“Tate Cares” Delivers

17 May

Tate CaresFor 56 years now, the Allen Tate Companies have always placed community giving at the forefront of our mission and our every action. Our Realtors® and employees have generously supported annual campaigns to benefit arts and culture organizations and United Way agencies, as well as public education through our annual FUNDay event held each fall.

Something else we’ve always prided ourselves on is continually supporting workplace giving which across the country has been falling out of favor. Our “three-legged stool” of giving under one umbrella, Tate Cares, was kicked off at our annual sales convention in March to benefit our cultural and United Way campaigns.

I’m honored to report that our combined campaign was a huge success – raising more than $110,000 in total for both initiatives. I’m also very happy to report that this total is more than the amount raised in 2012. Not only did our agents and employees embrace the opportunity to give, but they also saw the importance of giving to both of these very important causes insuring the quality of life that make the Carolinas so special and such an “in-migration” magnet.

I’m proud of what we represent at Allen Tate Companies. I’m proud of the competent co-chairs of our first Tate Cares campaign: Kim Overman, branch leader for the Allen Tate Steele Creek office in Charlotte, and Sandra O’Connor, branch leader for the AllenTateGreenValley office in Greensboro. And I’m most proud of our agents and employees, who dug deeply to insure the economic vitality of our growing communities.

 By Pat Riley (President and Chief Operating Officer)

 

Let a Smile Be Your Umbrella … Policy

15 May

Umbrella PolicyCrooners Perry Como and Bing Crosby both recorded a song called “Let a Smile Be Your Umbrella (On a Rainy, Rainy Day).” And while that’s good advice for remaining optimistic, you need much more than a smile to protect you from our litigious society. You need an umbrella insurance policy.

While an umbrella policy is not intended to protect you against claims related to showers, it does offer protection for the proverbial “rainy day.” In simple terms, an umbrella policy offers coverage above and beyond normal limits on home, auto and personal watercraft policies.

Umbrella insurance offers additional liability protection, beginning at $1 million. While that seems like an excessive amount of insurance, a settlement of that amount is not unusual in the event of bodily injury, property damage or death, in addition to legal fees.

Don’t think it could happen to you? Think again. Here are two real-life examples.

  • A teenager is driving home late at night with a friend. He falls asleep at the wheel, hits a tree and his friend is seriously injured, requiring numerous surgeries, a month of hospitalization and six months of rehabilitation and therapy.
  • You’ve invited the neighbors over for a Fourth of July celebration. After burgers and a few beers, your new neighbor decides to climb onto your stone retaining wall. He falls off while dancing, and sues you for damages related to his medical expenses – two broken legs and a ruptured spleen – and lost work time.

Umbrella insurance pays after a policy’s standard liability limits are exhausted. Without an umbrella policy, it would not be usual for an individual determined at fault in a serious accident to lose his home, vehicle and any other personal assets.

An umbrella policy insures all policies underneath it. For example, if the insured carries an auto insurance policy with liability limits of $500,000 and a homeowners policy with a limit of $300,000, then adds a $1 million dollar umbrella, the insured’s limits become in effect, $1,500,000 on an auto liability claim and $1,300,000 on a homeowners liability claim.

Surprisingly, an umbrella policy is relatively inexpensive – about $200 annually for $1 million liability limit in conjunction with standard policies covering two automobiles and a home.

While you might decide you don’t need an umbrella to weather a spring shower, most everyone can benefit from the peace of mind of an umbrella policy. Call an Allen Tate Insurance Agent today, and keep that smile in the event a storm comes into your life.

 By Robin Price (Vice President of Sales, Insurance)

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Claim Your Agent on TateMobile

13 May

Tate MobileWouldn’t it be great to have your Allen Tate Realtor® with you whenever you thought about homes?

A new feature on TateMobile allows you to personalize your on-the-go experience to include your agent’s contact information. If you haven’t already done so, download the TateMobile app from the Apple App Store or the Android Google Play Store. Search for TateMobile or Allen Tate. If you have the app, make sure you have the latest update installed.

From the main menu, select “Find Agents.” Type in the last name of your agent and hit Search. Your selected agent, including photo and contact information will appear. To “favorite” this agent, simply tap the heart next to the agent’s name, then select “Set as your preferred agent.” Your agent will then appear at the bottom of your screen whenever you access the app.

Anytime you are using Tate Mobile, just tap the agent’s photo and you will be given the option to call or email them directly. Another nice feature: You can also send your agent’s contact information via email to a friend or family member. Your agent will really appreciate the referral!

At Allen Tate Company, we think buying, selling or owning a home should be a very convenient and personal experience. With TateMobile and the new “claim your agent” feature, you can have both.

We appreciate your business, and we look forward to connecting with you soon.

Phyllis Brookshire By Phyllis Brookshire (Senior Vice President)

Shortage of Listings Driving Rising Home Prices, Multiple Offers

10 May

Market Update for CarolinasIt’s blue skies once again for real estate in the Carolinas. With rising home prices, multiple offers and sellers regaining equity, the region is standing out nationally in terms of real estate recovery.

We were the last into the recession because of job and population growth, and we’re one of the first regions out. Interestingly, what’s driving the recovery here is a shortage of homes on the market.

In the latest edition of Carolinas Market Update, I talk about how the market is experiencing a 40-year low in new home starts and an 8-year low in inventory of resale homes.

But how does this translate to market recovery and growth? It’s part supply-and-demand, part domino effect. The housing shortage is causing home prices to rise more quickly that expected, which in turn, helps seller equity recover. This also generates multiple offers on homes that are priced right, memorable and decluttered.

The market is a bit unusual in that both buyers and sellers are benefiting.  With limited homes available, sellers are experiencing quick sales and higher offers from buyers. With interest rates still at historic lows, buyers are now in a better position to sell their homes and are feeling a sense of urgency to move quickly when they find a home they like.

Still, Allen Tate is seeing an inequity of buyers and sellers. In the first four months of 2013, the company has averaged 73 home sales per day – and just 49 listings.

Never in history has there been a better time to enter the marketplace and get where you want to be. If you’ve put your housing life on hold during the past three or four years, now is the time to move forward again.

We encourage you to use allentate.com, TateMobile and other technology tools to check out homes on the market and narrow your search. In fact, more than 90 percent of today’s homebuyers use the Internet during their home search, according to the National Association of Realtors. But don’t underestimate the value of your Realtor®.

Where we choose to live and what we choose to live in needs to be aligned with a professional. A Realtor can provide perspective regarding amenities, resale value and more.

We look forward to helping you dream big again. 

 By Pat Riley (President and Chief Operating Officer)

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Now … The Rub Is Inventory!

8 May

Row of HousesThe real estate recovery is happening!

Home sales are up big-time, and interest rates are still historically low (but bubbling). Households with job security and good credit are just tired of waiting and are anxious to make that next move.

Here’s the reality: If you’re looking to sell, we have buyers. New home inventories are at historic 40-year lows and inventories of re-sale homes are at an 8-year low.

But what impact does low inventory have on the market? Low inventory leads to price appreciation, which ultimately leads to inflation and higher interest rates.

If I am a seller, I understand what my home is worth now; and I know the price is increasing 5-7 percent from the new reset values. But the price of what I want to buy is rising as well; and in some cases, may be increasing more than the home I am selling. I also know the “cost” of money now, based on interest rates, but I am less certain about what the future cost will be.

So even if my choices are limited, I can sell my home at a great price and perhaps rent for a while until my dream home becomes available, if it isn’t out there today. We understand that most individuals do not want to move twice, so we work to make that happen by making sure that your home meets the market expectations and will sell in conjunction with when you want to buy.

Making your home memorable, de-cluttered and priced right assures a quick sale in these low-inventory times. It is nice to sell when there is little competition. It is nice to buy when you know your home will receive a lot of attention!

 By Pat Riley (President and Chief Operating Officer)

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