Homeownership Still Considered Best Long-Term Investment
The housing crash seems to have had little impact on consumer confidence, as 81 percent of adults believe buying a home is the best long-term investment a person can make, according to a recent report by Pew Research. Read more.
U.S. Home Prices Drop in February
U.S. home prices dropped in February, according to the Standard & Poor's Case-Shiller Home Price Index for 20 large U.S. cities. According to housing insiders,foreclosures and tight lending standards are primarily to blame. Read more.
IRS Pays Millions in Sketchy Homebuyer Tax Credits
The Internal Revenue Service (IRS) has paid out more than a half-billion dollars in homebuyer tax credits to people who probably didn't qualify, a government investigator said Friday, though the IRS is questioning some of those findings. Read more.
Study: Affordable Rental Homes Hard to Find
A record number of renters are spending more than half their income on housing, according to a report released Tuesday by the Harvard Joint Center for Housing Studies. Making matters worse, the supply of affordable rental housing has also been shrinking. Read more.
N.C. Adds 36,500 Jobs in the Past Year
North Carolina added 36,500 nonfarm jobs during the 12-month period that ended in March, placing N.C. among the top 10 in the nation for annual employment gains through the end of the first quarter. Read more.
North Carolina Education Lottery Transfers $119.1M to State
The North Carolina Education Lottery said in a written statement that it transferred $119.1 million in revenue to the state on Tuesday. Most of the money will go the State Education Lottery Fund. Read more. QUESTION: I recently agreed to list a home for sale. One of the rooms is being used as an office but the owner says that it used to be a bedroom. He wants me to advertise the home in the MLS as if that room is a bedroom. I have some concerns because the room does not have a closet. What should I do?
ANSWER: In an article published in the October 2006 issue of the “Real Estate Bulletin”, the North Carolina Real Estate Commission acknowledged that there is no clear answer to the question “What is a bedroom?” The article advised brokers to use their common sense and exercise reasonable judgment when determining whether a room is, for listing purposes, a bedroom.
Some Multiple Listing Services have prepared guidelines to assist their members on what can be listed as a bedroom. You should check with your MLS and be sure to follow those guidelines.
In the absence of MLS guidance, you should consider several factors in making your determination. First, if the home has a septic tank, the home must comply with the septic permit issued by local authorities. If the home is only permitted for two bedrooms, you cannot list it as having three or more bedrooms.
If the home is on public water and sewer, you should consider whether the room was designed to serve as a bedroom. A closet is one indication of such intent, but older homes were often designed to use an armoire. If the home you are listing is relatively new, keep in mind that potential buyers will likely expect to see a closet in every bedroom.
Finally, you should consider the applicable building code. Under the North Carolina Residential Building Code, if a room has at least 100 square feet, and at least 50% of the room has a ceiling height of greater than 7’, it can be called a bedroom. The NCRBC also requires a bedroom to have a window or door leading directly to the outside for access in case of an emergency. If the room in question meets these guidelines, advertising it as a bedroom would be reasonable.
Have a legal question? Call our Risk Watch Line at 1-800-443-9956. Dedicated to Going Green? Follow These 10 Easy Steps
With Earth Day behind us, why not use the next month as inspiration and make a commitment to do environmentally friendly activities throughout the year? Follow the link below for 10 ideas to help you go green. Read more.
Vlog: Used Video Cameras
REALTORS®: Are you in the market for a used video camera? If so, follow the link below for some key pointers to consider before making a purchase. Read more.
NC REALTORS® to Take Part in Nationwide Open House Weekend
Please mark Saturday and Sunday, June 4-5 on your calendars, if you haven’t already, and make plans to join tens of thousands of your peers throughout the U.S. in participating in a REALTOR® Nationwide Open House Weekend. This event, which is expected to receive substantial advance exposure through national media outlets, is a way to showcase your listings in a most visible and highly effective way. You can learn more here.
Don’t miss the NCAR Property Management Division’s 2011 Spring Seminar on May 19, 2011!Join NC REALTORS® General Counsel Will Martin and Peter Myers with the NC Real Estate Commission on May 19 in Greenville, NC as they discuss the Tenant Security Deposit Act and various other property management issues. NCAR PMD members can attend this seminar for FREE. Non-PMD members are welcome to attend for only $20. Space is limited so don’t delay! The 2011 PMD Spring Seminar will be from 1:00pm-4:00pm on May 19 in Greenville, NC at the Hilton Greenville located at 207 SW Greenville Blvd. 27834. Membership in the NC Property Management Division is $35/year, to find out more about NCAR PMD go to NC REALTORS website and click on Specialty Divisions!
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