The greater Charlotte region offers an abundance of housing opportunities for you and your family. One such place is Davidson Pointe on Lake Davidson. Davidson Pointe is being developed bu Saussy Burbank. Saussy is a very reputable builder in the greater Charlotte region and is recognized by their colorful Charleston style homes, rocking chair front porches and a community that radiates warmth!
Davidson Pointe sets on Lake Davidson. Lake Davidson is east of I-77 north of exit 28. Lake Davidson "appears" to be part of Lake Norman but is actually not connected (separated by the highway) and remains a quiet peaceful lake. Recreation is plentiful on Lake Davidson but more of a smaller sibling of Lake Norman.
Davidson Pointe is actually located in Iredell County and attends Iredell County and Lake Norman Schools. You are still incorporated in the town of Davidson (Mecklenburg County) and are part of the charming small town atmosphere that Davidson has to offer.
Davidson is well known for Davidson College in addition to Davidson Community Charter School. Davidson Community Charter School is actually one of the top Charter Schools in the southeast!
Visit the Town of Davidson and Davidson Pointe. Explore Homes in Davidson! You will be pleased that you stopped by for a visit. You will soon be packing your bags and moving our way!
Authored by Rick Waite
The greatetr Charlotte Real Estate market has a lot to offer. Begin your serach to day and we will find the ideal home for you and your family!
Showing posts with label Charlotte Real Estate. Show all posts
Showing posts with label Charlotte Real Estate. Show all posts
Tuesday, June 19, 2012
Tuesday, November 29, 2011
Charlotte Real Estate Companies
Charlotte Real Estate, as many across the nation, is still transforming from the more rigid large Real Estate firms to more innovative firms. As you consider your Charlotte Realtor, it is wise to realize that the industry has changed dramatically over the past decade.
History of Real Estate Firms: Once upon a time (it was truly a fairy tale), a home buyer had to either drive down the street looking for a sign of call a large Real Estate Firm. How else were you going to find your Realtor? Perhaps the Yellow Pages?
All of the current Homes for Sale were published in the secret Real Estate Company books and you were at the mercy of your Realtor to see the homes that the Real Estate Agent shared with you. Large firms such as Prudential, Coldwell Banker, Re/Max and in Charlotte there were a couple of local large firms such as Tate and Bissel Hayes. These companies dominated the market and we, the public were at their mercy. The large companies controlled the majority of the marketing including print ads and TV commercials. They also had the huge office buildings that we the consumers paid for as we utilized their services.
I currently work with an innovative company called Wilkinson and Associates. Our company now has over 800 agents and was developed on a new model in Real Estate Agencies. Each Realtor is responsible for their own marketing. As you continue your search, you will find many of the top websites on Google to be Wilkinson and Associates Realtors. We are innovative and on the cutting edge. You are not purchasing a home in the 1970's. The public is informed and actually want professional service and not a corporate robot.
The Internet has changed the dynamics of the market place. Now many Realtors have the freedom to go above and beyond the typical corporate rigidity (that the firms call consistency). We can create blogs to actually share our individual perspective. We have personal websites that display all listings and not simply the ones for certain selective firms! Yes, there are certain large Charlotte Real Estate agencies that still treat you this way!
The economy has grown well beyond the old model and we, the public, no longer desire to be coddled like children. We are intelligent and educated. As you search for your Charlotte Realtor, ask then about schools, property taxes, financing, Home Inspections, short sales and foreclosures. Research their individual websites to see what they really know. Do not allow your Realtor to hide under a superficial corporate umbrella sharing "we have resources". You deserve a person that is the resource. Visit my Charlotte Real Estate website and learn more about the greater Charlotte area. There are many amazing deals in our market. We will explore the ideal options for you. Charlotte Homes for Sale await your family!
History of Real Estate Firms: Once upon a time (it was truly a fairy tale), a home buyer had to either drive down the street looking for a sign of call a large Real Estate Firm. How else were you going to find your Realtor? Perhaps the Yellow Pages?
All of the current Homes for Sale were published in the secret Real Estate Company books and you were at the mercy of your Realtor to see the homes that the Real Estate Agent shared with you. Large firms such as Prudential, Coldwell Banker, Re/Max and in Charlotte there were a couple of local large firms such as Tate and Bissel Hayes. These companies dominated the market and we, the public were at their mercy. The large companies controlled the majority of the marketing including print ads and TV commercials. They also had the huge office buildings that we the consumers paid for as we utilized their services.
I currently work with an innovative company called Wilkinson and Associates. Our company now has over 800 agents and was developed on a new model in Real Estate Agencies. Each Realtor is responsible for their own marketing. As you continue your search, you will find many of the top websites on Google to be Wilkinson and Associates Realtors. We are innovative and on the cutting edge. You are not purchasing a home in the 1970's. The public is informed and actually want professional service and not a corporate robot.
The Internet has changed the dynamics of the market place. Now many Realtors have the freedom to go above and beyond the typical corporate rigidity (that the firms call consistency). We can create blogs to actually share our individual perspective. We have personal websites that display all listings and not simply the ones for certain selective firms! Yes, there are certain large Charlotte Real Estate agencies that still treat you this way!
The economy has grown well beyond the old model and we, the public, no longer desire to be coddled like children. We are intelligent and educated. As you search for your Charlotte Realtor, ask then about schools, property taxes, financing, Home Inspections, short sales and foreclosures. Research their individual websites to see what they really know. Do not allow your Realtor to hide under a superficial corporate umbrella sharing "we have resources". You deserve a person that is the resource. Visit my Charlotte Real Estate website and learn more about the greater Charlotte area. There are many amazing deals in our market. We will explore the ideal options for you. Charlotte Homes for Sale await your family!
Wednesday, June 29, 2011
Why are there not more rentals?
I continue to receive people looking for rental homes in specific areas. There are many reasons renters must settle for other homes.
Why don't more owners rent their homes since the market is slow? The largest reason is no one wants to be a landlord. Home owners have no interest is handing over the keys to their beloved home (and credit) in hopes a stranger treats their home like it is their own. Too many people have had too many negative experiences and sellers have very little interest.
What is in it for the seller? Once upon a time in a land not so far away. a person could get a loan on a home, rent it for a few years and home to make a profit in 3 to 5 years. This was in exchange for the the risk and additional work required to be a landlord (not to mention all of the Government red tape for tax purposes). Now that picture of appreciation looks bleak. With depreciating home values, "if" you could not break even selling your home this year, you find that next year you will be even further behind. So basically you risk your home, you jump through Government hoops and lose more money next year? Hmmmm??? Not too many people willing to work harder, assume additional risk and ultimately "pay" a larger price for time and stress. The only winner is the renter with less responsibility and no financial risk.
Another large factor is getting a mortgage on a new home. Mortgage companies lost millions because too many "landlords" stopped paying their rental mortgages due to being in a losing situation. When money gets tight, the investment home is the first bill that does not get paid. The incentive of renting has been removed.
Now lenders are very strict on providing a new home loan when you still own your other home. When the housing collapse began, many owners borrowed to get a new home at a discount. They then stopped paying on their "investment" home. Lenders caught onto this (called strategic foreclosure). Now you must put down a large down payment, have up to six months payments in savings and still qualify for the home for both full mortgage payments.
Buyers are challenged to have 3.5% down payments. Not many people have 20% down plus six months in savings. If they do, they typically have no interest in the proposition of being a landlord.
Ultimately, if you are looking to rent, take what you find. No, it is likely not to be in the best neighborhood, in the best school or for the price you were hoping to find. Naturally, you can not expect home owners to take the risk that you yourself are unwilling to take. This is not to disparage renters; you are renting because you are not interested in the risk and hurdles of home ownership. In toady's market, less people are willing to absorb that risk for you.
There are amazing deals out there. A home is an amazing place to relax and raise a family. At the right price, you can become a home owner and have this home as long as you would like. Prices have never been better. No, you are not buying a home at 2007 prices nor are you paying for 2015 prices. You pay current local market value which is actually less money than you could possibly build that home. The Real Estate market has never been in favor of buyers. The key is to work with a lender, do what you can for your credit and find that ideal home!
Charlotte Real Estate is destined to grow and the Charlotte housing market will remain in demand. Will you be looking back in five years saying "I could have bought that home when it was $______?" Or are you going to be one of those people that took advantage of the opportunity and smiling every month when your mortgage payment is a fraction of the majority of your neighbors. Your future begins today; do you stay of the fence or begin searching Charlotte home for Sale?
Why don't more owners rent their homes since the market is slow? The largest reason is no one wants to be a landlord. Home owners have no interest is handing over the keys to their beloved home (and credit) in hopes a stranger treats their home like it is their own. Too many people have had too many negative experiences and sellers have very little interest.
What is in it for the seller? Once upon a time in a land not so far away. a person could get a loan on a home, rent it for a few years and home to make a profit in 3 to 5 years. This was in exchange for the the risk and additional work required to be a landlord (not to mention all of the Government red tape for tax purposes). Now that picture of appreciation looks bleak. With depreciating home values, "if" you could not break even selling your home this year, you find that next year you will be even further behind. So basically you risk your home, you jump through Government hoops and lose more money next year? Hmmmm??? Not too many people willing to work harder, assume additional risk and ultimately "pay" a larger price for time and stress. The only winner is the renter with less responsibility and no financial risk.
Another large factor is getting a mortgage on a new home. Mortgage companies lost millions because too many "landlords" stopped paying their rental mortgages due to being in a losing situation. When money gets tight, the investment home is the first bill that does not get paid. The incentive of renting has been removed.
Now lenders are very strict on providing a new home loan when you still own your other home. When the housing collapse began, many owners borrowed to get a new home at a discount. They then stopped paying on their "investment" home. Lenders caught onto this (called strategic foreclosure). Now you must put down a large down payment, have up to six months payments in savings and still qualify for the home for both full mortgage payments.
Buyers are challenged to have 3.5% down payments. Not many people have 20% down plus six months in savings. If they do, they typically have no interest in the proposition of being a landlord.
Ultimately, if you are looking to rent, take what you find. No, it is likely not to be in the best neighborhood, in the best school or for the price you were hoping to find. Naturally, you can not expect home owners to take the risk that you yourself are unwilling to take. This is not to disparage renters; you are renting because you are not interested in the risk and hurdles of home ownership. In toady's market, less people are willing to absorb that risk for you.
There are amazing deals out there. A home is an amazing place to relax and raise a family. At the right price, you can become a home owner and have this home as long as you would like. Prices have never been better. No, you are not buying a home at 2007 prices nor are you paying for 2015 prices. You pay current local market value which is actually less money than you could possibly build that home. The Real Estate market has never been in favor of buyers. The key is to work with a lender, do what you can for your credit and find that ideal home!
Charlotte Real Estate is destined to grow and the Charlotte housing market will remain in demand. Will you be looking back in five years saying "I could have bought that home when it was $______?" Or are you going to be one of those people that took advantage of the opportunity and smiling every month when your mortgage payment is a fraction of the majority of your neighbors. Your future begins today; do you stay of the fence or begin searching Charlotte home for Sale?
Sunday, June 19, 2011
South Park Real Estate gets better every day!
The greater South Park area around Charlotte (technically it is Southpark as one word) continues to attract more businesses. Whole Foods is our newest entrant building its first Charlotte location in the Southpark area. It is scheduled to open in 2012!
The Southpark area of Charlotte area has an abundance of shopping and employment venues; opportunity abounds. In addition to being a few short miles from uptown Charlotte, Southpark residents enjoy the popular Myers Park Schools.
Trader Joes now has three stores in the greater Charlotte region, Earth Fare and now we will have Whole Foods. This further compliments all of our other great food venues!
When Considering the Charlotte Real Estate market, visit and consider Southpark. It is all about your quality of life!
The Southpark area of Charlotte area has an abundance of shopping and employment venues; opportunity abounds. In addition to being a few short miles from uptown Charlotte, Southpark residents enjoy the popular Myers Park Schools.
Trader Joes now has three stores in the greater Charlotte region, Earth Fare and now we will have Whole Foods. This further compliments all of our other great food venues!
When Considering the Charlotte Real Estate market, visit and consider Southpark. It is all about your quality of life!
Tuesday, May 31, 2011
Charlotte Foreclosures and Short Sales: Which is best?
Most home buyers find various homes for sale as foreclosures and short sales and are unclear as to the differences.
Charlotte Foreclosures: A foreclosure is the term typically applied to a bank owned home. A foreclosure is the legal process in which the mortgage company takes possession of the home via legal means (auction). The mortgage company frequently purchases their asset at the auction, the home back at the auction, evicting, changing the locks, cleaning the home, repairing some of the damage, clearing all previous title issues, etc,). Many of the foreclosures met Government Insurance guidelines and are returned to the appropriate insuring agency after foreclosure (HUD, Fannie Mae, Freddie Mac, Etc.,). The most familiar of these foreclosures are HUD homes.
Bank owned homes are frequently aggressively priced and can close quickly. When making an offer on a bank owned home, you will typically have a response within 2 business days. Once your offer is accepted, you can typically close within weeks. The more aggressive the pricing, the more likely you are to have multiple offers. A wise home buyer realizes when it is a great deal and does not lose the home by trying to squeeze an extra $1,000 out of a home that is already discounted $50,000! If a Government Agency is involved in the foreclosure home then it can typically close within 45 to 60 days.
Short Sales: A short sale is still owned by the person currently on record as the owner. This is often a pre-foreclosure. The home owner is in financial trouble. The seller owes more on the home than the current market value supports and is asking the mortgage company to absorb the losses. Why would a mortgage company possibly just "accept the losses from the home owner"?
The mortgage company's other option is foreclosure. This incurs legal costs, title search, clearing other liens, greater risk of damage and more time.
For a Short Sale, the current mortgage company first needs verification that the home owner is unable to pay the debt. The lender then does extensive analysis to assure they are getting "fair market value" for the home. Mortgage companies typically "sells the loan on the secondary market" (investors) and now must go back to the investors and convince them that a short sale minimizes their losses. There are many hurdles for a short sale.
For a short sale, you often will not get an acceptance of your offer (yes, no or perhaps a counter offer) for four to six months. A smaller local bank may have a shorter time period but this varies. Many buyers lose patience during this extended waiting period and find another home.
A foreclosure is best if you need a home now and would like to close quickly. A short sale is a great option if you absolutely love the home, have time to wait and are able to close within 45 days whenever the bank decides to accept your offer.
I hope this helps clarify the process and the differences between a Charlotte foreclosure and a Charlotte Short sale. Naturally this applies to anywhere across the nation.
Let me know how I can be of further assistance. Visit my Charlotte Real Estate website and learn more about the greater Charlotte Real Estate market.
Thanks and have a great day!
Charlotte Foreclosures: A foreclosure is the term typically applied to a bank owned home. A foreclosure is the legal process in which the mortgage company takes possession of the home via legal means (auction). The mortgage company frequently purchases their asset at the auction, the home back at the auction, evicting, changing the locks, cleaning the home, repairing some of the damage, clearing all previous title issues, etc,). Many of the foreclosures met Government Insurance guidelines and are returned to the appropriate insuring agency after foreclosure (HUD, Fannie Mae, Freddie Mac, Etc.,). The most familiar of these foreclosures are HUD homes.
Bank owned homes are frequently aggressively priced and can close quickly. When making an offer on a bank owned home, you will typically have a response within 2 business days. Once your offer is accepted, you can typically close within weeks. The more aggressive the pricing, the more likely you are to have multiple offers. A wise home buyer realizes when it is a great deal and does not lose the home by trying to squeeze an extra $1,000 out of a home that is already discounted $50,000! If a Government Agency is involved in the foreclosure home then it can typically close within 45 to 60 days.
Short Sales: A short sale is still owned by the person currently on record as the owner. This is often a pre-foreclosure. The home owner is in financial trouble. The seller owes more on the home than the current market value supports and is asking the mortgage company to absorb the losses. Why would a mortgage company possibly just "accept the losses from the home owner"?
The mortgage company's other option is foreclosure. This incurs legal costs, title search, clearing other liens, greater risk of damage and more time.
For a Short Sale, the current mortgage company first needs verification that the home owner is unable to pay the debt. The lender then does extensive analysis to assure they are getting "fair market value" for the home. Mortgage companies typically "sells the loan on the secondary market" (investors) and now must go back to the investors and convince them that a short sale minimizes their losses. There are many hurdles for a short sale.
For a short sale, you often will not get an acceptance of your offer (yes, no or perhaps a counter offer) for four to six months. A smaller local bank may have a shorter time period but this varies. Many buyers lose patience during this extended waiting period and find another home.
A foreclosure is best if you need a home now and would like to close quickly. A short sale is a great option if you absolutely love the home, have time to wait and are able to close within 45 days whenever the bank decides to accept your offer.
I hope this helps clarify the process and the differences between a Charlotte foreclosure and a Charlotte Short sale. Naturally this applies to anywhere across the nation.
Let me know how I can be of further assistance. Visit my Charlotte Real Estate website and learn more about the greater Charlotte Real Estate market.
Thanks and have a great day!
Friday, May 06, 2011
To Purchase, Lease or Lease/Purchase your first Charlotte Home
To purchase, lease or lease-purchase your first Charlotte area home? That is a question that many struggle with when relocating to a new area. What are the pros and cons of each?
The first consideration is who is moving. Are you single, married and/or moving with children? Are your children in school? With pets or without pets? These are some of the considerations to base your decision.
If you are single without pets, I suggest renting. This provides the most flexibility and less commitment. Your life is likely to experience a lot of changes so flexibility is nice.
Married? The happiness of your supporting spouse is essential. She/he is relocating to a completely new environment while you return to a similar job/work environment. The supporting spouse needs to have a local connection and a home is a great place to begin.
Children are the most important contribution that we make to society. Their stability is not negotiable. If you are not in a financial position to buy, then a lease purchase is your best alternative. A lease purchase allows your family to establish roots within a community and a school district immediately.
How do I know it is the "right" neighborhood/schools for my kids? There are many valuable resources that I share to help assure your kids are in schools you desire. No one knows your children better than you and you will know what you expect for your schools. There are a multitude of resources and I will help you navigate through the data.
Pets? That typically limits your options so a purchase is best if possible. There are always nightmare stories from land lords about pet damage. This is not to be taken personally against your pets since they are often an extension of your family.
We want everyone to feel welcome in the greater Charlotte real estate region. We want your home to be a place of happiness. Let's get together and visit Charlotte Homes for Sale and find the ideal Carolina Home for you and your family!
The first consideration is who is moving. Are you single, married and/or moving with children? Are your children in school? With pets or without pets? These are some of the considerations to base your decision.
If you are single without pets, I suggest renting. This provides the most flexibility and less commitment. Your life is likely to experience a lot of changes so flexibility is nice.
Married? The happiness of your supporting spouse is essential. She/he is relocating to a completely new environment while you return to a similar job/work environment. The supporting spouse needs to have a local connection and a home is a great place to begin.
Children are the most important contribution that we make to society. Their stability is not negotiable. If you are not in a financial position to buy, then a lease purchase is your best alternative. A lease purchase allows your family to establish roots within a community and a school district immediately.
How do I know it is the "right" neighborhood/schools for my kids? There are many valuable resources that I share to help assure your kids are in schools you desire. No one knows your children better than you and you will know what you expect for your schools. There are a multitude of resources and I will help you navigate through the data.
Pets? That typically limits your options so a purchase is best if possible. There are always nightmare stories from land lords about pet damage. This is not to be taken personally against your pets since they are often an extension of your family.
We want everyone to feel welcome in the greater Charlotte real estate region. We want your home to be a place of happiness. Let's get together and visit Charlotte Homes for Sale and find the ideal Carolina Home for you and your family!
Saturday, January 15, 2011
Real Estate Investor 101
I have been finding several people recently that are considering investing in real estate. They have great credit, money for the required down payments and foreclosures are very attractive. The decision making is taxing and stressful. Consider the following information to "educate" yourself and enable for you to make a sound investment decision.
First you must consider what you are seeking. Is this a short term investment or a long term investment? If you are looking for a short term investment please keep in mind when reselling your home, there are lending restrictions on the resale. In addition, your purchase "establishes" market value at your purchase price. I suggest keeping and renting for a couple of years to allow the market/neighborhood recover from your purchase.
If you are considering rental properties (residual income) then you are looking at the purchase for positive cash flow. The first step is to speak to a good lender. You must know know the amount of upfront cash required for your loan. Times have changed dramatically over the past several years and continue to evolve daily. BE HONEST! This means with yourself, the lender, the seller and the Realtor. This way you are assured to making an intelligent decision and not building up false hopes of your investment.
If you are looking for a long term investment, consider the payment and your rental income. Does it meet your rental cash flow expectations. Also assume that one month of every year it will be vacant and you deduct this from your profit. If you renter moves in a year then you need to clean and find another tenant. This takes time and also must be considered. Yes, your tenant "may" be a great tenant, clean, responsible and stay for many years. Be prepared for a "less than perfect" scenario and adjust your expectations from there.
Charlotte Real Estate provides great potential but you need to do your homework. Understand why and where your rental clientele would like to live. Understand the demand and their potential needs. An informed buyer is a wise real estate investor.
First you must consider what you are seeking. Is this a short term investment or a long term investment? If you are looking for a short term investment please keep in mind when reselling your home, there are lending restrictions on the resale. In addition, your purchase "establishes" market value at your purchase price. I suggest keeping and renting for a couple of years to allow the market/neighborhood recover from your purchase.
If you are considering rental properties (residual income) then you are looking at the purchase for positive cash flow. The first step is to speak to a good lender. You must know know the amount of upfront cash required for your loan. Times have changed dramatically over the past several years and continue to evolve daily. BE HONEST! This means with yourself, the lender, the seller and the Realtor. This way you are assured to making an intelligent decision and not building up false hopes of your investment.
If you are looking for a long term investment, consider the payment and your rental income. Does it meet your rental cash flow expectations. Also assume that one month of every year it will be vacant and you deduct this from your profit. If you renter moves in a year then you need to clean and find another tenant. This takes time and also must be considered. Yes, your tenant "may" be a great tenant, clean, responsible and stay for many years. Be prepared for a "less than perfect" scenario and adjust your expectations from there.
Charlotte Real Estate provides great potential but you need to do your homework. Understand why and where your rental clientele would like to live. Understand the demand and their potential needs. An informed buyer is a wise real estate investor.
Monday, September 20, 2010
Charlotte Foreclosures: Is it time to buy?
Many people are looking for a great deal but most are still too timid to realize a great deal when it is right in front of them! It is incredible how many times I have worked with various buyers of Charlotte Homes and we find a deeply discounted home! The buyer then thinks that the deal should be better and tries to low ball the deeply discounted home. These offers are a waste of time and not worth the 3 plus hours to write the offer.
If a home is priced aggressively, the seller priced the home to sell. The lenders have a very good understanding of market values. They are pricing the homes to sell. The opportunist is realizing this and purchasing aggressively priced foreclosures. If the market does not return to $310,000 and returns to $250,000, you have made over $50,000 for living in your home! This scenario is based on one of my recent sales when the buyer purchased the bank owned home. We placed 4 offers on other aggressively priced homes prior to getting this home. Their foreclosure home was in amazing condition and reflects the previous owner had a lot of class (something that money does not buy) and just had an unfortunate situation occur.
It is time to purchase Charlotte Foreclosure Homes for Sale! If the political shift occurs in November, the Government becomes fiscally responsible, the economic activity will increase! Prices AND interest rates will follow! Millions sit on the fence when opportunity is in font of their eyes. Later the same people sit and wonder why they did not react???? It really is not rocket science. Follow your instincts and live without fear! You need a home to live for the rest of your life. Keep the needs of you and your family in perspective. Call today. Rick Waite 704-770-6559 and we will consider all of your needs and find the best deal possible! Let's get that home that is sure to keep a smile on here face for years to come!
If a home is priced aggressively, the seller priced the home to sell. The lenders have a very good understanding of market values. They are pricing the homes to sell. The opportunist is realizing this and purchasing aggressively priced foreclosures. If the market does not return to $310,000 and returns to $250,000, you have made over $50,000 for living in your home! This scenario is based on one of my recent sales when the buyer purchased the bank owned home. We placed 4 offers on other aggressively priced homes prior to getting this home. Their foreclosure home was in amazing condition and reflects the previous owner had a lot of class (something that money does not buy) and just had an unfortunate situation occur.
It is time to purchase Charlotte Foreclosure Homes for Sale! If the political shift occurs in November, the Government becomes fiscally responsible, the economic activity will increase! Prices AND interest rates will follow! Millions sit on the fence when opportunity is in font of their eyes. Later the same people sit and wonder why they did not react???? It really is not rocket science. Follow your instincts and live without fear! You need a home to live for the rest of your life. Keep the needs of you and your family in perspective. Call today. Rick Waite 704-770-6559 and we will consider all of your needs and find the best deal possible! Let's get that home that is sure to keep a smile on here face for years to come!
Sunday, August 01, 2010
Charlotte Condos at UNCC
Do you have a child about to attend UNCC? Considering housing costs? There are some fantastic condos across the street from UNCC that are ideal! As with any real estate investment, it is all about the numbers.
A 3 bedroom condo across from UNCC is selling for around $50,000. Your son or daughter can have a roommate or two (many are 3 bedroom condos). You have your child and the room mates pay rent. Yes, your child can also pay rent to assure the roommates do not feel envy but also respect that it is his/her parent's condo.
Numbers: If you get an apartment (rent out one of the condos), it will cost you about $525 a month. Multiply this out for 4 years and you have paid $25,200. Of course you walk away in 4 years without $25,200 (assuming rent does not increase).
Another option is to live on campus. Campus life can be an exciting adventure but it is at a price. In addition to the cost of the dorm, consider the additional fees incurred such as parking and required meal programs. The numbers do not add up.
If you pay $50,000 for a Charlotte UNCC Condo (literally across the street from the campus), you collect the $25,200 in rent from your child and the roommates, you then sell the unit. Let's assume no appreciation and you only get your $50,000 returned.
What is the cost of money? You have tied up $50,000 in cash for 4 years. Haw did you make out for your Return on Investment? Annually you are receiving $6,300 as your return. That is a reasonably strong rate of return as a normal investment but a huge benefit if your alternative was to spend/lose $25,200 in rent over 4 years!
The best part is you sell the condo after college. If possible, you can actually return your child's rent as a graduation gift and pay off a huge chunk of the educational expenses.
I do not understand why the entire complex is not full of students and parent teaching their children so many important lessons. You are providing independence, teaching your child about investments, rental properties, the responsibility and benefit of home ownership and much more.
I have recently sold one of these units and worked with an investor who is ready to liquidate his investment in the complex. The investor owns two buildings (a total of 24 units minus the one that I just sold). The investors are a class act and are selling the units in move in condition. Call me today for more information.
Visit Charlotte Real State Charlotte Homes for Sale for more contact information. I am a Charlotte Realtor and here to help. A friend of mine just purchased the condo and we were amazed at the numbers and the savings!
A 3 bedroom condo across from UNCC is selling for around $50,000. Your son or daughter can have a roommate or two (many are 3 bedroom condos). You have your child and the room mates pay rent. Yes, your child can also pay rent to assure the roommates do not feel envy but also respect that it is his/her parent's condo.
Numbers: If you get an apartment (rent out one of the condos), it will cost you about $525 a month. Multiply this out for 4 years and you have paid $25,200. Of course you walk away in 4 years without $25,200 (assuming rent does not increase).
Another option is to live on campus. Campus life can be an exciting adventure but it is at a price. In addition to the cost of the dorm, consider the additional fees incurred such as parking and required meal programs. The numbers do not add up.
If you pay $50,000 for a Charlotte UNCC Condo (literally across the street from the campus), you collect the $25,200 in rent from your child and the roommates, you then sell the unit. Let's assume no appreciation and you only get your $50,000 returned.
What is the cost of money? You have tied up $50,000 in cash for 4 years. Haw did you make out for your Return on Investment? Annually you are receiving $6,300 as your return. That is a reasonably strong rate of return as a normal investment but a huge benefit if your alternative was to spend/lose $25,200 in rent over 4 years!
The best part is you sell the condo after college. If possible, you can actually return your child's rent as a graduation gift and pay off a huge chunk of the educational expenses.
I do not understand why the entire complex is not full of students and parent teaching their children so many important lessons. You are providing independence, teaching your child about investments, rental properties, the responsibility and benefit of home ownership and much more.
I have recently sold one of these units and worked with an investor who is ready to liquidate his investment in the complex. The investor owns two buildings (a total of 24 units minus the one that I just sold). The investors are a class act and are selling the units in move in condition. Call me today for more information.
Visit Charlotte Real State Charlotte Homes for Sale for more contact information. I am a Charlotte Realtor and here to help. A friend of mine just purchased the condo and we were amazed at the numbers and the savings!
Friday, March 19, 2010
Charlotte Bank Owned Homes
Charlotte Foreclosures provide great deals for those ready, willing and able to buy right now! The pool of potential Charlotte Home buyers is much smaller than it has been in years but that spells opportunity for others! Charlotte Foreclosure homes, unlike Charlotte Short Sales, are able to close quickly; often banks can close in less than 30 days!
There is a long careful process as the bank makes a decision on a home. There is a very careful analysis performed about the current value, the recent Charlotte Market Trends, current competing Charlotte Homes for Sale and much more. It is an impressive list of data to aid in the bank's decision making process.
Before the Hume goes through the foreclosure process, the bank has already performed a market analysis and knows what it is willing to accept. The bank has the home listed by a Realtor and priced based on its analysis. The home is already discounted based on its numbers.
The bank will want to close on the Charlotte Foreclosure as soon as possible (preferably within 30 days). Banks pr fer cash but accepts loans (not willing to re loan money on same house as you are purchasing it). Banks will rarely accept an FHA loan because the bank does not want to go through the repair process; they just want to sell the home (liquidate the asset) for price that is fair to the buyer and the bank.
Charlotte Foreclosures can be a great opportunity for you to take you next step in life. Contact me for your customized bank owned home search and let's find that ideal Charlotte Home for you!
There is a long careful process as the bank makes a decision on a home. There is a very careful analysis performed about the current value, the recent Charlotte Market Trends, current competing Charlotte Homes for Sale and much more. It is an impressive list of data to aid in the bank's decision making process.
Before the Hume goes through the foreclosure process, the bank has already performed a market analysis and knows what it is willing to accept. The bank has the home listed by a Realtor and priced based on its analysis. The home is already discounted based on its numbers.
The bank will want to close on the Charlotte Foreclosure as soon as possible (preferably within 30 days). Banks pr fer cash but accepts loans (not willing to re loan money on same house as you are purchasing it). Banks will rarely accept an FHA loan because the bank does not want to go through the repair process; they just want to sell the home (liquidate the asset) for price that is fair to the buyer and the bank.
Charlotte Foreclosures can be a great opportunity for you to take you next step in life. Contact me for your customized bank owned home search and let's find that ideal Charlotte Home for you!
Thursday, February 04, 2010
Charlotte Rentals and Lease Options: Be Careful!
I have had a recent reminder of a hopeful Charlotte Home buyer that was swindled by an investor. I write this as a caution based on personal training and now after meeting a recent victim.
Several years ago I was purchasing foreclosures from auctions. I personally witnessed many scams. I also took many courses; I was disgusted by what was taught. The statistics show that the vast majority of "Lease Options" never were executed. This was taught as a huge win for the land lord. You receive a large deposit (to be applied towards the down payment "if" the buyer can get financing). You, the landlord, charge higher than market value rent and the additional money from the monthly payment "is applied towards the down payment when the home is purchased (rarely actually occurs). When the buyer does not get financing, the landlord also keeps all of this "extra" money! You, the landlord also are not responsible for the majority of the maintenance since since the "Lease Optioner" is responsible for "their" supposed home!
There is even another twist. The hopeful buyers trusts the initial home value from the investor. The buyers complied with all of their duties. At the end of the year the young couple tried to get financing. The home would not appraise for the sale price the investor required! They could not get financing since the home was not worth what the investor "told" them it was worth (our market has not changed over the past year). The buyers lost their deposit, their additional funds every month and the maintenance was for free. Who wins? The investor wins by taking advantage of the buyer.
This is dirty and I did not rent because I could not take advantage of people this way. This does not mean every investor is this dirty but please be very careful. There are many unscrupulous people in this world and always willing to prey on the innocent.
Visit my Charlotte Real Estate website for information on Charlotte Homes for Sale or call me directly for assistance in buying your Charlotte Home.
Several years ago I was purchasing foreclosures from auctions. I personally witnessed many scams. I also took many courses; I was disgusted by what was taught. The statistics show that the vast majority of "Lease Options" never were executed. This was taught as a huge win for the land lord. You receive a large deposit (to be applied towards the down payment "if" the buyer can get financing). You, the landlord, charge higher than market value rent and the additional money from the monthly payment "is applied towards the down payment when the home is purchased (rarely actually occurs). When the buyer does not get financing, the landlord also keeps all of this "extra" money! You, the landlord also are not responsible for the majority of the maintenance since since the "Lease Optioner" is responsible for "their" supposed home!
There is even another twist. The hopeful buyers trusts the initial home value from the investor. The buyers complied with all of their duties. At the end of the year the young couple tried to get financing. The home would not appraise for the sale price the investor required! They could not get financing since the home was not worth what the investor "told" them it was worth (our market has not changed over the past year). The buyers lost their deposit, their additional funds every month and the maintenance was for free. Who wins? The investor wins by taking advantage of the buyer.
This is dirty and I did not rent because I could not take advantage of people this way. This does not mean every investor is this dirty but please be very careful. There are many unscrupulous people in this world and always willing to prey on the innocent.
Visit my Charlotte Real Estate website for information on Charlotte Homes for Sale or call me directly for assistance in buying your Charlotte Home.
Thursday, January 21, 2010
Ballantyne Land for Sale
There is a great new listing in Ballantyne for over 4 acres of land on Bryant Farms Rd. This is a great piece of Ballantyne Real Estate property within walking distance to Stonecrest Shopping and Restaurants. The land currently has a single family home but is zoned for subdividing! Yes, you can still create a small subdivision in South Charlotte and Ballantyne!
Visit Charlotte Real Estate and check out this featured listing for more information or call today at 704-770-6559!
Visit Charlotte Real Estate and check out this featured listing for more information or call today at 704-770-6559!
Thursday, October 29, 2009
Chalotte Real Estate Quality of Life
It is fall surrounding Charlotte NC Real Estate and we are experiencing our leaves changing. The weather in Charlotte North Carolina creates and ideal setting for your new home. Consider your current home and contrast that to Charlotte.
Today it will be sunny and highs in the 70's. That is our idea of fall. Yes, our grass is still growing as our leaves are changing colors. Peak colors were in the Asheville area this past weekend since it is in a higher elevation. This is the life style for Charlotte Real Estate.
Learn more about Charlotte NC Homes for Sale and visit Charlotte North Carolina for the fall; you will be packing your belongings as soon as you return home.
Thursday, October 01, 2009
Charlotte Short Sales - Charlotte Foreclosures
There has been a new stumbling block recently encountered for the purchase of Charlotte Foreclosures and Charlotte Short Sales. As with any obstacle, they are often the byproduct of recent/past troubles. Many lenders are now requiring a preapproval from a direct lender and not a Mortgage Broker. I understand this to a degree but I recently lost a Charlotte Foreclosure Property because my buyer could not get a lender letter soon enough.
My new rule is to require each buyer to speak to a national lender to obtain the pre-approval beforehand. I like my Mortgage brokers and they rarely let me down. The problem is that the Bank does not know the credibility with each Mortgage Broker and they want to assure the Charlotte NC Foreclosure makes it to cosing and the buyer can actually get the loan. I have no doubt there are those out there with dubious ethics and "stating" that the person is approved but in reality did not really check thoroughly.
Charlotte Foreclosures and Charlotte Short Sales are in big demand and you better be ready when seeking a discounted property. The discount is based on a smooth transaction and a prepared buyer. Give me a call and I will help you gt ready and then find ideal Charlotte NC Homes for Sale.
My new rule is to require each buyer to speak to a national lender to obtain the pre-approval beforehand. I like my Mortgage brokers and they rarely let me down. The problem is that the Bank does not know the credibility with each Mortgage Broker and they want to assure the Charlotte NC Foreclosure makes it to cosing and the buyer can actually get the loan. I have no doubt there are those out there with dubious ethics and "stating" that the person is approved but in reality did not really check thoroughly.
Charlotte Foreclosures and Charlotte Short Sales are in big demand and you better be ready when seeking a discounted property. The discount is based on a smooth transaction and a prepared buyer. Give me a call and I will help you gt ready and then find ideal Charlotte NC Homes for Sale.
Monday, September 14, 2009
Charlotte Real Estate - Mortgage Rates
Most people know that the first time home buyers credit of $8,000 is about to expire November 30th but do you realize that the mortgage rates are also likely to be heading upward soon? No I am not a mortgage broker but I also need to understand the mortgage side of the business.
The Federal Government has pumped over 3/4 of a trillion dollars into the real estate securities and Treasuries to superficially keep interest rates low. The federal program guaranteed funding for over a trillion dollars but is also due to expire by years end. This will result in increased interest rates and home owners having that much more trouble financing. The time to buy is now while the mortgage interest rates remain low.
Visit Charlotte Real Estate - Charlotte NC Homes for Sale today and Begin your home search. The market is still down along with the interest rates. Timing like this does come around too often in a life time. He who succeeds trusted his instincts and reacted in time.
The Federal Government has pumped over 3/4 of a trillion dollars into the real estate securities and Treasuries to superficially keep interest rates low. The federal program guaranteed funding for over a trillion dollars but is also due to expire by years end. This will result in increased interest rates and home owners having that much more trouble financing. The time to buy is now while the mortgage interest rates remain low.
Visit Charlotte Real Estate - Charlotte NC Homes for Sale today and Begin your home search. The market is still down along with the interest rates. Timing like this does come around too often in a life time. He who succeeds trusted his instincts and reacted in time.
Tuesday, August 18, 2009
Charlotte Investment Property Opportunities
There has never been a better time to purchase Charlotte Real Estate. It is incredible to see the opportunity within Charlotte Homes for Sale based on the current fiscal challenges. As lenders continue to constrain cash flow many are poised for opportunity!
There are many custom homes that are brand new and have been on the market for several years. Charlotte Real Estate still has the same strong demand it is just now the buyers are not able to sell their out-of-state homes. Do you still smell housing opportunities?
The time to take advantage is before the economy picks up and when the real estate market is at its slowest. Call today for help finding that ideal home or visit Charlotte Real Estate - Charlotte NC Homes for Sale to learn about the greater Charlotte area and the Charlotte Suburbs.
There are many custom homes that are brand new and have been on the market for several years. Charlotte Real Estate still has the same strong demand it is just now the buyers are not able to sell their out-of-state homes. Do you still smell housing opportunities?
The time to take advantage is before the economy picks up and when the real estate market is at its slowest. Call today for help finding that ideal home or visit Charlotte Real Estate - Charlotte NC Homes for Sale to learn about the greater Charlotte area and the Charlotte Suburbs.
Monday, August 03, 2009
Charlotte Homes for Sale
It is somewhat odd the perspective of Charlotte Home Buyers when they relocate. When searching for home in Charlotte NC Real Estate, first you must look beyond price. I share this not to make you spend more than you desire but to assure you find a home that will at least be as nice as the one you are leaving. No one is relocating to Charlotte NC to live in an area less desirable then they currently reside. No?
Look where you are working first. Then look at the schools. Yes, school websites all provide the same meaningless intellectual nothingness. Keep in mind that their job is to sell their school. The school website is the last place you go for school information; it is so biased that you can read each and leave with the same understanding of nothingness.
The website of www.ncreportcards.org is a great place to begin. This site shares invaluable public information. Yes, it can be tricky to navigate but as you pull up Charlotte Mecklenberg Schools, of to the 2nd tab of a specific "High Student Performance".
Do not look for the largest home for the least amount of money. Where is that home at in your town? Why is that? Is there a reason? Yes, of course.
Housing prices are based on demand. Demand is largely derived from the locals. A relocation buyer frequently gets sold a parcel before the buyer realizes that this specific neighborhood is going through some changes. Guess what, he is now a local and buying a new home in an area that he likes. The new real estate prices will decline in the less desired neighborhood and increase in his new neighborhood.
As you consider your Charlotte home, please consider this perspective prior to buying a home. It is fantastic but you need to understand what you are buying beforehand.
Look where you are working first. Then look at the schools. Yes, school websites all provide the same meaningless intellectual nothingness. Keep in mind that their job is to sell their school. The school website is the last place you go for school information; it is so biased that you can read each and leave with the same understanding of nothingness.
The website of www.ncreportcards.org is a great place to begin. This site shares invaluable public information. Yes, it can be tricky to navigate but as you pull up Charlotte Mecklenberg Schools, of to the 2nd tab of a specific "High Student Performance".
Do not look for the largest home for the least amount of money. Where is that home at in your town? Why is that? Is there a reason? Yes, of course.
Housing prices are based on demand. Demand is largely derived from the locals. A relocation buyer frequently gets sold a parcel before the buyer realizes that this specific neighborhood is going through some changes. Guess what, he is now a local and buying a new home in an area that he likes. The new real estate prices will decline in the less desired neighborhood and increase in his new neighborhood.
As you consider your Charlotte home, please consider this perspective prior to buying a home. It is fantastic but you need to understand what you are buying beforehand.
Sunday, July 26, 2009
Charlotte Investment Property
I am amazed at how many "Investors" have purchased Charlotte Real Estate and have over paid for investment property. Many Charlotte Real Estate Investors purchased homes purely on speculation that the values were going to increase. They based their analysis (assuming they did one) on the facts that from 2005 and early 2007 the prices were very strong. What contributed to the rise in housing prices? Hurricanes.
The Hurricanes in the Florida and the Gulf created an exodus from those regions. In addition the higher costs of taxes, insurance and HOA fees further strained this declining market (more people leaving than moving in). Florida was poised to make huge gains over the next decade as baby boomers retired. 2005 changed this and now the baby boomers relocated to the Carolinas.
As real buyers entered our market the panicked Florida investors also jumped in as did others since the Carolinas were the new "Florida". There was a problem with this investment strategy: we did not have the rental population for investors! Charlotte still has a lot of room to grow and housing is relatively inexpensive. The new housing continued to place downward pressure on housing prices and rental prices.
Charlotte Property Investors purchased homes where they paid for people to stay in their homes (the portion of the mortgage that the rental market would not support). Purchasing rental property with negative cash flow is very high risk. Also this is Charlotte. Your renter is typically one of two types of people: one that relocated and WILL leave your home in a year and the other is a career renter and has selected your place for a reason. This is likely not the person you had hoped to attract.
Scenario one has you paying the relocation renter a portion of your mortgage every month in hopes that other investors did not watch the same national TV shows as you and the property values are going to increase in a year so you continue donating money to your tenant and eating at least another mortgage payment every year when the person purchases their own home.
The other scenario is a life long renter and the care that he does not concern himself with with your home. You are the rich guy with 2 homes in their mind.
Ultimately, the TV shows created many investors and these investors jumped in. They are losing a huge fortune with this strategy.
For now on, only purchase a rental home if there is enough cash to pay the mortgage. This payment must cover all of the expenses related to the rental property. Do not feel you are the only one that watched those shows. Purchase Charlotte NC Homes for Sale for your personal new home and you will be delighted that you have.
The Hurricanes in the Florida and the Gulf created an exodus from those regions. In addition the higher costs of taxes, insurance and HOA fees further strained this declining market (more people leaving than moving in). Florida was poised to make huge gains over the next decade as baby boomers retired. 2005 changed this and now the baby boomers relocated to the Carolinas.
As real buyers entered our market the panicked Florida investors also jumped in as did others since the Carolinas were the new "Florida". There was a problem with this investment strategy: we did not have the rental population for investors! Charlotte still has a lot of room to grow and housing is relatively inexpensive. The new housing continued to place downward pressure on housing prices and rental prices.
Charlotte Property Investors purchased homes where they paid for people to stay in their homes (the portion of the mortgage that the rental market would not support). Purchasing rental property with negative cash flow is very high risk. Also this is Charlotte. Your renter is typically one of two types of people: one that relocated and WILL leave your home in a year and the other is a career renter and has selected your place for a reason. This is likely not the person you had hoped to attract.
Scenario one has you paying the relocation renter a portion of your mortgage every month in hopes that other investors did not watch the same national TV shows as you and the property values are going to increase in a year so you continue donating money to your tenant and eating at least another mortgage payment every year when the person purchases their own home.
The other scenario is a life long renter and the care that he does not concern himself with with your home. You are the rich guy with 2 homes in their mind.
Ultimately, the TV shows created many investors and these investors jumped in. They are losing a huge fortune with this strategy.
For now on, only purchase a rental home if there is enough cash to pay the mortgage. This payment must cover all of the expenses related to the rental property. Do not feel you are the only one that watched those shows. Purchase Charlotte NC Homes for Sale for your personal new home and you will be delighted that you have.
Thursday, June 04, 2009
Charlotte Home Equity - Home Equity Loans
Many buyers are programmed with a misconception of home equity. Home equity is the difference in market value to how much you owe on your home. Home Equity was something you realized when you sold your home in the future. It was not "liquid" meaning the only time you could access the "equity" was when you actually "cashed in" and sold your home.
This changed with the creation of Home Equity Lines of Credit. The government realized a lot of US wealth was "tied up" in real estate (securely and responsibly invested). In order for a more robust economy, home equity loans were created. This allowed the "best" of both worlds; people now did not need to sell their homes to realize the "savings" they had in their homes.
Initially this was utilized to improve and update your home/investment. It quickly deteriorated into people using their HELOC (Home Equity Line of Credit) as a credit card and their savings dwindled. Now you have your big screen TVs but you also have another bill.
Many people were looking for desperate sellers and banks were lending money on a home that you just purchased for more than the home was worth under the pretense that you were going to reinvest the money to increase the value. This did not and does not work. Most people do not realize that changing light fixtures, plumbing fixtures, a new deck and an expanded bedroom does not increase the value of you home in proportion to what you spend. You invest $20,000 and you home's market value increased $10,000. Now you owe more than you home is worth!
It does not take long for banks to get stuck holding the bag. That is ultimately where the "Buck stopped here". Here we are today.
Today the market is back to where it was a couple of decades ago. The bank crisis is the result of unforeseen consequences (poorly made decisions without adequate understanding of people). The market value of the home is the price you paid. That is the market value. Is it cheaper than someone paid last year? Probably? Is it a good deal? Yes. Do you have a home with a smaller payment than the other person? Yes. Can you get additional cash to spend? NO!
Home equity lines of credit are now primarily only if you have 20% equity in your home. That means if a bank/lender performs a market analysis on recent sales, your debt on the home is less than 80% of the value. The lender will then lend you up to the 80% mark. The other 20% will be realized after you sell your home. Keep in mind that a portion of that "equity" will be paid towards the cost of selling your home so you will not receive the whole 20% so do not spend that money until it is in your hand.
The rules keep changing and we are in a period of dramatic changes. When purchasing a Charlotte home look to purchase a home is a stable neighborhood (without a lot of Charlotte Foreclosures) to assure the value of your home will appreciate in years to come. Charlotte Real Estate is a long term investment. It's your home.
Visit Charlotte Real Estate to learn more about the greater Charlotte Real Estate market and come visit. You will love it in Charlotte NC!
This changed with the creation of Home Equity Lines of Credit. The government realized a lot of US wealth was "tied up" in real estate (securely and responsibly invested). In order for a more robust economy, home equity loans were created. This allowed the "best" of both worlds; people now did not need to sell their homes to realize the "savings" they had in their homes.
Initially this was utilized to improve and update your home/investment. It quickly deteriorated into people using their HELOC (Home Equity Line of Credit) as a credit card and their savings dwindled. Now you have your big screen TVs but you also have another bill.
Many people were looking for desperate sellers and banks were lending money on a home that you just purchased for more than the home was worth under the pretense that you were going to reinvest the money to increase the value. This did not and does not work. Most people do not realize that changing light fixtures, plumbing fixtures, a new deck and an expanded bedroom does not increase the value of you home in proportion to what you spend. You invest $20,000 and you home's market value increased $10,000. Now you owe more than you home is worth!
It does not take long for banks to get stuck holding the bag. That is ultimately where the "Buck stopped here". Here we are today.
Today the market is back to where it was a couple of decades ago. The bank crisis is the result of unforeseen consequences (poorly made decisions without adequate understanding of people). The market value of the home is the price you paid. That is the market value. Is it cheaper than someone paid last year? Probably? Is it a good deal? Yes. Do you have a home with a smaller payment than the other person? Yes. Can you get additional cash to spend? NO!
Home equity lines of credit are now primarily only if you have 20% equity in your home. That means if a bank/lender performs a market analysis on recent sales, your debt on the home is less than 80% of the value. The lender will then lend you up to the 80% mark. The other 20% will be realized after you sell your home. Keep in mind that a portion of that "equity" will be paid towards the cost of selling your home so you will not receive the whole 20% so do not spend that money until it is in your hand.
The rules keep changing and we are in a period of dramatic changes. When purchasing a Charlotte home look to purchase a home is a stable neighborhood (without a lot of Charlotte Foreclosures) to assure the value of your home will appreciate in years to come. Charlotte Real Estate is a long term investment. It's your home.
Visit Charlotte Real Estate to learn more about the greater Charlotte Real Estate market and come visit. You will love it in Charlotte NC!
Monday, May 04, 2009
First Time Home Buyers Receive $8,000 Tax Refund!
There has never been a better time for first time home buyers to own their own Charlotte NC home. Interest rates are at historical lows which makes a HUGE difference in your Charlotte house payment and the size of home you can realistically afford.
Now add Charlotte foreclosures into the equation. I do not recommend a foreclosure to the first time home owner unless you are financially prepared for the cost of repairs. BUT what the Charlotte foreclosures have down is suppress the market! This means that the "normal" home appreciation has been placed on hold. Homes are not appreciating because of the downward pressure placed by foreclosures. Basic housing economics dictate that when a surplus of homes are on the market, the values will fall. The foreclosures are "unexpected sales" which are saturating the markets. This prevents great Charlotte Homes from feeling their true values.
Finally the Federal Government is providing an $8,000 tax credit for first time home buyers. There are rules to prevent manipulation of this credit. You can not have owned a home within 3 years (including your spouse with joint tax returns). The $8,000 tax credit is an actual $8,000 Federal Tax Refund when you send in your taxes! This basically means you can basically live for free for the first year!
In order to qualify for the full $8,000 your home must cost at least $80,000. This is easy within Charlotte NC Homes For Sale since the vast majority of our homes exceed this amount. IF you purchase a less expensive Charlotte Home then the amount is prorated based on the value of the home.
This is a win/win for the first time home buyer. With an FHA loan you will only need a 3 to 3.5% down payment. When taxes come due you can now deduct the mortgage interest, the property taxes and then the first year you get the additional $8,000!
Call me today and let's explore your options! I do not want you to buy more home than you need nor more home than you can afford. Visit Charlotte Real Estate for more great information about Charlotte NC Homes for Sale and the Charlotte Suburbs.
Now add Charlotte foreclosures into the equation. I do not recommend a foreclosure to the first time home owner unless you are financially prepared for the cost of repairs. BUT what the Charlotte foreclosures have down is suppress the market! This means that the "normal" home appreciation has been placed on hold. Homes are not appreciating because of the downward pressure placed by foreclosures. Basic housing economics dictate that when a surplus of homes are on the market, the values will fall. The foreclosures are "unexpected sales" which are saturating the markets. This prevents great Charlotte Homes from feeling their true values.
Finally the Federal Government is providing an $8,000 tax credit for first time home buyers. There are rules to prevent manipulation of this credit. You can not have owned a home within 3 years (including your spouse with joint tax returns). The $8,000 tax credit is an actual $8,000 Federal Tax Refund when you send in your taxes! This basically means you can basically live for free for the first year!
In order to qualify for the full $8,000 your home must cost at least $80,000. This is easy within Charlotte NC Homes For Sale since the vast majority of our homes exceed this amount. IF you purchase a less expensive Charlotte Home then the amount is prorated based on the value of the home.
This is a win/win for the first time home buyer. With an FHA loan you will only need a 3 to 3.5% down payment. When taxes come due you can now deduct the mortgage interest, the property taxes and then the first year you get the additional $8,000!
Call me today and let's explore your options! I do not want you to buy more home than you need nor more home than you can afford. Visit Charlotte Real Estate for more great information about Charlotte NC Homes for Sale and the Charlotte Suburbs.
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