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NC Real Estate News

This blog is for those who want a steady and honest update of what is going on in the Real Estate Community. Here you will find a gathering of information from local newsgroups and industry experts that will help everyone understand the Charlotte & Boone Real Estate markets up's and down's on a day to day basis as well as general happenings in the North Carolina community.

Mortgage rates hold steady

Mortgage rates hold steady

Date: Thursday, March 10, 2011, 2:18pm EST

A 30-year fixed-rate averages 4.88 percent this week, up from 4.87 percent last week. A year ago, 30-year mortgages averaged 4.95 percent.

The average rate on a 15-year fixed-rate mortgage is 4.15 percent, unchanged from last week.

A one-year adjustable rate fell to 3.21 percent from 3.23 percent.

Mortgage applications jumped nearly 16 percent last week, according to the Mortgage Bankers Association, as potential buyers and existing homeowners continue to try to lock in rates before they rise. Applications to refinance rose 17.2 percent while purchase applications rose 12.5 percent, to the highest level of the year.

“An improving job market is beginning to pave the way for an improving housing market,” says MBA vice president of research Michael Fratantoni.

That improvement is not evident the Charlotte market, as the number of homes sold here last month fell 4.9 percent from February 2010. The average sales price fell 6 percent during that time, according to Carolina Multiple Listing Services Inc.



Read more: Mortgage rates hold steady | Charlotte Business Journal

by Susan Chaney | (Comments Off)

Another Great Charlotte Home Under Contract!!!

1709 Pegram Street is under contract.  This beautiful home is located in the bustling Belmont community near Uptown Charlotte.  It has been totally renovated and is located in an eco-friendly neighborhood (translated - tax write off!!)

 Contact me today to get your home under contract too!

 www.northcarolina-housing.com

 

 

 

by Susan Chaney | (Comments Off)

Latest Update on the Real Estate Market from Erik Stephens at Covenant Mortgage
http://www.mycovenantblog.com/feed/rss

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3 Bedroom Bungalow Home for Sale near Uptown Charlotte - $155,000

Click the link below to view the Visual Tour & read on about the details of this property.

http://www.visualtour.com/show.asp?t=2306309&prt=10003

PRICE REDUCED!!!  A MASTERFUL HOME ELEGANT AND CHARMING. RENOVATED IN 2008, NEW ROOF IN 2009. WIDE PLANK HARDWOOD FLOORS GRANITE KITCHEN COUNTERTOPS,CUSTOM CABINETRY,JACK AND JILL BATHROOM FOR SECONDARY BEDROOMS, CUSTOM LIGHTED CEILING FANS IN ALL BEDROOMS, LOVELY HIGH CEILINGS THROUGHOUT! ELEGANT MASTER BEDROOM WITH FABULOUS WALK IN CLOSET, SEPARATE TILED SHOWER WITH GLASS ACCENTS, JACUZZI TUB AND CERAMIC TILE FLOORS, PARTIALLY FENCED BACK YARD, WITH LOTS OF GREEN SPACE. 2 MINUTES TO UPTOWN CHARLOTTE OR THE FABULOUS ARTS DISTRICT OFF NORTH DAVIDSON
DON'T MISS THIS HOME! IT IS THE BEST DEAL FOR THE MONEY AND WAS RENOVATED TO MEET THE DEMANDS OF THE MARKET SO IT DOES HAVE A FULL 2 BATHS AND A HALF BATH WHICH IS VERY UNUSUAL FOR THIS AREA AND THIS PRICE POINT. *Note* - The Belmont neighborhood has officially become part of the Eco-District of Charlotte, so they get funding and tax write offs for eco-friendly items (i.e. solar panels).

by Susan Chaney | (Comments Off)

Why Everyone Who Can, Should Purchase a Home Right Now

By Tyler Judd, Loan Officer, SunTrust Mortgage 

“Look, look at this. We got Hurricane Grace moving north off the Atlantic seaboard. Huge... getting massive. Two, this low south of Sable Island, ready to explode. Look at this. Three, a fresh cold front swooping down from Canada. But it's caught a ride on the jet stream... and is motoring bent towards the Atlantic. What if Hurricane Grace runs smack into it? Add to the scenario this baby off Sable Island, scrounging for energy. She'll start feeding off both the Canadian cold front... and Hurricane Grace. You could be a meteorologist all your life... and never see something like this. It would be a disaster of epic proportions. It would be... the perfect storm.” 

Todd Gross, TV Meteorologist, From the movie “The Perfect Storm”

 

2011 promises to be an interesting year for the world economy and especially for the US housing industry. We aren’t fortunate enough to have history to gauge what lies ahead because of the massive regulatory changes that we are faced with, the current shift from a national to a global economy and a volatile economic recovery that is slowly gaining momentum. What is happening in our marketplace at this very moment however is known and I believe we are dealing with a “perfect storm” of sorts.

The savviest buyers and admittedly some lucky ones too, are going to reap the rewards of braving the current real estate market. Not only are we dealing with record low interest rates but we also have bargain housing prices. In addition, regardless of what is being said, financing for most people is still relatively easy to obtain. 

Mortgage interest rates have slightly risen since they bottomed out in November 2010 however rates are still extremely low.  A borrower that is purchasing a home that they intend to use for their primary residence and has a credit score of 720 or higher can likely still obtain a 30 year fixed interest rate in the 4.5% to 5% range.  If we consider that fixed rates are considered normal and ideal in the 6% to 7% range, it becomes apparent how much buying power can increase because of these low rates. 

For a $300,000 loan the increase in monthly payment for a loan with a 4.75% interest rate and one with a 6.75% rate is $380 per month.  Over the life of that 30 year loan that equates to more than $137,000 more in interest that is paid.  To put it another way, if a borrower plans to dedicate $1500 per month to the principal and interest for their house payment each month, with a 4.75% interest rate their maximum loan amount would be $287,550.  At the same time, if the interest rate rose to 6.75% the borrower would have a maximum loan amount of $231,200. 

Because home values in a normal market generally appreciate as a percentage of the purchase price, the gains that come from a higher purchase price will yield a much greater return over the years that the home is occupied.  For example if a buyer purchases a $230,000 home that appreciates at 1% a year it will be worth $241,732 after the fifth year for a gain of $11,732 in equity over that period.  A $280,000 home that appreciates at 1% will be worth $294,282 over that same period for a gain in equity of $14,282.

Current home prices are much lower than they were just a few years ago.  A home that sold for $200,000 in 2006 may be selling for $165,000 today.  These prices make that purchase a bargain and it is highly likely that the same home can be purchased for less than it would take to build in today’s market.  Although it could be argued that the prices could continue to fall, I believe we are at or at the very least, near the bottom of the market.  I base this on the appraisals that I see today and the prices of the homes that my clients are purchasing right now.  I noticed a large drop from 2007 to mid 2010, but that seems to have stabilized at this point. 

Finally, loan programs are still providing accessible credit to potential buyers.  Loans with down payments as small as 3% of the purchase price for borrowers with credit scores as low as 620 are readily available.  Loans are being scrutinized a little bit more than they once were, but the majority of clients that I speak to still qualify for some type of financing.

Low rates, discounted housing and access to credit provide the perfect storm for today’s homebuyer.  If we are indeed at the bottom of the market as far as sales price and interest rates go, then there is only one way to go and that is up.  Buyers will likely never see this unique blend of circumstances and will never enjoy this much purchasing power again.  Because a home is likely to be the largest purchase of most people’s lives, and because in most situations a home is an appreciating asset, I advise my clients to consider their homes to be the center of their financial plan. There is no time better than now to maximize that asset, and the value that a buyer can create through the purchase of real estate.  It is indeed the perfect storm and one that I predict I will not see again in my lifetime. 

 

 

by Susan Chaney | (Comments Off)

Hotel Charlotte is closing

Friday, January 28, 2011

Hotel Charlotte closing

Hotel Charlotte friends got an e-mail Thursday night saying the restaurant is closing after service Saturday, Jan. 29. Owner Steve Black wrote "I had hoped we would be able to hang in until after Valentine's Day, or be able to complete the month of February. But it was not to be..."

The restaurant at 705 S. Sharon Amity Road, has served for more than three decades, celebrating its 31st anniversary this week with a special menu. That menu will still be in effect, according to the e-mail. 704-364-8755.

From Charlotte Observer

Read more: http://helendining.blogspot.com/2011/01/hotel-charlotte-closing.html#ixzz1CTy4DyYk

by Susan Chaney | (Comments Off)

Short Sale Condo for sale off East Blvd & Scott Ave in Charlotte, NC

This condo is a steal!  Priced to sell quickly at $150,000.  This is a short sale!  View the Visual Tour!

http://www.visualtour.com/show.asp?t=2374981&prt=10003

Front of building

by Susan Chaney | (Comments Off)

How you profit by working with a REALTOR (R)

How you profit by working with a REALTOR®

from NCRealtor.org

You're selling your home and you make an appointment with a real estate agent. You are impressed with the listing presentation and the agent asks if you want to contract with her/him -- i.e., her/his assistance in exchange for a commission. At this point you may be asking yourself, "Exactly what do I get for my money?" Following are just some of the wide array of services you may receive when you enlist the help of a real estate professional.

  • Compiling information about your home in preparation for the listing. This information can include your home's square footage, type of heating and cooling, proximity to schools, and so on.
  • Estimating your property's value, taking into account comparable sales in your area. This is done in order to help you price it right.
  • Preparing, coordinating, and paying for advertising and marketing efforts in your home. This can include putting advertisements in the paper, conducting open houses, and placing a sign in front of the home.
  • Screening prospective buyers so that only qualified buyers with serious intentions are shown your home.
  • Listing the property on the MLS (multiple listing service) and working with other agents to let the maximum number of qualified buyers see your property.
  • Writing offers, placing the buyer's deposit in escrow, and taking care of other necessary documentation such as title reports.
  • Advising you on aspects of the sales contract and dealing with the buyer on various elements you may want to negotiate. This includes negotiating with the buyer on price, if necessary, in an effort to obtain the full value for your home.
  • Helping the buyer locate financing, arrange for home inspections and an appraisal, and other details in preparation for the closing.
  • Accompanying you to the closing or attending in your place.
Working with a real estate agent can save you time, money, and headaches. When you enter into a contract with an agent, you have the security of knowing that your agent is legally representing you and acting in your best interest throughout the property transaction. Additionally, choosing to work with a real estate agent who's a REALTOR® can give you added peace of mind. REALTORS® are more than licensed real estate professionals. REALTORS® subscribe to a Code of Ethics and pledge to provide fair and ethical treatment to both buyers and sellers.

by Susan Chaney | (Comments Off)

Price Reduced on 10622 Hill Point Court in Hyde Park Condominium

Hyde Park Condominium, Charlotte  -  Announcing a price reduction on 10622 Hill Point Court, a 1,150 sq. ft., 2 bath, 2 bdrm single story. Now MLS® $95,000 - REDUCED!!!.

Property information

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Price Reduced on 6508 Mallard Park Drive in Mallard Creek Crossing

Mallard Creek Crossing, Mallard Creek  -  Announcing a price reduction on 6508 Mallard Park Drive, a 1,662 sq. ft., 3 bath, 3 bdrm 2 story "TRANSITIONAL ". Now MLS® $135,000 - THE BEST VALUE PERIOD!.

Property information

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Price Reduced on 8650 Beaver Creek Drive in Heron Bay

Heron Bay, Charlotte  -  Announcing a price reduction on 8650 Beaver Creek Drive, a 1,259 sq. ft., 3 bath, 2 bdrm 2 story "ALL BRICK WITH COURTYARD AND GARAGE!". Now MLS® $137,000 - All Brick,PLUS 1 CAR GRGE.

Property information

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NEW LISTING - 8521 Castle Cliff Drive in Matthews

Matthews, Mecklenburg County  -  Announcing a NEW LISTING 8521 Castle Cliff Drive, a 2,104 sq. ft., 3 bath, 3 bdrm 2 story. Now MLS® $215,000 - STUNNING HOME IN GRT LCTN.

Property information

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NEW LISTING AT 8635 Carolina Lily Lane in Mill Creek

Mill Creek, Charlotte  -  Announcing a New Listing at 8635 Carolina Lily Lane, a 1,637 sq. ft., 3 bath, 3 bdrm single story. Now MLS® $156,500 - ENORMOUS TOWNHOUSE W/GARG.

Property information

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Price Reduced on 200 N Laurel Ave Unit 12-B in Laureldale

Laureldale, Charlotte  -  Announcing a price reduction on 200 N Laurel Ave Unit 12-B, a 943 sq. ft., 1 bath, 2 bdrm townhouse "MAJESTIC! WONDERFUL HOME!". Now MLS® $154,000 - PLUS 3% in Closing Costs!.

Property information

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NEW LISTING IN UPTOWN CHARLOTTE!!!!! 1709 Pegram St in Belmont

Belmont, Charlotte  -  Announcing a NEW LISTING at 1709 Pegram St, a 1,457 sq. ft., 3 bath, 3 bdrm single story. Now MLS® $185,000 - FULLY RENOVATED 3BD,2.5BA.

Property information

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