Following is the latest report on Residential Sales in the Charlotte area. Fortunately I have seen an increase in showings and contracts since Sept 1, which I hope is an indication that despite the doom and gloom of the media, buyers are realizing that this is indeed the best time to purchase property!
"CRRA reports on the residential real estate market in this region. The number of closings for August 2008 was 2,469, which is a 34.5 percent decrease from August 2007. The average sales price for August 2008 was $230,472 which is a 4.5 percent decrease from the average sales price in August 2007. The average listing price for solds for August 2008 was $247,323, a decrease (1.5 percent) over August 2007’s average list price of $251,164, but a slight increase over July 2008.
Residential contracts reported in August 2008 (2,655) decreased 20.3 percent from August 2007 (3,331). New residential listings reported for August 2008 totaled 5,558. The average days-on-market for August 2008 was 136.1 days, which is an increase (5.4 days) over the previous month.
“The gradual downward trend in closings and contracts show that the Charlotte housing market is not immune to what has been happening in other housing markets across the country,“ said Dot Munson, president of CRRA and Carolina Multiple Listing Services, Inc. (CMLS). “However, we should be encouraged because the average sales price of homes has steadily increased since January 2008 and the average sales price is somewhat unchanged since last month. We are optimistic that based on the overall strength of the Charlotte market and the federal government’s recent takeover of secondary mortgage giants Fannie Mae and Freddie Mac, we will see interest rates continue to fall, which should spur activity in the region.”
Taken from Carolina Regional Realtor Association
Thursday, September 25, 2008
Sunday, August 17, 2008
Realtor puts on the Buyer Hat
I've been successfully selling homes for 11 years, working patiently with buyers throughout the process of finding the perfect home, and feeling confident in my ability to quickly understand what is is important to them in their search. During this time, I've lived in the same home I bought 15 years ago, never feeling the desire to move. Last year, at 45 years old, I got married for the first (and last!) time, and now there are two of us to consider. We have through the process of elimination decided to remain in this house and to put our equity into a mountain house, always a dream for me. Not only am I a newlywed, suddenly, I've also become a Buyer!
I found a Realtor through the CRS Referral book, Andrea Reeves of Regency Properties in West Jefferson, NC, and told her from the beginning that I could be a nightmare. Having worked before with relocating Realtors, I know that our expectations are very high. What I didn't expect was the compromise needed between husband and wife on what we were looking for! He wants new, I want "rustic", I want views, he doesn't really care about views. We find new with views, but it's not secluded enough for me, we find secluded new with views, and it's not large enough for him. We've searched on 2 different weekends, and each time come away frustrated with each other. I feel sure the right house will come along, and as our price range inches up each weekend it no doubt will! But the reality of being in Buyer's shoes with the fear and uncertainty of making the right investment decision is very daunting and eye-opening! This is actually going to be a very good lesson for me!
Luckily Andrea is very patient and knows the area like the back of her hand, and she shares the same selling philosophies that I have. We'll try not to drive her crazy too quickly!
I'll keep you posted on the process!
I found a Realtor through the CRS Referral book, Andrea Reeves of Regency Properties in West Jefferson, NC, and told her from the beginning that I could be a nightmare. Having worked before with relocating Realtors, I know that our expectations are very high. What I didn't expect was the compromise needed between husband and wife on what we were looking for! He wants new, I want "rustic", I want views, he doesn't really care about views. We find new with views, but it's not secluded enough for me, we find secluded new with views, and it's not large enough for him. We've searched on 2 different weekends, and each time come away frustrated with each other. I feel sure the right house will come along, and as our price range inches up each weekend it no doubt will! But the reality of being in Buyer's shoes with the fear and uncertainty of making the right investment decision is very daunting and eye-opening! This is actually going to be a very good lesson for me!
Luckily Andrea is very patient and knows the area like the back of her hand, and she shares the same selling philosophies that I have. We'll try not to drive her crazy too quickly!
I'll keep you posted on the process!
Friday, June 13, 2008
5 Things to Know About Title Insurance
*Realtor.org
Title insurance protects the holder from any losses sustained from defects in the title. It’s required by most mortgage lenders. Here are five other things you should know about title insurance.
1. It protects your ownership right to your home, both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as mistake in the spelling of a person’s name or an inaccurate description of the property.
2. It’s a one-time cost usually based on the price of the property.
3. It’s usually paid for by the sellers, although this can vary depending on your state and local customs.
4. There are both lender title policies, which protect the lender, and owner title policies, which protect you. The lender will probably require a lender policy.
5. Discounts on premiums are sometimes available if the home has been bought within only a few years since not as much work is required to check the title. Ask the title company if this discount is available.
*Realtor.org
Title insurance protects the holder from any losses sustained from defects in the title. It’s required by most mortgage lenders. Here are five other things you should know about title insurance.
1. It protects your ownership right to your home, both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as mistake in the spelling of a person’s name or an inaccurate description of the property.
2. It’s a one-time cost usually based on the price of the property.
3. It’s usually paid for by the sellers, although this can vary depending on your state and local customs.
4. There are both lender title policies, which protect the lender, and owner title policies, which protect you. The lender will probably require a lender policy.
5. Discounts on premiums are sometimes available if the home has been bought within only a few years since not as much work is required to check the title. Ask the title company if this discount is available.
Monday, June 2, 2008
5 Property Tax Questions You Need to Ask!!
1. What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information.
2. How often are properties reassessed, and when was the last reassessment done? In general, taxes jump most significantly when a property is reassessed.
3. Will the sale of the property trigger a tax increase? The assessed value of the property may increase based on the amount you pay for the property. And in some areas, such as California, taxes may be frozen until resale.
4. Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate.
5. Does the current tax bill reflect any special exemptions that I might not qualify for? For example, many tax districts offer reductions to those 65 or over.
*REALTOR.ORG/realtormag
1. What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information.
2. How often are properties reassessed, and when was the last reassessment done? In general, taxes jump most significantly when a property is reassessed.
3. Will the sale of the property trigger a tax increase? The assessed value of the property may increase based on the amount you pay for the property. And in some areas, such as California, taxes may be frozen until resale.
4. Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate.
5. Does the current tax bill reflect any special exemptions that I might not qualify for? For example, many tax districts offer reductions to those 65 or over.
*REALTOR.ORG/realtormag
Thursday, May 1, 2008
Home Search Tips!!!
8 Tips to Guide Your Home Search
1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.
2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.
4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.
8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment
*REALTOR.ORG/realtormag
1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.
2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.
4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.
8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment
*REALTOR.ORG/realtormag
Tuesday, January 22, 2008
Selling Your Home in Today's Market
The media has been full of stories about the slowing housing market. Although this kind of market normalization is commonplace in the real estate industry, there is no question that in many parts of the country, houses are currently on the market a little longer and there is more competition for buyers.
Hire a Professional
If you want to sell your home fairly quickly, now is not the time to go at it alone. You want to make sure that your home gets the maximum exposure and the best marketing strategy. When you work with a qualified real estate professional, your home will be listed on an MLS database that other real estate professionals can access. In addition, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community.
When selecting someone to represent you, interview at least two or three real estate professionals who are familiar with your area. Ask questions such as: How will your home be marketed to reach the greatest number of buyers? What price can they get for your home in the current market? What's the average time their listings have been on the market versus the market average? What advanced training and credentials do they have?
Price it Right
A house priced at just below market value piques the interest of real estate professionals and buyers, while overpricing chases them away. Price it too high and interested buyers may never even tour it. It is true that you can always drop the price, but the first 30 days are the most critical. That is when interest is the highest, and it can be difficult to recapture people's interest later on. The longer the property is on the market, the fewer the prospects, and ultimately the less you will make on your home.
Get your home in show condition
Get your home in tip-top shape, before any potential buyer views it. Remember, you only get one chance to make a first impression. Get rid of the clutter and personal items such as family pictures. Touch up the paint where needed. Clean the carpet. Hire a decorator or professional home stager for a one-hour consulatation on how to best present your home to buyers. You would be amazed at what a little rearranging of furniture can do! Kitchens and bathrooms are the big draw for the buyers. If your kitchen is outdated and you don't want to renovate it to meet current styles, change the hardware on the cabinets for a fresh look. Have a friend or real estate professional tell you honestly if there are any noticeable smells in the house, and address them immediately. Pet, smoke, and cooking smells are generally undetectable to homeowners, but will turn a buyer away in an instant. Consider having your home inspected, and make any recommended repairs. (If there are any repairs you decide not to fix, inform the buyers about the condition of your home and discount the repair cost from the selling price.
Curb appeal
Don't overlook the outside of your property. You don't want a buyer to rule out your home based on the outside appearance. The lawn should be trimmed, bushes and shrubs pruned, and leaves raked. Remove dead trees and limbs. The front of the house needs a clean, fresh appearance. Even the mailbox needs to be attractive and functional. (Believe it or not, a rusty, unhinged mailbox can turn potential buyers off.) Sidewalks, driveways, patios and decks should be pressure washed and stained if needed. And don't forget to put away bicycles, toys and other items that may make your property seem cluttered.
Offering incentives
Offering incentives should usually be used as a last resort when preparing your home for sale. These days many buyers can't see past the dingy paint or tattered carpet, and do not want to have many cosmetic projects ahead of them before they move in. Go ahead and paint the walls and replace the carpet with neutral colos. But if you decide that replacing the carpet is absolutely not feasible with your current household, get a quote from a reputable company, and have the quote and samples available for the buyer to see. You can also offer a one-year home warranty which your Realtor can explain to you. Depending on your market and budget, you may want to offer to pay some of the buyer's closing costs.
Don't be discouraged if there are competing homes for sale in your neighborhood. Making the right moves at the beginning of your home selling process can give you the upper-hand you'll need in today's competitive market.
Hire a Professional
If you want to sell your home fairly quickly, now is not the time to go at it alone. You want to make sure that your home gets the maximum exposure and the best marketing strategy. When you work with a qualified real estate professional, your home will be listed on an MLS database that other real estate professionals can access. In addition, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community.
When selecting someone to represent you, interview at least two or three real estate professionals who are familiar with your area. Ask questions such as: How will your home be marketed to reach the greatest number of buyers? What price can they get for your home in the current market? What's the average time their listings have been on the market versus the market average? What advanced training and credentials do they have?
Price it Right
A house priced at just below market value piques the interest of real estate professionals and buyers, while overpricing chases them away. Price it too high and interested buyers may never even tour it. It is true that you can always drop the price, but the first 30 days are the most critical. That is when interest is the highest, and it can be difficult to recapture people's interest later on. The longer the property is on the market, the fewer the prospects, and ultimately the less you will make on your home.
Get your home in show condition
Get your home in tip-top shape, before any potential buyer views it. Remember, you only get one chance to make a first impression. Get rid of the clutter and personal items such as family pictures. Touch up the paint where needed. Clean the carpet. Hire a decorator or professional home stager for a one-hour consulatation on how to best present your home to buyers. You would be amazed at what a little rearranging of furniture can do! Kitchens and bathrooms are the big draw for the buyers. If your kitchen is outdated and you don't want to renovate it to meet current styles, change the hardware on the cabinets for a fresh look. Have a friend or real estate professional tell you honestly if there are any noticeable smells in the house, and address them immediately. Pet, smoke, and cooking smells are generally undetectable to homeowners, but will turn a buyer away in an instant. Consider having your home inspected, and make any recommended repairs. (If there are any repairs you decide not to fix, inform the buyers about the condition of your home and discount the repair cost from the selling price.
Curb appeal
Don't overlook the outside of your property. You don't want a buyer to rule out your home based on the outside appearance. The lawn should be trimmed, bushes and shrubs pruned, and leaves raked. Remove dead trees and limbs. The front of the house needs a clean, fresh appearance. Even the mailbox needs to be attractive and functional. (Believe it or not, a rusty, unhinged mailbox can turn potential buyers off.) Sidewalks, driveways, patios and decks should be pressure washed and stained if needed. And don't forget to put away bicycles, toys and other items that may make your property seem cluttered.
Offering incentives
Offering incentives should usually be used as a last resort when preparing your home for sale. These days many buyers can't see past the dingy paint or tattered carpet, and do not want to have many cosmetic projects ahead of them before they move in. Go ahead and paint the walls and replace the carpet with neutral colos. But if you decide that replacing the carpet is absolutely not feasible with your current household, get a quote from a reputable company, and have the quote and samples available for the buyer to see. You can also offer a one-year home warranty which your Realtor can explain to you. Depending on your market and budget, you may want to offer to pay some of the buyer's closing costs.
Don't be discouraged if there are competing homes for sale in your neighborhood. Making the right moves at the beginning of your home selling process can give you the upper-hand you'll need in today's competitive market.
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