Charlotte Real Estate Blog

Charlotte, NC has a lot of buyers coming to the area because of the city's large banking presence.  Charlotte is the 2nd largest banking center (NYC being #1) and though the banks have been struggling, we are still seeing people being relocated to Charlotte to work for Wells Fargo or GMAC.  Most of the buyers are completely new to Charlotte and need the expert advise of a local real estate agent. 

In a city that offers as much as Charlotte, it is easy to overwhelm the buyers with all the different areas and attractions.  I like to give my clients a one hour tour of the city and surrounding areas.  This is just long enough to drive them through the different areas and neighborhoods so that they can get a feel for the different sides of Charlotte.  They will want to explore the city on their own and will more than likely stumble across something that they will want me to explain to them.

The streets in Charlotte can be a little confusing for people new to the city.  The streets are designed like a bicycle wheel and spokes instead of the more traditional grid system.  Once you live here and understand how the different roads connect, you will see how much better the traffic flows with a wheel and spoke design.

Mecklenburg County has great public schools and a rapidly growing public transportation system.  If you want to receive more information about Charlotte please call me and ask for a relocation packet.  I can mail you all of the information about the city and the housing market so that you will be more educated when you are ready to buy.

Why should I buy instead of rent?

You can deduct the cost of mortgage loan interest from your federal and state income taxes, as well as the property taxes you pay as a home owner.  The value of your home will appreciate over time.  And nothing beats the joy of having a place to call your own,

Should I use a Realtor®?

Absolutely!  The detailed process of buying a home, qualifying for a mortgage and signing the papers at closing can be overwhelming for even experienced buyers.  I can help you find a home to meet your needs and price range; negotiate the best price; guide you through the paperwork; and serve as a trusted advisor during the home-buying process - and beyond.

How much money do I need?

Costs will vary depending on the price of the home and type of mortgage.  You can expect to pay earnest money (a good-faith deposit.....usually about 1%); a down payment (a percentage of the home and a minimum of 3-5 percent); and closing costs (the costs associated with processing the paperwork, usually 3-4 percent of the cost of your home).

Where do I get a mortgage?

Allen Tate offers a one-stop shopping approach through its Family of Companies, including Allen Tate Mortgage Services, which has access to many loan programs as well as in-house underwriting capabilities for FHA and VA loans.  Allen Tate's Best Rate Guarantee program ensures you are getting the best loan package possible.  You'll need comprehensive documentation to qualify for a mortgage, and the process generally takes about 3-6 weeks.

How much do I offer?

Consider the following: 1) recent comparable listing and sale prices.  2) condition of the home.  3) time the home has been on the market.  4) amount of mortgage required.  5) how much you want the home.  Many sellers in today's market are highly motivated to sell to an interested buyer who makes a reasonable offer.  I can help advise you on what makes sense.

You've searched your ideal neighborhoods, and you find a property which appears to be priced significantly lower that the rest.  It might just be your lucky day if you are willing to work through the often long and tedious process of buying a short sale.

A short sale is a real estate transaction where the seller's lender is accepting a discounted payoff to release an existing mortgage.  It is typically done to prevent a foreclosure, but it is designed as the most economical way for the bank to recover the amount owed on the property, not to help the property owner.

Here's some helpful tips for buying a short sale property:

1. Research public records.  Find out whether a foreclosure notice has been filed, and how much is owed to the lender, so you know what to offer.

2. Remember that the lender will not pay for items such as home warranties or termite inspections.  Obtain and pay for a home inspection and make your offer contingent upon its approval.

3. Make your offer contingent upon the lender's acceptance and give a time frame for response.

4. A property listed with short sale terms does not mean the lender will accept your offer.  A lender will only agree to a short sale if the seller has no equity in the home and cannot repay the difference between your sale price and their loan.

5. Once the seller has accepted your offer, send it to the lender for approval.  Offer proof that you are pre-approved for a loan, along with a list of comparable sales supporting your offer price.

If you have any questions or need help with a short sale...please feel free to call me @ 704-975-7848

Fourth Ward Square is located at 501 N. Graham St. and has been receiving the buyers' attention since the complex started offering units at $99,999.  Of course there were only 2 sold at this price, but it is still near impossible to get one.  The $100K units were 560 sq. ft. one bedroom.  They are now selling for about 115K.  The two bedrooms in the latest phase went for 217K and 222K   The newest stage went through a lottery on 4-17-09. 

The former apartment buildings will be turned into condominiumswith an HOA fee of $146/month for every unit.  The units will be completely renovated.  They floors will be replaced, new cabinets, granite counter tops, new appliances, wash and dryer, new fixtures, new windows, new electrical and plumbing.  The community pool will be given a make over and will be turned into a salt water pool.  Salt water pools are a lot easier and less expensive to maintain.  The exterior siding does show signs of wood rot.  The on-site agents say that the rotted exterior and buckling boards will be replaced. 

There is a train track that runs by the complex so some of the units will be effected but some of the units have decent views of the city.  The Fourth Ward Square contract gives the buyer the absolute right to walk within 7 days of contract (effective date)....but...if you are chosen in the lottery...you were asked to complete the contract within 8 hours. 

If you have driven through Madison Park or Collins Park in South Charlotte then you know that there are 3 bedroom ranches that are being renovated on almost every street.  The neighborhood is located about 3 miles south of Uptown Charlotte and sits between Park Road and South Blvd.  Woodlawn Rd. divides the two neighborhoods.  Though Collins Park is located just north of Madison Park (making it closer to the city), the homes in Madison Park always have and probably always will be more expensive and more sought after.  There have been two reasons for this in the past and a third is being added to the picture. 

Madison Park has the advantage over Collins Park because it has a road (Montford) that takes you directly to Park Rd.  If you lived in Collins Park you would have to take Woodlawn to Park.  Also, most of the homes in Madison Park have 2 bathrooms where as most of the homes in Collins Park only have 1 bathroom.  Both neighborhoods have decent sized lots and the majority of the homes have fenced backyards. 

The city of Charlotte has decided to build a nice sidewalk through Madison Park.  The sidewalk is going to be on Murrayhill, which goes directly through the heart of the neighborhood.  From being a former resident of Collins Park I can say that the residents there would also like more and better sidewalks.  Both neighborhoods are great and I enjoyed living in the area.  There are a lot of great restaurants, grocery stores and shopping centers very close to both neighborhoods. 

There are some great deals in Charlotte, NC and many of them can be found in what is known as The Arts District or NODA (short for North Davidson).  This area is filled with smaller homes (1000-2500 sq), many of which have been remodeled or turned into larger bungalow style homes.  There are a few very nice homes that are under the pressure of a short sale and soon will be looking in the eye of foreclosure. 

For buyers in the $200K-$300K range, I would strongly suggest looking at some homes in this area.  Builders were buying up streets of smaller homes in hopes to build larger bungalows or to build some large additions to the current homes.  The idea was that this area would soon be very much like the Dilworth neighborhood.  Many of the streets in The Arts District reveal the same style home that is popular in Dilworth and eventually the home prices in this area will increase.  The area is very close to Uptown Charlotte, many of the popular restaurants are in the area and overall the area is cleaning itself up. 

Neighborhoods in Charlotte have grouped together and spent their weekends to help the curb appeal for many of the homes in this neighborhood.   

Marvin, Waxhaw, Weddington and parts Matthews, the areas in Union County, are seeing a lot of growth despite the economic downturn.  There are many new home communities being built and many shopping centers going up in the area. 

Brookhaven, built by John Weiland, is a popular neighborhood in the area.  The neighborhood is known for its' full brick homes and nice amenities.  There is a large pool, a kids pool and slide, tennis courts and neighborhood clubs that will meet the needs of every family.  The only downside to the neighborhood are the high voltage power lines, but they are far enough from the neighborhood that most home owners are not affected by them.  John Weiland is offering a unique incentive to gaurantee home values where if you buy one of his new homes, you can have a 3rd party appraiser come out in 5 years from the date of the sell and if the home appraises for less than what you bought it for, he will write you a check for the difference.

Cureton is a 4 stage development that is being built in the area.  M/I is building a great product in the neighborhood and is offering some great buyer incentives for upgrades or additions.  Most of the homes offered by M/I come with $30,000 buyer incentives.  This money is ussually used in this neighborhood for updated kitchens, extra hardwoods and screened porches.  The neighborhood has more trees and the homes have more stone than in most neighborhoods in the area.  One stage in the Cureton neighborhood, is offereing a New Orleans style home.  These homes are being built by the Cunnane Group.  This is the area of Cureton where the community pool is located. There are going to be walking trails between the 4 different stages in Cureton.

Lawson is a neighborhood just a little farther south and is popular for families that don't want to maintain a large yard.  There are many families that live in the neighborhood, as the community offers a pool, tennis courts and walking trails.  There are multiple builders in this community and each offers their own unique product. 

The Chimneys at Marvin, built by Pulte Homes, is located almost directly across from Marvin Ridge High School and Marvin Ridge Middle School.  The elemanty school, Sandy Ridge, is adjacent to the neighborhood.  The community is split into two stages.  There is the Estates and the Reserve.  The lots in the Estates are farther off of the road and more wooded, thus more expensive. 

All of these neighborhoods are receiving a lot of buyer traffic and it is really a personal preference to type of new community that you want to belong to.  They are all very different. 

3411 Summerfield Ridge Lane | Matthews, NC    Interior Pictures

This townhome really is in perfect condition.  The townhome has 3 bedrooms, 2 1/2 bathrooms and is 1400-1800 square feet. There is a prive patio in the back and a large community pool and tanning area.  This townhome is listed under tax value and there are no repairs needed.  A first time home buyers dream! 

$115,000

Wow...there are some real deals and some real busts in the foreclosure market.  I have viewed about 10-15 foreclosures in the last 3 weeks and every one of them was interesting and had its' own story.  Most of the story is told by the black mold, torn wallpaper, busted windows, broken cabinets and missing AC units.  One was even covered with what could only be explained as bullet holes.  Okay, I must say, none of these homes were listed for more than $100,000 so you can begin to imagine the setting. 

There were a few properties that had great potential.  With a little cosmetic work and several weekends of hard work and sweat, one could probably make a good investment by buying these properties.  Always check the foundation for cracks.  If your investor is going to finance the property, the home cannot have black mold or bad stuctural damage.

Finding just the right home to buy, fix up and hopefully even flip is the challenge.