Your Introduction to Charlotte - the Heart of the New South©

Charlotte Real Estate News 2-27

February 27th, 2009 Listed Under: Real Estate

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.

One commentator describe previous efforts to rein in the foreclosures  as a “squirt gun” and this plan as a “howitzer.”  I am hopeful, and will be watching.

Charlotte Real Estate News

Just announced yesterday, the construction project dominating the Charlotte skyline has a new name, it is now the home of Duke Energy.  Wells Fargo remains the owner, but Duke doubled its office space, and negotiated the name change. How the power shifts…

C.P Morgan, the largest home builder in Charlotte in 2007,  announced they were going out of business. Sorry to have to say this, but they will not be missed- they were a late entry into the Charlotte market, and their homes and communities never held much value.

New  FHA Guidelines were announced yesterday afternoon,

in Mecklenburg, Union, Cabarrus, Gaston, and York County’s  they are $303,750. In Iredell and Lincoln, they are $271,000.  With 3.5% down, that means a maximum purchase price of $314,000

New Conforming Loan Guidelines From Fannie and Freddie

These stayed the same in Charlotte at $417,000 loan, we had hope for higher. This means the following for purchase prices: with 5% Down,  home price limit is $438,900. With 10% Down, home price limit is $463,000 and with 20% down, $521,000

In the entire Charlotte MLS, January Home sales pending surged 40%. Even seasonally adjusted, this is very encouraging. Home prices according to Case Shiller  fell 7% in December, far below the national average, 5th best over all out of the 20 markets compared.


Moving to the Charlotte Area? Carolina Lakes? 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 sellingTerry McDonald Charlotte Real estate 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

Terry McDonald
I'm the owner/team leader of The McDonald Group at Wilkinson and Associates ERA Powered real estate brokers here in Charlotte NC. A transplanted Washinghtonian, my family and I came from the NYC area in 1993.
Terry McDonald
Terry McDonald

Written By

Comments are closed.

Moving to Charlotte?

Let us be your introduction to the Queen City.

Our free online guide is full of relocation information including schools, taxes, employment, neighborhood & things to do in Charlotte.

Learn More

The McDonald Group
Wilkinson and Associates ERA Powered
8604 Cliff Cameron Dr ST 110
Charlotte NC 28269
704-390-6221 Cell
704-393-0048 Office
Licensed in NC & SC
USAA Certified
ERA Luxury Home Certified

Charlotte Communities Online

Terry McDonald [email protected]   704-351-1519

Bobby McDonald bobb[email protected] 704-351-1519