Archive for February, 2009
Moving To Charlotte? Free Relocation Guide, Tons of Info
February 27th, 2009 Categories: Buy A Charlotte Home
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Moving to the Charlotte Area? South Charlotte, Huntersville, Uptown? Your first Charlotte home?
I am a Charlotte real estate broker and lead a team specializing in relocation’s, 2nd homes and first time home buyers–buying and selling
real estate of all kinds- and will represent only you. My team works with Buyers and Sellers every day from Uptown to Ballantyne, Lake Norman to Concord-and Fort Mill SC too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not, and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser.
We are working to make your relocation to the Charlotte area easier, less stressful and help you “buy smart.”
I am easy to reach, please don’t hesitate to call, call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale- Map & Community Based, over 30,000 properties for sale!
Fort Mill- First Time Home Buyer Report (maps included!)Fort Mill Homes For Sale- Deep Market Report
Charlotte NC Homes Best Value Under 500K
Fix Housing First-a Housing Stimulus plan of the NAHB Housing Stimulus by The NAR Proposal for the 2009 housing stimulus by the National Association of Realtors
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Charlotte Real Estate News 2-27
February 27th, 2009 Categories: Buy A Charlotte Home, Real Estate News
It was a big week in real estate-including the former Wachovia Tower now becoming a part of Duke Energy, and CP Morgan is going out of business. Charlotte Real Estate news is below
First Time Home Owner to Receive $8,000 Tax Credit on Home Purchases By 11/30/2009
If you are a first time home buyer, or have been out of the market 3 years, you’ll qualify for the 10% Tax Credit, up to $8,000, and currently, you’ll see it on next year’s return. As long as you stay in the home 3 years, it never has to be re-paid- That’s right! FREE MONEY! $8,000! When you combine that with Charlotte’s home prices, and the unbelievably low interest rates (currently 4 5/8 30 year fixed) as long as you have the funds, credit, a good job, and you plan to stay a while, why wouldn’t you buy? I’ll do the math for you in another psot, it will blow you away. Details from my prior post
Nationally, details were announced of the $75B Homeowner Stability act,
a plan to keep more than 7 million people in their homes. While it won’t help those who have lost jobs and can’t pay for their homes, it will help 2 other categories of defaults or potential defaults 1) homeowners who are current and their home value has fallen below their mortgage note- typically could not refinance- they will be able to be refinance if held by Fannie, and 2) homeowners whose rates have increased or income have fallen, workouts to get their loan balances and payments down.
Foreclosures rip out the foundation of every housing market. What happens if 3 foreclosures happen in your 300 home community? 297 homeowners will lose between 10 and 15% of their home’s market value. Read the rest of this entry »
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The New Home Buyer Tax Credit- What it Means and How it Works
February 26th, 2009 Categories: Buy A Charlotte Home, Charlotte First Time Home Buyers
Charlotte NCCharlotte First Time Home Buyers Will LOVE the New $8000 Tax Credit
So how does this work? If you buy a home between 1/1/09 and December 1st, 2009, and haven’t owned a home in the prior 3 years ( includes you and your spouse) then you’ll qualify for a 10% tax credit on the purchase price of that house, to a maximum of $8,000. Note this is a CREDIT, not a deduction, so it will be like CASH. Right now, you have to wait for your next tax return, soon, there may be a mechanism to use it at the closing table.
Of course there are details and some limitations apply- you’ll have to stay in the home for 3 years or lose the credit, and there are income qualifications (must earn less than $75K per individual, $150k per couple)Â as well, still for many first time home buyers this is TERRIFIC! Here is the link for more details on the tax credit including frequently asked questions.
Here are more First Time Home Buyer Resources
Freddie Mac Buying a Home
Department of Housing and Urban Development
The Home Buying Process
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Sun City Carolina Lakes Market Report 2009
February 20th, 2009 Categories: Buy A Charlotte Home, Fort Mill SC Carolina Lakes, Terry\'s Top Ten New Home Communities
Fabulous Sun City Carolina Lakes- It is All About the Lifestyle
Once again Sun City Carolina Lakes led the new home subdivisions in sales in 2008- the Del Webb concept of a self-contained, active adult, golf cart community, just 30 minutes from a major city (Charlotte) with a large airport, in low tax South Carolina, is a bright spot in an otherwise tough year for Pulte Home Corporation, the owners of the Del Webb franchise since 2001.
With over 500 sales, Sun City Carolina Lakes accounts for 5% of the new home sales in the Charlotte area. So How did they do it? The dropped their prices- heavily and gave away a lot of golf carts!
Working from the Carolina MLS we get only a feel for what they sold their as they report only about 15% of their sales in the MLS- enough to keep people and Agents looking online. The Sold data is intriguing, to say the least.
Median Home Sale Prices At Sun City Carolina Lakes Read the rest of this entry »
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Charlotte NC: The Healthiest Housing Markets for 2009 Charlotte 13th
February 19th, 2009 Categories: About Charlotte, Buy A Charlotte Home, Charlotte Homes for Sale, Lake Norman real estate, Union County, University City, mortgages, south charlotte
from Builder Magazine, about Charlotte NC. Things are tough here too, but we are buying and selling homes! It is of course a strong buyers market.
Builder, in conjunction with Hanley Wood Market Intelligence, debuts its metric for determining markets with the best and least potential.
by
Boyce Thompson
With most economists and builders expecting a national market decline this year, this may not seem like the best time to be selecting the “healthiest” markets in the country. Virtually every market was down last year. But a close look at the numbers reveals that some markets have way outperformed others during the last four years and are likely to continue to do so this year.
13. Charlotte, N.C.
2008 total building permits: 12,231
People and businesses must love Charlotte, because they are moving there at a high rate. The metro area of 1.74 million has grown its residents by 4 percent annually over the last five years, one of the highest rates in the country. They are drawn by relatively affordable housing for the east coast—median home prices are only $210,900, and they’ve only “corrected” downward by only 4.2 percent in the last year. A strong fourth quarter helped Charlotte record 12,231 permits last year, only a 44 percent decline since 2005. Charlotte’s strength relative to other markets led the investment banking firm UBS to predict last year that it would be one of the first markets to recover from the housing downturn. Charlotte is still a single-family market, with 62 percent of the residential activity in stand-alone homes. The job market in this banking hub contracted last year, after growing 3 to 5 percent annually the previous three years
When the housing market stages its official recovery, the markets listed on the following pages are likely to lead the parade. …The healthiest markets have many things in common. Most of them are great places to live… Most of them didn’t have a huge run-up in prices during the boom and aren’t experiencing rampant deflation during the bust.
To compile these lists, we analyzed the top 75 housing markets in the country. We ranked them based on population trends and job growth, perennial drivers of housing demand. We also examined what’s happened with home prices; many of the healthiest markets have managed to hold the line on home values. And finally, we considered the rate building permits, which may be the single best ongoing indicator of builder confidence in a market.
Builder Magazine,the full story
Most of the cities in the top ten are in Texas, and other similar markets that didn’t have th high run up in pricres found in Flordia, California, Nevada and Arizona. My 2009 Charlotte Real Estate Market forecast
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Moving to the Charlotte Area? South Charlotte, Waxhaw, Lake Norman, Fort Mill Perhaps? Your first Charlotte home?
I am a Charlotte real estate broker specializing in relocations, 2nd homes and first time home buyers–buying and selling real estate of all kinds- and will represent only you. My team works with Buyers and Sellers every day from Ballantyne to Lake Norman -and Fort Mill SC too. We work with all relocation companies. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not, and where the deals are. I represented Buyers in the largest foreclosure sale in Charlotte in 2008. And I helped a handful of first time home buyers. I was the Top Agent in 2008 in our 800 + Agent firm, and won an award for customer satisfaction in 2008. We are flexible and at your service.
We are working to help you “buy smart” in Charlotte, and to make your relocation easier and less stressful.
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Charlotte NC Charlotte Relocation Guide Charlotte Real Estate Charlotte Luxury Homes
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Anatomy of a Charlotte NC Offer To Purchase (Home)
February 15th, 2009 Categories: Buy A Charlotte Home, Charlotte First Time Home Buyers
An ongoing series for first-time home buyers in North Carolina.
Buying a Home In Charlotte NC- The Offer To Purchase
Everyone who Buys a Home in Charlotte Writes an Offer to Purchase, or as sometimes called at a new home site, a Sales Contract. In North Carolina, the standard re-sale contract is both- first an offer (with conditions) and once agreed to and signed by both parties, it becomes the binding contract. First a word about contract types, these are ranked from lowest to highest in risk to the buyer- we’ll cover the first three in detail:
Types of Home Sale Contracts
Residential Re-Sale Contract NC- The Offer To Purchase, slightly favors Buyers
Residential Re-Sale Contract SC- slightly favors Sellers
New Home Contract- The quintessential one-sided contract, guess who it favors
Pre-Foreclosure Contracts- Subject to Bank Approval, on bank forms, favoring? The bank.
REO- Bank owned- Subject to Bank Approval, on bank forms, favoring? The bank.
In Foreclosure- Auction- Caveat Emptor, you may be buying the liabilities. Title search is a MUST, and buying the home AS IS WHERE IS, no exceptions.
The Offer To Purchase-NC
What are the offer terms? Everyone is familiar with price, the offer price, and the knowledge that since it is a Buyers market, priceing favors the Buyer. But did you know, that because it is a Buyers market, all these other factors tilt towards the Buyer as well. There are additional important terms, terms that can limit your risk, lower your out of pocket costs and terms that can help you get the house you want in a competitive environment. The basic negotiating points (criteria)Â include:
Price- The Offer Price is the total the Buyer will pay and the Seller will receive, broken down by Deposit, Down Payment and Lender provided funds. Closing Costs are NOT included in this total, and are paid to people other than the Seller.
Deposit- Earnest Money held in non-interest escrow. Generally 1% on re-sales, Builders may ask more.
Method of Payment: financed, subject to a financing contingency, or Cash, subject to an optional appraisal contingency. For negotiating purposes, Cash is best. Next best, an 80% loan with a 20% Down Payment.
Closing date- 30- 45 days from contract acceptance is typical, can go to 60 without negotiating penalty. A Cash offer with a 10 day close is the Strongest possible negotiating position.
Closing costs-Typical costs and who pays them are outlined in the sales contract. These are fairly standard except some Builder contracts require the Doc Stamps to be paid by the Buyer. The tradition is that this $1 per $500 of sales price is Seller Paid. All other costs are pro-rated:Â HOA, Taxes and Interest. In North Carolina, Buyer closing costs are minimal, except for loan costs and npre-paids. Other typical buyer expense include Attorney fees, surveys and Home Inspection fees, as well as Title Search and Title Insurance
Contingencies include: financing, appraisal, and home inspection
Inspections: Alternative 1, Alternative (Option to Buy) 2
More in the next few days, I’ll review some recent cases, stay tuned
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Charlotte remains a desirable city to move to, Charlotte real estate is eminently affordable, and when combined with historic low interest rates makes buying a home in Charlotte a smart buy, as long as you buy a home for the long term, and buy it smartly.  tm
Moving to the Charlotte Area? South Charlotte, Waxhaw, Lake Norman, Fort Mill Perhaps? Your first Charlotte home?
I am a Charlotte real estate broker specializing in relocations, 2nd homes and first time home buyers–buying and selling real estate of all kinds- and will represent only you. My team works with Buyers and Sellers every day from Ballantyne to Lake Norman -and Fort Mill SC too. We work with all relocation companies. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not, and where the deals are. I represented Buyers in the largest foreclosure sale in Charlotte in 2008. And I helped a handful of first time home buyers. I was the Top Agent in 2008 in our 800 + Agent firm, and won an award for customer satisfaction in 2008. We are flexible and at your service.
We are working to help you “buy smart” in Charlotte, and to make your relocation easier and less stressful.
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Charlotte NC CharlotteCommunities Charlotte Real Estate Charlotte Luxury Homes
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What are Your Property Taxes? Charlotte NC vs New Jersey, New York and More
February 10th, 2009 Categories: Buy A Charlotte Home, Charlotte cost of living
What Are Your Property Taxes? Your Casualty-Property Insurance?
Charlotte’s lower cost of living is not just about more home for the money, Charlotte also has lower taxes and lower insurance rates than any major city in the US. I’d like to test that here, and invite your comments below.
Consider some of my recent clients. A Rahway, New Jersey homeowner, recently retired and who is heading to Charlotte to look at Sun City Carolina Lakes: her home is up for sale at $299,000, she pays $8,000 in property taxes annually, on about a 1800 sf duplex.  The home? Asking price of $166/sf, Taxes $4.44 per sf, per year.
A couple looking at Lake Norman pays $15,000 in taxes on their $800,000, approximately 3000 sf home in Long Island. The Home? About 265/sf. Their taxes amount to $5.00 per sf, per year.
Clearly, these high taxes in northern states are driving people south, even in this turbulent economy
I found a 3br, 2.5 bath home in a popular Charlotte suburb, Matthews, NC for sale for $250,000, 2250 sf, with taxes of $2,579. The home 111/sf, taxes 1.14/sf per year
Charlotte- still the only “objectively affordable” major city in the US.
Tell me about your house, in the comments below, or at terry at terrymcdonaldre.com using normal e-mail punctuation.
Comparing Home Values- Testing Trulia
What began as a price comparison of homes in the middle $400,000’s from city to city of taxes/insurance and home values, became a test of Trulia, as I kept seeing the same “estimated tax” on comparable $450,000 homes…instead of the usual tax rates that make comparing taxes difficult, I just compared the taxes on these houses based on the “tax per square foot” a simple calculation-that I think offers the best look at relative affordability. See what you think. I did the same thing with property insurance
| Street | City | State | Price | Sq Ft | Taxes | Insurance | Price/sf | Taxes/sf/yr | Ins/sf/yr |
| 2348 Beech St | Wantagh | NY | 449999 | 1976 | 8494 | 1344 | 228 | 4.3 | 0.68 |
| 13 Elberta Rd | Maplewood* | NJ | 412000 | 2200 | 10100 | 1605 | 187 | 4.59 | 0.73 |
| 5 Metacomet la | Franklin | MA | 449000 | 2100 | 4900 | 1344 | 214 | 2.33 | 0.64 |
| 4204 4th ave NE | Seattle | WA | 435000 | 1060 | 4344 | 1300 | 410 | 4.1 | 1.23 |
| 9542 Vercelli St | Lake Worth | FL | 425000 | 2437 | 4614 | 1275 | 174 | 1.89 | 0.52 |
| 1616 Penderleda | Matthews | NC | 489900 | 3450 | 4250 | 1464 | 142 | 1.23 | 0.42 |
| 322 Chancelot Ln | Fort Mill | SC | 449000 | 3727 | 2077 | 1344 | 120 | 0.56 | 0.36 |
| 7307 Roseland | Charlotte | NC | 450000 | 3980 | 5091 | 1350 | 113 | 1.28 | 0.34 |
I know a number of insurance agents watch this blog– could you run some quotes on these houses, quick and dirty? Read the rest of this entry »
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Charlotte Model Home Sale-Make Offer Prices, Good Rents
February 6th, 2009 Categories: Buy A Charlotte Home, Invest in Charlotte
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Model homes in Charlotte were often considered the perfect investment-
a long -term quality renter, paying a good rent, on an appreciating property. Now, investors look harder at the prices, since builder often want to load the model with options, and then charge the investor for those options- which the investor normally would pass on.
These days, investor need to get the fully optioned home below the base price. From Ryan Homes, just south of Ballantyne– a Five-Star location/ Ryahn price with options $604,000, we hear they’ll accept 549,000
Base is typically about $500K with the ground floor guest suite addition
One year lease at $4,354, likely option beyond, builder to pay utilities. I’d ask for 24 months. Here are some of the features:
4,460 Square Feet, 5 BR 4 ½ Bath; 3 Car Finished Side Entry Garage with door openers; Gourmet Kitchen, 42†Maple Cabinetry, Granite, Stainless Steel Appliances; Morning Room; Great Room with Stone Fireplace surround and 16’ Coffered Ceiling;1st Floor Owner’s Suite with Sitting Area;1st Floor Guest Suite, 2nd Floor Bonus Room;Over ½ Acre Homesite! Club Membership to Tennis and Pool; Great South Charlotte Location near Ballantyne, Blakeney, and Ardrey Kell High School; Elon Elementary, Community House Middle and Ardrey Kell High School
Assuming a buy in at $510k, 20% DP, yields a 408K (conforming) loan, about $2450 PI at 6% 30 year fixed.
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Because We Need To Laugh- The Ameritrade Baby Outtakes
February 4th, 2009 Categories: Buy A Charlotte Home
The Ameritrade Baby Commercials that Didn’t Make the Superbowl
Too funny. Only watch if your neighbors can stand the sound of you howling loudly!
I especially like his “comments” on the economy in 2008.
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Charlotte Real Estate posts!
yes we are serious here most of the time
Charlotte NCÂ Terry’s Introduction to Charlotte, Over 10,000 views You Tube views-#1 for a search Charlotte NC,
About Charlotte NC Charlotte Homes For Sale  Charlotte Luxury Homes For Sale First Time Home Buyers
Charlotte Buyer Agents work only for you. 704-351-1519. Like what you are reading? Sign up for RSS, Real Simple Syndication.
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Charlotte Real Estate Market Report January 2009, Housing Stimulus Gaining
February 3rd, 2009 Categories: Charlotte News and Politics
Nationwide Housing Downturn Comes to Charlotte
Charlotte NC  Persistently low demand, 50% 0ff 2008’s pace by volume, has pushed average Charlotte home prices lower still in January, 13% off the same averages in 2008, and 13% off for the last 90 days of closings. Sold to list has average 90%, as single family closings fell in January to 1,108 “Solds.”
Sales by units are around 2001 levels, Sales by price are still above January 2006 prices. What the sub-prime/foreclosure fiasco couldn’t do to the Charlotte market, the Wall Street disaster’s did. Â
Virtually all areas in the region suffered, from Lake Norman to South Charlotte. Demand has been off for nearly 2 years, and in just he last 6 months we began to lose some value, which is a testament to the strength of home values here.
Nationally Zillow Reports Loss of 3.3 Trillion Dollars in Home Values in 2008
Much if this is no doubt necessary, but as I have shown , in multiple posts, there were tons of American cities and markets that didn’t play the “Real Estate Bubble Game” including Charlotte, and have no real reason to be losing value, but are, because of a lack of demand. Below the fold- Housing Stimulus plans gaining traction in the Senate!
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