There have been so many ups and downs and unpredictable world affairs as of late that it is sometimes hard to find a silver lining. But a silver lining for our economy is just what we are beginning to see. It often seems like a very uphill battle for the comeback of the US economy, however we are attempting to do just that “ make a comeback “ and we are inching our way along. The economy will continue to strengthen as new jobs are created and a larger and happier work force makes for a larger pool of home buyers.
As can be expected, the jobs market is very tightly linked to the housing industry. If people feel insecure about their job prospects and future income, they will be much less likely to buy a home. As the job situation improves however, we should see more people ready to buy and home inventories will start to go down. This will eventually put the seller in the driver™s seat so now is certainly the best time to buy, before that change takes place. The change is coming and the housing market is heating up with this beautiful spring weather!
Rates are still at historically low levels. As the economy makes its turn to more positive ground, inflation will rise which will cause home loan rates to go up as well. We see the Federal Reserve monitoring the situation closely and due to that oversight, the rise in rates should be a gradual process. Couple low interest rates with lots of homes on the market at their lowest prices and you get a home affordability that cannot be beat!
Even as rates begin to climb, the housing market will continue to be a great investment. We may see folks looking more towards short term adjustable rates which are 30 year mortgages that are fixed typically for the first 5-7 years¦ which is the average amount of time a person spends in any one home. So, the interest rate feels like a 30 year fixed rate mortgage for the time actually spent in the home but with a much lower rate and therefore lower and more affordable payment. As families look to save on the monthly outlay of cash, we see these adjustable rate mortgages becoming much more popular.
All in all, the economy is chugging along. Increased confidence in our economy leads to increased spending which will lead to more jobs. More jobs mean more home buyers and a home is a great vehicle for savings. Savings brings us closer to security which leads to confidence. Let™s continue that forward momentum and keep the ball rolling!
Senior Mortgage Banker
Branch ManagerNMLS # 76615 Corporate Investors Mortgage Group, Inc.
11121 Carmel Commons Blvd, ste 400
Charlotte, NC 28226
704.333.0116 phone / 704.333.8911 fax
Everyone should have received their 2011 residential property values as of today. IMPORTANT: If you are planning to appeal you have 30 days to do so. The due date appears on the revaluation notice. Click here to go to the Mecklenburg County web site with links, explanations and videos. Please feel free to contact us if you have any questions or need additional information.
If you’d like to know what the values are in your neighborhood to compare your new assessment, click here.
Click here to use this database and interactive map to see the concentration of troubled properties in your neighborhood and the difference in sales prices versus 2003 tax values. As always, feel free to call us if you have any questions or real estate needs.
We have just been notified that HGTV’S “MY FIRST SALE” deadline has been extended for 2 more weeks! They are still looking for fun and dynamic (and we know a lot of you fit this mold!) FIRST-TIME SELLERS (and their realtors) within 90 minutes of Charlotte to be on the show! THEY ARE NOW LOOKING FOR HOME SELLERS WHO ARE ALREADY ON THE MARKET OR ARE LISTING THIS MONTH! Are you or anyone you know interested?!? Contact us for a press release about the show and an application if interested!
Forty-three years seems like a long time to remember the name of a mere acquaintance. I have duly forgotten the name of an old lady who was a customer on my paper route when I was a 12 year old boy in Marinette, Wisconsin back in 1954. Yet it seems like just yesterday that she taught me a lesson in forgiveness that I can only hope to pass on to someone else someday.On a mindless Saturday afternoon, a friend and I were throwing rocks onto the roof of the old lady™s house from a secluded spot in her backyard. The object of our play was to observe how the rocks changed to missiles as they rolled to the roof™s edge and shot out into the yard like comets falling from the sky. I found myself a perfectly smooth rock and sent it for a ride. The stone was too smooth, however, so it slipped from my hands as I let it go and headed straight for a small window on the old lady™s back porch. At the sound of fractured glass, we took off from the old lady™s yard faster than any of our missiles flew off her roof. I was too scared about getting caught that first night to be concerned about the old lady with the broken porch window. However, a few days later, when I was sure that I hadn™t been discovered, I started to feel guilty for her misfortune. She still greeted me with a smile each day when I gave her the paper, but I was no longer able to act comfortable in her presence. I made up my mind that I would save my paper delivery money, and in three weeks I had the $7 that I had calculated would cover the cost of her window. I put the money in an envelope with a note explaining that I was sorry for breaking her window and hoped that the $7 would cover the cost for repairing it.I waited until it was dark, snuck up to the old lady™s house, and put the envelope of retribution through the letter slot in her door. My soul felt redeemed and I couldn™t wait for the freedom of, once again, looking straight into the old lady™s eyes.The next day, I handed the old lady her paper and was able to return the warm smile that I was receiving from her. She thanked me for the paper and said, œHere, I have something for you. It was a bag of cookies. I thanked her and proceeded to eat the cookies as I continued my route.After several cookies, I felt an envelope and pulled it out of the bag. When I opened the envelope, I was stunned. Inside was the $7 and a short note that said, œI™m proud of you.
Source: A 5th Portion of Chicken Soup for the Soul by Jack Canfield & Mark V. Hansen
Let the spirit of love gently fill your hearts and homes. In this loveliest of seasons may you find many reasons for happiness! Happy Holidays!!! ~Heidi & Gordon
11. By selling now, you may have the opportunity to be a non-contingent buyer during the spring, when many more houses are on the market for less money! This will allow you to sell high and buy low!
10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!
9. Even though your house will be on the market, you still have the option to restrict showings during the six or seven days around the Holidays!
8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until spring to buy, you need to be on the market during the Holidays to capture the market!
7. Some people must buy before the end of the year for tax reasons!
6. Buyers have more time to look for a home during the Holidays than they do during a working week!
5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!
4. Houses show better when decorated for the Holidays!
3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!
2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money to you!And the #1 reason why you should list your home during the Holidays¦
1. People who look for homes during the Holidays are more serious buyers!
Do you or anyone you know need to sell?!? Call us today (704.779.8036) to find out about our GUARANTEED SALE program. We™d love to help!
For 3rd quarter 2010, the number of distressed sales (foreclosures and short sales) accounts for about 33% of total sales. The number of closings for 3rd quarter 2010 is down 16% versus the same time last year. A big reason for the decline is because there is no longer a tax credit incentive from the federal government, and the market has over-corrected itself. Additionally, unemployment rates continue to stay above 9% which keeps the housing market from growing. The decreased number of sales along with the amount of distressed inventory are clear reasons why it is CRITICAL to price your home right when selling in today’s market. What you think your home is worth is most likely NOT what a buyer is willing to pay. Don’t chase the market in times like this – be the one to set the market! And if you are a buyer…WOW! What a time to purchase a home. Just look at interest rates on 30 year fixed mortgages – I’m betting NO ONE has ever seen rates this low.
|Foreclosure vs. Short Sale|
|Deficiency Judgement||Bank Has Right To Pursue*||100% Negotiable|
|Deficiency Amount||Typically Much Higher Deficiency Since Must Go Legal Fees/REO Fees||Lower Deficiency Amount|
|Credit Score||Lower Score: 250-300+ Points||Lower Score By As Little As 50 Points & May be Negotiable|
|Future Loans||Must Indicate On Loan Application: Yes-Have Been Foreclosed||No Such Question On Loan Application|
|Security Clearance||Outside Of Criminal Record Foreclosure Is Most Challenging Issue||Does Not Challenge Most Security Clearances|
|Future Employment||Routinely Required To Disclose Foreclosure As Part Of Employment Application||Not Asked on Most Employment Applications|
|*Unless State Law Forbids|
|THIS CHART IS BASED ON THE PERSONAL EXPERIENCES OF LAW AVANIA AND EACH CASE IS SPECIFIC AND THERE IS NOTHING HEREIN TO BE CONSIDERED LEGAL ADVICE.|
We’ve had a chance to review the first half market stats for the Charlotte metro area. Amazing – 26% of all sales in the first half of 2010 in our area were foreclosed homes! Only 4% were short sales, which needs to increase so we avoid more foreclosure sales. Looks like the foreclosure inventory may stick around a while too from everything we’re seeing and hearing. A lot of homeowners are wondering how these stats will impact their home value. We discussed this in a piece that our local NBC news affiliate ran yesterday here in our office - click here to view the segment. The bottom line is this – home buyers can get fantastic deals with all this foreclosure inventory, and a lot of these homes are in very good condition. But don’t forget about the short sale inventory – still very attractive deals but can help maintain higher values for communities before turning into foreclosures.
Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale. Read
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