Winston Salem - What is the EFFECTIVE DATE OF A CONTRACT

 

 Is an oral contract to sell real property legally enforceable? No. 

Any contract to sell real property is unenforceable against a party unless it is writing and signed by that party or on his or her behalf by some other lawfully-authorized person. When does a contract using the Offer to Purchase and Contract (Form 2-T) become legally binding on the buyer and seller? An offer made using Form 2-T becomes a binding contract on the “Effective Date.” The Effective Date is defined in paragraph 1(g) of Form 2-T. Two things must take place to form a binding contract according to paragraph 1(g): (i) all parties must have signed the offer (or initialed a counteroffer), and (ii) the party to whom the offer or counteroffer was made communicates that they have signed the offer (or initialed the counteroffer) to the party who made the offer (or counteroffer).

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As always, contact me for you real estate needs.  There is never any obligation!

Winston Salem | Forsyth County Statistics For July 2025

Ask Me How this may effect your next Real Estate Decison. As always, there is never any obligation!

 

Winston Salem | Did you know?

 

Fun Facts About Winston‑Salem

1. Twin City Origins

Winston‑Salem earned its nickname “Twin City” after the merger of two towns—Winston, established around industry, and Salem, a Moravian settlement—in 1913.(Wikipedia, My Winston-Salem)

2. Birthplace of Krispy Kreme

The first Krispy Kreme doughnut shop was opened here in 1937 by Vernon Rudolph. The very spot still draws visitors with fresh doughnut aroma.(Apartment Guide, Facts.net)

3. Texas Pete & Tobacco Legacy

• Texas Pete hot sauce got its start in Winston‑Salem in the 1920s, and production continues locally.(Apartment Guide)

• The nickname “Camel City” stems from its history as a tobacco powerhouse—especially with R.J. Reynolds’ Camel cigarettes.(Wikipedia, The Go-To Winston-Salem)

4. Old Salem: A Living Museum

• Old Salem, settled in 1766, is one of the most well-preserved Moravian settlements in the U.S., with circa 70% of its structures original.(Wikipedia)

• The Salem Tavern, built in 1784, is the area's first all-brick building and is now a National Historic Landmark.(Wikipedia)

• Each Easter, the Moravian Easter sunrise service is held at God’s Acre, one of the oldest continuous services in the country.(Wikipedia, The Go-To Winston-Salem)

5. Iconic Mickey Coffee Pot

Built in 1858 by the Mickey brothers, the 7-ft tall tin Coffee Pot landmark once sat curbside before being moved for safety. It holds about 740 gallons—that’s nearly 11,840 cups of coffee.(Wikipedia, Living WS)

6. Oldest Gingerbread Bakery

Old Salem’s Winkler Bakery, founded in 1807, still uses its original gingerbread recipe and traditional 19th‑century wood‑burning methods.(Food & Wine)

7. City of Arts & Innovation

Winston‑Salem created the very first arts council in the U.S. back in 1949, earning the modern title “City of Arts and Innovation.”(Wikipedia, The Go-To Winston-Salem)
Today, it’s home to vibrant cultural institutions like:

• SECCA (now North Carolina Museum of Art in Winston‑Salem)

• Reynolda House Museum of American Art

• The influential UNCSA and many galleries and performance spaces.(Wikipedia, Southern Living)

8. Reynolda Gardens

Opened between 1906–1923 on the estate of R.J. Reynolds, these botanical gardens were designed by Thomas W. Sears and span 125 acres, offering free daily admission.(Wikipedia)

9. Unexpected Art Dispensers

Keep your eyes peeled for Art‑O‑Mats—repurposed vintage cigarette machines that vend unique, pocket‑sized artworks around the city.(Movoto Real Estate)

10. Towering Architecture

• Winston Tower (formerly the Wachovia Building), completed in 1966, was once the tallest building in North Carolina and is listed on the National Register of Historic Places.(Wikipedia)

• Winston‑Salem’s skyline feature and local joke somtimes: the Wells Fargo Center, originally Wachovia’s HQ, was designed to resemble a blooming rose.(Wikipedia)

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Highlighted Attractions

• Old Salem Museums & Gardens—a walk through living history.

• Winkler Bakery—taste centuries-old gingerbread.

• Reynolda Gardens & Museum—art and natural beauty combined.

• Art‑O‑Mats—tiny art surprises around town.

• Historic landmarks like the Disney‑style Coffee Pot and storied towers.

Winston‑Salem truly blends youth, tradition, art, industry, and a few delightful surprises. Let me know if you'd like more quirky tales or suggestions for the best places to visit—happy to help you explore!

8/11/2025 180 Day Stats - Winston Salem

 

In the last 180 days for homes with 3 beds and 2 baths the following are some quick stats.

505 Homes have sold

The average list prices range from $119,900 to $635,000 - Average is 297,544

The average sold price ranges from $110,000 to $625,000  - Average $295,086

Below is a link to the Winston Salem report for each home in this list.

winston salem stats - see report

If you are interested in what your Winston Salem Home Might Sell For?   Please ask me.  There is never any obligation!

Winston Salem | Here are a Few Fun Trivia Facts for Your Enjoyment

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Here are some fun and fascinating trivia tidbits about Winston-Salem, NC—whether you need conversation starters, quiz questions, or just fun local facts!

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🏙️ Origins & Identity

• Winston‑Salem was officially formed in 1913 when the industrial town of Winston (named for Revolutionary War hero Joseph Winston) merged with the Moravian settlement of Salem (from the Hebrew shalom, meaning “peace”) (The Go-To Winston-Salem, NCPedia).

• The city has nicknames like “Camel City” (after the Camel cigarettes by R. J. Reynolds), “Twin City”, and “City of Arts & Innovation.” Winston Tower (formerly Wachovia Building) and the R. J. Reynolds Building carry deep heritage in both finance and design (The Go-To Winston-Salem).

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🍩 Brands & Inventions

• Krispy Kreme began right here in Winston‑Salem in 1937—the original doughnut shop was founded by Vernon Rudolph and quickly became legendary (Apartment Guide).

• Texas Pete hot sauce also originated here in the 1920s, now a staple in kitchens across the U.S. (Apartment Guide).

• The Hanes brand (founded in hosiery and underwear by the Hanes brothers) also traces its roots to this city’s textile legacy (Kiddle).

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🏛️ Historic Sights & Landmarks

• Old Salem Historic District, founded in 1766 by Moravians, serves as a living museum showcasing colonial architecture, artisanship, and culture (en.wikipedia.org).

• The Mickey Coffee Pot—a 7‑ft tall tin coffee pot advertising landmark built in 1858—can hold ~740 gallons (about 11,840 cups) and is an unofficial city icon (en.wikipedia.org).

• Salem Tavern, dating to 1784, is the first all-brick building in Old Salem and hosted George Washington in 1791 during his Southern tour (en.wikipedia.org).

• God’s Acre Cemetery, a Moravian burial ground, is still active and hosts the U.S.’s longest-running consecutive Easter Sunrise service—over 250 years and counting (The Go-To Winston-Salem).

• The Reynolds Building, completed in 1929, was the tallest building south of Baltimore at the time and famed for being the design model of New York’s Empire State Building. Today the two buildings exchange Father’s Day greetings annually (Kiddle).

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🎨 Culture & Innovation

• Winston‑Salem was among the first U.S. cities to create an arts council (in 1949) and boasts a lively art scene: the UNC School of the Arts, SECCA (Southeastern Center for Contemporary Art), film festivals, and 30+ galleries (The Go-To Winston-Salem).

• What was once the estate of R.J. Reynolds is now Reynolda House Museum of American Art and the adjacent Reynolda Village, where former farm and servant buildings are now shops and restaurants on Wake Forest University grounds (southernliving.com).

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🏟️ Unique Facilities

• Bowman Gray Stadium, opened in 1938, became famous as NASCAR’s "Madhouse" track and also hosted football games for Wake Forest and Winston‑Salem State University (en.wikipedia.org).

• In the 1970s, Winston‑Salem was home to the world's largest Black-owned transit system, the Safe Bus Company—a vital service bridging communities (10-facts-about.com).

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❄️ Delicious Traditions

• Winkler Bakery, in Old Salem, has been making Moravian gingerbread cookies since 1807 using original recipes and a wood-burning oven. It's believed to be North Carolina’s oldest bakery (foodandwine.com).

• Each holiday season in Old Salem features Moravian holiday traditions—lanterns, Moravian stars, Candle Tea, and folk music rather than modern decorations (southernliving.com).

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Winston Salem | Before Buying A Home, Be Sure To Do ALL 5 Of These…

Thank you for this information from one of our favorite closing attorneys

Contact Roby for all your real estate needs. There is always no obligation consultation available.

What Do Property Management Companies Charge around Winston Salem?

Roby Robertson Owner Carolina Living Real Estate

Property managers typically charge a fee for handling the day-to-day operations of managing a rental property. The fees can vary depending on the services they provide, the location of the property, and the type of property being managed. Here's a breakdown of what you can expect:

1. Management Fee (Monthly):

• Typical Range: 8% to 12% of the monthly rent.   Carolina Living has an 8% starting rate!

• This is the fee the property manager charges for handling the day-to-day tasks like finding tenants, screening applicants, collecting rent, coordinating maintenance, and managing the property's financials.

Example: If the property rents for $2,000 per month, the management fee would be between $160 and $240.  

2. Leasing or Placement Fee:

• Typical Range: 50% to 100% of one month's rent.  Carolina Living does NOT charge for this.

• This fee is charged when the property manager finds a new tenant. It often includes marketing the property, showing it to prospective tenants, and handling the lease signing.

Example: If the property rents for $2,000 per month, the leasing fee might be anywhere from $1,000 to $2,000.

3. Maintenance Fees:

• Property managers often coordinate maintenance and repairs, but they may charge an additional fee for managing these tasks. This fee could be a flat rate or a percentage of the repair costs (typically around 10%).   Carolina Living Does NOT charge to dispatch maintenance vendors.

Example: If a repair costs $500, the manager might charge $50 for coordinating the job.

4. Renewal Fees:

• Typical Range: $100 to $300.  Carolina Living does NOT charge for this.

• When a current tenant renews their lease, the property manager may charge a renewal fee. This is often lower than the leasing fee, as less work is involved in renewing an existing tenant.

5. Eviction Fees:

• Typical Range: $300 to $500 (or higher).  Carolina Living Pays for this out of Tenant Security Deposit.

• If the property manager has to initiate an eviction process, they may charge an additional fee for handling the legal steps, paperwork, and court appearances.

6. Other Miscellaneous Fees: Carolina Living does NOT charge for this.

• Advertising Fees: If the property manager uses a paid service to advertise your property, they may charge you for those costs.

• Inspection Fees: Some managers charge for periodic property inspections (e.g., for move-in, move-out, or regular property checks).

Overall Costs:

For a typical single-family rental, property management fees often fall between 10% to 15% of the monthly rent, considering the combined leasing and management services. For multi-unit properties or commercial real estate, the fees can sometimes be lower (around 5% to 8%) since the work involved might be less per unit.

Things to Keep in Mind:

• Negotiability: Many fees are negotiable, especially if you have multiple properties or are willing to sign a long-term contract.

• Services Included: Always clarify what services are covered under the management fee. For example, some property managers may include maintenance coordination, tenant screening, and rent collection in their base fee, while others may charge extra for these services.

• Hidden Costs: Be cautious about "hidden fees" that might be tacked on for things like handling late rent payments or preparing detailed financial reports.

Are you thinking about hiring a property manager, or just curious about the costs involved? If you’re managing rental properties yourself or want to find ways to negotiate a better deal, I can offer more tips too!

Winston Salem | Mastering the Move: How to Create a Moving Out Timeline That Won’t Drive You Up the Wall

Moving out is one of those life moments that walks the fine line between exciting and exhausting. 

Whether you’re relocating for a new job, moving in with a significant other or just craving four walls painted your color, one thing’s for sure — chaos is the last roommate you want. 

Enter the glorious, sanity-saving moving-out timeline. A well-crafted moving-out timeline isn’t just a pretty checklist. Rather, it’s a strategic plan, a roadmap, a holy grail for keeping your head on straight while packing up your life. 

With the right schedule, you’ll dodge last-minute disasters, maximize your deposit return and maybe even have time to breathe. Without further ado, let’s break down how to create a stellar moving out timeline that covers all your bases without breaking your spirit.

Get the rest of the article and steps to follow, read the rest of the article moving out

Thinking of moving?  Contact me if you need any help.  No obligation consultation!

Winston Salem - New Kitchen Trends for Your Home

 

What’s Out for 2025 in Kitchen Design

The NKBA report calls out these fading styles:

• All-white and all-gray kitchens are giving way to more earthtone kitchen hues, like greens and browns.
• Overly minimalistic, impersonal designs are being swapped out for lived-in, layered spaces.
• Uniform finishes and match-everything designs are being pushed out for textured materials and bolder colors.

Read the rest of the article with recommendations at Nar.Realtor

As always, please feel free to Contact me for a no obligation consultation.

Winston Salem | New Listing - Great Starter Home For Sale

 4958 Pinewood Rd.  Winston Salem 27105

  

SOLD IN TWO DAYS!

Great starter home or investment property!

Professional pictures are coming at end of week.   

This is a nice 3 bedroom 1 bath home with huge yard.

1 car carport with 2+ parking spaces

List price $180,000

HVAC is approx. 6 years old

Check out the map of it's location.

More to come... contact us if interested.

Winston Salem | Consumer Guide: Preparing to Sell Your Home

 

Information courtesy of Roby Robertson and National Assoc. Of Realtors

Do I need to have my home inspected before putting it up for sale? 

No, a pre-sale inspection is not required. However, an inspection can be used to identify potential issues in your home that you can consider repairing before showing your home to potential buyers and use as a differentiator for your property. If you choose to conduct a pre-sale inspection, an inspector will assess your home’s condition, including its structure, exterior, roof, plumbing, electrical systems, heating and air conditioning, interiors, ventilation / insulation, and fireplaces. It may also include tests for problems that can affect human health like mold, radon gas, lead paint, and asbestos. Sometimes buyers may also conduct their own inspection as a contingency in their purchase agreement. If you uncover possible issues that may appear during a buyer’s inspection, you will have time to make any necessary changes that could impact your home’s asking price. You should also talk to your agent about disclosure requirements in your state if a pre-sale inspection uncovers an issue.

What should I do if something in my home needs to be fixed or replaced soon? 

If something in your home requires a significant repair—such as a roof, a system such as HVAC, or an appliance like a dishwasher or washer / dryer—you should determine how much the repair will cost, even if you do not plan to fix it before selling the home. These estimates will help sellers determine the costs that buyers might take into consideration when negotiating a purchase agreement.

Am I required to make any cosmetic updates to my home before putting it up for sale? 

No, but you may want to clean the windows, carpets, lighting fixtures, and walls, and store away clutter before showing your home to potential buyers. Sellers may also look for ways to improve “curb appeal”—how the home looks to a potential buyer when viewed from the street—by updating aspects such as landscaping, the front entrance, and paint jobs. These steps may help improve the home’s appearance in photos, which can play an important role in attracting potential buyers.

Do I need to provide information about appliances that will stay in the home after it’s sold? 

You should locate warranties, guarantees, and user manuals for the furnace, washer / dryer, dishwasher, and any other appliances or systems that will stay in the house with a new buyer. It is recommended that you find these items now to avoid any lost paperwork causing an issue with a potential buyer when you reach the time of finalizing, or “closing,” the transaction.

What does it mean to stage my home? 

Staging is the process of cleaning a home and temporarily filling it with furniture and decorations that may help buyers better see themselves living in the home. While it is not required, some sellers may work with a stager to focus on certain key areas of their home that are important to buyers. Some agents may also include staging in the services they provide you.

Practices may vary based on state and local law. Consult your real estate professional and/or an attorney for details about state law where you are purchasing a home. Please visit facts.realtor for more information and resources.

Winston Salem | Consumer Guide: Buyer's vs. Seller's Market

 

Information here courtesy of National Association or Realtors.

Call me to discuss your real estate needs.  Never any obligation!

The real estate market constantly shifts, and knowing whether conditions favor buyers or sellers can help you make smarter, more confident decisions. Here’s how to recognize which type of market you’re in and what each means for you:

What is a buyer’s market?

A buyer’s market is when there are more homes for sale than there are people looking to purchase a home. With a greater selection of homes on the market and less competition, buyers typically have more time to shop, negotiate better terms, and may even see price reductions or other purchase incentives.

What is a seller’s market?

In a seller’s market, there are fewer homes available than there are buyers looking to purchase a home, creating a competitive environment where bidding wars and quick sales can be common. While sellers can often secure higher prices and more favorable contract terms, preparing the home properly and setting a strategic asking price at the outset are still key to attracting strong offers and ensuring a smooth closing.

How can you tell which market you’re in?

The market type you are in is usually reflected through the pace of sales, how many homes are available, and how close the sale price of a home was to its listing price. In hot markets, homes may sell within days, often well above their asking price. In slower markets, listings stay active longer and require more negotiation. An agent who is a REALTOR® can advise you on these trends in your specific market and help you interpret how they affect your goals.

What should buyers do in a seller’s market?

Buyers facing heavy competition should come prepared with a mortgage pre-approval letter, move quickly when a good listing appears, and make strong offers. Waiving contingencies or offering flexible closing terms can also help strengthen your offer. Especially in fast-moving markets, setting a firm budget and walkaway point beforehand helps to ensure you don’t overextend yourself when the process gets competitive. When selecting a buyer’s agent to help you, be sure to ask these ten questions to ensure you are working with the agent who is the best fit for your needs.

What should sellers do in a buyer’s market?

When there are more homes than there are interested buyers, sellers should look to prioritize ways of making their property stand out. This could include competitive pricing, investing in curb appeal or staging, and being flexible on timelines or terms. While it may take longer to sell, a well-presented and appropriately priced home can still draw strong interest even when the overall pace of sales slows. Consider asking potential seller’s agents these ten questions to better understand how they can help you maximize your home’s appeal.

Can market conditions change quickly?

Yes—markets can quickly shift due to interest rate changes, job growth, seasonal trends, or shifts in consumer confidence. What was a seller’s market last year could easily become more balanced, or even buyer-friendly, within months. Staying informed about local trends helps you better anticipate these changes and adjust your strategy accordingly.

Should I wait for a better market?

Trying to time the market perfectly can be difficult. In most cases, personal factors—such as lifestyle changes, financial readiness, or long-term plans—are more important than short-term market fluctuations. If you’re prepared, working with a trusted professional can help you navigate conditions as they are and make the best possible decision for your future.

Practices may vary based on state and local law. Consult your real estate professional and / or an attorney for details about state law where you are purchasing a home. Please visit facts.realtor for more information and resources.

Winston Salem | Turn Up the Heat on Offers When Selling Your Home.

 

Four Ways to attract buyers during the summer

✔️ Lower the A/C. It’s easy for a house to become stuffy and warm during the summer, especially with exterior doors frequently opening and closing, so make sure that you have the air conditioning running whenever you’re hosting potential buyers.

✔️ Update Curb Appeal. Your home’s curb appeal is its first impression, and the summer months can be harsh on your home’s front lawn. Frequent watering and adding seasonal plants can make a huge difference.

✔️ Showcase Outdoor Living. If your home has a pool, a large deck or an outdoor kitchen, summer is the perfect time to highlight them, and a Realtor® can advise you on the value these generally bring.

✔️ Embrace the Season. The housing market has been hot for a long time and now that summer is upon us, it’s time to turn up the heat if you’re serious about selling or buying a home. A Realtor® can help quench your thirst for homeownership or help cool down the pressure of selling and finding your next home.  Consult your Realtor® today for a refreshing approach to selling or buying a home.

For more ways to showcase your home to potential buyers during the summer, contact a local me for  a consultation with no obligation.

Winston Salem - 4 Ways to Negotiate Repairs After an Inspection - How to handle repairs and avoid disputes

 

Here is a great real estate video.   It is provided by: The Real Estate Lawyer Tiffany Webber is a real estate attorney in Mooresville, NC

If you have ever bought and sold real estate around Winston Salem, you know that the nervous time of the transaction, is during the Due Diligence period and inspections.   

It is my job as your Realtor to guide you through this but by watching the video,  you will get very good insights into the process.

If at any time, you need assistance, please do not hesitate to contact me to get your questions answered.  

C L U E Report - What is it and is it necessary

What does C.L.U.E stand for? Comprehensive Loss Underwriting Exchange

CLUE is a claims-information report generated by LexisNexis®, a consumer-reporting agency. The report generally contains up to seven years of personal-auto and personal-property claims history.  

How insurance companies use CLUE reports

An insurer may request a CLUE report when you apply for coverage or request a quote. The company uses your claims history, or the history of claims at a specific property, to decide if it'll offer you coverage and how much you'll pay. Insurance company studies show a relationship between past claims and claims you report in the future.

Why ask for a report?

For buyers and sellers of real estate, this is a good way to check the history of the property for previous claims/problems.   Sellers do not have to report issues that have been corrected but a buyer doing his due diligence, this is another layer for checking things out further.

You can check for inaccurate or unrelated information that could be making you pay higher premiums. If you find mistakes, contact LexisNexis Consumer Center at 888-497-0011. They'll verify your information with the reporting insurance company and notify you of the results within 30 days. You can also add an explanation to an item in the report that will show in all future reports.

Winston Salem - Is Due Diligence fee a SCAM?

 

What are Due Diligence Fees with regard to buying and selling real estate?  This video is courtesy of Tiffany Webber a real estate attorney and owner of Thomas & Webber, a real estate law firm in Mooresville, NC

Because here’s the thing:

In North Carolina, Due Diligence is non-refundable. It’s basically a “we’re serious” deposit to take the home off the market while you inspect, appraise, and second-guess everything.

Withing real estate transactions when writing an offer to purchase, there are 2 options for putting money 'down' while inspections completed and/or getting loan approval.  One is called due diligence and one is called earnest money deposit.  One is refundable to the buyer (earnest money) and one isn't ( due diligence).   These are negotiable with the seller.  It is common practice for buyers now to pay up front due diligence funds but they are no mandatory.  However, you will find that most sellers require some due diligence money depending on how long they are being asked to essentially take the property off the market while you do your 'due diligence'.    I hope this video helps and if you need assistance with this, as always, I am open to no obligation questions. 

Winston Salem | NAR Ruling Explained

 

Please talk to me before Listing Your Home!

The **NAR ruling** refers to a major legal settlement involving the **National Association of Realtors (NAR)** and its policies regarding real estate agent commissions. Here's a breakdown of the key points:

### **1. What Was the Lawsuit About?**

   - The lawsuit (*Burnett v. NAR et al.* and *Moehrl v. NAR et al.*) alleged that **NAR and major brokerages** conspired to keep real estate agent commissions artificially high by enforcing rules that disadvantaged home sellers.

   - The core issue was the **"cooperative compensation" rule**, which required sellers to offer compensation to buyer's agents when listing a home on a **Multiple Listing Service (MLS)**.

### **2. Key Allegations**

   - **Mandatory Buyer Agent Commissions**: Sellers were effectively forced to pay fees (typically 2.5–3%) to the buyer’s agent, inflating costs.

   - **Lack of Negotiation Transparency**: Critics argued that buyers were unaware they could negotiate agent fees, leading to higher overall costs.

   - **Anti-Competitive Practices**: The plaintiffs claimed NAR’s rules stifled competition by keeping commissions high even as technology (like online listings) reduced agents' workload.

### **3. The Settlement (March 2024)**

   - NAR agreed to a **$418 million settlement** to resolve the lawsuits.

   - Major changes include:

     - **Ending the "cooperative compensation" rule**—sellers no longer have to pre-set buyer agent commissions in MLS listings.

     - **Written buyer agreements required**—buyers must now sign agreements with their agents outlining compensation terms upfront.

     - **More negotiation flexibility**—buyers and sellers can now discuss commissions more openly.

### **4. Impact on the Real Estate Market**

   - **Lower Commissions**: Experts predict commissions may drop (possibly to 1–1.5% per side) due to increased competition.

   - **More Transparency**: Buyers will know exactly what they’re paying their agents.

   - **Potential Shakeup for Agents**: Some agents may leave the industry if fees decline significantly.

   - **Possible Lower Home Prices**: If seller costs decrease, some savings could pass to buyers.

### **5. When Does It Take Effect?**

   - The new rules are expected to go into effect in **mid-July 2024**, pending court approval.

### **6. Controversy & Pushback**

   - Some argue the changes could make it harder for **first-time buyers** (who may struggle to pay agents directly).

   - Others believe it will **modernize** the industry and reduce inflated costs.

### **Final Takeaway**

The NAR ruling is one of the biggest shifts in real estate in decades, potentially saving sellers billions but also disrupting traditional agent compensation models. If you're buying or selling soon, expect more negotiation on fees and clearer contracts.

Would you like details on how this affects your specific situation?

Winston Salem | What is going Rate for Property Management Fees?

Carolina Living Real Estate is a full service Real Estate Brokerage and Property Management Firm. Are fees are fair and we have Zero extra fees throghout the management relationship. Let us know what you are paying. If you are just thinking about hiring a Property Management Firm, let us know what you believe is the going rate.

Contact us to discuss our services and rates!

Winston Salem | Frequently Asked Real Estate Questions - Buyers, Sellers and Investors

 

Here are some of the **most frequently asked real estate questions**, along with concise answers to help buyers, sellers, and investors:

### **For Buyers**  

1. **How much house can I afford?**  

   - Lenders typically recommend spending no more than **28-36% of your gross income** on housing. Use a **mortgage calculator** to estimate based on income, debt, and down payment.  

2. **What’s the difference between pre-qualification and pre-approval?**  

   - **Pre-qualification**: A rough estimate based on self-reported finances.  

   - **Pre-approval**: A lender verifies your credit, income, and assets, giving you a stronger buying position.  

3. **How much should I put down on a house?**  

   - Conventional loans usually require **5-20% down**, but FHA loans allow **as low as 3.5%**. A **20% down payment** avoids private mortgage insurance (PMI).  

4. **What are closing costs, and how much are they?**  

   - Typically **2-5% of the loan amount**, covering fees like appraisal, title insurance, and taxes.  

5. **Should I buy now or wait for prices to drop?**  

   - Market timing is difficult. If you find a home you love and can afford, buying sooner may be better than waiting for uncertain price drops.  

### **For Sellers**  

6. **How do I determine my home’s value?**  

   - A **comparative market analysis (CMA)** from a realtor or an **appraisal** provides the most accurate estimate.  

7. **What repairs should I make before selling?**  

   - Focus on **curb appeal, minor fixes (paint, leaks), and kitchen/bath updates**—major renovations don’t always pay off.  

8. **How long will it take to sell my house?**  

   - Depends on the market, but the **average is 30-60 days** (faster in hot markets, slower in buyer’s markets).  

9. **Do I need a real estate agent to sell?**  

   - While **FSBO (For Sale By Owner)** is an option, agents help with pricing, marketing, and negotiations, often securing a **higher sale price**.  

10. **What’s the best time to sell?**  

   - **Spring and early summer** are peak seasons, but low inventory in winter can also attract serious buyers.  

### **For Investors & General Questions**  

11. **Is real estate a good investment?**  

   - Real estate can provide **cash flow, appreciation, and tax benefits**, but it requires research and management.  

12. **What’s the 1% rule in rental properties?**  

   - Monthly rent should be **at least 1% of the purchase price** (e.g., a $200K home should rent for $2,000/month).  

13. **What’s the difference between a buyer’s and seller’s market?**  

   - **Buyer’s market**: More homes for sale, lower prices.  

   - **Seller’s market**: High demand, low inventory, higher prices.  

14. **How do I negotiate the best deal?**  

   - For buyers: **Get pre-approved, research comps, and be flexible on closing dates**.  

   - For sellers: **Price competitively, highlight upgrades, and consider incentives**.  

15. **What are the biggest mistakes to avoid?**  

   - Buyers: **Skipping inspections, overextending budget**.  

   - Sellers: **Overpricing, neglecting repairs**.  

   - Investors: **Underestimating expenses, not screening tenants**.