Many people still would like to buy a home but have been unable to save up enough money for a down payment plus closing costs. In today's mortgage environment the FHA loan is a popular option. An FHA loan requires 3.5% down payment in addition to closing costs and funding fees. This can be a challenge for some but it is still a great option.
There are VA loans for our Veterans. Our Veterans are familiar with these loans which will provide 100% financing but there is a large funding fee required.
How about another 100% Mortgage Loan? The USDA Mortgage loan still provides 100% of your mortgage. In addition the USDA Mortgage Loan can include most of your closing costs in the loan! How does this work and who qualifies?
First, the USDA Mortgage program is from the United States Department of Agriculture. This program provides mortgages for rural properties. There is a USDA map that dictates what areas are still considered rural and which areas do not qualify. There are also income limits; the program is intended to help home owners get into home ownership. How does this program still exist? Does any properties in or around Charlotte qualify?
The USDA Mortgage program still survives. The people borrowing in the rural communities help because they continue to pay their mortgages. In addition, many rural areas were benefited by a very stable housing market (not subject to the steep rise and falls of major cities).
There are still areas both east and west of Charlotte (still within the city limits) that qualify in addition. There are naturally many surrounding areas that also qualify. How does some of the city of Charlotte qualify as rural?
Charlotte NC is still a new and developing city. The area has changes tremendously over the past decade. Many of the areas that qualify today will not qualify 5 or 10 years from now. Ultimately, they qualify today and it is a great option for purchasing a Charlotte home.
As a Charlotte Realtor, I make it my business to understand all options that help you own a home. I do not want you over extended into a mortgage you realistically can not afford; nor do I want to see someone feeling trapped renting when they can actually own their own home.
Contact me at rjwaite1@gmail.com, 704.770.6559 or visit one of my Charlotte Real Estate websites; discover all of your options and lets consider the best Charlotte Homes for sale for you and your family!
Sunday, November 27, 2011
Saturday, October 22, 2011
Greater Charlotte Real Estate Property Tax Values
Property taxes and Assessed Tax Values of Property is a huge concern and lends to much confusion when relocating to North and South Carolina! Consider property taxes to be "market value" at a random time. What?
Let us begin with North Carolina. North Carolina requires each county to reassess values (basically to update market values) every 4 to 8 years. Naturally, the values on homes 6 or 7 years ago may be very different. Each NC County decides when and how often to assess their property. For example, Mecklenburg County reassessed for 2011. This includes Charlotte, Huntersville, Cornelius, Davidson, Matthews, Pineville and Mint Hill. The tax values should be close to fair market value of the home.
To the south in Union County, the last assessment was in 2008. This was when the economy began to falter. These values are lower than they would have been in 2007 but still not reflective of today's true market value. The County rejected a plan to reassess in 2012 so the current values will stand for at least another year.
Cabarrus County also last reassessed in 2008, Iredell reassessed in 2011 and Gaston County reassessed in 2007. Keep this in mind as you compare "list price" to "tax value". Gaston County provides a great baseline to how much the market has changed since 2007. Expect to pay closer to tax value in Iredell or Mecklenburg County but keep in mind these assessments are not actually appraisals.
Each county assesses based on "Mass Property Evaluations". There is a good possibility that certain facts are not truly factored in such as updates, recent changes, redistricting of schools and other real factors that determine property values. The assessments are typically close but do not rely too heavily. I have seen the tax records exaggerate the square footage (typically not considering 2 story great rooms and foyers) along with underestimating square footage (not realizing the basement, attic or sun room is now finished.
South Carolina Property taxes are different. The assessments are every 5 years and your primary residence has a lower tax rate than investment homes (does not impact assessed value but does directly impact your pocket book. I will leave that for a future blog.
When considering Charlotte area real estate, be sure not to weigh too heavily of tax value. Tax value can be helpful when comparing within the same county as a base line. There are many factors to consider to assure you are getting a great property value. Visit Charlotte Real Estate or Charlotte Homes for Sale to consider your understanding of greater the greater Charlotte Real Estate market!
Let us begin with North Carolina. North Carolina requires each county to reassess values (basically to update market values) every 4 to 8 years. Naturally, the values on homes 6 or 7 years ago may be very different. Each NC County decides when and how often to assess their property. For example, Mecklenburg County reassessed for 2011. This includes Charlotte, Huntersville, Cornelius, Davidson, Matthews, Pineville and Mint Hill. The tax values should be close to fair market value of the home.
To the south in Union County, the last assessment was in 2008. This was when the economy began to falter. These values are lower than they would have been in 2007 but still not reflective of today's true market value. The County rejected a plan to reassess in 2012 so the current values will stand for at least another year.
Cabarrus County also last reassessed in 2008, Iredell reassessed in 2011 and Gaston County reassessed in 2007. Keep this in mind as you compare "list price" to "tax value". Gaston County provides a great baseline to how much the market has changed since 2007. Expect to pay closer to tax value in Iredell or Mecklenburg County but keep in mind these assessments are not actually appraisals.
Each county assesses based on "Mass Property Evaluations". There is a good possibility that certain facts are not truly factored in such as updates, recent changes, redistricting of schools and other real factors that determine property values. The assessments are typically close but do not rely too heavily. I have seen the tax records exaggerate the square footage (typically not considering 2 story great rooms and foyers) along with underestimating square footage (not realizing the basement, attic or sun room is now finished.
South Carolina Property taxes are different. The assessments are every 5 years and your primary residence has a lower tax rate than investment homes (does not impact assessed value but does directly impact your pocket book. I will leave that for a future blog.
When considering Charlotte area real estate, be sure not to weigh too heavily of tax value. Tax value can be helpful when comparing within the same county as a base line. There are many factors to consider to assure you are getting a great property value. Visit Charlotte Real Estate or Charlotte Homes for Sale to consider your understanding of greater the greater Charlotte Real Estate market!
Thursday, September 22, 2011
Charlotte Real Estate Market Activity
The Charlotte Real Estate market is improving based on sales in 2010. The data in this blog is from August 1 though Sept 22nd. I wanted over a month of data and wanted information that is timely (today is September 22nd). The Charlotte Real Estate homes sold last year (2010) during the same time period has increased 22%.
August 1- September 22 2010
Foreclosure Sales: 26% of all sales
Short Sales: 4.7% of all sales
New Homes: 14% of all sales
August 1 - September 22 2011
Foreclosures: 17% of all sales
Short Sales: 5.5% of all sales
New Homes: 14% of all sales
The trends have improved over the past year in Charlotte Real Estate. Short Sales have increased slightly (in comparison to the Charlotte Foreclosures) but this is also because lenders are improving their short sale process and it is becoming more efficient.
Overall, this is very positive news for the greater Charlotte Real Estate market! everyone wants to purchase a home "at the bottom". Unfortunately, by the time you discover where the bottom "was" you missed it! Mortgage Interest rates are at historical low and Charlotte Homes are prices aggressively. It is time to buy!
August 1- September 22 2010
Foreclosure Sales: 26% of all sales
Short Sales: 4.7% of all sales
New Homes: 14% of all sales
August 1 - September 22 2011
Foreclosures: 17% of all sales
Short Sales: 5.5% of all sales
New Homes: 14% of all sales
The trends have improved over the past year in Charlotte Real Estate. Short Sales have increased slightly (in comparison to the Charlotte Foreclosures) but this is also because lenders are improving their short sale process and it is becoming more efficient.
Overall, this is very positive news for the greater Charlotte Real Estate market! everyone wants to purchase a home "at the bottom". Unfortunately, by the time you discover where the bottom "was" you missed it! Mortgage Interest rates are at historical low and Charlotte Homes are prices aggressively. It is time to buy!
Tuesday, August 23, 2011
Townhome in Ballantyne for Sale
Looking for brick townhome in Ballantyne? How about a 2 car garage, Master Bedroom on main floor with 3 bedrooms? Walk to shopping at Stonecrest at Piper Glen! What an amazing quality of life!
Visit the Virtual tour of 11182 Villa Trace Place and see what you have been missing!
There is a townhome for sale in the Villas of Ballantyne Trace that is sure to exceed your expectations! Enjoy the affluence of South Charlotte homes! It is hard to believe this home is listed at $245,000! It is time to take advantage of this opportunity!
The pride of home ownership is reflected throughout this home! The closets are organized with California Closets (closet organizers). The deck is incredible! This home has been maintained with quality and meticulous detail. You are sure to be impressed! Visit Ballantyne Homes for Sale to discover more about our great area! Call me, Rick Waite today at 704-770-6559 to see this amazing home!
Saturday, June 25, 2011
Charlotte Foreclosures: How much to offer?
In the Charlotte Real Estate market, clients frequenlty ask the ultimate question is: How can I purchase Charlotte Foreclosures for the least amount of money?
The first key is to be able to recognize a great deal. When a home is aggressively prices (well below the previous sale price) and well below the neighboring homes, it is likely to be a great deal. Too many times I have had buyers go against my recommendations and lose the home for a couple of thousand dollars. After the fact, (hind site is 20/20), they voice regrets that they should have listened and just paid more. It was already a great deal.
A recent home I was showing was listed at $125,000. The home sold "new" for over $212,000 in 2005. It was in great share. Naturally, there were multiple offer in days. The final sale price was $131,000. This was a cash sale. With paint, a few light fixtures and a few appliances, you have a great home!
Other buyers lost this home because they did not want to pay too much! When you realize that you are getting $60,000 in equity (allowing for a depressed market), why would you worry about $3,000 to $5,000? That is silly.
You need to step back and keep things in perspective. It is not a "deal" just because it is a foreclosure. It is not quite so simple. Together we will look for great deals but be prepared to react when it is a great deal. Yes, you are buying a home and there seems to be pressure when making a quick decision. It is strictly numbers. If the numbers indicate you are getting a great home at an unbelievable price, there is a time to sit back and a time to place your offer.
Visit Charlotte Real Estate to learn more about the great opportunities in the greater Charlotte real estate market!
The first key is to be able to recognize a great deal. When a home is aggressively prices (well below the previous sale price) and well below the neighboring homes, it is likely to be a great deal. Too many times I have had buyers go against my recommendations and lose the home for a couple of thousand dollars. After the fact, (hind site is 20/20), they voice regrets that they should have listened and just paid more. It was already a great deal.
A recent home I was showing was listed at $125,000. The home sold "new" for over $212,000 in 2005. It was in great share. Naturally, there were multiple offer in days. The final sale price was $131,000. This was a cash sale. With paint, a few light fixtures and a few appliances, you have a great home!
Other buyers lost this home because they did not want to pay too much! When you realize that you are getting $60,000 in equity (allowing for a depressed market), why would you worry about $3,000 to $5,000? That is silly.
You need to step back and keep things in perspective. It is not a "deal" just because it is a foreclosure. It is not quite so simple. Together we will look for great deals but be prepared to react when it is a great deal. Yes, you are buying a home and there seems to be pressure when making a quick decision. It is strictly numbers. If the numbers indicate you are getting a great home at an unbelievable price, there is a time to sit back and a time to place your offer.
Visit Charlotte Real Estate to learn more about the great opportunities in the greater Charlotte real estate market!
Sunday, June 19, 2011
Short Sale Activity Picking Up!
The Charlotte Real Estate market continues forward and I have found the Short Sale process continues to improve. Yes, it still will take several months before the lender responds but this time frame is now closer to 3 months as opposed to 6 months or longer!
As a seller this is a huge plus. You are in a very stressful situation; the sooner you home is sold, the sooner you can begin moving forward. It will take time for the bank to evaluate the offer and to assure the offer is legitimate. Unfortunately there are many people out to take advantage of a system; you can not blame the lender's hesitation.
This is also good for the buyer. What is the benefit of a Short Sale over a foreclosure? There are many people searching for a foreclosure. Yes, a foreclosure can easily close in 30 days but there is a lot of competition to any aggressively priced homes. Not so with a short sale.
A short sale has very limited competition since most people want to close on a home in a month or so. Good things come to those who wait. You can find a great deal in a foreclosure, be patient and get the home of your dreams. You will typically find the short sale will be in better condition than a foreclosure so it is a huge win!
As the real estate market and the economy continues at a slow pace, we must figure out how to make the best of a bad situation. Charlotte Short Sales should be considered if you have the time and patience to wait. There are great deals in Charlotte Foreclosures and standard resales, it just depends on what works best for you!
As a seller this is a huge plus. You are in a very stressful situation; the sooner you home is sold, the sooner you can begin moving forward. It will take time for the bank to evaluate the offer and to assure the offer is legitimate. Unfortunately there are many people out to take advantage of a system; you can not blame the lender's hesitation.
This is also good for the buyer. What is the benefit of a Short Sale over a foreclosure? There are many people searching for a foreclosure. Yes, a foreclosure can easily close in 30 days but there is a lot of competition to any aggressively priced homes. Not so with a short sale.
A short sale has very limited competition since most people want to close on a home in a month or so. Good things come to those who wait. You can find a great deal in a foreclosure, be patient and get the home of your dreams. You will typically find the short sale will be in better condition than a foreclosure so it is a huge win!
As the real estate market and the economy continues at a slow pace, we must figure out how to make the best of a bad situation. Charlotte Short Sales should be considered if you have the time and patience to wait. There are great deals in Charlotte Foreclosures and standard resales, it just depends on what works best for you!
Sunday, May 08, 2011
Charlotte Area Retirement Communities
There are a variety of retirement subdivisions in the greater Charlotte area. One very popular area is South Carolina in both York and Lancaster County. South Carolina has lower property taxes for residents in addition to a senior property tax discount. This means a lot to seniors with a fixed income.
One subdivision in Fort Mill SC is Four Seasons at Gold Hill. This is a relatively small subdivision that was built by K. Hovnanian in the mid to late 2000's. This is an age restricted community which preserves the active adult environment that you are seeking. There are permanent resident exceptions for adult children, a spouse or care taker that resides with the "age qualified" person. This assures the integrity of the community.
Visit Charlotte Real Estate and learn about the great Charlotte area homes for sale; it's time for you to improve your quality of life.
One subdivision in Fort Mill SC is Four Seasons at Gold Hill. This is a relatively small subdivision that was built by K. Hovnanian in the mid to late 2000's. This is an age restricted community which preserves the active adult environment that you are seeking. There are permanent resident exceptions for adult children, a spouse or care taker that resides with the "age qualified" person. This assures the integrity of the community.
Visit Charlotte Real Estate and learn about the great Charlotte area homes for sale; it's time for you to improve your quality of life.
Friday, May 06, 2011
Meet your neighbors at Charlotte Area Festivals this weekend!
When relocating to an area, meeting your neighbors is a must before you purchase your new Charlotte Area Home. A great place to experience our culture and to meet your neighbors is at local festivals. This weekend there is a Strawberry festival in Fort Mill. Fort Mill Real Estate is just across the South Carolina border. Downtown Fort Mill is about 15 miles form uptown Charlotte.
In north Charlotte the is a Dragon Festival to celebrate the Chinese tradition. This is in Cornelius in the greater Lake Norman Real Estate area. This is on Saturday from 11:00 to 4:00.
As you visit the greater Charlotte region, visit our suburbs and discover our quality of life. Charlotte Real Estate offers something for everyone. Are you ready for a change?
In north Charlotte the is a Dragon Festival to celebrate the Chinese tradition. This is in Cornelius in the greater Lake Norman Real Estate area. This is on Saturday from 11:00 to 4:00.
As you visit the greater Charlotte region, visit our suburbs and discover our quality of life. Charlotte Real Estate offers something for everyone. Are you ready for a change?
Monday, May 02, 2011
Charlotte Area Retirement Communities
I have recently been hearing form many people looking for "distressed" homes in Retirement Communities. I did some research and was pleased to discover that there are none that are short sales, foreclosures or pre-foreclosures. I then checked the previous listing history and also found that there has not been any. I am pleased to see that the foreclosure crisis is not the result of decision of our seniors!
This makes sense since our seniors are the most responsible amongst us. They actually have planned for a fixed income. Even if things did not turn out the way that was desired they do not place themselves in an unaffordable situation.
Yes, I have been hearing more and more about the seniors placing themselves in a weaker position based on helping their adult children. Even in this situation seniors are still making intelligent financial decisions about their future; they are not getting in over their heads with an unaffordable mortgage.
There are several retirement communities in the greater Charlotte Real Estate market. Many seniors are focusing on Carolina Lakes Sun City. This is an amazing retirement paradise! There is the added benefit of reduced South Carolina Property taxes in addition to the seniors discount on taxes. It is hard to compete with these discounts especially when you are considering a fixed income!
We should all take lessons from our seniors when purchasing a home. Yes, it is up to us to take chances in our careers but still be responsible when considering homes for sale. The greater Charlotte market has a lot to offer our seniors and home owners of all ages. Visit the greater Charlotte area today and discover what we have to offer!
This makes sense since our seniors are the most responsible amongst us. They actually have planned for a fixed income. Even if things did not turn out the way that was desired they do not place themselves in an unaffordable situation.
Yes, I have been hearing more and more about the seniors placing themselves in a weaker position based on helping their adult children. Even in this situation seniors are still making intelligent financial decisions about their future; they are not getting in over their heads with an unaffordable mortgage.
There are several retirement communities in the greater Charlotte Real Estate market. Many seniors are focusing on Carolina Lakes Sun City. This is an amazing retirement paradise! There is the added benefit of reduced South Carolina Property taxes in addition to the seniors discount on taxes. It is hard to compete with these discounts especially when you are considering a fixed income!
We should all take lessons from our seniors when purchasing a home. Yes, it is up to us to take chances in our careers but still be responsible when considering homes for sale. The greater Charlotte market has a lot to offer our seniors and home owners of all ages. Visit the greater Charlotte area today and discover what we have to offer!
Thursday, April 21, 2011
Charlotte Short Sales
Charlotte Short Sales are great opportunities. Short Sales in real estate are frequently misunderstood. First, what is an actual "Short Sale". A Short Sale occurs when the home owner owes more on the home than the current market supports.
What is the home owner to do if the home owner owes $250,000 on the home and the current market value is $220,000. What if the current home owner's situation is that he/she must sell since there is no way to continue paying the mortgage (assuming the home owner does not have $30,000 in cash to pay off the current debt)? A short sale is a possibility and much better than a foreclosure.
The bank may accept the "shortage" between payoff and what is received. This is a tough decision for the lender. The lender's job is to protect their investment. This is typically a very slow process.
Expect the process to take about 4 months. If you are the seller, the phone calls will continue from collections. This is not a quick fix but it is a better option in the long run. Buyer, only place an offer on a short sale if you love the home and another home will not measure up. Otherwise, you will never be patient enough to wait four months plus for a decision. You are going to see many other homes over the next 4 months that will be of equal interest.
If you are considering a short sale, either as a seller or a buyer, give me a call and we will see if a Charlotte area short sale is right for you. Call Rick Waite @ 704.770.6559 or email at rjwaite1@gmail.com. Visit me Charlotte Real Estate website to learn more about the greater Charlotte Real Estate market and real estate in general.
What is the home owner to do if the home owner owes $250,000 on the home and the current market value is $220,000. What if the current home owner's situation is that he/she must sell since there is no way to continue paying the mortgage (assuming the home owner does not have $30,000 in cash to pay off the current debt)? A short sale is a possibility and much better than a foreclosure.
The bank may accept the "shortage" between payoff and what is received. This is a tough decision for the lender. The lender's job is to protect their investment. This is typically a very slow process.
Expect the process to take about 4 months. If you are the seller, the phone calls will continue from collections. This is not a quick fix but it is a better option in the long run. Buyer, only place an offer on a short sale if you love the home and another home will not measure up. Otherwise, you will never be patient enough to wait four months plus for a decision. You are going to see many other homes over the next 4 months that will be of equal interest.
If you are considering a short sale, either as a seller or a buyer, give me a call and we will see if a Charlotte area short sale is right for you. Call Rick Waite @ 704.770.6559 or email at rjwaite1@gmail.com. Visit me Charlotte Real Estate website to learn more about the greater Charlotte Real Estate market and real estate in general.
Friday, April 01, 2011
Short Sales and Charlotte Relocations
I have recently spoke to several home owners across the nation that are in a very difficult position. They have a new position in Charlotte but are unable to sell their home in their home state for the amount that is owed. Several have shared that a short sale is their only option. This is not necessarily so. If your market is depressed and you you are upside down on your mortgage, you may want to consider renting your current home or a lease purchase. If your job is relocating you more than 50 miles the current may qualify you for your new mortgage while you rent out your current home. I understand no one desires to be an absentee landlord but it will save your credit and enable you to have a new home in the Charlotte area. Another option is to sell your home via a lease purchase. This is when the new buyer has a credit issue that needs to be corrected but their credit will be healed within the next year. The buyer basically moves into your home a year before purchasing it and takes full responsibility for maintaining the home. This is often a win/win situation. Consider your options before you torpedo your credit with a short sale. Renting for a couple years is not the end of the world but you would rather be in your own home and re-establishing your family in a better environment. Visit my Charlotte Real Estate website and learn more about our great housing opportunities.
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