit of $500 is a far cry from what it was in 2009 and 2010, it is better than nothing! If you upgraded one or more of the following systems in 2011, you may be eligible to take advantage of the tax credit:

1. Biomass Stove
2. Heating, Ventilation, Air Conditioning
3. Insulation
4. Roofs (metal or asphalt)
5. Water Heaters (non-solar)
6. Windows, doors, skylights
7. Storm windows and doors

Remember, with a credit you get a dollar for dollar reduction in your tax liability! Below are a few limits to the tax credit:

1. Credit only extends to 10% of the cost (not 30% like in year's past). For example, you would need to spend $5,000 to get the full $500 credit.
2. $500 is a lifetime limit. If you already claimed your $500 credit in 2009 and 2010 combined, then you are not eligible. However, if you only took $200 in the last two years, then you are still eligible to receive the remaining $300 in 2011.
3. Check with your accountant, but with some systems the cap is less than $500. For example, there is a $200 cap on upgrading your windows.
4. Not all products are created equal. Improvements have to meet the IRS energy-efficient standards to qualify for the tax credit. Find out what is approved at EnergyStar.gov.
5. Tax credits cover installation cost SOMETIMES...Installation is covered for systems such as Biomass Stoves, HVAC, and non-solar water heaters, but is NOT COVERED for insulation, roof, windows, doors or skylights.

How to claim your credit:

1. Determine if the system you installed is eligible by checking at EnergyStar.gov.
2. Save system receipts and manufacturer certifications.
3. File IRS Form 5695 with the rest of your tax forms in 2012.

Drew Parker, CCIM is the owner of The Parker Company real estate. Drew and his team of experts are equipped to assist you with your commercial or residential real estate needs.

Source: http://www.houselogic.com/home-advice/tax-credits/how-to-collect-2011-tax-energy-credits/

FHA to increase Mortgage Insurance Premiums

This is important news to anyone considering an FHA mortgage. See full story below:

HUD No. 12-037 HUD Public Affairs (202) 708-0685

FOR RELEASE Monday February 27, 2012

FHA TAKES ADDITIONAL STEPS TO BOLSTER CAPITAL RESERVES
New premium structure will help protect FHA’s MMI fund

WASHINGTON – As part of ongoing efforts to encourage the return of private capital in the residential mortgage market and strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund, Acting FHA Commissioner Carol Galante today announced a new premium structure for FHA-insured single family mortgage loans. FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above that amount. Upfront premiums (UFMIP) will also increase by 0.75 percent.

These premium changes will impact new loans insured by FHA beginning in April and June of 2012. Details will soon be published in a Mortgagee Letter to FHA-approved lenders.

“After careful analysis of the market and the health of the MMI fund, we have determined that it is appropriate to increase mortgage insurance premiums in order to help protect our capital reserves and to continue encouraging the return of private capital to the housing market,” said Galante. “These modest increases are one of several measures we are taking towards meeting the Congressionally mandated two percent reserve threshold, while allowing FHA to remain a valuable option for low- to moderate-income borrowers.”

The Temporary Payroll Tax Cut Continuation Act of 2011 requires FHA to increase the annual MIP it collects by 0.10 percent. This change is effective for case numbers assigned on or after April 1, 2012. FHA is also exercising its statutory authority to add an additional 0.25 percent to mortgages exceeding $625,500. This change is effective for case numbers assigned on or after June 1, 2012.

The UFMIP will be increased from 1 percent to 1.75 percent of the base loan amount. This increase applies regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage. This change is effective for case numbers assigned on or after April 1, 2012.

FHA estimates that the increase to the upfront premium will cost new borrowers an average of approximately $5 more per month. These marginal increases are affordable for nearly all homebuyers who would qualify for a new mortgage loan. Borrowers already in an FHA-insured mortgage, Home Equity Conversion Mortgage (HECM), and special loan programs outlined in FHA’s forthcoming Mortgagee Letter will not be impacted by the pricing changes announced today.

Taken together, these premium changes will enable FHA to increase revenues at a time that is critical to the ongoing stability of its Mutual Mortgage Insurance (MMI) Fund, contributing more than $1 billion to the Fund, based on current volume projections through Fiscal Year 2013.

What is a CCIM?

Within the commercial real estate industry, the Certified Commercial Investment Member (CCIM) designation is highly valued and respected. Unfortunately, when you venture outside the industry there are very few who understand the significance of those four letters. So what is a CCIM?

A CCIM (Certified Commercial Investment Member) is a recognized expert in the commercial and investment real estate industry. The CCIM designation is earned after successfully completing a process that ensures CCIMs are proficient not only in theory, but also in practice. This elite corps of CCIMs includes brokers, leasing professionals, investment counselors, asset managers, appraisers, corporate real estate executives, property managers, developers, institutional investors, commercial lenders, attorneys, bankers, and other allied professionals.

CCIMs have completed more than 160 hours of case-study driven education. A designation curriculum that covers essential CCIM skill sets including ethics, interest-based negotiation, financial analysis, market analysis, user decision analysis, and investment analysis for commercial investment real estate. CCIMs have completed a portfolio demonstrating the depth of their commercial real estate experience. Finally, they have demonstrated their proficiency in the CCIM skill sets by successfully completing a comprehensive examination. Only then is a designation candidate awarded the coveted CCIM pin, joining the ranks of highly skilled commercial and investment real estate experts.

Drew Parker, CCIM is the owner of The Parker Company real estate. Drew and his team of experts are equipped to assist you with your commercial or residential real estate needs.

Cliffs Communities will file for Bankruptcy

The economic recession has hit many developers hard and Jim Anthony, owner of the Cliffs Communities, was no exception. On Wednesday it was announced that the Cliff's will file Chapter 11 bankruptcy and the Carlile Group will assume control of the Cliff's properties. Based in Texas, the Carlile Group is headed by Steve and Penny Carlile.

The new owners say they plan to keep Anthony's vision and will not need to take on additional bank debt. "This is important for the community. It's important for employees," Carlile said. "This needs to work." The Carlile's are east Texas natives and both attended Baylor. Previous investments have focused on oil and gas exploration and trucking. They are also known for owning Celebrating Home. Celebrating Home offers a unique combination of the very best entertaining and decorating products, training, compensation and marketing support in the direct selling industry.

So what does all this mean for the Upstate? It may take several years to find out, but it certainly appears to be a positive step. The Carlile's have indicated they are investing "patient" money, which is what the Cliffs needs right now. The properties are located in some of the most beautiful areas of North and South Carolina, so the demand will return once the financial risk is removed.

For more on this story click the following link: http://www.wyff4.com/news/30410916/detail.html

Drew Parker, CCIM is the owner of The Parker Company Real Estate. Please contact him today to learn how his company can help you with your residential or commercial real estate needs.

Latest Virtual Tour

At The Parker Company, we believe your home needs every advantage in this tough market. One of the ways we help you gain that advantage is by providing high quality professional virtual tours. You can check our latest virtual tour out by clicking here.

The Parker Company is a full service real estate firm located in Greenville, SC, offering residential and commercial real estate services. Our approach to business is simple and straight forward: we have a job because of our clients, therefore we are committed to working around the clock to ensure a high level of service. We maintain a strong emphasis on our client relationships, effective marketing strategies and simply doing what is right. As local Greenville residents and ambassadors for the upstate, we care about the future of our community and want to build our impact in the area through sound real estate transactions.

Fabulous home for sale on top ranked golf course!

Make sure to check out our latest listing!

This fabulous custom brick ranch home offers not just luxury, but lifestyle as well! Located on the 13th fairway at the Thornblade Club in Greer, SC, you have a front row seat to one of the top rated golf courses in South Carolina. Visit the home once and you will be blown away by the soaring ceilings, open floorplan, and superb craftsmanship. 112 Antigua Way is more than an address, it's a lifestyle…click to read more and see photos.

2011 Greenville, SC Market Statistics

For better or worse, 2011 is in the books. Let's look at the year according to the numbers:

New Listings - down 17.7% compared to 2010

Pending Sales - down 4%

Closed Sales - down 2.5%

Median Sales Price - $140,000 (unchanged from 2010)

Average Sales Price - $169,072 (up 0.1%)

Days on Market - 114 days (up 10.6%)

Percentage of List Price Received - 94.5% (down 0.3%)

Months Supply of Inventory - 11 (down 13.8%)

Inventory of Homes for Sale - 6,048 (down 17.3%)

So what does this mean?

• New listings are down which tells me that more people opted to stay put or rent their home in 2011. The rental market has skyrocketed in the past year which is consistent with that trend.
• Pending and Closed sales were both down due to several factors. In 2011 we faced a tough lending market which made it difficult to get to the closing table. There is one bright spot in the closed sales number however. When you compare the percentage of listed homes that sold in 2010 and 2011, a significantly higher percentage of listed homes sold in 2011 than 2010. The good news to take from that stat is that we continue to clear inventory.
• Median and Average Sales Price remains unchanged from 2010. We bottomed in 2009, ticked up slightly in 2010 and stayed flat in 2011. Once again, several factors contribute to this, but much of that can be blamed on the amount of inventory still being cleared off the shelf.
• Days on Market continues to creep up. The cause for this is most likely the tougher lending standards. With fewer qualified buyers available, it simply takes longer to sell a property. Many buyers that would have easily qualified a few years ago are now forced to rent.
• Percentage of list price received continues its downward spiral. Given there is still too much inventory and not enough buyers, it should come as no surprise that the buyer is in the driver's seat. Gone are the days of competing offers and above list price sales. The new game in real estate should be called "how low can you go!"
• Months supply of inventory is down! This has to happen before the market can fully recover. In good times the Greenville, SC market typically supports 7 - 8 months of inventory. We are currently at 11 months and falling. Good news in that number.
• Inventory of homes for sale is down. Continuing with the last point, this is a must for the market to recover. The current inventory is below 2007 numbers which is a positive sign. However, it needs to drop further because in 2007 there were more qualified buyers.

2012 should prove to be an interesting year. Since it is an election year, we will probably see very little policy to help or hurt the housing market. One major factor at play this year will be the pent up demand from all the money on the sidelines. Home prices and mortgage rates are extremely attractive right now. The question remains, how long will people wait before jumping in to buy their next home at a historically great price?

To see the full report please click the following link: 2011 Annual Report on the Greater Greenville Housing Market.

The Parker Company is a full service real estate company with specialist in the following areas: First time homebuyer programs, luxury home marketing and sales, and commercial real estate services.

Drew Parker is the owner of The Parker Company real estate in Greenville, SC.

*All stats provided in this article were provided by the Greater Greenville Association of Realtors.

What is Considered a Fixture?

Differing opinions and confusing law makes this the cause for many real estate disputes. Generally speaking, anything permanently attached to the property is considered a fixture. This includes items such as: landscaping, lighting, curtain rods (but typically not the curtains), window treatments, and built in furniture to name a few. Major appliances may be hard to move, but are treated as personal property. However, in some cases appliances may be considered fixtures. An example of that would be a built in Sub Zero refrigerator. While it can easily be unplugged and rolled away, some would consider it a fixture.

The best way to prevent a dispute over fixtures is to specifically list what will stay and what will go in the purchase contract. If you are purchasing a home, don't assume that the beautiful chandelier will stay. While the law says it should stay, the Seller may not know or care. Get it in writing early in the process!

Drew Parker is the owner of The Parker Company real estate in Greenville, SC.