Winterizing your Car

I received some very helpful tips for winter and thought I would pass them along to you once again! S


Preparing your vehicle for the winter season is one of the most important keys to safe winter driving. Have a mechanic check the following items on your car before the temperatures drop.
• Battery
• Ignition System
• Lights
• Exhaust system
• Brakes
• Oil Level
• Antifreeze
• Thermostat
• Flashing hazard lights
• Heater
• Defroster
• Tires/tread
• Wipers and windshield washer fluid
Also, be sure to keep a windshield scraper and small broom for ice and snow removal, and maintain at least a half tank of gas at all times during the winter season

6 Tips to Save $$ and Reduce Energy Costs : Tip 2

2. Wash only full loads in your dishwasher (yet another reason to learn to pack them efficiently!), and if you have time, let them air dry by turning off the drying cycle manually—this can save 20% of your dishwasher's total electricity usage.

6 Tips to Save $$ and Reduce Energy Costs : Tip 1

Interested in saving the planet? How about saving $$? These days, the latter seems to be pretty important to everyone. So, thanks to Emily Hsiesh at Shine, I'm going to share 6 tips with you over the next several days to help you do just that. Plus, I think everyone agrees that working to save the planet is a pretty fantastic idea. So, let's get started!!


1. Check this: refrigerators suck up a whopping 20% of your household electricity use. Time to turn them down! Aim for somewhere between 38-42 degrees in the fridge, and 0-5 degrees in the freezer. If you've got an energy saver switch, make sure it's flipped on. Doors should be sealed tight: to test, stick a dollar bill between the gaskets and close the fridge door; if the bill is hard to pull out you're in good shape. If not, it's time to replace the gaskets.





Full

Garden Tip

Wait to fertilize spring-flowering shrubs and trees until after they have finished blooming. Early fertilization will promote green growth that hides blooms.










Information Courtesy of the NC Cooperative Extension





Visit www.BrittainMehler.com to search for properties surrounding Greensboro, NC!

A Plan for Homeowners in Financial Despair

A new plan has been put forth by the government to help homeowners in need. The big change is that this time it is not merely aimed at those who are facing foreclosure (approximately 7 million people) but homeowners who owe more on their home than it is worth (approximately 11 million people). Funding for the plan will not come from increased taxes but from the "Troubled Asset Relief Program" which already has funds set aside.

Read the full article here: New York Times

Go to www.BrittainMehler.com to search for properties across North Carolina!

Easy Solutions for an Organized Kitchen

Let's face it. Everyone wants a gourmet kitchen with all of the bells and whistles. In real estate it is something so frequently sought after and rarely discovered. But, click on the link below to see a few tips (provided by local chef Reto Biaggi to the News & Record) on how to have a functional kitchen even if your kitchen won't be gracing the pages of Southern Living.

Downtown Greenway

The official ribbon cutting of the first completed section is March 24, 2010. Check it out!! http://downtowngreenway.org/home/

Greensboro's Most Decadent Chocolate Desserts

Are you getting ready for Valentine's Day? If you don't have a significant other with whom to celebrate with, do you love chocolate? Well, The News & Record has compiled a wonderful list of desserts and the restaurants that offer them... including prices!

Click the link below to view Greensboro's Finest Chocolate Desserts!

The Most Decadent Chocolate Desserts Greensboro Has to Offer

7 Reasons to Buy Your Own Home

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov.

F.W. Woolworth Co.

As many of you know, the F.W. Woolworth building that sits in downtown Greensboro is the site of an important and historic nonviolent civil rights protest. Greensboro has long awaited the opening of what is now known as the International Civil Rights Museum. If you have ever been to the Smithsonian, you have likely passed by a portion of that infamous lunch counter where the four young men sat in protest.


Remembering the Greensboro Four


Four freshmen from North Carolina Agriculture and Technical College sat down and sparked a movement.

On February 1, 1960, Franklin McCain, Joseph McNeil, Jibreel Khazan, and David Richmond sat at the segregated lunch counter at Woolworth's in Greensboro. The students knew the counter did not serve African Americans. But they sat down anyway, following through on a plan they discussed for months.

Despite protests and a strong police presence, the students diligently returned to the counter in the following days, each time gaining more supporters to their cause. Five days later, more than 1,000 people packed the store.

Similar protests were held in Winston-Salem, Durham, Charlotte, Raleigh, Fayetteville, High Point, and throughout the South in solidarity with the Greensboro students.

F.W. Woolworths became desegregated on July 26, 1960.

The Greensboro Four, as they are now called, were honored at the International Civil Rights Center and Museum in Greensboro, which opened this week. Gov. Bev Perdue and US Senator Kay Hagan were among those celebrating the grand opening.

The museum is an archival center and teaching facility devoted to the international struggle for civil and human rights. The museum celebrates the nonviolent protests of the 1960 Greensboro sit-ins that served as a catalyst in the civil rights movement.

Click http://www.sitins.com/ to learn more about the Greensboro Sit-ins.




Source: David Young

2nd ANNUAL BRUNSWICK STEW COOK-OFF

BRUNSWICK STEW COOKOFF RESCHEDULED DUE TO INCLEMENT WEATHER



Shallotte, NC – The Brunswick County Chamber of Commerce has rescheduled the Brunswick Stew Cook-Off that was to be held this Saturday, January 30. The new scheduled date for the Brunswick Stew Cook-Off will be February 6th 10-4pm at Rourk Woods in Shallotte (same location). Due to the current weather forecast for Saturday, the committee determined it was the only option for the event. “We were hoping to have the event this weekend, but with the projected weather forecast, it is going to prevent us from having the Brunswick Stew Cook-off. We cannot ask for the community to come out to an event in this type of weather” said Cathy Altman, President of the Brunswick County Chamber of Commerce.

But what a great way to kickoff Super Bowl weekend! The Brunswick Stew Cook-off is perfect for the entire family and will feature Brunswick stew tastings, a kid’s area, a beer garden, live music by Jaded Mayberry, local crafters, super bowl party giveaway, food vendors and much more! Admission to the event is FREE; however, you must purchase tasting tickets to try the delicious stews. Tasting tickets are $5.00 for 6 delicious tastings. There are four contestant categories: Restaurants, Media, Nonprofits, and Individuals. Event attendees will be able to vote on their favorite stew for the People’s Choice Award 11:00am until 2:00pm, but you can taste until all the stew is gone! An official judging panel will take place from 10:00am until 11:00am that will include D.A. Rex Gore, Sheriff John Ingram, Reporter Casey Roman, Writer Jo Ann Mathews, and 103.7 Morning Show Host Bryan Keith. Cash prizes will be awarded to the top winners in each category, and the overall top stew contestant. The event will kick-off with music from 103.7 The Bone, and then live music will be performed by local band Jaded Mayberry from 12:00pm until 4:00pm. Kids will enjoy a bounce house, clown and complementary cotton candy! For ages 21 and over, a beer garden will be located next to the clubhouse. Enjoy other delicious foods such as barbeque, ribs, hot dogs, hamburgers, fries, chicken, and much more. The event will also include a local vendor section with fresh produce and North Carolina crafts, including baskets, pottery, jewelry, pet accessories, soaps, candles and more. Attendees will have the opportunity to purchase raffle tickets for a super bowl party giveaway including the use of a 50” tv to watch the big game, catered food, cooler full of goodies, NFL Jersey signed by Mark Rypien, beer from Budweiser, and other items that will make your super bowl party the best in the county!

Visitors to the event can find free parking inside the Rourk Woods Development. Rourk Woods is located at 4700 Sugarberry Drive, Shallotte, NC. Directions from Wilmington: Follow 17 South for approximately 28 miles, Turn left on 17 Business/Main Street, Turn left onto 179/Village Road, Rourk Woods is a little over a mile on the right. Directions from Myrtle Beach: Follow 17 North into North Carolina, Turn right onto 17 Business, Turn right on Sellers Street, Turn right on 179/Village Road, Rourk Woods is on the right.

No outside food or drink, no pets, shirt/shoes are required. Event sponsors: Rourk Woods, Shallotte TDA, R.A. Jeffreys Distribution Company of Wilmington, 103.7 The Bone, Brunswick Beacon, South Brunswick Magazine, ATMC and WECT. For more information call 910-754-6644. *Please note that details are subject to change.

5 Common Mistakes Made By First Time Home Buyers

1. They don’t ask enough questions of their lender and end up missing out on the best deal.

2. They don’t act quickly enough to make a decision and someone else buys the house.

3. They don’t find the right agent who’s willing to help them through the homebuying process.

4. They don’t do enough to make their offer look appealing to a seller.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years

Winter Weather Advice!

As you know, we're about to be hit with some very bad weather so I thought I would pass along this advice so that you are sure to be prepared.

Many folks west of us that have been hit by this storm are struggling in the cold without power. We could experience the same problems. The weather is forecast to dip down in the teens which can really make things worse. Here's a short list of things to do before we get hit...

• Disconnect outside water hoses and shut off water to outside faucets.
• Find and tag the main water shut off in your house in case of freezing pipes. When they thaw, broken pipes can lead to a huge mess.
• Keep garage doors closed to reduce draft in the home.
• Remove snow build up from awnings and roof.
• Close all storm windows and apply plastic film to older leaky windows.
• Disconnect your electrical appliances if there is a power outage. When power is restored, surges are likely to damage them.
• If power goes out, do not use a non-indoor approved heating devices and keep your generator outside where there is plenty of ventilation.
Two more important tips...
• Please do not go out into the weather if you can help it or drive the roads before they are safe again.
• Bring our furry friends inside. It's going to get very cold this weekend.
I hope you and your family have a safe weekend without problems!

Looking for a house to Rent in Greensboro, NC? What about a Rent to Own??

A lot of real estate agents run away screaming from people who are looking to rent homes. And, to be candid with you, I don't blame them. Many people don't understand how real estate agents make their living and typically they are paid nothing for helping renters. That means they are putting in a lot of time and effort, taking time from other clients, etc. without any hope of receiving compensation. But, sometimes a person has no other option but to rent. If you need a place to rent or know someone that does, check out this house. It is in a fabulous neighborhood- and I mean fabulous. Do you know what else is fabulous? We will even consider a RENT TO OWN situation!! It is the best of both worlds!! Email me if you have any questions!

Looking for a house to Rent? What about a Rent to Own??

A lot of real estate agents run away screaming from people who are looking to rent homes. And, to be candid with you, I don't blame them. Many people don't understand how real estate agents make their living and typically they are paid nothing for helping renters. That means they are putting in a lot of time and effort, taking time from other clients, etc. without any hope of receiving compensation. But, sometimes a person has no other option but to rent. If you need a place to rent or know someone that does, check out this house. It is in a fabulous neighborhood- and I mean fabulous. Do you know what else is fabulous? We will even consider a RENT TO OWN situation!! It is the best of both worlds!! Email me if you have any questions!

For Rent: 3BR/1BA Single Family House in Greensboro, NC, $975/month

Southern Lights Returning this Spring!

Southern Lights Bistro will reopen this spring.

When the restaurant closed last year, co-owner John Drees bid farewell to the old location, confident he would reopen the restaurant that had retained a loyal following for almost 25 years. Today, Drees is a happy man.

"I'm excited. We've made a turn," says Drees.

After months of speculation, and the possibility of a change in the restaurant's name, Drees announced today that he will definitely reopen Southern Lights Bistro at 415 Lawndale Drive, the former home of Roosters Gourmet Market & Gifts.

He says the menu will feature daily fish and chicken items in addition to lots of old favorites

New Jobs for North Carolina

Husqvarna to Add New Headquarters and 160 Jobs in Charlotte
Husqvarna, a global leader in outdoor power equipment, will double its Charlotte workforce with the opening of a new North American headquarters. Husqvarna plans to add 160 workers over the next three years and invest $2.75 million in the project.
“This decision by a top international company such as Husqvarna shows what trade magazines have long said – that Charlotte is among the nation’s best places to live and do business,” Perdue said. “I will continue working aggressively to create opportunities across the state that put our people to work.”
Husqvarna is based in Sweden and employs more than 15,000 workers in 42 countries. It is the world’s largest producer of chainsaws, lawn mowers and other gas-powered garden equipment such as trimmers and leaf blowers. Its products are sold in North America under many brand names including Husqvarna, Poulan, PoulanPro, Weed Eater, Dixon, Gardena and Jonsered.
The company plans to consolidate its Consumer Outdoor Products subsidiary currently headquartered in Augusta, Ga., with its Professional Products headquarters in Charlotte to form one North American headquarters in Charlotte. While salaries will vary by job type, the overall average annual wage for the 160 new jobs will be $79,453, not including benefits. That is significantly higher than the Mecklenburg County average of $48,776.
Under the terms of the JDIG, the company is eligible to receive a grant equal to 55 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the nine years in which the company meets annual performance targets. If Husqvarna meets the targets called for under the agreement and sustains them for nine years, the JDIG could yield as much as $2.5 million in maximum benefits for the company.
For more information about Husqvarna, including job opportunities, visit www.husqvarna.com and click on “Husqvarna Group” at the top of the page.




Source: Office of Governor Bev Perdue

Energy Efficiency Projects Get Funding Across NC

“Main Street” Energy Projects Approved for Recovery Funding
More than $330,000 in federal Recovery Act funds have been awarded to eight North Carolina “Main Street” communities to help with energy efficiency and renewable energy initiatives. The grants are the first distribution of money from the North Carolina Energy Program for the state’s Main Street initiative.
“North Carolina continues to use recovery funds for job creation and energy efficiency,” said Gov. Perdue. “These grants will provide service jobs for local businesses and help local communities save money on utility bills.”
The Main Street initiative seeks to boost economic development in small towns, including those in rural areas that have been designated by the N.C. Commerce Department’s Division of Community Assistance. A second round of grants is expected to be awarded during the first quarter of this year.
The North Carolina Energy Office, in partnership with the N.C. Main Street Center, awards grants to eligible local governments and/or nonprofit downtown revitalization organizations for projects totaling no more than $250,000. Grants are awarded to Main Street communities for energy audits and planning and policy work to support long-term sustainable changes for energy efficiency.
Local matching funds must be committed for implementation of grant awards on the basis of a minimum of one non-federal dollar for every one federal dollar from the N.C. State Energy Program Main Street Grant Fund.
Click here for the list of “Main Street” projects approved for funding in the first round.

Holiday Open House at the Executive Mansion and Western Residence

Executive Mansion

Governor Perdue invites the public to visit the Executive Mansion – the People’s House – for a Holiday Open House Dec. 10-13. Visitors will have the opportunity to view the mansion’s beautiful decorations and enjoy holiday entertainment provided by musical and choral groups from across the state.

Schedule
• Thursday, Dec. 10 12 p.m. – 8 p.m. (Coinciding with the Capitol Christmas Tree Lighting)
• Friday, Dec. 11 10 a.m. – 5 p.m.
• Saturday, Dec. 12 10 a.m. – 5 p.m.
• Sunday, Dec. 13 1 p.m. – 4 p.m.

No advance reservation is necessary but due to the popularity of this event, visitors should try to arrive at least an hour prior to closing. The Executive Mansion is located at 200 N. Blount Street. For questions regarding the Executive Mansion open house, visitors should call Capitol Area Visitors Services at 919-807-7950 or toll-free at 866-724-8687.

Western Residence

The Western Residence board of directors also invites visitors to the Asheville home to view its holiday decorations Dec. 5-6.

• Saturday, Dec. 5 10 a.m. – 7 p.m.
• Sunday, Dec. 6 1 p.m. – 6 p.m.

No advance reservation is necessary. The Governor’s Western Residence is located at 45 Patton Mountain Road. For questions regarding the Western Residence open house, visitors should contact Juleigh Sitton at 828-430-0054.

Fiber Manufacturer Brings 25 Jobs to Rockingham County

SANS Technical Fibers LLC, an international manufacturer of synthetic nylon filament and yarn for the high-performance, military, automotive and other markets, will expand its plant in Rockingham County. The company will invest more than $2.8 million and create 25 jobs in Stoneville. The announcement was made possible in part by a $60,000 grant from the One North Carolina Fund.

“North Carolina remains a top choice for successful companies adapting to compete in a global marketplace,” Gov. Perdue said. “Our exceptional quality of life and skilled workforce continue to attract companies looking for the perfect location to expand and prosper.”

SANS Technical Fibers, headquartered in Gastonia, is a wholly owned subsidiary of AECI Limited of South Africa. AECI has consolidated its fiber-producing operations to the Stoneville plant, which currently employs about 100 people.
For information on company job opportunities, please contact: hr@sansfibers.com.




Source: Governor Perdue

Winter Safety Tips

Preparing your home and property for cold weather conditions and responding to them effectively can reduce some of the effects caused by winter's weather challenges. Experts agreethat the following measures can be effective in dealing with the effects of severe winter weather:

• Have your snow removal equipment serviced and ready for action.
• Have rock salt on hand to melt ice on walkways.
• Make sure your walls and attic are properly insulated.
• Caulk and weather-strip doors and windows.
• Install storm windows or cover windows with plastic from the inside.
• Have an ample supply of wood if you have a fireplace.
• Have safe portable space heaters available.
• Wrap water pipes in insulation or layers of old newspapers to keep from freezing.
• Let faucets drip a little to avoid freezing.
• Know how to shut off water valves.
• In case the power goes out, have disaster supplies on hand such as a flashlight & battery-operated radio (and extra batteries), a first aid kit and extra blankets & sleeping bags.
• Develop an emergency communication plan in case family members are separated from one another during a winter storm.
• Teach children how and when to call 9-1-1, police, or fire department, and which radio station to tune to for emergency information

Winter Car Kit

Make sure to have these items in an accessible location in your car:

• Flashlights with extra batteries
• First aid kit with pocket knife
• Several blankets
• Plastic bags (for sanitation)
• Matches
• Extra set of mittens, socks, and a wool cap
• Small sack of sand for generating traction under wheels
• Small shovel
• Tool kit
• Booster cables
• Brightly colored cloth to use as flag

Know the Severe Weather Lingo!!

Know how the public is warned (via siren, radio, TV, etc.) and the warning terms for each kind of disaster in your community:

WINTER STORM WATCH
Be alert, a storm is likely

WINTER STORM WARNING
Take action, the storm is in or entering the area.

BLIZZARD WARNING
Snow and strong winds combined will produce blinding snow, near zero visibility, and deep drifts.

WIND CHILL
Seek refuge immediately.

WINTER WEATHER ADVISORY
Winter weather conditions are expected to cause significant inconveniences and may be hazardous, especially to motorists.

FROST/FREEZE WARNING
Below-freezing temperatures are expected and may cause damage to plants, crops, or fruit trees.

Winterizing Your Car

I received some very helpful tips for winter and thought I would pass them along to you! So, for the next few days I will be posting winter tips for you to share!


Preparing your vehicle for the winter season is one of the most important keys to safe winter driving. Have a mechanic check the following items on your car before the temperatures drop.
• Battery
• Ignition System
• Lights
• Exhaust system
• Brakes
• Oil Level
• Antifreeze
• Thermostat
• Flashing hazard lights
• Heater
• Defroster
• Tires/tread
• Wipers and windshield washer fluid
Also, be sure to keep a windshield scraper and small broom for ice and snow removal, and maintain at least a half tank of gas at all times during the winter season.

Driving While Texting

An epidemic is sweeping across America causing drivers everywhere to blackout. It's called Texting & Driving. Starting December 1st, 2009 NC driver's caught texting while driving will face a fine of $100 plus court fees. The violation will not add points to your driving record and insurance surcharge will NOT be assessed.

When you text and drive...

It takes your eyes off the road on average of five seconds at a time. At 55 mph, that's like driving the length of a football field - completely blind.

It's like driving after having 4 beers.

It makes us 23 times more likely to crash.

It results in car crashes that kill an average of 11 teens each day.

It's results in 330,000 distracted driving injuries every year.

Charming Home in the Heart of Kirkwood For Sale!

Charming 3 bedroom 2 bath home located in the heart of Kirkwood! Enjoy this wonderful home which features a Formal Living Room with a fireplace, Two Dining areas, Bright and Cheery Kitchen, Sun-Filled Den, Master Bedroom with en-suite Master Bath, Master Bath boasts dual sinks, jetted tub, separate shower, and walk-in closet! The home is nicely situated on an expansive lot with a beautiful privacy fence and storage building. Kirkwood is one of the prime neighborhoods in Greensboro. The residents are warm, caring, and devoted to neighborly activities. Enjoy special neighborhood events such as the famous 4th of July Kirkwood Parade, Kirkstock, Halloween activities, Santa in the Park where kids may sit on Santa's lap or play on the fire truck that is brought in for the occasion, bi-weekly neighborhood gatherings during the warmer months, or just enjoy the neighborhood park that is located only a block from this home!

For more pictures and information please go to: http://www.allentate.com/brittainmehler/DesktopDefault.aspx?pageid=108&pagealias=ATWAgentListingDetail&ListingID=1678744&ListingPosition=8&From=AgentFeaturedProperties

Oct. Home Sales Up 10.1%, Beating Expectations

Sales At Highest Level In More Than 2 Years


WASHINGTON -- Home resales far exceeded expectations last month, surging to the highest level in 2½ years as first-time buyers rushed to take advantage of an expiring tax credit.

The National Association of Realtors says sales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September.

It was the highest sales level since February 2007. Sales, which were nearly 24 percent above last year's level, had been expected to rise to an annual pace of 5.65 million, according to economists surveyed by Thomson Reuters.

The median sales price was $173,100 down 7.1 percent from a year earlier, and off 1.6 percent from September.







ALAN ZIBEL, AP Real Estate Writer

Southern Lights to return as Blue Sky - The Business Journal of the Greater Triad Area:

Southern Lights to return as Blue Sky - The Business Journal of the Greater Triad Area:

Home sales rebound to highest level in 2 years

NEW YORK (CNNMoney.com) -- Sales of existing homes rebounded sharply in September to their highest level in two years, getting a strong boost from first-time homebuyers, according to a report released Friday.

Sales of previously-owned homes jumped 9.4% in September after falling for the first time in four months in August, said the National Association of Realtors. Year over year, sales of existing homes were up 9.2% in September.

"Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home," said Lawrence Yun, NAR chief economist.

Early information from a NAR report to be released next month suggests first-time homebuyers accounted for more than 45% of home sales in the past year.

September home sales hit an annualized rate of 5.57 million properties, up from 5.10 million units in August. A consensus estimate compiled by Briefing.com had forecast sales of 5.35 million units.

Prices still falling. Yun said the market is still underperforming as home values continue to decline.

The median price of homes sold in September was $174,900, falling 8.5% from a year earlier. The drop in prices has been led by an influx of distressed properties, which accounted for 29% of sales in September and include foreclosures and short sales.

"We're getting early indication of price stabilization but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth and to fully remove consumer fears, which would then revive the broader economy," Yun said.

With more than 75 million home-owning families having more wealth tied to their homes than the rising stock market, Yun said economic growth without a recovery in their homes' value "will be one of the weakest in U.S. history."

The $8,000 tax credit that has helped first-time home buyers take advantage of the most affordable conditions since 1970, but the looming expiration date of the incentive could hold buyers back from entering the market, said NAR president and real estate broker Charles McMillan.

"Our read is that housing overshot on the downside because homes are selling for less than replacement construction costs in much of the country, and the home price-to-income ratio has fallen below the historical average," McMillan said.

In order for prices to return to normal, Yun says that total housing inventory would need to drop at the 7.5% pace seen in September, which represents a 7.8-month supply, the lowest in almost three years.

To help boost home prices and sales, lawmakers are considering extending the tax credit and expanding it to all but the wealthiest homebuyers.

While keeping the credit would help lift housing prices, senior economist at PNC Robert Dye says it would only be a temporary effect until the program stopped, as was seen with Cash for Clunkers.

"First-time homebuyers don't represent the bulk of the market and there is strength well beyond them," said Dye. "If economic indicators such as consumer confidence show improving trends, then experienced homebuyers will stay in the market and take advantage of [the low] prices" even without the credit.

Where the homes are selling. Regionally, the strongest market was the West, where sales climbed 13% to an annualized rate of 1.3 million. That was 5.7% higher than last year's rate. The median price of homes sold during the month was $219,000, down 15% from last year.

In the Midwest, sales were up by 9.6% to a pace of 1.25 million, which was 7.8% higher year-over year. Prices there have dipped 1% since 2008 to a median of $147,600.

Sales in the South were up 9% from August and 10.8% from last September to a rate of 2.6 million. Prices have dropped 7.6% to $153,500 in the past 12 months.

The Northeast reported a modest rise, with existing sales up 4.4% from August to a rate of 950,000. That was 11.8% from a year ago. The median price there was $234,700, down 7.6% from last year.






Source: http://money.cnn.com/2009/10/23/real_estate/existing_home_sales/index.htm

10 Ways to Prepare for Home Ownership

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.