For Week Ending Feb. 16, 2019
(Data current as of Feb. 25, 2019)
The National Association of REALTORS® has reported in the last month that national existing-home sales and pending
sales are both down in year-over-year comparisons, but that has not necessarily been a constant from market to market.
While weather-related events have hampered some of the necessary machinations of making home sales, buyers have
shown determination toward achieving their homeownership goals. This week has shown some sales strain in many
markets, but spring is just around the corner.
In the Charlotte region, for the week ending February 16:
New Listings decreased 1.2% year-over-year to 1,124
Pending Sales increased 15.3% year-over-year to 1,129
Inventory decreased 0.3% year-over-year to 9,064
For the month of January:
Median Sales Price increased 5.6% year-over-year to $227,000
List to Close increased 1.0% year-over-year to 106
Percent of Original List Price Received decreased 0.5% year-over-year to 95.5%
Months Supply of Homes for Sale increased 4.5% year-over-year to 2.3
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
January 2019
Despite a strong U.S. economy, historically low unemployment and steady wage
growth, home sales began to slow across the nation late last year. Blame was given to
a combination of high prices and a steady stream of interest rate hikes by the Federal
Reserve. This month, the Fed responded to the growing affordability conundrum. In a
move described as a patient approach to further rate changes, the Fed did not increase
rates during January 2019.
New Listings were up in the Charlotte region by 12.9 percent to 4,543. Pending Sales
increased 14.9 percent to 4,010. Inventory shrank 3.4 percent to 8,723 units.
Prices moved higher as Median Sales Price was up 5.1 percent to $226,000. Months
Supply of Homes for Sale remained flat at 2.2, indicating a stabilizing supply-demand
balance.
While the home affordability topic will continue to set the tone for the 2019 housing
market, early signs point to an improving inventory situation, including in several
markets that are beginning to show regular year-over-year percentage increases. As
motivated sellers attempt to get a jump on annual goals, many new listings enter the
market immediately after the turn of a calendar year. If home price appreciation falls
more in line with wage growth, and rates can hold firm, consumer confidence and
affordability are likely to improve.
December 2018
Home prices were consistently up again in most markets in 2018 but at reduced levels
compared to recent years. High demand for few homes for sale fueled price increases,
but evidence is mounting that inventory will finally improve in 2019. This may apply
some downward pressure on prices for beleaguered home buyers. A fourth interest rate
hike by the Federal Reserve in 2018 spooked the stock market to close out the year.
The Fed has indicated that the number of rate increases in 2019 will be halved, which
may be of little comfort to an already compressed consumer.
New Listings were down in the Charlotte region by 4.4 percent to 2,601. Pending Sales
held steady at 2,769 Inventory shrank 5.9 percent to 8,718 units.
Prices moved higher as Median Sales Price was up 1.6 percent to $236,750. Months
Supply of Homes for Sale was down 4.3 percent to 2.2 months, indicating that demand
increased relative to supply.
Unemployment rates remained remarkably low again in 2018, and wages continued to
improve for many U.S. households. It is generally good for all parties involved in real
estate transactions when wages grow, but the percentage of increase, on average, has
not kept pace with home price increases. This created an affordability crux in the
second half of 2018. Housing affordability will remain an important storyline in 2019.
November 2018
The booming U.S. economy continues to prop up home sales and new listings in much
of the nation, although housing affordability remains a concern. Historically, housing is
still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed
rate is at its highest average in seven years, reaching 4.94 percent, average rates were
5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago.
Nevertheless, affordability concerns are causing a slowdown in home price growth in
some markets, while price reductions are becoming more common.
New Listings were up in the Charlotte region by 2.6 percent to 3,932. Pending Sales
increased 7.3 percent to 3,523. Inventory shrank 7.0 percent to 9,701 units.
Prices moved higher as Median Sales Price was up 6.3 percent to $235,000. Months
Supply of Homes for Sale was down 7.7 percent to 2.4 months, indicating that demand
increased relative to supply.
The Bureau of Labor Statistics recently reported that the national unemployment rate
was at 3.7 percent. Low unemployment has helped the housing industry during this
extensive period of U.S. economic prosperity. Home buying and selling activity relies on
gainful employment. It also relies on demand, and builders are showing caution by
breaking ground on fewer single-family home construction projects in the face of rising
mortgage rates and fewer showings.
October 2018
If the last few months are an indication of the temperature of housing markets across
the country, a period of relative calm can be expected during the last three months of
the year. A trend of market balance is emerging as we approach the end of 2018. Prices
are still rising in most areas, and the number of homes for sale is still low, but there is a
general shrinking of year-over-year percentage change gaps in sales, inventory and
prices.
New Listings were up in the Charlotte region by 6.9 percent to 4,796. Pending Sales
increased 5.0 percent to 4,091. Inventory shrank 8.7 percent to 10,055 units.
Prices moved higher as Median Sales Price was up 5.0 percent to $231,000. Months
Supply of Homes for Sale was down 7.4 percent to 2.5 months, indicating that demand
increased relative to supply.
Stock markets experienced an October setback, but that does not necessarily translate
to a decline in the real estate market. The national unemployment rate has been below
4.0 percent for three straight months and during five of the last six months. This is
exceptional news for industries related to real estate. Meanwhile, homebuilder
confidence remains positive, homeownership rates have increased in the key under-35
buyer group and prices, though still rising, have widely reduced the march toward
record highs.
September 2018
Some economy observers are pointing to 2018 as the final period in a long string of
sentences touting several happy years of buyer demand and sales excitement for the
housing industry. Although residential real estate should continue along a mostly
positive line for the rest of the year, rising prices and interest rates coupled with salary
stagnation and a generational trend toward home purchase delay or even disinterest
could create an environment of declining sales.
New Listings were down in the Charlotte region by 10.5 percent to 4,333. Pending Sales
decreased 6.6 percent to 3,659. Inventory shrank 11.7 percent to 10,210 units.
Prices moved higher as Median Sales Price was up 5.1 percent to $235,000. Months
Supply of Homes for Sale was down 10.7 percent to 2.5 months, indicating that
demand increased relative to supply.
Tracking reputable news sources for housing market predictions makes good sense, as
does observing trends based on meaningful statistics. By the numbers, we continue to
see pockets of unprecedented price heights combined with low days on market and an
economic backdrop conducive to consistent demand. We were reminded by Hurricane
Florence of how quickly a situation can change. Rather than dwelling on predictions of a
somber future, it is worth the effort to manage the fundamentals that will lead to an
ongoing display of healthy balance.
August 2018
Rising home prices, higher interest rates and increased building material costs have
pressured housing affordability to a ten-year low, according to the National Association
of Home Builders. Keen market observers have been watching this situation take shape
for quite some time. Nationally, median household income has risen 2.6% in the last 12
months, while home prices are up 6.0%. That kind of gap will eventually create fewer
sales due to affordability concerns, which is happening in several markets, especially in
the middle to high-middle price ranges.
New Listings were up in the Charlotte region by 1.5 percent to 5,660. Pending Sales
increased 7.4 percent to 4,771. Inventory shrank 14.3 percent to 10,052 units.
Prices moved higher as Median Sales Price was up 8.0 percent to $243,500. Months
Supply of Homes for Sale was down 17.2 percent to 2.4 months, indicating that
demand increased relative to supply.
While some are starting to look for recessionary signs like fewer sales, dropping prices
and even foreclosures, others are taking a more cautious and research-based
approached to their predictions. The fact remains that the trends do not yet support a
dramatic shift away from what has been experienced over the last several years.
Housing starts are performing admirably if not excitingly, prices are still inching upward,
supply remains low and consumers are optimistic. The U.S. economy is under scrutiny
but certainly not deteriorating.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
July 2018
Housing price bubble chatter has increased this summer, as market observers attempt
to predict the next residential real estate shift. It is too early to predict a change from
higher prices and lower inventory, but the common markers that caused the last
housing cooldown are present. Wages are up but not at the same pace as home prices,
leading to the kind of affordability concerns that can cause fewer sales at lower prices.
At the same time, demand is still outpacing what is available for sale in many markets.
New Listings were down in the Charlotte region by 0.4 percent to 5,576. Pending Sales
increased 12.5 percent to 4,947. Inventory shrank 16.3 percent to 9,790 units.
Prices moved higher as Median Sales Price was up 2.1 percent to $240,000. Months
Supply of Homes for Sale was down 17.2 percent to 2.4 months, indicating that
demand increased relative to supply.
Consumer spending on home goods and renovations are up, and more people are
entering the workforce. Employed people spending money is good for the housing
market. Meanwhile, GDP growth was 4.1% in the second quarter, the strongest
showing since 2014. Housing starts are down, but that is more reflective of low supply
than anything else. With a growing economy, solid lending practices and the potential
for improved inventory from new listing and building activity, market balance is more
likely than a bubble.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
June 2018
Housing markets across the nation are most assuredly active this summer, and buyer
competition is manifesting itself into several quick sales above asking price. While the
strength of the U.S. economy has helped purchase offers pile up, the Fed recently
increased the federal funds rate by 0.25 percent, marking the second rate hike this year
and seventh since late 2015. Although the 30-year mortgage rate did not increase,
buyers often react by locking in at the current rate ahead of assumed higher rates later.
When this happens, accelerated price increases are possible, causing further strain on
affordability.
New Listings were up in the Charlotte region by 1.0 percent to 5,932. Pending Sales
increased 7.4 percent to 5,081. Inventory shrank 17.2 percent to 9,554 units.
Prices moved higher as Median Sales Price was up 2.8 percent to $248,045. Months
Supply of Homes for Sale was down 20.7 percent to 2.3 months, indicating that
demand increased relative to supply.
Inventory may be persistently lower in year-over-year comparisons, and home prices
are still more likely to rise than not, but sales and new listings may finish the summer on
the upswing. The housing supply outlook in several markets is beginning to show an
increase in new construction and a move by builders away from overstocked rental
units to new developments for sale. These are encouraging signs in an already healthy
marketplace.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
May 2018
Just like last year at this time, prospective home buyers should expect a competitive
housing market for the next several months. With payrolls trending upward and
unemployment trending downward month after month in an extensive string of positive
economic news, demand remains quite strong. Given the fact that gradually rising
mortgage rates often infuse urgency to get into a new home before it costs more later,
buyers need to remain watchful of new listings and make their offers quickly.
New Listings were up in the Charlotte region by 3.3 percent to 6,350. Pending Sales
increased 9.7 percent to 5,320. Inventory shrank 20.0 percent to 9,106 units.
Prices moved higher as Median Sales Price was up 9.5 percent to $245,000. Months
Supply of Homes for Sale was down 24.1 percent to 2.2 months, indicating that
demand increased relative to supply.
Although home sales may actually drop in year-over-year comparisons over the next
few months, that has more to do with low inventory than a lack of buyer interest. As
lower days on market and higher prices persist year after year, one might rationally
expect a change in the outlook for residential real estate, yet the current situation has
proven to be remarkably sustainable likely due to stronger fundamentals in home loan
approvals than were in place a decade ago.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
April 2018
Many sellers and builders are in a good position for financial gains, as the economy
continues to favor putting existing homes on the market and building new homes for
sale. We are finally beginning to see some upward movement in new listings after at
least two years of a positive outlook. There may not be massive increases in inventory
from week to week, but a longer-term trend toward more new listings would be a good
sign. Low inventory should continue to create a competitive situation for buyers,
causing price increases over the next several months.
New Listings were up in the Charlotte region by 0.7 percent to 5,773. Pending Sales
increased 10.7 percent to 5,245. Inventory shrank 22.6 percent to 8,515 units.
Prices moved higher as Median Sales Price was up 7.4 percent to $240,000. Months
Supply of Homes for Sale was down 25.0 percent to 2.1 months, indicating that
demand increased relative to supply.
This winter and spring exhibited unseasonal weather patterns in much of the country.
As the seasons change to something more palatable, wages and consumer spending
are both up, on average, which should translate positively for the housing market. Being
quick with an offer is still the rule of the day as the number of days a home stays on the
market drops lower. If that wasn't enough for buyers to mull over with each potential
offer, being aware of pending mortgage rate increases is once again in fashion.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
Data current as of March 26, 2018
For Week Ending March 17, 2018
The Federal Reserve raised its key short-term interest rate from 1.50 to 1.75 percent, citing inflation concerns in an
improved economy with rising wages and low unemployment. Borrowing money will be more expensive, particularly for
home equity loans, credit cards and adjustable rate mortgages. Although it is the Fed's sixth rate increase since December
2015, rates remain historically low. Home buyers should be aware that at least two more rate increases are expected this
year.
In the Charlotte region, for the week ending March 17:
• New Listings increased 0.3% to 1,351
• Pending Sales increased 7.0% to 1,166
• Inventory decreased 20.6% to 8,284
For the month of February:
• Median Sales Price increased 13.6% to $227,000
• List to Close decreased 5.4% to 106
• Percent of Original List Price Received increased 0.3% to 96.6%
• Months Supply of Homes for Sale decreased 22.8% to 2.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For month of February 2018:
The three most prominent national market trends for residential real estate are the
ongoing lack of abundant inventory, the steadily upward movement of home prices and
year-over-year declines in home sales. Sales declines are a natural result of there being
fewer homes for sale, but higher prices often indicate higher demand leading to
competitive bidding. Markets are poised for increased supply, so there is hope that
more sellers will take advantage of what appears to be a ready and willing buyer base.
New Listings were down in the Charlotte region 1.4 percent to 4,627. Pending Sales
increased 8.3 percent to 4,092. Inventory shrank 16.4 percent to 8,035 units.
Prices moved higher as Median Sales Price was up 12.9 percent to $227,000. Months
Supply of Homes for Sale was down 23.1 percent to 2.0 months, indicating that
demand increased relative to supply.
In February, prevailing mortgage rates continued to rise. This has a notable impact on
housing affordability and can leave consumers choosing between higher payments or
lower-priced homes. According to the Mortgage Bankers Association, the average rate
for 30-year fixed-rate mortgages with a 20 percent down payment that qualify for
backing by Fannie Mae and Freddie Mac rose to its highest level since January 2014. A
4.5 or 4.6 percent rate might not seem high to those with extensive real estate
experience, but it is newly high for many potential first-time home buyers. Upward rate
pressure is likely to continue as long as the economy fares well.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For the month of Dec. 2017
The number of homes for sale, days on market and months of supply were all down
in year-over-year comparisons in a majority of the country for the entirety of 2017,
as was housing affordability. And although total sales volumes were mixed, prices
were consistently up in most markets. Buyers may not benefit from higher prices,
but sellers do, and there should be more listing activity by more confident sellers in
2018. At least that would be the most viable prediction for an economic landscape
pointing toward improved conditions for sellers.
New Listings were up in the Charlotte region 1.7 percent to 2,633. Pending Sales
increased 17.3 percent to 2,936. Inventory shrank 19.4 percent to 8,019 units.
Prices moved higher as Median Sales Price was up 11.9 percent to $235,000.
Months Supply of Homes for Sale was down 23.1 percent to 2.0 months, indicating
that demand increased relative to supply.
Unemployment rates have remained low throughout 2017, and wages have shown
improvement, though not always to levels that match home price increases. Yet
housing demand remained incredibly strong in 2017, even in the face of higher
mortgage rates that are likely to increase further in 2018. Home building and selling
professionals are both cautiously optimistic for the year ahead. Housing and
economic indicators give reason for this optimism, with or without new federal tax
legislation.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
November 2017
The facts of residential real estate have remained consistent in 2017. In year-overyear
comparisons, the number of homes for sale has been fewer in most locales,
and homes have been selling in fewer days for higher prices. This hasn't always
been true, but it has been a common enough storyline to make it an overarching
trend for the year.
New Listings were up in the Charlotte region 8.3 percent to 3,707. Pending Sales
increased 14.3 percent to 3,487. Inventory shrank 18.1 percent to 9,024 units.
Prices moved higher as Median Sales Price was up 6.4 percent to $223,375.
Months Supply of Homes for Sale was down 20.7 percent to 2.3 months, indicating
that demand increased relative to supply.
New tax legislation could have ramifications on housing. The White House believes
that the tax reform bill will have a small impact on home prices, lowering them by
less than 4 percent, and could conceivably boost homeownership. The National
Association of REALTORS® has stated that eliminating the mortgage interest
deduction could hurt housing, as the doubled standard deduction would reduce the
desire to take out a mortgage and itemize the interest associated with it, thus
reducing demand. This is a developing story.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
October 2017
It has been several months since news cycles have touched upon housing in any
sort of sensationalistic headline grab that was common during the boom-and-bust
atmosphere of a decade ago. During that tumult, heady price increases gave way
to a Great Recession and foreclosure crisis. Then we entered into a period of
healing and eventual recovery that we are still enjoying. For residential real estate in
2017, fewer headlines have meant mostly good news.
New Listings were up in the Charlotte region 3.1 percent to 4,336. Pending Sales
increased 15.4 percent to 4,173. Inventory shrank 18.9 percent to 9,539 units.
Prices moved higher as Median Sales Price was up 6.2 percent to $223,000.
Months Supply of Homes for Sale was down 25.0 percent to 2.4 months, indicating
that demand increased relative to supply.
Although inventory levels are low in many markets, there has largely been enough
listing and building activity, or at least conversation about future activity, to keep
prices from skyrocketing toward another bubble. Low affordability has started to
become a recent topic of conversation and is definitely worth watching. But with a
healthy economy, level of demand and national unemployment rate, sellers are
going to be hard-pressed to lower prices.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
September 2017
Every market is unique, yet the national sentiment has given rise to the notion that
housing markets are stalling. Although desirous buyers are out on an increasing
number of showings, there remains a limited number of desirable listings. And
although mortgage rates have remained enticingly low, home prices have reached
unaffordable levels for many new entrants into the housing pool at exactly the same
time that established owners are proving to be less interested in moving.
New Listings were up in the Charlotte region 3.3 percent to 4,700. Pending Sales
increased 16.4 percent to 4,137. Inventory shrank 17.5 percent to 10,140 units.
Prices moved higher as Median Sales Price was up 9.2 percent to $225,000.
Months Supply of Homes for Sale was down 24.2 percent to 2.5 months, indicating
that demand increased relative to supply.
Last year at this time, the national storyline was about how high demand was
propping up sales and prices despite low inventory and months of supply. That has
actually continued to be a familiar refrain for many months in 2017 and now for the
past couple of years. But with the likes of Hurricanes Harvey and Irma, different
employment outlooks, disparate incomes, varying new construction expectations
and potential housing policy shifts, regional differences are becoming more
prevalent and pronounced.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
August 2017
August tends to mark the waning of housing activity ahead of the school year. Not
all buyers and sellers have children, but there are enough parents that do not want
to uproot their children during the school year to historically create a natural market
cool down before any actual temperature change. Competition is expected to
remain fierce for available listings. Savvy sellers and buyers know that deals can be
made well into the school months, as household formations take on many shapes
and sizes.
New Listings were up in the Charlotte region 6.0 percent to 5,394. Pending Sales
increased 15.5 percent to 4,753. Inventory shrank 18.6 percent to 10,153 units.
Prices moved higher as Median Sales Price was up 5.0 percent to $230,000.
Months Supply of Homes for Sale was down 23.5 percent to 2.6 months, indicating
that demand increased relative to supply.
The prevailing trends lasted through summer. This was expected, since there have
not been any major changes in the economy that would affect housing. Factors
such as wage growth, unemployment and mortgage rates have all been stable.
Every locality has its unique challenges, but the whole of residential real estate is in
good shape. Recent manufacturing data is showing demand for housing
construction materials and supplies, which may help lift the ongoing low inventory
situation in 2018.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
Do you know how to calculate Buyer's closing cost? Please include the following in your calculations:
For Week Ending August 5, 2017
(Data current as of Aug. 14, 2017)
New listings and sales performed well last week. As we reach into August, we'll begin to see the volume of activity wane in
anticipation of the school year. Although not every buyer or seller has children, it's no secret that homeownership is a
popular housing option for those with kids. In bulk, this has historically been enough of a factor for turning down the
summer's market heat before lower temperatures take hold.
In the Charlotte region, for the week ending August 5:
• New Listings increased 6.4% to 1,312
• Pending Sales increased 22.6% to 1,143
• Inventory decreased 18.2% to 10,383
For the month of July:
• Median Sales Price increased 10.1% to $236,810
• List to Close decreased 10.9% to 90
• Percent of Original List Price Received increased 0.5% to 97.2%
• Months Supply of Homes for Sale decreased 24.7% to 2.6
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending July 8, 2017
(Data current as of July 17, 2017)
From a heart-of-summer perspective, the residential real estate market has performed as expected when predictions were
made at the front of the year. Buyer interest is high and inventory is not at a proper level to meet demand. Total sales and
new listings are generally behind last year's levels from week to week, but there is evidence of improvement in both metrics.
In the Charlotte region, for the week ending July 8:
New Listings decreased 2.5% to 1,057
Pending Sales increased 21.3% to 998
Inventory decreased 19.4% to 10,152
For the month of June 2017:
Median Sales Price increased 8.9% to $245,000
List to Close decreased 8.8% to 93
Percent of Original List Price Received increased 0.7% to 97.5%
Months Supply of Homes for Sale decreased 24.6% to 2.6
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending May 20, 2017
(Data current as of May 30, 2017)
Mortgage rates have fallen to their lowest levels so far this year but remain above where they were last year at this time.
The market has proven to be ready for higher rates, as many homes continue to sell rapidly, often above the asking price.
As long as there is ample supply, which is not a given in every market, 2017 should continue to be a great year for
residential real estate.
In the Charlotte region, for the week ending May 20:
• New Listings increased 1.3% to 1,349
• Pending Sales increased 14.2% to 1,256
• Inventory decreased 18.1% to 9,955
For the month of April:
• Median Sales Price increased 11.9% to $226,000
• List to Close decreased 14.2% to 97
• Percent of Original List Price Received increased 1.0% to 97.3%
• Months Supply of Homes for Sale decreased 22.1% to 2.6
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Apr. 22, 2017
(Data current as of May 1, 2017)
It is a lucrative time to sell a home, and it would appear that it will remain that way for the time being. Houses that show
well and are priced correctly have been selling quickly, often at higher prices than asking. Thus far, buyers are proving to
be resilient in 2017, keeping the home-purchasing momentum up even amidst the mounting competition that comes with
the annual spring market.
In the Charlotte region, for the week ending April 22:
• New Listings increased 7.7% to 1,372
• Pending Sales increased 5.4% to 1,093
• Inventory decreased 19.0% to 9,621
For the month of March:
• Median Sales Price increased 11.1% to $220,000
• List to Close decreased 14.8% to 104
• Percent of Original List Price Received increased 1.4% to 96.9%
• Months Supply of Homes for Sale decreased 22.5% to 2.6
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Apr. 1, 2017
(Data current as of Apr. 10, 2017)
Confidence in buying a home has fallen according to the Fannie Mae Home Purchase Sentiment Index after hitting an all-
time index high in February. Continuing price increases and low inventory are easy answers for why the index fell. The
good news is that an improved employment outlook and higher wages are major factors toward purchasing a home, and
demand is not expected to abate.
In the Charlotte region, for the week ending April 1:
• New Listings increased 3.3% to 1,312
• Pending Sales increased 32.9% to 1,228
• Inventory decreased 19.0% to 9,425
For the month of March:
• Median Sales Price increased 11.3% to $220,325
• List to Close decreased 14.8% to 104
• Percent of Original List Price Received increased 1.4% to 96.9%
• Months Supply of Homes for Sale decreased 26.6% to 2.4
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Mar. 4, 2017
(Data current as of Mar. 13, 2017)
Tight inventory, lower affordability and higher mortgage rates continue to dominate residential real estate news, but a
declining unemployment rate offers a bright spot. Employment in the construction industry had some of the largest gains. It
would be great to see this increase translate into an impact on the construction of new homes for sale.
In the Charlotte region, for the week ending March 4:
New Listings increased 4.5% to 1,359
Pending Sales increased 23.1% to 1,174
Inventory decreased 18.3% to 9,165
For the month of February:
Median Sales Price increased 10.8% to $200,000
List to Close decreased 10.3% to 113
Percent of Original List Price Received increased 1.4% to 96.3%
Months Supply of Homes for Sale decreased 27.1% to 2.3
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Feb. 4, 2017
(Data current as of Feb. 13, 2017)
According to a recent Gallup poll, it is the first time in more than 15 years that a majority of Americans are optimistic about
finding a quality job. This is great news for the entry-level housing market, as job growth and improved wages fuel demand
for home purchases. Rents have also been on the rise, another factor that has put the entry-level market in strong demand.
In the Charlotte region, for the week ending February 4:
• New Listings increased 16.3% to 1,169
• Pending Sales increased 30.5% to 1,103
• Inventory decreased 22.1% to 9,011
For the month of January:
• Median Sales Price increased 14.1% to $204,250
• List to Close decreased 5.8% to 114
• Percent of Original List Price Received increased 1.4% to 96.0%
• Months Supply of Homes for Sale decreased 31.2% to 2.3
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Dec. 24, 2016
(Data current as of Jan. 2, 2017)
As we look toward 2017, the entirety of the U.S. housing market has never been worth as much as it is right now. Housing
stock value grew to $29.6 trillion in 2016, regaining all of the value that was lost during the last recession. An upward trend
in mortgage rates, mortgage credit and new construction are all common predictions for 2017.
In the Charlotte region, for the week ending December 24:
• New Listings increased 15.9% to 400
• Pending Sales increased 82.0% to 659
• Inventory decreased 22.5% to 9,706
For the month of November:
• Median Sales Price increased 7.7% to $210,000
• List to Close decreased 11.2% to 103
• Percent of Original List Price Received increased 1.3% to 96.2%
• Months Supply of Homes for Sale decreased 27.6% to 2.7
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Nov. 19, 2016
(Data current as of Nov. 28, 2016)
With the holiday season in full swing, existing home sales rose for the second straight month to the highest they have been
since 2007. This was unexpected, since prices are also at record highs and inventory is still consistently declining. As both
incomes and employment figures continue to improve, it would be a welcome surprise to see sales trend higher through to
the end of the year.
In the Charlotte region, for the week ending November 19:
• New Listings increased 9.7% to 873
• Pending Sales increased 36.4% to 885
• Inventory decreased 21.1% to 10,560
For the month of October:
• Median Sales Price increased 12.4% to $209,000
• List to Close decreased 8.8% to 103
• Percent of Original List Price Received increased 1.6% to 96.2%
• Months Supply of Homes for Sale decreased 26.9% to 2.9
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Oct. 22, 2016
(Data current as of Oct. 31, 2016)
Even though there are still more than two months remaining on the year, there is little to suggest that the prevailing trends
of 2016 will suddenly change. If all holds firm, inventory will trend lower, prices will trend higher and sales will show that
demand remains strong, despite having fewer homes to choose from.
In the Charlotte region, for the week ending October 22:
• New Listings increased 25.2% to 1,040
• Pending Sales increased 35.2% to 988
• Inventory decreased 22.0% to 11,050
For the month of September:
• Median Sales Price increased 8.0% to $205,000
• List to Close decreased 11.6% to 99
• Percent of Original List Price Received increased 1.2% to 96.3%
• Months Supply of Homes for Sale decreased 24.8% to 3.1
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Sept. 17, 2016
(Data current as of Sept. 26, 2016)
As temperatures start to cool throughout the country, the total number of home sales will cool as well, as is the seasonal
nature of the housing market. But with household incomes on the rise within a healthy job market, that doesn't necessarily
equate to a downward year-over-year trend. Continuing supply restrictions will certainly have an effect on numbers that
may otherwise obviously point toward sunny day real estate.
In the Charlotte region, for the week ending September 17:
• New Listings increased 5.5% to 1,078
• Pending Sales increased 15.6% to 935
• Inventory decreased 21.1% to 11,396
For the month of August:
• Median Sales Price increased 9.5% to $218,000
• List to Close decreased 11.0% to 97
• Percent of Original List Price Received increased 1.4% to 96.6
• Months Supply of Homes for Sale decreased 25.9% to 3.2
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Aug. 27, 2016
(Data current as of Sept. 6, 2016)
If residential real estate were a wager to close out the summer golf season, prospective buyers would still be waiting
impatiently for prospective sellers to take the putt on the final hole. Yet inventory continues to shrink, as summer vacations
end and kids return to school. If the taken putt were to somehow land in the cup and increase inventory, a legendary
celebration would occur that might even make a golf course gopher dance.
In the Charlotte region, for the week ending August 27:
New Listings decreased 3.1% to 1,039
Pending Sales increased 17.7% to 1,024
Inventory decreased 20.2% to 11,652
For the month of July:
Median Sales Price increased 7.5% to $215,000
List to Close decreased 6.5% to 100
Percent of Original List Price Received increased 1.4% to 96.7%
Months Supply of Homes for Sale decreased 24.5% to 3.3
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
August 10. 2016: For Week Ending July 30, 2016
(Data current as of Aug. 8, 2016)
It's only August, but this time during summer usually means making plans for changes ahead, especially the start of a new
school year. For potential home buyers with school-aged children, these are the pivotal days for deciding whether or not to
purchase or wait. With inventory as low as it is, we are in a place where big moves will be made or saved for later, and
sales figures will reflect as much.
In the Charlotte region, for the week ending July 30:
July 11, 2016: For Week Ending July 2, 2016
(Data current as of July 11, 2016)
The United Kingdom vote for exit from the European Union (Brexit) has likely already had at least one short-term effect on
the U.S. housing market. The decision to not raise interest rates until later this year was likely made because of Brexit, so
unrest in financial markets can be watched further with hopes of stabilization. Long-term effects may include more or less
foreign investment in U.S. residential real estate, but wholesale price declines are not expected any time soon.
In the Charlotte region, for the week ending July 2:
• New Listings increased 18.4% to 1,265
• Pending Sales increased 30.8% to 1,147
• Inventory decreased 21.3% to 11,619
For the month of June:
• Median Sales Price increased 8.1% to $225,000
• List to Close decreased 10.6% to 101
• Percent of Original List Price Received increased 1.1% to 96.8%
• Months Supply of Homes for Sale decreased 28.6% to 3.1
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
June 13, 2016: For Week Ending June 4, 2016
(Data current as of June 13)
Summer is heating up, as are home sales and prices. Millennials are hitting home-buying age with force and are showing
interest in entering the real estate market. As inventory continues to struggle to keep up with demand, options are fewer
than desired, and price wars are proving to be a challenge for many buyers in a seller's market.
In the Charlotte region, for the week ending June 4:
• New Listings decreased 1.9% to 1,271
• Pending Sales increased 8.0% to 1,031
• Inventory decreased 22.9% to 11,253
For the month of May:
• Median Sales Price increased 5.0% to $210,000
• List to Close decreased 9.5% to 105
• Percent of Original List Price Received increased 1.4% to 96.8%
• Months Supply of Homes for Sale decreased 30.9% to 3.1
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
May 18, 2016: For Week Ending May 7, 2016
(Data current as of May 16)
Although higher than they were a year ago, mortgage applications are barely moving from week to week despite mortgage
rates sitting at three-year lows. Supply remains lean across the country, and sales figures are showing some of the strain of
that reality. Homes that show well continue to sell quickly and at prices that make sellers smile.
In the Charlotte region, for the week ending May 7:
• New Listings increased 4.0% to 1,375
• Pending Sales increased 21.9% to 1,209
• Inventory decreased 25.1% to 10,753
For the month of April:
• Median Sales Price increased 6.3% to $201,900
• List to Close decreased 4.2% to 113
• Percent of Original List Price Received increased 1.4% to 96.3%
• Months Supply of Homes for Sale decreased 31.5% to 3.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
May 2, 2016: For Week Ending Apr. 23
(Data current as of May 2)
Despite the literal and symbolic rain on the real estate market’s parade recently, REALTORS® are keeping busy with
closing finalizations and stacked showing schedules. The average days on market remains low in most price ranges across
the country. Interested buyers, and their agents, have to move fast this spring in order to find the right fit.
In the Charlotte region, for the week ending April 23:
New Listings decreased 1.5% to 1,273
Pending Sales increased 25.1% to 1,215
Inventory decreased 24.8% to 10,759
For the month of March:
Median Sales Price increased 3.1% to $197,000
List to Close decreased 5.4% to 122
Percent of Original List Price Received increased 1.1% to 95.6%
Months Supply of Homes for Sale decreased 31.0% to 3.1
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
April 19, 2016: For Week Ending Apr. 9
(Data current as of Apr. 18)
Although inventory is down across the country, many homes that do get listed are selling fast. Days on market is
dwindling, and sellers are getting more for their homes than they might have in the past. Confident seller pricing combined
with continuously low interest rates for buyers is keeping most markets balanced.
In the Charlotte region, for the week ending April 9:
New Listings increased 12.0% to 1,387
Pending Sales increased 46.6% to 1,274
Inventory decreased 26.1% to 10,475
For the month of March:
Median Sales Price increased 3.1% to $197,000
List to Close decreased 5.4% to 122
Percent of Original List Price Received increased 1.0% to 95.5%
Months Supply of Homes for Sale decreased 32.8% to 3.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
April 5, 2016: For Week Ending Mar. 26
(Data current as of Apr. 4)
With spring comes the welcoming of another season: the annual springtime seller’s market. Low inventory levels
nationwide are inching sales prices higher and dropping the number of days that homes are staying on the market. With
interest rates remaining unexpectedly low, there is even more incentive for buyers to competitively bid on new listings.
In the Charlotte region, for the week ending March 26:
• New Listings decreased 10.2% to 1,302
• Pending Sales increased 26.1% to 1,279
• Inventory decreased 25.3% to 10,410
For the month of February:
• Median Sales Price increased 1.2% to $180,075
• List to Close decreased 3.8% to 126
• Percent of Original List Price Received increased 1.4% to 94.9%
• Months Supply of Homes for Sale decreased 30.8% to 3.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
March 15, 2016: For Week Ending Mar. 5
(Data current as of Mar. 14)
Early March continues the 2016 trend of slow and steady home price increases across most of the country. Conversely,
interest rates have remained low, keeping inventory and home sales balanced and the market healthy.
In the Charlotte region, for the week ending March 5:
New Listings increased 7.6% to 1,244
Pending Sales increased 24.5% to 996
Inventory decreased 25.3% to 10,082
For the month of February:
Median Sales Price increased 1.7% to $181,000
List to Close decreased 3.8% to 126
Percent of Original List Price Received increased 1.4% to 94.9%
Months Supply of Homes for Sale decreased 33.6% to 2.9
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
Feb 5, 2016: For Week Ending Jan. 23
(Data current as of Feb. 1)
We're just breaking into 2016, so it's a bit early to say how the spring and summer markets are going to fare based on a
few weeks of trend analysis, but for the most part, things are happening the way we expected to start the year. There are
some nibbles of new listings being added to the market, and sales are taking root, but the overall number of homes for sale
has some work to do in order to give this year the real steam it deserves.
In the Charlotte region, for the week ending January 23:
Dec. 21, 2015: For Week Ending Dec. 12, 2015
(Data current as of Dec. 21, 2015)
This year, it is projected that 46.1 percent of holiday shopping will be done online, up from 44.4 percent last year. As
American consumers continue to change the way they buy things, we're already seeing massive upheaval in long-
entrenched ways of going about this thing called life. Fewer people are driving, or even buying cars for that matter, which
allows sharing-economy companies like Uber and Zipcar to exist. Fewer people are going to department stores and malls,
which allows home-shipping giants like Amazon to exist. One day soon, even home purchases will happen in a vastly
different way. Are you ready for what's next?
In the Charlotte region, for the week ending December 12:
• New Listings decreased 6.4% to 672
• Pending Sales increased 20.9% to 707
• Inventory decreased 21.4% to 11,718
For the month of November:
• Median Sales Price increased 8.3% to $195,000
• List to Close decreased 7.3% to 115
• Percent of Original List Price Received increased 1.1% to 95.0%
• Months Supply of Inventory decreased 31.0% to 3.5
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
October 23, 2015: For Week Ending Oct. 10, 2015
(Data current as of Oct. 19, 2015)
Supply and demand drive housing prices, and this basic economic tenet has been in the spotlight recently, as inventory
remains low across the country while prices continue to edge up in many locales. Cash investment has gobbled up supply
in some regions, while a lack of new construction has hit the supply side in others. The truth remains that there is still
healthy demand in most corners. Every market and situation is unique, so let's track the listings and sales for the week in
your area.
In the Charlotte region, for the week ending Activity Date: Activity Date::
• New Listings decreased 5.9% to 899
• Pending Sales increased 26.0% to 784
• Inventory decreased 19.7% to 13,080
For the month of September:
• Median Sales Price increased 5.5% to $189,900
• List to Close decreased 9.7% to 112
• Percent of Original List Price Received increased 1.1% to 95.2%
• Months Supply of Inventory decreased 30.6% to 3.8
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
September 7, 2015: For Week Ending August 22, 2015
(Data current as of August 31, 2015)
In numerous metropolitan markets across the country, the S&P/Case–Shiller Home Price Index has indicated that home
prices have risen during summer, confirming the trends evident by examining MLS data. That's no surprise from month to
month, but it's also true in year-over-year comparisons. As ideal summer weather diverges toward autumn, we will begin
to see some seasonal relaxation, but the market should still look positive when compared to last year. It's been another good
year for residential real estate, and that is expected to continue.
In the Charlotte region, for the week ending August 22:
August 24, 2015: For Week Ending August 15, 2015
(Data current as of August 24, 2015)
According to statistics jointly released by the U.S. Census Bureau and the Department of Housing and Urban Development,
privately-owned housing starts rose 0.2 percent when comparing July 2015 to the prior month and 10.1 percent when
compared to July 2014. These numbers are at the highest levels the market has seen since October 2007. This bodes well
for the eventual landing of a flock of potential buyers currently holding in a rental pattern or the wakening of those resting
in extended parental basement hibernation.
In the Charlotte region, for the week ending August 15:
July 24, 2015: For Week Ending July 11, 2015
(Data current as of July 20, 2015)
With the economy on the ups these days, Federal Reserve Chair Janet Yellen is predicting a fine-tuning of monetary policy
by the end of the year. In tandem with the improving economy, the unemployment rate dropped by 0.2 percent to 5.3
percent for June 2015. It is widely believed that interest rates will go up before the year is over, which is a pretty clear
indicator that the housing market is thrumming along at a good clip.
In the Charlotte region, for the week ending July 11:
New Listings increased 7.2% to 1,207
Pending Sales increased 16.6% to 941
Inventory decreased 21.7% to 13,541
For the month of June:
Median Sales Price increased 4.6% to $206,295
List to Close decreased 4.8% to 119
Percent of Original List Price Received increased 0.8% to 95.6%
Months Supply of Inventory decreased 33.1% to 4.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
July 13, 2015: For Week Ending July 4, 2015
(Data current as of July 13, 2015)
As fireworks go boom, the boom of housing's summer selling season tends to relax across the country, giving way to
Facebook photos of families and friends at picnics and on road trips. Amidst the red, white and blue Instagram filters and
patriotic Twitter profile pics, you'll still likely see evidence of sales being made and articles about overall affordability. So
take a quick break to play catch or chomp a hot dog, because the homeownership dream is alive and thriving this summer.
In the Charlotte region, for the week ending July 4:
• New Listings increased 8.7% to 1,051
• Pending Sales increased 33.1% to 1,001
• Inventory decreased 20.8% to 13,689
For the month of June:
• Median Sales Price increased 4.6% to $206,295
• List to Close decreased 4.8% to 119
• Percent of Original List Price Received increased 0.8% to 95.6%
• Months Supply of Inventory decreased 34.2% to 4.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
June 29, 2015:For Week Ending June 20, 2015
(Data current as of June 29, 2015)
Interest rates do not seem to be going up anytime soon, but some have an inkling that they will ascend during the dog days
of summer or as the leaves fall. For the time being, sellers are selling and buyers are buying within the existing framework,
and it is a glorious time for consumers and agents alike.
With a general nationwide increase in both new listings and closed sales, markets across the country have seen upward
mobility with housing. Now let's see if the local market is following the prevailing national trends.
In the Charlotte region, for the week ending June 20:
• New Listings increased 3.6% to 1,125
• Pending Sales increased 34.3% to 1,045
• Inventory decreased 21.9% to 13,659
For the month of May:
• Median Sales Price increased 8.1% to $199,990
• List to Close decreased 5.6% to 119
• Percent of Original List Price Received increased 0.8% to 95.4%
• Months Supply of Inventory decreased 31.2% to 4.2
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
June 19, 2015:For Week Ending June 6, 2015
(Data current as of June 15, 2015)
As we approach the halfway point of the year, we'll begin to see some midterm report cards from anyone who wants to
share an opinion or write a headline. If you have been reading these weekly excerpts, you already know that we are
tracking along a predicted path. The residential real estate market was expected to be good at this point. Hiring is up,
unemployment is low, sales are up, rates are low, prices are up and inventory is low. The gentle sway of up and low is
making for an enjoyable ride, with no bubbles in sight.
In the Charlotte region, for the week ending June 6:
• New Listings decreased 6.0% to 1,279
• Pending Sales increased 30.5% to 1,075
• Inventory decreased 21.7% to 13,471
For the month of May:
• Median Sales Price increased 8.1% to $199,990
• List to Close decreased 5.6% to 119
• Percent of Original List Price Received increased 0.8% to 95.4%
• Months Supply of Inventory decreased 33.1% to 4.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
June 12, 2015: For Week Ending May 30, 2015
(Data current as of June 8, 2015)
As we get closer to the official calendar launch of summer, residential real estate is taking off. The market may seem
slower than in past spring/summer sprints, but numbers are by no means dismal. Whether the buyer category is dominated
by Millennial, Generation X or move-up buyers from previous generations is no matter; activity is happening.
In the Charlotte region, for the week ending May 30:
• New Listings increased 7.4% to 1,078
• Pending Sales increased 32.4% to 1,002
• Inventory decreased 21.3% to 13,524
For the month of May:
• Median Sales Price increased 8.1% to $199,990
• List to Close decreased 5.6% to 119
• Percent of Original List Price Received increased 0.8% to 95.4%
• Months Supply of Inventory decreased 34.3% to 4.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
May 28, 2015:For Week Ending May 16, 2015
(Data current as of May 26, 2015)
The song remains the same. While new listings and sales increase, inventory is not always able to keep pace. Demand is
high as mortgage rates remain low. There are homes to choose from, for sure, but there should be more if balance is
expected to be more than novelty. New construction is occurring, but the notable projects are just as liable to be rental as
for sale. The dynamics of residential real estate are ever shifting, churning.
In the Charlotte region, for the week ending May 16:
• New Listings increased 8.6% to 1,282
• Pending Sales increased 39.5% to 1,092
• Inventory decreased 21.7% to 13,314
For the month of April:
• Median Sales Price increased 8.6% to $190,000
• List to Close decreased 7.3% to 127
• Percent of Original List Price Received increased 1.1% to 94.9%
• Months Supply of Inventory decreased 30.7% to 4.1
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
May 18, 2015: For Week Ending May 9, 2015
(Data current as of May 18, 2015)
As we press through May, the residential real estate market is really hitting its paces. Sales activity has been plentiful and
REALTORS® are busier than ever. The Bureau of Labor Statistics recently released April numbers, and they are still quite
positive. The nation added 223,000 jobs and the national unemployment rate dropped to 5.4%. The need for more inventory
is an ongoing issue, but not one that thwarts optimism in the marketplace.
In the Charlotte region, for the week ending May 9:
• New Listings increased 6.5% to 1,320
• Pending Sales increased 27.7% to 1,135
• Inventory decreased 21.4% to 13,244
For the month of April:
• Median Sales Price increased 8.6% to $190,000
• List to Close decreased 7.3% to 127
• Percent of Original List Price Received increased 1.1% to 94.9%
• Months Supply of Inventory decreased 31.7% to 4.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association.
May 7, 2015: For Week Ending April 25, 2015
(Data current as of May 4, 2015)
New listings are on the ups, and buyers seem poised to move on the most desirable new properties in a hurry. Tales of one-
day and even same-day purchase offers are being shared over coffee, lunch and happy hour, generally bringing the total
days on market average down as the joy index rises.
In the Charlotte region, for the week ending April 25:
• New Listings increased 11.5% to 1,287
• Pending Sales increased 52.8% to 1,109
• Inventory decreased 20.7% to 13,232
For the month of March:
• Median Sales Price increased 9.9% to $189,000
• List to Close decreased 2.2% to 133
• Percent of Original List Price Received increased 1.5% to 94.6%
• Months Supply of Inventory decreased 25.2% to 4.2
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association.
April 27, 2015: For the week ending April 18, 2015
Data current as of April 27, 2015
Well, folks, we have hit the beginning of the selling season. As the actual calendar season announces its presence with
overall temperature change, the residential real estate market will up its game by bringing an annual seasonal increase in
home sales and inventory. Many metrics should begin to take off as we begin what should be one of the best recovery
years housing has seen thus far.
In the Charlotte region, for the week ending April 18:
• New Listings increased 6.2% to 1,246
• Pending Sales increased 46.7% to 1,141
• Inventory decreased 19.8% to 13,214
For the month of March:
• Median Sales Price increased 9.9% to $189,000
• List to Close decreased 2.2% to 133
• Percent of Original List Price Received increased 1.5% to 94.6%
• Months Supply of Inventory decreased 26.0% to 4.1
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association.
April 13, 2015: For Week Ending April 4, 2015
Data current as of April 13, 2015
Rent or buy? It is the question on the minds of many as we cast full sail into the selling season. Whilst stories are written
about which cities and neighborhoods are better to rent or buy in, we can hang in the peace of a fairly stable market where
there are good options available for rent and sale. Spring is sprung, yet there is no raining on the hit parade of
homeownership.
In the Charlotte region, for the week ending April 4:
• New Listings decreased 6.3% to 1,309
• Pending Sales increased 38.6% to 1,192
• Inventory decreased 17.4% to 13,095
For the month of March:
• Median Sales Price increased 9.9% to $189,000
• List to Close decreased 2.2% to 133
• Percent of Original List Price Received increased 1.5% to 94.6%
• Months Supply of Inventory decreased 28.0% to 4.0
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
March 30, 2015: For Week Ending March 21, 2015
Data current as of March 30, 2015
An increase in new home sales are in the spotlight, thanks to some recent figures by the Commerce Department, but one
should be careful not to speculate too much about sales outpacing predicted numbers from the beginning of the year. Small
sample sizes, seasonal adjustments and poor geographic weighting can have undesirable consequences on the reliability of
national figures. This is why locally grown MLS data is often the best source for quality market-informed nourishment.
In the Charlotte region, for the week ending March 21:
• New Listings increased 7.9% to 1,257
• Pending Sales increased 21.3% to 1,015
• Inventory decreased 19.3% to 12,709
For the month of February:
• Median Sales Price increased 6.1% to $175,000
• List to Close decreased 1.4% to 139
• Percent of Original List Price Received increased 0.8% to 93.4%
• Months Supply of Inventory decreased 24.5% to 4.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
March 20,2015: For Week Ending March 7, 2015
Data current as of March 16, 2015
Many residential real estate markets across the country and locally are in a fairly stable state of balance, causing most
stories about housing to be conservative in nature with not much change to report. As the weather continues to warm up
across the country, more sales are expected.
In the Charlotte region, for the week ending March 7:
• New Listings decreased 7.4% to 1,137
• Pending Sales increased 28.6% to 922
• Inventory decreased 18.4% to 12,480
For the month of February:
• Median Sales Price increased 6.1% to $175,000
• List to Close decreased 1.4% to 139
• Percent of Original List Price Received increased 0.9% to 93.5%
• Months Supply of Inventory decreased 26.3% to 4.0
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
March 2, 2015: For Week Ending February 21, 2015
Data current as of March 2, 2015
Rumors that Fannie Mae and Freddie Mac could one day be a thing of the
past have people wondering about the future of the 30-year fixed-rate
mortgage. But let's not sound the alarm just yet. A drastic change to lending's
gold standard is certainly not on the immediate horizon. Meanwhile, Federal
Reserve Chair Janet Yellen seems to have no immediate interest in raising
interest rates for the first time since 2006. The economy remains stable for the
time being, which should keep housing rolling through the short-named
months.
In the Charlotte region, for the week ending February 21:
• New Listings were down 14.4 % to 880
• Pending Sales increased 31.7% to 835
• Inventory decreased 15.2% to 12,775
For the month of January:
• Median Sales Price increased 4.4% to $175,000
• List to Close remained flat at 141
• Percent of Original List Price Received increased 0.5% to 93.6%
• Months Supply of Inventory decreased 20.4% to 4.2
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Feb. 25, 2015: For Week Ending February 14, 2015
Data current as of February 23, 2015
As we hit February, mortgage rates continue to remain low, bringing about a high dosage of optimism to the market. While
some reports attempt to dissect drops in builder confidence with a negative-bent attitude, low rates seem prepped to steer
potential buyers toward getting their own set of house keys, curbing the pessimism of market naysayers. In the Charlotte
region, for the week ending February 14:
• New Listings increased 33.8% to 1,018
• Pending Sales increased 68.4% to 918
• Inventory decreased 15.3% to 12,763
For the month of January:
• Median Sales Price increased 4.4% to $175,000
• List to Close remained flat at 141
• Percent of Original List Price Received increased 0.5% to 93.6%
• Months Supply of Inventory decreased 21.1% to 4.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Feb. 16, 2015: For Week Ending January 31, 2015
Data current as of February 9, 2015
The U.S. economy continues on its journey upward. Not only have gas prices
hit multi-year lows, but wages have experienced gains not seen since 2008.
As the year picks up steam, and whether you hang out with the bears or bulls
of market recovery prognostication (not Chicago sports teams), one cannot
deny that the economy is in a more stable position than it has been in years.
In the Charlotte region, for the week ending January 31:
• New Listings decreased 0.5% to 915
• Pending Sales increased 40.8% to 897
• Inventory decreased 14.6% to 12,837
For the month of January:
• Median Sales Price increased 4.4% to $175,000
• List to Close remained flat at 141
• Percent of Original List Price Received increased 0.5% to 93.6%
• Months Supply of Inventory decreased 23.1% to 4.0
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Feb.2, 2015: For Week Ending January 17, 2015
Data current as of January 26, 2015
New Year's resolutions may have already faded out, but the housing market is just getting started. Even though it may take
a while for new trends to emerge,
the housing crisis that was a bear a few years ago has been making mostly
positive gains as of late. The common thought is that this will be another year
of recovery and further stabilization. Onward and upward it is.
In the Charlotte region, for the week ending January 17:
• New Listings decreased 8.7% to 911
• Pending Sales increased 64.2% to 844
• Inventory decreased 12.6% to 12,945
For the month of December:
• Median Sales Price increased 4.3% to $180,000
• List to Close decreased 3.0% to 130
• Percent of Original List Price Received increased 0.6% to 93.8%
• Months Supply of Inventory decreased 16.7% to 4.3
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Jan 23, 2015: Charlotte Regional Realtor Association Update
For Week Ending January 10, 2015
Data current as of January 20, 2015
Some goodbyes are easier than others. As we bid farewell to the economic
uncertainties of 2014, all eyes are fixated on what 2015 might bring. The
economy – specifically job growth – picked up steam in the second half of the
year, and that should continue. Housing performed reasonably well, but some
metrics didn't improve as much as in 2013. The new year should bring new
listings, new inventory and new buyers to the marketplace.
In the Charlotte region, for the week ending January 10:
• New Listings increased 1.5% to 919
• Pending Sales increased 12.5% to 610
• Inventory decreased 12.0% to 12,909
For the month of December:
• Median Sales Price increased 4.3% to $180,000
• List to Close decreased 3.0% to 130
• Percent of Original List Price Received increased 0.6% to 93.8%
• Months Supply of Inventory decreased 17.4% to 4.2
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Jan 5, 2015: For Week Ending December 27, 2014
Data current as of January 5, 2015
It is typically during the final weeks of a calendar year when residential real
estate activity hits its seasonal lows, even when some year-over-year
comparisons show progress. Don't be fooled by this time of year. Buyers and
sellers are preparing for promising spring and summer markets. Of late, the
spring market tends to get hopping before the -ary months are even complete.
In the Charlotte region, for the week ending December 27:
• New Listings increased 6.8% to 316
• Pending Sales increased 45.5% to 387
• Inventory decreased 12.2% to 13,603
For the month of November:
• Median Sales Price increased 2.9% to $180,000
• List to Close decreased 0.8% to 131
• Percent of Original List Price Received increased 0.2% to 94.0%
• Months Supply of Inventory decreased 14.5% to 4.8
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Nov 5, 2014: For week ending October 25, 2014
Data Current as of November 3, 2014
In the buildup of anticipation for the season of pumpkin carving, caramel eating and haunted house touring, it came out that
one number was spookily down. Homeownership is at its lowest point in 20 years and has been steadily dropping since the
housing bubble years from 2004 to 2006. Interestingly we are now at levels consistent with a healthy market. Also, rising
rents should eventually give cause to more households seeking ownership positions. So called bad news is good, especially
in the dark days surrounding Halloween.
In the Charlotte region, for the week ending October 25:
• New Listings increased 12.6% to 893
• Pending Sales increased 39.4% to 750
• Inventory decreased 10.8% to 15,102
For the month of September:
• Median Sales Price increased 2.9% to $179,000
• List to Close remained flat at 129
• Percent of Original List Price Received decreased 0.4% to 94.2%
• Months Supply of Inventory decreased 13.1% to 5.2
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Oct 22, 2014: For Week Ending October 11, 2014
Data current as of October 20, 2014
As we turn toward the final and typically quietest quarter of the year, it is easy
to wonder if we are destined to lose the stability that we have worked hard for
throughout the U.S. However, gloomy considerations are readily put
aside after considering a recent investigation by the International Monetary Fund into
the real estate markets of other countries. It turns out that our national housing
price-to-income ratio is fairly conservative. At this rate, we will soon stop
talking about the process of housing recovery and just call it recovered.
In the Charlotte region, for the week ending October 11:
• New Listings decreased 9.1% to 944
• Pending Sales increased 28.0% to 709
• Inventory decreased 9.9% to 15,156
For the month of September:
• Median Sales Price increased 2.9% to $179,000
• List to Close remained flat at 129
• Percent of Original List Price Received decreased 0.4% to 94.2%
• Months Supply of Inventory decreased 14.8% to 5.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
August 15, 2014:For Week Ending August 2, 2014
Data current as of August 11, 2014
The past two years of recovery have defied the initial expectations of many.
Some portions of the market are starting to experience a bit of a slowdown,
which may be due to seasonal unpredictability, lack of inventory, inability to obtain proper financing under tighter
regulations or other factors. As long as good data is available for market analysis, the possibility of continued recovery and
stability is present. The slow loris approach to hunting and gathering is
not welcome on this journey toward residential real estate expertise.
In the Charlotte region, for the week ending August 2:
• New Listings increased 6.1% to 1,146
• Pending Sales increased 29.1% to 918
• Inventory decreased 3.0% to 16,208
For the month of July:
• Median Sales Price increased 5.5% to $192,000
• List to Close remained flat at 125
• Percent of Original List Price Received decreased 0.1% to 94.6%
• Months Supply of Inventory decreased 8.6% to 5.4
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
August 7, 2014: For Week Ending For Week Ending July 26, 2014
Data current as of August 4Like a broken digital music player, analysts continue to skip to housing market
stability. Although residential real estate activity may not have the same pep
as last year's summer hits, sales are still fancy enough to attract fresh sellers.
New listings are up in certain submarkets, which is a needed thing for
continued optimism. The highs and lows present a few short years ago are
about as visible as a forgotten app, but those days are still just an errant
thumb press away.
In the Charlotte region, for the week ending July 26:
• New Listings decreased 7.3% to 1,038
• Pending Sales increased 20.8% to 887
• Inventory decreased 2.7% to 16,147
For the month of June:
• Median Sales Price increased 7.3% to $197,480
• List to Close decreased 2.3% to 125
• Percent of Original List Price Received decreased 0.3% to 94.8%
• Months Supply of Inventory decreased 3.3% to 5.7
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
July 23, 2014: For Week Ending July 12, 2014
Data current as of July 21, 2014
We are within one of the most affordable home-buying environments in history, but prices are up and rates may well go
up, too. Rising prices provide empirical evidence of healthy demand. If inventory is able to replenish itself over the course
of the next several months, sales could break up the sluggishness seen in some markets. There are those who believe that
millennial buyers are being seduced away from homeownership by the agility of urban renting. That doesn't appear to be
the case. Housing is enjoying brisk activity, and people are talking positively about residential real estate again.
In the Charlotte region, for the week ending July 12:
• New Listings decreased 8.9% to 1,121
• Pending Sales increased 18.9% to 906
• Inventory decreased 1.8% to 16,028
For the month of June:
• Median Sales Price increased 7.3% to $197,480
• List to Close decreased 2.3% to 125
• Percent of Original List Price Received decreased 0.3% to 94.8%
• Months Supply of Inventory decreased 5.2% to 5.6
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR
Association.
July 15, 2014: For Week Ending July 5, 2014
Data current as of July 14, 2014
Pending sales are back and ready to rumble along with their trusty comrade, inventory. After a slower start to the year, the
numbers are rallying for a comeback. However, one number not rising is the number of people filing for unemployment.
According to the U.S. Department of Labor, jobless applications continued their downward trend. This could help families
pad down payment funds.
In the Charlotte region, for the week ending July 5:
• New Listings decreased 0.4% to 955
• Pending Sales increased 38.1% to 877
• Inventory decreased 1.6% to 15,989
For the month of June:
• Median Sales Price increased 7.3% to $197,480
• List to Close decreased 2.3% to 125
• Percent of Original List Price Received decreased 0.3% to 94.8%
• Months Supply of Inventory decreased 6.7% to 5.5
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
July 3, 2014: Happy 4th of July!
With all the activities that surround this holiday, it’s important to keep safety in mind.
June 20, 2014: For week ending June 7, 2014
Data current as of June 16, 2014
Price growth. It has been the result of low inventory in the market these days,
and it would appear that the duration of the summer market will continue to
see an increase in year over year median sales price If inventory makes a significant leap, perhaps we'll see a different sort
of impact on housing prices.
Until then, the longer buyers wait, the more risk they take of paying a little bit
more for that house key.
In the Charlotte region, for the week ending June 7:
• New Listings increased 15.8% to 1,296
• Pending Sales increased 25.1% to 948
• Inventory decreased 0.9% to 15,886
For the month of May:
• Median Sales Price increased 6.8% to $185,000
• List to Close decreased 5.3% to 126
• Percent of Original List Price Received increased 0.3% to 94.6%
• Months Supply of Inventory decreased 3.5% to 5.5
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
June 6, 2014: For Week Ending May 24, 2014
Data current as of June 2, 2014
The yellow brick road to complete housing recovery has the trees whispering of rising home prices and low inventory.
Luckily, these trees won't throw apples at us. Even though improvements appear flat in nature as we progress through
each month, year-over-year comparisons still show encouraging overall trends. The full splendor of Emerald City (and
Emeraldville, Emeraldton, Emerald Township, etc.) is just a skip and a song away. In the Charlotte region, for the week
ending May 24:
• New Listings increased 3.6% to 1,150
• Pending Sales increased 23.4% to 943
• Inventory decreased 0.8% to 15,800
For the month of April:
• Median Sales Price increased 4.8% to $175,000
• List to Close decreased 0.7% to 137
• Percent of Original List Price Received increased 0.3% to 93.9% • Months Supply of Inventory decreased 1.8% to 5.6
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
May 23, 2014: Help Avoid Contractor Fraud with these Tips:
How to find a reputable contractor:
Check in with your Homebuilders' association.
Get referrals from friends, family, REALTORS, and coworkers.
Compile a list of reputable contractors before you need one. The stress of an emergency might impair your judgement.
How to vet a contractor:
See if the trade association(s) where he or she belongs stipulates a code of ethics, minimum hours of satisfactory work and
trade exams.
Check in with your state attorney general’s office and the BBB to see if there are any complaints against the contractor
Get the necessary paperwork you need to see:
A copy of their contractor’s license
Certificate of insurance for both general liability and workers’ compensation coverage
A written warranty for the work they do
A list of references from people who had similar projects done
A detailed quote that itemizes material and labor
A contract dealing the cost, work to be done, time schedules guarantees, payment schedules, and other expectations.
Red Flags to look for:
Asks you to pay the entire balance up front
Only accepts cash
Avoids giving you a written contract
Goes door-to-door
Has a vehicle that does not list the business name
Offers to pay your insurance deductible
Be extra careful if:
You have little to no experience hiring home contractors
A disability or injury prevents you from accessing areas of your home that a contractor claims are damaged
You’re not 100 % clear about the contract wording
You tend to shy away from asking tough questions
www.PreventContractorFraud.org
May 5, 2014: For Week Ending April 12, 2014
Data current as of April 21, 2014
There's no dainty tiptoeing through the tulips this spring, as market flower
fields are blooming with speculation. Sales and new listings are up, and hope
for a fluorescent spring market is flourishing. An increase in inventory is the
desire at this point in the season, as more properties for sale should nudge
first-time home buyers to sow their fledgling seeds in the housing market and
encourage move-up buyers to say goodbye to familiar flower beds in favor of
an upsized plot across town.
In the Charlotte region, for the week ending April 12:
• New Listings increased 2.5% to 1,269
• Pending Sales increased 7.9% to 817
• Inventory decreased 3.8% to 14,912
For the month of March:
• Median Sales Price increased 2.4% to $172,000
• List to Close decreased 6.3% to 141
• Percent of Original List Price Received increased 0.3% to 93.3%
• Months Supply of Inventory decreased 9.1% to 5.2
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
April 24, 2014: Tips for Protecting a Home from Water
There’s no need yet to acquire an ark, but water certainly has become a bigger menace in many parts of the country. Even
storms that don’t escalate into the next Katrina or Sandy can still destroy basements, foundations, roofs, and interiors that
once seemed immune to heavy rains.
To prevent damage and avoid large out-of –pocket expenses, homeowners should stay on top of maintenance and repair
needs. The average water damage insurance claim between 2008-2012 for a worst-case flood, totaled more than $38,000
according to National Flood Insurance Program data.
These are key steps homeowners should consider to protect their property from the ravages of water.
1. Block water from Entry Points:
1. Roof shingles that are missing or damaged need to be replaced
2. Gutters and downspouts that are too narrow, aren’t cleaned periodically or aren’t pitched property may
permit water to come too close to a house, seep in, and damage the foundation.
3. Windows and doors with broken glazing will likely allow water and should be repaired or replaced.
4. Foundations, basement floors and walls with cracks are additional sources of water entering from the
ground.
2. Put in a Second Line of Defense:
1. Sump pumps collect water and send it away.
2. French drains collect water along the perimeter of a home and direct it to a sump pump. Exterior waterproofing
offers even more protection.
3. Interior drain tiles direct water that gets in to a drainage system under the floor, which pumps it out.
4. Boilers and furnaces should be elevated to keep from being flooded.
5. Window wells should drain properly and be accessible for debris removal.
6. Alarm systems in your home can connect to a computer, the Internet, or a mobile device to warn you of
impending disaster.
3. Buy the Right Insurance:
While Homeowners in high risk zones must carry flood insurance, it might be wise for others who live near water, whether
a creek or an ocean to do so as well. Take inventory, photograph valuables, and save receipts of significant purchases for
possible insurance claims.
4. Act Fast if Water Pours in.
Water damage should be dealt with immediately to avoid more costly problems. Time is your greatest enemy.
1. Turn off pipes once water starts flowing.
2. Call in a damage restoration company who can determine where water has gone and where it’s headed.
3. Prioritize people and pets – lives matter more than a house and its contents.
Barbara Ballinger, REALTOR Magazine March/April
2014
April 18, 2014: For Week Ending April 5, 2014
Data current as of April 14, 2014
April reporting brings hope as tulips and FOR SALE signs begin to brighten
the housing landscape. Along with that hope is a little uncertainty about some
regions' year-over-year sales and inventory figures. Fear not, however
because rates are still lower than most years in modern memory, there's proof
of an improving mix of properties for sale on the national landscape and
upward price pressure continues to motivate potential home buyers. Watch
listing activity closely for more hints as to what may be unearthed next.
In the Charlotte region, for the week ending April 5:
• New Listings increased 15.0% to 1,359
• Pending Sales increased 25.7% to 939
• Inventory decreased 3.2% to 14,793
For the month of March:
• Median Sales Price increased 2.4% to $172,000
• List to Close decreased 6.3% to 141
• Percent of Original List Price Received increased 0.3% to 93.3%
• Months Supply of Inventory decreased 10.0% to 5.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
April 11, 2014: For Week Ending March 29, 2014
Data current as of April 7, 2014
As April encroaches and spring feels more official, so does the possibility of a brightened, exciting housing market. Even
though some areas across the country have seen a pause in buyer activity, the fundamentals remain positive Traditional
home buyers are apt to bud like a spring mix of lavender, peonies
and tulips. And home prices are rising as surely as soil is being tilled for another fruitful season, adding even more to those
warm fuzzy feelings sure to come.
In the Charlotte region, for the week ending March 29:
• New Listings increased 10.9% to 1,212
• Pending Sales increased 12.5% to 921
• Inventory decreased 4.0% to 14,713
For the month of February:
• Median Sales Price increased 8.9% to $165,000
• List to Close decreased 1.2% to 145
• Percent of Original List Price Received increased 0.2% to 92.8%
• Months Supply of Inventory decreased 10.7% to 5.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
April 3, 2014: For Week Ending March 22, 2014
Data current as of March 31, 2014
This spring, investors are expected to play a less dominant role since there are
fewer attractive bargains to be had. This allows room for younger families and
individuals fed up with rent hikes. The affordability picture has come down but
remains attractive, pressured by rising but not fully recovered prices and
slightly higher rates. Despite some inventory shortages, several local markets
are in balanced territory heading into the peak selling season.
In the Charlotte region, for the week ending March 22:
• New Listings increased 2.9% to 1,153
• Pending Sales increased 11.4% to 930
• Inventory decreased 4.5% to 14,573
For the month of February:
• Median Sales Price increased 8.9% to $165,000
• List to Close decreased 1.2% to 145
• Percent of Original List Price Received increased 0.2% to 92.8%
• Months Supply of Inventory decreased 11.3% to 5.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
March 27, 2014: For Week Ending March 15, 2014
Data current as of March 24, 2014
Spring is finally beginning to show its face after a long, cold winter in many
parts of the country. Generally, housing activity is waking up as well. It's been
a slow start to the selling season thus far but many believe this has more to do with the weather and lack of inventory than
it does demand. Any gains may be moderate compared to a year ago, but most experts agree that market normalcy and
stabilization are upon us.
In the Charlotte region, for the week ending March 15:
• New Listings increased 4.9% to 1,220
• Pending Sales increased 16.6% to 865
• Inventory decreased 5.6% to 14,329
For the month of February:
• Median Sales Price increased 8.9% to $165,000
• List to Close decreased 1.2% to 145
• Percent of Original List Price Received increased 0.2% to 92.8%
• Months Supply of Inventory decreased 12.3% to 5.0
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
March 14, 2014: For Week Ending March 1, 2014
Data current as of March 10, 2014
Extreme winter weather may be partly responsible for sluggish durable goods
sales, consumer spending, business inventories and exports. As more income
goes toward heating bills, four-wheel alignments, frozen pipes and other
winter expenses, there is less (or no) remaining discretionary income. Several
southern cities were paralyzed by winter storms, costing the economy billions
in lost productivity, while consumers were forced to hunker down for much of
the winter in the Midwest and Northeast. Consumers should be more than
ready for warmer days ahead.
In the Charlotte region, for the week ending March 1:
• New Listings decreased 5.7% to 1,168
• Pending Sales decreased 0.3% to 788
• Inventory decreased 6.0% to 14,034
For the month of February:
• Median Sales Price increased 8.9% to $165,000
• List to Close decreased 1.2% to 145
• Percent of Original List Price Received increased 0.2% to 92.8%
• Months Supply of Inventory decreased 14.3% to 4.9
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
March 7, 2014: For Week Ending February 22, 2014
Data current as of March 3, 2014
Early 2014 data is telling us that the trend is still one of improvement, albeit
not at the speedy pace we'd prefer. Spring hasn't arrived yet and we'll have to
weather a few more months of unpredictable weather before the sing-song
tempo of May markets return. Although we await warmer days ahead, there's
no need to wait to gear up for a headier market. Remaining on top of weekly
trends and using data to bolster marketing efforts makes for a winner dinner.
In the Charlotte region, for the week ending February 22:
• New Listings decreased 1.7% to 1,003
• Pending Sales increased 9.4% to 720
• Inventory decreased 6.4% to 13,895
For the month of January:
• Median Sales Price increased 11.8% to $167,646
• List to Close decreased 8.0% to 143
• Percent of Original List Price Received increased 0.5% to 93.1%
• Months Supply of Inventory decreased 14.0% to 4.9
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
February 24, 2014: Charlotte Regional Realtor Update
For Week Ending February 15, 2014
Data current as of February 24, 2014
Housing starts haven't been quite as robust as forecast, climatological factors have chilled demand in many places and
dramatic declines in foreclosure activity has become the norm in several housing markets. These factors can sometimes
pull down overall sales numbers, so it's important to dig beneath the headlines. All of this looks and feels like a natural part
of the transition toward a healthier marketplace. Prices are still experiencing upward pressure, and sellers are still receiving
competitive offers.
In the Charlotte region, for the week ending February 15:
• New Listings decreased 31.8% to 741
• Pending Sales decreased 9.7% to 608
• Inventory decreased 5.9% to 13,830
For the month of January:
• Median Sales Price increased 11.8% to $167,646
• List to Close decreased 8.0% to 143
• Percent of Original List Price Received increased 0.5% to 93.1%
• Months Supply of Inventory decreased 15.0% to 4.9
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
February 13, 2014: How to survive the Snowpocalypse 2014: Depending on exactly where you are the amount of snow
that was received varies, but one thing is consistent with the sub-freezing temperatures the roads are icy and slippery.
Here are tips that can help you deal with this weather.
1. Always be cautious. Even a seemingly clear road can have ice. If you see the headlights or taillights of a car ahead of
you reflect off the road, chances are it's ice.
2. Test the road. When first starting out, briefly accelerate firmly, then firmly brake. This will give you a better feel for the
road conditions. If you notice the road conditions change, repeat the process in a safe manner (at a stop sign or empty side
street). Being aware of road conditions will help you make better driving decisions.
3. Try not to have to stop completely, especially if on an incline. This means very gradual stops on snow and maintaining
momentum before getting to a hill.
4. Keep your gas tank full for 2 reasons: if you do get stuck somewhere and you're completely isolated for a period of
time, you can use your car for warmth. It also prevents water condensation from forming in your gas tank. (some fuel
additives are available on the market that "remove" the water mixed in your fuel.) Just check with people in Atlanta on how
important this one is.
5. Carrying a thick old blanket, coat or sleeping bag in the trunk is wise, too.
6. Every time you approach a bridge or overpass - do your best just to coast over, without any acceleration or braking.
Because air can travel underneath the road surface, as well as over it, any moisture on the road will freeze well before it
would off of the road. As well, the shape of the bridge can increase wind velocities, cooling the road surface further and
affecting handling. Unpacked snow in either the passing-lane, the shoulders, or in-between tire-tracks offer much better
traction for steering or stopping than packed snow or ice in the right lane.
7. Iced over lanes is a good place to be the meat in a metal-and-meat sandwich. Firmly grip the wheel, and slowly make
your move to a safer place to drive. Carry a small plastic bucket with a good fitting lid full of a sand/ salt mixture in your
trunk along with a small shovel. If you find yourself stuck and alone sometimes putting a little sand/salt mix under your
tires can really help give you some traction and allow you to get yourself unstuck. Kitty litter also works but not quite as
well.,
8. Make sure that your overdrive option (if you have one) is turned off. This will keep the transmission from applying
drive or changing the drive speed to the drive wheels, and give total control over to the accelerator. (This also works when
driving in very heavy rainfall.)
9. If you are stuck in the snow, keep your engine running to keep warm and do not shut the engine off. Check
occasionally to make sure that snow isn't building up around your tail pipe, which will cause dangerous carbon monoxide
to enter the vehicle.
For more tips check out this link: http://www.wikihow.com/Drive-a-Car-in-Winter-Weather
February 7, 2014: For Week Ending January 25, 2014
Data Current as of Feb 3, 2014
Optimistic housing start stats encourage rumors that 2014 should be another year of recovering. Activity may not be
volatile enough to garner bold headlines, which suits residential real estate markets just fine. The steady-as-she goes pace
and quietly consistent good news should bring out a few more previously underwater sellers to list their homes. Keep an
eye out for fresh inventory and keen interest from hungry buyers.
In the Charlotte region, for the week ending January 25:
New listings increased 7.1 % to 935
Pending Sales increased 20.9 % to 707
Inventory decreased 5.0% to 13,796
For the month of December:
Median Sales Price increased 8.7% to $172,500
List to close decreased 13.0% to 136
Percent of Original List Price received increased 1.0% to 93.2%
Months of Supply of Inventory decreased 17.3% to 5.0
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
January 22, 2014: For the Week Ending January 11, 2014
Data current as of January 21, 2014
The years of 2012 and 2013 are going to be noted as a period of recovery for housing, and 2014 should prove to be more
of the same but perhaps with not as much force. As we begin to look for signs of a stabilized residential real estate market,
we may see fewer sales than in recent years, but these sales should be of a higher quality in that they will have been made
with stronger lending standards to people with stronger jobs in a stronger economy. Even this early in the year, we should
begin to see signs of new inventory coming onto the market with a more balanced months’supply of inventory and well-
paced market times.
In the Charlotte region, for the week ending in January 11:
New listings decreased 3.3% to 891
Pending Sales decreased 2.9% to 607
Inventory decreased 6.5% to 13,554
For the month of December:
Median Sales Price increased 8.7% to $172,500
List to Close decreased 13% to 136
Percent of Original List Price received increased 1.0% to 93.2%
Months of supply of inventory decreased 18.8% to 4.9
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
January 15, 2014: For Week Ending January 4, 2014
Data current as of January 13, 2014
It's the time of year when housing statistics take a back seat to the resolve
associated with a fresh calendar year. Diligent tracking of new listings and
pending sales counts tends to give way to weight loss plans and personal
financial planning. And you know what? That's just great! Spending some time
focusing on self just may help make 2014 a banner year to match 2013. But if
you want to take a quick glance, the data is here for your perusal. Here's to
another great year!
In the Charlotte region, for the week ending January 4:
• New Listings decreased 4.9% to 627
• Pending Sales increased 8.8% to 443
• Inventory decreased 5.4% to 14,231
For the month of December:
• Median Sales Price increased 8.7% to $172,500
• List to Close decreased 13.0% to 136
• Percent of Original List Price Received increased 1.0% to 93.2%
• Months Supply of Inventory decreased 20.0% to 4.9
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
December 17, 2013: For Week Ending December 7, 2013
Data current as of December 16, 2013
The first week in December this year was filled with Black Friday and Cyber
Monday deals – this means more people were clamoring in line at 2:00 a.m
waiting for a Suzie-Talks-A-Lot than were attending open houses. Seasonal
trends should be evident in a slight market slowdown, but year-over-year
comparisons will still brighten any burgeoning bah-humbuggers.
In the Charlotte region, for the week ending December 7:
• New Listings increased 3.7% to 782
• Pending Sales increased 6.2% to 563
• Inventory decreased 7.2% to 14,606
For the month of November:
• Median Sales Price increased 9.4% to $175,000
• List to Close decreased 7.3% to 136
• Percent of Original List Price Received increased 1.7% to 93.8%
• Months Supply of Inventory decreased 21.4% to 5.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
December 10, 2013: For Week Ending November 30, 2013
Data current as of December 9, 2013
The calendar can sometimes have just as profound an effect on housing data
as supply and demand. The 2013 Thanksgiving holiday was a week later than
in 2012, causing some peculiar shifts in activity. This serves as a good
reminder to watch for calendar oddities just as much as you do economic
indicators. Even so, aside from family time and tryptophan, buyers and sellers
had a lot to be grateful for this Thanksgiving. Buyers still live in a time of great
affordability, and sellers should be thankful for shorter market times, higher
prices and less competition.
In the Charlotte region, for the week ending November 30:
• New Listings decreased 30.2% to 514
• Pending Sales increased 8.4% to 531
• Inventory decreased 7.1% to 14,895
For the month of November:
• Median Sales Price increased 9.4% to $175,000
• List to Close decreased 7.3% to 136
• Percent of Original List Price Received increased 1.7% to 93.8%
• Months Supply of Inventory decreased 22.3% to 5.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
December 5, 2013: For Week Ending November 23, 2013
Data current as of December 2, 2013
As the end of the year approaches, market futurists will either put on their
overly cheery, poinsettia-colored glasses or turn into a bunch of dreary
Nostradamus Nellys. The wise analyst will tune out extremes and embrace
seasonally appropriate slowdowns as a sign of normal market activity while
looking with anticipation to what will likely be continued moderate recovery in
2014. Watch for light gains in inventory, quieter pending sales activity and
more sedate market times.
In the Charlotte region, for the week ending November 23:
• New Listings increased 76.0% to 845
• Pending Sales increased 63.7% to 709
• Inventory decreased 7.0% to 15,042
For the month of October:
• Median Sales Price increased 8.2% to $169,900
• List to Close decreased 10.2% to 134
• Percent of Original List Price Received increased 1.7% to 93.9%
• Months Supply of Inventory decreased 19.3% to 5.6
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
November 25, 2013: For the week Ending November 16, 2013
Data current as of November 25, 2013
This week, and through the end of the year, you might be watching for much-needed inventory gains that will not arrive
due to traditional end-of-year lulls in the marketplace related to holidays and/or colder weather. Nobody wants to sell at the
bottom. In general, inventory pools are up in year-over-year comparions in many areas, suggestive of seller confidence
with recent price
gains. Overall recovery is unlikely to stall. The pace of price gains and bidding
wars may ease, but that's not necessarily a bad thing. Just ask any
prospective home buyer.
In the Charlotte region, for the week ending November 16:
• New Listings increased 7.4% to 866
• Pending Sales increased 28.9% to 692
• Inventory decreased 7.2% to 15,179
For the month of October:
• Median Sales Price increased 8.2% to $169,900
• List to Close decreased 10.2% to 133
• Percent of Original List Price Received increased 1.7% to 93.9%
• Months Supply of Inventory decreased 19.8% to 5.5
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
November 11, 2013: For Week Ending November 2, 2013
Data current as of November 11, 2013
Most analysts agree that we are not in the midst of inflating another housing bubble. Instead, we are sometimes seeing
seemingly dramatic price and sales increases, but off of artificially low baseline levels. Private equity firms and first-time
buyers have bought up a lot of inventory, while some sellers await further price recovery. Credit remains available but not
abundant, so lenders are avoiding the facilitation of another bubble. Default rates and foreclosure activity are at a multiyear
lows. As of now, the housing recovery is intact.
In the Charlotte region, for the week ending November 2:
• New Listings increased 3.2% to 873
• Pending Sales increased 17.4% to 688
• Inventory decreased 6.3% to 15,634
For the month of October:
• Median Sales Price increased 8.2% to $169,900
• List to Close decreased 10.3% to 133
• Percent of Original List Price Received increased 1.7% to 93.9%
• Months Supply of Inventory decreased 22.0% to 5.4
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
November 4, 2013: For Week Ending October 26, 2013
Data current as of November 4, 2013
Holiday decorations have debuted in department stores across the nation
(really?), and their mere presence just might affect housing activity for those
prone to a good weather hunker. Comparisons year-to-year will show
improvement and recovery, even as general activity will likely slow through
the rest of 2013. With rates seemingly in a continuous go-low zone, the thrifty
buyer and willing seller will still meet for transactional tea.
In the Charlotte region, for the week ending October 26:
• New Listings increased 5.4% to 780
• Pending Sales increased 22.6% to 630
• Inventory decreased 6.5% to 15,657
For the month of September:
• Median Sales Price increased 8.8% to $174,024
• List to Close decreased 11.5% to 133
• Percent of Original List Price Received increased 2.9% to 94.6%
• Months Supply of Inventory decreased 22.0% to 5.7
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
October 29, 2013: For Week Ending October 19, 2013
Data current as of October 28, 2013
Nationally, we are starting to see some of the impact of the government shutdown
on the housing market. Applications for government mortgage products
dropped to the lowest level since 2007, according to a release from the
Mortgage Banker's Association. This was while overall applications were up
marginally. Most FHA lenders were able to process loans while Veterans
Administration loans were slowed considerably and USDA Rural Development
financing was cut off entirely. That said, there was still plenty of activity locally,
much of it positive.
In the Charlotte region, for the week ending October 19:
• New Listings increased 13.5% to 894
• Pending Sales increased 25.5% to 684
• Inventory decreased 7.3% to 15,655
For the month of September:
• Median Sales Price increased 8.8% to $174,024
• List to Close decreased 11.5% to 133
• Percent of Original List Price Received increased 2.9% to 94.6%
• Months Supply of Inventory decreased 22.6% to 5.7
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
October 21, 2013: For Week Ending October 12, 2013
Data current as of October 21, 2013
As tricks and treats are planned, housing starts its preparation for a holiday
season hibernation. Though activity hasn't come to a complete halt – there are
still year-over-year gains being posted for listings, sales and prices – the liveliness of the summer months has started to
slow.
Keep watch on any movements from the Fed, on economic indicators outside of housing and on
the legislative tug-of-war. Each may play a part in predicting how the rest of
the fourth quarter of 2013 goes.
In the Charlotte region, for the week ending October 12:
• New Listings increased 28.7% to 1,017
• Pending Sales increased 14.4% to 645
• Inventory decreased 8.2% to 15,513
For the month of September:
• Median Sales Price increased 8.8% to $174,024
• List to Close decreased 11.5% to 133
• Percent of Original List Price Received increased 2.9% to 94.6%
• Months Supply of Inventory decreased 23.8% to 5.6
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
October 15, 2013: For Week Ending October 5, 2013
Data current as of October 14, 2013
Home price gains and housing demand are still a year-over-year improvement,
but activity is beginning to moderate as the seasons change. With the
possibility of further rate and price increases, some buyers are still motivated,
but urgency tends to wane when holiday decorations start going up. Recovery
continues, but the pace is stabilizing. Yet that's a good thing, since harmful
corrections usually follow when the market moves too far too fast.
In the Charlotte region, for the week ending October 5:
• New Listings increased 30.6% to 1,041
• Pending Sales increased 43.0% to 755
• Inventory decreased 7.3% to 15,776
For the month of September:
• Median Sales Price increased 8.8% to $174,024
• List to Close decreased 11.5% to 133
• Percent of Original List Price Received increased 2.9% to 94.6%
• Months Supply of Inventory decreased 24.7% to 5.5
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR; Association.
October 7, 2013: For Week Ending September 28, 2013
Home prices are still rising and rates have increased incrementally. As the
cement of market balance hardens, it has become more dependent on move-up and first-time home buyers. Even with
tightened lending regulations, seller activity has broadened. The government shutdown should not have a major
impact on national and local market housing recovery. But as we get deeper
into the -ber months, it will be interesting to see if the year-over-year trends
hold true, simply lessen in drama or give reason for pause.
In the Charlotte region, for the week ending September 28:
• New Listings increased 11.8% to 977
• Pending Sales increased 19.7% to 706
• Inventory decreased 9.4% to 15,724
For the month of August:
• Median Sales Price increased 12.0% to $182,625
• List to Close decreased 6.2% to 134
• Percent of Original List Price Received increased 2.4% to 94.6%
• Months Supply of Inventory decreased 26.0% to 5.7
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association.
Sept 25, 2013: For Week Ending September 14, 2013:
For several weeks, markets across the country have seen consistent gains in
sales, prices and percent of list price received at sale. Things like steadily low
rates less lender-mediated inventory and increased consumer confidence are
all helping this reality. Each and every week reveals signs of a recovered
market that are going from temporary yard sign to permanent road sign.
Here’s to hoping for prosperous signs on the road ahead.
In the Charlotte region, for the week ending September 14:
• New Listings increased 16.2% to 966
• Pending Sales increased 21.1% to 699
• Inventory decreased 11.8% to 15,426
For the month of August:
• Median Sales Price increased 12.0% to $182,625
• List to Close decreased 6.2% to 134
• Percent of Original List Price Received increased 2.4% to 94.6%
• Months Supply of Inventory decreased 27.5% to 5.5
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association.
Sept 16, 2013: For Week Ending September 7, 2013
A pendulum spends little time in the middle. It tends to overswing center and
hang out at the extreme before changing directions. Apply that to housing.
Two or three years ago, almost no one would have foreshadowed concern
over affordability, yet that's what some are cautioning against in a rising price
and rising interest rate environment. It would take further rises in both rates
and prices to truly rattle confidence and sentiment, but it's wise to monitor
activity closely. Market recovery is dual-edged sword, isn't it?
In the Charlotte region, for the week ending September 7:
• New Listings increased 27.5% to 931
• Pending Sales increased 42.0% to 669
• Inventory decreased 12.7% to 15,293
For the month of August:
• Median Sales Price increased 12.0% to $182,500
• List to Close decreased 6.2% to 134
• Percent of Original List Price Received increased 2.4% to 94.6%
• Months Supply of Inventory decreased 28.5% to 5.5
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association.
Sept. 4, 2013: For Week Ending August 24, 2013
Most economists expect the housing recovery to continue, even with rising
mortgage rates. New household formations and tight supply should keep
bolstering markets and shield homeowners from downside price risk. Price
gains should inspire sellers to add new inventory to the market. Although
inventory and other metrics will begin to taper from seasonal highs, they are
likely to remain above last year's levels.
In the Charlotte region, for the week ending August 24:
• New Listings increased 11.3% to 942
• Pending Sales increased 20.6% to 692
• Inventory decreased 14.8% to 15,268
For the month of July:
• Median Sales Price increased 8.9% to $180,500
• List to Close decreased 13.2% to 129
• Percent of Original List Price Received increased 2.3% to 94.6%
• Months Supply of Inventory decreased 30.4% to 5.5
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association.
August 27, 2013: So far this summer, housing has achieved a soft, warm glow. If healing growth
in the economy and labor markets persists, housing will be more than ready to
weather tapering Fed activity – regardless of when it comes. Both local and
national market indicators national market indicators can't yet contradict any confidence in rising home prices or dwindling
inventory supplies. Let's take a look into your locale to see how residential real estate is faring.
In the Charlotte region, for the week ending August 17:
• New Listings increased 11.1% to 993
• Pending Sales increased 24.6% to 705
• Inventory decreased 16.1% to 15,112
For the month of July:
• Median Sales Price increased 8.9% to $180,500
• List to Close decreased 13.2% to 129
• Percent of Original List Price Received increased 2.3% to 94.6%
• Months Supply of Inventory decreased 31.6% to 5.4
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association.
August 22, 2013: USA Today: Existing home sales up 6.5% as housing recovers
Existing home sales rose 6.5% in July, reaching their highest level in nearly four years, the National Association of Realtors
said Wednesday.
Homes sold at a 5.39 million seasonally adjusted annual rate, the group said, handily beating economists' forecasts of a 5.15
million sales pace. The sales rate was up 17% from the same month last year, and the highest since November, 2009.
"We haven't had three straight months of 5 million or greater since the second quarter of 2007,'' NAR spokesman Walter
Molony said. "To go back and find a month with a higher sales volume, without the benefit of federal tax credits, you have
to go back to March 2007.''
To read more: http://www.usatoday.com/story/money/business/2013/08/21/home-sales/2680599/
August 12, 2013: Charlotte Regional Realtor Association Update:
For Week Ending August 3, 2013
As we move past the peak spring and summer selling months, one might
expect tapering activity compared to last month. But we can still expect solid
year-over-year improvement. Rates remain affordable despite recent
increases. Rising prices should continue to alleviate challenged homeowners,
which should lend to increased options for buyers. Items to watch include
Federal Reserve policy, a potential debt ceiling standoff and jobs numbers –
all of which affect the course of consumer confidence.
In the Charlotte region, for the week ending August 3:
• New Listings increased 9.7% to 1,050
• Pending Sales increased 36.5% to 834
• Inventory decreased 17.3% to 15,127
For the month of July:
• Median Sales Price increased 8.9% to $180,500
• List to Close decreased 13.2% to 129
• Percent of Original List Price Received increased 2.4% to 94.7%
• Months Supply of Inventory decreased 32.9% to 5.3
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association. Powered by 10K
Research and Marketing.
August 1, 2013: Charlotte Regional Realtor Association Update:
Nationwide, local markets have become stable enough to withstand mortgage
rate increases. Improving job and other economic sectors have fortified real,
organic housing growth. Bargain-basement deals have given way to multiple offers, stiff bidding wars and lickety-split days
on market. Inventory may still
be thin, but traditional home sellers are stepping up to the plate with new
listings. It won't be long now until the housing recovery is once again referred
to as just housing.
In the Charlotte region, for the week ending July 20:
• New Listings increased 20.3% to 1,139
• Pending Sales increased 42.8% to 837
• Inventory decreased 18.8% to 14,836
For the month of June:
• Median Sales Price increased 7.4% to $184,000
• List to Close decreased 11.0% to 132
• Percent of Original List Price Received increased 2.6% to 95.1%
• Months Supply of Inventory decreased 35.7% to 5.4
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association. Powered by 10K
Research and Marketing.
July 11, 2013: Charlotte Regional Realtor Association Update:
A fellow named Newton once said that a body in motion tends to stay in
motion. Independence Day festivities may slow market momentum and result
in slightly increased housing inertia. Each year, the activity around
Independence Day collides with market trends because the summer holiday
season ends up being more about family fun than housing fuss. As the market
shifts from under us, things like historically low interest rates and rising rents
cause pause for those with a clear idea of what they want despite the lack of
funding to achieve it.
In the Charlotte region, for the week ending June 29:
• New Listings increased 10.5% to 1,073
• Pending Sales decreased 13.6% to 828
• Inventory decreased 22.3% to 14,724
For the month of June:
• Median Sales Price increased 7.4% to $184,000
• List to Close decreased 11.1% to 132
• Percent of Original List Price Received increased 2.6% to 95.1%
• Months Supply of Inventory decreased 38.1% to 5.2
Charlotte Regional Realtor Association, June 2013
June 27, 2013: Fraudulent Internet Real Estate Listings Increasing
Consumers and Realtors have been dealing with fraudulent listings being posted on websites that allow anyone to post
information on them. The most frequently reported are Craigslist and Hotpads.com (to their credit, each site has been very
responsive to remove fraudulent listings once they have been notified).
The scam usually goes something like this: Information about a property that is actually actively listed for sale is posted on
one of the sites as a lease at a significantly reduced monthly payment. (We are talking about a house that might have a
monthly mortgage payment of $4,000 being posted as for lease as $1,300 – what a great deal, right?). The interested
consumer will contact the ‘owner’ via the site about the property. The ‘owner’ will respond that they are out of the
country on missionary work (most frequently in Africa but sometimes Asia or even just a different city outside the state).
They tell the interested, prospective renter to drive by the house to see if they like it from the outside and that they will have
to overnight the keys to them if they decide they want to lease the property. BUT the rental applicant will need to wire the
first month’s rent and the deposit first. Who would do that? Apparently, a lot of people.
One of the tips that is often recommended to prospective renters is to look at the tax records to see who the owner is.
Seems smart, right? The scammers are even smarter. In most situations, the scammer has also checked to see who the
owner is and has registered an email address with that name (i.e., if the homeowner is John Doe, they will use
johndoe@gmail.com) so you think you are dealing with the actual homeowner since the names match. It doesn’t take
more than a few minutes to create a new, fictitious email address to help pull off the scheme.
The main things to remember are that if it sounds too good to be true, then it likely is. Also don’t lease property from
someone who you have never met in person. What has tripped up many of these situations has been when the interested
renter just knocked on the door of the house. They have found out very quickly that the listing was not legitimate. So
please be aware and be cautious!
Charlotte Regional Realtor Association, June 2013
June 17 2013: Nation Market Update
The recovery of the U.S. housing market now appears to be well under way. While demand is still high even with credit
conditions constraining buyers, the low level of inventory is having a significant effect in most markets. Due to current
market conditions, April saw a significant jump in sales velocity with median days on market falling to 46 days from the
previous month’s 62 days with 44% of homes selling within one month. According to NAR Chief Economist Lawrence
Yun, April typically sees the most significant gain in inventory in any given year. Prices continued to rise in April, marking
the fifth consecutive month of double-digit gains in median price. With affordability still at historically high levels, the
market continuing to improve, and inventory lending advantage to sellers, it could be an opportune time for a well-informed
buyer or seller to enter the market.
www.kw.com
June 7, 2013: May Market Update
We're halfway through the year and it seems our collective attention has shifted
from monitoring price and sales gains to eagerly anticipating more new listing
activity on the part of sellers. This shift is the result of an imbalance between
strong demand for homes and constrained supply. In some markets, purchase
agreements are being written up directly after a showing.
New Listings in the Charlotte region increased 12.9 percent to 5,111. Pending
Sales were up 25.8 percent to 3,970. Inventory levels shrank 27.5 percent to
14,312 units. Prices turned higher. The Median Sales Price increased 4.8 percent to
$173,000. List to Close was down 7.1 percent to 138 days. Absorption rates
improved as Months Supply of Inventory was down 46.5 percent to 5.0 months.
Interest rate risk is back in the headlines after Fed chief Ben Bernanke's latest
testimony on Capitol Hill. The Federal Reserve Bank is considering decreasing
its $85 billion a month bond asset purchases, which have been holding interest
rates at or near historic lows. This is mostly the result of an improving jobs
market, which is a good thing for real estate.
All data from Carolina MLS, provided by the Charlotte Regional REALTOR® Association.
May 20, 2013: Simple Home Improvements to help your house sell quickly!
Basic Improvements are important and don't cost much if you do them yourself.
Freshening the rooms with a nice coat of paint comes first. If you have rooms or walls that are odd colors, paint these
rooms in beige and install new electrical outlet covers. Check the woodwork to see if it needs to be touched up.
When faucets in the kitchen and master bath are showing their age, replace them with new faucets that have a modern
style.
The same is true for light fixtures. Sparkling new fixtures on a newly painted ceiling actually gives you a new room.
The Kitchen is important. If you have a few thousand dollars to spend on a project, decorators say new countertops are a
good choice. Some choices are quartz as in Caesarstone or Cambria, Duponts' Zodiaq or solid surface Corian, or Eco's
Cosention or IceStone.
On the outside, paint the window frames and the front door. The door is especially important and can be made a
contrasting color, like red.
Make sure the trim around the roof isn't chipped and that your gutters and downspouts are properly attached.
If the roof has dark streak or two, a roof-cleaning company can make it look new again. Black Streaks are caused by
bacteria known as gloecaspa magma (algea growth). A professional roof cleaning will take them away.
May 6, 2013: April 2013, Monthly Indicators Report: The S&P/Case-Shiller Home Price Index recently showed that
home prices in 20 major metropolitan areas had increased at the strongest pace since the bubble years. At long last, major
national indices are telling the story that local MLS data users have known for months or even years. Yes, the housing
market is recovering. The recovery varies by geography and market segment, but things are certainly better than they have
been and are showing no signs of letting up.
Avg List price 2013 $266,933 vs. 2012 $254,338 +5%
Avg Sales price 2013 $205,933 vs. 2012 $197,399 +4.3%
Median Sales price 2013 $160,000 vs. $151,500 +5.6%
Closed Sales 2013 9,738 vs. 2012 7,421 +31.2%
Carolina Mutiple Listing Service, May 6, 2013
April 26, 2013: 3 Serious Signs that Market Recovery is Real
Each month, Trulia's Housing Barometer charts how quickly the housing market is moving back to “normal.” They
summarize three key housing market indicators: construction starts (Census), existing home sales (NAR), and the
delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the
numbers got at their worst and (2) their pre-bubble “normal” levels.
In March 2013, construction starts and the delinquency + foreclosure rate improved:
• Construction starts rocketed to a new post-bubble high. Starts were at a 1,036,000 seasonally adjusted annualized
rate – up 7% month-over-month and 47% year-over-year – which is the highest level since June 2008. In March, 38% of
new starts were in multi-unit buildings, compared with the typical level of 20%. Construction starts are now 55% of the
way back to the normal level of 1.5 million from their low during the bust.
• Existing home sales went down a bit. Sales fell 0.6% in March to a seasonally adjusted annualized rate of 4.92 million
homes. That’s a 10% increase over one year ago. Excluding distressed sales, conventional home sales were up 23% year-
over-year in March. Also, inventory rose even on a seasonally adjusted basis for the second month in a row. Overall,
existing home sales are 66% back to normal.
• The delinquency + foreclosure rate dropped yet again. The share of mortgages in delinquency or foreclosure dropped
to 9.96% in March, down from 10.18% in February and 10.98% in March 2012. The combined delinquency + foreclosure
rate is 48% back to normal and at its lowest level since October 2008.
Averaging these three back-to-normal percentages together, the housing market is now 56% of the way back to normal, up
from 54% in February and 43% six months ago in September. One year ago, the market was only 33% back to normal –
so the last year has been a significant recovery. Furthermore, this month’s improvement is even better than it looks with
the shift of sales from distressed to conventional and early signs that the inventory crunch may be easing, which will bring
some relief to would-be homebuyers.
Trulia April 26, 2013: http://pro.truliablog.com/industry-2/housing-market-nears-60-back-to-normal/?
ecampaign=tnews&eurl=pro.truliablog.com%2Findustry-2%2Fhousing-market-nears-60-back-to-normal
April 16, 2013: Charlotte ranked #8 in the Next Biggest Boom Town in the U.S. by Forbes Magazine
Charlotte's low housing prices and short commute times makes it an attractive city for families looking to raise children. At
the same time, it is building the infrastructure -- roads, cultural institutions, etc. -- critical to future growth. Charlotte's
bustling airport may never be as big as Atlanta's Hartsfield, but it is increasingly plugged into both major national and
international routes.
http://www.forbes.com/pictures/edgl45fkm/no-8-charlotte-n-c-tie/
April 9, 2013: How to Keep Safe this Spring
Home Safety Tips from the CMPD monthly newsletter
If you are concerned about residential burglaries in your neighborhood, you do not have to feel powerless to change the
situation. Most residential burglars look for crimes of opportunity. They pick what appears to be an easy mark. There are
many steps that you can take to keep your home and your neighborhood safe. The most important step is for you and your
neighbors to work together.
What can you do?
• Never allow people you do not know into your home, such as a door-to-door sales person, a person asking to use the
phone or looking for a neighbor.
• Always keep your doors and windows locked day and night.
• Never leave your garage door open.
• Don't have your valuables visible through windows.
• Keep ladders locked in the garage. Burglars can use them for access to otherwise inaccessible second story windows.
• Don't forget when going on vacation to hold or to have someone pick up your mail/newspapers.
• Don't hide a key outside for visiting friends and relatives.
• Don't advertise new gifts or purchases. Break up the cartons before leaving them at the curb.
• Call the police immediately when you see suspicious persons or activities
• Get to know the police officers in your area.
To receive a monthly newsletter about crime in our response area and crime prevention tips from our community police
officers go to
http://charmeck.org/city/charlotte/CMPD/response-areas/Pages/SouthDivision.aspx
April 1 2013: Tackle Spring Projects
With spring finally here, why not throw open the windows and tackle those projects that projects that you’ve been putting
off all winter!
Trim Branches so that they are 10 ft away from your roof.
Touch up peeling paint.
Have your air conditioning unit serviced and make sure that leaves and debris are removed.
Seal any leaks around door and windows.
Reseal natural stone surfaces and repair grout in bathrooms.
I am on your side if you need any help tackling any of these projects or any improvements to your home!
As always, please be sure to share my contact information with anyone you know who may need real estate advice.
March 18, 2013: March 2013 Market Update
The national housing market is showing positive improvement. The main trend to call attention to is the Seller’s market.
Home prices continue to rise steadily above year-ago levels, and housing demand has strongly picked up, resulting in low
levels of inventory in many regions across the country.
“Tight inventory is a major factor in the market,” states NAR Chief Economist Lawrence Yun. “Buyer traffic is continuing
to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40% above a year ago.” Inventory is low for a
number of reasons: Housing demand has picked up, banks have slowed the pace of foreclosures, and many homeowners
who wish to sell their homes simply cannot because the do not have enough equity to make a down payment on their next
home. However, as home prices continue to rise and more people can afford to sell their homes, inventory levels will
increase.
NAR President Gary Thomas claims, “The typical home is selling nearly four weeks faster than it did a year ago.” Now
marks one of the most favorable times in market history to buy or sell a home. There is an urgency to buy now while
mortgage rates are at record lows and before home prices increase more significantly.
www.kw.com
March 8, 2013: Home Prices Expected to Rise at least 3.3 Percent Annually through 2017
The housing recovery is expected to grow at an annualized rate of 0.6 percent through the third quarter of this year, then
gain momentum and prices are projected to grow 3.7 percent between the third quarters of 2013 and 2014 until settling
down to 3.3 percent annual increases over the next three years according to Fiserv, a financial services technology
provider using data from the Federal Housing Finance Agency (FHFA).
Both home prices and home sales volumes increased steadily last year, making 2012 the first positive year for both prices
and sales since the housing market crash, excluding gains induced by the home buyer tax credits in 2009 and 2010.
"Although some recent real estate activity has been speculative, it seems as if buyers have more realistic expectations about
housing market returns after having lived through the largest housing market crash in U.S. history," says David Stiff, chief
economist, Fiserv.
"2012 was the first year since 1997 that the housing market has resembled something recognizable as normal. For the past
15 years, home price changes and sales volumes have either been boosted by a bubble mentality or crushed by crash
psychology," continues Stiff.
"Back in 1997, housing prices grew 3 percent, just below the 5 percent long-term average rate of appreciation. From 1998
to 2006, prices appreciated at levels above 5 percent, with double-digit price increases in many of those years. Then, after
2006, the market collapsed as euphoria turned to panic. It took until the end of 2011 before housing markets finally started
to stabilize. The latest Case-Shiller results show a return to a historically normal pace of price appreciation in the last year."
The recovery in home prices has been solid and broad-based. At the end of the 2012 third quarter, prices were rising in
approximately 62 percent of all U.S. metro areas, compared to 12.5 percent in the same period a year ago. Average U.S.
home prices increased 3.6 percent from the third quarter of 2011 to the comparable period of 2012. Many of the metro
areas that suffered the most severe declines during the housing market crash enjoyed the highest price increases in that
period.
Fiserv Case-Shiller projects that by the end of 2013, home prices will be rising in nearly every metro area in the U.S. Some
markets may experience short-term double-digit price jumps that could be partially reversed by price declines as large
tranches of bank-owned inventory (REO) are liquidated. In other markets, price appreciation will slowly return to normal
rates as home buyers regain confidence that the market has found its footing.
Stiff cautions that the parallels to previous years should not be overstated. Unlike in 1997, there are millions of homes with
delinquent mortgages, in the foreclosure process, or in REO inventories listed for sale or waiting to be sold. But many
trends are positive. With both prices and mortgage payments at historic lows relative to income, Fiserv Case-Shiller expects
stronger demand for housing, and the sector once again having a positive impact on the economy.
"The number of new housing units being built per household is near a record low. As momentum in the housing market
builds, we will see the residential real estate sector once again make large contributions to the economic recovery. If
residential investment - which encompasses all direct spending on residential real estate construction and activity - returns
to its 1997 level over the next two years, then housing will boost overall economic growth by 0.5 percentage points in 2013
and 2014," Stiff continues.
"In all of the bubble-crash markets, foreclosures will have a persistent but diminishing drag on price appreciation. Since the
timing of the disposition of foreclosed properties can be highly uncertain, we will witness choppy price movements as
individual metro markets stabilize. For example, in late 2011, prices in Atlanta dropped sharply because of a substantial
jump in REO sales, and it is possible that we will see similar, temporary price declines in other markets as subsiding waves
of foreclosed properties buffet these markets. In other markets, investor demand is quickly absorbing listed REO
properties, and as a result, foreclosures are no longer pulling home prices downward," Stiff says.
The Fiserv Case-Shiller Indexes, which include data covering thousands of zip codes, counties, metro areas and state
markets, are owned and generated by Fiserv. The historical and forecast home price trend information in this report is
calculated with the Fiserv proprietary Case-Shiller indexes, supplemented with data from the FHFA. The historical home
price trends highlighted in this release are for the 12-month period that ended September 30, 2012. One-year forecasts are
for the 12 months ending on September 30, 2013. The Fiserv Case-Shiller home price forecasts are produced by Fiserv
and Moody's Analytics.
RISMedia.com
February 21, 2013: Home Preparations for Spring
The number of homes on the market generally rises in March, with sales peaking in April and May before settling down in
midsummer. With snow on the ground and a chill in the air, it may not feel like spring is right around the corner - but if
you are planning to list your house for sale this spring, now is the time to get a head start on projects that will help ensure
that you're ready for an early spring listing.
Most people know that putting a house on the market requires a good deal of preparation. The earlier you can get started,
the less pressured you'll feel as listing day approaches. Remember that some "minor" repair projects can end up taking
more time than expected, particularly if you are trying your hand at something you haven't done before.
Your first step is to stand back and take a thorough, objective look at your house. Ask yourself a few questions. What
projects have you been meaning to get started? Are any of them pressing? Would completing all of them improve your
chances of a sale? Beyond projects you've already considered, are there a few more that might make your home more
attractive to potential buyers?
Here are just a few improvements you might want to consider. Some of them, you can probably do yourself, but if you
don't consider yourself "handy," enlist a contractor ASAP to help with the projects that are beyond your ability to do well:
Make small repairs and replacements. Small fixes can lead to big appeal. Do you need to do some caulking in your
bathroom or work on cleaning or replacing the grout between tiles? Fix leaky faucets or replace them entirely. Make sure
that your toilets aren't running and that any appliances that will be included in the sale of the house are working properly. If
tiles are cracked or chipped, now is the time to replace them. Take a can of WD-40 to squeaky hinges. And don't forget
your floors. Steam-clean your carpets or have them professionally cleaned. Also consider the shape of your hardwood
flooring. If they are a little dull, simply buffing them could shine them up.
Spruce up your rooms with coats of fresh paint. Painting takes a while, and if you're doing it yourself, you want to make
sure that you do a thorough, professional job. Painting your trim (including baseboards, which get dingy quickly) can really
brighten a room, while touching up the dings and scratches on your walls is a must. If you are painting full walls and
rooms, remember that neutral colors work in your favor when selling your home. Potential buyers are better able to see
you house as a blank canvas awaiting their sense of style.
Update your fixtures. Make a stop at Home Depot or Lowe's. Without spending a lot of money, you can easily swap out
drawer pulls and door knobs that are in poor shape or just look "dated." Don't use anything too splashy, and take care to
see that the fixtures in a room or area all match. Make sure your light bulbs not only work well, but provide enough bright
lighting to really make your house stand out during showings.
Start spring cleaning a little early. Clean out those closets, the attic, the garage, the basement, and the shed in the backyard.
Start boxing up seasonal items for removal to a storage unit or a family member's house. De-clutter the cupboards and
drawers in your kitchen and pantry. And stow any knick-knacks that make your home look "busy."
Don't forget the outside of your house. Winter can be hard on a home, so check the exterior of your house for any damage
caused by winter storms. Once the snow starts to melt, repair and replace broken gutters and drain spouts and repaint
wooden steps and railings that have taken a beating in the weather.
With a little forward thinking, you can spread out the work required to get your home into tip-top shape. Start now, before
the weather gets nice and spring fever sets in. When it comes time to list your house, you will have avoided the mad
scramble that other sellers are making to whip their homes into shape for sale.
Realtor.com
February 15, 2013: February 2103 Market Update
The Conclusion of 2012 paints a promising picture for 2013 and the national housing market. Falling inventory levels
coupled with record-low mortgage rates, which drive high levels of demand, continue to drive home prices upward.
NAR Chief Economist Lawrence Yun states that this pent-up demand is sustaining the market and that “record-low
mortgage interest rates clearly are helping many home buyers, but tight inventory and restrictive mortgage underwriting
standards are limiting sales.”
He goes on to say that anticipated job creation and household formation will continue to fuel confidence growth in the
housing market. He expects both sales and prices will once again be higher in 2013. NAR President Gary Thomas claims,
“The biggest impact of tight inventory is upward pressure on home prices, but after values fell below replacement
construction costs, prices are still affordable in most of the country.” While mortgage rates are expected to stay low for
the first half of the year, and home prices still remain affordable for most, there is an urgency to buy now, before home
prices increase more significantly.
Keller Williams Realty
February 4, 2013: Encroachment vs. Easement, do you know the difference?
I have heard many people use these terms inaccurately. Please see definitions below:
Encroachment - A building or some portion of it - a wall of fence, for instance - that extends beyond the land of the owner
and illegally intrudes on the land of an adjoining owner or on a street or an alley.
Easement - A right to use the land of another for a specific purpose, such as for a right-of-way or utilities: an incorporeal
interest in land.
January 25, 2013: 9 Simple DIY Weekend Decorating Projects
As you look around your home, you’re probably wishing you had some extra time on your hands to make a few
renovations or to handle a few extra redecorating projects. But, you already have the time – it’s called the weekend! In that
short 48-hour time span, there’s a lot of work you can get done. Even if you pick one task per weekend, that’s four
decorating projects c-
3. Transform the Fireplace
The fireplace is the focus of the room during the cold, winter months but what do you do with it for the other eight
months out of the year? Once winter’s chill has left, clean out the fireplace and decorate the hearth with a variety of low-
maintenance plants and add a touch of vibrancy to the room. Succulents work nicely because they don’t require a lot of
watering or sunlight. Use tiered plant pot holders for a truly beautiful look that will also cover up the unsightly cinder stains
on the inside of the fireplace. Or, for a complete re-do, you can even consider painting the fireplace!
4. Install Some Molding
Crown molding makes a room feel and look larger than it really is, and it’s not really that difficult to install, especially when
you use specially-made corner pieces that eliminate the need for cutting perfect mitered edges. In fact, once you get the
hang of it, you might be able to install it in all of your rooms before the weekend is over.
While you’re at it, you can also install chair railing or update your baseboards with a newer, more modern style.
5. Unify Your Picture Frames
Odds are the picture frames that adorn your walls have been purchased over a long period of time, so no two probably look
alike. But, if you take them all down and paint the frames all the same color, they will suddenly look as if they all belong
together. In addition, this will help give your room the color accent it’s been missing.
6. Update the Kitchen Cabinet Hardware
Forget about the old brushed nickel cabinet knobs. Today, hardware stores have a ton of different varieties to choose from.
Pick a style that best reflects your home and replace the knobs in your kitchen for a quick and easy kitchen makeover.
7. Makeover Your Lamp Shades
Adding some fabric, beads or ribbons to your lamp shades will turn them from drab to fab. Choose a color scheme that
compliments the room and your friends won’t stop asking you, “Where did you purchase those beautiful lamp shades and
how much did they cost?”
8. Redecorate the Bedroom
All you need to redecorate your bedroom is some fresh paint, some new curtains and a new comforter and voila – you
have a freshly redecorated bedroom. The bulk of your time will be spent re-painting the bedroom and that won’t take that
long at all, so go ahead and start planning your bedroom’s new look.
9. Add Some Fresh Flooring
If you have hard surface floors, add some color and style to the room by incorporating a few area rugs and/or carpet
runners. This is an especially good idea come winter time as the carpet will help keep your feet off the cold floor and help
insulate the room.
Realtor.com
January 18, 2013: Closings, prices hold steady across the region in December 2012
CHARLOTTE, N.C. – Charlotte Regional Realtor® Association reports on the residential real estate market in this region
based on Carolina Multiple Listing Services, Inc. (Carolina MLS) data. Carolina MLS sales ended the year positively.
December 2012 closings (2,339) were up 23.4 percent compared to December 2011, when closings totaled 1,896.
Both the median and average sales prices posted increases at year-end to cap off a year’s worth of year-over-year gains.
The average price in December 2012 ($205,537) was up 7.9 percent compared to December 2011 ($190,565), and the
median price ($158,925) was up 2.5 percent over December 2011 ($155,000).
The average list price in December 2012 ($222,888) increased 4.5 percent over December 2011 ($213,210), bringing the
percent of original list price received measure to 92.3 percent compared to 90 percent last December. Demand across the
region continues to be strong with pending sales totaling 2,150, an increase of 33.5 percent over the previous period when
contracts totaled 1,610.
New residential listings (2,342) decreased 1.7 percent compared to December 2011 when new listings totaled 2,383.
Inventory continued its downward trend, decreasing 27.7 percent compared to December 2011, leaving the Carolina MLS
region with a 5.3-months’ supply of homes for sale and edging closer to a seller’s market.
The average number of days a property was on the market from the time it was listed until it closed (list to close) totaled
156 days, which is a decrease of two days compared to last December. Days on Market (DOM), the metric that accrues
for “Active” and “Under Contract-Show” statuses only, totaled 115 days compared to 122 days December 2011.
Foreclosures and short sales within Carolina MLS continued to trend down. Distressed properties accounted for only 14.8
percent of new listings compared with 19.8 percent in December 2011. 15.6 percent of all closed sales in December 2012
were distressed, which is down from 17.7 percent in December 2011. Foreclosure sales were brisk; the list-to-close
figure was 59 days for single-family homes and 38 days for townhome-condo properties. Short sales continue to take
longer to sell and averaged 167 days for both property types (single-family and townhome-condo).
2013 Association/CarolinaMLS President Eric Locher said, “Charlotte’s housing market has shown steady signs of
improvement over most of 2012 and could be called the year our local recovery started. With some of the uncertainty on
the federal level temporarily averted, we’re hopeful these trends will continue through what is generally considered a slower
selling season.”
The Charlotte Regional Realtor® Association is a trade association that provides its more than 6,000 Realtor® members
with the resources and services they need to conduct ethical, professional, successful and profitable businesses. The
association is dedicated to being the region's primary resource for residential real estate information. The association
operates the Carolina Multiple Listing Services, Inc. (CMLS), which has approximately 7,300 Subscribers and is the private
cooperative Realtors® use for access to tens of thousands of residential listings in a multi1/8/2013
Contact: Kim Walker county service area, including the high-growth Charlotte area and counties outside this service area.
Kim Walker, CRRA
January 7, 2013: Interest rates continue to be low, reaching record rates (3.34% for 30 yr fixed). National Association of
Realtors, President Gary Thomas states, “Even with rising home prices, we’ll continue to see favorable housing
affordability conditions over the coming year, but they won’t last forever. Inflationary pressures are expected to build
during the next two years. As a result, mortgage interest rates will also rise with inflation. Buyers who are currently held
back by tight mortgage credit standards should work to improve their credit scores, so they’ll be able to qualify for a
mortgage while conditions are still favorable”.
December 12, 2012: Keller Williams ranked "Highest in Overall Satisfaction for Home Buyers and Sellers Among National
Full Service Real Estate Firms"
Keller Williams received the highest numerical score among full service real estate firms for home buyers and home sellers
in the proprietary J.D. Power and Associates 2012 Home Buyer/Seller Study. Study based on 2,994 total evaluations
measuring five firms and measures opinions of individuals who bought or sold a home between March 2011 and April
2012. Proprietary study results are based on experiences and percentages of consumers surveyed March - May 2012.
December 5, 2012: Average your utility costs for the previous 12 months and have it available when you sell your house to
give to prospective buyers to review when they are looking at your home.
November 21, 2012 Helpful Tips to Keep you and your Home Safe Throughout the Holiday Season.
Holiday Home Safety Tips –
• Keep windows, garages, and sheds locked, and don’t forget to use deadbolts.
• Use timers to turn on lights and a television or radio
• Maintain at least a foot of space between a burning candle and anything that can catch fire.
• When hanging lights outdoors, avoid using staples or nails which can damage wiring. Use UL – rated clips or wires
instead.
• Don’t overload electrical circuits with holiday lighting; unplug your tree and outdoor lights before going to bed.
• Don’t leave a spare key in a “hiding place”. Burglars know where to look.
• Lock your power box with an electricity authority lock (lock to which you and the electric company have a key) so
that your home security is enforced.
November 13, 2012 Seeds of a Housing Shortage
The market is looking much improved today, with home sales and prices heading up. But within this improvement are the
seeds of a long-term challenge: falling inventories.
The inventory of existing homes is at its lowest level in 7 years, while newly constructed home inventory has hit a 50-year
low mark. Falling inventory is causing home prices to shoot up higher and faster than most analysts anticipated. The
national median price of transacted homes was up 9.5 percent in August. Other price measures, like Case-Shiller and the
Federal Housing Finance Agency price index, which look at price changes in sales of the same properties over time, have
been rising as well, at double-digit annualized rates in recent months. Of course, not all markets are this robust.
As winter approaches, inventory will slide further. Few homes are newly listed after Thanksgiving. Historically, inventory
tends to be 15% lower in winter than summer. Last year’s seasonal decline was even more dramatic, at 25%. Hopping
there will not be an inventory decline of that magnitude this winter. Home values rising much faster than income growth
will markedly cut into housing affordability.
But that may well be what’s in store. Distressed home listings will continue to fall because fewer borrowers are now
seriously delinquent. Home construction is up, but only reaching half of the historic average of housing starts. Even the
many pent-up sellers – those normal, non-distressed homeowners who have been holding back for better market conditions
– will not help the net inventory situation, because most of them will be selling to buy a trade-up property.
Slight seasonal relief should come in March, just as the spring buying season gets underway. But a deeper and longer-term
issue to watch out for is the increasing possibility of a housing shortage across many parts of the country.
http://economistsoutlook.blogs.realtor.org
October 18, 2012: How Much Income Do You Really Need to Buy a Home?
If you’re in the market for a new home, chances are you’ll have to compromise at some point along the way. Maybe you’ll
have to commute a little farther than you’d like in order to get the best value for your money. Or perhaps you’ll forgo a
huge backyard to be closer to the city.
And when it comes to finances, you might find a disparity between how much house you want and how much house you
can purchase given your gross monthly income and other factors.
Home loans are made against your ability to repay. While the mortgage loan is secured against the house, it is really made
against your income. That’s what mortgage lenders look for — income to offset liabilities.
Simply put, the amount of income you need to purchase a house will vary by your payment comfort level, including any
other monthly debt obligations you might have.
Important terms
Mortgage payment: Principal, interest, property taxes insurance and mortgage insurance, if needed
Consumer debts: Minimum payment obligations on things such as auto loans, credit cards, student loans, personal loans
and installment loans
Other debt obligations: Alimony and/or child support or any other court-ordered repayment obligations
Running the math
Here’s a simple formula to calculate the amount of income you’ll need to purchase a home:
Target mortgage payment + consumer debts ÷ .36 = Gross monthly income needed to qualify
Most lenders limit your debt-to-income ratio (how much of your monthly income pays debt) to between 36 percent and 45
percent. While the exact ratio varies by lender and loan type, it’s best to base your calculations on the lower end to ensure
that you won’t overextend yourself financially.
So, if your target mortgage payment is $2,000 per month and you have consumer debts of $300 per month, you will need
$6,388 gross monthly income to offset your housing expenses and consumer obligations.
Down payment
Your down payment is another important factor in determining how much income you’ll need to buy a home.
Consider the following loan scenario using a purchase price of $300,000 (assuming no other debts) and the current rates
on Zillow Mortgage Marketplace.
Conventional loan
• Down payment: 5 percent ($15,000)
• Interest rate: 3.26 percent
• Approximate mortgage payment: $1,770
• Gross monthly income needed: $4,916
So at the end of the day how much income you need to purchase a home is predicated on your monthly income, consumer
debt obligations and down payment.
Impact of debt
For every dollar of debt, you will need double that in income. So if you have a $300 car payment, you’ll need at least $600
per month or more in income to offset that debt.
Debt erodes income, and less income translates to less purchasing power.
So, does buying a home make sense?
Yes, so long as the amount you can borrow for your desired purchase price is in sync with your debt obligations and, of
course, your down payment.
Related:
• How Your FICO Score Affects Your Ability to Get a Mortgage
• 10 Reasons Why You Can’t Buy a House
• 4 Things to Know About Mortgage Insurance
Scott Sheldon is a senior loan officer and consumer advocate based in Santa Rosa, California. Scott has been seen in
Yahoo! Homes, CNN Money, Marketwatch and The Wall Street Journal.
October 10, 2012: Do you know with the current interest rates you can AFFORD to buy MORE?
Please call Jennifer Lew Jennifer Lew / 704-591-5542 / jmlew2@yahoo.com with any questions.
Sept 27, 2012: Winterize now to avoid costly repairs later
Helpful hints to protect your home as the thermostat drops.
Start Saving!
• Inspect your roof and replace any damaged or missing roof shingles.
• Make sure gutters and down spouts are free of leaves and debris.
• Consider a fresh coat of paint or sealer on your deck
• On a windy day, close your windows and feel for air leaks.
• Seal any leaks with rope caulk.
• Install weather stripping on the sides or bottoms of any leaky doors.
• Insulate exposed plumbing.
• Remove leaves or debris from your air conditioner’s condensing unit, cover for winter.
• If you haven’t had your fireplace chimney cleaned in a few years, hire a professional chimney sweep.
If you need recommendations for local professionals who can perform this or any other work around your home, I can
help!
Jennifer Lew / 704-591-5542 / jmlew2@yahoo.com /www.jenniferlew.net
Sept 21, 2012: Tips for Home Sellers
When looking to sell, your home’s appearance can be the difference between it sitting on the market or selling quickly.
Updating your property can be one of the easiest and most cost-effective ways of adding value to your home. Here are
some tips to get your house looking great:
1. Perform the most common updates. On average, someone who intends to sell their home spends about 1/3 of what
they would spend during the entire time in that home. The most common updates are painting, flooring, and lighting – all
of which have cost effective options.
2. Make improvements. Improving your property can be critical to selling a home. According to market research,
only 23% of the market sold were homes considered to be outdated while 76% were fairly to very up-to-date. Making
improvements is one of the more beneficial things a seller can do to help increase the appeal of their home.
3. Focus on the little things. Updating your house for sale doesn’t have to mean remodeling the whole place.
Focusing on individual items that really need updating will make a big impact. Putting a fresh coat of paint or replacing old
hardware on your cabinets could be the thing that helps get your house sold.
September 6, 2012: Beginning January 1, 2013, a new 3.8 percent tax on some investment income
will take effect. Since this new tax will affect some real estate transactions, it is important to clearly understand the tax and
how it could impact you. It’s a complicated tax, so you won’t be able to predict how it will affect every transaction.
Top Ten Things You Need to Know About the 3.8% Tax
1) When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a
joint tax return), you will NOT be subject to this tax.
2) The 3.8% tax will NEVER be collected as a transfer tax on real estate of any type, so you’ll NEVER pay this tax at the
time that you purchase a home or other investment property.
3) You’ll NEVER pay this tax at settlement when you sell your home or investment property. Any capital gain you realize at
settlement is just one component of that year’s gross income.
4) If you sell your principal residence, you will still receive the full benefit of the $250,000 (single tax return)/$500,000
(married filing joint tax return) exclusion on the sale of that home. If your capital gain is greater than these amounts, then
you will include any gain above these amounts as income on your Form 1040 tax return. Even then, if your total income
(including this taxable portion of gain on your residence) is less than the $200,000/$250,000 amounts, you will NOT pay
this tax. If your total income is more than these amounts, a formula will protect some portion of your investment.
5) The tax applies to other types of investment income, not just real estate. If your income is more than the $200,000
/$250,000 amount, then the tax formula will be applied to capital gains, interest income, dividend income and net rents (i.e.,
rents after expenses).
6) The tax goes into effect in 2013. If you have investment income in 2013, you won’t pay the 3.8% tax until you file your
2013 Form 1040 tax return in 2014. The 3.8% tax for any later year will be paid in the following calendar year when the
tax returns are filed.
7) In any particular year, if you have NO income from capital gains, rents, interest or dividends, you’ll NEVER pay this
tax, even if you have millions of dollars of other types of income.
8) The formula that determines the amount of 3.8% tax due will ALWAYS protect $200,000 ($250,000 on a joint return) of
your income from any burden of the 3.8% tax. For example, if you are single and have a total of $201,000 income, the
3.8% tax would NEVER be imposed on more than $1000.
9) It’s true that investment income from rents on an investment property could be subject to the 3.8% tax. BUT: The only
rental income that would be included in your gross income and therefore possibly subject to the tax is net rental income:
gross rents minus expenses like depreciation, interest, property tax, maintenance and utilities.
10) The tax was enacted along with the health care legislation in 2010. It was added to the package just hours before the
final vote and without review. NAR strongly opposed the tax at the time, and remains hopeful that it will not go into effect.
The tax will no doubt be debated during the upcoming tax reform debates in 2013.
National Association of Realtors, Washington, DC July 2012
August 24, 2012: August 2012 Market Update
The national housing market continues to recover, indicated by a balanced supply of inventory and increasing home prices
across the country. National Association of Realtors (NAR) President Moe Veissi states, “The very favorable market
conditions are helping to unleash a pent-up demand, which is why housing supplies have tightened and are supporting
growth in home prices.”
However, rising demand has led to tight supplies of affordable homes for the first-time home buyers, who now only
represent 32% of purchasers. NAR Chief Economist Lawrence Yun claims “a healthy market share of first-time buyers
would be about 40%, so these figures show that tight inventory in the lower price ranges, along with unnecessarily tight
credit standards, are holding back entry-level activity.”
Regardless, with the market heating up and mortgage rates continuing to hit record-lows now is one of the most favorable
times in history to buy a home.
Keller Williams Realty August 2012
August 15, 2012: The popular H&M retail Store is headed to Charlotte!
According to the Charlotte blog Restaurant Traffic, H&M, one of Charlotte's longest-sought retailers, is heading to town.
According to Restaurant Traffic, H&M will open in SouthPark mall and Northlake Mall. The retailer had reportedly looked
at space in SouthPark previously, but couldn't find the right space. And Northlake still has plenty of open space at its
shuttered Borders bookstore.
Restaurant Traffic is run by leasing professionals in Charlotte, including David Tschirhart of Legacy Real Estate Advisors.
They usually post news about (surprise) new restaurant space being leased, but with the depth of their retail contacts they
are usually pretty reliable.
"H&M has locations in Raleigh and Winston Salem but now will have a presence in the largest city in North Carolina. No
firm date on when they will enter the market but they are coming," Restaurant Traffic writes.
With The Container Store at SouthPark open and Whole Foods opening soon, adding H&M to the mix would fill one of the
last remaining hipness holes in Charlotte's retail scene. It might also assuage the city's chronic complaints about why
Raleigh and other N.C. cities seem to get every major retailer before Charlotte.
Read more here: http://obswhatsinstore.blogspot.com/2012/08/report-h-headed-to-charlotte.html#storylink=cpy
August 6, 2012: Cleaning up your Credit to Buy a Home? Things you should know about 0% credit cards
"Here's a $5,000 loan -- interest-free -- for at least a year! Apply for a 0% credit card today." That's what roughly a quarter
of credit cards essentially are offering these days, according to a first-ever survey by CreditCards.com, a Bankrate-owned
website.
No-interest credit cards, which are interest-free for a limited time, are more common than they were just two years ago.
Card issuers want to beef up their customer counts and are offering zero percent credit card promotions to bait Americans
who don't pay off entire balances every month or who want to slash the interest cost on existing card debt.
There's no doubt these credit card offers are enticing and can be a good deal if used correctly. But before clicking or
checking "I accept" to get your new zero percent credit card, consider these five tips to make sure your decision is the
right one.
Just because the no-interest credit card offer showed up in your mailbox doesn't mean you'll get it, says John Ulzheimer,
president of consumer education at credit monitoring service SmartCredit.com. Issuers prescreen before sending out their
pitches, but your credit score could change for the worse by the time you fill out the application.
Issuers want cardholders who pose the smallest risk of default, so consumers typically must have a great FICO credit
score -- well into the 700s -- to qualify for a zero percent credit card, Ulzheimer says. Those with credit below the optimal
standard may still qualify for a low interest rate, but it might not be zero.
Finally, even if you qualify for zero interest, watch your financial behavior during the introductory period. If your credit
slips, you may be hit with a relatively high interest rate after that teaser period expires, Ulzheimer says. If you have a
remaining balance at that time, the interest could sting.
Credit card sign-up bonuses can pad your miles or rewards points right out of the gate, or even plump your wallet almost
immediately if it's a cash-back offer. There's a good reason that nearly half the no-interest credit cards in the survey
offered a sign-up bonus. They're sexy and can be moneymakers for the issuer.
But remember: Bonus goodies lose their value when you start charging unnecessarily just to get the incentive. Many
bonuses require cardholders to meet a spending threshold within a specific time frame.
If you spend more than you typically do to get the incentive, you run the risk of getting stuck with an outstanding, rolling
balance. And if you carry that balance until the end of the introductory period, guess what? You'll have to pay interest.
The risk of paying is higher if the credit card offers zero interest only on balance transfers, but gives a bonus for
purchases. If you spend enough to get the bonus, you'll be charged the purchase interest rate almost immediately, if you
can't pay off your balance entirely each month.
Sure, a new credit card looks good with zero interest. But how will it look after the intro period ends and the rate goes
higher?
Consumers should always consider the go-to annual percentage rate, or APR, as well as other card features such as the
annual fee and rewards program, says Bill McCracken, CEO of Atlanta-based Synergistics Research Corp. If the go-to
APR is higher than your current credit cards, it probably doesn't make sense to use the new card after the intro period
expires, especially if you revolve balances. The same is true if the annual fee is too much.
And don't forget rewards. Will you use that program after the zero percent interest deal ends? Or, do you have another
card with better rewards?
It's possible to open a card to take advantage of its teaser period perks and then close it, but that strategy comes at its own
cost.
Your credit score takes a small hit every time a card issuer pulls your credit report to see if you qualify for a new card. A
new card also shortens the overall age of your accounts, which dents your score. Lastly, closing an account reduces the
amount of available credit, another ding to your score.
The best way to take advantage of a zero percent credit card is to pay down a huge debt transferred from an existing credit
card during the introductory period, says Ulzheimer of SmartCredit.com.
The key is to make sure the math works in your favor. Most credit cards charge a balance transfer fee of about 3 percent
of the amount transferred, so keep that in mind if you're moving over a high balance.
Also, make sure you can pay off your debt (or reduce it substantially) by the time the new card's zero percent intro period
is up. Otherwise, you'll be stuck paying interest, possibly at a higher rate than what was on your original card.
Finally, you may not be able to transfer the entire balance to the new card, says Linda Sherry, director of national priorities
at watchdog group Consumer Action.
"Your balance may be (so) large that the new issuer won't accept it," she says.
Only those with "stellar credit" get big credit lines for balance transfers, Sherry says. So, check the fine print on card
offers to see if there are any caps on balance transfer amounts.
Some spendthrift cardholders may find a no-interest credit card for purchases will tempt them to buy more than they
should during the introductory period. And if you end up revolving that balance through the end of the teaser time, you've
just racked up debt that will accrue interest, possibly at a higher rate than your other cards.
Zero percent credit cards on purchases are a good idea only for consumers who plan to make one big buy, such as an
appliance or furniture that's beyond their monthly budget, and will pay it off during the interest-free period, says
McCracken of Synergistics Research.
"If it's an amount a consumer can pay off during the intro period, take advantage of it," he says. "Divide it up in equal
payments."
Of course, the retailers themselves often offer these types of short-term, interest-free deals, but the rates after the grace
period ends are often "Draconian," says McCracken, even compared with the highest credit card rates.
Read more: 5 Tips If Youre Tempted By A 0% Credit Card | Bankrate.com http://www.bankrate.com/finance/credit-
cards/tips-0-credit-card.aspx#ixzz22nAmFP7n
July 30, 2012: In this difficult real estate market, one way homeowners can make their property more attractive to
potential buyers is to install energy-saving equipment such as solar panels and solar water heaters.
This can not only increase the value of a home, it can also result in a tax credit for the homeowner. A tax credit results in a
dollar-for-dollar reduction in your taxes -- for example, a $1,000 tax credit reduces the amount of taxes you pay by $1,000.
Moreover, you may claim tax credits regardless of whether you itemize deductions on IRS Schedule A.
The residential energy tax credit helps individual taxpayers pay for residential alternative energy equipment. You can get the
credit for installing such equipment in your primary residence or second home, and for new construction. This credit is for
residential property only, not rentals. It is scheduled to be phased out at the end of 2016, so you have some time to act.
This credit is substantial: 30 percent of the cost of the alternative energy property. There is no cap on the amount of credit
available, except for fuel cell property. Generally, you may include labor costs when figuring the credit and you can carry
forward to future years any unused portions of this credit.
Thus, for example, if you pay $50,000 to install solar panels in your home, you can get a credit of $15,000.
Not all energy-efficient improvements qualify. You can get the credit only for:
• geothermal heat pumps that meet the requirements of the Energy Star program.
• small residential wind turbines (these must have a nameplate capacity of no more than 100 kilowatts).
• solar water heaters (at least half of the energy generated must come from the sun; this credit is not available for
swimming pools or hot tubs -- the water must be used in the dwelling).
• solar panels (such photovoltaic systems must provide electricity for the residence and meet applicable fire and
electrical code requirements).
• fuel cells (residential fuel cell and microturbine systems with an efficiency of at least 30 percent).
Be sure you have the manufacturer's tax credit certification statement, which can usually be found on the manufacturer's
website or with the product packaging. If you're eligible, you can claim this credit on Form 5695, Residential Energy
Credits when you file your federal income tax return. For all the details, see IRS Notice 2009-41, which you can download
from www.irs.gov.
July 23, 2012: Wall Street Journal just ranked Charlotte as # 9 Fastest Growing City.
9. Charlotte, N.C.> Change in population: 2.7% > Population 7/11: 751,087 > Population 4/10: 731,424 > Average annual
city unemployment (2011): 9.2% > Increase in jobs (2010 to 2011): 19,200 (2.38%)
From 2010 to 2011, Charlotte’s average annual unemployment rate fell from 9.7% to 9.2%. This was in part due to an
increase in professional and business services jobs, which accounted for around 8,500 of the 19,200 jobs the Charlotte-
Gastonia-Rock Hill MSA added between 2010 and 2011. Charlotte also seemed to have enjoyed a construction boom in
recent years. In 2010, 12% of buildings were less than five years old, one of the highest figures among large metro regions
in the United States. After a 2.4% price decline from fourth quarter 2010 to fourth quarter 2011 within Charlotte’s MSA,
home sales volumes in the area have rebounded strongly - up 14% from June 2011 to June 2012.
http://www.marketwatch.com/story/the-fastest-growing-cities-in-america-2012-07-12
July 10. 2012: Status changes effective today update
Today, July 10, CMLSimplemented three new listing statuses and eliminated some old statuses in both MLS Systems.
These changes are designed to simplify the MLS with statuses that are easier to understand for everyone. A summary of
the status changes is below:
Status changes summary: In "for sale" categories like Single-Family, Condo/Townhouse, Lots/Acres/Farms, Multifamily
and Commercial, we will be eliminating "Contingent Continue to Show," "Conditional Continue to Show" and "Pending" are
now replaced by "Under Contract Show" and "Under Contract No Show." For rentals, we are replacing "Conditional
Continue to Show" and "Pending" are "Application Received." Several "status date" fields are also updated.
CMLS Message of the Day Jul 10, 2012
June 27, 2012: Several Homeowners are confused on whether to count a room as a 'bedroom' if it is not used as such.
Here are the guidelines to be able to call a room a 'bedroom':
Carolinas Multiple Listing Service (CMLS) defines a bedroom as follows: a bedroom should be at least 80 SqFt,
accommodate typical bedroom furniture, permanent or fixed clothes storage, emergency egress (i.e., operable window that
someone could climb through or an exterior door), and directly accessible from other living area through a door, or by a
heated hallway or stairway. A bedroom should not be accessible only through another bedroom.
Under the North Carolina Residential Building Code, if a room has at least 100 square feet, and at least 50% of the room has
a ceiling height of greater than 7’, it can be called a bedroom. The NCRBC also requires a bedroom to have a window or
door leading directly to the outside for access in case of an emergency. If the room in question meets these guidelines,
advertising it as a bedroom would be reasonable.
CMLS Message of the Day June 27, 2012
June 21, 2012: Thinking about buying? Wondering what pushes others to jump off the fence and buy now? Here is some
insight into the top 3 reasons that impact a buyer’s sense of urgency:
1. Excellent Market Conditions. Interest rates are at record lows and home prices are bouncing along what experts
believe to be the bottom – there has never been a more affordable time to buy a home. With some local markets slipping
into a seller’s market and reports of more following, the chance to cash in on this historic time may be narrowing.
2. Having the freedom to move. First time homebuyers often wait for their lease to expire, not realizing that buying
sooner is an option. Repeat buyers wait to sell their house when leasing my be an option, giving them freedom to move up
sooner.
3. A major Live Event. Often a major milestone or development spurs on the need to purchase at a specific time.
Getting married and having children are two of the top events creating the need to buy now.
June 11, 2012: Should you Refinance?
A home mortgage refinance may sound like a good idea in theory, but it's not always possible or desirable.
For starters, lenders have tightened up the approval process, making it more difficult to get a loan.
"Homeowners today need to be triathletes to qualify for a loan, with great income, great credit and great value in their
home," says Anthony Hsieh, founder and CEO of loanDepot.com, headquartered in Irvine, Calif.
In addition, a refinance may not make sense financially, particularly for borrowers who plan to sell their homes in the next
few years.
Before taking the leap and opting to refinance, homeowners should ask themselves the following six questions.
2. Homeowners need to have at least 20 percent equity in their home to qualify for a new loan without paying private
mortgage insurance. Adding PMI to the cost of a new loan could negate the benefit of a refinance.
Today, many homeowners are underwater -- meaning they owe more on their mortgages than the house is worth.
However, being underwater or having little equity does not necessarily rule out a refi.
"Homeowners should still apply for a refinance even if they have low equity, because there are some Fannie Mae and
Freddie Mac programs and FHA loans that may accept them," Hsieh says. "The best way to find out if you fit into a
program is to go to a lender."
Roy Meshel, district vice president for W.J. Bradley Mortgage in Phoenix, recommends homeowners refinance quickly in
case the housing slump deepens, causing values to depreciate even more.
Patrick Cunningham, vice president of Home Savings & Trust Mortgage based in Fairfax, Va., recommends an increasingly
popular approach -- the so-called "cash-in" refinance.
"Some people are opting to bring cash to the settlement in order to pay down their loan balance to qualify for a refinance,"
he says.
3. Borrower credit scores play a big role in securing a good mortgage rate. In fact, you'll need a good credit score to
qualify for any type of mortgage at all. Mortgage rates operate on a sliding scale, with the lowest rates going to applicants
with the highest credit scores of 720 or higher. Borrowers with scores below 620 will have trouble qualifying for a
mortgage at any rate.
4. Many homeowners refinance to lower their monthly payments. A mortgage calculator can give borrowers a sense of
what their new payment would be after a refi. Others choose a shorter-term loan with higher monthly payments so they
can reduce overall interest payments and own their homes faster.
"Some people are restructuring their loans to a 20-, 15- or 10-year mortgage, which works well for people with plenty of
disposable income," Cunningham says. "But I worry that people are too focused on paying off their mortgage and not
integrating this decision with their overall financial plan."
Cunningham urges borrowers to make sure they contribute to retirement savings and college savings, pay off high-interest
debt, and save six to 12 months of expenses "before opting for a shorter, more expensive mortgage."
Meshel says people should consider whether they want to retire without a mortgage before opting for a new 30-year loan.
Those who have employment concerns may want to refinance into the lowest possible payment in case they experience a
job loss.
5. Mortgage professionals generally tell borrowers to expect a home refinance to cost 3 percent to 6 percent of the loan
amount. A simple calculation shows how long it will take to reach the break-even point when the savings outweigh the
costs.
"If the breakeven is at 15 months and you plan to stay in the home for five years or longer, it is probably worth it to
refinance," Cunningham says. "But if you plan to move in two years, it may not make sense."
Meshel says long-term homeowners who are close to paying off their mortgages might not want to refinance because of
the costs incurred.
6. Borrowers with adjustable-rate mortgages or interest-only loans should consider the potential benefit of switching to a
fixed-rate loan. Hsieh says all borrowers with ARMs should switch to a fixed-rate loan unless they intend to move within
one year.
"Consumers with a subprime ARM should definitely switch to a new loan," Cunningham says. "But some with conventional
ARMs may find that they are in a good loan and that their rates are actually dropping."
While new loans today rarely have a prepayment penalty, many homeowners still have loans with that restriction, which
could reduce the financial gain of a refinance, Meshel says. Cunningham says borrowers with a second mortgage will face
additional complexity when refinancing.
"Borrowers can either pay off the second loan or combine the two loans into a larger first mortgage," Cunningham says.
"Otherwise, the lender holding that second loan must agree to stay in second position behind the lender of the first
mortgage, which the lender may or may not be willing to do."
www.bankrate.com
June 4, 2012: Preparing Your Home For Sale
A few great tips on creating an atmosphere that will charm buyers and make them want
to buy your home. Remember that you’ll never get another chance to make a first impression. Follow these simple tips
and create the competitive edge that may help you sell your home more quickly.
Drive-up Appeal
Trim trees and shrubs, clean out flower beds and invest in a few flats of seasonal flowers, paint the front door,
make sure doorbell is working properly, wash the mailbox, keep the porch swept and get an attractive mat for people to
wipe their feet.
Absolute Basics
Start by airing out the home. Most people are turned off by even the smallest odor. Odors must be eliminated,
especially those caused by dogs and cats; soiled diapers and/or cigarettes.
Wash all the windows in the home, inside and out.
If it has been over a year since the carpets have been cleaned, now is the time to have them cleaned. Bare floors
should also be waxed or polished.
Put bright light bulbs in every socket made for a bulb. Buyers like bright & cheery.
Clean out closets, cabinets and drawers. Since you’re moving anyway, consider it as an early start on that job!
Closets should look like they have enough room to hold additional items. Get everything off the floor and don’t have the
shelves piled to the ceiling.
Make sure rooms are not overcrowded with furniture. Select pieces that look best, and store the rest.
Keep the all-important kitchen sparking clean. Make sure all appliances are clean at all times. Straighten cupboards
that appear cluttered and keep floors gleaming.
Bathtubs, showers and sinks should be freshly caulked. The grout should be clean and in good condition. There
should be no leaks in the faucet or traps.
May 25, 2012: Happy Memorial Day Holiday. “A hero is someone who has given his or her life to something bigger than
oneself.” Please let's remember and honor those have given their lives for our freedom. Have a safe holiday with your
family and friends.
May 18, 2012: CNN Money ranks Charlotte #1 on fastest growing cities
Population: 1,249,449
Growth (2000-2010): 64.6%
Charlotte initially made its mark as a transportation hub, but these days the banking industry reigns.
Charlotte is the "second largest financial center in the nation, after New York," said Bob Morgan, president of the Charlotte
Chamber of Commerce.
Bank of America calls Charlotte home, while Citi, Ally Financial, JPMorgan and Wells Fargo all host operations there. The
jobs offered by these big banks have helped this city's population to swell over the years.
Also contributing to the area's growth is the "half-back" phenomenon. North Carolina receives a large number of former
Northerners who first retire to Florida, but later decide to leave the state.
"They get hit by their second or third hurricane and they move halfway back to their old homes," said Morgan.
CNN Money May 18, 2012
May 11, 2012: Charlotte Home Sales in the first quarter of 2012 were the highest seen in any first quarter since 2007!
On a local level, the Charlotte Regional Realtor Association® reported a 15.3 percent increase in total closings from April
2011 to April 2012 and an increase in the average sales price of 5.6 percent from last year. Add to that, the 18.7 percent
decrease in volume of inventory. New Listings in the Charlotte region increased 1.5 percent to 4,526. Pending Sales were
up 7.8 percent to 2,317. Inventory levels shrank 18.7 percent to 19,633 units. Prices enjoyed a boost. The Median Sales
Price increased 4.6 percent to $159,995. List to Close was down 5.8 percent to 145 days. The supply-demand balance
stabilized as Months Supply of Inventory was down 29.3 percent to 9.7 months. When monitoring residential real estate
activity, it is always important to keep tabs on the overall economy and job growth. Preliminary Q1-2012 GDP growth
came in at 2.2 percent, which, while disappointing to some observers and slower than Q4-2011, still signals economic
expansion and not contraction. Expedited bank processing and easing lending standards are also encouraging developments.
Carolina Multiple Listing Services, Inc May 11, 2012
May 4, 2012: 2012 residential real estate ‘off to a strong start’
Positive indicators abound
First-quarter 2012 and its absence of winter, or perhaps unusually early spring, brought new life to the area’s housing
market. New listings in the Charlotte region totaled 12,572, which is down 6.5 percent compared to the same period last
year (13,433). Demand was strong in first quarter with pending contracts (6,114) — usually a good gauge of future sales
— up 17.6 percent compared to first-quarter 2011 (5,199). Similarly, closed sales (5,253) were up 13.3 percent over first
quarter last year.
Homes are selling a tad faster than last year; they spent about three days less time on-market at 152 days list-to-close in
first quarter. List-to-close, or the number of days a property was listed until it closed, totaled 155 days in first quarter 2011.
March inventory down, sales prices up
CMLS inventory was down in March with more than 18,700 homes for sale representing a 9.4 months’ supply of homes
left on the market.
February and March of first-quarter 2012 signaled increases in both the median and average sales prices. First quarter’s
average sales price was $190,224, representing a slight increase of 0.7 percent over first-quarter 2011, and the median
sales price ($149,500), the best measure of prices over time, was up 3.1 percent as well. The percent of original list price
received measure in first quarter was 90.8 percent, an increase of 3.1 percent over the same period last year.
Foreclosures and short sales have continued to decrease, with foreclosures flat for much of first quarter and short sales
trending down over the period. The share of all closings that were in financial distress was 15.8 percent in March 2012,
down from 33.4 percent last March. New listings that were distressed came down from 20.6 percent in March 2011 to
12.4 percent. These are all good signs for now; however, in light of the recent AG settlement between the state attorney
general and the five leading bank mortgage servicers, it’s hard to predict the overall impact to the local distressed market.
So what are the key takeaways? With the overall inventory down, this is a good time for listing agents to check curb appeal
and maybe try a bit of staging. Share statistical information with your clients; maybe they’ll finally get off the fence about
listing their homes. On the buyers’ side, the Charlotte market continues to experience high affordability, less supply and
increased demand. Tell prospective buyers that now’s the time to buy.
Recovery?
Still, housing is closely tied to the broader economy, and though first quarter 2012 U.S. economic data has been reassuring,
one quarter of positive indicators does not equate to full recovery.
Realtor Reflections, Charlotte Regional Realtor Association May 14, 2012
April 26, 2012: 6 Signs a home will hold its resale value, Buying at a low price may have its downside
Most buyers have a wish list of features they'd like to have in a home. Often missing from that list is how salable the home
will be when they later decide to sell.
Generally, buyers deal indirectly with resale value. They want a home they can buy at market value or less. They want to
buy a home that will retain its value. They want to buy a home that will suit their needs. They want to buy a home they can
make their own.
A listing that's priced low to sell fast may be one that will have good resale value only if you use this marketing strategy.
The low price may offset an incurable defect, such as a location on a busy street.
There's nothing wrong with buying a home on a busy street as long as (1) you buy it at a price that reflects the location
issue; (2) it suits your long-term needs; and (3) you understand that you will probably have to discount the price
accordingly when you sell, depending on the market at the time.
In a hot seller's market, buyers are desperate to buy. They often overpay, and they are more likely to overlook defects that
they would shun in a sour market.
Resale value has become a bigger issue since the housing recession began five years ago. Buyers are more cautious in their
homebuying decisions. They don't want to buy just any home; they don't want to make a mistake and end up wanting to
move in a slow market in which they might lose money.
The homes that hold their resale value well are the ones that appeal to a broad cross section of buyers; offer a good floor
plan that works for different lifestyles; have a good amount of space but are not enormous and expensive to maintain; and
exhibit a pride of ownership. They should also be in good condition.
Location is also a critical element of resale value. There are market niches that are always in demand, in both hot and soft
markets. For example, there are always buyers for homes in the Rockridge neighborhood of Oakland, Calif., and the
adjacent Elmwood neighborhood in Berkeley. Both are conveniently located to shops, cafés and a Bay Area Rapid Transit
(BART) stop for easy commuting to work.
That's not to say that every listing in these areas sells quickly. To sell, it needs to be priced right for the market.
It's easier to recognize a home with good resale value in the current market than it was in the bubble market of 2005 and
2006 when virtually all homes sold in many areas. In a soft market, the homes that sell within 30 to 60 days are either good
homes or good deals.
Ideally, you want to buy a home that has good resale value. Not one that's just a good deal. There's no urgency to buy now
in many areas, although it would be nice to take advantage of record-low interest rates. But you shouldn't buy a home that
won't work for you long term just to lock in a great interest rate.
Even though there are a lot of homes for sale on the market, in many areas there is a not a surplus of quality inventory on
the market. One reason for the lack of quality homes on the market is that many sellers are waiting for a better time to sell.
Another reason is that homes with good resale value don't tend to change hands that often.
By Dian Hymer
Inman News®
April 16, 2012: 2012 Tax Deadline is tomorrow, April 17, 2012
One of the biggest financial advantages of owning a home is the mortgage interest deduction, but the amount many
taxpayers submit is often greater than the allowed limit.
And, while home offices have become more popular because of convenience and the downturn in the economy, many
homeowners may be better off not taking the deduction because of the depreciation recapture upon sale.
Both the mortgage interest and home office topics need to be double-checked before the April 17 deadline. Why April 17
this year instead of April 15? According to the Internal Revenue Service, taxpayers will have until Tuesday, April 17, to file
their 2011 tax returns and pay any tax due because April 15 falls on a Sunday.
In addition, Emancipation Day, a holiday observed in Washington, D.C., falls this year on Monday, April 16. According to
federal law, Washington, D.C., holidays impact tax deadlines in the same way that federal holidays do; therefore, all
taxpayers will have two extra days to file this year.
Taxpayers requesting an extension will have until Oct. 15 to file their 2012 tax returns. Remember that an extension of time
to file is not an extension of time to pay. You will owe interest on any past-due tax and you may be subject to a late-
payment penalty if timely payment is not made.
In a recent column, we discussed the benchmark for the mortgage interest deduction is set at acquisition debt, which is the
amount of debt in place when the home is acquired. For example, if you buy a $200,000 home with a $50,000 down
payment, your acquisition debt is $150,000.
Many consumers stay in their homes for years, accumulate appreciation and then refinance to put a child through school,
mom into a nursing home or attend a much anticipated family reunion. The new debt on the refinance will qualify as home
acquisition debt only up to the amount of the balance of the old mortgage principal just before the refinancing.
For example, let's assume your home is now worth $300,000 and you need to take cash out for college tuition. The balance
of your loan before you refinance is $135,000 and you take $100,000 "cash back" for a new loan balance of $235,000.
However, the maximum allowable mortgage interest deduction remains $135,000 -- the acquisition debt, not the bigger
number from the refinance.
Another popular deduction that is often taken yet needs additional consideration is the home office deduction. It's relatively
easy for taxpayers to deduct the cost of a home office. To qualify for a deduction, the space must be used exclusively and
on a regular basis for either the entire business or its administrative and management activities.
If you are an employee, additional rules apply for claiming the home office deduction. For example, the regular and
exclusive business use must be "for the convenience of your employer."
A home office deduction is comprised mainly of depreciation, utilities and insurance. For example, if a home has 2,500
square feet and the detached garage now deemed "the office" is 250 square feet, then 10 percent of the utilities and
insurance are deductible.
The actual office depreciation is 10 percent of what would be a depreciation deduction if the entire home were being
depreciated for tax purposes. (Depreciation is not allowed on a typical principal residence, so the square footage allotted to
"residence" would not qualify.) Supplies and other expenses directly related to the home office are fully deductible.
However, all these benefits do come at a price. The tax law originally stated that if you sell your home at a gain, any
depreciation for a home office will have to be "recaptured." That means that any profit on the business portion is taxable as
capital gain.
On Dec. 23, 2002, the IRS issued new regulations concerning gain on home sales. As long as the home office was in the
same structure and not separated from the home, only the depreciation taken for the home office after May 6, 1997, is
subject to tax.
Still, that depreciation recapture amount could be a lot more than you expect. It may be worthwhile to simply work from
home and not deem the space a "home office."
By Tom Kelly
Inman News®
April 6, 2012: Understanding how unemployment affects the ability to buy a new home.
The question always comes up, how does being unemployed affect purchasing a new home? First, you must be currently
employed to qualify for a mortgage; however, if you have had a stint of unemployment or are changing employers here are
some things to keep in mind:
Contact Jennifer Lew if you would like additional information, 704-591-5542.
March 30. 2012: Simple ways to get your home in shape to SELL!
If you're like most people, your home is one of, if not THE largest investment you'll ever make and maintaining it is key to
protecting its value. With Spring upon us, there's no better time to put a little sweat equity into your home!
This list is a great start to getting your home in great shape, now, and when you're ready to sell!
If you need help with any of these projects, give me a call and I'll be happy to provide you with a great list of people to
call! Jennifer Lew 704-591-5542
March 23, 2012: Five Things that must GO when selling your home
Stagers are professionals that are hired to make a home look appealing by cleaning, de-cluttering, painting, minor repairing;
it's all about dressing the house for sale. Staging makes a house look bigger, brighter, cleaner, warmer, more loving and,
best of all, it makes home buyers want to buy it.
Stagers often meet with homeowners who are preparing their home for the market, and get to see a lot of homes. Here are
a few "trigger" points from Stagers who say these must go when a Seller puts their house on the market:
1. Dusty fake plants
There are a number of easy-to-grow house plants widely available, from the virtually indestructible snake plant to the
common philodendron. Some plants thrive well in low sun and others work well with lots of sun and less watering.
Consequently, there is really no need for fake plants in real life. They end up being dust collectors.
2. Messiness
Now we all know that not everyone is Felix Unger (of "The Odd Couple") neat. But if you know your house is on the
market (hint: there is a real estate agent's lockbox on the outside of your front or side door), there is no need to leave your
home with underwear on the floor, unmade beds and stacks of laundry on the coffee table. Would you be motivated to buy
a home that shows like this? Why leave it like that for someone else?
3. Popcorn ceilings and wood paneling
What else can be said? These items instantly date your home. If only there was a magic wand to make all the bad ceilings
and wood paneling go away.
4. Kitchen cabinets busting at the seams
You know all of those small plastic containers accumulated from the weekly trips to the deli at the grocery store? Yes, it is
OK to recycle these, along with plastic bottles, cans and glass bottles. Or you could even take some along when you donate
clothes to local shelters or food to local food banks.
Just know that you don't have to keep each and every one that you receive. Because when a prospective buyer opens a
cabinet door and they all fall out -- not so cool.
5. Houses with too many pet items
Sellers: Not everyone loves your pets like you do. Not only should your pets be invisible during showings, but their
accessories must go as well. That would be pet toys, food and water bowls, perches, dog beds, dog and/or cat carriers,
large containers of food, etc. Not saying you have to toss it, but please find a way to store them out of the way for
showings.
By Roslyn Ashford
Roslyn is a former corporate recruiter turned home stager, and a native Washingtonian (as in the District of Columbia).
March 16, 2012: Happy St. Patty's Day!
Saint Patrick was recognized as the most commonly known patron Saint of Ireland. Saint Patrick’s Day is, of course, to
honor him but why March 17th? One theory is that is the day that Saint Patrick died.
In addition to honoring Saint Patrick, the day also is a traditional day for spiritual renewal and offering prayers for
missionaries worldwide.
Being a religious holiday as well, many Irish attend mass, where March 17th is the traditional day for offering prayers for
missionaries worldwide before the serious celebrating begins.
On St. Patrick's Day, which falls during the Christian season of Lent, Irish families would traditionally attend church in the
morning and celebrate in the afternoon. Lenten prohibitions against the consumption of meat were waived and people
would dance, drink and feast—on the traditional meal of Irish bacon and cabbage. Today, many dine on corned beef
instead of bacon.
So I wish all you Irish a mighty fine Saint Patrick's Day, and to those how aren't Irish, but enjoy all the "bells and whistles"
associated with this day, a most Happy Saint Paddy's Day as well!
March 9, 2012: The Charlotte-regional housing market and the power of positive thinking
Norman Vincent Peale famously said, “We tend to get what we expect.” Perhaps consumers have entered the year
thinking a bit more optimistically than in the past. Surprisingly, consumers over the last few months have received more
positive news regarding the economy, jobs and housing.
According to Bloomberg News, consumer confidence is as high as it has been in a year, and the Federal Reserve reported
growth in all of its 12 banking districts in 2012 through the first half of February, including more hiring and home sales.
There are still some challenges to work through, but it seems pessimism is no longer in vogue. February’s housing results
for the Charlotte-region reflects these trends. Here’s a look at local housing statistics compared to the same period last
year.
New Listings across the region decreased 5.0 percent to 3,958 compared to last year. Pending contracts, an indicator of
demand, were up 21.8 percent to 1,969 and inventory levels shrank 22.6 percent to 17,811 units. Prices were fairly stable.
Both the median sales price ($145,450) and average sales price ($184,775) increased 0.5 and 2.1 percent respectively. The
percent of original list price received measure was 90.7 percent as compared to 87.7 percent, and list-to-close was down
2.4 percent to 150 days. Absorption rates improved as months of supply of inventory was down 28.3 percent to 8.9
months. Key takeaways – for sellers, with inventory down, it might be a good time to check curb appeal and list your
home; for buyers the Charlotte market is experiencing high-affordability, less supply and increased demand – now’s the
time to buy.
These trends only further confirm that we’re seeing our local market continue to stabilize. Realtors® are reporting
increased foot-traffic, and this bodes well as we move into spring. The economy and housing market are by no means
recovered, but it’s okay to think positively!
Realtor Reflections, Charlotte Regional Realtor Association March 9, 2012
March 2, 2012: 5 Real Estate Tips to make certain you buy within your limit
Time and time again, Home Buyers state that the reason they are still fence-sitting is that they don't want to end up in the
same trouble the last generation of homeowners did. There’s a slim chance of that happening, given the changes in the
market climate: Homes are at rock-bottom prices (not sky-high), and mortgage guidelines are so conservative it is nearly
impossible to even find one of the zero-down, quick-to-adjust, stated-income mortgages of yesteryear. With that said,
though, there is a handful of rules today's home buyers and home owners can follow to dramatically minimize the chances
they will ever face losing their homes:
1. Never a borrow against your home. OK, so maybe NEVER is strong, but you'd be surprised at how many foreclosed
homeowners actually bought their homes with conservative loans and at low prices many years ago, but got into trouble
taking new mortgages and pulling cash out at the top of the market (then not being able to refinance or make the adjusted
payment at the bottom). Today's home Buyers can avoid this fate by starting out their homeowning careers with some
ground rules in place around borrowing against their homes.
A good (albeit conservative) place to start is this rule: Decide not to borrow against your home equity for anything but well-
planned home improvements. Here's another one: Whatever you do, don't borrow against your home to lend money to
someone else. I've seen dozens of homeowners over the years borrow to make an "investment" in a friend's business or to
lend money to a child or a parent. Borrowing against your home's equity to make an investment in a business you know
nothing about is a complete gamble with your home. Don't do it.
2. Stop financial codependency. Related to the rule of thumb about borrowing to lend is this change of the bad habit of
financial codependency. Most often when homeowners borrow money against their home or tap into their emergency cash
cushion (leaving themselves unable to make their mortgage payments if they lose their job, etc.) to help an adult child make
their own mortgage payments or bail them out of another crisis situation.
It also comes up where one spouse supports another spouse's habit of overspending, debting, under-earning, gambling or
even substance abuse, and ends up going into a financial hole as a result. Over time, these cases can create the temptation
or even desperation to further leverage your home, and can run through a savings account, leaving the homeowner exposed
and vulnerable in the face of a temporary disability, job loss or recession. There are a number of powerful books on the
market about how to cease being codependent including the Melody Beattie classic, "Codependent No More," but many
people struggle to recognize they even have this issue until it's too late. Here's a hint: If you regularly use money to protect
a loved one from the natural consequences of their behavior, you are engaging in codependent behavior.
3. Stay conscious. Going on money autopilot, without occasional check-ins, is the root of many financial woes. Many
money experts recommend automating your monthly payments so that your recurring bills are paid on time, every time.
And almost any homeowner will vouch that there are few bills that seem to come up as frequently as your mortgage! The
problem is that once you automate your payments, it's very easy to fall into the habit of simply ignoring your actual
statements -- and they may contain information that flags issues before they snowball into serious problems. Despite never
having missed an auto-payment, one woman was facing foreclosure -- all because the bank had somehow erroneously
started crediting her payments to someone else's mortgage account! Also, financial autopilot mode can support habits like
overspending and over-debting; the minimum payments may always get made without much attention from you, but the
overall balances will rear their ugly heads and possibly pose a threat to your ability to pay your mortgage, in the event you
ever face a job loss, medical bills or other financial crisis.
4. Do your own math before you buy. Only you can know the full extent of your non-housing-related financial obligations
and values. Things like catch-up retirement savings, tithing and charitable giving, private school tuition, medical costs and
the like can take big chunks out of your monthly budget that your mortgage pro is not accounting for when he or she tells
you how much of a mortgage you're qualified to borrow.
So, before you ever speak with a mortgage broker, it's up to you as a responsible buyer and adult to get a very clear
understanding of your own personal income and expenses, assets and priorities, and to use that knowledge to decide how
much you can afford to put down and to spend monthly for a home.
Fortunately, there is an increasing number of buyers doing this, and actually choosing to buy a home that costs much less
than they are technically qualified for.
5. Don't buy a house to fix a family or psychological problem. In Alcoholics Anonymous, they admonish addicts to avoid
what they call "pulling a geographic" -- moving to a new neighborhood or town to try to run from your problems and bad
habits. They caution against expecting the move to solve the problem on the grounds that, in the words of mindfulness
guru Jon Kabat-Zinn, "wherever you go, there you are." If you have bad habits in Chicago, moving to L.A. doesn't purge
the bad habits -- only working on the actual dysfunction itself will do that. There’s a real estate-specific version of pulling
a geographic, which we'll call "pulling a residential." This is where people buy a home or buy a new home in an effort to
cure a deeper family or psychological issue; sort of like that old (and equally bad) idea of having a baby to try to save your
marriage.
If your children are fighting because they lack personal space, that's one thing. But if there are deeper issues going on with
your children, your family or your relationship (even your relationship with yourself), do not fantasize that owning a home
or moving up is going to automatically solve them.
In fact, the opposite is often true: The larger the financial and maintenance obligations that come with a home, the more a
mortgage and property taxes can add strain to already troubled relationships.
Tara-Nicholle Nelson
Inman News®
Feb 24, 2012: Freddie Mac: Average 30-Year Fixed-Rate Mortgage Up From All-Time Record Low.
Frank Nothaft, vice president and chief economist of Freddie Mac said, "New data releases this week suggest the housing
market is continuing to gradually improve. Loans that were seriously delinquent (90 days or more past due plus the
foreclosure inventory) fell to 5.3 percent of prime mortgages at the end of 2011, representing the lowest quarterly share
since the start of 2009, according to the Mortgage Bankers Association. The Census Bureau reported new residential
construction starts in January outpaced the market consensus forecast, led by condominiums and apartment buildings, and
December's figures had upward revisions. Finally, existing home sales were at the strongest pace in January since May
2010, according to the National Association of Realtors®"
Feb 17, 2012: February 2012 Market Update
2012 is off to a promising start. Mortgage rates continue to drop and have remained under 4% for nearly two months.
Home sales are strengthening and pending home sales, a measure to gauge future sales, are at their highest levels since
March 2010.
Job growth has been increasing for most of 2011, with unemployment dropping to 8.4%. As more people are getting jobs,
consumer confidence has also been increasing. However, underemployment continues to be a problem for a stronger
recovery. The underemployment rate is 18.1%, and there are still a significant number of people working part time, who
would like to have full-time work.
Even with substantial national improvements, this continues to be a "one neighborhood at a time" recovery. Payroll jobs
were up in 25 states, but down in 24, demonstrating the delicate state of the U.S. economy. Global factors such as the
European debt crisis are also complicating a more robust recovery. Strong guidance is needed from local and global leaders
to continue this growth, as well as allow for business to maintain momentum toward building and expanding upon the
opportunities that exist.
Sources: Bureau of Labor Statistics, National Association of Realtors
Feb 10, 2012: January 2012 Charlotte Housing Statistics just released!
Closings were up 9.2%
Pending sales were up 27.6%
The average closed price was down at -.1%
The median closed price was up 2.4%
Percent of original list price received by Sellers 90.2%
Inventory is down (good for Sellers) 23.6% from a year ago
21.2% of closed sales were distressed, compared with 35.9% a year ago (this number will go back up as banks start
releasing foreclosures to the market again)
Feb 3, 2012: It's been a mild winter throughout most of the country so far. 70 degree weather will make you think of
Spring and Spring cleaning. Since Punxsutawney Phil saw his shadow, that means we have 6 more weeks of winter. Here
are 10 "must do's" to have a warm, cozy and safe winter
1. Check attic insulation. A foot of blown-in or batt insulation (R-38) in the attic reduces heat transfer from heated interior
space to the great outdoors. This is a do-it-yourself job. If your attic is not insulated, blow in or roll out 12 inches of loose
or batt insulation. If the amount of insulation is less than 12 inches, simply roll out unfaced fiberglass batts over the existing
insulation to create a heavier thermal blanket. This is a case where more is better. Make sure to leave soffit vents
unobstructed.
2. Install or replace weatherstripping, if necessary. Check the rubber threshold gasket at the bottom of exterior doors and
replace if worn or torn. Next, make sure the top and sides of the door are weatherstripped and fit tightly. If there are gaps,
replace the weatherstripping.
3. Check exterior doors and windows for gaps. Modern windows are probably OK, but older windows may need some
help. To reduce air leakage, casement windows might need some weatherstripping at the joint where fixed and movable
panes meet. Old double-hung wood windows are notorious air leakers. Place pieces of narrow self-adhesive rubber
weatherstripping on the bottom sides and at the joint where the top and bottom panes meet.
4. Check the outside of doors and windows for voids, and caulk any gaps you see.
5. Change the filter in the heater. In older furnaces, filters should be changed monthly. Change or service newer, more
efficient filters according to the manufacturer's instructions.
6. Replace your old thermostat with a new programmable model. This allows you to regulate the heater to warm the house
when you're there and to reduce the temperature when you are at work or asleep.
7. Have your heater inspected by a licensed heating and air conditioning contractor. An inspection ensures that the heater is
operating safely and efficiently. In many cases an inspection can alert you as to whether the unit is at the end of its life. It's
nice to have the option to replace an old heater before it quits and becomes an emergency on a cold January day.
8. Check the carbon monoxide (CO) detector. If you don't have one, get one. Carbon monoxide is an odorless and
colorless gas that kills. An operating CO detector can prevent a tragedy. While you're at it, check the smoke detectors to
ensure they're operable.
9. Clean gutters and downspouts so fallen leaves won't clog them. Make sure that downspouts discharge away from the
foundation and that soil is graded away from the foundation and at least 6 inches below the siding.
10. Clean the fireplace of ashes; visually check the chimney for loose or missing mortar. Also consider having the chimney
professionally inspected and swept by a licensed and bonded chimney sweep.
By Bill and Kevin Burnett Inman News®
Jan. 26, 2012: Thinking about putting your house on the market this Spring?? Cleaning chore checklist will help you take
care of important seasonal chores and welcome Spring to an organized home:
•Schedule a family garage clean-out. Create efficient storage for sporting goods, camping equipment, recreational vehicles,
and garden tools. You'll have the jump on summer fun!
•Inspect, clean and repair outdoor furniture.
•Tour house exterior and grounds. Make a list of any needed seasonal maintenance.
•Inspect the roof for winter damage: leaks, missing or broken shingles or tiles. Arrange for any needed repairs early;
roofing contractors can be hard to find during summer's construction season.
•Use a sunny Saturday to scrape, prime and paint peeling spots on trim or woodwork. You'll protect wood against
Summer's heat and moisture--and prevent a more difficult paint job come fall.
•Clear away any remaining dead foliage and weeds from beds and lawn. New growth will be protected from damage or
disease.
•Begin major landscaping projects. Spring's the time to put in shrubs and trees, but check with your local extension office
for specific planting recommendations for your area.
The Inside Story:
•Changing seasons, changing clothes. Hold a family wardrobe check as you bring out warm-weather clothing. Sort winter
clothing for discards and donations before you store.
•Hold a garage sale! Declutter house and garage to turn trash into cash. Build your yard sale savvy here.
•Pick a weekend and enlist the family for Spring cleaning. Many hands make light work! Reward the team with dinner at a
pizza parlor.
•Wash windows inside and out.
•While at the window area, check drapes and window treatments. Vacuum any dust; send dirtier drapes to the cleaners.
•Move furniture and vacuum beneath it.
•Arrange for a spring inspection of cooling systems. Don't wait for the first hot day! Air conditioning firms will give better
service when they're not busy.
•When the weather warms, deactivate heat system humidifiers. Check the system manual for instructions on how to power
down for the summer.
•Drain sediment from hot water heaters.
Jan. 19, 2012: Winter months most popular time for House Fires
December, January, and February are the leading months for home fires as well as home fire deaths in the US. These
winter house fires are most commonly caused by misuse or improper maintenance of heating equipment and holiday
decorations. In 2009, there was a total of $1.1 billion in property damage caused by fires that involved home heating
equipment. From 2003 – 2007, there was a total of $482.9 million in home damage caused by Christmas trees, candles, and
other holiday decorations.
There is an increased number of fires in the winter months because people are using more heating units, have flammable
decorations next to heating sources, and are not taking the proper steps to ensure holiday decorations and heating
equipment are in good working order. Proper maintenance should be performed on all equipment that was dormant during
the summer and fall seasons. This includes holiday lights, electric blankets, space heaters, and chimneys.
We know that in the hurry of Thanksgiving and Christmas it is easy to forget to check holiday decorations and heating
equipment before using them, but it might just save your life. Winter house fires can be avoided when the proper steps are
taken. Follow the winter safety tips outlined below to reduce the risks of fire damage to your home.
1.Have your chimney, furnace, etc inspected each year.
2.Do not burn wrapping paper or Christmas tree limbs in the fireplace. They burn very quickly, throwing off sparks and
possibly causing the creosote that has previously accumulated in the chimney to ignite.
3.Always use a screen in front of the fireplace. Also consider using a fire-resistant carpet or mat (made for fireplaces) on
the floor in front of the fireplace.
4.Use your space heaters wisely:
a. Clear a 3-foot area around space heaters.
b. Unplug space heater when not in use.
c. Purchase a space heater that will automatically shut off if it falls.
d. Plug electric portable space heaters directly into wall sockets, not into an extension cord.
5.Do not put comforters, bedspreads, or anything else on top of an electric blanket while it is turned on. Do not tuck your
electric blanket into your mattress.
6.Review your fire escape plan with your family.
7.Be sure every level of your home has a working smoke alarm. Inspect and clean dust from the covers of your smoke and
carbon monoxide alarms each month.
8.Avoid using lighted candles altogether. Try safer alternatives such as battery-powered candles. Never leave a burning
candle unattended and don’t let candles burn completely.
9.Do not connect more than 3 strands of holiday lights together and check to make sure there are no tears in the coating or
exposed wires.
10.Water a real tree to keep it fresh, green, and full of needles. Dried-out trees can easily catch fire. If purchasing an
artificial tree, find one that is fire resistant.
RIS Media Real Estate Advisors January 19, 2012
Jan. 9, 2012: 12 tips to manage credit card debt in 2012
It's the new year, and what better way to ring it in than to add a shiny new credit card to your wallet? Here are 12 tips for
obtaining a credit card and not misusing it.
1. Know where you stand
What credit card interest rate and credit limit you qualify for depends on your credit history. But many people have no idea
how good or bad their credit is. To keep the surprises to a minimum, pull your credit report from the three credit reporting
agencies.
The report will show your account history, including factors that can hurt your credit such as habitually late payments,
short credit history or high utilization, when you've used a large amount of your available credit. The more negatives you
have, the more likely you won't get the best interest rate.
2. Improve your chances
If you can wait to apply for a new credit card, spend at least six months getting your credit affairs in order. Use your
credit report as a guide.
First, make sure there is no inaccurate information on your credit report. If there is, you will need to contact the credit
reporting agency and the company that maintains the account to get the record straight.
Next, look at the key factors hurting your credit. If late payments are a problem, then commit to staying current on all bills.
If your utilization rate is too high, commit money from your monthly budget to reduce outstanding debt as much as
possible.
3. What benefits do you want?
Your credit is in order, and you want a credit card. Now what? Figure out what type of benefits you want.
If you are a frequent traveler, consider cards that are cobranded with hotels or airlines and allow you to rack up rewards
points that can be used to buy flights or hotel stays. For road warriors, there are several different gas rewards cards
available. And for those interested in earning cash from their purchases, issuers have unleashed several types of cash-back
rewards cards.
Other perks to consider: cards with low or no balance transfer fees, cards with low penalty or late fees and specialty cards
such as secured, retail or prepaid cards.
4. Compare similar cards
Consider which credit cards charge an annual fee. Will a card's rewards cover its annual fee? Would fewer perks be
acceptable if the card has no fee?
Also look at the annual percentage rate, or APR. Is there a special low introductory rate that shoots up after six months? Is
the rate variable or fixed?
The card with the lowest APR is not necessarily the best for you. Take into account penalty and late fees, especially if
you've been known to miss payments. And look at other fees, such as balance transfer fees or foreign transaction fees,
which could make the card less appealing.
Also, read the restrictions on rewards programs. For frequent-flier cards, there may be blackout dates. Cash-back cards
may have a limit on how much you can earn each month.
5. Other credit card perks
Credit cards come with benefits other than their rewards programs, so it pays to read the fine print. Here are a few benefits
you should consider:
•Roadside assistance: Some cards will come to your rescue if you're stranded on a snowy highway with a flat tire. But
there may be geographical limitations or time-of-day limits.
•Purchase protection: Some cards come with return protection in case a retailer won't take back a recent purchase. Others
offer extended warranties on top of a manufacturer's warranty or protection against theft or accidental damage.
•Travel assistance: Some credit cards will coordinate medical care or legal aid if you are traveling abroad. Others will cover
airline fees, such as checked-bag fees, or offer access to airport lounges. Car rental, travel accident and trip-cancellation
insurance are other popular perks.
6. Denied? You'll find out why
New federal rules that went into effect in July last year require creditors to disclose the credit score used to make a lending
decision, along with information related to the score if a consumer is denied or given unfavorable terms.
The notice will provide the credit score, the range of possible credit scores under the model, up to five key factors that
hurt your score, the date the credit score was created and the credit reporting agency that provided it.
Armed with that information, consumers can figure out how best to raise their credit score by tackling the key reasons the
score was lower. Then, try applying again in six months.
7. Cards for people with spotty or no credit
If your credit is blemished but you need a credit card now, you have two choices. Apply for a secured credit card, or
become an authorized user on someone else's card.
A secured credit card requires a deposit, usually from $300 to $500, as collateral to activate it. The deposit is put into a
savings account, certificate of deposit or a money market account. Sometimes, after a year of good payment history, the
issuer may turn the secured card into a regular credit card.
Another option is to piggyback on someone else's credit card such as a parent or spouse. They add you as an authorized
user without the need to qualify you first. The bonus: Most credit bureaus will include only good payment history on an
authorized user's report, which will help lift his credit score.
8. Leave a good track record
It may be appealing to just pay the minimum every month because it's less money out of your pocket. But with interest
rates between 13 percent and 15 percent, a minimum payment will only balloon what you owe. So the rule of thumb is to
charge only what you can comfortably pay off each month.
Second point: Always pay on time. Set up automatic payments if you're a forgetful person. Consistently paying on time is
one of the best ways to boost your credit score, which can translate into lower interest rates.
And third: mind your credit limit. One of the factors used to calculate a credit score is how much credit is used versus how
much is available to you. It's called the utilization rate. The lower the rate, the better your score.
9. Credit card laws are your friends
There are two big acts that cover credit card practices and billing: the Credit Accountability, Responsibility and Disclosure
Act, or CARD Act, and the Fair Credit Billing Act.
The CARD Act eliminated many common, yet questionable, credit card practices such as retroactive rate increases, double-
cycle billing and applying payment to lower-rate balances first. It also required more advance notice for rate hikes and
placed caps on fees that issuers can charge.
The Fair Credit Billing Act outlines your rights as a cardholder when you have a billing dispute with your creditor. For
example, it limits a cardholder's liability for unauthorized charges to $50.
10. Be virtual friends with your card
Many credit card issuers are offering special promotions on Facebook, Twitter, Foursquare and other social media sites to
increase cardholder loyalty. Other issuers are using these forums to address customer service complaints or determine
charitable giving.
So if you haven't already, friend or fan your credit card issuer on Facebook, and follow your card on Twitter.
11. Keep tabs on your credit card
A credit card can become a threat to your financial security if it lands in the wrong hands. Here are some tips to help keep
your credit card safe.
•Monitor your credit card accounts regularly online, so you can spot unusual transactions. Set up mobile alerts if your bank
offers them.
•Don't use public computers to make credit card purchases, access your financial accounts or check the email account
where the bank sends information. Public computers are vulnerable to hackers.
•Avoid unfamiliar online vendors. Stick with established ones.
•Don't give your credit card information to an unsolicited phone caller or emailer. Always contact your bank using the
customer service number on the back of your card.
•If you notice suspicious transactions, call the local police and your bank. Also, alert the three credit reporting agencies
about possible fraud on your account.
12. When trouble strikes
Sometimes, you may have difficulty paying your credit card bill. If you foresee your financial situation slipping, here are a
few ways to make good on your credit card.
First, contact your creditor and explain your financial situation. In many cases, the creditor will set up a temporary
hardship payment plan until you get back on your feet. Never stop paying and never avoid collection calls. Your debt can
follow you all the way to court.
Also, consider seeking help from a reputable nonprofit counseling service. You can locate one through the National
Foundation for Credit Counseling. A counselor can help you rejigger your household budget and set up payment plans with
creditors.
By Janna Herron • Bankrate.com
December 22, 2011 As the Holiday Season is upon us, we find ourselves reflecting on the past year and on those who
have helped to shape our business in a most significant way. We value our relationship with you and look forward to
working with you in the year to come. We wish you a very happy Holiday Season and a New Year filled with peace and
prosperity.
December 16, 2011: Top 11 Reasons You Should List During the Holidays
11. By Selling now, you may have an 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 then look 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 that 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 shown during 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 for you!
1. People who look for homes during the Holidays are more serious Buyers!
December 1, 2011: Testing the market?
A Seller may think that they are just testing the market with a high list price, assuming Buyers will at least make an offer
but Buyers may assume they are unreasonable and move on. Your goal should be a fair price - something that's reasonable
given the price of other homes in your area. Also, pricing your house competitively will allow the most exposure possible
since a house has most interest when it is newly placed on the market. This is a very sensitive subject for Sellers so it
must be handled before the house is placed on the market.
November 22, 2011: Happy Thanksgiving!
Gratitude unlocks the fullness of life. It turns what we have into enough, and more. It turns denial into acceptance, chaos
to order, confusion to clarity. It can turn a meal into a feast, a house into a home, a stranger into a friend. Gratitude
makes sense of our past, brings peace for today and creates a vision for tomorrow. ~Melody Beattie
November 11, 2011: Everyday Easy Ways to SAVE ENERGY
The days are shorter, the air is cooler, and we are beginning to feel the pressure to start our holiday shopping. This
couldn't be a better time to develop a few good energy saving habits. Below is a list of easy ways to save energy in your
everyday life.
· Wash clothes using cool water cycles whenever possible.
· Always wash a full load of clothes and consider air drying clothes. This method of drying will preserves your clothing
and energy.
· Don’t keep your refrigerator too cool; it is recommended that you keep the temperature between 37 and 40 degrees in the
fridge and 5 degrees in the freezer.
· Make sure you refrigerator seals tightly. This can be tested by closing the door on a piece of paper, if you can easily pull
the paper out easily seal needs to be replaced.
· Scrape do not pre-rinse food that will go into the dishwasher.
· Avoid using the “rinse hold” feature on your dishwasher.
November 2, 2011: Safety First especially when it comes to construction:
There's no getting around it: construction can be a hazardous job. The federal Occupational Safety & Health Administration
(OSHA) provides specific guidelines and regulations for homebuilders and contractors regarding the prevention of
accidents on a residential job site. The penalties for failing to comply with those rules range from hefty fines to shutting
down the job until violations are corrected.
Professional builders not only comply with OSHA regulations, but also often take extra steps to help ensure a safe working
environment on every project and thus help keep everyone out of harm's way.
Inspection. As directed by OSHA, professional builders continually inspect their job sites for potential hazards, and may
even have a safety manager who regularly visits each site. Common hazards may include ladders or scaffolding that are
unsecured or set on uneven ground, unmarked trenches, or an incomplete or missing first aid kit.
If violations are found, they are quickly reported and remedied to get the company back into compliance. And, they are
corrected for the next job.
Education and Training. It is critical to continually educate workers, to train and equip them to recognize and avoid
construction job site hazards and accidents.
In addition to a written safety and health program required by OSHA, professional builders often conduct what's called
"Toolbox Talks" on the subject of safety, perhaps showing a video, presenting a report or (even better) showing workers a
real-world example of a common hazard and how to remedy or avoid it.
Builders who are dedicated to safety also equip their crews with the latest in safety gear, from guardrails on ladders and
scaffolding to hard hats, gloves, eye protection and personal harnesses -- and keep that gear in optimum working order.
These builders also require their trade partners to follow these same safety procedures with their employees.
Incentives. Smart builders often use incentives to help ensure safety. A worker who reports or remedies a job site hazard
may earn a bonus, time off or some other reward that recognizes his or her initiative and sets an example for the rest of the
crew.
Builders may also track and publicly post job site safety achievements, such as the number of days without an accident or
time lost to a job site injury. Those accomplishments may earn the company recognition from OSHA or acknowledgement
from the company that insures the builder against liability and worker's compensation -- lowering the builder's overhead
costs and enabling them to be more competitive for future jobs.
Including Owners. Savvy and safety-conscious builders know that their homeowner clients will want to occasionally visit
the job site to see progress, make decisions and discuss concerns. Safety is no less a priority for those instances.
Homebuyers can go a long way toward keeping themselves safe on the job site by following the same rules and procedures
as the crew. They are encouraged to wear hard hats and safety goggles and avoid visiting and walking through a house
under construction without supervision, after hours, and on weekends, as they may be unprepared to avoid hazards.
October 28, 2011: Think Safety! Homeowners learn to live with all kinds of self-set booby traps: roller skates on the
stairs, tangled extension cords, slippery throw rugs and low-hanging overhead lights. Make your residence as non-perilous
as possible for uninitiated visitors.
October 20, 2011: Know your Hood! Know the features that help or hurt resale in your Neighborhood. In some areas, a
swimming pool actually detracts for a home's value and makes it harder to sell. As your Real Estate Professional, I can
help you decide which features to advertise strongly and which to leave in the background.
October 12, 2011: Home Buying Tip: Get pre-qualified for a loan, which determines how much you can afford. It allows
you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to
the Seller that you are serious and really can afford to buy property.
October 6, 2011: Home Cleaning tip: to prepare your house to put on market, the house needs to be in tip top shape. Make
sure you clean like a fiend - Q-tip clean! Take a cotton swab to faucets and fixtures, scouring fingerprints from all the
switch plates, shining windows until they're spotless and vacuuming up every last dog or cat hair from the baseboards.
September 26, 2011: Before you sell, check faucets and bulbs. Dripping water rattles the nerves, discolored sinks
suggests faulty or worn-out plumbing. Burned-out bulbs or faulty wiring leave prospects in the dark. Don't let little
problems distract from what's right with your home.
September 19, 2011: Before rolling out the welcome mat consider some moving basics: arranging for an alarm company;
turning on electricity, water, and gas; cleaning or replacing the carpet; and notifying your local post office of your new
address. The best time for renovations is often before you move in.
September 9, 2011: This week, one of my Buyer's Survey came back with an encroachment. I was thinking, do people
know what encroachments and easements are and how does it affect them as Home owners?
Encroachment:
An improvement, or building, or obstruction which intrudes upon, or trespasses upon the property of another. An act of
trespassing.
Easement:
An interest held by one person or persons which gives some type of a "right to use" land for a particular purpose.
Easements can be - surface easements, subsurface easements, or overhead easements. They can be permanent or
temporary.
What about Title Insurance, doesn't it protect me from boundary problems?
Title insurance protects the lending institution and the property owner (if insured) against claims to the property such as a
disputed boundary. Often, mortgage lenders require the homebuyer to purchase a title insurance policy in the lender's name.
This is a Lender's policy. Many people do not realize that if they wish to be covered themselves, it is often an additional
optional charge. People also do not realize that title insurance policies do not give coverage against encroachments,
easements and boundary disputes that “would be disclosed by a current certified survey”. This is known as the Survey
Exception. Mortgage lenders routinely require a Survey Endorsement to their loan policies that limits the scope of the
Survey Exception to the specific problems disclosed on a survey. Home Buyers should insist on an Owner's Title Insurance
Policy with a Survey Endorsement based on a current Land Survey. From a practical standpoint, it is always a good idea to
know just what you are purchasing. Land costs too much money to not know exactly what you purchased, and if there are
any problems that you do not know about.
Many Neighborhoods have encroachments such as fences, shrubbery, etc. Injunctive relief consists of a court order called
an injunction, requiring an individual to do or not do a specific action. It must be proven that without the injunction, harm
will occur which cannot be remedied by money damages. Chances of winning an injunction (to remove the fence,
shrubbery) can be difficult if no harm is being created.
------------------------------------
August 25, 2011: Hurricanes and Earthquakes all in one week, OH MY!
Earthquake coverage is specifically NOT covered on your homeowners policy unless you add it. With the recent 5.9
earthquake in Virginia, you may wonder how much it costs to add this coverage to your homeowners policy?
As a rough estimate, this would cost between $50 and $250 per $100,000 of coverage per year to add to your
homeowners policy. * Subject to a 5% deductible and mandatory 10 day waiting period from the last tremor.
Hurricane insurance: Do you have it? Need it? Six things to know.
Hurricane insurance has a unique place in the world of insurance. Just as hurricanes can do all sorts of damage to a house
– from wind, flood, and rain – so hurricane insurance requires a multifaceted approach beyond typical homeowners
insurance. Some hurricane damage is covered by homeowners insurance. Then there's a government-run program for
flooding. As hurricane Irene heads for the East Coast, here are answers to six key questions:
1.Do I have insurance for hurricane damage?
Hurricane insurance is a little tricky. Private homeowners insurance does not cover flood damage, but it should cover any
damage caused by hurricane winds. Even so, many homeowner policies have special deductibles for hurricane damage that
are separate from the general deductible for other damages. While the general deductible is likely set at a dollar amount, the
deductible for hurricane damage is often set as a percent of the hurricane costs. It's usually around 3 percent, although it
can run as high as 5 percent of the damage costs.
Any hurricane damage from water, not wind, is covered by flood insurance, which must be purchased separately through
the federally run National Flood Insurance Program.
2.What does flood insurance cover?
There are two kinds of flood insurance for consumers: one for buildings and one for personal property.
Building policies cover structural damage, to the exterior and foundation, as well as damage to certain, semi-permanent
indoor items, such as paneling, heating and cooling systems, carpet, and built-in appliances. Building policies can cover up
to $250,000.
Personal property insurance can cover up to $100,000 in damages, and typically applies to portable items. For instance,
furniture, clothing, and electronics are considered “personal property,” as are portable appliances, washers and dryers, and
artwork.
3.How much does flood insurance cost?
Rates vary, depending on whether you live in a “moderate-to-low” risk area or a "high-risk" area. Coastal areas are
considered high risk, and premiums range from $580 a year, for up to $45,000 in both building and personal property
damage, to $5,903 a year, for up to $350,000 for combined building and personal property damage. Policies can also be
purchased individually, for either personal property or building damages. That way homeowners can opt out of one, or mix
and match how much to insure property in each category.
4.What isn’t covered by flood insurance?
Flood insurance doesn’t apply to all the losses you might incur from a hurricane, including some items of high value. So if
a storm surge sweeps your stock certificates, money, or precious metals out to sea, they won't be covered. Also,
insurance doesn’t cover damage to your yard or structures in it, such as decks, fences, or swimming pools. A flood
insurance policy won’t cover living expenses either, if you have to pay for temporary housing.
5.Are there any resources for hurricane damage if I’m not insured?
If the president declares a disaster, then you may qualify for help from the federal government. Most disaster assistance
from the government comes in the form of federally subsidized loans from the Small Business Administration.
6.How long does it take to get flood insurance?
There’s typically a 30-day waiting period before your insurance will go into effect. So, while it may be too late to take
precautions for hurricane Irene, which was projected to make landfall near the Connecticut-Rhode Island border Sunday
night, this year's hurricane season is only halfway over.
By Mary Helen Miller, Correspondent for the CSMonitor.com August 25, 2011 at 9:14 am EDT
----------------------------------------------------
August 19, 2011: What is a GFCI?
-------------------------------------------------------
August 12, 2011: 5 Ways to Slice Summer Power Bills
1. Reduce your amount of "Vampire Power"
What's the one place people waste power and don't even realize it? Vampire power: It's the energy some appliances and
electronics drain from your home when they are turned off.
Signs of a vampire: Anything with a clock or light that's on when the item is turned off. Also, any kind of plugged-in
charger can be a vampire appliance -- whether or not it's charging anything.
Staking vampires doesn't mean going around constantly plugging and unplugging your electrical items. (Unlike real
vampires, that would get old fast.) Instead, hook things up to surge protectors. Or use outlets that connect to wall
switches for vampire items. When the wall switch is off, there's no power to drain.
2. Actually Programming your Thermostat
It's kind of like buying a Ferrari keychain to go with a broken-down old car. Sure it looks cool, but it's not going to make
things run any better.
So get out the booklet that came with the thermostat and read it. Or have the customer service department talk you through
the basics. Some power companies have special help lines for just that purpose, too.
When you use it, a programmable thermostat can save up to 10 percent per year from your heating and cooling bills, says
Ronnie Kweller, spokeswoman with the Alliance to Save Energy.
And who couldn't use a little extra money?
3. Washing machines: Full and Cold is Better!
Especially if you're talking about a dishwasher or washing machine. You use the same amount of water and energy
whether the machine is full or not.
But with full loads, you get a lot more for your money. And you run the machine less often. Win-win.
Some other ways to save:
Do laundry in cold water. Running the water heater -- for things such as showers, dishwashers and laundry -- accounts
for about 14 percent of your total power bill, Kweller says.
Skip the "dry" cycle on your dishwasher. Either hand-dry dishes as you put them away, or let evaporation do the work for
you.
If your neighborhood allows it, check out one of those "solar clothes dryers," (It's a line stretched between two poles that
allows you to hang laundry outside.)
If clotheslines are prohibited in your area, try a discreet drying rack on your back patio or deck. Or, if you're not jonesing
for that fresh-air-and-sunshine laundry smell, you can even set it up in a tub or shower stall.
4. Skip the arctic AC
Who doesn't come in from the sweltering heat and vow to crank the air conditioning down to a temperature usually
reserved for penguin nesting grounds?
But icing down the whole house just to cool you off for a few minutes is expensive. So keep the air conditioning at a
reasonable setting and look for other ways to chill when you first come inside. Have an icy drink, put a cold compress on
the back of your neck or change into some cool, absorbent clothes.
Another effective strategy: a quick, cool shower!
5. Go wireless
Sometimes it pays to get away from the two-dimensional electronics for a little while. Literally.
Click off "FarmVille" long enough to dig in the real dirt in your yard. Or, have some fun with a container garden on your
patio. (Real tomatoes don't require wattage. And if you eat what you grow, you can save on your food bill, too.)
Ditch the Facebook friends to spend a little time with people you know from the real world. (Not to be confused with "The
Real World.")
But your idea of fun might also be game night or a poker party.
The goal: Get unplugged, unwind and connect in a way that has nothing to do with power cords and networks. You'll save
some electricity and recharge your own batteries at the same time.
Posted: Aug. 03, 2011 Location of article:
http://www.bankrate.com/finance/personal-finance/5-ways-to-slice-summer-power-bills-1.aspx Email Save Print
August 3, 2011: Charlotte by the Numbers
#3 Rank among potential cities (population 250,000-750,000) in the Americas to attract investments by foreign companies.
Source : FDI Magazine
#4 Rank among the top markets in 2011 that are most conducive to the creation and development of small business.
Source: The Business Journal
#7 Rank among the top comeback cities in 2011
Charlotte Magazine June 2011
July 28, 2011: SUMMER DISCOUNT!! Would you like to put ONLY $100 for a down payment on a
HUD Home?!! Click on the following link to find available properties:
http://hudhomestore.com/HudHome/Index.aspx (when here, click on the case number associated with the property listing,
then click on the addendums tab to see if this is a $100 down eligible property)
- Borrower qualifies under the standard FHA guidelines-Flexible
- No income or area limits
- Closing costs and prepaids may be paid by the seller (HUD usually only pays up to 3%)
- Can be used in conjunction with the 203K Renovation loan and/or the Good Neighbor Next Door Program
Eligibility Criteria:
- 640 minimum credit score
- Must be an FHA loan used for primary residence purchase only
July 20, 2011: Mortgage Insurance Cancellation: The Myths and Realities
When it comes to private mortgage insurance (MI), there are several myths that exist that make buyers reluctant to
consider a conventional loan with MI as an option when purchasing a home. One of the more common misconceptions is
that cancelling MI is a difficult—not to mention time-consuming—process.
The irony is that the majority of buyers don’t harbor those same beliefs or reservations about an FHA insured loan when, in
reality, FHA coverage may be less easily cancelled, or take longer to cancel, than MI.
HPA Makes Cancellation Clearer
When it went into effect as a new federal law, the Homeowners Protection Act (HPA) of 1998—which applies to both
FHA and MI insured loans—required lenders and servicers to provide disclosures regarding MI for residential loans
obtained on or after July 29, 1999. Prior to this, consumers were responsible for requesting MI cancellation if they met
two factors: one, their loan balance was paid down to 80 percent of the property; and two, they had a good payment
history.
While many lenders obliged consumer requests to drop MI coverage, consumers had sole responsibility for keeping track
of their loan balance.
The HPA established three different times when a lender or servicer must notify consumers of their rights.
At loan closing, lenders must disclose:
• The right to request MI cancellation and the date on which the request can be made
• The requirement that MI be automatically terminated and the date on which this will occur
• Any exemptions to the right to cancellation or automatic termination
• A written initial amortization schedule for fixed-rate loans only
Each year, loan servicers must send borrowers a written statement that discloses:
• The right to cancel or terminate MI
• An address and telephone number to contact the loan servicer for determining when MI may be cancelled
When MI coverage is cancelled or terminated, lenders must send a notification to borrowers stating:
• MI has been terminated, and the borrower no longer has MI coverage
• No further MI premiums are due
Termination of Coverage
Under the terms of the HPA, mortgage lenders or servicers must automatically cancel borrower-paid MI coverage when
the mortgage has amortized to 78 percent of the original property value, with all unearned premiums returned to the
borrower within 45 days of the cancellation or termination date. This provision also requires that the borrower be current
on mortgage payments required by the terms of the loan, and if the loan is delinquent on the date of automatic termination,
a lender must terminate the coverage as soon as the loan becomes current.
Cancellation of Coverage
Also under the HPA, a homeowner has the right to request MI cancellation when the mortgage balance reaches 80 percent
of the original property value. All payments must be current, meaning a homeowner must not be 30 days late on a
mortgage payment within one year of their request, or 60 days late within two years.
However, a borrower can only initiate a cancellation request for FHA based on their prepayment of the loan, and even then,
it can only be requested beginning five years after the loan origination date.
With MI, homeowners can request cancellation based on prepayment of the loan, as well as an appraisal. Despite falling
property values, it’s possible for homeowners to gain enough equity in their home to request cancellation in less than five
years based on a home appraisal.
Why This Matters to Agents
By understanding these rules and what they mean for homeowners, real estate agents can educate their buyers to help them
better evaluate allof their home financing options based on facts rather than myths.
This is even more important considering the FHA’s recent price increase, which has reduced buyers’ purchasing power
and increased monthly mortgage payments.
by RISMedia: The Leader in Real Estate Information Systems
----------------------------------------
July 8, 2011: Understanding Points, Rates and Fees
Not only do you have to understand what type of mortgage you should choose, you have to understand the costs
associated with your mortgage. All of these costs will be paid upon closing your mortgage.
Purchase Points
Purchase points, also known as a "buy-down" or "discount points," are an up-front fee paid to the lender at closing to buy-
down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If
you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the
more money you'll need at closing.
How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long
you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in
your home for more than five years, it's probably a good idea to purchase points. The longer you live in your home, the
more you can save on interest over the life of the loan.
Interest Rate
When you get a mortgage, you are charged an interest rate, this is the rate which the lender charges you for using their
money to buy a home. It determines how much your monthly payments will be. Generally speaking, the higher the interest
rate, the higher your monthly payment.
Mortgage interest rates change constantly, daily, even hourly. If you speak to a lender and are quoted a specific interest
rate, that's not to say you'll necessarily get that rate when you close on your loan. Not unless you formally lock-in that rate
with the lender. Locking in an interest rate will guarantee you get your loan with a particular interest rate. Lenders will
allow you to lock in for 15, 45 or 60 days. But the longer you lock in, the more expensive it will be, since it's more of a
risk to lenders.
Fees
There are always fees associated with getting a mortgage, these fees cover the cost of processing and underwriting the
loan. These fees can include charges for ensuring the title to the home is free and clear; paying for a land survey; or paying
for a home appraisal which gives you the estimated value of the property (lenders require an appraisal to close on your
mortgage).
Deciding which mortgage to get may depend on what each lender does because different lenders may charge different
amounts. Some may charge lesser closing fees to lure you in, but may charge you a higher interest rate, which means you
may pay more in the long run. But everyone has different needs, you may or may not be able to afford to pay more at
closing and are willing to pay more over the long term.
Before it comes time to close, do your homework, make sure there are no hidden fees, and ask your lender lots of
questions so that you understand all the costs involved with your mortgage.
*Also, please consult your tax advisor for advice regarding the purchase of your new home.
Yahoo Real Estate
---------------------------------
June 30, 2011: A reliable home warranty can help provide an important measure of confidence for the buyer and help set a
seller’s home apart from the competition.
Still, even with advantages to both parties, many buyers and sellers remain uninformed about the purpose and benefits of
home warranties, which cover the repair or replacement of many home-system components and appliances. Home
warranties—which are available for single-family homes, condominiums, townhouses, vacation homes and multi-unit
properties—address key consumer needs, typically covering the cost of replacing or repairing such things as heating and
air conditioning components, dishwashers, water heaters, ovens, garbage disposals, and more.
Such items are not usually covered by homeowners insurance and can be very costly to repair or replace if not covered by
a home warranty. Replacing the dishwasher alone can be more costly than an annual home warranty payment; the average
cost for a one-year home warranty begins around $300.
While many of the home’s system components and appliances are covered as part of a standard home warranty, if home
buyers wish for more household items to be covered, they should determine whether their home warranty provider offers
an add-on package. Many plans allow consumers to customize their home warranty to cover specific components and
appliances, including ceiling fans, garage door openers, swimming pools and more.
Advantages for both buyers and sellers
Whether the home warranty is provided by the seller of the home or purchased by the buyer after the sale, there are
numerous advantages to both parties.
Home warranties are appealing to buyers because they cover appliances and system components that a new homeowner
has no familiarity with. Sellers benefit from offering a home warranty because it sets the home apart from the rest of the
competition in today’s saturated market, often leading to faster sales at better prices.
Get the plan that’s right for you
While home warranties are a popular addition to the home buying and selling process, they may be purchased at any time.
Consumers should do their research before choosing a plan or provider, as costs, coverage levels, customer service and
other factors vary. In today’s economy, home warranties make sense more than ever. Not only are they a great tool to
help you sell your home, but they’re something you definitely want to insist on when buying one.
by RISMedia: The Leader in Real Estate Information Systems
------------------------
June 22, 2011: Shopping for a Home loan
"Are consumers making better decisions about the kinds of mortgages they select than they did before the financial crisis?"
The mortgages being written today are certainly better matched to the needs and payment capacity of borrowers than they
were before the crisis. The major reason, however, is not better decision-making by consumers, but elimination of the
toxic mortgages that led so many consumers astray.
The option adjustable-rate mortgage, or "option ARM" that allowed borrowers to make payments in the early years that did
not cover the interest while exposing them to the risk of sizable payment increases in the future, are no longer being
offered. Its somewhat less-dangerous cousin, the interest-only mortgage, is still around but priced so high that few
borrowers select it.
Another reason the quality of mortgage decisions has improved is that the subprime and alt-A markets, which had
channeled loans to consumers with the weakest qualifications for homeownership, are both gone. The average mortgage
borrower today is much better qualified than before the crisis because the less-qualified borrowers are not being approved.
However, better decisions resulting from a curtailment of options and tighter eligibility requirements are not an unsullied
blessing. The option ARM had some legitimate uses, and these have been lost along with the abuses. Worse, more stringent
qualification requirements have overshot the mark and some very well-qualified consumers, including large numbers of the
self-employed, are unable to borrow.
Given the available options, consumer decision-making today is no better than it was because the factors that led to bad
decisions have not changed.
Borrower ignorance: Mortgages tend to be complicated, and consumers are exposed to them likely only once or a few
times during a lifetime. They have no opportunity to enhance their knowledge through trial and error, which is largely how
they learn about other products.
While some potential mortgage borrowers, recognizing the importance of the decision, will put in the time required to
become knowledgeable, most prefer to depend largely on the advice of others.
Poor advice: In selecting a mortgage, most borrowers get their advice from their loan provider (LP) -- a loan officer or
mortgage broker. In the worst case, which was fairly common before the financial crisis, some LPs steered borrowers to
the products on which the LP made a larger commission. Under regulations issued this year, such steering is against the
law.
Eliminating biased advice does not generate good advice, however. Most LPs remain transaction-oriented, meaning that
they are looking to get the deal done rather than to establish a relationship with the client. They earn no more if the
borrower selects the right type of mortgage than if they select the wrong type. What matters is that the borrower is
satisfied with the LP's advice and the loan closes.
The advice given by LPs is only as good as their capacity to provide it, and while there are some good ones, they are the
exception. LPs are not selected for their pedagogical skills, they are not trained for it, and they are not rewarded for it.
Poor disclosures: One of the alleged purposes of mandatory disclosures is to help borrowers compare different types of
mortgages. The cornerstone of such efforts is the annual percentage rate, or APR, which is supposed to be an objective
measure of mortgage cost that allows borrowers to make unbiased comparisons. The trouble is that it does this only in a
very restrictive set of circumstances, which regulators have never spelled out.
Because the APR is calculated over the full term of a mortgage, it is misleading if used in selecting the mortgage type by
borrowers who expect that they will sell their house or refinance the mortgage within a relatively short period. For the
same reason, it leads borrowers astray who are comparing different combinations of interest rate and points on a given
type of mortgage.
Perhaps it is fortunate that because most borrowers don't understand the APR, few try to use it.
By Jack Guttentag Inman News™
---------------------------------------------
June 16, 2011: What is an Umbrella Policy and why do you need one?
An umbrella insurance policy is an extra layer of protection against lawsuits resulting from damage to someone else's
property or injuries as the result of an accident. It also protects against false claims and intentional acts such as libel,
slander and vandalism by minors, and covers false arrest, wrongful entry, invasion of privacy and more.
There are many reasons to purchase an umbrella liability insurance policy.
1. It covers incidents that may not be covered on your basic homeowners' insurance. For example somebody is injured in
your pool or a contractor is hurt on your property.
2. It fills "in the gaps" by providing coverage for other incidents like liability for rental properties or being sued for slander
or libel.
3. It protect you against the catastrophic losses that can occur if you are sued. The best way to think of umbrella
insurance is as extra coverage in case your insurance maximums on your home or auto are reached and surpassed in an
incident.
Check with your insurance carrier to see analyze the rates on an Umbrella Policy today. It is imperative you and your
family are protected.
---------------------------------------------------
June 9, 2011: Simple Tips to Prevent House Fires
Every year home electrical problems cause more than 28,000 house fires and massive property damage. Electrical wiring is
the root cause of many of these fires, of which countless could have been prevented. Faulty or fixed wiring or improper
use of electrical cords and other electrical items cause most home fires.
Electrical Safety Tips
• Pay Attention: Flickering lights, buzzing noises, and faceplates that are warm to the touch are all signs that a circuit may
be overloaded or wiring may be wearing thin. Each one of those signs is cause for immediate attention from a licensed
professional electrician.
• Listen to Your Breaker: If you are continually tripping a switch and having to reset your breaker box, your house is trying
to tell you something. There may be a fixture with faulty wiring or too high an electrical load on the breaker. Again, seek
professional help.
• Review and Replace: Frayed electrical cords, wobbly ceiling fans, and loose faceplates are more than mere annoyances.
You should routinely inspect your home and replace or repair items in need of attention.
• Safety First: Even the best preparation and newest equipment is not a guaranteed protection against fire. Working smoke
detectors on all levels of your home is an absolute must. Make sure you have a working fire extinguisher and you know the
proper way to use it.
The good news is many of these fires are avoidable, in the case of electrical safety just a little awareness and preparation
can make an enormous difference.
The Electrical Safety Foundation International (ESFI) sponsors Electrical Safety Month each May. More information and
safety tips, including a home safety calendar, can be found at www.esfi.org.
---------------------------
May 26, 2011: 9 Reasons to Buy a House Now
1. Lowest Housing Prices in Years
Nobody knows when the housing market will hit bottom, but prices are at their lowest in several years and may soon start
inching back up again. So buying now or in the near future may be the right time. An abundance of bargain-priced housing
is now available because of foreclosures and falling prices.
2. Interest Rates at a 50-Year Low
Interest rates are near a 50-year low, according to housing analysts. By the second week of May, 2011, 30-year fixed
mortgage rates had fallen to their lowest rates of the year at 4.63%. Although mortgage rates vary from day to day, the 30-
year rate at this level is an attractive inducement to first-time buyers, or buyers who want to either move up to larger
residences, or others, including many empty-nesters wanting to sell and move to smaller houses or condos.
3. Interest Rates Expected to Go Up
As the economic recovery gains momentum, interest rates are expected to increase, making mortgages more expensive.
Even a half-percent increase in mortgage interest can add a hundred dollars or more to your monthly payments, depending
on the amount of your loan. (To learn more about interest rates, read Forces Behind Interest Rates.)
4. Adjustable Rate Mortgages at Record Lows
Adjustable Rate Mortgages (ARMs) are also lower now, although there are risks that interest rates may increase over the
life of the mortgage and the balloon payment due at the end of the mortgage life, usually three or five years, could be
substantial. Nevertheless, for new buyers who are sure they'll have enough income to meet payment obligations, an ARM
may be the best way to buy a house. Keep in mind that payments may increase on a monthly basis. For a full explanation of
advantages and risks in an ARM, visit the federalreserve.gov.
5. Low Down Payment Mortgages Available
Low-down-payment financing through Federal Housing Administration-insured mortgages is available as an additional
inducement to buy a house now. Down payment minimum requirements also fluctuate and may increase as the market
heats up, so potential buyers with less cash to consummate a deal may be well-advised to buy now.
6. Easy to Qualify, Easy to Borrow
Lending standards have become less rigid recently, so qualifying for a mortgage may be easier. Experts advise that a
potential buyer become pre-approved for a loan by a lending institution – meaning that a lender guarantees to make the loan
contingent on an appraisal of the property. But the good news in seeking pre-approval is that lenders are now willing to let a
potential buyer take on more debt than the previous formula allowed - a percentage of monthly income. (For more on
getting a cost effective mortgage, see Score A Cheap Mortgage.)
7. Lenders Offer No-Fee Mortgages
Many banks and other lending institutions are waiving mortgage loan generation and other fees and points (each point
represents 1% of the loan amount), thereby reducing the cost of buying.
8. Home Builders Eager to Sell, Offer Incentives
Home builders, competing with the resale market, are offering incentives to potential buyers to reduce their inventory of
unsold new homes. Incentives may include cash for furniture or free refrigerators, washers and dryers. In Seattle, for
example, builders have offered opportunities to win iPads or Smart phones, and $3,000 buyer bonuses. Specific
demographic groups, including military personnel, police, firefighters and health-care workers, have been targeted by
builders for special offers. But virtually anyone who can qualify for a mortgage is likely to get a good deal from a
homebuilder who is eager to sell.
9. Motivated Home Owners Desperate to Sell
Desperate sellers of existing homes have also been offering attractive inducements to potential home buyers, including
warranties on appliances, air conditioners and furnaces. Some sellers are even offering cash or have included furnishings,
refrigerators, washers and dryers as a bonus to potential buyers. With so many existing homes in foreclosure or
underwater – bargain prices are abound in this depressed market. (For help on buying a house, read Top Tips For First-
Time Home Buyers.)
The Bottom Line
With a convergence of the factors above, all of which are favorable to the prospective home buyer, there may not be a
better time to buy than right now. It's a buyer's market, but like everything else in life, the bargain deals won't last. (To help
determine if it is the right time to buy, read Are You Ready To Buy A House?)
---------------------------
May 18, 2011: 6 Tips to a Higher Credit Score
Your credit score, calculated from information in your credit report, is a measure of how good a risk you are to a credit
grantor. A large proportion of borrowers who can't qualify for a mortgage would qualify if their credit score was higher.
Any lender to whom you apply will obtain your score and provide it to you. As noted below, however, inquiries by lenders
may have a negative effect on your score, whereas inquiries by you do not. Hence, it is a good idea to find your score
before you apply, so you can make an informed decision on whether you want to apply at that time.
You can obtain your score from many firms in the business, including www.equifax.com, www.transunion.com, www.
experian.com and www.myfico.com.
Some Tips are:
1. Pay on time: The core rule is to meet your debt obligations on-time, every time. If you have had payment lapses in the
past but your habits have improved, time is on your side. The credit scoring rules weight recent experience more heavily
than older experience.
2. Correct mistakes in your credit report: Your score should not be reduced by reporting mistakes, which are all too
common.
3. Detach yourself from the "wrong vendors": Because finance companies lend to relatively poor risks, the credit score of
any borrower owing money to a finance company is lower than it would be if the creditor was a bank. By the same logic,
borrowers who have credit cards of department stores are penalized, relative to what their score would be if they had cards
issued by banks.
4. Reduce balances on revolving credits to less than 50 percent of the maximums: A high utilization ratio is read as a sign
of weakness and potential trouble, reducing your score. Credit cards are the most important type of revolving credits, but
HELOCs belong in this category as well. A HELOC used to purchase a house or to refinance a mortgage, where the initial
utilization ratio is 100 percent, will jolt your credit score.
Note that utilization ratios can be reduced by getting the maximums raised, as well as by paying down the balances. In
many cases, credit card issuers are willing to raise the maximum at the borrower's request.
5. Minimize the number of "hard inquiries": Hard inquiries are requests to a credit agency for your credit score from a
credit grantor, insurance company or other entity to which you have applied and to which you have entrusted your Social
Security number. "Soft inquiries" made by you or by firms looking to sell you something for which you have not applied
don't require your permission and don't impact your credit score.
The credit-scoring systems may or may not penalize borrowers who shop multiple credit grantors within a short period --
unfortunately, you can't be sure.
The credit agencies tell you that multiple inquiries within a 15-day period count only as a single inquiry, but in fact inquiries
for mortgage, auto and student loans would probably count as three inquiries, and even three mortgage inquiries could
count as three inquiries, depending on how the credit grantors are identified to the credit scorer. I will have an article abut
this in the near future.
The bottom line is that in applying for credit, find your own score that you can deliver to the vendors you are shopping
who need the score to set the price. The vendor you select will verify the score through his own inquiry, but it will be only
a single inquiry.
6. Pay off collection accounts: This may actually reduce your score in the short-run by converting the account from an
older entry with a low weight to a new one with a higher weight. However, you can't get a loan with a collection account
on your record, so you must pay it off -- the sooner the better.
--------------------------------------------
May 9, 2011: 2011 Charlotte Statistics for March have just been released.
Average List Price Mar 2011 $222,224 vs. Mar 2010 $223,319 (-1%)*
Average Sales Prices Mar 2011 $194,465 vs. Mar 2010 $197,564 (-2%)*
with List to Close Days averaging 159 days (2 MORE days than last month, 157 days)*
New listings Mar 2011 is 5,147 vs. Mar 2010 is 6,147 (new listings are down by 16%)*
*data comes from Carolina Multiple Listing Services, Inc. April 18, 2011
+Interest Rates have DECREASED from a year ago: Mar 2011 4.94% vs. Mar 2010 4.99% (FANTASTIC time to buy!)
+source: Freddie Mac, National Association of Realtors Forecast April 18, 2011
-----------------------------------
April 28, 2011: Three Reasons why a Seller should hire their own Inspector:
1) Avoiding liability: If an undisclosed defect (one that you were unaware of for the past 30 years) is discovered after the
close of escrow, you could be sued for nondisclosure. The fact that you were unaware of the problem would be for you to
prove in court.
2) Avoiding repair costs: Disclosing defects at the outset of a purchase transaction enables you to do an as-is sale. When
defects are discovered by the buyers' home inspector, the buyers are more likely to insist on repairs.
3) Building trust: Providing a home inspection report to buyers is a good way to build trust in a transaction by
demonstrating that you, the seller, have nothing to hide.
As a seller, it's better to provide disclosure than waiting for disclosure to happen to you.
--------------------------
April 18, 2011: Today's the day - you've done your paperwork, now it's time to get some freebies. Find out who is
offering some Tax Freebies!
MaggieMoo's: The ice cream chain is offering free mini ice cream sundaes between 3 p.m. and 6 pm.
Cinnabon: Anyone who stops by between 6 p.m. and 8 p.m. can get two free "cinnamon bites"
Bruegger's: Customers can score a baker's dozen plus two tubs of cream cheese for $10.40 if you bring in a coupon,
available through the bagel chain's Facebook page.
P.F. Chang's: The Chinese restaurant chain is offering a 15 percent discount on all Tax Day orders, which includes dine-in
and take-out, with the exception of Happy Hour orders and beverages.
McCormick and Schmick's: The seafood restaurant is celebrating Tax Day by featuring entrees and bar specials for $10.40
(plus guests can pick up a $10.40 certificate to use in the dining room).
IHOP: Every day in April--not just Tax Day itself--children age 12 and under eat for free, as long as their parents purchase
an adult entree.
DirectTV, along with a handful of other providers, are offering free access to HBO and Cinemax through April 18.
Bally Total Fitness is giving its members free personal training sessions, and non-members can work out at no charge on
Monday.
Spa week: Spas throughout the country are offering a variety of treatments, from massages to facials, for $50 through
April 17. (Services usually cost as much as $500.) The fact that spa week falls on tax day might be a coincidence, but it
can still help you relax after making the deadline. Find a participating spa near you at www.spaweek.com.
Office Depot: The supply store is offering free shredding (up to five pounds) as well as 25 pages of tax document copying
at no charge. Just bring in this coupon before April 23.
National Park Week: Tax Day coincides with National Park Week, which means free entrance into the more than 100
national parks that usually charge fees.
http://finance.yahoo.com/news/Tax-Day-Deals-Discounts-and-usnews-3570468054.html?x=0
--------------------------------------
April 5, 2011: Your Federal tax return is due on April 18 instead of the usual April 15 deadline. April 18 is also the deadline
for several other important tax-related actions. For example, your first estimated tax payment for 2011 is due April 18. But
that's not all. There are several other important steps you should consider taking before the deadline:
File an extension
If, like many people, you don't want to have to file your completed return by April 18, you can obtain an automatic six-
month extension of time to file. This is very easy to do. You simply fill out Internal Revenue Service Form 4868:
Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.
You can either email the completed form to the IRS or send it by postal mail. It must be sent by April 18, 2011.
You don't have to tell the IRS why you want the extension, and you can't be denied the extension -- you get it automatically
by filing the form. However, when you file Form 4868 you must estimate your total tax liability for 2010 and list it on the
form.
It's important to understand that obtaining an extension of time to file your return does not relieve you of the duty to pay
your taxes in time for the initial deadline (by April 18).
You can send in any balance due, along with the Form 4868, but this is not required. If you don't pay balance due by April
18, you'll have to pay interest on the amount and may also be charged late payment penalties by the IRS. The late payment
penalty is usually one-half of 1 percent of any tax (other than estimated tax) not paid by April 18, 2011.
Fund your retirement accounts
One of the best ways to reduce your tax liability is to establish and fully fund a tax qualified retirement account. These
include traditional and Roth IRAs (individual retirement accounts), SEP-IRAs, SIMPLE IRAs, 401(k) and solo 401(k)
plans, Roth 401(k) plans, and Keogh Plans (defined contribution plans and defined benefit plans).
Your contributions -- other than those to Roth plans -- are tax deductible. Contributions to Roth IRAs and Roth 401(k)
plans are not deductible, but withdrawals after age 59 1/2 are tax free.
The maximum 2010 contribution you may make depends on the type of plan you have and the amount of your net self-
employment income. Contributions to traditional and Roth IRAs are limited to $5,000; $6,000 if you were at least 50 by the
end of 2010.
Contributions to the other plans can be much larger -- as much as $49,000 for the most generous plans. There are several
online retirement plan contribution calculators you can use to figure out your maximum contribution for 2010; including
one at CalcXML.com.
If you already have a retirement account, but have not funded it for 2010, you still have time to make a 2010 contribution.
You have until April 18 to make contributions to a traditional or Roth IRA, 401(k) plan, SEP-IRA, SIMPLE-IRA, or Keogh
Plan, and have them count for the 2010 tax year.
Make sure to tell your plan administrator that your contribution should be applied to 2010, not 2011.
Filing an extension of time to file your return does not extend the deadline to contribute to an IRA. However, filing an
extension does extend the time to fund a 401(k) plan, SEP-IRA, SIMPLE IRA, or Keogh Plan until Oct. 15, 2011 -- the
extended due date for your return.
So if you have one of these plans and need more time to come up with the money to contribute to them, be sure to file an
extension.
What if you don't have any retirement accounts? You still have until April 18 to establish a traditional or Roth IRA, or SEP-
IRA and make contributions for the 2010 tax year. It is too late to set up 401(k) plan, SIMPLE-IRA, or Keogh Plan for the
2010 tax year.
Contribute to a Health Savings Account (HSA)
If you have a Health Savings Account, April 18 is also the last day you may make contributions for the 2010 tax year. As
with IRAs, obtaining an extension to file your return does not extend this deadline.
If you have an individual plan, you can contribute a maximum of $3,050 for 2010. If you have a family plan, the maximum
2010 contribution is $6,150. These limits are increased by $1,000 if you were 55 or older at any time in 2010.
Stephen Fishman is a tax expert, attorney and author who has published 18 books, including "Working for Yourself: Law &
Taxes for Contractors, Freelancers and Consultants," "Deduct It," "Working as an Independent Contractor," and "Working
with Independent Contractors." Inman News April 5, 2011
-------------------------
March 24, 2011: Many ask "How's the Real Estate Market?" Well if you would like to know, 2011 Charlotte Statistics for
February have just been released. Contact Jennifer Lew 704-591-5542 for more Real Estate news.
Average List Price Feb 2011 $206,576 vs. Feb 2010 $216,605 (-5%)*
Average Sales Prices Feb 2011 $180,036 vs. Feb 2010 $191,288 (-6%)*
with Current Average Days on Market 119.9 days (3.20 MORE days than last month, 116.7 days)*
New listings Feb 2011 is 4,108 vs. Feb 2010 is 4,918 (new listings are down by 16%)*
*data comes from Carolina Multiple Listing Services, Inc. March 7, 2011
+Interest Rates have DECREASED from a year ago: Feb 2011 4.95% vs. Feb 2010 5.05% (FANTASTIC time to buy!)
+source: Freddie Mac, National Association of Realtors Forecast March 7, 2011
--------------------------------------------
March 17, 2011: Happy St. Patrick's Day! Here are some ideas on how to be GREEN in your home:
You can be a green by unplugging appliances or using chemical-free products. It’s as easy as fixing leaky faucets or
installing window treatments to conserve heat in the winter and to keep your place cool in the summer without cranking up
the air conditioning. Collect your old bath water or dishwater. Known as gray water, it can be used to water houseplants
or for outdoor irrigation. But you’ll want to use only natural, biodegradable soap to keep from harming your greenery and
to keep chemicals from leaching into the water table. Place a two-liter soda bottle filled with water in your toilet tank to
displace some of the water, reducing the amount used in each flush-refill cycle. You can also buy a bigger float ball or
adjust the existing one so that it rests closer to the bottom of the tank, shutting off the refill valve earlier. Find out which
appliances are the biggest power consumers with an energy audit, which public utilities usually offer free (hint:
refrigerators are major energy hogs) and consider replacing them with energy-efficient models. Even when they’re
switched off, most home appliances and electronic devices continue drawing a little bit of power as long as they’re plugged
in. These “vampires” account for an estimated 10% of residential energy use in the U.S. Shedding these leeches is easy.
Simply unplug the stuff you don’t use most of the time.
---------------------------------
Feb 25, 2011: Many ask "How's the Real Estate Market?" Well if you would like to know, 2011 Charlotte Statistics for
January have just been released. Contact Jennifer Lew 704-591-5542 for more Real Estate news.
Average List Price Jan 2011 $217,809 vs. Jan 2010 $229,214 (-5%)*
Average Sales Prices Jan 2011 $188,147 vs. Jan 2010 $200,592 (-6%)*
with Current Average Days on Market 116.7 days (2.30 MORE days than last month, 114.4 days)*
New listings Jan 2011 are 4,006 vs. Jan 2010 5,571 (new listings are down by 21%)*
*data comes from Carolina Multiple Listing Services, Inc. February 7, 2011
+Interest Rates have DECREASED from a year ago: Jan 2011 4.76% vs. Jan 2010 4.98% (STILL FANTASTIC time to
buy!)
+source: Freddie Mac, National Association of Realtors Forecast February 7, 2011
---------------------
Feb 17, 2011: There have been many questions regarding Mecklenburg County Tax Revaluation. How was the new tax
value computed, what can the Homeowner do? Mecklenburg County 2011 Revaluation
Revaluation is the process of reappraising all properties within the county for tax assessment purposes. This is required
every 8 years. Wonder how they compute your new tax value? Click the link below to learn more:
http://charmeck.org/mecklenburg/county/AssessorsOffice/reval/Pages/default.aspx
-----------------------------------------
Feb 3, 2011: Best bathroom floor: tile, vinyl or wood?
Often, bathroom tile is glazed, shiny and smooth. A simple solution is to use rubber-backed bath rugs over the tile to keep
your footing. Covering most of a tile floor with a rug is not very practical. So here are a couple of alternatives.
First, if you choose a tile floor, avoid glazed tile or marble. Instead, pick a material that's either textured or has a matte
finish. They provide more traction and a better chance to keep you upright.
Another tile alternative is Saltillo. This is a porous terra-cotta tile from Mexico that requires regular sealing with a quality
acrylic sealer. The plus is that it's got a skid-resistant surface. The minuses are the maintenance factor and the tile's
irregular shape. If you're looking for uniformity, this option is not for you. But if you're after a rustic look, this may be the
ticket.
Now, don't fall over in a dead faint, but another alternative you might consider is an engineered wood floor. It's not for
everyone, but it might work for you.
The negative, of course, is that this type of floor doesn't withstand large amounts of water well. If this is the only
bathroom and there are kids, wood is not an alternative. But if the bathroom is adults only, the beauty of wood is a definite
alternative.
Engineered wood consists of a top layer of hardwood -- bamboo, for example -- that is pressure-glued to alternating layers
of plywood. The cross-grain construction gives the flooring good stability, unlike its solid wood counterpart. Also, the
factory-applied finish is water-resistant. Notice, we did not say waterproof.
A wood floor will provide more traction than smooth tile, but will still require a rubber-backed bath rug for entering and
exiting the tub or shower and to reduce the amount of water on the floor.
The bottom line is that there's no perfect solution. Water will have its way. For our money, a matte, textured tile is the best
solution followed by a top-quality sheet vinyl or linoleum.
written by Inman News™
================================
January 26, 2011: Many ask "How's the Real Estate Market?" Well if you would like to know, 2010 Charlotte Statistics
for December have just been released. Contact Jennifer Lew 704-591-5542 for more Real Estate news.
Average List Price Dec 2010 $220,130 vs. Dec 2009 $239,062 (-8%)*
Average Sales Prices Dec 2010 $193,910 vs. Dec 2009 $211,705 (-8%)*
with Current Average Days on Market 114.4 days (6.90 MORE days than last month, 121.3 days)*
New listings Dec 2010 is 2,945 vs. Dec 2009 3,094 (new listings are down by 5%)*
*data comes from Carolina Multiple Listing Services, Inc. January 5, 2011
+Interest Rates have DECREASED from a year ago: Dec 2010 4.71% vs. Dec 2009 5.14% (FANTASTIC time to buy!)
+source: Freddie Mac, National Association of Realtors Forecast January 5, 2011
================================
January 20, 2011: It’s easy to overlook a small leak or slight draft. But these problems have the potential to get worse very
quickly. To prevent a big problem from arising, energystar.gov recommends having a contractor perform annual check-
ups—on the cooling system in the spring and the heating system in the fall. To remember, you might plan the check-ups
around the time changes in the spring and fall.
Here are some things you should expect a contractor to handle:
• Check thermostat settings to ensure the cooling and heating system keeps you comfortable when you are home and saves
energy while you are away.
• Tighten all electrical connections and measure voltage and current on motors. Faulty electrical connections can cause
unsafe operation of your system and reduce the life of major components.
• Lubricate all moving parts. Parts that lack lubrication cause friction in motors and increases the amount of electricity you
use.
• Check and inspect the condensate drain in your central air conditioner, furnace and/or heat pump (when in cooling mode).
A plugged drain can cause water damage in the house and affect indoor humidity levels.
• Check controls of the system to ensure proper and safe operation. Check the starting cycle of the equipment to assure the
system starts, operates, and shuts off properly.
Cooling Specific
• Clean evaporator and condenser air conditioning coils. Dirty coils reduce the system's ability to cool your home and cause
the system to run longer, increasing energy costs and reducing the life of the equipment.
• Check your central air conditioner's refrigerant level and adjust if necessary. Too much or too little refrigerant will make
your system less efficient increasing energy costs and reducing the life of the equipment.
• Clean and adjust blower components to provide proper system airflow for greater comfort levels. Airflow problems can
reduce your system's efficiency by up to 15 percent.
Heating Specific
• Check all gas (or oil) connections, gas pressure, burner combustion and heat exchanger. Improperly operating gas (or oil)
connections are a fire hazard and can contribute to health problems. A dirty burner or cracked heat exchanger causes
improper burner operation. Either can cause the equipment to operate less safely and efficiently.
Actions You Can Do Yourself
• Inspect, clean, or change air filters once a month in your central air conditioner, furnace, and/or heat pump. Your
contractor can show you how to do this. A dirty filter can increase energy costs and damage your equipment, leading to
early failure.
Source: energystar.gov
---------------------------------
January 12, 2011: We all know now is a great time to buy with low list prices and even lower interest rates, however,
credit scores are just as important especially if you have to borrow the money to purchase a property. Lenders look at
your credit score which can range from 300-850, the higher the credit score the better
Here are 3 easy ways to improve your credit score
1. Pay bills on time
2. Don't get to the edge of your credit limit
3. Don't apply for new credit that you really don't need
Scoreinfo.org, is a new website that helps people understand how credit scores factor in this new era of financial
regulation. As of January 2011, you have the right to receive your score any time a lender makes certain kinds of decisions
-- e.g., if you're denied credit or given credit on less than the most favorable terms a lender offers.
===================
January 3, 2011: Happy New Year! With all the money we spent on presents, parties, and everything else — who really
can afford to let money fly right out the window? So here are some ideas on how to make your Windows more Efficient...
Do you know in the winter, drafty windows can account for up to 25 percent of our heating bill?
Insulating drapes, interior storm windows, and plastic window insulation kit. Each of these solutions has its own pros and
cons, but they all insulate the same way. They create an insulated air buffer between your home and the window surface.
Insulated drapes are considered the most attractive option, but experts stress the importance of proper insulation. Drapes
must be flush with the wall to effectively create an air space between the window surface and the curtains. Improperly
installed curtains that let air pass through the sides of the drapes can actually pull heat away from the room.
Drapes, of course, can be reused and will help reduce utilities costs in every season.
Interior storm windows can be fitted to your windows and are effective at reducing air infiltration. These units use a fitted
pane that often clips into a frame. Pane materials range from the more expensive glass to polycarbonate plastic. The
advantage to interior storm windows is that they can be reused for several years. Many favor interior storm windows over
exterior varieties because they are easier to install will require less maintenance. According to the U.S. Department of
Energy, interior storm windows can reduce heat loss by 25 to 50 percent.
Plastic insulation kits are a very economical choice. Kits include a plastic sheet that is attached to a window frame with
adhesive tape and then stretched tight by applying heat with a hair dryer. The plastic film is made of vinyl, polyester or
polyethylene and can technically be removed and stored for next winter's use. Most homeowners, however, find these kits
to be single season items due to tears in the plastic and the milky appearance created by the aging plastic.
So which is your best choice? Go with a reusable option like interior storm windows or insulating drapes. Homeowners
that want to realize long term savings should consider upgrading to Energy Star qualified windows. Energy Star-rated
windows will have a substantial upfront cost but are the most efficient way to reduce home heat loss around windows.
(c) 2010, The Charlotte Observer (Charlotte, N.C.).
-------------------------------------------Home Improvements to help your house sell quickly!
(Data current as of Feb. 25, 2019)
The National Association of REALTORS® has reported in the last month that national existing-home sales and pending
sales are both down in year-over-year comparisons, but that has not necessarily been a constant from market to market.
While weather-related events have hampered some of the necessary machinations of making home sales, buyers have
shown determination toward achieving their homeownership goals. This week has shown some sales strain in many
markets, but spring is just around the corner.
In the Charlotte region, for the week ending February 16:
New Listings decreased 1.2% year-over-year to 1,124
Pending Sales increased 15.3% year-over-year to 1,129
Inventory decreased 0.3% year-over-year to 9,064
For the month of January:
Median Sales Price increased 5.6% year-over-year to $227,000
List to Close increased 1.0% year-over-year to 106
Percent of Original List Price Received decreased 0.5% year-over-year to 95.5%
Months Supply of Homes for Sale increased 4.5% year-over-year to 2.3
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
January 2019
Despite a strong U.S. economy, historically low unemployment and steady wage
growth, home sales began to slow across the nation late last year. Blame was given to
a combination of high prices and a steady stream of interest rate hikes by the Federal
Reserve. This month, the Fed responded to the growing affordability conundrum. In a
move described as a patient approach to further rate changes, the Fed did not increase
rates during January 2019.
New Listings were up in the Charlotte region by 12.9 percent to 4,543. Pending Sales
increased 14.9 percent to 4,010. Inventory shrank 3.4 percent to 8,723 units.
Prices moved higher as Median Sales Price was up 5.1 percent to $226,000. Months
Supply of Homes for Sale remained flat at 2.2, indicating a stabilizing supply-demand
balance.
While the home affordability topic will continue to set the tone for the 2019 housing
market, early signs point to an improving inventory situation, including in several
markets that are beginning to show regular year-over-year percentage increases. As
motivated sellers attempt to get a jump on annual goals, many new listings enter the
market immediately after the turn of a calendar year. If home price appreciation falls
more in line with wage growth, and rates can hold firm, consumer confidence and
affordability are likely to improve.
December 2018
Home prices were consistently up again in most markets in 2018 but at reduced levels
compared to recent years. High demand for few homes for sale fueled price increases,
but evidence is mounting that inventory will finally improve in 2019. This may apply
some downward pressure on prices for beleaguered home buyers. A fourth interest rate
hike by the Federal Reserve in 2018 spooked the stock market to close out the year.
The Fed has indicated that the number of rate increases in 2019 will be halved, which
may be of little comfort to an already compressed consumer.
New Listings were down in the Charlotte region by 4.4 percent to 2,601. Pending Sales
held steady at 2,769 Inventory shrank 5.9 percent to 8,718 units.
Prices moved higher as Median Sales Price was up 1.6 percent to $236,750. Months
Supply of Homes for Sale was down 4.3 percent to 2.2 months, indicating that demand
increased relative to supply.
Unemployment rates remained remarkably low again in 2018, and wages continued to
improve for many U.S. households. It is generally good for all parties involved in real
estate transactions when wages grow, but the percentage of increase, on average, has
not kept pace with home price increases. This created an affordability crux in the
second half of 2018. Housing affordability will remain an important storyline in 2019.
November 2018
The booming U.S. economy continues to prop up home sales and new listings in much
of the nation, although housing affordability remains a concern. Historically, housing is
still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed
rate is at its highest average in seven years, reaching 4.94 percent, average rates were
5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago.
Nevertheless, affordability concerns are causing a slowdown in home price growth in
some markets, while price reductions are becoming more common.
New Listings were up in the Charlotte region by 2.6 percent to 3,932. Pending Sales
increased 7.3 percent to 3,523. Inventory shrank 7.0 percent to 9,701 units.
Prices moved higher as Median Sales Price was up 6.3 percent to $235,000. Months
Supply of Homes for Sale was down 7.7 percent to 2.4 months, indicating that demand
increased relative to supply.
The Bureau of Labor Statistics recently reported that the national unemployment rate
was at 3.7 percent. Low unemployment has helped the housing industry during this
extensive period of U.S. economic prosperity. Home buying and selling activity relies on
gainful employment. It also relies on demand, and builders are showing caution by
breaking ground on fewer single-family home construction projects in the face of rising
mortgage rates and fewer showings.
October 2018
If the last few months are an indication of the temperature of housing markets across
the country, a period of relative calm can be expected during the last three months of
the year. A trend of market balance is emerging as we approach the end of 2018. Prices
are still rising in most areas, and the number of homes for sale is still low, but there is a
general shrinking of year-over-year percentage change gaps in sales, inventory and
prices.
New Listings were up in the Charlotte region by 6.9 percent to 4,796. Pending Sales
increased 5.0 percent to 4,091. Inventory shrank 8.7 percent to 10,055 units.
Prices moved higher as Median Sales Price was up 5.0 percent to $231,000. Months
Supply of Homes for Sale was down 7.4 percent to 2.5 months, indicating that demand
increased relative to supply.
Stock markets experienced an October setback, but that does not necessarily translate
to a decline in the real estate market. The national unemployment rate has been below
4.0 percent for three straight months and during five of the last six months. This is
exceptional news for industries related to real estate. Meanwhile, homebuilder
confidence remains positive, homeownership rates have increased in the key under-35
buyer group and prices, though still rising, have widely reduced the march toward
record highs.
September 2018
Some economy observers are pointing to 2018 as the final period in a long string of
sentences touting several happy years of buyer demand and sales excitement for the
housing industry. Although residential real estate should continue along a mostly
positive line for the rest of the year, rising prices and interest rates coupled with salary
stagnation and a generational trend toward home purchase delay or even disinterest
could create an environment of declining sales.
New Listings were down in the Charlotte region by 10.5 percent to 4,333. Pending Sales
decreased 6.6 percent to 3,659. Inventory shrank 11.7 percent to 10,210 units.
Prices moved higher as Median Sales Price was up 5.1 percent to $235,000. Months
Supply of Homes for Sale was down 10.7 percent to 2.5 months, indicating that
demand increased relative to supply.
Tracking reputable news sources for housing market predictions makes good sense, as
does observing trends based on meaningful statistics. By the numbers, we continue to
see pockets of unprecedented price heights combined with low days on market and an
economic backdrop conducive to consistent demand. We were reminded by Hurricane
Florence of how quickly a situation can change. Rather than dwelling on predictions of a
somber future, it is worth the effort to manage the fundamentals that will lead to an
ongoing display of healthy balance.
August 2018
Rising home prices, higher interest rates and increased building material costs have
pressured housing affordability to a ten-year low, according to the National Association
of Home Builders. Keen market observers have been watching this situation take shape
for quite some time. Nationally, median household income has risen 2.6% in the last 12
months, while home prices are up 6.0%. That kind of gap will eventually create fewer
sales due to affordability concerns, which is happening in several markets, especially in
the middle to high-middle price ranges.
New Listings were up in the Charlotte region by 1.5 percent to 5,660. Pending Sales
increased 7.4 percent to 4,771. Inventory shrank 14.3 percent to 10,052 units.
Prices moved higher as Median Sales Price was up 8.0 percent to $243,500. Months
Supply of Homes for Sale was down 17.2 percent to 2.4 months, indicating that
demand increased relative to supply.
While some are starting to look for recessionary signs like fewer sales, dropping prices
and even foreclosures, others are taking a more cautious and research-based
approached to their predictions. The fact remains that the trends do not yet support a
dramatic shift away from what has been experienced over the last several years.
Housing starts are performing admirably if not excitingly, prices are still inching upward,
supply remains low and consumers are optimistic. The U.S. economy is under scrutiny
but certainly not deteriorating.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
July 2018
Housing price bubble chatter has increased this summer, as market observers attempt
to predict the next residential real estate shift. It is too early to predict a change from
higher prices and lower inventory, but the common markers that caused the last
housing cooldown are present. Wages are up but not at the same pace as home prices,
leading to the kind of affordability concerns that can cause fewer sales at lower prices.
At the same time, demand is still outpacing what is available for sale in many markets.
New Listings were down in the Charlotte region by 0.4 percent to 5,576. Pending Sales
increased 12.5 percent to 4,947. Inventory shrank 16.3 percent to 9,790 units.
Prices moved higher as Median Sales Price was up 2.1 percent to $240,000. Months
Supply of Homes for Sale was down 17.2 percent to 2.4 months, indicating that
demand increased relative to supply.
Consumer spending on home goods and renovations are up, and more people are
entering the workforce. Employed people spending money is good for the housing
market. Meanwhile, GDP growth was 4.1% in the second quarter, the strongest
showing since 2014. Housing starts are down, but that is more reflective of low supply
than anything else. With a growing economy, solid lending practices and the potential
for improved inventory from new listing and building activity, market balance is more
likely than a bubble.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
June 2018
Housing markets across the nation are most assuredly active this summer, and buyer
competition is manifesting itself into several quick sales above asking price. While the
strength of the U.S. economy has helped purchase offers pile up, the Fed recently
increased the federal funds rate by 0.25 percent, marking the second rate hike this year
and seventh since late 2015. Although the 30-year mortgage rate did not increase,
buyers often react by locking in at the current rate ahead of assumed higher rates later.
When this happens, accelerated price increases are possible, causing further strain on
affordability.
New Listings were up in the Charlotte region by 1.0 percent to 5,932. Pending Sales
increased 7.4 percent to 5,081. Inventory shrank 17.2 percent to 9,554 units.
Prices moved higher as Median Sales Price was up 2.8 percent to $248,045. Months
Supply of Homes for Sale was down 20.7 percent to 2.3 months, indicating that
demand increased relative to supply.
Inventory may be persistently lower in year-over-year comparisons, and home prices
are still more likely to rise than not, but sales and new listings may finish the summer on
the upswing. The housing supply outlook in several markets is beginning to show an
increase in new construction and a move by builders away from overstocked rental
units to new developments for sale. These are encouraging signs in an already healthy
marketplace.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
May 2018
Just like last year at this time, prospective home buyers should expect a competitive
housing market for the next several months. With payrolls trending upward and
unemployment trending downward month after month in an extensive string of positive
economic news, demand remains quite strong. Given the fact that gradually rising
mortgage rates often infuse urgency to get into a new home before it costs more later,
buyers need to remain watchful of new listings and make their offers quickly.
New Listings were up in the Charlotte region by 3.3 percent to 6,350. Pending Sales
increased 9.7 percent to 5,320. Inventory shrank 20.0 percent to 9,106 units.
Prices moved higher as Median Sales Price was up 9.5 percent to $245,000. Months
Supply of Homes for Sale was down 24.1 percent to 2.2 months, indicating that
demand increased relative to supply.
Although home sales may actually drop in year-over-year comparisons over the next
few months, that has more to do with low inventory than a lack of buyer interest. As
lower days on market and higher prices persist year after year, one might rationally
expect a change in the outlook for residential real estate, yet the current situation has
proven to be remarkably sustainable likely due to stronger fundamentals in home loan
approvals than were in place a decade ago.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
April 2018
Many sellers and builders are in a good position for financial gains, as the economy
continues to favor putting existing homes on the market and building new homes for
sale. We are finally beginning to see some upward movement in new listings after at
least two years of a positive outlook. There may not be massive increases in inventory
from week to week, but a longer-term trend toward more new listings would be a good
sign. Low inventory should continue to create a competitive situation for buyers,
causing price increases over the next several months.
New Listings were up in the Charlotte region by 0.7 percent to 5,773. Pending Sales
increased 10.7 percent to 5,245. Inventory shrank 22.6 percent to 8,515 units.
Prices moved higher as Median Sales Price was up 7.4 percent to $240,000. Months
Supply of Homes for Sale was down 25.0 percent to 2.1 months, indicating that
demand increased relative to supply.
This winter and spring exhibited unseasonal weather patterns in much of the country.
As the seasons change to something more palatable, wages and consumer spending
are both up, on average, which should translate positively for the housing market. Being
quick with an offer is still the rule of the day as the number of days a home stays on the
market drops lower. If that wasn't enough for buyers to mull over with each potential
offer, being aware of pending mortgage rate increases is once again in fashion.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
Data current as of March 26, 2018
For Week Ending March 17, 2018
The Federal Reserve raised its key short-term interest rate from 1.50 to 1.75 percent, citing inflation concerns in an
improved economy with rising wages and low unemployment. Borrowing money will be more expensive, particularly for
home equity loans, credit cards and adjustable rate mortgages. Although it is the Fed's sixth rate increase since December
2015, rates remain historically low. Home buyers should be aware that at least two more rate increases are expected this
year.
In the Charlotte region, for the week ending March 17:
• New Listings increased 0.3% to 1,351
• Pending Sales increased 7.0% to 1,166
• Inventory decreased 20.6% to 8,284
For the month of February:
• Median Sales Price increased 13.6% to $227,000
• List to Close decreased 5.4% to 106
• Percent of Original List Price Received increased 0.3% to 96.6%
• Months Supply of Homes for Sale decreased 22.8% to 2.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For month of February 2018:
The three most prominent national market trends for residential real estate are the
ongoing lack of abundant inventory, the steadily upward movement of home prices and
year-over-year declines in home sales. Sales declines are a natural result of there being
fewer homes for sale, but higher prices often indicate higher demand leading to
competitive bidding. Markets are poised for increased supply, so there is hope that
more sellers will take advantage of what appears to be a ready and willing buyer base.
New Listings were down in the Charlotte region 1.4 percent to 4,627. Pending Sales
increased 8.3 percent to 4,092. Inventory shrank 16.4 percent to 8,035 units.
Prices moved higher as Median Sales Price was up 12.9 percent to $227,000. Months
Supply of Homes for Sale was down 23.1 percent to 2.0 months, indicating that
demand increased relative to supply.
In February, prevailing mortgage rates continued to rise. This has a notable impact on
housing affordability and can leave consumers choosing between higher payments or
lower-priced homes. According to the Mortgage Bankers Association, the average rate
for 30-year fixed-rate mortgages with a 20 percent down payment that qualify for
backing by Fannie Mae and Freddie Mac rose to its highest level since January 2014. A
4.5 or 4.6 percent rate might not seem high to those with extensive real estate
experience, but it is newly high for many potential first-time home buyers. Upward rate
pressure is likely to continue as long as the economy fares well.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For the month of Dec. 2017
The number of homes for sale, days on market and months of supply were all down
in year-over-year comparisons in a majority of the country for the entirety of 2017,
as was housing affordability. And although total sales volumes were mixed, prices
were consistently up in most markets. Buyers may not benefit from higher prices,
but sellers do, and there should be more listing activity by more confident sellers in
2018. At least that would be the most viable prediction for an economic landscape
pointing toward improved conditions for sellers.
New Listings were up in the Charlotte region 1.7 percent to 2,633. Pending Sales
increased 17.3 percent to 2,936. Inventory shrank 19.4 percent to 8,019 units.
Prices moved higher as Median Sales Price was up 11.9 percent to $235,000.
Months Supply of Homes for Sale was down 23.1 percent to 2.0 months, indicating
that demand increased relative to supply.
Unemployment rates have remained low throughout 2017, and wages have shown
improvement, though not always to levels that match home price increases. Yet
housing demand remained incredibly strong in 2017, even in the face of higher
mortgage rates that are likely to increase further in 2018. Home building and selling
professionals are both cautiously optimistic for the year ahead. Housing and
economic indicators give reason for this optimism, with or without new federal tax
legislation.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
November 2017
The facts of residential real estate have remained consistent in 2017. In year-overyear
comparisons, the number of homes for sale has been fewer in most locales,
and homes have been selling in fewer days for higher prices. This hasn't always
been true, but it has been a common enough storyline to make it an overarching
trend for the year.
New Listings were up in the Charlotte region 8.3 percent to 3,707. Pending Sales
increased 14.3 percent to 3,487. Inventory shrank 18.1 percent to 9,024 units.
Prices moved higher as Median Sales Price was up 6.4 percent to $223,375.
Months Supply of Homes for Sale was down 20.7 percent to 2.3 months, indicating
that demand increased relative to supply.
New tax legislation could have ramifications on housing. The White House believes
that the tax reform bill will have a small impact on home prices, lowering them by
less than 4 percent, and could conceivably boost homeownership. The National
Association of REALTORS® has stated that eliminating the mortgage interest
deduction could hurt housing, as the doubled standard deduction would reduce the
desire to take out a mortgage and itemize the interest associated with it, thus
reducing demand. This is a developing story.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
October 2017
It has been several months since news cycles have touched upon housing in any
sort of sensationalistic headline grab that was common during the boom-and-bust
atmosphere of a decade ago. During that tumult, heady price increases gave way
to a Great Recession and foreclosure crisis. Then we entered into a period of
healing and eventual recovery that we are still enjoying. For residential real estate in
2017, fewer headlines have meant mostly good news.
New Listings were up in the Charlotte region 3.1 percent to 4,336. Pending Sales
increased 15.4 percent to 4,173. Inventory shrank 18.9 percent to 9,539 units.
Prices moved higher as Median Sales Price was up 6.2 percent to $223,000.
Months Supply of Homes for Sale was down 25.0 percent to 2.4 months, indicating
that demand increased relative to supply.
Although inventory levels are low in many markets, there has largely been enough
listing and building activity, or at least conversation about future activity, to keep
prices from skyrocketing toward another bubble. Low affordability has started to
become a recent topic of conversation and is definitely worth watching. But with a
healthy economy, level of demand and national unemployment rate, sellers are
going to be hard-pressed to lower prices.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
September 2017
Every market is unique, yet the national sentiment has given rise to the notion that
housing markets are stalling. Although desirous buyers are out on an increasing
number of showings, there remains a limited number of desirable listings. And
although mortgage rates have remained enticingly low, home prices have reached
unaffordable levels for many new entrants into the housing pool at exactly the same
time that established owners are proving to be less interested in moving.
New Listings were up in the Charlotte region 3.3 percent to 4,700. Pending Sales
increased 16.4 percent to 4,137. Inventory shrank 17.5 percent to 10,140 units.
Prices moved higher as Median Sales Price was up 9.2 percent to $225,000.
Months Supply of Homes for Sale was down 24.2 percent to 2.5 months, indicating
that demand increased relative to supply.
Last year at this time, the national storyline was about how high demand was
propping up sales and prices despite low inventory and months of supply. That has
actually continued to be a familiar refrain for many months in 2017 and now for the
past couple of years. But with the likes of Hurricanes Harvey and Irma, different
employment outlooks, disparate incomes, varying new construction expectations
and potential housing policy shifts, regional differences are becoming more
prevalent and pronounced.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
August 2017
August tends to mark the waning of housing activity ahead of the school year. Not
all buyers and sellers have children, but there are enough parents that do not want
to uproot their children during the school year to historically create a natural market
cool down before any actual temperature change. Competition is expected to
remain fierce for available listings. Savvy sellers and buyers know that deals can be
made well into the school months, as household formations take on many shapes
and sizes.
New Listings were up in the Charlotte region 6.0 percent to 5,394. Pending Sales
increased 15.5 percent to 4,753. Inventory shrank 18.6 percent to 10,153 units.
Prices moved higher as Median Sales Price was up 5.0 percent to $230,000.
Months Supply of Homes for Sale was down 23.5 percent to 2.6 months, indicating
that demand increased relative to supply.
The prevailing trends lasted through summer. This was expected, since there have
not been any major changes in the economy that would affect housing. Factors
such as wage growth, unemployment and mortgage rates have all been stable.
Every locality has its unique challenges, but the whole of residential real estate is in
good shape. Recent manufacturing data is showing demand for housing
construction materials and supplies, which may help lift the ongoing low inventory
situation in 2018.
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
Do you know how to calculate Buyer's closing cost? Please include the following in your calculations:
- Down payment
- Annual Property taxes
- Annual Insurance
- Monthly Condo/HOA Fee
- Escrow
- Earnest Money
- Seller Paid Cost
- Appraisal Fee
- Inspection Fees
- Survey Fee
- Loan origination fees
For Week Ending August 5, 2017
(Data current as of Aug. 14, 2017)
New listings and sales performed well last week. As we reach into August, we'll begin to see the volume of activity wane in
anticipation of the school year. Although not every buyer or seller has children, it's no secret that homeownership is a
popular housing option for those with kids. In bulk, this has historically been enough of a factor for turning down the
summer's market heat before lower temperatures take hold.
In the Charlotte region, for the week ending August 5:
• New Listings increased 6.4% to 1,312
• Pending Sales increased 22.6% to 1,143
• Inventory decreased 18.2% to 10,383
For the month of July:
• Median Sales Price increased 10.1% to $236,810
• List to Close decreased 10.9% to 90
• Percent of Original List Price Received increased 0.5% to 97.2%
• Months Supply of Homes for Sale decreased 24.7% to 2.6
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending July 8, 2017
(Data current as of July 17, 2017)
From a heart-of-summer perspective, the residential real estate market has performed as expected when predictions were
made at the front of the year. Buyer interest is high and inventory is not at a proper level to meet demand. Total sales and
new listings are generally behind last year's levels from week to week, but there is evidence of improvement in both metrics.
In the Charlotte region, for the week ending July 8:
New Listings decreased 2.5% to 1,057
Pending Sales increased 21.3% to 998
Inventory decreased 19.4% to 10,152
For the month of June 2017:
Median Sales Price increased 8.9% to $245,000
List to Close decreased 8.8% to 93
Percent of Original List Price Received increased 0.7% to 97.5%
Months Supply of Homes for Sale decreased 24.6% to 2.6
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending May 20, 2017
(Data current as of May 30, 2017)
Mortgage rates have fallen to their lowest levels so far this year but remain above where they were last year at this time.
The market has proven to be ready for higher rates, as many homes continue to sell rapidly, often above the asking price.
As long as there is ample supply, which is not a given in every market, 2017 should continue to be a great year for
residential real estate.
In the Charlotte region, for the week ending May 20:
• New Listings increased 1.3% to 1,349
• Pending Sales increased 14.2% to 1,256
• Inventory decreased 18.1% to 9,955
For the month of April:
• Median Sales Price increased 11.9% to $226,000
• List to Close decreased 14.2% to 97
• Percent of Original List Price Received increased 1.0% to 97.3%
• Months Supply of Homes for Sale decreased 22.1% to 2.6
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Apr. 22, 2017
(Data current as of May 1, 2017)
It is a lucrative time to sell a home, and it would appear that it will remain that way for the time being. Houses that show
well and are priced correctly have been selling quickly, often at higher prices than asking. Thus far, buyers are proving to
be resilient in 2017, keeping the home-purchasing momentum up even amidst the mounting competition that comes with
the annual spring market.
In the Charlotte region, for the week ending April 22:
• New Listings increased 7.7% to 1,372
• Pending Sales increased 5.4% to 1,093
• Inventory decreased 19.0% to 9,621
For the month of March:
• Median Sales Price increased 11.1% to $220,000
• List to Close decreased 14.8% to 104
• Percent of Original List Price Received increased 1.4% to 96.9%
• Months Supply of Homes for Sale decreased 22.5% to 2.6
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Apr. 1, 2017
(Data current as of Apr. 10, 2017)
Confidence in buying a home has fallen according to the Fannie Mae Home Purchase Sentiment Index after hitting an all-
time index high in February. Continuing price increases and low inventory are easy answers for why the index fell. The
good news is that an improved employment outlook and higher wages are major factors toward purchasing a home, and
demand is not expected to abate.
In the Charlotte region, for the week ending April 1:
• New Listings increased 3.3% to 1,312
• Pending Sales increased 32.9% to 1,228
• Inventory decreased 19.0% to 9,425
For the month of March:
• Median Sales Price increased 11.3% to $220,325
• List to Close decreased 14.8% to 104
• Percent of Original List Price Received increased 1.4% to 96.9%
• Months Supply of Homes for Sale decreased 26.6% to 2.4
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Mar. 4, 2017
(Data current as of Mar. 13, 2017)
Tight inventory, lower affordability and higher mortgage rates continue to dominate residential real estate news, but a
declining unemployment rate offers a bright spot. Employment in the construction industry had some of the largest gains. It
would be great to see this increase translate into an impact on the construction of new homes for sale.
In the Charlotte region, for the week ending March 4:
New Listings increased 4.5% to 1,359
Pending Sales increased 23.1% to 1,174
Inventory decreased 18.3% to 9,165
For the month of February:
Median Sales Price increased 10.8% to $200,000
List to Close decreased 10.3% to 113
Percent of Original List Price Received increased 1.4% to 96.3%
Months Supply of Homes for Sale decreased 27.1% to 2.3
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Feb. 4, 2017
(Data current as of Feb. 13, 2017)
According to a recent Gallup poll, it is the first time in more than 15 years that a majority of Americans are optimistic about
finding a quality job. This is great news for the entry-level housing market, as job growth and improved wages fuel demand
for home purchases. Rents have also been on the rise, another factor that has put the entry-level market in strong demand.
In the Charlotte region, for the week ending February 4:
• New Listings increased 16.3% to 1,169
• Pending Sales increased 30.5% to 1,103
• Inventory decreased 22.1% to 9,011
For the month of January:
• Median Sales Price increased 14.1% to $204,250
• List to Close decreased 5.8% to 114
• Percent of Original List Price Received increased 1.4% to 96.0%
• Months Supply of Homes for Sale decreased 31.2% to 2.3
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Dec. 24, 2016
(Data current as of Jan. 2, 2017)
As we look toward 2017, the entirety of the U.S. housing market has never been worth as much as it is right now. Housing
stock value grew to $29.6 trillion in 2016, regaining all of the value that was lost during the last recession. An upward trend
in mortgage rates, mortgage credit and new construction are all common predictions for 2017.
In the Charlotte region, for the week ending December 24:
• New Listings increased 15.9% to 400
• Pending Sales increased 82.0% to 659
• Inventory decreased 22.5% to 9,706
For the month of November:
• Median Sales Price increased 7.7% to $210,000
• List to Close decreased 11.2% to 103
• Percent of Original List Price Received increased 1.3% to 96.2%
• Months Supply of Homes for Sale decreased 27.6% to 2.7
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Nov. 19, 2016
(Data current as of Nov. 28, 2016)
With the holiday season in full swing, existing home sales rose for the second straight month to the highest they have been
since 2007. This was unexpected, since prices are also at record highs and inventory is still consistently declining. As both
incomes and employment figures continue to improve, it would be a welcome surprise to see sales trend higher through to
the end of the year.
In the Charlotte region, for the week ending November 19:
• New Listings increased 9.7% to 873
• Pending Sales increased 36.4% to 885
• Inventory decreased 21.1% to 10,560
For the month of October:
• Median Sales Price increased 12.4% to $209,000
• List to Close decreased 8.8% to 103
• Percent of Original List Price Received increased 1.6% to 96.2%
• Months Supply of Homes for Sale decreased 26.9% to 2.9
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Oct. 22, 2016
(Data current as of Oct. 31, 2016)
Even though there are still more than two months remaining on the year, there is little to suggest that the prevailing trends
of 2016 will suddenly change. If all holds firm, inventory will trend lower, prices will trend higher and sales will show that
demand remains strong, despite having fewer homes to choose from.
In the Charlotte region, for the week ending October 22:
• New Listings increased 25.2% to 1,040
• Pending Sales increased 35.2% to 988
• Inventory decreased 22.0% to 11,050
For the month of September:
• Median Sales Price increased 8.0% to $205,000
• List to Close decreased 11.6% to 99
• Percent of Original List Price Received increased 1.2% to 96.3%
• Months Supply of Homes for Sale decreased 24.8% to 3.1
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Sept. 17, 2016
(Data current as of Sept. 26, 2016)
As temperatures start to cool throughout the country, the total number of home sales will cool as well, as is the seasonal
nature of the housing market. But with household incomes on the rise within a healthy job market, that doesn't necessarily
equate to a downward year-over-year trend. Continuing supply restrictions will certainly have an effect on numbers that
may otherwise obviously point toward sunny day real estate.
In the Charlotte region, for the week ending September 17:
• New Listings increased 5.5% to 1,078
• Pending Sales increased 15.6% to 935
• Inventory decreased 21.1% to 11,396
For the month of August:
• Median Sales Price increased 9.5% to $218,000
• List to Close decreased 11.0% to 97
• Percent of Original List Price Received increased 1.4% to 96.6
• Months Supply of Homes for Sale decreased 25.9% to 3.2
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
For Week Ending Aug. 27, 2016
(Data current as of Sept. 6, 2016)
If residential real estate were a wager to close out the summer golf season, prospective buyers would still be waiting
impatiently for prospective sellers to take the putt on the final hole. Yet inventory continues to shrink, as summer vacations
end and kids return to school. If the taken putt were to somehow land in the cup and increase inventory, a legendary
celebration would occur that might even make a golf course gopher dance.
In the Charlotte region, for the week ending August 27:
New Listings decreased 3.1% to 1,039
Pending Sales increased 17.7% to 1,024
Inventory decreased 20.2% to 11,652
For the month of July:
Median Sales Price increased 7.5% to $215,000
List to Close decreased 6.5% to 100
Percent of Original List Price Received increased 1.4% to 96.7%
Months Supply of Homes for Sale decreased 24.5% to 3.3
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
August 10. 2016: For Week Ending July 30, 2016
(Data current as of Aug. 8, 2016)
It's only August, but this time during summer usually means making plans for changes ahead, especially the start of a new
school year. For potential home buyers with school-aged children, these are the pivotal days for deciding whether or not to
purchase or wait. With inventory as low as it is, we are in a place where big moves will be made or saved for later, and
sales figures will reflect as much.
In the Charlotte region, for the week ending July 30:
- New Listings decreased 4.7% to 1,102
- Pending Sales increased 17.5% to 1,055
- Inventory decreased 21.2% to 11,685
- Median Sales Price increased 8.5% to $217,000
- List to Close decreased 6.5% to 100
- Percent of Original List Price Received increased 1.4% to 96.7%
- Months Supply of Homes for Sale decreased 29.2% to 3.1
July 11, 2016: For Week Ending July 2, 2016
(Data current as of July 11, 2016)
The United Kingdom vote for exit from the European Union (Brexit) has likely already had at least one short-term effect on
the U.S. housing market. The decision to not raise interest rates until later this year was likely made because of Brexit, so
unrest in financial markets can be watched further with hopes of stabilization. Long-term effects may include more or less
foreign investment in U.S. residential real estate, but wholesale price declines are not expected any time soon.
In the Charlotte region, for the week ending July 2:
• New Listings increased 18.4% to 1,265
• Pending Sales increased 30.8% to 1,147
• Inventory decreased 21.3% to 11,619
For the month of June:
• Median Sales Price increased 8.1% to $225,000
• List to Close decreased 10.6% to 101
• Percent of Original List Price Received increased 1.1% to 96.8%
• Months Supply of Homes for Sale decreased 28.6% to 3.1
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
June 13, 2016: For Week Ending June 4, 2016
(Data current as of June 13)
Summer is heating up, as are home sales and prices. Millennials are hitting home-buying age with force and are showing
interest in entering the real estate market. As inventory continues to struggle to keep up with demand, options are fewer
than desired, and price wars are proving to be a challenge for many buyers in a seller's market.
In the Charlotte region, for the week ending June 4:
• New Listings decreased 1.9% to 1,271
• Pending Sales increased 8.0% to 1,031
• Inventory decreased 22.9% to 11,253
For the month of May:
• Median Sales Price increased 5.0% to $210,000
• List to Close decreased 9.5% to 105
• Percent of Original List Price Received increased 1.4% to 96.8%
• Months Supply of Homes for Sale decreased 30.9% to 3.1
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
May 18, 2016: For Week Ending May 7, 2016
(Data current as of May 16)
Although higher than they were a year ago, mortgage applications are barely moving from week to week despite mortgage
rates sitting at three-year lows. Supply remains lean across the country, and sales figures are showing some of the strain of
that reality. Homes that show well continue to sell quickly and at prices that make sellers smile.
In the Charlotte region, for the week ending May 7:
• New Listings increased 4.0% to 1,375
• Pending Sales increased 21.9% to 1,209
• Inventory decreased 25.1% to 10,753
For the month of April:
• Median Sales Price increased 6.3% to $201,900
• List to Close decreased 4.2% to 113
• Percent of Original List Price Received increased 1.4% to 96.3%
• Months Supply of Homes for Sale decreased 31.5% to 3.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
May 2, 2016: For Week Ending Apr. 23
(Data current as of May 2)
Despite the literal and symbolic rain on the real estate market’s parade recently, REALTORS® are keeping busy with
closing finalizations and stacked showing schedules. The average days on market remains low in most price ranges across
the country. Interested buyers, and their agents, have to move fast this spring in order to find the right fit.
In the Charlotte region, for the week ending April 23:
New Listings decreased 1.5% to 1,273
Pending Sales increased 25.1% to 1,215
Inventory decreased 24.8% to 10,759
For the month of March:
Median Sales Price increased 3.1% to $197,000
List to Close decreased 5.4% to 122
Percent of Original List Price Received increased 1.1% to 95.6%
Months Supply of Homes for Sale decreased 31.0% to 3.1
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
April 19, 2016: For Week Ending Apr. 9
(Data current as of Apr. 18)
Although inventory is down across the country, many homes that do get listed are selling fast. Days on market is
dwindling, and sellers are getting more for their homes than they might have in the past. Confident seller pricing combined
with continuously low interest rates for buyers is keeping most markets balanced.
In the Charlotte region, for the week ending April 9:
New Listings increased 12.0% to 1,387
Pending Sales increased 46.6% to 1,274
Inventory decreased 26.1% to 10,475
For the month of March:
Median Sales Price increased 3.1% to $197,000
List to Close decreased 5.4% to 122
Percent of Original List Price Received increased 1.0% to 95.5%
Months Supply of Homes for Sale decreased 32.8% to 3.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
April 5, 2016: For Week Ending Mar. 26
(Data current as of Apr. 4)
With spring comes the welcoming of another season: the annual springtime seller’s market. Low inventory levels
nationwide are inching sales prices higher and dropping the number of days that homes are staying on the market. With
interest rates remaining unexpectedly low, there is even more incentive for buyers to competitively bid on new listings.
In the Charlotte region, for the week ending March 26:
• New Listings decreased 10.2% to 1,302
• Pending Sales increased 26.1% to 1,279
• Inventory decreased 25.3% to 10,410
For the month of February:
• Median Sales Price increased 1.2% to $180,075
• List to Close decreased 3.8% to 126
• Percent of Original List Price Received increased 1.4% to 94.9%
• Months Supply of Homes for Sale decreased 30.8% to 3.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
March 15, 2016: For Week Ending Mar. 5
(Data current as of Mar. 14)
Early March continues the 2016 trend of slow and steady home price increases across most of the country. Conversely,
interest rates have remained low, keeping inventory and home sales balanced and the market healthy.
In the Charlotte region, for the week ending March 5:
New Listings increased 7.6% to 1,244
Pending Sales increased 24.5% to 996
Inventory decreased 25.3% to 10,082
For the month of February:
Median Sales Price increased 1.7% to $181,000
List to Close decreased 3.8% to 126
Percent of Original List Price Received increased 1.4% to 94.9%
Months Supply of Homes for Sale decreased 33.6% to 2.9
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
Feb 5, 2016: For Week Ending Jan. 23
(Data current as of Feb. 1)
We're just breaking into 2016, so it's a bit early to say how the spring and summer markets are going to fare based on a
few weeks of trend analysis, but for the most part, things are happening the way we expected to start the year. There are
some nibbles of new listings being added to the market, and sales are taking root, but the overall number of homes for sale
has some work to do in order to give this year the real steam it deserves.
In the Charlotte region, for the week ending January 23:
- New Listings decreased 13.5% to 786
- Pending Sales increased 20.2% to 834
- Inventory decreased 21.7% to 10,797
- Median Sales Price increased 2.5% to $189,500
- List to Close decreased 7.0% to 119
- Percent of Original List Price Received increased 1.4% to 95.1%
- Months Supply of Inventory decreased 29.7% to 3.2
Dec. 21, 2015: For Week Ending Dec. 12, 2015
(Data current as of Dec. 21, 2015)
This year, it is projected that 46.1 percent of holiday shopping will be done online, up from 44.4 percent last year. As
American consumers continue to change the way they buy things, we're already seeing massive upheaval in long-
entrenched ways of going about this thing called life. Fewer people are driving, or even buying cars for that matter, which
allows sharing-economy companies like Uber and Zipcar to exist. Fewer people are going to department stores and malls,
which allows home-shipping giants like Amazon to exist. One day soon, even home purchases will happen in a vastly
different way. Are you ready for what's next?
In the Charlotte region, for the week ending December 12:
• New Listings decreased 6.4% to 672
• Pending Sales increased 20.9% to 707
• Inventory decreased 21.4% to 11,718
For the month of November:
• Median Sales Price increased 8.3% to $195,000
• List to Close decreased 7.3% to 115
• Percent of Original List Price Received increased 1.1% to 95.0%
• Months Supply of Inventory decreased 31.0% to 3.5
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
October 23, 2015: For Week Ending Oct. 10, 2015
(Data current as of Oct. 19, 2015)
Supply and demand drive housing prices, and this basic economic tenet has been in the spotlight recently, as inventory
remains low across the country while prices continue to edge up in many locales. Cash investment has gobbled up supply
in some regions, while a lack of new construction has hit the supply side in others. The truth remains that there is still
healthy demand in most corners. Every market and situation is unique, so let's track the listings and sales for the week in
your area.
In the Charlotte region, for the week ending Activity Date: Activity Date::
• New Listings decreased 5.9% to 899
• Pending Sales increased 26.0% to 784
• Inventory decreased 19.7% to 13,080
For the month of September:
• Median Sales Price increased 5.5% to $189,900
• List to Close decreased 9.7% to 112
• Percent of Original List Price Received increased 1.1% to 95.2%
• Months Supply of Inventory decreased 30.6% to 3.8
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
September 7, 2015: For Week Ending August 22, 2015
(Data current as of August 31, 2015)
In numerous metropolitan markets across the country, the S&P/Case–Shiller Home Price Index has indicated that home
prices have risen during summer, confirming the trends evident by examining MLS data. That's no surprise from month to
month, but it's also true in year-over-year comparisons. As ideal summer weather diverges toward autumn, we will begin
to see some seasonal relaxation, but the market should still look positive when compared to last year. It's been another good
year for residential real estate, and that is expected to continue.
In the Charlotte region, for the week ending August 22:
- New Listings increased 14.0% to 1,125
- Pending Sales increased 43.5% to 993
- Inventory decreased 21.0% to 13,592
- Median Sales Price increased 5.3% to $202,250
- List to Close decreased 8.8% to 114
- Percent of Original List Price Received increased 1.0% to 95.5%
- Months Supply of Inventory decreased 30.4% to 4.1
August 24, 2015: For Week Ending August 15, 2015
(Data current as of August 24, 2015)
According to statistics jointly released by the U.S. Census Bureau and the Department of Housing and Urban Development,
privately-owned housing starts rose 0.2 percent when comparing July 2015 to the prior month and 10.1 percent when
compared to July 2014. These numbers are at the highest levels the market has seen since October 2007. This bodes well
for the eventual landing of a flock of potential buyers currently holding in a rental pattern or the wakening of those resting
in extended parental basement hibernation.
In the Charlotte region, for the week ending August 15:
- New Listings increased 1.4% to 1,086
- Pending Sales increased 27.0% to 935
- Inventory decreased 21.2% to 13,514
- Median Sales Price increased 5.3% to $202,250
- List to Close decreased 8.8% to 114
- Percent of Original List Price Received increased 1.0% to 95.5%
- Months Supply of Inventory decreased 31.0% to 4.1
July 24, 2015: For Week Ending July 11, 2015
(Data current as of July 20, 2015)
With the economy on the ups these days, Federal Reserve Chair Janet Yellen is predicting a fine-tuning of monetary policy
by the end of the year. In tandem with the improving economy, the unemployment rate dropped by 0.2 percent to 5.3
percent for June 2015. It is widely believed that interest rates will go up before the year is over, which is a pretty clear
indicator that the housing market is thrumming along at a good clip.
In the Charlotte region, for the week ending July 11:
New Listings increased 7.2% to 1,207
Pending Sales increased 16.6% to 941
Inventory decreased 21.7% to 13,541
For the month of June:
Median Sales Price increased 4.6% to $206,295
List to Close decreased 4.8% to 119
Percent of Original List Price Received increased 0.8% to 95.6%
Months Supply of Inventory decreased 33.1% to 4.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
July 13, 2015: For Week Ending July 4, 2015
(Data current as of July 13, 2015)
As fireworks go boom, the boom of housing's summer selling season tends to relax across the country, giving way to
Facebook photos of families and friends at picnics and on road trips. Amidst the red, white and blue Instagram filters and
patriotic Twitter profile pics, you'll still likely see evidence of sales being made and articles about overall affordability. So
take a quick break to play catch or chomp a hot dog, because the homeownership dream is alive and thriving this summer.
In the Charlotte region, for the week ending July 4:
• New Listings increased 8.7% to 1,051
• Pending Sales increased 33.1% to 1,001
• Inventory decreased 20.8% to 13,689
For the month of June:
• Median Sales Price increased 4.6% to $206,295
• List to Close decreased 4.8% to 119
• Percent of Original List Price Received increased 0.8% to 95.6%
• Months Supply of Inventory decreased 34.2% to 4.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
June 29, 2015:For Week Ending June 20, 2015
(Data current as of June 29, 2015)
Interest rates do not seem to be going up anytime soon, but some have an inkling that they will ascend during the dog days
of summer or as the leaves fall. For the time being, sellers are selling and buyers are buying within the existing framework,
and it is a glorious time for consumers and agents alike.
With a general nationwide increase in both new listings and closed sales, markets across the country have seen upward
mobility with housing. Now let's see if the local market is following the prevailing national trends.
In the Charlotte region, for the week ending June 20:
• New Listings increased 3.6% to 1,125
• Pending Sales increased 34.3% to 1,045
• Inventory decreased 21.9% to 13,659
For the month of May:
• Median Sales Price increased 8.1% to $199,990
• List to Close decreased 5.6% to 119
• Percent of Original List Price Received increased 0.8% to 95.4%
• Months Supply of Inventory decreased 31.2% to 4.2
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
June 19, 2015:For Week Ending June 6, 2015
(Data current as of June 15, 2015)
As we approach the halfway point of the year, we'll begin to see some midterm report cards from anyone who wants to
share an opinion or write a headline. If you have been reading these weekly excerpts, you already know that we are
tracking along a predicted path. The residential real estate market was expected to be good at this point. Hiring is up,
unemployment is low, sales are up, rates are low, prices are up and inventory is low. The gentle sway of up and low is
making for an enjoyable ride, with no bubbles in sight.
In the Charlotte region, for the week ending June 6:
• New Listings decreased 6.0% to 1,279
• Pending Sales increased 30.5% to 1,075
• Inventory decreased 21.7% to 13,471
For the month of May:
• Median Sales Price increased 8.1% to $199,990
• List to Close decreased 5.6% to 119
• Percent of Original List Price Received increased 0.8% to 95.4%
• Months Supply of Inventory decreased 33.1% to 4.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
June 12, 2015: For Week Ending May 30, 2015
(Data current as of June 8, 2015)
As we get closer to the official calendar launch of summer, residential real estate is taking off. The market may seem
slower than in past spring/summer sprints, but numbers are by no means dismal. Whether the buyer category is dominated
by Millennial, Generation X or move-up buyers from previous generations is no matter; activity is happening.
In the Charlotte region, for the week ending May 30:
• New Listings increased 7.4% to 1,078
• Pending Sales increased 32.4% to 1,002
• Inventory decreased 21.3% to 13,524
For the month of May:
• Median Sales Price increased 8.1% to $199,990
• List to Close decreased 5.6% to 119
• Percent of Original List Price Received increased 0.8% to 95.4%
• Months Supply of Inventory decreased 34.3% to 4.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
May 28, 2015:For Week Ending May 16, 2015
(Data current as of May 26, 2015)
The song remains the same. While new listings and sales increase, inventory is not always able to keep pace. Demand is
high as mortgage rates remain low. There are homes to choose from, for sure, but there should be more if balance is
expected to be more than novelty. New construction is occurring, but the notable projects are just as liable to be rental as
for sale. The dynamics of residential real estate are ever shifting, churning.
In the Charlotte region, for the week ending May 16:
• New Listings increased 8.6% to 1,282
• Pending Sales increased 39.5% to 1,092
• Inventory decreased 21.7% to 13,314
For the month of April:
• Median Sales Price increased 8.6% to $190,000
• List to Close decreased 7.3% to 127
• Percent of Original List Price Received increased 1.1% to 94.9%
• Months Supply of Inventory decreased 30.7% to 4.1
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association
May 18, 2015: For Week Ending May 9, 2015
(Data current as of May 18, 2015)
As we press through May, the residential real estate market is really hitting its paces. Sales activity has been plentiful and
REALTORS® are busier than ever. The Bureau of Labor Statistics recently released April numbers, and they are still quite
positive. The nation added 223,000 jobs and the national unemployment rate dropped to 5.4%. The need for more inventory
is an ongoing issue, but not one that thwarts optimism in the marketplace.
In the Charlotte region, for the week ending May 9:
• New Listings increased 6.5% to 1,320
• Pending Sales increased 27.7% to 1,135
• Inventory decreased 21.4% to 13,244
For the month of April:
• Median Sales Price increased 8.6% to $190,000
• List to Close decreased 7.3% to 127
• Percent of Original List Price Received increased 1.1% to 94.9%
• Months Supply of Inventory decreased 31.7% to 4.0
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association.
May 7, 2015: For Week Ending April 25, 2015
(Data current as of May 4, 2015)
New listings are on the ups, and buyers seem poised to move on the most desirable new properties in a hurry. Tales of one-
day and even same-day purchase offers are being shared over coffee, lunch and happy hour, generally bringing the total
days on market average down as the joy index rises.
In the Charlotte region, for the week ending April 25:
• New Listings increased 11.5% to 1,287
• Pending Sales increased 52.8% to 1,109
• Inventory decreased 20.7% to 13,232
For the month of March:
• Median Sales Price increased 9.9% to $189,000
• List to Close decreased 2.2% to 133
• Percent of Original List Price Received increased 1.5% to 94.6%
• Months Supply of Inventory decreased 25.2% to 4.2
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association.
April 27, 2015: For the week ending April 18, 2015
Data current as of April 27, 2015
Well, folks, we have hit the beginning of the selling season. As the actual calendar season announces its presence with
overall temperature change, the residential real estate market will up its game by bringing an annual seasonal increase in
home sales and inventory. Many metrics should begin to take off as we begin what should be one of the best recovery
years housing has seen thus far.
In the Charlotte region, for the week ending April 18:
• New Listings increased 6.2% to 1,246
• Pending Sales increased 46.7% to 1,141
• Inventory decreased 19.8% to 13,214
For the month of March:
• Median Sales Price increased 9.9% to $189,000
• List to Close decreased 2.2% to 133
• Percent of Original List Price Received increased 1.5% to 94.6%
• Months Supply of Inventory decreased 26.0% to 4.1
All data from Carolina MLS Report provided by the Charlotte Regional REALTOR Association.
April 13, 2015: For Week Ending April 4, 2015
Data current as of April 13, 2015
Rent or buy? It is the question on the minds of many as we cast full sail into the selling season. Whilst stories are written
about which cities and neighborhoods are better to rent or buy in, we can hang in the peace of a fairly stable market where
there are good options available for rent and sale. Spring is sprung, yet there is no raining on the hit parade of
homeownership.
In the Charlotte region, for the week ending April 4:
• New Listings decreased 6.3% to 1,309
• Pending Sales increased 38.6% to 1,192
• Inventory decreased 17.4% to 13,095
For the month of March:
• Median Sales Price increased 9.9% to $189,000
• List to Close decreased 2.2% to 133
• Percent of Original List Price Received increased 1.5% to 94.6%
• Months Supply of Inventory decreased 28.0% to 4.0
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
March 30, 2015: For Week Ending March 21, 2015
Data current as of March 30, 2015
An increase in new home sales are in the spotlight, thanks to some recent figures by the Commerce Department, but one
should be careful not to speculate too much about sales outpacing predicted numbers from the beginning of the year. Small
sample sizes, seasonal adjustments and poor geographic weighting can have undesirable consequences on the reliability of
national figures. This is why locally grown MLS data is often the best source for quality market-informed nourishment.
In the Charlotte region, for the week ending March 21:
• New Listings increased 7.9% to 1,257
• Pending Sales increased 21.3% to 1,015
• Inventory decreased 19.3% to 12,709
For the month of February:
• Median Sales Price increased 6.1% to $175,000
• List to Close decreased 1.4% to 139
• Percent of Original List Price Received increased 0.8% to 93.4%
• Months Supply of Inventory decreased 24.5% to 4.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
March 20,2015: For Week Ending March 7, 2015
Data current as of March 16, 2015
Many residential real estate markets across the country and locally are in a fairly stable state of balance, causing most
stories about housing to be conservative in nature with not much change to report. As the weather continues to warm up
across the country, more sales are expected.
In the Charlotte region, for the week ending March 7:
• New Listings decreased 7.4% to 1,137
• Pending Sales increased 28.6% to 922
• Inventory decreased 18.4% to 12,480
For the month of February:
• Median Sales Price increased 6.1% to $175,000
• List to Close decreased 1.4% to 139
• Percent of Original List Price Received increased 0.9% to 93.5%
• Months Supply of Inventory decreased 26.3% to 4.0
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
March 2, 2015: For Week Ending February 21, 2015
Data current as of March 2, 2015
Rumors that Fannie Mae and Freddie Mac could one day be a thing of the
past have people wondering about the future of the 30-year fixed-rate
mortgage. But let's not sound the alarm just yet. A drastic change to lending's
gold standard is certainly not on the immediate horizon. Meanwhile, Federal
Reserve Chair Janet Yellen seems to have no immediate interest in raising
interest rates for the first time since 2006. The economy remains stable for the
time being, which should keep housing rolling through the short-named
months.
In the Charlotte region, for the week ending February 21:
• New Listings were down 14.4 % to 880
• Pending Sales increased 31.7% to 835
• Inventory decreased 15.2% to 12,775
For the month of January:
• Median Sales Price increased 4.4% to $175,000
• List to Close remained flat at 141
• Percent of Original List Price Received increased 0.5% to 93.6%
• Months Supply of Inventory decreased 20.4% to 4.2
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Feb. 25, 2015: For Week Ending February 14, 2015
Data current as of February 23, 2015
As we hit February, mortgage rates continue to remain low, bringing about a high dosage of optimism to the market. While
some reports attempt to dissect drops in builder confidence with a negative-bent attitude, low rates seem prepped to steer
potential buyers toward getting their own set of house keys, curbing the pessimism of market naysayers. In the Charlotte
region, for the week ending February 14:
• New Listings increased 33.8% to 1,018
• Pending Sales increased 68.4% to 918
• Inventory decreased 15.3% to 12,763
For the month of January:
• Median Sales Price increased 4.4% to $175,000
• List to Close remained flat at 141
• Percent of Original List Price Received increased 0.5% to 93.6%
• Months Supply of Inventory decreased 21.1% to 4.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Feb. 16, 2015: For Week Ending January 31, 2015
Data current as of February 9, 2015
The U.S. economy continues on its journey upward. Not only have gas prices
hit multi-year lows, but wages have experienced gains not seen since 2008.
As the year picks up steam, and whether you hang out with the bears or bulls
of market recovery prognostication (not Chicago sports teams), one cannot
deny that the economy is in a more stable position than it has been in years.
In the Charlotte region, for the week ending January 31:
• New Listings decreased 0.5% to 915
• Pending Sales increased 40.8% to 897
• Inventory decreased 14.6% to 12,837
For the month of January:
• Median Sales Price increased 4.4% to $175,000
• List to Close remained flat at 141
• Percent of Original List Price Received increased 0.5% to 93.6%
• Months Supply of Inventory decreased 23.1% to 4.0
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Feb.2, 2015: For Week Ending January 17, 2015
Data current as of January 26, 2015
New Year's resolutions may have already faded out, but the housing market is just getting started. Even though it may take
a while for new trends to emerge,
the housing crisis that was a bear a few years ago has been making mostly
positive gains as of late. The common thought is that this will be another year
of recovery and further stabilization. Onward and upward it is.
In the Charlotte region, for the week ending January 17:
• New Listings decreased 8.7% to 911
• Pending Sales increased 64.2% to 844
• Inventory decreased 12.6% to 12,945
For the month of December:
• Median Sales Price increased 4.3% to $180,000
• List to Close decreased 3.0% to 130
• Percent of Original List Price Received increased 0.6% to 93.8%
• Months Supply of Inventory decreased 16.7% to 4.3
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Jan 23, 2015: Charlotte Regional Realtor Association Update
For Week Ending January 10, 2015
Data current as of January 20, 2015
Some goodbyes are easier than others. As we bid farewell to the economic
uncertainties of 2014, all eyes are fixated on what 2015 might bring. The
economy – specifically job growth – picked up steam in the second half of the
year, and that should continue. Housing performed reasonably well, but some
metrics didn't improve as much as in 2013. The new year should bring new
listings, new inventory and new buyers to the marketplace.
In the Charlotte region, for the week ending January 10:
• New Listings increased 1.5% to 919
• Pending Sales increased 12.5% to 610
• Inventory decreased 12.0% to 12,909
For the month of December:
• Median Sales Price increased 4.3% to $180,000
• List to Close decreased 3.0% to 130
• Percent of Original List Price Received increased 0.6% to 93.8%
• Months Supply of Inventory decreased 17.4% to 4.2
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Jan 5, 2015: For Week Ending December 27, 2014
Data current as of January 5, 2015
It is typically during the final weeks of a calendar year when residential real
estate activity hits its seasonal lows, even when some year-over-year
comparisons show progress. Don't be fooled by this time of year. Buyers and
sellers are preparing for promising spring and summer markets. Of late, the
spring market tends to get hopping before the -ary months are even complete.
In the Charlotte region, for the week ending December 27:
• New Listings increased 6.8% to 316
• Pending Sales increased 45.5% to 387
• Inventory decreased 12.2% to 13,603
For the month of November:
• Median Sales Price increased 2.9% to $180,000
• List to Close decreased 0.8% to 131
• Percent of Original List Price Received increased 0.2% to 94.0%
• Months Supply of Inventory decreased 14.5% to 4.8
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Nov 5, 2014: For week ending October 25, 2014
Data Current as of November 3, 2014
In the buildup of anticipation for the season of pumpkin carving, caramel eating and haunted house touring, it came out that
one number was spookily down. Homeownership is at its lowest point in 20 years and has been steadily dropping since the
housing bubble years from 2004 to 2006. Interestingly we are now at levels consistent with a healthy market. Also, rising
rents should eventually give cause to more households seeking ownership positions. So called bad news is good, especially
in the dark days surrounding Halloween.
In the Charlotte region, for the week ending October 25:
• New Listings increased 12.6% to 893
• Pending Sales increased 39.4% to 750
• Inventory decreased 10.8% to 15,102
For the month of September:
• Median Sales Price increased 2.9% to $179,000
• List to Close remained flat at 129
• Percent of Original List Price Received decreased 0.4% to 94.2%
• Months Supply of Inventory decreased 13.1% to 5.2
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
Oct 22, 2014: For Week Ending October 11, 2014
Data current as of October 20, 2014
As we turn toward the final and typically quietest quarter of the year, it is easy
to wonder if we are destined to lose the stability that we have worked hard for
throughout the U.S. However, gloomy considerations are readily put
aside after considering a recent investigation by the International Monetary Fund into
the real estate markets of other countries. It turns out that our national housing
price-to-income ratio is fairly conservative. At this rate, we will soon stop
talking about the process of housing recovery and just call it recovered.
In the Charlotte region, for the week ending October 11:
• New Listings decreased 9.1% to 944
• Pending Sales increased 28.0% to 709
• Inventory decreased 9.9% to 15,156
For the month of September:
• Median Sales Price increased 2.9% to $179,000
• List to Close remained flat at 129
• Percent of Original List Price Received decreased 0.4% to 94.2%
• Months Supply of Inventory decreased 14.8% to 5.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
August 15, 2014:For Week Ending August 2, 2014
Data current as of August 11, 2014
The past two years of recovery have defied the initial expectations of many.
Some portions of the market are starting to experience a bit of a slowdown,
which may be due to seasonal unpredictability, lack of inventory, inability to obtain proper financing under tighter
regulations or other factors. As long as good data is available for market analysis, the possibility of continued recovery and
stability is present. The slow loris approach to hunting and gathering is
not welcome on this journey toward residential real estate expertise.
In the Charlotte region, for the week ending August 2:
• New Listings increased 6.1% to 1,146
• Pending Sales increased 29.1% to 918
• Inventory decreased 3.0% to 16,208
For the month of July:
• Median Sales Price increased 5.5% to $192,000
• List to Close remained flat at 125
• Percent of Original List Price Received decreased 0.1% to 94.6%
• Months Supply of Inventory decreased 8.6% to 5.4
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
August 7, 2014: For Week Ending For Week Ending July 26, 2014
Data current as of August 4Like a broken digital music player, analysts continue to skip to housing market
stability. Although residential real estate activity may not have the same pep
as last year's summer hits, sales are still fancy enough to attract fresh sellers.
New listings are up in certain submarkets, which is a needed thing for
continued optimism. The highs and lows present a few short years ago are
about as visible as a forgotten app, but those days are still just an errant
thumb press away.
In the Charlotte region, for the week ending July 26:
• New Listings decreased 7.3% to 1,038
• Pending Sales increased 20.8% to 887
• Inventory decreased 2.7% to 16,147
For the month of June:
• Median Sales Price increased 7.3% to $197,480
• List to Close decreased 2.3% to 125
• Percent of Original List Price Received decreased 0.3% to 94.8%
• Months Supply of Inventory decreased 3.3% to 5.7
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
July 23, 2014: For Week Ending July 12, 2014
Data current as of July 21, 2014
We are within one of the most affordable home-buying environments in history, but prices are up and rates may well go
up, too. Rising prices provide empirical evidence of healthy demand. If inventory is able to replenish itself over the course
of the next several months, sales could break up the sluggishness seen in some markets. There are those who believe that
millennial buyers are being seduced away from homeownership by the agility of urban renting. That doesn't appear to be
the case. Housing is enjoying brisk activity, and people are talking positively about residential real estate again.
In the Charlotte region, for the week ending July 12:
• New Listings decreased 8.9% to 1,121
• Pending Sales increased 18.9% to 906
• Inventory decreased 1.8% to 16,028
For the month of June:
• Median Sales Price increased 7.3% to $197,480
• List to Close decreased 2.3% to 125
• Percent of Original List Price Received decreased 0.3% to 94.8%
• Months Supply of Inventory decreased 5.2% to 5.6
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR
Association.
July 15, 2014: For Week Ending July 5, 2014
Data current as of July 14, 2014
Pending sales are back and ready to rumble along with their trusty comrade, inventory. After a slower start to the year, the
numbers are rallying for a comeback. However, one number not rising is the number of people filing for unemployment.
According to the U.S. Department of Labor, jobless applications continued their downward trend. This could help families
pad down payment funds.
In the Charlotte region, for the week ending July 5:
• New Listings decreased 0.4% to 955
• Pending Sales increased 38.1% to 877
• Inventory decreased 1.6% to 15,989
For the month of June:
• Median Sales Price increased 7.3% to $197,480
• List to Close decreased 2.3% to 125
• Percent of Original List Price Received decreased 0.3% to 94.8%
• Months Supply of Inventory decreased 6.7% to 5.5
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
July 3, 2014: Happy 4th of July!
With all the activities that surround this holiday, it’s important to keep safety in mind.
- Have a fire extinguisher readily available.
- Stay hydrated - drink lots of water. A simple and easy thing to do, but something we all too easily forget.
- Make sure that the area you are lighting fireworks is free of bushes, dry grass, trees, streamers, balloons, flammable
helium and other fire hazardous materials.
June 20, 2014: For week ending June 7, 2014
Data current as of June 16, 2014
Price growth. It has been the result of low inventory in the market these days,
and it would appear that the duration of the summer market will continue to
see an increase in year over year median sales price If inventory makes a significant leap, perhaps we'll see a different sort
of impact on housing prices.
Until then, the longer buyers wait, the more risk they take of paying a little bit
more for that house key.
In the Charlotte region, for the week ending June 7:
• New Listings increased 15.8% to 1,296
• Pending Sales increased 25.1% to 948
• Inventory decreased 0.9% to 15,886
For the month of May:
• Median Sales Price increased 6.8% to $185,000
• List to Close decreased 5.3% to 126
• Percent of Original List Price Received increased 0.3% to 94.6%
• Months Supply of Inventory decreased 3.5% to 5.5
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
June 6, 2014: For Week Ending May 24, 2014
Data current as of June 2, 2014
The yellow brick road to complete housing recovery has the trees whispering of rising home prices and low inventory.
Luckily, these trees won't throw apples at us. Even though improvements appear flat in nature as we progress through
each month, year-over-year comparisons still show encouraging overall trends. The full splendor of Emerald City (and
Emeraldville, Emeraldton, Emerald Township, etc.) is just a skip and a song away. In the Charlotte region, for the week
ending May 24:
• New Listings increased 3.6% to 1,150
• Pending Sales increased 23.4% to 943
• Inventory decreased 0.8% to 15,800
For the month of April:
• Median Sales Price increased 4.8% to $175,000
• List to Close decreased 0.7% to 137
• Percent of Original List Price Received increased 0.3% to 93.9% • Months Supply of Inventory decreased 1.8% to 5.6
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
May 23, 2014: Help Avoid Contractor Fraud with these Tips:
How to find a reputable contractor:
Check in with your Homebuilders' association.
Get referrals from friends, family, REALTORS, and coworkers.
Compile a list of reputable contractors before you need one. The stress of an emergency might impair your judgement.
How to vet a contractor:
See if the trade association(s) where he or she belongs stipulates a code of ethics, minimum hours of satisfactory work and
trade exams.
Check in with your state attorney general’s office and the BBB to see if there are any complaints against the contractor
Get the necessary paperwork you need to see:
A copy of their contractor’s license
Certificate of insurance for both general liability and workers’ compensation coverage
A written warranty for the work they do
A list of references from people who had similar projects done
A detailed quote that itemizes material and labor
A contract dealing the cost, work to be done, time schedules guarantees, payment schedules, and other expectations.
Red Flags to look for:
Asks you to pay the entire balance up front
Only accepts cash
Avoids giving you a written contract
Goes door-to-door
Has a vehicle that does not list the business name
Offers to pay your insurance deductible
Be extra careful if:
You have little to no experience hiring home contractors
A disability or injury prevents you from accessing areas of your home that a contractor claims are damaged
You’re not 100 % clear about the contract wording
You tend to shy away from asking tough questions
www.PreventContractorFraud.org
May 5, 2014: For Week Ending April 12, 2014
Data current as of April 21, 2014
There's no dainty tiptoeing through the tulips this spring, as market flower
fields are blooming with speculation. Sales and new listings are up, and hope
for a fluorescent spring market is flourishing. An increase in inventory is the
desire at this point in the season, as more properties for sale should nudge
first-time home buyers to sow their fledgling seeds in the housing market and
encourage move-up buyers to say goodbye to familiar flower beds in favor of
an upsized plot across town.
In the Charlotte region, for the week ending April 12:
• New Listings increased 2.5% to 1,269
• Pending Sales increased 7.9% to 817
• Inventory decreased 3.8% to 14,912
For the month of March:
• Median Sales Price increased 2.4% to $172,000
• List to Close decreased 6.3% to 141
• Percent of Original List Price Received increased 0.3% to 93.3%
• Months Supply of Inventory decreased 9.1% to 5.2
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
April 24, 2014: Tips for Protecting a Home from Water
There’s no need yet to acquire an ark, but water certainly has become a bigger menace in many parts of the country. Even
storms that don’t escalate into the next Katrina or Sandy can still destroy basements, foundations, roofs, and interiors that
once seemed immune to heavy rains.
To prevent damage and avoid large out-of –pocket expenses, homeowners should stay on top of maintenance and repair
needs. The average water damage insurance claim between 2008-2012 for a worst-case flood, totaled more than $38,000
according to National Flood Insurance Program data.
These are key steps homeowners should consider to protect their property from the ravages of water.
1. Block water from Entry Points:
1. Roof shingles that are missing or damaged need to be replaced
2. Gutters and downspouts that are too narrow, aren’t cleaned periodically or aren’t pitched property may
permit water to come too close to a house, seep in, and damage the foundation.
3. Windows and doors with broken glazing will likely allow water and should be repaired or replaced.
4. Foundations, basement floors and walls with cracks are additional sources of water entering from the
ground.
2. Put in a Second Line of Defense:
1. Sump pumps collect water and send it away.
2. French drains collect water along the perimeter of a home and direct it to a sump pump. Exterior waterproofing
offers even more protection.
3. Interior drain tiles direct water that gets in to a drainage system under the floor, which pumps it out.
4. Boilers and furnaces should be elevated to keep from being flooded.
5. Window wells should drain properly and be accessible for debris removal.
6. Alarm systems in your home can connect to a computer, the Internet, or a mobile device to warn you of
impending disaster.
3. Buy the Right Insurance:
While Homeowners in high risk zones must carry flood insurance, it might be wise for others who live near water, whether
a creek or an ocean to do so as well. Take inventory, photograph valuables, and save receipts of significant purchases for
possible insurance claims.
4. Act Fast if Water Pours in.
Water damage should be dealt with immediately to avoid more costly problems. Time is your greatest enemy.
1. Turn off pipes once water starts flowing.
2. Call in a damage restoration company who can determine where water has gone and where it’s headed.
3. Prioritize people and pets – lives matter more than a house and its contents.
Barbara Ballinger, REALTOR Magazine March/April
2014
April 18, 2014: For Week Ending April 5, 2014
Data current as of April 14, 2014
April reporting brings hope as tulips and FOR SALE signs begin to brighten
the housing landscape. Along with that hope is a little uncertainty about some
regions' year-over-year sales and inventory figures. Fear not, however
because rates are still lower than most years in modern memory, there's proof
of an improving mix of properties for sale on the national landscape and
upward price pressure continues to motivate potential home buyers. Watch
listing activity closely for more hints as to what may be unearthed next.
In the Charlotte region, for the week ending April 5:
• New Listings increased 15.0% to 1,359
• Pending Sales increased 25.7% to 939
• Inventory decreased 3.2% to 14,793
For the month of March:
• Median Sales Price increased 2.4% to $172,000
• List to Close decreased 6.3% to 141
• Percent of Original List Price Received increased 0.3% to 93.3%
• Months Supply of Inventory decreased 10.0% to 5.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
April 11, 2014: For Week Ending March 29, 2014
Data current as of April 7, 2014
As April encroaches and spring feels more official, so does the possibility of a brightened, exciting housing market. Even
though some areas across the country have seen a pause in buyer activity, the fundamentals remain positive Traditional
home buyers are apt to bud like a spring mix of lavender, peonies
and tulips. And home prices are rising as surely as soil is being tilled for another fruitful season, adding even more to those
warm fuzzy feelings sure to come.
In the Charlotte region, for the week ending March 29:
• New Listings increased 10.9% to 1,212
• Pending Sales increased 12.5% to 921
• Inventory decreased 4.0% to 14,713
For the month of February:
• Median Sales Price increased 8.9% to $165,000
• List to Close decreased 1.2% to 145
• Percent of Original List Price Received increased 0.2% to 92.8%
• Months Supply of Inventory decreased 10.7% to 5.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
April 3, 2014: For Week Ending March 22, 2014
Data current as of March 31, 2014
This spring, investors are expected to play a less dominant role since there are
fewer attractive bargains to be had. This allows room for younger families and
individuals fed up with rent hikes. The affordability picture has come down but
remains attractive, pressured by rising but not fully recovered prices and
slightly higher rates. Despite some inventory shortages, several local markets
are in balanced territory heading into the peak selling season.
In the Charlotte region, for the week ending March 22:
• New Listings increased 2.9% to 1,153
• Pending Sales increased 11.4% to 930
• Inventory decreased 4.5% to 14,573
For the month of February:
• Median Sales Price increased 8.9% to $165,000
• List to Close decreased 1.2% to 145
• Percent of Original List Price Received increased 0.2% to 92.8%
• Months Supply of Inventory decreased 11.3% to 5.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
March 27, 2014: For Week Ending March 15, 2014
Data current as of March 24, 2014
Spring is finally beginning to show its face after a long, cold winter in many
parts of the country. Generally, housing activity is waking up as well. It's been
a slow start to the selling season thus far but many believe this has more to do with the weather and lack of inventory than
it does demand. Any gains may be moderate compared to a year ago, but most experts agree that market normalcy and
stabilization are upon us.
In the Charlotte region, for the week ending March 15:
• New Listings increased 4.9% to 1,220
• Pending Sales increased 16.6% to 865
• Inventory decreased 5.6% to 14,329
For the month of February:
• Median Sales Price increased 8.9% to $165,000
• List to Close decreased 1.2% to 145
• Percent of Original List Price Received increased 0.2% to 92.8%
• Months Supply of Inventory decreased 12.3% to 5.0
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
March 14, 2014: For Week Ending March 1, 2014
Data current as of March 10, 2014
Extreme winter weather may be partly responsible for sluggish durable goods
sales, consumer spending, business inventories and exports. As more income
goes toward heating bills, four-wheel alignments, frozen pipes and other
winter expenses, there is less (or no) remaining discretionary income. Several
southern cities were paralyzed by winter storms, costing the economy billions
in lost productivity, while consumers were forced to hunker down for much of
the winter in the Midwest and Northeast. Consumers should be more than
ready for warmer days ahead.
In the Charlotte region, for the week ending March 1:
• New Listings decreased 5.7% to 1,168
• Pending Sales decreased 0.3% to 788
• Inventory decreased 6.0% to 14,034
For the month of February:
• Median Sales Price increased 8.9% to $165,000
• List to Close decreased 1.2% to 145
• Percent of Original List Price Received increased 0.2% to 92.8%
• Months Supply of Inventory decreased 14.3% to 4.9
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
March 7, 2014: For Week Ending February 22, 2014
Data current as of March 3, 2014
Early 2014 data is telling us that the trend is still one of improvement, albeit
not at the speedy pace we'd prefer. Spring hasn't arrived yet and we'll have to
weather a few more months of unpredictable weather before the sing-song
tempo of May markets return. Although we await warmer days ahead, there's
no need to wait to gear up for a headier market. Remaining on top of weekly
trends and using data to bolster marketing efforts makes for a winner dinner.
In the Charlotte region, for the week ending February 22:
• New Listings decreased 1.7% to 1,003
• Pending Sales increased 9.4% to 720
• Inventory decreased 6.4% to 13,895
For the month of January:
• Median Sales Price increased 11.8% to $167,646
• List to Close decreased 8.0% to 143
• Percent of Original List Price Received increased 0.5% to 93.1%
• Months Supply of Inventory decreased 14.0% to 4.9
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
February 24, 2014: Charlotte Regional Realtor Update
For Week Ending February 15, 2014
Data current as of February 24, 2014
Housing starts haven't been quite as robust as forecast, climatological factors have chilled demand in many places and
dramatic declines in foreclosure activity has become the norm in several housing markets. These factors can sometimes
pull down overall sales numbers, so it's important to dig beneath the headlines. All of this looks and feels like a natural part
of the transition toward a healthier marketplace. Prices are still experiencing upward pressure, and sellers are still receiving
competitive offers.
In the Charlotte region, for the week ending February 15:
• New Listings decreased 31.8% to 741
• Pending Sales decreased 9.7% to 608
• Inventory decreased 5.9% to 13,830
For the month of January:
• Median Sales Price increased 11.8% to $167,646
• List to Close decreased 8.0% to 143
• Percent of Original List Price Received increased 0.5% to 93.1%
• Months Supply of Inventory decreased 15.0% to 4.9
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
February 13, 2014: How to survive the Snowpocalypse 2014: Depending on exactly where you are the amount of snow
that was received varies, but one thing is consistent with the sub-freezing temperatures the roads are icy and slippery.
Here are tips that can help you deal with this weather.
1. Always be cautious. Even a seemingly clear road can have ice. If you see the headlights or taillights of a car ahead of
you reflect off the road, chances are it's ice.
2. Test the road. When first starting out, briefly accelerate firmly, then firmly brake. This will give you a better feel for the
road conditions. If you notice the road conditions change, repeat the process in a safe manner (at a stop sign or empty side
street). Being aware of road conditions will help you make better driving decisions.
3. Try not to have to stop completely, especially if on an incline. This means very gradual stops on snow and maintaining
momentum before getting to a hill.
4. Keep your gas tank full for 2 reasons: if you do get stuck somewhere and you're completely isolated for a period of
time, you can use your car for warmth. It also prevents water condensation from forming in your gas tank. (some fuel
additives are available on the market that "remove" the water mixed in your fuel.) Just check with people in Atlanta on how
important this one is.
5. Carrying a thick old blanket, coat or sleeping bag in the trunk is wise, too.
6. Every time you approach a bridge or overpass - do your best just to coast over, without any acceleration or braking.
Because air can travel underneath the road surface, as well as over it, any moisture on the road will freeze well before it
would off of the road. As well, the shape of the bridge can increase wind velocities, cooling the road surface further and
affecting handling. Unpacked snow in either the passing-lane, the shoulders, or in-between tire-tracks offer much better
traction for steering or stopping than packed snow or ice in the right lane.
7. Iced over lanes is a good place to be the meat in a metal-and-meat sandwich. Firmly grip the wheel, and slowly make
your move to a safer place to drive. Carry a small plastic bucket with a good fitting lid full of a sand/ salt mixture in your
trunk along with a small shovel. If you find yourself stuck and alone sometimes putting a little sand/salt mix under your
tires can really help give you some traction and allow you to get yourself unstuck. Kitty litter also works but not quite as
well.,
8. Make sure that your overdrive option (if you have one) is turned off. This will keep the transmission from applying
drive or changing the drive speed to the drive wheels, and give total control over to the accelerator. (This also works when
driving in very heavy rainfall.)
9. If you are stuck in the snow, keep your engine running to keep warm and do not shut the engine off. Check
occasionally to make sure that snow isn't building up around your tail pipe, which will cause dangerous carbon monoxide
to enter the vehicle.
For more tips check out this link: http://www.wikihow.com/Drive-a-Car-in-Winter-Weather
February 7, 2014: For Week Ending January 25, 2014
Data Current as of Feb 3, 2014
Optimistic housing start stats encourage rumors that 2014 should be another year of recovering. Activity may not be
volatile enough to garner bold headlines, which suits residential real estate markets just fine. The steady-as-she goes pace
and quietly consistent good news should bring out a few more previously underwater sellers to list their homes. Keep an
eye out for fresh inventory and keen interest from hungry buyers.
In the Charlotte region, for the week ending January 25:
New listings increased 7.1 % to 935
Pending Sales increased 20.9 % to 707
Inventory decreased 5.0% to 13,796
For the month of December:
Median Sales Price increased 8.7% to $172,500
List to close decreased 13.0% to 136
Percent of Original List Price received increased 1.0% to 93.2%
Months of Supply of Inventory decreased 17.3% to 5.0
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
January 22, 2014: For the Week Ending January 11, 2014
Data current as of January 21, 2014
The years of 2012 and 2013 are going to be noted as a period of recovery for housing, and 2014 should prove to be more
of the same but perhaps with not as much force. As we begin to look for signs of a stabilized residential real estate market,
we may see fewer sales than in recent years, but these sales should be of a higher quality in that they will have been made
with stronger lending standards to people with stronger jobs in a stronger economy. Even this early in the year, we should
begin to see signs of new inventory coming onto the market with a more balanced months’supply of inventory and well-
paced market times.
In the Charlotte region, for the week ending in January 11:
New listings decreased 3.3% to 891
Pending Sales decreased 2.9% to 607
Inventory decreased 6.5% to 13,554
For the month of December:
Median Sales Price increased 8.7% to $172,500
List to Close decreased 13% to 136
Percent of Original List Price received increased 1.0% to 93.2%
Months of supply of inventory decreased 18.8% to 4.9
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
January 15, 2014: For Week Ending January 4, 2014
Data current as of January 13, 2014
It's the time of year when housing statistics take a back seat to the resolve
associated with a fresh calendar year. Diligent tracking of new listings and
pending sales counts tends to give way to weight loss plans and personal
financial planning. And you know what? That's just great! Spending some time
focusing on self just may help make 2014 a banner year to match 2013. But if
you want to take a quick glance, the data is here for your perusal. Here's to
another great year!
In the Charlotte region, for the week ending January 4:
• New Listings decreased 4.9% to 627
• Pending Sales increased 8.8% to 443
• Inventory decreased 5.4% to 14,231
For the month of December:
• Median Sales Price increased 8.7% to $172,500
• List to Close decreased 13.0% to 136
• Percent of Original List Price Received increased 1.0% to 93.2%
• Months Supply of Inventory decreased 20.0% to 4.9
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
December 17, 2013: For Week Ending December 7, 2013
Data current as of December 16, 2013
The first week in December this year was filled with Black Friday and Cyber
Monday deals – this means more people were clamoring in line at 2:00 a.m
waiting for a Suzie-Talks-A-Lot than were attending open houses. Seasonal
trends should be evident in a slight market slowdown, but year-over-year
comparisons will still brighten any burgeoning bah-humbuggers.
In the Charlotte region, for the week ending December 7:
• New Listings increased 3.7% to 782
• Pending Sales increased 6.2% to 563
• Inventory decreased 7.2% to 14,606
For the month of November:
• Median Sales Price increased 9.4% to $175,000
• List to Close decreased 7.3% to 136
• Percent of Original List Price Received increased 1.7% to 93.8%
• Months Supply of Inventory decreased 21.4% to 5.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
December 10, 2013: For Week Ending November 30, 2013
Data current as of December 9, 2013
The calendar can sometimes have just as profound an effect on housing data
as supply and demand. The 2013 Thanksgiving holiday was a week later than
in 2012, causing some peculiar shifts in activity. This serves as a good
reminder to watch for calendar oddities just as much as you do economic
indicators. Even so, aside from family time and tryptophan, buyers and sellers
had a lot to be grateful for this Thanksgiving. Buyers still live in a time of great
affordability, and sellers should be thankful for shorter market times, higher
prices and less competition.
In the Charlotte region, for the week ending November 30:
• New Listings decreased 30.2% to 514
• Pending Sales increased 8.4% to 531
• Inventory decreased 7.1% to 14,895
For the month of November:
• Median Sales Price increased 9.4% to $175,000
• List to Close decreased 7.3% to 136
• Percent of Original List Price Received increased 1.7% to 93.8%
• Months Supply of Inventory decreased 22.3% to 5.1
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
December 5, 2013: For Week Ending November 23, 2013
Data current as of December 2, 2013
As the end of the year approaches, market futurists will either put on their
overly cheery, poinsettia-colored glasses or turn into a bunch of dreary
Nostradamus Nellys. The wise analyst will tune out extremes and embrace
seasonally appropriate slowdowns as a sign of normal market activity while
looking with anticipation to what will likely be continued moderate recovery in
2014. Watch for light gains in inventory, quieter pending sales activity and
more sedate market times.
In the Charlotte region, for the week ending November 23:
• New Listings increased 76.0% to 845
• Pending Sales increased 63.7% to 709
• Inventory decreased 7.0% to 15,042
For the month of October:
• Median Sales Price increased 8.2% to $169,900
• List to Close decreased 10.2% to 134
• Percent of Original List Price Received increased 1.7% to 93.9%
• Months Supply of Inventory decreased 19.3% to 5.6
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
November 25, 2013: For the week Ending November 16, 2013
Data current as of November 25, 2013
This week, and through the end of the year, you might be watching for much-needed inventory gains that will not arrive
due to traditional end-of-year lulls in the marketplace related to holidays and/or colder weather. Nobody wants to sell at the
bottom. In general, inventory pools are up in year-over-year comparions in many areas, suggestive of seller confidence
with recent price
gains. Overall recovery is unlikely to stall. The pace of price gains and bidding
wars may ease, but that's not necessarily a bad thing. Just ask any
prospective home buyer.
In the Charlotte region, for the week ending November 16:
• New Listings increased 7.4% to 866
• Pending Sales increased 28.9% to 692
• Inventory decreased 7.2% to 15,179
For the month of October:
• Median Sales Price increased 8.2% to $169,900
• List to Close decreased 10.2% to 133
• Percent of Original List Price Received increased 1.7% to 93.9%
• Months Supply of Inventory decreased 19.8% to 5.5
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
November 11, 2013: For Week Ending November 2, 2013
Data current as of November 11, 2013
Most analysts agree that we are not in the midst of inflating another housing bubble. Instead, we are sometimes seeing
seemingly dramatic price and sales increases, but off of artificially low baseline levels. Private equity firms and first-time
buyers have bought up a lot of inventory, while some sellers await further price recovery. Credit remains available but not
abundant, so lenders are avoiding the facilitation of another bubble. Default rates and foreclosure activity are at a multiyear
lows. As of now, the housing recovery is intact.
In the Charlotte region, for the week ending November 2:
• New Listings increased 3.2% to 873
• Pending Sales increased 17.4% to 688
• Inventory decreased 6.3% to 15,634
For the month of October:
• Median Sales Price increased 8.2% to $169,900
• List to Close decreased 10.3% to 133
• Percent of Original List Price Received increased 1.7% to 93.9%
• Months Supply of Inventory decreased 22.0% to 5.4
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
November 4, 2013: For Week Ending October 26, 2013
Data current as of November 4, 2013
Holiday decorations have debuted in department stores across the nation
(really?), and their mere presence just might affect housing activity for those
prone to a good weather hunker. Comparisons year-to-year will show
improvement and recovery, even as general activity will likely slow through
the rest of 2013. With rates seemingly in a continuous go-low zone, the thrifty
buyer and willing seller will still meet for transactional tea.
In the Charlotte region, for the week ending October 26:
• New Listings increased 5.4% to 780
• Pending Sales increased 22.6% to 630
• Inventory decreased 6.5% to 15,657
For the month of September:
• Median Sales Price increased 8.8% to $174,024
• List to Close decreased 11.5% to 133
• Percent of Original List Price Received increased 2.9% to 94.6%
• Months Supply of Inventory decreased 22.0% to 5.7
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
October 29, 2013: For Week Ending October 19, 2013
Data current as of October 28, 2013
Nationally, we are starting to see some of the impact of the government shutdown
on the housing market. Applications for government mortgage products
dropped to the lowest level since 2007, according to a release from the
Mortgage Banker's Association. This was while overall applications were up
marginally. Most FHA lenders were able to process loans while Veterans
Administration loans were slowed considerably and USDA Rural Development
financing was cut off entirely. That said, there was still plenty of activity locally,
much of it positive.
In the Charlotte region, for the week ending October 19:
• New Listings increased 13.5% to 894
• Pending Sales increased 25.5% to 684
• Inventory decreased 7.3% to 15,655
For the month of September:
• Median Sales Price increased 8.8% to $174,024
• List to Close decreased 11.5% to 133
• Percent of Original List Price Received increased 2.9% to 94.6%
• Months Supply of Inventory decreased 22.6% to 5.7
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
October 21, 2013: For Week Ending October 12, 2013
Data current as of October 21, 2013
As tricks and treats are planned, housing starts its preparation for a holiday
season hibernation. Though activity hasn't come to a complete halt – there are
still year-over-year gains being posted for listings, sales and prices – the liveliness of the summer months has started to
slow.
Keep watch on any movements from the Fed, on economic indicators outside of housing and on
the legislative tug-of-war. Each may play a part in predicting how the rest of
the fourth quarter of 2013 goes.
In the Charlotte region, for the week ending October 12:
• New Listings increased 28.7% to 1,017
• Pending Sales increased 14.4% to 645
• Inventory decreased 8.2% to 15,513
For the month of September:
• Median Sales Price increased 8.8% to $174,024
• List to Close decreased 11.5% to 133
• Percent of Original List Price Received increased 2.9% to 94.6%
• Months Supply of Inventory decreased 23.8% to 5.6
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR Association.
October 15, 2013: For Week Ending October 5, 2013
Data current as of October 14, 2013
Home price gains and housing demand are still a year-over-year improvement,
but activity is beginning to moderate as the seasons change. With the
possibility of further rate and price increases, some buyers are still motivated,
but urgency tends to wane when holiday decorations start going up. Recovery
continues, but the pace is stabilizing. Yet that's a good thing, since harmful
corrections usually follow when the market moves too far too fast.
In the Charlotte region, for the week ending October 5:
• New Listings increased 30.6% to 1,041
• Pending Sales increased 43.0% to 755
• Inventory decreased 7.3% to 15,776
For the month of September:
• Median Sales Price increased 8.8% to $174,024
• List to Close decreased 11.5% to 133
• Percent of Original List Price Received increased 2.9% to 94.6%
• Months Supply of Inventory decreased 24.7% to 5.5
All data from Carolina MLS. Report provided by the Charlotte Regional REALTOR; Association.
October 7, 2013: For Week Ending September 28, 2013
Home prices are still rising and rates have increased incrementally. As the
cement of market balance hardens, it has become more dependent on move-up and first-time home buyers. Even with
tightened lending regulations, seller activity has broadened. The government shutdown should not have a major
impact on national and local market housing recovery. But as we get deeper
into the -ber months, it will be interesting to see if the year-over-year trends
hold true, simply lessen in drama or give reason for pause.
In the Charlotte region, for the week ending September 28:
• New Listings increased 11.8% to 977
• Pending Sales increased 19.7% to 706
• Inventory decreased 9.4% to 15,724
For the month of August:
• Median Sales Price increased 12.0% to $182,625
• List to Close decreased 6.2% to 134
• Percent of Original List Price Received increased 2.4% to 94.6%
• Months Supply of Inventory decreased 26.0% to 5.7
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association.
Sept 25, 2013: For Week Ending September 14, 2013:
For several weeks, markets across the country have seen consistent gains in
sales, prices and percent of list price received at sale. Things like steadily low
rates less lender-mediated inventory and increased consumer confidence are
all helping this reality. Each and every week reveals signs of a recovered
market that are going from temporary yard sign to permanent road sign.
Here’s to hoping for prosperous signs on the road ahead.
In the Charlotte region, for the week ending September 14:
• New Listings increased 16.2% to 966
• Pending Sales increased 21.1% to 699
• Inventory decreased 11.8% to 15,426
For the month of August:
• Median Sales Price increased 12.0% to $182,625
• List to Close decreased 6.2% to 134
• Percent of Original List Price Received increased 2.4% to 94.6%
• Months Supply of Inventory decreased 27.5% to 5.5
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association.
Sept 16, 2013: For Week Ending September 7, 2013
A pendulum spends little time in the middle. It tends to overswing center and
hang out at the extreme before changing directions. Apply that to housing.
Two or three years ago, almost no one would have foreshadowed concern
over affordability, yet that's what some are cautioning against in a rising price
and rising interest rate environment. It would take further rises in both rates
and prices to truly rattle confidence and sentiment, but it's wise to monitor
activity closely. Market recovery is dual-edged sword, isn't it?
In the Charlotte region, for the week ending September 7:
• New Listings increased 27.5% to 931
• Pending Sales increased 42.0% to 669
• Inventory decreased 12.7% to 15,293
For the month of August:
• Median Sales Price increased 12.0% to $182,500
• List to Close decreased 6.2% to 134
• Percent of Original List Price Received increased 2.4% to 94.6%
• Months Supply of Inventory decreased 28.5% to 5.5
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association.
Sept. 4, 2013: For Week Ending August 24, 2013
Most economists expect the housing recovery to continue, even with rising
mortgage rates. New household formations and tight supply should keep
bolstering markets and shield homeowners from downside price risk. Price
gains should inspire sellers to add new inventory to the market. Although
inventory and other metrics will begin to taper from seasonal highs, they are
likely to remain above last year's levels.
In the Charlotte region, for the week ending August 24:
• New Listings increased 11.3% to 942
• Pending Sales increased 20.6% to 692
• Inventory decreased 14.8% to 15,268
For the month of July:
• Median Sales Price increased 8.9% to $180,500
• List to Close decreased 13.2% to 129
• Percent of Original List Price Received increased 2.3% to 94.6%
• Months Supply of Inventory decreased 30.4% to 5.5
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association.
August 27, 2013: So far this summer, housing has achieved a soft, warm glow. If healing growth
in the economy and labor markets persists, housing will be more than ready to
weather tapering Fed activity – regardless of when it comes. Both local and
national market indicators national market indicators can't yet contradict any confidence in rising home prices or dwindling
inventory supplies. Let's take a look into your locale to see how residential real estate is faring.
In the Charlotte region, for the week ending August 17:
• New Listings increased 11.1% to 993
• Pending Sales increased 24.6% to 705
• Inventory decreased 16.1% to 15,112
For the month of July:
• Median Sales Price increased 8.9% to $180,500
• List to Close decreased 13.2% to 129
• Percent of Original List Price Received increased 2.3% to 94.6%
• Months Supply of Inventory decreased 31.6% to 5.4
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association.
August 22, 2013: USA Today: Existing home sales up 6.5% as housing recovers
Existing home sales rose 6.5% in July, reaching their highest level in nearly four years, the National Association of Realtors
said Wednesday.
Homes sold at a 5.39 million seasonally adjusted annual rate, the group said, handily beating economists' forecasts of a 5.15
million sales pace. The sales rate was up 17% from the same month last year, and the highest since November, 2009.
"We haven't had three straight months of 5 million or greater since the second quarter of 2007,'' NAR spokesman Walter
Molony said. "To go back and find a month with a higher sales volume, without the benefit of federal tax credits, you have
to go back to March 2007.''
To read more: http://www.usatoday.com/story/money/business/2013/08/21/home-sales/2680599/
August 12, 2013: Charlotte Regional Realtor Association Update:
For Week Ending August 3, 2013
As we move past the peak spring and summer selling months, one might
expect tapering activity compared to last month. But we can still expect solid
year-over-year improvement. Rates remain affordable despite recent
increases. Rising prices should continue to alleviate challenged homeowners,
which should lend to increased options for buyers. Items to watch include
Federal Reserve policy, a potential debt ceiling standoff and jobs numbers –
all of which affect the course of consumer confidence.
In the Charlotte region, for the week ending August 3:
• New Listings increased 9.7% to 1,050
• Pending Sales increased 36.5% to 834
• Inventory decreased 17.3% to 15,127
For the month of July:
• Median Sales Price increased 8.9% to $180,500
• List to Close decreased 13.2% to 129
• Percent of Original List Price Received increased 2.4% to 94.7%
• Months Supply of Inventory decreased 32.9% to 5.3
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association. Powered by 10K
Research and Marketing.
August 1, 2013: Charlotte Regional Realtor Association Update:
Nationwide, local markets have become stable enough to withstand mortgage
rate increases. Improving job and other economic sectors have fortified real,
organic housing growth. Bargain-basement deals have given way to multiple offers, stiff bidding wars and lickety-split days
on market. Inventory may still
be thin, but traditional home sellers are stepping up to the plate with new
listings. It won't be long now until the housing recovery is once again referred
to as just housing.
In the Charlotte region, for the week ending July 20:
• New Listings increased 20.3% to 1,139
• Pending Sales increased 42.8% to 837
• Inventory decreased 18.8% to 14,836
For the month of June:
• Median Sales Price increased 7.4% to $184,000
• List to Close decreased 11.0% to 132
• Percent of Original List Price Received increased 2.6% to 95.1%
• Months Supply of Inventory decreased 35.7% to 5.4
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association. Powered by 10K
Research and Marketing.
July 11, 2013: Charlotte Regional Realtor Association Update:
A fellow named Newton once said that a body in motion tends to stay in
motion. Independence Day festivities may slow market momentum and result
in slightly increased housing inertia. Each year, the activity around
Independence Day collides with market trends because the summer holiday
season ends up being more about family fun than housing fuss. As the market
shifts from under us, things like historically low interest rates and rising rents
cause pause for those with a clear idea of what they want despite the lack of
funding to achieve it.
In the Charlotte region, for the week ending June 29:
• New Listings increased 10.5% to 1,073
• Pending Sales decreased 13.6% to 828
• Inventory decreased 22.3% to 14,724
For the month of June:
• Median Sales Price increased 7.4% to $184,000
• List to Close decreased 11.1% to 132
• Percent of Original List Price Received increased 2.6% to 95.1%
• Months Supply of Inventory decreased 38.1% to 5.2
Charlotte Regional Realtor Association, June 2013
June 27, 2013: Fraudulent Internet Real Estate Listings Increasing
Consumers and Realtors have been dealing with fraudulent listings being posted on websites that allow anyone to post
information on them. The most frequently reported are Craigslist and Hotpads.com (to their credit, each site has been very
responsive to remove fraudulent listings once they have been notified).
The scam usually goes something like this: Information about a property that is actually actively listed for sale is posted on
one of the sites as a lease at a significantly reduced monthly payment. (We are talking about a house that might have a
monthly mortgage payment of $4,000 being posted as for lease as $1,300 – what a great deal, right?). The interested
consumer will contact the ‘owner’ via the site about the property. The ‘owner’ will respond that they are out of the
country on missionary work (most frequently in Africa but sometimes Asia or even just a different city outside the state).
They tell the interested, prospective renter to drive by the house to see if they like it from the outside and that they will have
to overnight the keys to them if they decide they want to lease the property. BUT the rental applicant will need to wire the
first month’s rent and the deposit first. Who would do that? Apparently, a lot of people.
One of the tips that is often recommended to prospective renters is to look at the tax records to see who the owner is.
Seems smart, right? The scammers are even smarter. In most situations, the scammer has also checked to see who the
owner is and has registered an email address with that name (i.e., if the homeowner is John Doe, they will use
johndoe@gmail.com) so you think you are dealing with the actual homeowner since the names match. It doesn’t take
more than a few minutes to create a new, fictitious email address to help pull off the scheme.
The main things to remember are that if it sounds too good to be true, then it likely is. Also don’t lease property from
someone who you have never met in person. What has tripped up many of these situations has been when the interested
renter just knocked on the door of the house. They have found out very quickly that the listing was not legitimate. So
please be aware and be cautious!
Charlotte Regional Realtor Association, June 2013
June 17 2013: Nation Market Update
The recovery of the U.S. housing market now appears to be well under way. While demand is still high even with credit
conditions constraining buyers, the low level of inventory is having a significant effect in most markets. Due to current
market conditions, April saw a significant jump in sales velocity with median days on market falling to 46 days from the
previous month’s 62 days with 44% of homes selling within one month. According to NAR Chief Economist Lawrence
Yun, April typically sees the most significant gain in inventory in any given year. Prices continued to rise in April, marking
the fifth consecutive month of double-digit gains in median price. With affordability still at historically high levels, the
market continuing to improve, and inventory lending advantage to sellers, it could be an opportune time for a well-informed
buyer or seller to enter the market.
www.kw.com
June 7, 2013: May Market Update
We're halfway through the year and it seems our collective attention has shifted
from monitoring price and sales gains to eagerly anticipating more new listing
activity on the part of sellers. This shift is the result of an imbalance between
strong demand for homes and constrained supply. In some markets, purchase
agreements are being written up directly after a showing.
New Listings in the Charlotte region increased 12.9 percent to 5,111. Pending
Sales were up 25.8 percent to 3,970. Inventory levels shrank 27.5 percent to
14,312 units. Prices turned higher. The Median Sales Price increased 4.8 percent to
$173,000. List to Close was down 7.1 percent to 138 days. Absorption rates
improved as Months Supply of Inventory was down 46.5 percent to 5.0 months.
Interest rate risk is back in the headlines after Fed chief Ben Bernanke's latest
testimony on Capitol Hill. The Federal Reserve Bank is considering decreasing
its $85 billion a month bond asset purchases, which have been holding interest
rates at or near historic lows. This is mostly the result of an improving jobs
market, which is a good thing for real estate.
All data from Carolina MLS, provided by the Charlotte Regional REALTOR® Association.
May 20, 2013: Simple Home Improvements to help your house sell quickly!
Basic Improvements are important and don't cost much if you do them yourself.
Freshening the rooms with a nice coat of paint comes first. If you have rooms or walls that are odd colors, paint these
rooms in beige and install new electrical outlet covers. Check the woodwork to see if it needs to be touched up.
When faucets in the kitchen and master bath are showing their age, replace them with new faucets that have a modern
style.
The same is true for light fixtures. Sparkling new fixtures on a newly painted ceiling actually gives you a new room.
The Kitchen is important. If you have a few thousand dollars to spend on a project, decorators say new countertops are a
good choice. Some choices are quartz as in Caesarstone or Cambria, Duponts' Zodiaq or solid surface Corian, or Eco's
Cosention or IceStone.
On the outside, paint the window frames and the front door. The door is especially important and can be made a
contrasting color, like red.
Make sure the trim around the roof isn't chipped and that your gutters and downspouts are properly attached.
If the roof has dark streak or two, a roof-cleaning company can make it look new again. Black Streaks are caused by
bacteria known as gloecaspa magma (algea growth). A professional roof cleaning will take them away.
May 6, 2013: April 2013, Monthly Indicators Report: The S&P/Case-Shiller Home Price Index recently showed that
home prices in 20 major metropolitan areas had increased at the strongest pace since the bubble years. At long last, major
national indices are telling the story that local MLS data users have known for months or even years. Yes, the housing
market is recovering. The recovery varies by geography and market segment, but things are certainly better than they have
been and are showing no signs of letting up.
Avg List price 2013 $266,933 vs. 2012 $254,338 +5%
Avg Sales price 2013 $205,933 vs. 2012 $197,399 +4.3%
Median Sales price 2013 $160,000 vs. $151,500 +5.6%
Closed Sales 2013 9,738 vs. 2012 7,421 +31.2%
Carolina Mutiple Listing Service, May 6, 2013
April 26, 2013: 3 Serious Signs that Market Recovery is Real
Each month, Trulia's Housing Barometer charts how quickly the housing market is moving back to “normal.” They
summarize three key housing market indicators: construction starts (Census), existing home sales (NAR), and the
delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the
numbers got at their worst and (2) their pre-bubble “normal” levels.
In March 2013, construction starts and the delinquency + foreclosure rate improved:
• Construction starts rocketed to a new post-bubble high. Starts were at a 1,036,000 seasonally adjusted annualized
rate – up 7% month-over-month and 47% year-over-year – which is the highest level since June 2008. In March, 38% of
new starts were in multi-unit buildings, compared with the typical level of 20%. Construction starts are now 55% of the
way back to the normal level of 1.5 million from their low during the bust.
• Existing home sales went down a bit. Sales fell 0.6% in March to a seasonally adjusted annualized rate of 4.92 million
homes. That’s a 10% increase over one year ago. Excluding distressed sales, conventional home sales were up 23% year-
over-year in March. Also, inventory rose even on a seasonally adjusted basis for the second month in a row. Overall,
existing home sales are 66% back to normal.
• The delinquency + foreclosure rate dropped yet again. The share of mortgages in delinquency or foreclosure dropped
to 9.96% in March, down from 10.18% in February and 10.98% in March 2012. The combined delinquency + foreclosure
rate is 48% back to normal and at its lowest level since October 2008.
Averaging these three back-to-normal percentages together, the housing market is now 56% of the way back to normal, up
from 54% in February and 43% six months ago in September. One year ago, the market was only 33% back to normal –
so the last year has been a significant recovery. Furthermore, this month’s improvement is even better than it looks with
the shift of sales from distressed to conventional and early signs that the inventory crunch may be easing, which will bring
some relief to would-be homebuyers.
Trulia April 26, 2013: http://pro.truliablog.com/industry-2/housing-market-nears-60-back-to-normal/?
ecampaign=tnews&eurl=pro.truliablog.com%2Findustry-2%2Fhousing-market-nears-60-back-to-normal
April 16, 2013: Charlotte ranked #8 in the Next Biggest Boom Town in the U.S. by Forbes Magazine
Charlotte's low housing prices and short commute times makes it an attractive city for families looking to raise children. At
the same time, it is building the infrastructure -- roads, cultural institutions, etc. -- critical to future growth. Charlotte's
bustling airport may never be as big as Atlanta's Hartsfield, but it is increasingly plugged into both major national and
international routes.
http://www.forbes.com/pictures/edgl45fkm/no-8-charlotte-n-c-tie/
April 9, 2013: How to Keep Safe this Spring
Home Safety Tips from the CMPD monthly newsletter
If you are concerned about residential burglaries in your neighborhood, you do not have to feel powerless to change the
situation. Most residential burglars look for crimes of opportunity. They pick what appears to be an easy mark. There are
many steps that you can take to keep your home and your neighborhood safe. The most important step is for you and your
neighbors to work together.
What can you do?
• Never allow people you do not know into your home, such as a door-to-door sales person, a person asking to use the
phone or looking for a neighbor.
• Always keep your doors and windows locked day and night.
• Never leave your garage door open.
• Don't have your valuables visible through windows.
• Keep ladders locked in the garage. Burglars can use them for access to otherwise inaccessible second story windows.
• Don't forget when going on vacation to hold or to have someone pick up your mail/newspapers.
• Don't hide a key outside for visiting friends and relatives.
• Don't advertise new gifts or purchases. Break up the cartons before leaving them at the curb.
• Call the police immediately when you see suspicious persons or activities
• Get to know the police officers in your area.
To receive a monthly newsletter about crime in our response area and crime prevention tips from our community police
officers go to
http://charmeck.org/city/charlotte/CMPD/response-areas/Pages/SouthDivision.aspx
April 1 2013: Tackle Spring Projects
With spring finally here, why not throw open the windows and tackle those projects that projects that you’ve been putting
off all winter!
Trim Branches so that they are 10 ft away from your roof.
Touch up peeling paint.
Have your air conditioning unit serviced and make sure that leaves and debris are removed.
Seal any leaks around door and windows.
Reseal natural stone surfaces and repair grout in bathrooms.
I am on your side if you need any help tackling any of these projects or any improvements to your home!
As always, please be sure to share my contact information with anyone you know who may need real estate advice.
March 18, 2013: March 2013 Market Update
The national housing market is showing positive improvement. The main trend to call attention to is the Seller’s market.
Home prices continue to rise steadily above year-ago levels, and housing demand has strongly picked up, resulting in low
levels of inventory in many regions across the country.
“Tight inventory is a major factor in the market,” states NAR Chief Economist Lawrence Yun. “Buyer traffic is continuing
to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40% above a year ago.” Inventory is low for a
number of reasons: Housing demand has picked up, banks have slowed the pace of foreclosures, and many homeowners
who wish to sell their homes simply cannot because the do not have enough equity to make a down payment on their next
home. However, as home prices continue to rise and more people can afford to sell their homes, inventory levels will
increase.
NAR President Gary Thomas claims, “The typical home is selling nearly four weeks faster than it did a year ago.” Now
marks one of the most favorable times in market history to buy or sell a home. There is an urgency to buy now while
mortgage rates are at record lows and before home prices increase more significantly.
www.kw.com
March 8, 2013: Home Prices Expected to Rise at least 3.3 Percent Annually through 2017
The housing recovery is expected to grow at an annualized rate of 0.6 percent through the third quarter of this year, then
gain momentum and prices are projected to grow 3.7 percent between the third quarters of 2013 and 2014 until settling
down to 3.3 percent annual increases over the next three years according to Fiserv, a financial services technology
provider using data from the Federal Housing Finance Agency (FHFA).
Both home prices and home sales volumes increased steadily last year, making 2012 the first positive year for both prices
and sales since the housing market crash, excluding gains induced by the home buyer tax credits in 2009 and 2010.
"Although some recent real estate activity has been speculative, it seems as if buyers have more realistic expectations about
housing market returns after having lived through the largest housing market crash in U.S. history," says David Stiff, chief
economist, Fiserv.
"2012 was the first year since 1997 that the housing market has resembled something recognizable as normal. For the past
15 years, home price changes and sales volumes have either been boosted by a bubble mentality or crushed by crash
psychology," continues Stiff.
"Back in 1997, housing prices grew 3 percent, just below the 5 percent long-term average rate of appreciation. From 1998
to 2006, prices appreciated at levels above 5 percent, with double-digit price increases in many of those years. Then, after
2006, the market collapsed as euphoria turned to panic. It took until the end of 2011 before housing markets finally started
to stabilize. The latest Case-Shiller results show a return to a historically normal pace of price appreciation in the last year."
The recovery in home prices has been solid and broad-based. At the end of the 2012 third quarter, prices were rising in
approximately 62 percent of all U.S. metro areas, compared to 12.5 percent in the same period a year ago. Average U.S.
home prices increased 3.6 percent from the third quarter of 2011 to the comparable period of 2012. Many of the metro
areas that suffered the most severe declines during the housing market crash enjoyed the highest price increases in that
period.
Fiserv Case-Shiller projects that by the end of 2013, home prices will be rising in nearly every metro area in the U.S. Some
markets may experience short-term double-digit price jumps that could be partially reversed by price declines as large
tranches of bank-owned inventory (REO) are liquidated. In other markets, price appreciation will slowly return to normal
rates as home buyers regain confidence that the market has found its footing.
Stiff cautions that the parallels to previous years should not be overstated. Unlike in 1997, there are millions of homes with
delinquent mortgages, in the foreclosure process, or in REO inventories listed for sale or waiting to be sold. But many
trends are positive. With both prices and mortgage payments at historic lows relative to income, Fiserv Case-Shiller expects
stronger demand for housing, and the sector once again having a positive impact on the economy.
"The number of new housing units being built per household is near a record low. As momentum in the housing market
builds, we will see the residential real estate sector once again make large contributions to the economic recovery. If
residential investment - which encompasses all direct spending on residential real estate construction and activity - returns
to its 1997 level over the next two years, then housing will boost overall economic growth by 0.5 percentage points in 2013
and 2014," Stiff continues.
"In all of the bubble-crash markets, foreclosures will have a persistent but diminishing drag on price appreciation. Since the
timing of the disposition of foreclosed properties can be highly uncertain, we will witness choppy price movements as
individual metro markets stabilize. For example, in late 2011, prices in Atlanta dropped sharply because of a substantial
jump in REO sales, and it is possible that we will see similar, temporary price declines in other markets as subsiding waves
of foreclosed properties buffet these markets. In other markets, investor demand is quickly absorbing listed REO
properties, and as a result, foreclosures are no longer pulling home prices downward," Stiff says.
The Fiserv Case-Shiller Indexes, which include data covering thousands of zip codes, counties, metro areas and state
markets, are owned and generated by Fiserv. The historical and forecast home price trend information in this report is
calculated with the Fiserv proprietary Case-Shiller indexes, supplemented with data from the FHFA. The historical home
price trends highlighted in this release are for the 12-month period that ended September 30, 2012. One-year forecasts are
for the 12 months ending on September 30, 2013. The Fiserv Case-Shiller home price forecasts are produced by Fiserv
and Moody's Analytics.
RISMedia.com
February 21, 2013: Home Preparations for Spring
The number of homes on the market generally rises in March, with sales peaking in April and May before settling down in
midsummer. With snow on the ground and a chill in the air, it may not feel like spring is right around the corner - but if
you are planning to list your house for sale this spring, now is the time to get a head start on projects that will help ensure
that you're ready for an early spring listing.
Most people know that putting a house on the market requires a good deal of preparation. The earlier you can get started,
the less pressured you'll feel as listing day approaches. Remember that some "minor" repair projects can end up taking
more time than expected, particularly if you are trying your hand at something you haven't done before.
Your first step is to stand back and take a thorough, objective look at your house. Ask yourself a few questions. What
projects have you been meaning to get started? Are any of them pressing? Would completing all of them improve your
chances of a sale? Beyond projects you've already considered, are there a few more that might make your home more
attractive to potential buyers?
Here are just a few improvements you might want to consider. Some of them, you can probably do yourself, but if you
don't consider yourself "handy," enlist a contractor ASAP to help with the projects that are beyond your ability to do well:
Make small repairs and replacements. Small fixes can lead to big appeal. Do you need to do some caulking in your
bathroom or work on cleaning or replacing the grout between tiles? Fix leaky faucets or replace them entirely. Make sure
that your toilets aren't running and that any appliances that will be included in the sale of the house are working properly. If
tiles are cracked or chipped, now is the time to replace them. Take a can of WD-40 to squeaky hinges. And don't forget
your floors. Steam-clean your carpets or have them professionally cleaned. Also consider the shape of your hardwood
flooring. If they are a little dull, simply buffing them could shine them up.
Spruce up your rooms with coats of fresh paint. Painting takes a while, and if you're doing it yourself, you want to make
sure that you do a thorough, professional job. Painting your trim (including baseboards, which get dingy quickly) can really
brighten a room, while touching up the dings and scratches on your walls is a must. If you are painting full walls and
rooms, remember that neutral colors work in your favor when selling your home. Potential buyers are better able to see
you house as a blank canvas awaiting their sense of style.
Update your fixtures. Make a stop at Home Depot or Lowe's. Without spending a lot of money, you can easily swap out
drawer pulls and door knobs that are in poor shape or just look "dated." Don't use anything too splashy, and take care to
see that the fixtures in a room or area all match. Make sure your light bulbs not only work well, but provide enough bright
lighting to really make your house stand out during showings.
Start spring cleaning a little early. Clean out those closets, the attic, the garage, the basement, and the shed in the backyard.
Start boxing up seasonal items for removal to a storage unit or a family member's house. De-clutter the cupboards and
drawers in your kitchen and pantry. And stow any knick-knacks that make your home look "busy."
Don't forget the outside of your house. Winter can be hard on a home, so check the exterior of your house for any damage
caused by winter storms. Once the snow starts to melt, repair and replace broken gutters and drain spouts and repaint
wooden steps and railings that have taken a beating in the weather.
With a little forward thinking, you can spread out the work required to get your home into tip-top shape. Start now, before
the weather gets nice and spring fever sets in. When it comes time to list your house, you will have avoided the mad
scramble that other sellers are making to whip their homes into shape for sale.
Realtor.com
February 15, 2013: February 2103 Market Update
The Conclusion of 2012 paints a promising picture for 2013 and the national housing market. Falling inventory levels
coupled with record-low mortgage rates, which drive high levels of demand, continue to drive home prices upward.
NAR Chief Economist Lawrence Yun states that this pent-up demand is sustaining the market and that “record-low
mortgage interest rates clearly are helping many home buyers, but tight inventory and restrictive mortgage underwriting
standards are limiting sales.”
He goes on to say that anticipated job creation and household formation will continue to fuel confidence growth in the
housing market. He expects both sales and prices will once again be higher in 2013. NAR President Gary Thomas claims,
“The biggest impact of tight inventory is upward pressure on home prices, but after values fell below replacement
construction costs, prices are still affordable in most of the country.” While mortgage rates are expected to stay low for
the first half of the year, and home prices still remain affordable for most, there is an urgency to buy now, before home
prices increase more significantly.
Keller Williams Realty
February 4, 2013: Encroachment vs. Easement, do you know the difference?
I have heard many people use these terms inaccurately. Please see definitions below:
Encroachment - A building or some portion of it - a wall of fence, for instance - that extends beyond the land of the owner
and illegally intrudes on the land of an adjoining owner or on a street or an alley.
Easement - A right to use the land of another for a specific purpose, such as for a right-of-way or utilities: an incorporeal
interest in land.
January 25, 2013: 9 Simple DIY Weekend Decorating Projects
As you look around your home, you’re probably wishing you had some extra time on your hands to make a few
renovations or to handle a few extra redecorating projects. But, you already have the time – it’s called the weekend! In that
short 48-hour time span, there’s a lot of work you can get done. Even if you pick one task per weekend, that’s four
decorating projects c-
3. Transform the Fireplace
The fireplace is the focus of the room during the cold, winter months but what do you do with it for the other eight
months out of the year? Once winter’s chill has left, clean out the fireplace and decorate the hearth with a variety of low-
maintenance plants and add a touch of vibrancy to the room. Succulents work nicely because they don’t require a lot of
watering or sunlight. Use tiered plant pot holders for a truly beautiful look that will also cover up the unsightly cinder stains
on the inside of the fireplace. Or, for a complete re-do, you can even consider painting the fireplace!
4. Install Some Molding
Crown molding makes a room feel and look larger than it really is, and it’s not really that difficult to install, especially when
you use specially-made corner pieces that eliminate the need for cutting perfect mitered edges. In fact, once you get the
hang of it, you might be able to install it in all of your rooms before the weekend is over.
While you’re at it, you can also install chair railing or update your baseboards with a newer, more modern style.
5. Unify Your Picture Frames
Odds are the picture frames that adorn your walls have been purchased over a long period of time, so no two probably look
alike. But, if you take them all down and paint the frames all the same color, they will suddenly look as if they all belong
together. In addition, this will help give your room the color accent it’s been missing.
6. Update the Kitchen Cabinet Hardware
Forget about the old brushed nickel cabinet knobs. Today, hardware stores have a ton of different varieties to choose from.
Pick a style that best reflects your home and replace the knobs in your kitchen for a quick and easy kitchen makeover.
7. Makeover Your Lamp Shades
Adding some fabric, beads or ribbons to your lamp shades will turn them from drab to fab. Choose a color scheme that
compliments the room and your friends won’t stop asking you, “Where did you purchase those beautiful lamp shades and
how much did they cost?”
8. Redecorate the Bedroom
All you need to redecorate your bedroom is some fresh paint, some new curtains and a new comforter and voila – you
have a freshly redecorated bedroom. The bulk of your time will be spent re-painting the bedroom and that won’t take that
long at all, so go ahead and start planning your bedroom’s new look.
9. Add Some Fresh Flooring
If you have hard surface floors, add some color and style to the room by incorporating a few area rugs and/or carpet
runners. This is an especially good idea come winter time as the carpet will help keep your feet off the cold floor and help
insulate the room.
Realtor.com
January 18, 2013: Closings, prices hold steady across the region in December 2012
CHARLOTTE, N.C. – Charlotte Regional Realtor® Association reports on the residential real estate market in this region
based on Carolina Multiple Listing Services, Inc. (Carolina MLS) data. Carolina MLS sales ended the year positively.
December 2012 closings (2,339) were up 23.4 percent compared to December 2011, when closings totaled 1,896.
Both the median and average sales prices posted increases at year-end to cap off a year’s worth of year-over-year gains.
The average price in December 2012 ($205,537) was up 7.9 percent compared to December 2011 ($190,565), and the
median price ($158,925) was up 2.5 percent over December 2011 ($155,000).
The average list price in December 2012 ($222,888) increased 4.5 percent over December 2011 ($213,210), bringing the
percent of original list price received measure to 92.3 percent compared to 90 percent last December. Demand across the
region continues to be strong with pending sales totaling 2,150, an increase of 33.5 percent over the previous period when
contracts totaled 1,610.
New residential listings (2,342) decreased 1.7 percent compared to December 2011 when new listings totaled 2,383.
Inventory continued its downward trend, decreasing 27.7 percent compared to December 2011, leaving the Carolina MLS
region with a 5.3-months’ supply of homes for sale and edging closer to a seller’s market.
The average number of days a property was on the market from the time it was listed until it closed (list to close) totaled
156 days, which is a decrease of two days compared to last December. Days on Market (DOM), the metric that accrues
for “Active” and “Under Contract-Show” statuses only, totaled 115 days compared to 122 days December 2011.
Foreclosures and short sales within Carolina MLS continued to trend down. Distressed properties accounted for only 14.8
percent of new listings compared with 19.8 percent in December 2011. 15.6 percent of all closed sales in December 2012
were distressed, which is down from 17.7 percent in December 2011. Foreclosure sales were brisk; the list-to-close
figure was 59 days for single-family homes and 38 days for townhome-condo properties. Short sales continue to take
longer to sell and averaged 167 days for both property types (single-family and townhome-condo).
2013 Association/CarolinaMLS President Eric Locher said, “Charlotte’s housing market has shown steady signs of
improvement over most of 2012 and could be called the year our local recovery started. With some of the uncertainty on
the federal level temporarily averted, we’re hopeful these trends will continue through what is generally considered a slower
selling season.”
The Charlotte Regional Realtor® Association is a trade association that provides its more than 6,000 Realtor® members
with the resources and services they need to conduct ethical, professional, successful and profitable businesses. The
association is dedicated to being the region's primary resource for residential real estate information. The association
operates the Carolina Multiple Listing Services, Inc. (CMLS), which has approximately 7,300 Subscribers and is the private
cooperative Realtors® use for access to tens of thousands of residential listings in a multi1/8/2013
Contact: Kim Walker county service area, including the high-growth Charlotte area and counties outside this service area.
Kim Walker, CRRA
January 7, 2013: Interest rates continue to be low, reaching record rates (3.34% for 30 yr fixed). National Association of
Realtors, President Gary Thomas states, “Even with rising home prices, we’ll continue to see favorable housing
affordability conditions over the coming year, but they won’t last forever. Inflationary pressures are expected to build
during the next two years. As a result, mortgage interest rates will also rise with inflation. Buyers who are currently held
back by tight mortgage credit standards should work to improve their credit scores, so they’ll be able to qualify for a
mortgage while conditions are still favorable”.
December 12, 2012: Keller Williams ranked "Highest in Overall Satisfaction for Home Buyers and Sellers Among National
Full Service Real Estate Firms"
Keller Williams received the highest numerical score among full service real estate firms for home buyers and home sellers
in the proprietary J.D. Power and Associates 2012 Home Buyer/Seller Study. Study based on 2,994 total evaluations
measuring five firms and measures opinions of individuals who bought or sold a home between March 2011 and April
2012. Proprietary study results are based on experiences and percentages of consumers surveyed March - May 2012.
December 5, 2012: Average your utility costs for the previous 12 months and have it available when you sell your house to
give to prospective buyers to review when they are looking at your home.
November 21, 2012 Helpful Tips to Keep you and your Home Safe Throughout the Holiday Season.
Holiday Home Safety Tips –
• Keep windows, garages, and sheds locked, and don’t forget to use deadbolts.
• Use timers to turn on lights and a television or radio
• Maintain at least a foot of space between a burning candle and anything that can catch fire.
• When hanging lights outdoors, avoid using staples or nails which can damage wiring. Use UL – rated clips or wires
instead.
• Don’t overload electrical circuits with holiday lighting; unplug your tree and outdoor lights before going to bed.
• Don’t leave a spare key in a “hiding place”. Burglars know where to look.
• Lock your power box with an electricity authority lock (lock to which you and the electric company have a key) so
that your home security is enforced.
November 13, 2012 Seeds of a Housing Shortage
The market is looking much improved today, with home sales and prices heading up. But within this improvement are the
seeds of a long-term challenge: falling inventories.
The inventory of existing homes is at its lowest level in 7 years, while newly constructed home inventory has hit a 50-year
low mark. Falling inventory is causing home prices to shoot up higher and faster than most analysts anticipated. The
national median price of transacted homes was up 9.5 percent in August. Other price measures, like Case-Shiller and the
Federal Housing Finance Agency price index, which look at price changes in sales of the same properties over time, have
been rising as well, at double-digit annualized rates in recent months. Of course, not all markets are this robust.
As winter approaches, inventory will slide further. Few homes are newly listed after Thanksgiving. Historically, inventory
tends to be 15% lower in winter than summer. Last year’s seasonal decline was even more dramatic, at 25%. Hopping
there will not be an inventory decline of that magnitude this winter. Home values rising much faster than income growth
will markedly cut into housing affordability.
But that may well be what’s in store. Distressed home listings will continue to fall because fewer borrowers are now
seriously delinquent. Home construction is up, but only reaching half of the historic average of housing starts. Even the
many pent-up sellers – those normal, non-distressed homeowners who have been holding back for better market conditions
– will not help the net inventory situation, because most of them will be selling to buy a trade-up property.
Slight seasonal relief should come in March, just as the spring buying season gets underway. But a deeper and longer-term
issue to watch out for is the increasing possibility of a housing shortage across many parts of the country.
http://economistsoutlook.blogs.realtor.org
October 18, 2012: How Much Income Do You Really Need to Buy a Home?
If you’re in the market for a new home, chances are you’ll have to compromise at some point along the way. Maybe you’ll
have to commute a little farther than you’d like in order to get the best value for your money. Or perhaps you’ll forgo a
huge backyard to be closer to the city.
And when it comes to finances, you might find a disparity between how much house you want and how much house you
can purchase given your gross monthly income and other factors.
Home loans are made against your ability to repay. While the mortgage loan is secured against the house, it is really made
against your income. That’s what mortgage lenders look for — income to offset liabilities.
Simply put, the amount of income you need to purchase a house will vary by your payment comfort level, including any
other monthly debt obligations you might have.
Important terms
Mortgage payment: Principal, interest, property taxes insurance and mortgage insurance, if needed
Consumer debts: Minimum payment obligations on things such as auto loans, credit cards, student loans, personal loans
and installment loans
Other debt obligations: Alimony and/or child support or any other court-ordered repayment obligations
Running the math
Here’s a simple formula to calculate the amount of income you’ll need to purchase a home:
Target mortgage payment + consumer debts ÷ .36 = Gross monthly income needed to qualify
Most lenders limit your debt-to-income ratio (how much of your monthly income pays debt) to between 36 percent and 45
percent. While the exact ratio varies by lender and loan type, it’s best to base your calculations on the lower end to ensure
that you won’t overextend yourself financially.
So, if your target mortgage payment is $2,000 per month and you have consumer debts of $300 per month, you will need
$6,388 gross monthly income to offset your housing expenses and consumer obligations.
Down payment
Your down payment is another important factor in determining how much income you’ll need to buy a home.
Consider the following loan scenario using a purchase price of $300,000 (assuming no other debts) and the current rates
on Zillow Mortgage Marketplace.
Conventional loan
• Down payment: 5 percent ($15,000)
• Interest rate: 3.26 percent
• Approximate mortgage payment: $1,770
• Gross monthly income needed: $4,916
So at the end of the day how much income you need to purchase a home is predicated on your monthly income, consumer
debt obligations and down payment.
Impact of debt
For every dollar of debt, you will need double that in income. So if you have a $300 car payment, you’ll need at least $600
per month or more in income to offset that debt.
Debt erodes income, and less income translates to less purchasing power.
So, does buying a home make sense?
Yes, so long as the amount you can borrow for your desired purchase price is in sync with your debt obligations and, of
course, your down payment.
Related:
• How Your FICO Score Affects Your Ability to Get a Mortgage
• 10 Reasons Why You Can’t Buy a House
• 4 Things to Know About Mortgage Insurance
Scott Sheldon is a senior loan officer and consumer advocate based in Santa Rosa, California. Scott has been seen in
Yahoo! Homes, CNN Money, Marketwatch and The Wall Street Journal.
October 10, 2012: Do you know with the current interest rates you can AFFORD to buy MORE?
Please call Jennifer Lew Jennifer Lew / 704-591-5542 / jmlew2@yahoo.com with any questions.
Sept 27, 2012: Winterize now to avoid costly repairs later
Helpful hints to protect your home as the thermostat drops.
Start Saving!
• Inspect your roof and replace any damaged or missing roof shingles.
• Make sure gutters and down spouts are free of leaves and debris.
• Consider a fresh coat of paint or sealer on your deck
• On a windy day, close your windows and feel for air leaks.
• Seal any leaks with rope caulk.
• Install weather stripping on the sides or bottoms of any leaky doors.
• Insulate exposed plumbing.
• Remove leaves or debris from your air conditioner’s condensing unit, cover for winter.
• If you haven’t had your fireplace chimney cleaned in a few years, hire a professional chimney sweep.
If you need recommendations for local professionals who can perform this or any other work around your home, I can
help!
Jennifer Lew / 704-591-5542 / jmlew2@yahoo.com /www.jenniferlew.net
Sept 21, 2012: Tips for Home Sellers
When looking to sell, your home’s appearance can be the difference between it sitting on the market or selling quickly.
Updating your property can be one of the easiest and most cost-effective ways of adding value to your home. Here are
some tips to get your house looking great:
1. Perform the most common updates. On average, someone who intends to sell their home spends about 1/3 of what
they would spend during the entire time in that home. The most common updates are painting, flooring, and lighting – all
of which have cost effective options.
2. Make improvements. Improving your property can be critical to selling a home. According to market research,
only 23% of the market sold were homes considered to be outdated while 76% were fairly to very up-to-date. Making
improvements is one of the more beneficial things a seller can do to help increase the appeal of their home.
3. Focus on the little things. Updating your house for sale doesn’t have to mean remodeling the whole place.
Focusing on individual items that really need updating will make a big impact. Putting a fresh coat of paint or replacing old
hardware on your cabinets could be the thing that helps get your house sold.
September 6, 2012: Beginning January 1, 2013, a new 3.8 percent tax on some investment income
will take effect. Since this new tax will affect some real estate transactions, it is important to clearly understand the tax and
how it could impact you. It’s a complicated tax, so you won’t be able to predict how it will affect every transaction.
Top Ten Things You Need to Know About the 3.8% Tax
1) When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a
joint tax return), you will NOT be subject to this tax.
2) The 3.8% tax will NEVER be collected as a transfer tax on real estate of any type, so you’ll NEVER pay this tax at the
time that you purchase a home or other investment property.
3) You’ll NEVER pay this tax at settlement when you sell your home or investment property. Any capital gain you realize at
settlement is just one component of that year’s gross income.
4) If you sell your principal residence, you will still receive the full benefit of the $250,000 (single tax return)/$500,000
(married filing joint tax return) exclusion on the sale of that home. If your capital gain is greater than these amounts, then
you will include any gain above these amounts as income on your Form 1040 tax return. Even then, if your total income
(including this taxable portion of gain on your residence) is less than the $200,000/$250,000 amounts, you will NOT pay
this tax. If your total income is more than these amounts, a formula will protect some portion of your investment.
5) The tax applies to other types of investment income, not just real estate. If your income is more than the $200,000
/$250,000 amount, then the tax formula will be applied to capital gains, interest income, dividend income and net rents (i.e.,
rents after expenses).
6) The tax goes into effect in 2013. If you have investment income in 2013, you won’t pay the 3.8% tax until you file your
2013 Form 1040 tax return in 2014. The 3.8% tax for any later year will be paid in the following calendar year when the
tax returns are filed.
7) In any particular year, if you have NO income from capital gains, rents, interest or dividends, you’ll NEVER pay this
tax, even if you have millions of dollars of other types of income.
8) The formula that determines the amount of 3.8% tax due will ALWAYS protect $200,000 ($250,000 on a joint return) of
your income from any burden of the 3.8% tax. For example, if you are single and have a total of $201,000 income, the
3.8% tax would NEVER be imposed on more than $1000.
9) It’s true that investment income from rents on an investment property could be subject to the 3.8% tax. BUT: The only
rental income that would be included in your gross income and therefore possibly subject to the tax is net rental income:
gross rents minus expenses like depreciation, interest, property tax, maintenance and utilities.
10) The tax was enacted along with the health care legislation in 2010. It was added to the package just hours before the
final vote and without review. NAR strongly opposed the tax at the time, and remains hopeful that it will not go into effect.
The tax will no doubt be debated during the upcoming tax reform debates in 2013.
National Association of Realtors, Washington, DC July 2012
August 24, 2012: August 2012 Market Update
The national housing market continues to recover, indicated by a balanced supply of inventory and increasing home prices
across the country. National Association of Realtors (NAR) President Moe Veissi states, “The very favorable market
conditions are helping to unleash a pent-up demand, which is why housing supplies have tightened and are supporting
growth in home prices.”
However, rising demand has led to tight supplies of affordable homes for the first-time home buyers, who now only
represent 32% of purchasers. NAR Chief Economist Lawrence Yun claims “a healthy market share of first-time buyers
would be about 40%, so these figures show that tight inventory in the lower price ranges, along with unnecessarily tight
credit standards, are holding back entry-level activity.”
Regardless, with the market heating up and mortgage rates continuing to hit record-lows now is one of the most favorable
times in history to buy a home.
Keller Williams Realty August 2012
August 15, 2012: The popular H&M retail Store is headed to Charlotte!
According to the Charlotte blog Restaurant Traffic, H&M, one of Charlotte's longest-sought retailers, is heading to town.
According to Restaurant Traffic, H&M will open in SouthPark mall and Northlake Mall. The retailer had reportedly looked
at space in SouthPark previously, but couldn't find the right space. And Northlake still has plenty of open space at its
shuttered Borders bookstore.
Restaurant Traffic is run by leasing professionals in Charlotte, including David Tschirhart of Legacy Real Estate Advisors.
They usually post news about (surprise) new restaurant space being leased, but with the depth of their retail contacts they
are usually pretty reliable.
"H&M has locations in Raleigh and Winston Salem but now will have a presence in the largest city in North Carolina. No
firm date on when they will enter the market but they are coming," Restaurant Traffic writes.
With The Container Store at SouthPark open and Whole Foods opening soon, adding H&M to the mix would fill one of the
last remaining hipness holes in Charlotte's retail scene. It might also assuage the city's chronic complaints about why
Raleigh and other N.C. cities seem to get every major retailer before Charlotte.
Read more here: http://obswhatsinstore.blogspot.com/2012/08/report-h-headed-to-charlotte.html#storylink=cpy
August 6, 2012: Cleaning up your Credit to Buy a Home? Things you should know about 0% credit cards
"Here's a $5,000 loan -- interest-free -- for at least a year! Apply for a 0% credit card today." That's what roughly a quarter
of credit cards essentially are offering these days, according to a first-ever survey by CreditCards.com, a Bankrate-owned
website.
No-interest credit cards, which are interest-free for a limited time, are more common than they were just two years ago.
Card issuers want to beef up their customer counts and are offering zero percent credit card promotions to bait Americans
who don't pay off entire balances every month or who want to slash the interest cost on existing card debt.
There's no doubt these credit card offers are enticing and can be a good deal if used correctly. But before clicking or
checking "I accept" to get your new zero percent credit card, consider these five tips to make sure your decision is the
right one.
Just because the no-interest credit card offer showed up in your mailbox doesn't mean you'll get it, says John Ulzheimer,
president of consumer education at credit monitoring service SmartCredit.com. Issuers prescreen before sending out their
pitches, but your credit score could change for the worse by the time you fill out the application.
Issuers want cardholders who pose the smallest risk of default, so consumers typically must have a great FICO credit
score -- well into the 700s -- to qualify for a zero percent credit card, Ulzheimer says. Those with credit below the optimal
standard may still qualify for a low interest rate, but it might not be zero.
Finally, even if you qualify for zero interest, watch your financial behavior during the introductory period. If your credit
slips, you may be hit with a relatively high interest rate after that teaser period expires, Ulzheimer says. If you have a
remaining balance at that time, the interest could sting.
Credit card sign-up bonuses can pad your miles or rewards points right out of the gate, or even plump your wallet almost
immediately if it's a cash-back offer. There's a good reason that nearly half the no-interest credit cards in the survey
offered a sign-up bonus. They're sexy and can be moneymakers for the issuer.
But remember: Bonus goodies lose their value when you start charging unnecessarily just to get the incentive. Many
bonuses require cardholders to meet a spending threshold within a specific time frame.
If you spend more than you typically do to get the incentive, you run the risk of getting stuck with an outstanding, rolling
balance. And if you carry that balance until the end of the introductory period, guess what? You'll have to pay interest.
The risk of paying is higher if the credit card offers zero interest only on balance transfers, but gives a bonus for
purchases. If you spend enough to get the bonus, you'll be charged the purchase interest rate almost immediately, if you
can't pay off your balance entirely each month.
Sure, a new credit card looks good with zero interest. But how will it look after the intro period ends and the rate goes
higher?
Consumers should always consider the go-to annual percentage rate, or APR, as well as other card features such as the
annual fee and rewards program, says Bill McCracken, CEO of Atlanta-based Synergistics Research Corp. If the go-to
APR is higher than your current credit cards, it probably doesn't make sense to use the new card after the intro period
expires, especially if you revolve balances. The same is true if the annual fee is too much.
And don't forget rewards. Will you use that program after the zero percent interest deal ends? Or, do you have another
card with better rewards?
It's possible to open a card to take advantage of its teaser period perks and then close it, but that strategy comes at its own
cost.
Your credit score takes a small hit every time a card issuer pulls your credit report to see if you qualify for a new card. A
new card also shortens the overall age of your accounts, which dents your score. Lastly, closing an account reduces the
amount of available credit, another ding to your score.
The best way to take advantage of a zero percent credit card is to pay down a huge debt transferred from an existing credit
card during the introductory period, says Ulzheimer of SmartCredit.com.
The key is to make sure the math works in your favor. Most credit cards charge a balance transfer fee of about 3 percent
of the amount transferred, so keep that in mind if you're moving over a high balance.
Also, make sure you can pay off your debt (or reduce it substantially) by the time the new card's zero percent intro period
is up. Otherwise, you'll be stuck paying interest, possibly at a higher rate than what was on your original card.
Finally, you may not be able to transfer the entire balance to the new card, says Linda Sherry, director of national priorities
at watchdog group Consumer Action.
"Your balance may be (so) large that the new issuer won't accept it," she says.
Only those with "stellar credit" get big credit lines for balance transfers, Sherry says. So, check the fine print on card
offers to see if there are any caps on balance transfer amounts.
Some spendthrift cardholders may find a no-interest credit card for purchases will tempt them to buy more than they
should during the introductory period. And if you end up revolving that balance through the end of the teaser time, you've
just racked up debt that will accrue interest, possibly at a higher rate than your other cards.
Zero percent credit cards on purchases are a good idea only for consumers who plan to make one big buy, such as an
appliance or furniture that's beyond their monthly budget, and will pay it off during the interest-free period, says
McCracken of Synergistics Research.
"If it's an amount a consumer can pay off during the intro period, take advantage of it," he says. "Divide it up in equal
payments."
Of course, the retailers themselves often offer these types of short-term, interest-free deals, but the rates after the grace
period ends are often "Draconian," says McCracken, even compared with the highest credit card rates.
Read more: 5 Tips If Youre Tempted By A 0% Credit Card | Bankrate.com http://www.bankrate.com/finance/credit-
cards/tips-0-credit-card.aspx#ixzz22nAmFP7n
July 30, 2012: In this difficult real estate market, one way homeowners can make their property more attractive to
potential buyers is to install energy-saving equipment such as solar panels and solar water heaters.
This can not only increase the value of a home, it can also result in a tax credit for the homeowner. A tax credit results in a
dollar-for-dollar reduction in your taxes -- for example, a $1,000 tax credit reduces the amount of taxes you pay by $1,000.
Moreover, you may claim tax credits regardless of whether you itemize deductions on IRS Schedule A.
The residential energy tax credit helps individual taxpayers pay for residential alternative energy equipment. You can get the
credit for installing such equipment in your primary residence or second home, and for new construction. This credit is for
residential property only, not rentals. It is scheduled to be phased out at the end of 2016, so you have some time to act.
This credit is substantial: 30 percent of the cost of the alternative energy property. There is no cap on the amount of credit
available, except for fuel cell property. Generally, you may include labor costs when figuring the credit and you can carry
forward to future years any unused portions of this credit.
Thus, for example, if you pay $50,000 to install solar panels in your home, you can get a credit of $15,000.
Not all energy-efficient improvements qualify. You can get the credit only for:
• geothermal heat pumps that meet the requirements of the Energy Star program.
• small residential wind turbines (these must have a nameplate capacity of no more than 100 kilowatts).
• solar water heaters (at least half of the energy generated must come from the sun; this credit is not available for
swimming pools or hot tubs -- the water must be used in the dwelling).
• solar panels (such photovoltaic systems must provide electricity for the residence and meet applicable fire and
electrical code requirements).
• fuel cells (residential fuel cell and microturbine systems with an efficiency of at least 30 percent).
Be sure you have the manufacturer's tax credit certification statement, which can usually be found on the manufacturer's
website or with the product packaging. If you're eligible, you can claim this credit on Form 5695, Residential Energy
Credits when you file your federal income tax return. For all the details, see IRS Notice 2009-41, which you can download
from www.irs.gov.
July 23, 2012: Wall Street Journal just ranked Charlotte as # 9 Fastest Growing City.
9. Charlotte, N.C.> Change in population: 2.7% > Population 7/11: 751,087 > Population 4/10: 731,424 > Average annual
city unemployment (2011): 9.2% > Increase in jobs (2010 to 2011): 19,200 (2.38%)
From 2010 to 2011, Charlotte’s average annual unemployment rate fell from 9.7% to 9.2%. This was in part due to an
increase in professional and business services jobs, which accounted for around 8,500 of the 19,200 jobs the Charlotte-
Gastonia-Rock Hill MSA added between 2010 and 2011. Charlotte also seemed to have enjoyed a construction boom in
recent years. In 2010, 12% of buildings were less than five years old, one of the highest figures among large metro regions
in the United States. After a 2.4% price decline from fourth quarter 2010 to fourth quarter 2011 within Charlotte’s MSA,
home sales volumes in the area have rebounded strongly - up 14% from June 2011 to June 2012.
http://www.marketwatch.com/story/the-fastest-growing-cities-in-america-2012-07-12
July 10. 2012: Status changes effective today update
Today, July 10, CMLSimplemented three new listing statuses and eliminated some old statuses in both MLS Systems.
These changes are designed to simplify the MLS with statuses that are easier to understand for everyone. A summary of
the status changes is below:
Status changes summary: In "for sale" categories like Single-Family, Condo/Townhouse, Lots/Acres/Farms, Multifamily
and Commercial, we will be eliminating "Contingent Continue to Show," "Conditional Continue to Show" and "Pending" are
now replaced by "Under Contract Show" and "Under Contract No Show." For rentals, we are replacing "Conditional
Continue to Show" and "Pending" are "Application Received." Several "status date" fields are also updated.
CMLS Message of the Day Jul 10, 2012
June 27, 2012: Several Homeowners are confused on whether to count a room as a 'bedroom' if it is not used as such.
Here are the guidelines to be able to call a room a 'bedroom':
Carolinas Multiple Listing Service (CMLS) defines a bedroom as follows: a bedroom should be at least 80 SqFt,
accommodate typical bedroom furniture, permanent or fixed clothes storage, emergency egress (i.e., operable window that
someone could climb through or an exterior door), and directly accessible from other living area through a door, or by a
heated hallway or stairway. A bedroom should not be accessible only through another bedroom.
Under the North Carolina Residential Building Code, if a room has at least 100 square feet, and at least 50% of the room has
a ceiling height of greater than 7’, it can be called a bedroom. The NCRBC also requires a bedroom to have a window or
door leading directly to the outside for access in case of an emergency. If the room in question meets these guidelines,
advertising it as a bedroom would be reasonable.
CMLS Message of the Day June 27, 2012
June 21, 2012: Thinking about buying? Wondering what pushes others to jump off the fence and buy now? Here is some
insight into the top 3 reasons that impact a buyer’s sense of urgency:
1. Excellent Market Conditions. Interest rates are at record lows and home prices are bouncing along what experts
believe to be the bottom – there has never been a more affordable time to buy a home. With some local markets slipping
into a seller’s market and reports of more following, the chance to cash in on this historic time may be narrowing.
2. Having the freedom to move. First time homebuyers often wait for their lease to expire, not realizing that buying
sooner is an option. Repeat buyers wait to sell their house when leasing my be an option, giving them freedom to move up
sooner.
3. A major Live Event. Often a major milestone or development spurs on the need to purchase at a specific time.
Getting married and having children are two of the top events creating the need to buy now.
June 11, 2012: Should you Refinance?
A home mortgage refinance may sound like a good idea in theory, but it's not always possible or desirable.
For starters, lenders have tightened up the approval process, making it more difficult to get a loan.
"Homeowners today need to be triathletes to qualify for a loan, with great income, great credit and great value in their
home," says Anthony Hsieh, founder and CEO of loanDepot.com, headquartered in Irvine, Calif.
In addition, a refinance may not make sense financially, particularly for borrowers who plan to sell their homes in the next
few years.
Before taking the leap and opting to refinance, homeowners should ask themselves the following six questions.
2. Homeowners need to have at least 20 percent equity in their home to qualify for a new loan without paying private
mortgage insurance. Adding PMI to the cost of a new loan could negate the benefit of a refinance.
Today, many homeowners are underwater -- meaning they owe more on their mortgages than the house is worth.
However, being underwater or having little equity does not necessarily rule out a refi.
"Homeowners should still apply for a refinance even if they have low equity, because there are some Fannie Mae and
Freddie Mac programs and FHA loans that may accept them," Hsieh says. "The best way to find out if you fit into a
program is to go to a lender."
Roy Meshel, district vice president for W.J. Bradley Mortgage in Phoenix, recommends homeowners refinance quickly in
case the housing slump deepens, causing values to depreciate even more.
Patrick Cunningham, vice president of Home Savings & Trust Mortgage based in Fairfax, Va., recommends an increasingly
popular approach -- the so-called "cash-in" refinance.
"Some people are opting to bring cash to the settlement in order to pay down their loan balance to qualify for a refinance,"
he says.
3. Borrower credit scores play a big role in securing a good mortgage rate. In fact, you'll need a good credit score to
qualify for any type of mortgage at all. Mortgage rates operate on a sliding scale, with the lowest rates going to applicants
with the highest credit scores of 720 or higher. Borrowers with scores below 620 will have trouble qualifying for a
mortgage at any rate.
4. Many homeowners refinance to lower their monthly payments. A mortgage calculator can give borrowers a sense of
what their new payment would be after a refi. Others choose a shorter-term loan with higher monthly payments so they
can reduce overall interest payments and own their homes faster.
"Some people are restructuring their loans to a 20-, 15- or 10-year mortgage, which works well for people with plenty of
disposable income," Cunningham says. "But I worry that people are too focused on paying off their mortgage and not
integrating this decision with their overall financial plan."
Cunningham urges borrowers to make sure they contribute to retirement savings and college savings, pay off high-interest
debt, and save six to 12 months of expenses "before opting for a shorter, more expensive mortgage."
Meshel says people should consider whether they want to retire without a mortgage before opting for a new 30-year loan.
Those who have employment concerns may want to refinance into the lowest possible payment in case they experience a
job loss.
5. Mortgage professionals generally tell borrowers to expect a home refinance to cost 3 percent to 6 percent of the loan
amount. A simple calculation shows how long it will take to reach the break-even point when the savings outweigh the
costs.
"If the breakeven is at 15 months and you plan to stay in the home for five years or longer, it is probably worth it to
refinance," Cunningham says. "But if you plan to move in two years, it may not make sense."
Meshel says long-term homeowners who are close to paying off their mortgages might not want to refinance because of
the costs incurred.
6. Borrowers with adjustable-rate mortgages or interest-only loans should consider the potential benefit of switching to a
fixed-rate loan. Hsieh says all borrowers with ARMs should switch to a fixed-rate loan unless they intend to move within
one year.
"Consumers with a subprime ARM should definitely switch to a new loan," Cunningham says. "But some with conventional
ARMs may find that they are in a good loan and that their rates are actually dropping."
While new loans today rarely have a prepayment penalty, many homeowners still have loans with that restriction, which
could reduce the financial gain of a refinance, Meshel says. Cunningham says borrowers with a second mortgage will face
additional complexity when refinancing.
"Borrowers can either pay off the second loan or combine the two loans into a larger first mortgage," Cunningham says.
"Otherwise, the lender holding that second loan must agree to stay in second position behind the lender of the first
mortgage, which the lender may or may not be willing to do."
www.bankrate.com
June 4, 2012: Preparing Your Home For Sale
A few great tips on creating an atmosphere that will charm buyers and make them want
to buy your home. Remember that you’ll never get another chance to make a first impression. Follow these simple tips
and create the competitive edge that may help you sell your home more quickly.
Drive-up Appeal
Trim trees and shrubs, clean out flower beds and invest in a few flats of seasonal flowers, paint the front door,
make sure doorbell is working properly, wash the mailbox, keep the porch swept and get an attractive mat for people to
wipe their feet.
Absolute Basics
Start by airing out the home. Most people are turned off by even the smallest odor. Odors must be eliminated,
especially those caused by dogs and cats; soiled diapers and/or cigarettes.
Wash all the windows in the home, inside and out.
If it has been over a year since the carpets have been cleaned, now is the time to have them cleaned. Bare floors
should also be waxed or polished.
Put bright light bulbs in every socket made for a bulb. Buyers like bright & cheery.
Clean out closets, cabinets and drawers. Since you’re moving anyway, consider it as an early start on that job!
Closets should look like they have enough room to hold additional items. Get everything off the floor and don’t have the
shelves piled to the ceiling.
Make sure rooms are not overcrowded with furniture. Select pieces that look best, and store the rest.
Keep the all-important kitchen sparking clean. Make sure all appliances are clean at all times. Straighten cupboards
that appear cluttered and keep floors gleaming.
Bathtubs, showers and sinks should be freshly caulked. The grout should be clean and in good condition. There
should be no leaks in the faucet or traps.
May 25, 2012: Happy Memorial Day Holiday. “A hero is someone who has given his or her life to something bigger than
oneself.” Please let's remember and honor those have given their lives for our freedom. Have a safe holiday with your
family and friends.
May 18, 2012: CNN Money ranks Charlotte #1 on fastest growing cities
Population: 1,249,449
Growth (2000-2010): 64.6%
Charlotte initially made its mark as a transportation hub, but these days the banking industry reigns.
Charlotte is the "second largest financial center in the nation, after New York," said Bob Morgan, president of the Charlotte
Chamber of Commerce.
Bank of America calls Charlotte home, while Citi, Ally Financial, JPMorgan and Wells Fargo all host operations there. The
jobs offered by these big banks have helped this city's population to swell over the years.
Also contributing to the area's growth is the "half-back" phenomenon. North Carolina receives a large number of former
Northerners who first retire to Florida, but later decide to leave the state.
"They get hit by their second or third hurricane and they move halfway back to their old homes," said Morgan.
CNN Money May 18, 2012
May 11, 2012: Charlotte Home Sales in the first quarter of 2012 were the highest seen in any first quarter since 2007!
On a local level, the Charlotte Regional Realtor Association® reported a 15.3 percent increase in total closings from April
2011 to April 2012 and an increase in the average sales price of 5.6 percent from last year. Add to that, the 18.7 percent
decrease in volume of inventory. New Listings in the Charlotte region increased 1.5 percent to 4,526. Pending Sales were
up 7.8 percent to 2,317. Inventory levels shrank 18.7 percent to 19,633 units. Prices enjoyed a boost. The Median Sales
Price increased 4.6 percent to $159,995. List to Close was down 5.8 percent to 145 days. The supply-demand balance
stabilized as Months Supply of Inventory was down 29.3 percent to 9.7 months. When monitoring residential real estate
activity, it is always important to keep tabs on the overall economy and job growth. Preliminary Q1-2012 GDP growth
came in at 2.2 percent, which, while disappointing to some observers and slower than Q4-2011, still signals economic
expansion and not contraction. Expedited bank processing and easing lending standards are also encouraging developments.
Carolina Multiple Listing Services, Inc May 11, 2012
May 4, 2012: 2012 residential real estate ‘off to a strong start’
Positive indicators abound
First-quarter 2012 and its absence of winter, or perhaps unusually early spring, brought new life to the area’s housing
market. New listings in the Charlotte region totaled 12,572, which is down 6.5 percent compared to the same period last
year (13,433). Demand was strong in first quarter with pending contracts (6,114) — usually a good gauge of future sales
— up 17.6 percent compared to first-quarter 2011 (5,199). Similarly, closed sales (5,253) were up 13.3 percent over first
quarter last year.
Homes are selling a tad faster than last year; they spent about three days less time on-market at 152 days list-to-close in
first quarter. List-to-close, or the number of days a property was listed until it closed, totaled 155 days in first quarter 2011.
March inventory down, sales prices up
CMLS inventory was down in March with more than 18,700 homes for sale representing a 9.4 months’ supply of homes
left on the market.
February and March of first-quarter 2012 signaled increases in both the median and average sales prices. First quarter’s
average sales price was $190,224, representing a slight increase of 0.7 percent over first-quarter 2011, and the median
sales price ($149,500), the best measure of prices over time, was up 3.1 percent as well. The percent of original list price
received measure in first quarter was 90.8 percent, an increase of 3.1 percent over the same period last year.
Foreclosures and short sales have continued to decrease, with foreclosures flat for much of first quarter and short sales
trending down over the period. The share of all closings that were in financial distress was 15.8 percent in March 2012,
down from 33.4 percent last March. New listings that were distressed came down from 20.6 percent in March 2011 to
12.4 percent. These are all good signs for now; however, in light of the recent AG settlement between the state attorney
general and the five leading bank mortgage servicers, it’s hard to predict the overall impact to the local distressed market.
So what are the key takeaways? With the overall inventory down, this is a good time for listing agents to check curb appeal
and maybe try a bit of staging. Share statistical information with your clients; maybe they’ll finally get off the fence about
listing their homes. On the buyers’ side, the Charlotte market continues to experience high affordability, less supply and
increased demand. Tell prospective buyers that now’s the time to buy.
Recovery?
Still, housing is closely tied to the broader economy, and though first quarter 2012 U.S. economic data has been reassuring,
one quarter of positive indicators does not equate to full recovery.
Realtor Reflections, Charlotte Regional Realtor Association May 14, 2012
April 26, 2012: 6 Signs a home will hold its resale value, Buying at a low price may have its downside
Most buyers have a wish list of features they'd like to have in a home. Often missing from that list is how salable the home
will be when they later decide to sell.
Generally, buyers deal indirectly with resale value. They want a home they can buy at market value or less. They want to
buy a home that will retain its value. They want to buy a home that will suit their needs. They want to buy a home they can
make their own.
A listing that's priced low to sell fast may be one that will have good resale value only if you use this marketing strategy.
The low price may offset an incurable defect, such as a location on a busy street.
There's nothing wrong with buying a home on a busy street as long as (1) you buy it at a price that reflects the location
issue; (2) it suits your long-term needs; and (3) you understand that you will probably have to discount the price
accordingly when you sell, depending on the market at the time.
In a hot seller's market, buyers are desperate to buy. They often overpay, and they are more likely to overlook defects that
they would shun in a sour market.
Resale value has become a bigger issue since the housing recession began five years ago. Buyers are more cautious in their
homebuying decisions. They don't want to buy just any home; they don't want to make a mistake and end up wanting to
move in a slow market in which they might lose money.
The homes that hold their resale value well are the ones that appeal to a broad cross section of buyers; offer a good floor
plan that works for different lifestyles; have a good amount of space but are not enormous and expensive to maintain; and
exhibit a pride of ownership. They should also be in good condition.
Location is also a critical element of resale value. There are market niches that are always in demand, in both hot and soft
markets. For example, there are always buyers for homes in the Rockridge neighborhood of Oakland, Calif., and the
adjacent Elmwood neighborhood in Berkeley. Both are conveniently located to shops, cafés and a Bay Area Rapid Transit
(BART) stop for easy commuting to work.
That's not to say that every listing in these areas sells quickly. To sell, it needs to be priced right for the market.
It's easier to recognize a home with good resale value in the current market than it was in the bubble market of 2005 and
2006 when virtually all homes sold in many areas. In a soft market, the homes that sell within 30 to 60 days are either good
homes or good deals.
Ideally, you want to buy a home that has good resale value. Not one that's just a good deal. There's no urgency to buy now
in many areas, although it would be nice to take advantage of record-low interest rates. But you shouldn't buy a home that
won't work for you long term just to lock in a great interest rate.
Even though there are a lot of homes for sale on the market, in many areas there is a not a surplus of quality inventory on
the market. One reason for the lack of quality homes on the market is that many sellers are waiting for a better time to sell.
Another reason is that homes with good resale value don't tend to change hands that often.
By Dian Hymer
Inman News®
April 16, 2012: 2012 Tax Deadline is tomorrow, April 17, 2012
One of the biggest financial advantages of owning a home is the mortgage interest deduction, but the amount many
taxpayers submit is often greater than the allowed limit.
And, while home offices have become more popular because of convenience and the downturn in the economy, many
homeowners may be better off not taking the deduction because of the depreciation recapture upon sale.
Both the mortgage interest and home office topics need to be double-checked before the April 17 deadline. Why April 17
this year instead of April 15? According to the Internal Revenue Service, taxpayers will have until Tuesday, April 17, to file
their 2011 tax returns and pay any tax due because April 15 falls on a Sunday.
In addition, Emancipation Day, a holiday observed in Washington, D.C., falls this year on Monday, April 16. According to
federal law, Washington, D.C., holidays impact tax deadlines in the same way that federal holidays do; therefore, all
taxpayers will have two extra days to file this year.
Taxpayers requesting an extension will have until Oct. 15 to file their 2012 tax returns. Remember that an extension of time
to file is not an extension of time to pay. You will owe interest on any past-due tax and you may be subject to a late-
payment penalty if timely payment is not made.
In a recent column, we discussed the benchmark for the mortgage interest deduction is set at acquisition debt, which is the
amount of debt in place when the home is acquired. For example, if you buy a $200,000 home with a $50,000 down
payment, your acquisition debt is $150,000.
Many consumers stay in their homes for years, accumulate appreciation and then refinance to put a child through school,
mom into a nursing home or attend a much anticipated family reunion. The new debt on the refinance will qualify as home
acquisition debt only up to the amount of the balance of the old mortgage principal just before the refinancing.
For example, let's assume your home is now worth $300,000 and you need to take cash out for college tuition. The balance
of your loan before you refinance is $135,000 and you take $100,000 "cash back" for a new loan balance of $235,000.
However, the maximum allowable mortgage interest deduction remains $135,000 -- the acquisition debt, not the bigger
number from the refinance.
Another popular deduction that is often taken yet needs additional consideration is the home office deduction. It's relatively
easy for taxpayers to deduct the cost of a home office. To qualify for a deduction, the space must be used exclusively and
on a regular basis for either the entire business or its administrative and management activities.
If you are an employee, additional rules apply for claiming the home office deduction. For example, the regular and
exclusive business use must be "for the convenience of your employer."
A home office deduction is comprised mainly of depreciation, utilities and insurance. For example, if a home has 2,500
square feet and the detached garage now deemed "the office" is 250 square feet, then 10 percent of the utilities and
insurance are deductible.
The actual office depreciation is 10 percent of what would be a depreciation deduction if the entire home were being
depreciated for tax purposes. (Depreciation is not allowed on a typical principal residence, so the square footage allotted to
"residence" would not qualify.) Supplies and other expenses directly related to the home office are fully deductible.
However, all these benefits do come at a price. The tax law originally stated that if you sell your home at a gain, any
depreciation for a home office will have to be "recaptured." That means that any profit on the business portion is taxable as
capital gain.
On Dec. 23, 2002, the IRS issued new regulations concerning gain on home sales. As long as the home office was in the
same structure and not separated from the home, only the depreciation taken for the home office after May 6, 1997, is
subject to tax.
Still, that depreciation recapture amount could be a lot more than you expect. It may be worthwhile to simply work from
home and not deem the space a "home office."
By Tom Kelly
Inman News®
April 6, 2012: Understanding how unemployment affects the ability to buy a new home.
The question always comes up, how does being unemployed affect purchasing a new home? First, you must be currently
employed to qualify for a mortgage; however, if you have had a stint of unemployment or are changing employers here are
some things to keep in mind:
- If you were unemployed for 6 months or more (regardless of the reason) and find a new job, you must work there
for a minimum of 6 months before you can qualify
- When starting a new job with a different company and have had no previous unemployment, you must present at
least 1 pay stub before you can close on a mortgage
- For self-employed and commission employees… you must have a full 2 year history for income qualification
Contact Jennifer Lew if you would like additional information, 704-591-5542.
March 30. 2012: Simple ways to get your home in shape to SELL!
If you're like most people, your home is one of, if not THE largest investment you'll ever make and maintaining it is key to
protecting its value. With Spring upon us, there's no better time to put a little sweat equity into your home!
This list is a great start to getting your home in great shape, now, and when you're ready to sell!
- Remove and donate unwanted items, reorganize and clean closets, attic, basement and garage
- Power wash exterior walls, porch floors, deck, patio, driveway and sidewalks
- Clean outdoor furniture, umbrellas and outdoor light fixtures
- Clean out gutters
- Clean out refrigerator and freezer, making sure to vacuum the grill and coil
- Remove lint from the hose attached to back of clothes dryer
- Vacuum baseboards, walls and ceilings, wipe down walls
- Steam clean carpets and area rugs and upholstery
- Reseal natural stone surfaces (travertine, etc)
- Reseal and repair grout in bathtubs and showers
- Clean window treatments, dust and clean blinds and shutters
- Remove items from all shelves, dust and clean
- Oil hinges
If you need help with any of these projects, give me a call and I'll be happy to provide you with a great list of people to
call! Jennifer Lew 704-591-5542
March 23, 2012: Five Things that must GO when selling your home
Stagers are professionals that are hired to make a home look appealing by cleaning, de-cluttering, painting, minor repairing;
it's all about dressing the house for sale. Staging makes a house look bigger, brighter, cleaner, warmer, more loving and,
best of all, it makes home buyers want to buy it.
Stagers often meet with homeowners who are preparing their home for the market, and get to see a lot of homes. Here are
a few "trigger" points from Stagers who say these must go when a Seller puts their house on the market:
1. Dusty fake plants
There are a number of easy-to-grow house plants widely available, from the virtually indestructible snake plant to the
common philodendron. Some plants thrive well in low sun and others work well with lots of sun and less watering.
Consequently, there is really no need for fake plants in real life. They end up being dust collectors.
2. Messiness
Now we all know that not everyone is Felix Unger (of "The Odd Couple") neat. But if you know your house is on the
market (hint: there is a real estate agent's lockbox on the outside of your front or side door), there is no need to leave your
home with underwear on the floor, unmade beds and stacks of laundry on the coffee table. Would you be motivated to buy
a home that shows like this? Why leave it like that for someone else?
3. Popcorn ceilings and wood paneling
What else can be said? These items instantly date your home. If only there was a magic wand to make all the bad ceilings
and wood paneling go away.
4. Kitchen cabinets busting at the seams
You know all of those small plastic containers accumulated from the weekly trips to the deli at the grocery store? Yes, it is
OK to recycle these, along with plastic bottles, cans and glass bottles. Or you could even take some along when you donate
clothes to local shelters or food to local food banks.
Just know that you don't have to keep each and every one that you receive. Because when a prospective buyer opens a
cabinet door and they all fall out -- not so cool.
5. Houses with too many pet items
Sellers: Not everyone loves your pets like you do. Not only should your pets be invisible during showings, but their
accessories must go as well. That would be pet toys, food and water bowls, perches, dog beds, dog and/or cat carriers,
large containers of food, etc. Not saying you have to toss it, but please find a way to store them out of the way for
showings.
By Roslyn Ashford
Roslyn is a former corporate recruiter turned home stager, and a native Washingtonian (as in the District of Columbia).
March 16, 2012: Happy St. Patty's Day!
Saint Patrick was recognized as the most commonly known patron Saint of Ireland. Saint Patrick’s Day is, of course, to
honor him but why March 17th? One theory is that is the day that Saint Patrick died.
In addition to honoring Saint Patrick, the day also is a traditional day for spiritual renewal and offering prayers for
missionaries worldwide.
Being a religious holiday as well, many Irish attend mass, where March 17th is the traditional day for offering prayers for
missionaries worldwide before the serious celebrating begins.
On St. Patrick's Day, which falls during the Christian season of Lent, Irish families would traditionally attend church in the
morning and celebrate in the afternoon. Lenten prohibitions against the consumption of meat were waived and people
would dance, drink and feast—on the traditional meal of Irish bacon and cabbage. Today, many dine on corned beef
instead of bacon.
So I wish all you Irish a mighty fine Saint Patrick's Day, and to those how aren't Irish, but enjoy all the "bells and whistles"
associated with this day, a most Happy Saint Paddy's Day as well!
March 9, 2012: The Charlotte-regional housing market and the power of positive thinking
Norman Vincent Peale famously said, “We tend to get what we expect.” Perhaps consumers have entered the year
thinking a bit more optimistically than in the past. Surprisingly, consumers over the last few months have received more
positive news regarding the economy, jobs and housing.
According to Bloomberg News, consumer confidence is as high as it has been in a year, and the Federal Reserve reported
growth in all of its 12 banking districts in 2012 through the first half of February, including more hiring and home sales.
There are still some challenges to work through, but it seems pessimism is no longer in vogue. February’s housing results
for the Charlotte-region reflects these trends. Here’s a look at local housing statistics compared to the same period last
year.
New Listings across the region decreased 5.0 percent to 3,958 compared to last year. Pending contracts, an indicator of
demand, were up 21.8 percent to 1,969 and inventory levels shrank 22.6 percent to 17,811 units. Prices were fairly stable.
Both the median sales price ($145,450) and average sales price ($184,775) increased 0.5 and 2.1 percent respectively. The
percent of original list price received measure was 90.7 percent as compared to 87.7 percent, and list-to-close was down
2.4 percent to 150 days. Absorption rates improved as months of supply of inventory was down 28.3 percent to 8.9
months. Key takeaways – for sellers, with inventory down, it might be a good time to check curb appeal and list your
home; for buyers the Charlotte market is experiencing high-affordability, less supply and increased demand – now’s the
time to buy.
These trends only further confirm that we’re seeing our local market continue to stabilize. Realtors® are reporting
increased foot-traffic, and this bodes well as we move into spring. The economy and housing market are by no means
recovered, but it’s okay to think positively!
Realtor Reflections, Charlotte Regional Realtor Association March 9, 2012
March 2, 2012: 5 Real Estate Tips to make certain you buy within your limit
Time and time again, Home Buyers state that the reason they are still fence-sitting is that they don't want to end up in the
same trouble the last generation of homeowners did. There’s a slim chance of that happening, given the changes in the
market climate: Homes are at rock-bottom prices (not sky-high), and mortgage guidelines are so conservative it is nearly
impossible to even find one of the zero-down, quick-to-adjust, stated-income mortgages of yesteryear. With that said,
though, there is a handful of rules today's home buyers and home owners can follow to dramatically minimize the chances
they will ever face losing their homes:
1. Never a borrow against your home. OK, so maybe NEVER is strong, but you'd be surprised at how many foreclosed
homeowners actually bought their homes with conservative loans and at low prices many years ago, but got into trouble
taking new mortgages and pulling cash out at the top of the market (then not being able to refinance or make the adjusted
payment at the bottom). Today's home Buyers can avoid this fate by starting out their homeowning careers with some
ground rules in place around borrowing against their homes.
A good (albeit conservative) place to start is this rule: Decide not to borrow against your home equity for anything but well-
planned home improvements. Here's another one: Whatever you do, don't borrow against your home to lend money to
someone else. I've seen dozens of homeowners over the years borrow to make an "investment" in a friend's business or to
lend money to a child or a parent. Borrowing against your home's equity to make an investment in a business you know
nothing about is a complete gamble with your home. Don't do it.
2. Stop financial codependency. Related to the rule of thumb about borrowing to lend is this change of the bad habit of
financial codependency. Most often when homeowners borrow money against their home or tap into their emergency cash
cushion (leaving themselves unable to make their mortgage payments if they lose their job, etc.) to help an adult child make
their own mortgage payments or bail them out of another crisis situation.
It also comes up where one spouse supports another spouse's habit of overspending, debting, under-earning, gambling or
even substance abuse, and ends up going into a financial hole as a result. Over time, these cases can create the temptation
or even desperation to further leverage your home, and can run through a savings account, leaving the homeowner exposed
and vulnerable in the face of a temporary disability, job loss or recession. There are a number of powerful books on the
market about how to cease being codependent including the Melody Beattie classic, "Codependent No More," but many
people struggle to recognize they even have this issue until it's too late. Here's a hint: If you regularly use money to protect
a loved one from the natural consequences of their behavior, you are engaging in codependent behavior.
3. Stay conscious. Going on money autopilot, without occasional check-ins, is the root of many financial woes. Many
money experts recommend automating your monthly payments so that your recurring bills are paid on time, every time.
And almost any homeowner will vouch that there are few bills that seem to come up as frequently as your mortgage! The
problem is that once you automate your payments, it's very easy to fall into the habit of simply ignoring your actual
statements -- and they may contain information that flags issues before they snowball into serious problems. Despite never
having missed an auto-payment, one woman was facing foreclosure -- all because the bank had somehow erroneously
started crediting her payments to someone else's mortgage account! Also, financial autopilot mode can support habits like
overspending and over-debting; the minimum payments may always get made without much attention from you, but the
overall balances will rear their ugly heads and possibly pose a threat to your ability to pay your mortgage, in the event you
ever face a job loss, medical bills or other financial crisis.
4. Do your own math before you buy. Only you can know the full extent of your non-housing-related financial obligations
and values. Things like catch-up retirement savings, tithing and charitable giving, private school tuition, medical costs and
the like can take big chunks out of your monthly budget that your mortgage pro is not accounting for when he or she tells
you how much of a mortgage you're qualified to borrow.
So, before you ever speak with a mortgage broker, it's up to you as a responsible buyer and adult to get a very clear
understanding of your own personal income and expenses, assets and priorities, and to use that knowledge to decide how
much you can afford to put down and to spend monthly for a home.
Fortunately, there is an increasing number of buyers doing this, and actually choosing to buy a home that costs much less
than they are technically qualified for.
5. Don't buy a house to fix a family or psychological problem. In Alcoholics Anonymous, they admonish addicts to avoid
what they call "pulling a geographic" -- moving to a new neighborhood or town to try to run from your problems and bad
habits. They caution against expecting the move to solve the problem on the grounds that, in the words of mindfulness
guru Jon Kabat-Zinn, "wherever you go, there you are." If you have bad habits in Chicago, moving to L.A. doesn't purge
the bad habits -- only working on the actual dysfunction itself will do that. There’s a real estate-specific version of pulling
a geographic, which we'll call "pulling a residential." This is where people buy a home or buy a new home in an effort to
cure a deeper family or psychological issue; sort of like that old (and equally bad) idea of having a baby to try to save your
marriage.
If your children are fighting because they lack personal space, that's one thing. But if there are deeper issues going on with
your children, your family or your relationship (even your relationship with yourself), do not fantasize that owning a home
or moving up is going to automatically solve them.
In fact, the opposite is often true: The larger the financial and maintenance obligations that come with a home, the more a
mortgage and property taxes can add strain to already troubled relationships.
Tara-Nicholle Nelson
Inman News®
Feb 24, 2012: Freddie Mac: Average 30-Year Fixed-Rate Mortgage Up From All-Time Record Low.
Frank Nothaft, vice president and chief economist of Freddie Mac said, "New data releases this week suggest the housing
market is continuing to gradually improve. Loans that were seriously delinquent (90 days or more past due plus the
foreclosure inventory) fell to 5.3 percent of prime mortgages at the end of 2011, representing the lowest quarterly share
since the start of 2009, according to the Mortgage Bankers Association. The Census Bureau reported new residential
construction starts in January outpaced the market consensus forecast, led by condominiums and apartment buildings, and
December's figures had upward revisions. Finally, existing home sales were at the strongest pace in January since May
2010, according to the National Association of Realtors®"
Feb 17, 2012: February 2012 Market Update
2012 is off to a promising start. Mortgage rates continue to drop and have remained under 4% for nearly two months.
Home sales are strengthening and pending home sales, a measure to gauge future sales, are at their highest levels since
March 2010.
Job growth has been increasing for most of 2011, with unemployment dropping to 8.4%. As more people are getting jobs,
consumer confidence has also been increasing. However, underemployment continues to be a problem for a stronger
recovery. The underemployment rate is 18.1%, and there are still a significant number of people working part time, who
would like to have full-time work.
Even with substantial national improvements, this continues to be a "one neighborhood at a time" recovery. Payroll jobs
were up in 25 states, but down in 24, demonstrating the delicate state of the U.S. economy. Global factors such as the
European debt crisis are also complicating a more robust recovery. Strong guidance is needed from local and global leaders
to continue this growth, as well as allow for business to maintain momentum toward building and expanding upon the
opportunities that exist.
Sources: Bureau of Labor Statistics, National Association of Realtors
Feb 10, 2012: January 2012 Charlotte Housing Statistics just released!
Closings were up 9.2%
Pending sales were up 27.6%
The average closed price was down at -.1%
The median closed price was up 2.4%
Percent of original list price received by Sellers 90.2%
Inventory is down (good for Sellers) 23.6% from a year ago
21.2% of closed sales were distressed, compared with 35.9% a year ago (this number will go back up as banks start
releasing foreclosures to the market again)
Feb 3, 2012: It's been a mild winter throughout most of the country so far. 70 degree weather will make you think of
Spring and Spring cleaning. Since Punxsutawney Phil saw his shadow, that means we have 6 more weeks of winter. Here
are 10 "must do's" to have a warm, cozy and safe winter
1. Check attic insulation. A foot of blown-in or batt insulation (R-38) in the attic reduces heat transfer from heated interior
space to the great outdoors. This is a do-it-yourself job. If your attic is not insulated, blow in or roll out 12 inches of loose
or batt insulation. If the amount of insulation is less than 12 inches, simply roll out unfaced fiberglass batts over the existing
insulation to create a heavier thermal blanket. This is a case where more is better. Make sure to leave soffit vents
unobstructed.
2. Install or replace weatherstripping, if necessary. Check the rubber threshold gasket at the bottom of exterior doors and
replace if worn or torn. Next, make sure the top and sides of the door are weatherstripped and fit tightly. If there are gaps,
replace the weatherstripping.
3. Check exterior doors and windows for gaps. Modern windows are probably OK, but older windows may need some
help. To reduce air leakage, casement windows might need some weatherstripping at the joint where fixed and movable
panes meet. Old double-hung wood windows are notorious air leakers. Place pieces of narrow self-adhesive rubber
weatherstripping on the bottom sides and at the joint where the top and bottom panes meet.
4. Check the outside of doors and windows for voids, and caulk any gaps you see.
5. Change the filter in the heater. In older furnaces, filters should be changed monthly. Change or service newer, more
efficient filters according to the manufacturer's instructions.
6. Replace your old thermostat with a new programmable model. This allows you to regulate the heater to warm the house
when you're there and to reduce the temperature when you are at work or asleep.
7. Have your heater inspected by a licensed heating and air conditioning contractor. An inspection ensures that the heater is
operating safely and efficiently. In many cases an inspection can alert you as to whether the unit is at the end of its life. It's
nice to have the option to replace an old heater before it quits and becomes an emergency on a cold January day.
8. Check the carbon monoxide (CO) detector. If you don't have one, get one. Carbon monoxide is an odorless and
colorless gas that kills. An operating CO detector can prevent a tragedy. While you're at it, check the smoke detectors to
ensure they're operable.
9. Clean gutters and downspouts so fallen leaves won't clog them. Make sure that downspouts discharge away from the
foundation and that soil is graded away from the foundation and at least 6 inches below the siding.
10. Clean the fireplace of ashes; visually check the chimney for loose or missing mortar. Also consider having the chimney
professionally inspected and swept by a licensed and bonded chimney sweep.
By Bill and Kevin Burnett Inman News®
Jan. 26, 2012: Thinking about putting your house on the market this Spring?? Cleaning chore checklist will help you take
care of important seasonal chores and welcome Spring to an organized home:
•Schedule a family garage clean-out. Create efficient storage for sporting goods, camping equipment, recreational vehicles,
and garden tools. You'll have the jump on summer fun!
•Inspect, clean and repair outdoor furniture.
•Tour house exterior and grounds. Make a list of any needed seasonal maintenance.
•Inspect the roof for winter damage: leaks, missing or broken shingles or tiles. Arrange for any needed repairs early;
roofing contractors can be hard to find during summer's construction season.
•Use a sunny Saturday to scrape, prime and paint peeling spots on trim or woodwork. You'll protect wood against
Summer's heat and moisture--and prevent a more difficult paint job come fall.
•Clear away any remaining dead foliage and weeds from beds and lawn. New growth will be protected from damage or
disease.
•Begin major landscaping projects. Spring's the time to put in shrubs and trees, but check with your local extension office
for specific planting recommendations for your area.
The Inside Story:
•Changing seasons, changing clothes. Hold a family wardrobe check as you bring out warm-weather clothing. Sort winter
clothing for discards and donations before you store.
•Hold a garage sale! Declutter house and garage to turn trash into cash. Build your yard sale savvy here.
•Pick a weekend and enlist the family for Spring cleaning. Many hands make light work! Reward the team with dinner at a
pizza parlor.
•Wash windows inside and out.
•While at the window area, check drapes and window treatments. Vacuum any dust; send dirtier drapes to the cleaners.
•Move furniture and vacuum beneath it.
•Arrange for a spring inspection of cooling systems. Don't wait for the first hot day! Air conditioning firms will give better
service when they're not busy.
•When the weather warms, deactivate heat system humidifiers. Check the system manual for instructions on how to power
down for the summer.
•Drain sediment from hot water heaters.
Jan. 19, 2012: Winter months most popular time for House Fires
December, January, and February are the leading months for home fires as well as home fire deaths in the US. These
winter house fires are most commonly caused by misuse or improper maintenance of heating equipment and holiday
decorations. In 2009, there was a total of $1.1 billion in property damage caused by fires that involved home heating
equipment. From 2003 – 2007, there was a total of $482.9 million in home damage caused by Christmas trees, candles, and
other holiday decorations.
There is an increased number of fires in the winter months because people are using more heating units, have flammable
decorations next to heating sources, and are not taking the proper steps to ensure holiday decorations and heating
equipment are in good working order. Proper maintenance should be performed on all equipment that was dormant during
the summer and fall seasons. This includes holiday lights, electric blankets, space heaters, and chimneys.
We know that in the hurry of Thanksgiving and Christmas it is easy to forget to check holiday decorations and heating
equipment before using them, but it might just save your life. Winter house fires can be avoided when the proper steps are
taken. Follow the winter safety tips outlined below to reduce the risks of fire damage to your home.
1.Have your chimney, furnace, etc inspected each year.
2.Do not burn wrapping paper or Christmas tree limbs in the fireplace. They burn very quickly, throwing off sparks and
possibly causing the creosote that has previously accumulated in the chimney to ignite.
3.Always use a screen in front of the fireplace. Also consider using a fire-resistant carpet or mat (made for fireplaces) on
the floor in front of the fireplace.
4.Use your space heaters wisely:
a. Clear a 3-foot area around space heaters.
b. Unplug space heater when not in use.
c. Purchase a space heater that will automatically shut off if it falls.
d. Plug electric portable space heaters directly into wall sockets, not into an extension cord.
5.Do not put comforters, bedspreads, or anything else on top of an electric blanket while it is turned on. Do not tuck your
electric blanket into your mattress.
6.Review your fire escape plan with your family.
7.Be sure every level of your home has a working smoke alarm. Inspect and clean dust from the covers of your smoke and
carbon monoxide alarms each month.
8.Avoid using lighted candles altogether. Try safer alternatives such as battery-powered candles. Never leave a burning
candle unattended and don’t let candles burn completely.
9.Do not connect more than 3 strands of holiday lights together and check to make sure there are no tears in the coating or
exposed wires.
10.Water a real tree to keep it fresh, green, and full of needles. Dried-out trees can easily catch fire. If purchasing an
artificial tree, find one that is fire resistant.
RIS Media Real Estate Advisors January 19, 2012
Jan. 9, 2012: 12 tips to manage credit card debt in 2012
It's the new year, and what better way to ring it in than to add a shiny new credit card to your wallet? Here are 12 tips for
obtaining a credit card and not misusing it.
1. Know where you stand
What credit card interest rate and credit limit you qualify for depends on your credit history. But many people have no idea
how good or bad their credit is. To keep the surprises to a minimum, pull your credit report from the three credit reporting
agencies.
The report will show your account history, including factors that can hurt your credit such as habitually late payments,
short credit history or high utilization, when you've used a large amount of your available credit. The more negatives you
have, the more likely you won't get the best interest rate.
2. Improve your chances
If you can wait to apply for a new credit card, spend at least six months getting your credit affairs in order. Use your
credit report as a guide.
First, make sure there is no inaccurate information on your credit report. If there is, you will need to contact the credit
reporting agency and the company that maintains the account to get the record straight.
Next, look at the key factors hurting your credit. If late payments are a problem, then commit to staying current on all bills.
If your utilization rate is too high, commit money from your monthly budget to reduce outstanding debt as much as
possible.
3. What benefits do you want?
Your credit is in order, and you want a credit card. Now what? Figure out what type of benefits you want.
If you are a frequent traveler, consider cards that are cobranded with hotels or airlines and allow you to rack up rewards
points that can be used to buy flights or hotel stays. For road warriors, there are several different gas rewards cards
available. And for those interested in earning cash from their purchases, issuers have unleashed several types of cash-back
rewards cards.
Other perks to consider: cards with low or no balance transfer fees, cards with low penalty or late fees and specialty cards
such as secured, retail or prepaid cards.
4. Compare similar cards
Consider which credit cards charge an annual fee. Will a card's rewards cover its annual fee? Would fewer perks be
acceptable if the card has no fee?
Also look at the annual percentage rate, or APR. Is there a special low introductory rate that shoots up after six months? Is
the rate variable or fixed?
The card with the lowest APR is not necessarily the best for you. Take into account penalty and late fees, especially if
you've been known to miss payments. And look at other fees, such as balance transfer fees or foreign transaction fees,
which could make the card less appealing.
Also, read the restrictions on rewards programs. For frequent-flier cards, there may be blackout dates. Cash-back cards
may have a limit on how much you can earn each month.
5. Other credit card perks
Credit cards come with benefits other than their rewards programs, so it pays to read the fine print. Here are a few benefits
you should consider:
•Roadside assistance: Some cards will come to your rescue if you're stranded on a snowy highway with a flat tire. But
there may be geographical limitations or time-of-day limits.
•Purchase protection: Some cards come with return protection in case a retailer won't take back a recent purchase. Others
offer extended warranties on top of a manufacturer's warranty or protection against theft or accidental damage.
•Travel assistance: Some credit cards will coordinate medical care or legal aid if you are traveling abroad. Others will cover
airline fees, such as checked-bag fees, or offer access to airport lounges. Car rental, travel accident and trip-cancellation
insurance are other popular perks.
6. Denied? You'll find out why
New federal rules that went into effect in July last year require creditors to disclose the credit score used to make a lending
decision, along with information related to the score if a consumer is denied or given unfavorable terms.
The notice will provide the credit score, the range of possible credit scores under the model, up to five key factors that
hurt your score, the date the credit score was created and the credit reporting agency that provided it.
Armed with that information, consumers can figure out how best to raise their credit score by tackling the key reasons the
score was lower. Then, try applying again in six months.
7. Cards for people with spotty or no credit
If your credit is blemished but you need a credit card now, you have two choices. Apply for a secured credit card, or
become an authorized user on someone else's card.
A secured credit card requires a deposit, usually from $300 to $500, as collateral to activate it. The deposit is put into a
savings account, certificate of deposit or a money market account. Sometimes, after a year of good payment history, the
issuer may turn the secured card into a regular credit card.
Another option is to piggyback on someone else's credit card such as a parent or spouse. They add you as an authorized
user without the need to qualify you first. The bonus: Most credit bureaus will include only good payment history on an
authorized user's report, which will help lift his credit score.
8. Leave a good track record
It may be appealing to just pay the minimum every month because it's less money out of your pocket. But with interest
rates between 13 percent and 15 percent, a minimum payment will only balloon what you owe. So the rule of thumb is to
charge only what you can comfortably pay off each month.
Second point: Always pay on time. Set up automatic payments if you're a forgetful person. Consistently paying on time is
one of the best ways to boost your credit score, which can translate into lower interest rates.
And third: mind your credit limit. One of the factors used to calculate a credit score is how much credit is used versus how
much is available to you. It's called the utilization rate. The lower the rate, the better your score.
9. Credit card laws are your friends
There are two big acts that cover credit card practices and billing: the Credit Accountability, Responsibility and Disclosure
Act, or CARD Act, and the Fair Credit Billing Act.
The CARD Act eliminated many common, yet questionable, credit card practices such as retroactive rate increases, double-
cycle billing and applying payment to lower-rate balances first. It also required more advance notice for rate hikes and
placed caps on fees that issuers can charge.
The Fair Credit Billing Act outlines your rights as a cardholder when you have a billing dispute with your creditor. For
example, it limits a cardholder's liability for unauthorized charges to $50.
10. Be virtual friends with your card
Many credit card issuers are offering special promotions on Facebook, Twitter, Foursquare and other social media sites to
increase cardholder loyalty. Other issuers are using these forums to address customer service complaints or determine
charitable giving.
So if you haven't already, friend or fan your credit card issuer on Facebook, and follow your card on Twitter.
11. Keep tabs on your credit card
A credit card can become a threat to your financial security if it lands in the wrong hands. Here are some tips to help keep
your credit card safe.
•Monitor your credit card accounts regularly online, so you can spot unusual transactions. Set up mobile alerts if your bank
offers them.
•Don't use public computers to make credit card purchases, access your financial accounts or check the email account
where the bank sends information. Public computers are vulnerable to hackers.
•Avoid unfamiliar online vendors. Stick with established ones.
•Don't give your credit card information to an unsolicited phone caller or emailer. Always contact your bank using the
customer service number on the back of your card.
•If you notice suspicious transactions, call the local police and your bank. Also, alert the three credit reporting agencies
about possible fraud on your account.
12. When trouble strikes
Sometimes, you may have difficulty paying your credit card bill. If you foresee your financial situation slipping, here are a
few ways to make good on your credit card.
First, contact your creditor and explain your financial situation. In many cases, the creditor will set up a temporary
hardship payment plan until you get back on your feet. Never stop paying and never avoid collection calls. Your debt can
follow you all the way to court.
Also, consider seeking help from a reputable nonprofit counseling service. You can locate one through the National
Foundation for Credit Counseling. A counselor can help you rejigger your household budget and set up payment plans with
creditors.
By Janna Herron • Bankrate.com
December 22, 2011 As the Holiday Season is upon us, we find ourselves reflecting on the past year and on those who
have helped to shape our business in a most significant way. We value our relationship with you and look forward to
working with you in the year to come. We wish you a very happy Holiday Season and a New Year filled with peace and
prosperity.
December 16, 2011: Top 11 Reasons You Should List During the Holidays
11. By Selling now, you may have an 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 then look 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 that 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 shown during 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 for you!
1. People who look for homes during the Holidays are more serious Buyers!
December 1, 2011: Testing the market?
A Seller may think that they are just testing the market with a high list price, assuming Buyers will at least make an offer
but Buyers may assume they are unreasonable and move on. Your goal should be a fair price - something that's reasonable
given the price of other homes in your area. Also, pricing your house competitively will allow the most exposure possible
since a house has most interest when it is newly placed on the market. This is a very sensitive subject for Sellers so it
must be handled before the house is placed on the market.
November 22, 2011: Happy Thanksgiving!
Gratitude unlocks the fullness of life. It turns what we have into enough, and more. It turns denial into acceptance, chaos
to order, confusion to clarity. It can turn a meal into a feast, a house into a home, a stranger into a friend. Gratitude
makes sense of our past, brings peace for today and creates a vision for tomorrow. ~Melody Beattie
November 11, 2011: Everyday Easy Ways to SAVE ENERGY
The days are shorter, the air is cooler, and we are beginning to feel the pressure to start our holiday shopping. This
couldn't be a better time to develop a few good energy saving habits. Below is a list of easy ways to save energy in your
everyday life.
· Wash clothes using cool water cycles whenever possible.
· Always wash a full load of clothes and consider air drying clothes. This method of drying will preserves your clothing
and energy.
· Don’t keep your refrigerator too cool; it is recommended that you keep the temperature between 37 and 40 degrees in the
fridge and 5 degrees in the freezer.
· Make sure you refrigerator seals tightly. This can be tested by closing the door on a piece of paper, if you can easily pull
the paper out easily seal needs to be replaced.
· Scrape do not pre-rinse food that will go into the dishwasher.
· Avoid using the “rinse hold” feature on your dishwasher.
November 2, 2011: Safety First especially when it comes to construction:
There's no getting around it: construction can be a hazardous job. The federal Occupational Safety & Health Administration
(OSHA) provides specific guidelines and regulations for homebuilders and contractors regarding the prevention of
accidents on a residential job site. The penalties for failing to comply with those rules range from hefty fines to shutting
down the job until violations are corrected.
Professional builders not only comply with OSHA regulations, but also often take extra steps to help ensure a safe working
environment on every project and thus help keep everyone out of harm's way.
Inspection. As directed by OSHA, professional builders continually inspect their job sites for potential hazards, and may
even have a safety manager who regularly visits each site. Common hazards may include ladders or scaffolding that are
unsecured or set on uneven ground, unmarked trenches, or an incomplete or missing first aid kit.
If violations are found, they are quickly reported and remedied to get the company back into compliance. And, they are
corrected for the next job.
Education and Training. It is critical to continually educate workers, to train and equip them to recognize and avoid
construction job site hazards and accidents.
In addition to a written safety and health program required by OSHA, professional builders often conduct what's called
"Toolbox Talks" on the subject of safety, perhaps showing a video, presenting a report or (even better) showing workers a
real-world example of a common hazard and how to remedy or avoid it.
Builders who are dedicated to safety also equip their crews with the latest in safety gear, from guardrails on ladders and
scaffolding to hard hats, gloves, eye protection and personal harnesses -- and keep that gear in optimum working order.
These builders also require their trade partners to follow these same safety procedures with their employees.
Incentives. Smart builders often use incentives to help ensure safety. A worker who reports or remedies a job site hazard
may earn a bonus, time off or some other reward that recognizes his or her initiative and sets an example for the rest of the
crew.
Builders may also track and publicly post job site safety achievements, such as the number of days without an accident or
time lost to a job site injury. Those accomplishments may earn the company recognition from OSHA or acknowledgement
from the company that insures the builder against liability and worker's compensation -- lowering the builder's overhead
costs and enabling them to be more competitive for future jobs.
Including Owners. Savvy and safety-conscious builders know that their homeowner clients will want to occasionally visit
the job site to see progress, make decisions and discuss concerns. Safety is no less a priority for those instances.
Homebuyers can go a long way toward keeping themselves safe on the job site by following the same rules and procedures
as the crew. They are encouraged to wear hard hats and safety goggles and avoid visiting and walking through a house
under construction without supervision, after hours, and on weekends, as they may be unprepared to avoid hazards.
October 28, 2011: Think Safety! Homeowners learn to live with all kinds of self-set booby traps: roller skates on the
stairs, tangled extension cords, slippery throw rugs and low-hanging overhead lights. Make your residence as non-perilous
as possible for uninitiated visitors.
October 20, 2011: Know your Hood! Know the features that help or hurt resale in your Neighborhood. In some areas, a
swimming pool actually detracts for a home's value and makes it harder to sell. As your Real Estate Professional, I can
help you decide which features to advertise strongly and which to leave in the background.
October 12, 2011: Home Buying Tip: Get pre-qualified for a loan, which determines how much you can afford. It allows
you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to
the Seller that you are serious and really can afford to buy property.
October 6, 2011: Home Cleaning tip: to prepare your house to put on market, the house needs to be in tip top shape. Make
sure you clean like a fiend - Q-tip clean! Take a cotton swab to faucets and fixtures, scouring fingerprints from all the
switch plates, shining windows until they're spotless and vacuuming up every last dog or cat hair from the baseboards.
September 26, 2011: Before you sell, check faucets and bulbs. Dripping water rattles the nerves, discolored sinks
suggests faulty or worn-out plumbing. Burned-out bulbs or faulty wiring leave prospects in the dark. Don't let little
problems distract from what's right with your home.
September 19, 2011: Before rolling out the welcome mat consider some moving basics: arranging for an alarm company;
turning on electricity, water, and gas; cleaning or replacing the carpet; and notifying your local post office of your new
address. The best time for renovations is often before you move in.
September 9, 2011: This week, one of my Buyer's Survey came back with an encroachment. I was thinking, do people
know what encroachments and easements are and how does it affect them as Home owners?
Encroachment:
An improvement, or building, or obstruction which intrudes upon, or trespasses upon the property of another. An act of
trespassing.
Easement:
An interest held by one person or persons which gives some type of a "right to use" land for a particular purpose.
Easements can be - surface easements, subsurface easements, or overhead easements. They can be permanent or
temporary.
What about Title Insurance, doesn't it protect me from boundary problems?
Title insurance protects the lending institution and the property owner (if insured) against claims to the property such as a
disputed boundary. Often, mortgage lenders require the homebuyer to purchase a title insurance policy in the lender's name.
This is a Lender's policy. Many people do not realize that if they wish to be covered themselves, it is often an additional
optional charge. People also do not realize that title insurance policies do not give coverage against encroachments,
easements and boundary disputes that “would be disclosed by a current certified survey”. This is known as the Survey
Exception. Mortgage lenders routinely require a Survey Endorsement to their loan policies that limits the scope of the
Survey Exception to the specific problems disclosed on a survey. Home Buyers should insist on an Owner's Title Insurance
Policy with a Survey Endorsement based on a current Land Survey. From a practical standpoint, it is always a good idea to
know just what you are purchasing. Land costs too much money to not know exactly what you purchased, and if there are
any problems that you do not know about.
Many Neighborhoods have encroachments such as fences, shrubbery, etc. Injunctive relief consists of a court order called
an injunction, requiring an individual to do or not do a specific action. It must be proven that without the injunction, harm
will occur which cannot be remedied by money damages. Chances of winning an injunction (to remove the fence,
shrubbery) can be difficult if no harm is being created.
------------------------------------
August 25, 2011: Hurricanes and Earthquakes all in one week, OH MY!
Earthquake coverage is specifically NOT covered on your homeowners policy unless you add it. With the recent 5.9
earthquake in Virginia, you may wonder how much it costs to add this coverage to your homeowners policy?
As a rough estimate, this would cost between $50 and $250 per $100,000 of coverage per year to add to your
homeowners policy. * Subject to a 5% deductible and mandatory 10 day waiting period from the last tremor.
Hurricane insurance: Do you have it? Need it? Six things to know.
Hurricane insurance has a unique place in the world of insurance. Just as hurricanes can do all sorts of damage to a house
– from wind, flood, and rain – so hurricane insurance requires a multifaceted approach beyond typical homeowners
insurance. Some hurricane damage is covered by homeowners insurance. Then there's a government-run program for
flooding. As hurricane Irene heads for the East Coast, here are answers to six key questions:
1.Do I have insurance for hurricane damage?
Hurricane insurance is a little tricky. Private homeowners insurance does not cover flood damage, but it should cover any
damage caused by hurricane winds. Even so, many homeowner policies have special deductibles for hurricane damage that
are separate from the general deductible for other damages. While the general deductible is likely set at a dollar amount, the
deductible for hurricane damage is often set as a percent of the hurricane costs. It's usually around 3 percent, although it
can run as high as 5 percent of the damage costs.
Any hurricane damage from water, not wind, is covered by flood insurance, which must be purchased separately through
the federally run National Flood Insurance Program.
2.What does flood insurance cover?
There are two kinds of flood insurance for consumers: one for buildings and one for personal property.
Building policies cover structural damage, to the exterior and foundation, as well as damage to certain, semi-permanent
indoor items, such as paneling, heating and cooling systems, carpet, and built-in appliances. Building policies can cover up
to $250,000.
Personal property insurance can cover up to $100,000 in damages, and typically applies to portable items. For instance,
furniture, clothing, and electronics are considered “personal property,” as are portable appliances, washers and dryers, and
artwork.
3.How much does flood insurance cost?
Rates vary, depending on whether you live in a “moderate-to-low” risk area or a "high-risk" area. Coastal areas are
considered high risk, and premiums range from $580 a year, for up to $45,000 in both building and personal property
damage, to $5,903 a year, for up to $350,000 for combined building and personal property damage. Policies can also be
purchased individually, for either personal property or building damages. That way homeowners can opt out of one, or mix
and match how much to insure property in each category.
4.What isn’t covered by flood insurance?
Flood insurance doesn’t apply to all the losses you might incur from a hurricane, including some items of high value. So if
a storm surge sweeps your stock certificates, money, or precious metals out to sea, they won't be covered. Also,
insurance doesn’t cover damage to your yard or structures in it, such as decks, fences, or swimming pools. A flood
insurance policy won’t cover living expenses either, if you have to pay for temporary housing.
5.Are there any resources for hurricane damage if I’m not insured?
If the president declares a disaster, then you may qualify for help from the federal government. Most disaster assistance
from the government comes in the form of federally subsidized loans from the Small Business Administration.
6.How long does it take to get flood insurance?
There’s typically a 30-day waiting period before your insurance will go into effect. So, while it may be too late to take
precautions for hurricane Irene, which was projected to make landfall near the Connecticut-Rhode Island border Sunday
night, this year's hurricane season is only halfway over.
By Mary Helen Miller, Correspondent for the CSMonitor.com August 25, 2011 at 9:14 am EDT
----------------------------------------------------
August 19, 2011: What is a GFCI?
-------------------------------------------------------
August 12, 2011: 5 Ways to Slice Summer Power Bills
1. Reduce your amount of "Vampire Power"
What's the one place people waste power and don't even realize it? Vampire power: It's the energy some appliances and
electronics drain from your home when they are turned off.
Signs of a vampire: Anything with a clock or light that's on when the item is turned off. Also, any kind of plugged-in
charger can be a vampire appliance -- whether or not it's charging anything.
Staking vampires doesn't mean going around constantly plugging and unplugging your electrical items. (Unlike real
vampires, that would get old fast.) Instead, hook things up to surge protectors. Or use outlets that connect to wall
switches for vampire items. When the wall switch is off, there's no power to drain.
2. Actually Programming your Thermostat
It's kind of like buying a Ferrari keychain to go with a broken-down old car. Sure it looks cool, but it's not going to make
things run any better.
So get out the booklet that came with the thermostat and read it. Or have the customer service department talk you through
the basics. Some power companies have special help lines for just that purpose, too.
When you use it, a programmable thermostat can save up to 10 percent per year from your heating and cooling bills, says
Ronnie Kweller, spokeswoman with the Alliance to Save Energy.
And who couldn't use a little extra money?
3. Washing machines: Full and Cold is Better!
Especially if you're talking about a dishwasher or washing machine. You use the same amount of water and energy
whether the machine is full or not.
But with full loads, you get a lot more for your money. And you run the machine less often. Win-win.
Some other ways to save:
Do laundry in cold water. Running the water heater -- for things such as showers, dishwashers and laundry -- accounts
for about 14 percent of your total power bill, Kweller says.
Skip the "dry" cycle on your dishwasher. Either hand-dry dishes as you put them away, or let evaporation do the work for
you.
If your neighborhood allows it, check out one of those "solar clothes dryers," (It's a line stretched between two poles that
allows you to hang laundry outside.)
If clotheslines are prohibited in your area, try a discreet drying rack on your back patio or deck. Or, if you're not jonesing
for that fresh-air-and-sunshine laundry smell, you can even set it up in a tub or shower stall.
4. Skip the arctic AC
Who doesn't come in from the sweltering heat and vow to crank the air conditioning down to a temperature usually
reserved for penguin nesting grounds?
But icing down the whole house just to cool you off for a few minutes is expensive. So keep the air conditioning at a
reasonable setting and look for other ways to chill when you first come inside. Have an icy drink, put a cold compress on
the back of your neck or change into some cool, absorbent clothes.
Another effective strategy: a quick, cool shower!
5. Go wireless
Sometimes it pays to get away from the two-dimensional electronics for a little while. Literally.
Click off "FarmVille" long enough to dig in the real dirt in your yard. Or, have some fun with a container garden on your
patio. (Real tomatoes don't require wattage. And if you eat what you grow, you can save on your food bill, too.)
Ditch the Facebook friends to spend a little time with people you know from the real world. (Not to be confused with "The
Real World.")
But your idea of fun might also be game night or a poker party.
The goal: Get unplugged, unwind and connect in a way that has nothing to do with power cords and networks. You'll save
some electricity and recharge your own batteries at the same time.
Posted: Aug. 03, 2011 Location of article:
http://www.bankrate.com/finance/personal-finance/5-ways-to-slice-summer-power-bills-1.aspx Email Save Print
August 3, 2011: Charlotte by the Numbers
#3 Rank among potential cities (population 250,000-750,000) in the Americas to attract investments by foreign companies.
Source : FDI Magazine
#4 Rank among the top markets in 2011 that are most conducive to the creation and development of small business.
Source: The Business Journal
#7 Rank among the top comeback cities in 2011
Charlotte Magazine June 2011
July 28, 2011: SUMMER DISCOUNT!! Would you like to put ONLY $100 for a down payment on a
HUD Home?!! Click on the following link to find available properties:
http://hudhomestore.com/HudHome/Index.aspx (when here, click on the case number associated with the property listing,
then click on the addendums tab to see if this is a $100 down eligible property)
- Borrower qualifies under the standard FHA guidelines-Flexible
- No income or area limits
- Closing costs and prepaids may be paid by the seller (HUD usually only pays up to 3%)
- Can be used in conjunction with the 203K Renovation loan and/or the Good Neighbor Next Door Program
Eligibility Criteria:
- 640 minimum credit score
- Must be an FHA loan used for primary residence purchase only
July 20, 2011: Mortgage Insurance Cancellation: The Myths and Realities
When it comes to private mortgage insurance (MI), there are several myths that exist that make buyers reluctant to
consider a conventional loan with MI as an option when purchasing a home. One of the more common misconceptions is
that cancelling MI is a difficult—not to mention time-consuming—process.
The irony is that the majority of buyers don’t harbor those same beliefs or reservations about an FHA insured loan when, in
reality, FHA coverage may be less easily cancelled, or take longer to cancel, than MI.
HPA Makes Cancellation Clearer
When it went into effect as a new federal law, the Homeowners Protection Act (HPA) of 1998—which applies to both
FHA and MI insured loans—required lenders and servicers to provide disclosures regarding MI for residential loans
obtained on or after July 29, 1999. Prior to this, consumers were responsible for requesting MI cancellation if they met
two factors: one, their loan balance was paid down to 80 percent of the property; and two, they had a good payment
history.
While many lenders obliged consumer requests to drop MI coverage, consumers had sole responsibility for keeping track
of their loan balance.
The HPA established three different times when a lender or servicer must notify consumers of their rights.
At loan closing, lenders must disclose:
• The right to request MI cancellation and the date on which the request can be made
• The requirement that MI be automatically terminated and the date on which this will occur
• Any exemptions to the right to cancellation or automatic termination
• A written initial amortization schedule for fixed-rate loans only
Each year, loan servicers must send borrowers a written statement that discloses:
• The right to cancel or terminate MI
• An address and telephone number to contact the loan servicer for determining when MI may be cancelled
When MI coverage is cancelled or terminated, lenders must send a notification to borrowers stating:
• MI has been terminated, and the borrower no longer has MI coverage
• No further MI premiums are due
Termination of Coverage
Under the terms of the HPA, mortgage lenders or servicers must automatically cancel borrower-paid MI coverage when
the mortgage has amortized to 78 percent of the original property value, with all unearned premiums returned to the
borrower within 45 days of the cancellation or termination date. This provision also requires that the borrower be current
on mortgage payments required by the terms of the loan, and if the loan is delinquent on the date of automatic termination,
a lender must terminate the coverage as soon as the loan becomes current.
Cancellation of Coverage
Also under the HPA, a homeowner has the right to request MI cancellation when the mortgage balance reaches 80 percent
of the original property value. All payments must be current, meaning a homeowner must not be 30 days late on a
mortgage payment within one year of their request, or 60 days late within two years.
However, a borrower can only initiate a cancellation request for FHA based on their prepayment of the loan, and even then,
it can only be requested beginning five years after the loan origination date.
With MI, homeowners can request cancellation based on prepayment of the loan, as well as an appraisal. Despite falling
property values, it’s possible for homeowners to gain enough equity in their home to request cancellation in less than five
years based on a home appraisal.
Why This Matters to Agents
By understanding these rules and what they mean for homeowners, real estate agents can educate their buyers to help them
better evaluate allof their home financing options based on facts rather than myths.
This is even more important considering the FHA’s recent price increase, which has reduced buyers’ purchasing power
and increased monthly mortgage payments.
by RISMedia: The Leader in Real Estate Information Systems
----------------------------------------
July 8, 2011: Understanding Points, Rates and Fees
Not only do you have to understand what type of mortgage you should choose, you have to understand the costs
associated with your mortgage. All of these costs will be paid upon closing your mortgage.
Purchase Points
Purchase points, also known as a "buy-down" or "discount points," are an up-front fee paid to the lender at closing to buy-
down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If
you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the
more money you'll need at closing.
How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long
you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in
your home for more than five years, it's probably a good idea to purchase points. The longer you live in your home, the
more you can save on interest over the life of the loan.
Interest Rate
When you get a mortgage, you are charged an interest rate, this is the rate which the lender charges you for using their
money to buy a home. It determines how much your monthly payments will be. Generally speaking, the higher the interest
rate, the higher your monthly payment.
Mortgage interest rates change constantly, daily, even hourly. If you speak to a lender and are quoted a specific interest
rate, that's not to say you'll necessarily get that rate when you close on your loan. Not unless you formally lock-in that rate
with the lender. Locking in an interest rate will guarantee you get your loan with a particular interest rate. Lenders will
allow you to lock in for 15, 45 or 60 days. But the longer you lock in, the more expensive it will be, since it's more of a
risk to lenders.
Fees
There are always fees associated with getting a mortgage, these fees cover the cost of processing and underwriting the
loan. These fees can include charges for ensuring the title to the home is free and clear; paying for a land survey; or paying
for a home appraisal which gives you the estimated value of the property (lenders require an appraisal to close on your
mortgage).
Deciding which mortgage to get may depend on what each lender does because different lenders may charge different
amounts. Some may charge lesser closing fees to lure you in, but may charge you a higher interest rate, which means you
may pay more in the long run. But everyone has different needs, you may or may not be able to afford to pay more at
closing and are willing to pay more over the long term.
Before it comes time to close, do your homework, make sure there are no hidden fees, and ask your lender lots of
questions so that you understand all the costs involved with your mortgage.
*Also, please consult your tax advisor for advice regarding the purchase of your new home.
Yahoo Real Estate
---------------------------------
June 30, 2011: A reliable home warranty can help provide an important measure of confidence for the buyer and help set a
seller’s home apart from the competition.
Still, even with advantages to both parties, many buyers and sellers remain uninformed about the purpose and benefits of
home warranties, which cover the repair or replacement of many home-system components and appliances. Home
warranties—which are available for single-family homes, condominiums, townhouses, vacation homes and multi-unit
properties—address key consumer needs, typically covering the cost of replacing or repairing such things as heating and
air conditioning components, dishwashers, water heaters, ovens, garbage disposals, and more.
Such items are not usually covered by homeowners insurance and can be very costly to repair or replace if not covered by
a home warranty. Replacing the dishwasher alone can be more costly than an annual home warranty payment; the average
cost for a one-year home warranty begins around $300.
While many of the home’s system components and appliances are covered as part of a standard home warranty, if home
buyers wish for more household items to be covered, they should determine whether their home warranty provider offers
an add-on package. Many plans allow consumers to customize their home warranty to cover specific components and
appliances, including ceiling fans, garage door openers, swimming pools and more.
Advantages for both buyers and sellers
Whether the home warranty is provided by the seller of the home or purchased by the buyer after the sale, there are
numerous advantages to both parties.
Home warranties are appealing to buyers because they cover appliances and system components that a new homeowner
has no familiarity with. Sellers benefit from offering a home warranty because it sets the home apart from the rest of the
competition in today’s saturated market, often leading to faster sales at better prices.
Get the plan that’s right for you
While home warranties are a popular addition to the home buying and selling process, they may be purchased at any time.
Consumers should do their research before choosing a plan or provider, as costs, coverage levels, customer service and
other factors vary. In today’s economy, home warranties make sense more than ever. Not only are they a great tool to
help you sell your home, but they’re something you definitely want to insist on when buying one.
by RISMedia: The Leader in Real Estate Information Systems
------------------------
June 22, 2011: Shopping for a Home loan
"Are consumers making better decisions about the kinds of mortgages they select than they did before the financial crisis?"
The mortgages being written today are certainly better matched to the needs and payment capacity of borrowers than they
were before the crisis. The major reason, however, is not better decision-making by consumers, but elimination of the
toxic mortgages that led so many consumers astray.
The option adjustable-rate mortgage, or "option ARM" that allowed borrowers to make payments in the early years that did
not cover the interest while exposing them to the risk of sizable payment increases in the future, are no longer being
offered. Its somewhat less-dangerous cousin, the interest-only mortgage, is still around but priced so high that few
borrowers select it.
Another reason the quality of mortgage decisions has improved is that the subprime and alt-A markets, which had
channeled loans to consumers with the weakest qualifications for homeownership, are both gone. The average mortgage
borrower today is much better qualified than before the crisis because the less-qualified borrowers are not being approved.
However, better decisions resulting from a curtailment of options and tighter eligibility requirements are not an unsullied
blessing. The option ARM had some legitimate uses, and these have been lost along with the abuses. Worse, more stringent
qualification requirements have overshot the mark and some very well-qualified consumers, including large numbers of the
self-employed, are unable to borrow.
Given the available options, consumer decision-making today is no better than it was because the factors that led to bad
decisions have not changed.
Borrower ignorance: Mortgages tend to be complicated, and consumers are exposed to them likely only once or a few
times during a lifetime. They have no opportunity to enhance their knowledge through trial and error, which is largely how
they learn about other products.
While some potential mortgage borrowers, recognizing the importance of the decision, will put in the time required to
become knowledgeable, most prefer to depend largely on the advice of others.
Poor advice: In selecting a mortgage, most borrowers get their advice from their loan provider (LP) -- a loan officer or
mortgage broker. In the worst case, which was fairly common before the financial crisis, some LPs steered borrowers to
the products on which the LP made a larger commission. Under regulations issued this year, such steering is against the
law.
Eliminating biased advice does not generate good advice, however. Most LPs remain transaction-oriented, meaning that
they are looking to get the deal done rather than to establish a relationship with the client. They earn no more if the
borrower selects the right type of mortgage than if they select the wrong type. What matters is that the borrower is
satisfied with the LP's advice and the loan closes.
The advice given by LPs is only as good as their capacity to provide it, and while there are some good ones, they are the
exception. LPs are not selected for their pedagogical skills, they are not trained for it, and they are not rewarded for it.
Poor disclosures: One of the alleged purposes of mandatory disclosures is to help borrowers compare different types of
mortgages. The cornerstone of such efforts is the annual percentage rate, or APR, which is supposed to be an objective
measure of mortgage cost that allows borrowers to make unbiased comparisons. The trouble is that it does this only in a
very restrictive set of circumstances, which regulators have never spelled out.
Because the APR is calculated over the full term of a mortgage, it is misleading if used in selecting the mortgage type by
borrowers who expect that they will sell their house or refinance the mortgage within a relatively short period. For the
same reason, it leads borrowers astray who are comparing different combinations of interest rate and points on a given
type of mortgage.
Perhaps it is fortunate that because most borrowers don't understand the APR, few try to use it.
By Jack Guttentag Inman News™
---------------------------------------------
June 16, 2011: What is an Umbrella Policy and why do you need one?
An umbrella insurance policy is an extra layer of protection against lawsuits resulting from damage to someone else's
property or injuries as the result of an accident. It also protects against false claims and intentional acts such as libel,
slander and vandalism by minors, and covers false arrest, wrongful entry, invasion of privacy and more.
There are many reasons to purchase an umbrella liability insurance policy.
1. It covers incidents that may not be covered on your basic homeowners' insurance. For example somebody is injured in
your pool or a contractor is hurt on your property.
2. It fills "in the gaps" by providing coverage for other incidents like liability for rental properties or being sued for slander
or libel.
3. It protect you against the catastrophic losses that can occur if you are sued. The best way to think of umbrella
insurance is as extra coverage in case your insurance maximums on your home or auto are reached and surpassed in an
incident.
Check with your insurance carrier to see analyze the rates on an Umbrella Policy today. It is imperative you and your
family are protected.
---------------------------------------------------
June 9, 2011: Simple Tips to Prevent House Fires
Every year home electrical problems cause more than 28,000 house fires and massive property damage. Electrical wiring is
the root cause of many of these fires, of which countless could have been prevented. Faulty or fixed wiring or improper
use of electrical cords and other electrical items cause most home fires.
Electrical Safety Tips
• Pay Attention: Flickering lights, buzzing noises, and faceplates that are warm to the touch are all signs that a circuit may
be overloaded or wiring may be wearing thin. Each one of those signs is cause for immediate attention from a licensed
professional electrician.
• Listen to Your Breaker: If you are continually tripping a switch and having to reset your breaker box, your house is trying
to tell you something. There may be a fixture with faulty wiring or too high an electrical load on the breaker. Again, seek
professional help.
• Review and Replace: Frayed electrical cords, wobbly ceiling fans, and loose faceplates are more than mere annoyances.
You should routinely inspect your home and replace or repair items in need of attention.
• Safety First: Even the best preparation and newest equipment is not a guaranteed protection against fire. Working smoke
detectors on all levels of your home is an absolute must. Make sure you have a working fire extinguisher and you know the
proper way to use it.
The good news is many of these fires are avoidable, in the case of electrical safety just a little awareness and preparation
can make an enormous difference.
The Electrical Safety Foundation International (ESFI) sponsors Electrical Safety Month each May. More information and
safety tips, including a home safety calendar, can be found at www.esfi.org.
---------------------------
May 26, 2011: 9 Reasons to Buy a House Now
1. Lowest Housing Prices in Years
Nobody knows when the housing market will hit bottom, but prices are at their lowest in several years and may soon start
inching back up again. So buying now or in the near future may be the right time. An abundance of bargain-priced housing
is now available because of foreclosures and falling prices.
2. Interest Rates at a 50-Year Low
Interest rates are near a 50-year low, according to housing analysts. By the second week of May, 2011, 30-year fixed
mortgage rates had fallen to their lowest rates of the year at 4.63%. Although mortgage rates vary from day to day, the 30-
year rate at this level is an attractive inducement to first-time buyers, or buyers who want to either move up to larger
residences, or others, including many empty-nesters wanting to sell and move to smaller houses or condos.
3. Interest Rates Expected to Go Up
As the economic recovery gains momentum, interest rates are expected to increase, making mortgages more expensive.
Even a half-percent increase in mortgage interest can add a hundred dollars or more to your monthly payments, depending
on the amount of your loan. (To learn more about interest rates, read Forces Behind Interest Rates.)
4. Adjustable Rate Mortgages at Record Lows
Adjustable Rate Mortgages (ARMs) are also lower now, although there are risks that interest rates may increase over the
life of the mortgage and the balloon payment due at the end of the mortgage life, usually three or five years, could be
substantial. Nevertheless, for new buyers who are sure they'll have enough income to meet payment obligations, an ARM
may be the best way to buy a house. Keep in mind that payments may increase on a monthly basis. For a full explanation of
advantages and risks in an ARM, visit the federalreserve.gov.
5. Low Down Payment Mortgages Available
Low-down-payment financing through Federal Housing Administration-insured mortgages is available as an additional
inducement to buy a house now. Down payment minimum requirements also fluctuate and may increase as the market
heats up, so potential buyers with less cash to consummate a deal may be well-advised to buy now.
6. Easy to Qualify, Easy to Borrow
Lending standards have become less rigid recently, so qualifying for a mortgage may be easier. Experts advise that a
potential buyer become pre-approved for a loan by a lending institution – meaning that a lender guarantees to make the loan
contingent on an appraisal of the property. But the good news in seeking pre-approval is that lenders are now willing to let a
potential buyer take on more debt than the previous formula allowed - a percentage of monthly income. (For more on
getting a cost effective mortgage, see Score A Cheap Mortgage.)
7. Lenders Offer No-Fee Mortgages
Many banks and other lending institutions are waiving mortgage loan generation and other fees and points (each point
represents 1% of the loan amount), thereby reducing the cost of buying.
8. Home Builders Eager to Sell, Offer Incentives
Home builders, competing with the resale market, are offering incentives to potential buyers to reduce their inventory of
unsold new homes. Incentives may include cash for furniture or free refrigerators, washers and dryers. In Seattle, for
example, builders have offered opportunities to win iPads or Smart phones, and $3,000 buyer bonuses. Specific
demographic groups, including military personnel, police, firefighters and health-care workers, have been targeted by
builders for special offers. But virtually anyone who can qualify for a mortgage is likely to get a good deal from a
homebuilder who is eager to sell.
9. Motivated Home Owners Desperate to Sell
Desperate sellers of existing homes have also been offering attractive inducements to potential home buyers, including
warranties on appliances, air conditioners and furnaces. Some sellers are even offering cash or have included furnishings,
refrigerators, washers and dryers as a bonus to potential buyers. With so many existing homes in foreclosure or
underwater – bargain prices are abound in this depressed market. (For help on buying a house, read Top Tips For First-
Time Home Buyers.)
The Bottom Line
With a convergence of the factors above, all of which are favorable to the prospective home buyer, there may not be a
better time to buy than right now. It's a buyer's market, but like everything else in life, the bargain deals won't last. (To help
determine if it is the right time to buy, read Are You Ready To Buy A House?)
---------------------------
May 18, 2011: 6 Tips to a Higher Credit Score
Your credit score, calculated from information in your credit report, is a measure of how good a risk you are to a credit
grantor. A large proportion of borrowers who can't qualify for a mortgage would qualify if their credit score was higher.
Any lender to whom you apply will obtain your score and provide it to you. As noted below, however, inquiries by lenders
may have a negative effect on your score, whereas inquiries by you do not. Hence, it is a good idea to find your score
before you apply, so you can make an informed decision on whether you want to apply at that time.
You can obtain your score from many firms in the business, including www.equifax.com, www.transunion.com, www.
experian.com and www.myfico.com.
Some Tips are:
1. Pay on time: The core rule is to meet your debt obligations on-time, every time. If you have had payment lapses in the
past but your habits have improved, time is on your side. The credit scoring rules weight recent experience more heavily
than older experience.
2. Correct mistakes in your credit report: Your score should not be reduced by reporting mistakes, which are all too
common.
3. Detach yourself from the "wrong vendors": Because finance companies lend to relatively poor risks, the credit score of
any borrower owing money to a finance company is lower than it would be if the creditor was a bank. By the same logic,
borrowers who have credit cards of department stores are penalized, relative to what their score would be if they had cards
issued by banks.
4. Reduce balances on revolving credits to less than 50 percent of the maximums: A high utilization ratio is read as a sign
of weakness and potential trouble, reducing your score. Credit cards are the most important type of revolving credits, but
HELOCs belong in this category as well. A HELOC used to purchase a house or to refinance a mortgage, where the initial
utilization ratio is 100 percent, will jolt your credit score.
Note that utilization ratios can be reduced by getting the maximums raised, as well as by paying down the balances. In
many cases, credit card issuers are willing to raise the maximum at the borrower's request.
5. Minimize the number of "hard inquiries": Hard inquiries are requests to a credit agency for your credit score from a
credit grantor, insurance company or other entity to which you have applied and to which you have entrusted your Social
Security number. "Soft inquiries" made by you or by firms looking to sell you something for which you have not applied
don't require your permission and don't impact your credit score.
The credit-scoring systems may or may not penalize borrowers who shop multiple credit grantors within a short period --
unfortunately, you can't be sure.
The credit agencies tell you that multiple inquiries within a 15-day period count only as a single inquiry, but in fact inquiries
for mortgage, auto and student loans would probably count as three inquiries, and even three mortgage inquiries could
count as three inquiries, depending on how the credit grantors are identified to the credit scorer. I will have an article abut
this in the near future.
The bottom line is that in applying for credit, find your own score that you can deliver to the vendors you are shopping
who need the score to set the price. The vendor you select will verify the score through his own inquiry, but it will be only
a single inquiry.
6. Pay off collection accounts: This may actually reduce your score in the short-run by converting the account from an
older entry with a low weight to a new one with a higher weight. However, you can't get a loan with a collection account
on your record, so you must pay it off -- the sooner the better.
--------------------------------------------
May 9, 2011: 2011 Charlotte Statistics for March have just been released.
Average List Price Mar 2011 $222,224 vs. Mar 2010 $223,319 (-1%)*
Average Sales Prices Mar 2011 $194,465 vs. Mar 2010 $197,564 (-2%)*
with List to Close Days averaging 159 days (2 MORE days than last month, 157 days)*
New listings Mar 2011 is 5,147 vs. Mar 2010 is 6,147 (new listings are down by 16%)*
*data comes from Carolina Multiple Listing Services, Inc. April 18, 2011
+Interest Rates have DECREASED from a year ago: Mar 2011 4.94% vs. Mar 2010 4.99% (FANTASTIC time to buy!)
+source: Freddie Mac, National Association of Realtors Forecast April 18, 2011
-----------------------------------
April 28, 2011: Three Reasons why a Seller should hire their own Inspector:
1) Avoiding liability: If an undisclosed defect (one that you were unaware of for the past 30 years) is discovered after the
close of escrow, you could be sued for nondisclosure. The fact that you were unaware of the problem would be for you to
prove in court.
2) Avoiding repair costs: Disclosing defects at the outset of a purchase transaction enables you to do an as-is sale. When
defects are discovered by the buyers' home inspector, the buyers are more likely to insist on repairs.
3) Building trust: Providing a home inspection report to buyers is a good way to build trust in a transaction by
demonstrating that you, the seller, have nothing to hide.
As a seller, it's better to provide disclosure than waiting for disclosure to happen to you.
--------------------------
April 18, 2011: Today's the day - you've done your paperwork, now it's time to get some freebies. Find out who is
offering some Tax Freebies!
MaggieMoo's: The ice cream chain is offering free mini ice cream sundaes between 3 p.m. and 6 pm.
Cinnabon: Anyone who stops by between 6 p.m. and 8 p.m. can get two free "cinnamon bites"
Bruegger's: Customers can score a baker's dozen plus two tubs of cream cheese for $10.40 if you bring in a coupon,
available through the bagel chain's Facebook page.
P.F. Chang's: The Chinese restaurant chain is offering a 15 percent discount on all Tax Day orders, which includes dine-in
and take-out, with the exception of Happy Hour orders and beverages.
McCormick and Schmick's: The seafood restaurant is celebrating Tax Day by featuring entrees and bar specials for $10.40
(plus guests can pick up a $10.40 certificate to use in the dining room).
IHOP: Every day in April--not just Tax Day itself--children age 12 and under eat for free, as long as their parents purchase
an adult entree.
DirectTV, along with a handful of other providers, are offering free access to HBO and Cinemax through April 18.
Bally Total Fitness is giving its members free personal training sessions, and non-members can work out at no charge on
Monday.
Spa week: Spas throughout the country are offering a variety of treatments, from massages to facials, for $50 through
April 17. (Services usually cost as much as $500.) The fact that spa week falls on tax day might be a coincidence, but it
can still help you relax after making the deadline. Find a participating spa near you at www.spaweek.com.
Office Depot: The supply store is offering free shredding (up to five pounds) as well as 25 pages of tax document copying
at no charge. Just bring in this coupon before April 23.
National Park Week: Tax Day coincides with National Park Week, which means free entrance into the more than 100
national parks that usually charge fees.
http://finance.yahoo.com/news/Tax-Day-Deals-Discounts-and-usnews-3570468054.html?x=0
--------------------------------------
April 5, 2011: Your Federal tax return is due on April 18 instead of the usual April 15 deadline. April 18 is also the deadline
for several other important tax-related actions. For example, your first estimated tax payment for 2011 is due April 18. But
that's not all. There are several other important steps you should consider taking before the deadline:
File an extension
If, like many people, you don't want to have to file your completed return by April 18, you can obtain an automatic six-
month extension of time to file. This is very easy to do. You simply fill out Internal Revenue Service Form 4868:
Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.
You can either email the completed form to the IRS or send it by postal mail. It must be sent by April 18, 2011.
You don't have to tell the IRS why you want the extension, and you can't be denied the extension -- you get it automatically
by filing the form. However, when you file Form 4868 you must estimate your total tax liability for 2010 and list it on the
form.
It's important to understand that obtaining an extension of time to file your return does not relieve you of the duty to pay
your taxes in time for the initial deadline (by April 18).
You can send in any balance due, along with the Form 4868, but this is not required. If you don't pay balance due by April
18, you'll have to pay interest on the amount and may also be charged late payment penalties by the IRS. The late payment
penalty is usually one-half of 1 percent of any tax (other than estimated tax) not paid by April 18, 2011.
Fund your retirement accounts
One of the best ways to reduce your tax liability is to establish and fully fund a tax qualified retirement account. These
include traditional and Roth IRAs (individual retirement accounts), SEP-IRAs, SIMPLE IRAs, 401(k) and solo 401(k)
plans, Roth 401(k) plans, and Keogh Plans (defined contribution plans and defined benefit plans).
Your contributions -- other than those to Roth plans -- are tax deductible. Contributions to Roth IRAs and Roth 401(k)
plans are not deductible, but withdrawals after age 59 1/2 are tax free.
The maximum 2010 contribution you may make depends on the type of plan you have and the amount of your net self-
employment income. Contributions to traditional and Roth IRAs are limited to $5,000; $6,000 if you were at least 50 by the
end of 2010.
Contributions to the other plans can be much larger -- as much as $49,000 for the most generous plans. There are several
online retirement plan contribution calculators you can use to figure out your maximum contribution for 2010; including
one at CalcXML.com.
If you already have a retirement account, but have not funded it for 2010, you still have time to make a 2010 contribution.
You have until April 18 to make contributions to a traditional or Roth IRA, 401(k) plan, SEP-IRA, SIMPLE-IRA, or Keogh
Plan, and have them count for the 2010 tax year.
Make sure to tell your plan administrator that your contribution should be applied to 2010, not 2011.
Filing an extension of time to file your return does not extend the deadline to contribute to an IRA. However, filing an
extension does extend the time to fund a 401(k) plan, SEP-IRA, SIMPLE IRA, or Keogh Plan until Oct. 15, 2011 -- the
extended due date for your return.
So if you have one of these plans and need more time to come up with the money to contribute to them, be sure to file an
extension.
What if you don't have any retirement accounts? You still have until April 18 to establish a traditional or Roth IRA, or SEP-
IRA and make contributions for the 2010 tax year. It is too late to set up 401(k) plan, SIMPLE-IRA, or Keogh Plan for the
2010 tax year.
Contribute to a Health Savings Account (HSA)
If you have a Health Savings Account, April 18 is also the last day you may make contributions for the 2010 tax year. As
with IRAs, obtaining an extension to file your return does not extend this deadline.
If you have an individual plan, you can contribute a maximum of $3,050 for 2010. If you have a family plan, the maximum
2010 contribution is $6,150. These limits are increased by $1,000 if you were 55 or older at any time in 2010.
Stephen Fishman is a tax expert, attorney and author who has published 18 books, including "Working for Yourself: Law &
Taxes for Contractors, Freelancers and Consultants," "Deduct It," "Working as an Independent Contractor," and "Working
with Independent Contractors." Inman News April 5, 2011
-------------------------
March 24, 2011: Many ask "How's the Real Estate Market?" Well if you would like to know, 2011 Charlotte Statistics for
February have just been released. Contact Jennifer Lew 704-591-5542 for more Real Estate news.
Average List Price Feb 2011 $206,576 vs. Feb 2010 $216,605 (-5%)*
Average Sales Prices Feb 2011 $180,036 vs. Feb 2010 $191,288 (-6%)*
with Current Average Days on Market 119.9 days (3.20 MORE days than last month, 116.7 days)*
New listings Feb 2011 is 4,108 vs. Feb 2010 is 4,918 (new listings are down by 16%)*
*data comes from Carolina Multiple Listing Services, Inc. March 7, 2011
+Interest Rates have DECREASED from a year ago: Feb 2011 4.95% vs. Feb 2010 5.05% (FANTASTIC time to buy!)
+source: Freddie Mac, National Association of Realtors Forecast March 7, 2011
--------------------------------------------
March 17, 2011: Happy St. Patrick's Day! Here are some ideas on how to be GREEN in your home:
You can be a green by unplugging appliances or using chemical-free products. It’s as easy as fixing leaky faucets or
installing window treatments to conserve heat in the winter and to keep your place cool in the summer without cranking up
the air conditioning. Collect your old bath water or dishwater. Known as gray water, it can be used to water houseplants
or for outdoor irrigation. But you’ll want to use only natural, biodegradable soap to keep from harming your greenery and
to keep chemicals from leaching into the water table. Place a two-liter soda bottle filled with water in your toilet tank to
displace some of the water, reducing the amount used in each flush-refill cycle. You can also buy a bigger float ball or
adjust the existing one so that it rests closer to the bottom of the tank, shutting off the refill valve earlier. Find out which
appliances are the biggest power consumers with an energy audit, which public utilities usually offer free (hint:
refrigerators are major energy hogs) and consider replacing them with energy-efficient models. Even when they’re
switched off, most home appliances and electronic devices continue drawing a little bit of power as long as they’re plugged
in. These “vampires” account for an estimated 10% of residential energy use in the U.S. Shedding these leeches is easy.
Simply unplug the stuff you don’t use most of the time.
---------------------------------
Feb 25, 2011: Many ask "How's the Real Estate Market?" Well if you would like to know, 2011 Charlotte Statistics for
January have just been released. Contact Jennifer Lew 704-591-5542 for more Real Estate news.
Average List Price Jan 2011 $217,809 vs. Jan 2010 $229,214 (-5%)*
Average Sales Prices Jan 2011 $188,147 vs. Jan 2010 $200,592 (-6%)*
with Current Average Days on Market 116.7 days (2.30 MORE days than last month, 114.4 days)*
New listings Jan 2011 are 4,006 vs. Jan 2010 5,571 (new listings are down by 21%)*
*data comes from Carolina Multiple Listing Services, Inc. February 7, 2011
+Interest Rates have DECREASED from a year ago: Jan 2011 4.76% vs. Jan 2010 4.98% (STILL FANTASTIC time to
buy!)
+source: Freddie Mac, National Association of Realtors Forecast February 7, 2011
---------------------
Feb 17, 2011: There have been many questions regarding Mecklenburg County Tax Revaluation. How was the new tax
value computed, what can the Homeowner do? Mecklenburg County 2011 Revaluation
Revaluation is the process of reappraising all properties within the county for tax assessment purposes. This is required
every 8 years. Wonder how they compute your new tax value? Click the link below to learn more:
http://charmeck.org/mecklenburg/county/AssessorsOffice/reval/Pages/default.aspx
-----------------------------------------
Feb 3, 2011: Best bathroom floor: tile, vinyl or wood?
Often, bathroom tile is glazed, shiny and smooth. A simple solution is to use rubber-backed bath rugs over the tile to keep
your footing. Covering most of a tile floor with a rug is not very practical. So here are a couple of alternatives.
First, if you choose a tile floor, avoid glazed tile or marble. Instead, pick a material that's either textured or has a matte
finish. They provide more traction and a better chance to keep you upright.
Another tile alternative is Saltillo. This is a porous terra-cotta tile from Mexico that requires regular sealing with a quality
acrylic sealer. The plus is that it's got a skid-resistant surface. The minuses are the maintenance factor and the tile's
irregular shape. If you're looking for uniformity, this option is not for you. But if you're after a rustic look, this may be the
ticket.
Now, don't fall over in a dead faint, but another alternative you might consider is an engineered wood floor. It's not for
everyone, but it might work for you.
The negative, of course, is that this type of floor doesn't withstand large amounts of water well. If this is the only
bathroom and there are kids, wood is not an alternative. But if the bathroom is adults only, the beauty of wood is a definite
alternative.
Engineered wood consists of a top layer of hardwood -- bamboo, for example -- that is pressure-glued to alternating layers
of plywood. The cross-grain construction gives the flooring good stability, unlike its solid wood counterpart. Also, the
factory-applied finish is water-resistant. Notice, we did not say waterproof.
A wood floor will provide more traction than smooth tile, but will still require a rubber-backed bath rug for entering and
exiting the tub or shower and to reduce the amount of water on the floor.
The bottom line is that there's no perfect solution. Water will have its way. For our money, a matte, textured tile is the best
solution followed by a top-quality sheet vinyl or linoleum.
written by Inman News™
================================
January 26, 2011: Many ask "How's the Real Estate Market?" Well if you would like to know, 2010 Charlotte Statistics
for December have just been released. Contact Jennifer Lew 704-591-5542 for more Real Estate news.
Average List Price Dec 2010 $220,130 vs. Dec 2009 $239,062 (-8%)*
Average Sales Prices Dec 2010 $193,910 vs. Dec 2009 $211,705 (-8%)*
with Current Average Days on Market 114.4 days (6.90 MORE days than last month, 121.3 days)*
New listings Dec 2010 is 2,945 vs. Dec 2009 3,094 (new listings are down by 5%)*
*data comes from Carolina Multiple Listing Services, Inc. January 5, 2011
+Interest Rates have DECREASED from a year ago: Dec 2010 4.71% vs. Dec 2009 5.14% (FANTASTIC time to buy!)
+source: Freddie Mac, National Association of Realtors Forecast January 5, 2011
================================
January 20, 2011: It’s easy to overlook a small leak or slight draft. But these problems have the potential to get worse very
quickly. To prevent a big problem from arising, energystar.gov recommends having a contractor perform annual check-
ups—on the cooling system in the spring and the heating system in the fall. To remember, you might plan the check-ups
around the time changes in the spring and fall.
Here are some things you should expect a contractor to handle:
• Check thermostat settings to ensure the cooling and heating system keeps you comfortable when you are home and saves
energy while you are away.
• Tighten all electrical connections and measure voltage and current on motors. Faulty electrical connections can cause
unsafe operation of your system and reduce the life of major components.
• Lubricate all moving parts. Parts that lack lubrication cause friction in motors and increases the amount of electricity you
use.
• Check and inspect the condensate drain in your central air conditioner, furnace and/or heat pump (when in cooling mode).
A plugged drain can cause water damage in the house and affect indoor humidity levels.
• Check controls of the system to ensure proper and safe operation. Check the starting cycle of the equipment to assure the
system starts, operates, and shuts off properly.
Cooling Specific
• Clean evaporator and condenser air conditioning coils. Dirty coils reduce the system's ability to cool your home and cause
the system to run longer, increasing energy costs and reducing the life of the equipment.
• Check your central air conditioner's refrigerant level and adjust if necessary. Too much or too little refrigerant will make
your system less efficient increasing energy costs and reducing the life of the equipment.
• Clean and adjust blower components to provide proper system airflow for greater comfort levels. Airflow problems can
reduce your system's efficiency by up to 15 percent.
Heating Specific
• Check all gas (or oil) connections, gas pressure, burner combustion and heat exchanger. Improperly operating gas (or oil)
connections are a fire hazard and can contribute to health problems. A dirty burner or cracked heat exchanger causes
improper burner operation. Either can cause the equipment to operate less safely and efficiently.
Actions You Can Do Yourself
• Inspect, clean, or change air filters once a month in your central air conditioner, furnace, and/or heat pump. Your
contractor can show you how to do this. A dirty filter can increase energy costs and damage your equipment, leading to
early failure.
Source: energystar.gov
---------------------------------
January 12, 2011: We all know now is a great time to buy with low list prices and even lower interest rates, however,
credit scores are just as important especially if you have to borrow the money to purchase a property. Lenders look at
your credit score which can range from 300-850, the higher the credit score the better
Here are 3 easy ways to improve your credit score
1. Pay bills on time
2. Don't get to the edge of your credit limit
3. Don't apply for new credit that you really don't need
Scoreinfo.org, is a new website that helps people understand how credit scores factor in this new era of financial
regulation. As of January 2011, you have the right to receive your score any time a lender makes certain kinds of decisions
-- e.g., if you're denied credit or given credit on less than the most favorable terms a lender offers.
===================
January 3, 2011: Happy New Year! With all the money we spent on presents, parties, and everything else — who really
can afford to let money fly right out the window? So here are some ideas on how to make your Windows more Efficient...
Do you know in the winter, drafty windows can account for up to 25 percent of our heating bill?
Insulating drapes, interior storm windows, and plastic window insulation kit. Each of these solutions has its own pros and
cons, but they all insulate the same way. They create an insulated air buffer between your home and the window surface.
Insulated drapes are considered the most attractive option, but experts stress the importance of proper insulation. Drapes
must be flush with the wall to effectively create an air space between the window surface and the curtains. Improperly
installed curtains that let air pass through the sides of the drapes can actually pull heat away from the room.
Drapes, of course, can be reused and will help reduce utilities costs in every season.
Interior storm windows can be fitted to your windows and are effective at reducing air infiltration. These units use a fitted
pane that often clips into a frame. Pane materials range from the more expensive glass to polycarbonate plastic. The
advantage to interior storm windows is that they can be reused for several years. Many favor interior storm windows over
exterior varieties because they are easier to install will require less maintenance. According to the U.S. Department of
Energy, interior storm windows can reduce heat loss by 25 to 50 percent.
Plastic insulation kits are a very economical choice. Kits include a plastic sheet that is attached to a window frame with
adhesive tape and then stretched tight by applying heat with a hair dryer. The plastic film is made of vinyl, polyester or
polyethylene and can technically be removed and stored for next winter's use. Most homeowners, however, find these kits
to be single season items due to tears in the plastic and the milky appearance created by the aging plastic.
So which is your best choice? Go with a reusable option like interior storm windows or insulating drapes. Homeowners
that want to realize long term savings should consider upgrading to Energy Star qualified windows. Energy Star-rated
windows will have a substantial upfront cost but are the most efficient way to reduce home heat loss around windows.
(c) 2010, The Charlotte Observer (Charlotte, N.C.).
-------------------------------------------Home Improvements to help your house sell quickly!
| What is going on with Real Estate? Find out here with our Blog! |
