Charlotte Real Estate Blog

Charlotte Real Estate Market Update for October 2009

There has been a wave of first time home buyers trying to take advantage of the $8,000 tax credit.  It seems that most of the activity was in the $250,000 and under price range.  The first time home buyers have slowed significantly as most of the anxious buyers have already entered into a contract in hopes of closing the house by November 30th.  This will be harder for buyers who are trying to obtain a FHA loan because the underwriting process is more stringent. 

The last couple weeks we have been noticing more buyers starting to dabble in the higher price ranges (600's and below).  Hopefully this is an indicator that home prices are starting to near the bottom at the higher price ranges.  I blogged a couple weeks ago about how I feel that we have already hit a bottom in houses priced at $250,000 and below.

Investors are starting to reenter the market.  They are being picky about where they invest but are out there looking for good deals...especially short sales and REO's. 

It sounds like the tax credit is going to be renewed.  The last I heard they wanted to offer a tax credit equal to 10% of the purchase price, up to $7,290, for first time home buyers.  I have also heard that the government was going to offer an incentive for home owners who have lived in their current house for 5 or more years.  If these home owners decided to buy new construction they were going to receive a $6,500 incentive. 

More to come once the Senate as ironed out all of the details.

BF

The Chimneys at Marvin is still being developed and is really starting to feel like a subdivision.  Visit the subdivision at 2604 Creek Manor Dr., Waxhaw, NC 28173.  The subdivision has two different sections, The Estates and The Reserve.  The houses that are being sold in The Chimneys at Marvin are ranging from the low to mid 300,000's to the high 400,000's.  The subdivision also feels very safe at night because the sidewalks and trails are lined with street lights.

Click here to see the current houses available in The Chimneys at Marvin.

This Pulte Homes neighborhood does offer a lot of cool amenities with a Home Owners Association fee of $100/month.  The fee is collected twice a year.  The Chimneys at Marvin amenities include a fitness center, tennis courts, basketball and volleyball.

The Marvin area is becoming a popular destination for people who work in the city but want to live in a more rural atmosphere.  The area is close enough to the city that you can still make the commute but the immediate area also has everything that a home owner would need.  As for shopping, the residents of The Chimneys at Marvin will usually go to Ballantyne Village, Stonecrest Shopping Center or Weddington Corners. 

The Chimneys at Marvin children will attend the Sandy Ridge Elementary School, Marvin Ridge Middle and Marvin Ridge High School.

Ask Brandon about The Chimneys at Marvin

Allen Tate Southpark Office

As you may have noticed the old Allen Tate Southpark office has been removed and the land flattened.  The plans for the lot are not completely set but we are hearing that there will be a hotel built. The Allen Tate Company has been in the new corporate building for about 8 years.  The building is located at 6700 Fairview Road, is part of Phillip's Place and is noticeable by large size and its' green roof.  The second floor of the building houses over 100 agents and assistants and the third floor is devoted to Allen Tate Corporate.  This is where you will find the relocation, accounting and marketing departments.  Also the third floor includes Allen Tate's office. 

The first floor of our office is filled with boutique shops and Cafe Monte French Bakery and Bistro.  The fourth floor of the office has been sold as condominiums. 

There is also a lot of new construction being built directly behind our office.  There is a large condo building being built and there will be several condos available for rent and an assisted living facility. 

Contact Brandon Farmer for more information.  

New Construction in Union County North Carolina

During the housing boom, Union County was the 5th fastest growing county in the country.  The area couldn't be built fast enough.  They were building a lot of new construction in the $400,000 and up price ranges.  Several of the builders have pulled out since then but there is still a lot of new neighborhoods and a lot of great opportunities for buyers that want a large house within 30 - 45 minutes of downtown Charlotte.  The area is very attractive to buyers because of the lower unincorporated tax rate (0.6650 in Union County as compared to the 1.0175 in Mecklenburg County).

The area has built several new outside strip malls throughout the northern part of Union County.  If you take Providence Road and go south to I-485 you will see that they are also widening the road to become a four lane highway.  Go just a little farther and you will begin to see the new strip malls and what use to be farm land being developed. 

You can find new construction in several different subdivisions.  Lawson is popular because of the amount of families that are living in the subdivision.  They have great amenities that include a club house, pool, recreation area, tennis court and walking trails.  Ryan, Pulte, Shea Homes, St. Lawrence and Orleans Homebuilders are still building in the subdivision.

Brookhaven is very popular and is being built by John Weiland.  He has a great reputation for building a well built home and is easy to work with if you want to do some custom upgrades.  The subdivision also has great amenities and clubs that the owners can join.  The subdivision offers sport clubs that you can join and it has become a good way for people to meet their neighbors. 

Hollister is a new community being built by Shea Homes.  The subdivision currently has around 50 home owners and there will be 250 houses once the subdivision is completed. 

Lake Forest is offering new construction by Orleans Homebuilders.

Cureton III has 2 houses on the market but M/I Builders have decided to put their project on hold...probably until the high end market starts to sell.  They are currently holding about 30 lots and they have every intention of building on these lots...it is just a matter of time.  One of the houses that they have for sale is the model.  It has all of the upgrades that they offer and is listed for $398,860.  This really is a great value for this house considering that the house across the street sold in the high 600's.

In Anklin Forrest you can find full brick houses around the $400,000 range being built by James Custom Homes and The Williams Company.  The houses have great curb appeal and the subdivision has a lot of mature trees left on the lots.  The inside of these houses have the craftsman feel that many buyers are attracted to.

Let me know if you have any specific questions regarding new construction in Union County.

Getting Your House Ready to Sell

Many sellers will hire an agent to put their house in the MLS and then they wait for showings to occur.  While this will probably generate a few showings, they are definitely not taking advantage of the market.  It is a buyer's market and sellers have got to learn to think like a buyer.

Follow these steps to not only make your house more livable but to reach your goal...to receive an offer in a shorter period of time.

• Keep the front of your house looking nice.  The curb appeal is the first thing that the buyer sees when he looks at the house online and also when they pull into your driveway.  This means have the bushes trimmed, the flowerbeds weeded, the grass seeded/mowed and have the gutters cleaned.  If the buyer views a house that is not taken care of on the outside they may assume that the sellers are under financial stress and it will cause them to present a lower offer. 
• Hide the family portraits and personal pictures in your house.  Many sellers want to keep their house in the same condition as it was before they put it on the market.  This is just not feasible.  If you have personal pictures on the walls or tables then it will become a distraction to the buyers.  Agents can tell you that your personal pictures get too much attention and the buyer never really takes a good look at the house itself.  You aren't trying to sell how good of a photographer you are...you want to sell your house. 
• Keep the house clean and if you keep your pet in the house, burn candles.  When showing a house nothing is worse than knowing that the house has every feature that the buyer wants but when you walk in the front door you are smacked with an awful odor from pets or from smoke.  Move the cat's litter box outside when you are expecting showings.  Light a few candles or at least open the windows so that the house can get some fresh air. 
• Go ahead and make the repairs that you know the buyer is going to ask for.  If your are selling a house over $100,000 then you know the buyer is going to get an inspection.  Go ahead and fix the wood rot, replace the missing and burnt out light-bulbs, fix the leaky sinks and faucets, tighten the base of the toilets and replace the missing shingles on the roof.  You, as seller, are going to be paying to have these items repaired so go ahead and have everything fixed and enjoy it while you are still there. 
• Make your house memorable.  To you, the house is very special because it is not just a house...it is your home.  To a buyer it is just a structure and they are going to be looking at 5 or more that same day.  It is common for buyers to have trouble remembering certain houses after they have looked at different areas all day.  Two easy ways to do this...have soft music playing in the background and/or have bottled waters and cookies available in the kitchen for the buyers.  They will appreciate the gesture and that house will stick out to them at the end of the day. 

One more trick...buyers will often meet in the kitchen of a house that they are interested in making an offer on to discuss their options.  Buy a cheap recorder, hide it in your cabinets and turn it on when you leave for people to come view your house.  You can receive valuable information when it comes to negotiating the price of the house and you will hear what the buyers honestly do or do not like about the house and this can help you to make those changes for future showings.   

To receive more selling advice visit me @ http://showcasecharlotte.com/Staging.html

Benefits of a Mortgage Banker

When my buyer is using a lender, is there a difference between using a Bank, a Mortgage Broker, or a Mortgage Banker? The answer is yes. Let's review the three types of lenders.

Bank:

If a buyer is using a Bank, they will gain control over the process with underwriting, closing and funding. What they will lack is that they are subject to that Bank's rate/program on that day and may not get the most competitive option.

Mortgage Broker:

A Mortgage Broker allows you to have access to rates from multiple lenders, allowing you to obtain the best rate available on that day. The drawback is that Mortgage Brokers have none of the control. They do not underwrite, order the appraisal, prepare the closing package or fund with their own money. They rely on their end investor/lender to do this for them. Many of the recent legislative changes have had a strong impact on Mortgage Brokers, furthering the lack of control they have of the transaction.

Mortgage Banker:

A Mortgage Banker also deals with a number of investor/lenders to be able to offer the best rates and program choices to their customers. They also retain the control of underwriting, ordering the appraisals, preparing the closing packages and funding the loans with their own money. They have the control of a Bank with the options available like a Mortgage Broker.

Allen Tate Mortgage is a Mortgage Banker. We work with a number of qualified investors to give our customers the best selection of products and competitive rates. We underwrite our loans in house, close and fund with our own money.