There is a great play opening this week in Highlands North Carolina.  The play Lettice & Lovage is taking the stage at the Highlands Playhouse, a comedy written by the same author who wrote Equus and Amadeus, Peter Shaffer.  Lettice & Lovage opens on Thursday, August 12th and runs through the 22nd.  This fun performance is certain to liven up an evening in Highlands and create great fodder for discussion. Click here for show times, further information and tickets.

On any given day or night there is something going on in Highlands North Carolina.  Whether you would like to partake in a physical, spiritual or cultural activity you can find something that fits the bill in this beautiful North Carolina mountain setting.  The Highlands Playhouse is but one cultural center in Highlands that prides itself on supplying the community with top notch theater and musical talent.

Please contact us today if you would like to learn more about the Highlands NC area and all that it has to offer.

For more information about Highlands and Cashiers North Carolina, and for access to the Highlands/Cashiers NC MLS, contact Meadows Mountain Realty today, 866-526-3558 or email us today at info@meadowsmtnrealty.com.

If you have a vacation home that you had hoped to retire to some day but have since changed your mind, don’t jump to sell it…consider renting it out instead.

For many, it seemed like a great idea to buy that vacation home or condo 20 years ago.   The plan was to vacation in the mountains as often as possible, then some day sell your primary residence and retire  to Highlands or Cashiers.   But lifestyle changes or financial situations might now be causing you to consider selling it instead.

However, as a member of the Top 5 in Real Estate Network®, I have seen many clients successfully rent their retirement home instead of selling it.  Author Christine Karpinski, director of Owner Community for HomeAway.com (HomeAway.com), offers some good reasons to consider renting your second home:

1. Circumstances have changed. Maybe grandchildren have arrived on the scene and you can’t bear the thought of moving hundreds of miles away from them. Or your parents are in poor health and need you nearby.

2. You’ve suddenly realized there’s no place like home and you’ve simply changed your mind. You’ve decided you like being near your friends and you don’t want to leave your current community.   Renting your second home out during the time you are not staying there makes it financially feasible to keep both homes.

3. You’ve decided to “retire” from retirement.   Nowadays, it’s not unusual for people to test-drive retirement and find that it’s just not for them.   Work can provide many rich rewards—structure, social interaction, mental stimulation, a sense of purpose, and so forth—that people keenly miss when they retire. And, let’s be honest—sometimes people simply can’t afford to retire.

4. Your fixed income hasn’t kept up with your lifestyle.  Even when you’re happy to give up the daily grind of your job, losing the paycheck that comes with it can be pretty painful.  Factor in inflation, rising taxes, and unexpected “new” expenses, and you may find that what seemed like a manageable cost of living five years ago doesn’t seem that way anymore.  Your second home, even if it’s paid for, may start looking like a liability due to property taxes, homeowner’s association dues, and maintenance costs. Not if you rent it out, says Karpinski. Then it becomes a source of new income.

So don’t give up and seek to unload your Highlands or Cashiers second home just yet!    There are still many ways to make this investment pay off. For more information on renting or buying a second, potential retirement home, please send an email to info@meadowsmtnrealty.com or give us a call at 828-526-1717.    We have a great rental department with a rental website at www.renthighlandsnc.com.

If you’re looking to sell or refinance your home, you know that a home appraisal is a necessary step in the process.  Even though the value of your home may not be as high as it once was, it is important for homeowners to be realistic when it comes to getting their home appraised.

As a member of the Top 5 in Real Estate Network®, I know how vital it is to list your home at the right price.  Although price is only a part of marketing, it is important and having an appraisal done is the first step toward making the  pricing decision.

Here are 10 ways to prepare for a home appraisal:

1. The appraiser will need approximately 30 minutes to one hour to complete the inspection phase of the appraisal process, which includes: exterior photos of the front and rear of the home and a photo of the street in front of the property; measurements of the exterior of the home, garage and any outbuildings; a walk-through inspection of all rooms and levels of the interior of the home, including the basement.
2. Get organized. Put together a checklist that will help you get ready for your appraisal.
3. Be flexible when scheduling the appointment.
4. If possible, have a copy of your home’s floorplan to help verify measurements and lot size.
5. Provide a list of improvements made to the property since the purchase.  Include improvements like adding a deck, updating your kitchen or bathroom, and any room additions, etc.
6. Allow your appraiser access to the entire property, including access to any crawl space or attic areas.
7. Keep in mind that a clean home makes a good impression. Be sure to trim the lawn, clean our garage, repair cracked windows or torn screens, check for leaky faucets and secure gutters and down spouts before your appraisal.
8. Point out any amenities that may not be obvious to the appraiser:  patios,  security systems,  vacuum, etc.
9. Provide a copy of last year’s tax assessment information.
10. Know what year the house was built and when improvements were made.
Following these steps will go a long way toward making the home appraisal process a bit easier.  For more information on home appraisals and preparing your home for sale, please email us at info@meadowsmtnrealty.com. 

If you are looking for your real estate  in Highlands NC or Cashiers NC, please give any of the brokers at Meadows Mountain Realty a call at 866-526-3558.  Visit our website at www.meadowsmtnrealty.com

It was long time coming, but season has finally arrived.    The July 4^th weekend was crazy in Highlands and Cashiers – it seemed as if there were more visitors here than ever before.   The Town of Highlands put on spectacular fireworks show lighting up the night sky while the local radio station played continuous patriotic music.     Everyone cheered when the finale ended a busy day of activities.

 We have all been on the go showing property and have had some offers from buyers and a few that went to contract.    It is still very difficult to get buyers off the fence – they are understandably nervous that the US economy will dip again.

 As the mercury rises, most of us on the Highlands Plateau would prefer to hear the word “dip” only in relation to swimming pools, lakes or streams.  Unfortunately, the doom-sayers have hijacked this word and incorporated it into their latest dark scenario: a double-dip recession.     There’s no question that chatter about a double-dip has intensified.   A search of Google News turned up nearly 6,000 stories about a double-dip recession in the first week of July.  That compares with 120 such stories for all of July 2009.  

 There is still plenty of evidence however, that the double-dippers don’t have all the cards.  In the past week, jobless claims dropped, retailers said June wasn’t as bad as feared and the Dow Jones Industrial Average managed to rebound decisively back above 10000.      In a double-dip recession, the economy falls back into negative territory not long after emerging from recession.  Growth in gross domestic product turned positive in the third quarter last year and has remained so ever since.   Later this month, second-quarter growth estimates should show that the string of positive quarters is continuing.

The Federal Reserve has some moves they can take to support the economy if threatened by a renewed downturn.    ”We still have tools. Obviously we have more room on the tightening side than we do on the easing side,” said Federal Reserve Board Governor Elizabeth Duke on Monday in an interview on Fox Business Channel.  “But we still have balance sheet tools and we could still bring interest rates down just a bit,” Duke said. At the moment, it doesn’t look like a double-dip recession is likely, Duke said. “It is a moderate recovery even though some of the recent data has come in pretty soft,” she said. Economists said the Fed could lower the interest rate paid on excess reserves to zero from 0.25%.    Overall, we’re more likely to see modestly slower growth than we’ve recently experienced. But the only double-dips in sight involve ice-cream cones, nachos or a return to the water.

Foreclosures and short sales are still a minor factor here.  There are 29 properties in foreclosure in the Highlands market – 14 homes, 9 condominiums and 6 home sites.   Eight of the 9 condominiums are the Town Place units by the ballfield in town.   In the Cashiers/Glenville/Sapphire market there are 79 properties in foreclosure/short sale including 34 homes, 9 condominiums and 36 homesites.    

There have been 28 sales so far in Highlands this year – this compares to 37  in the same first six months of 2009.     In the                  Cashiers/Glenville/Sapphire market there have been 41 sales so far compared to 27 in 2009.     There have been 12 land sales in Highlands so far this year with an average sales price of $189,587.   There have been 44 sales in Cashiers/Glenville/Sapphire with an average sales price of $119,855.  There are currently 259 home sites on the market in Highlands and 986on the market in Cashiers/Glenville/Sapphire.

There have only been 2 condo sales in Highlands so far this year and 6 in the Cashiers/ Glenville/Sapphire community.   There are currently 83 active condo listings in Highlands and 112 in Cashiers/Glenville/Sapphire.

The inventory of available properties has increased again.    There are currently 497 homes on the market in Highlands and 719 in the market in the  Cashiers/Glenville/Sapphire area.

There will never be a better time to buy a place in the mountains.   Inventories are up, so you have the best selection; many Sellers are anxious to move on or move up, so they are more likely to make you the best deal; interest rates are at historic lows, so you can afford more house.    Let the professionals at Meadows Mountain Realty help you find the best buy possible in the best place in the world to live – the place we call home.   Call today at 866-526-3558 or email us at info@meadowsmtnrealty.com.

In these uncertain economic times, many Americans are living from paycheck to paycheck, often extending themselves even further through credit card debt.     For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings.   One option is a real estate short sale.   

 To help understand how a short sale differs from a foreclosure, it may be helpful to point out that short sales can also be referred to as “pre-foreclosure sales” which, as the name implies, precedes the home being officially repossessed or foreclosed on by the lender.

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due.    Banks grant short sales for two reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.    It might seem counterintuitive for a lender to go along with a short sale. After all, a lender is legally entitled to pursue the full balance of the loan.   Foreclosure is an expensive and time-consuming process for a lender.  By agreeing to a short sale, the lender wraps up this little mess quickly, and perhaps with less of a loss than it would have incurred with a foreclosure.

Remember, after foreclosing, the lender owns the home and has to maintain it, insure it and pay taxes on it.  So instead of receiving payments each month, the lender is now forking out money every month.   Plus, short sales help the lender look good on paper — the property never gets listed as an actual foreclosure, which helps the lender’s numbers look better to bank regulators.  They see it as the lesser of two evils — if the numbers make sense for them.

 It should be noted that there are still negative implications for sellers in a short sale, even if less damaging than those associated with foreclosures and/or bankruptcy.  For example, a short sale homeowner’s credit will still be adversely affected by settling with the lender.   However, short sales do carry less negative effects than foreclosures.   Short sale sellers are widely seen as less risky than foreclosed sellers.   Case in point, Fannie Mae recently adjusted their guidelines to dictate only a two year waiting period for a short sale seller to buy another primary residence, while they extended the waiting period for foreclosures to five years.

Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the IRS could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid.   I suggest that all borrowers obtain legal advice from a competent real estate attorney and call their accountant to discuss short sale tax ramifications.  

At its best, a short sale can be a win-win for both parties. For the seller, a short sale provides the opportunity to avoid foreclosure and the dreaded implications that a foreclosure brings, in addition to being able to return to home ownership sooner.  For the lender, a short sale attains most of the value of the loan sooner, and avoids incurring additional legal or carrying costs while the foreclosure process plays out, which can sometimes even take years.  

And, frankly, short sales are great options for savvy buyers.   The short sale process is still a mystery to many people, even after all these years.  Lots of buyer’s agents are confused; puzzled buyers are looking for direction, and not every short sale listing agent knows how to do a short sale.     Two of our agents at Meadows Mountain Realty are experts in short sales.  Tammy Mobley received the coveted Certified Distressed Property Expert (CDPE) Designation in 2009 and Tom Goldacker completed the Short Sale and Foreclosure Course earlier this year to receive his SFR Designation.   

If you are considering buying or selling a home in a short sale situation, call the experts at Meadows Mountain Realty at 828-526-1717 or stop by our office at 450 N. 4^th Street in Highlands.   We can also be reached by email at info@meadowsmtnrealty.com.

Many consumers comment that some realtors as well as some economists seem confused about the future of housing sales. They point out that sometimes we seem bullish and sometimes we seem bearish. Let’s set the record straight about this.

Whether the Highlands housing market is likely to be up or down in the future is based on how many people decide to buy homes. Their decisions are based on a myriad of personal factors such as health concerns, whether they are close to retirement, whether they need or want a second home, whether they can afford to buy and so on.

Their views are also affected by tax credits, home prices, mortgage rates and a host of other factors out of their control. In short there are more than a few variables.

What do we think? Going back over 30 years shows that one consistent barometer is the “5%” rule. That is over 30 years of data shows that roughly 5% of all households tend to buy a new or existing home each year. (Note: in 2005 the percentage had reached 7.2% or 44% ABOVE the sustainable long term rate.) On that basis, and given approximately 120 million households in the U.S. then “normal” housing sales should be around 6 million for this year. And given where we are at the start of June, that seems to be where we will finish.

 In short, we are bullish about a solid if not spectacular year for housing sales.

There’s also been some confusion about how the new health care bill may affect real estate. First, there is no 4% “sales tax” or “transfer tax” on the sale of a home included in the health care bill. Additionally, there is nothing in the bill that impacts the mortgage interest deduction. What was included in the health bill is a provision that imposes a new 3.8% Medicare tax for some high income households that have “net investment income”. Any revenue collected by the tax is dedicated to the Medicare hospital insurance program.

This new tax would only apply to households with Adjusted Gross Income (AGI) of more than $200,000 for individuals or more than $250,000 for married couples. Since capital gains are included in the definition of net investment income, an additional tax obligation might result from the sale of real property.

The calculations of how much tax is owed are complex. However, even when the AGI limits are met, the new tax would not be applied to all capital gains that result from the sale of a home since the existing home sale capital gains exclusion rule still applies. So if the gain from the sale of the primary residence is below $250,000 (individual)/$500,000 (couple) then no Medicare tax will have to be paid on the gain.  The new Medicare tax would only apply to any home sale gain realized in excess of the $250K/$500K existing primary home exclusion that pushes the filer’s AGI over the $200K/$250K income limits. The new Medicare tax will take effect January 1, 2013. Of course, you need to check with your own tax professional to see how the new health care reform bill can affect your bottom line.

For more information on real estate in Highlands, contact Judy Michaud at Meadows Mountain Realty 828-526-1717 or toll free 866-526-3558. Please feel free to stop by our office across the street from “Sweet Treats” at 450 N. 4th Street in Highlands or at 94-1 Highway 64 West in Cashiers.  Or visit us online at www.meadowsmtnrealty.com   Judy can also be reached by email at info@meadowsmtnrealty.com

All summer long children can enjoy their environment and learn from it in Highlands North Carolina.  The Highlands Nature Center offers programs for all ages on a weekly basis, allowing children to experience and play in nature at the same time.

Sample programs include “Wow! A World of Wonder”, for children ages 4 through 6, where children play games, hike and explore the world around them.  “Amazing Animals” is a program for 7 through 10 years of age that exposes children to a variety of animals and allows them the opportunity to observe them in their habitats. “Junior Ecologists” exposes children ages 11 through 14 to the life of a field biologist.

Whatever the age, children in Highlands NC get the chance to learn more about the area around them this summer.  Highlands is a spectacular part of Western North Carolina, surrounded by natural beauty and the Highlands Nature Center offers a unique opportunity to enjoy and explore this wonderful mountain area.

Click here to visit the Highlands Nature Center website and learn more about the programs that are being offered this summer.

For more information about Highlands and Cashiers North Carolina, and for access to the Highlands/Cashiers NC MLS, contact Meadows Mountain Realty today, 866-526-3558 or email us today at info@meadowsmtnrealty.com.

Village Walk in Highlands NC is made up of condominium villas and single family cottages in a most desirable location.  Walking distance to the town of Highlands, Village Walk offers convenient mountain living, a place to get away from it all yet have access to fine dining, shopping and cultural activities.

All of the homes in Village Walk have been built to the highest standard, with attention to detail around every corner.  Whether you want to come and relax or entertain you will not be disappointed.  Granite counters, wood floors, stone fireplaces and fabulous appliances are just a few of the accents you will find in your new Highlands home.  If you are looking for maintenance-free living in Highlands NC, Village Walk could be your spot.

Give us a call today to see what is available in Village Walk or anywhere else in the Highlands area.

For more information about Highlands and Cashiers North Carolina, and for access to the Highlands/Cashiers NC MLS, contact Meadows Mountain Realty today, 866-526-3558 or email us today at info@meadowsmtnrealty.com.

Highlands Falls Country Club is a lovely gated community in Highlands North Carolina.  Bordered by the Nantahala National Forest, the Highlands Falls Country Club is in a magical setting that offers not only fantastic golf but amazing recreational opportunities.  The community has a variety of home options, from cluster homes and condominiums to elegant custom built homes.  One of the hottest buys currently available is a Highlands Falls cottage located at 1100 Claire Lane.

1100 Claire Lane is a 3 bedroom 2 ½ bathroom cottage with impeccable details that include a beamed ceiling, a stone fireplace, hardwood floors, all-new appliances and new cabinetry.  Priced at $499,000 this home is a must-see.

Highlands NC has many wonderful homes for sale that run the gamut in terms of price.  If you are looking for a luxury estate it is here but if you want to live in luxury in Highlands NC and not pay a luxury price then this adorable Highlands Falls cottage is what you have been looking for.  Contact us today to look at this home or any other Highlands NC real estate.

For more information about Highlands and Cashiers North Carolina, and for access to the Highlands/Cashiers NC MLS, contact Meadows Mountain Realty today, 866-526-3558 or email us today at info@meadowsmtnrealty.com.

For those looking to live a mountain lifestyle that includes golf, a lake, incredible views and a spectacular setting Cullasaja Club in Highlands North Carolina fits the bill.  Cullasaja Club is known for its challenging golf course designed by legendary golfer Arnold Palmer.  Comprised mainly of single family homes, this Highlands NC community has some cottages and villas as well, affording their residents maintenance-free living with stunning views and easy access to the Cullasaja Club amenities.

The fabulous clubhouse at Cullasaja Club is a cornerstone of the community, offering a place to meet up with friends, swim, play tennis, work out, or just plain relax and enjoy life.  In addition to the golf course and clubhouse is Lake Ravenel, a stunning lake to one which to canoe, fish or picnic alongside.

Highlands NC is made up of a variety of communities, and Cullasaja Club is one which has a great deal to offer the outdoors-man, the golfer and families.  With amazing golf, a clubhouse to meet friends and make new ones, and a lake, What more does one need?

For more information about Highlands and Cashiers North Carolina, and for access to the Highlands/Cashiers NC MLS, contact Meadows Mountain Realty today, 866-526-3558 or email us today at info@meadowsmtnrealty.com.