Union County Real Estate Talk

Fun Things to Do in Charlotte NC—The Gantt Center for African-American Arts+Culture

The Gantt Center for African-American Arts+Culture will celebrate its first birthday in October 2010.  My husband and I spent a pleasant Sunday afternoon recently at the Gantt Center and recommend it to anyone interested in African-American visual arts.  There were three exhibits at the Center on the day we visited.  Highlights from the John and Vivian Hewitt Collection of African-American Art presented fifty eight works of art, including Romare Bearden and Elizabeth Catlett.  Two other galleries contain prints, paintings and wooden vases and bowls.

The Gantt Center is located in uptown Charlotte NC on North Trade Street.  It is part of the Wells Fargo Cultural Campus.  Other museums at the Cultural Campus include Bechtler Museum of Modern Art, the Mint Museum opening in October, and the Knight Theater.

The Gantt Center has its roots in Charlotte’s Afro-American Cultural Center, which was founded in 1974.  Community leaders in conjunction with the University of North Carolina at Charlotte (UNCC) created the center to provide the public access to African-American culture through exhibitions, performing arts, and innovative educational programs.

The Center is named for Harvey B. Gantt, a Charlotte architect.  Harvey Gantt was the first African-American student admitted to Clemson University and the first African-American mayor of Charlotte.

The first annual GanttFest takes place on September 11, 2010.  This event will include story-telling, dance, spoken word, music and other live performances throughout the day.  It is free to the public and the Gantt Center will be open from 9am to 6pm that day.

Want to know more about living in Charlotte NC and its small towns?  Request a free Charlotte NC relocation package.

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Fun Things to Do in Charlotte NC—The Gantt Center for African-American Arts+Culture*

Use FHA 203k Financing to Make that Ugly Distressed Property Your Charlotte Dream Home

Interest rates at historic lows.  Lots of homes at discounted prices.  Foreclosures, short sales, distressed properties. There’s never been a better opportunity for a Charlotte NC home buyer to get a great deal on a home with an affordable payment.

You agree.  You should take advantage of the opportunities in this real estate market. 

What holds you back is the condition of all those distressed properties.  Ugly outdated kitchens.  Missing appliances and light fixtures.  Walls with holes.  Stained worn carpet.  Furnaces and air conditioners that don’t work.  You can’t see these ugly houses as your home and after making a down payment and paying closing costs, you can’t afford to fix them up.

Don’t let condition and repairs keep you from being a Charlotte NC home buyer.  There is a solution.  Consider an FHA 203k loan to finance both the purchase and the renovation of that fixer-upper.

The FHA 203k loan program has two types of loans that can be used for renovations.  The Standard 203k will cover structural repairs and landscaping and site work.  The Streamline 203k covers repairs and renovation up to $35,000.  Structural work and landscaping are not covered under the Streamline program.

How does the FHA 203k program work?  A scope of work for the repairs is identified and cost estimates are developed by a contractor or contractors.  The participating lender orders an appraisal, approves the buyer’s qualifications for the loan including the budget and cost of repairs.  Once the loan is approved, closing of the property occurs with funds for renovations set up in an escrow account.  The renovation must be completed within six months of closing for the streamline program.

What  repairs are eligible under the FHA 203K program?

Streamline 203k repairs include roofing, gutters and downspouts, heating and cooling systems, plumbing and electrical, flooring, kitchen remodeling, interior and exterior painting, appliances, decks, porches and patios, window and door replacement, and wells and septic systems.  No structural work is allowed under the streamline program.

The Standard 203k program includes everything allowed under the Streamline program as well as structural renovations.  Under the Standard program, you can move load-bearing walls, repair structural damage, add rooms, improve landscaping or finance renovations that will take longer than six months to complete.

Want to know more? 

Contact Carol Fox of Allen Tate Realtors at 704-905-3935.  Carol recently completed training to become a Certified 203k Specialist and can provide you with more details about the program.

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Use FHA 203k Financing to Make That Ugly Distressed Property Your Charlotte Dream Home*

Charlotte NC Real Estate Market Report—Second Quarter 2010

The National Association of Realtors (NAR) and the Carolina Multiple Listing Service publish a quarterly economic and market watch report for the Charlotte NC metropolitan area.  The just-published report for the second quarter of 2010 focuses on the impact of the federal tax credit program for first-time and repeat homebuyers and what the end of this stimulus program means for the local and national real estate market in the coming months.

The table below shows housing market statistics for Mecklenburg County where Charlotte is located. First quarter data of 2010 are compared with second quarter data of 2010.

Source:  National Association of Realtors, Carolina Multiple Listing Service

The effect of the tax credit stimulus shows clearly in the table.  The number of homes sold increased by approximately 59% in the second quarter.  Prices increased 6% over the first quarter showing that the tax credit achieved its goal of stabilizing home prices.  The number of homes on the market remained steady while the average days on the market decreased slightly.

Economic Forecast for the Housing Market

The NAR report includes a forecast of the national housing market over the next six months.  The Charlotte NC real estate market will most likely follow the national trends outlined in the report.

• Existing Home Sales.   Likely a downward trend.  Existing sales will be weak in the short term after the tax credit.
• New Home Sales.  Likely an upward trend.  Buyers of new homes are less influenced by the tax credit.
• Housing Starts.  Likely an upward trend.  New home inventory remains at very low levels.
• Housing Affordability.   Likely steady.   Housing affordability is at healthy levels and will remain at historic highs.
• Mortgage rates.  Likely an upward trend.  Mortgage rates are at historic lows, which is mostly likely a short-term trend.

Get more information about pricing, affordability and foreclosures in the Charlotte NC real estate market.

Charlotte NC Real Estate Market Report—First Quarter 2010

Want to know more about real estate and living in Charlotte NC and its small towns?  Visit www.CarolinaSmallTownLiving.com.

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Charlotte NC Real Estate Market Report—Second Quarter 2010*

Charlotte NC Homes for Sale--Price Reduced on 3708 Ayscough Drive

3708 Ayscough Drive in Barclay Downs has been reduced to $415,000.  This classic ranch home is located in a great neighborhood near SouthPark Mall in the heart of South Charlotte.  The home is priced so that you can update it to your wishes.

View a virtual tour of 3708 Ayscough Drive here.

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Charlotte NC Homes for Sale--Price Reduced on 3708 Ayscough Drive*

Are the Three Ds Sabotaging Your Charlotte Home Sale?

Donna, one of my current home buyer clients, is very organized in her approach to finding a home.  She takes notes on each house that we view.  This helps her remember the details and pluses and minuses of each property later when she turns to the process of eliminating those that won’t work for her family.

Last week as we toured a home, Donna made the comment that she could easily rate the property.  She was going to give it three Ds.  Curious, I asked her what three Ds meant.  “Dark, dirty and dated,” she replied.

Dark, dirty and dated.

Those three Ds describe why so many Charlotte homes don’t sell.  It amazes me that some Charlotte home sellers sabotage their home sales with the three Ds when the fixes for these problems can be so simple and mostly inexpensive.  Here are some tips for ensuring that your home doesn’t get graded with three Ds.

Dark

This is so easy.  Turn all the lights on.  Every light in the house, including the lamps.  If you have a room that has dark corners, buy an inexpensive pole lamp for uplighting.  Open the blinds, shades and curtains.  The right amount of light can turn a dungeon into a delight.  Why would you let a few pennies for electricity keep you from selling your biggest investment?

Dirty

Come on.  Buyers don’t want to move into someone else’s filthy home.  They notice the ugly stained bathtubs and showers, the spotted carpets, the dusty knickknacks, the dirty windows.  They smell your cats and dogs and the fish you had for dinner last night.  If you are unable to make your home sparkle for showings, hire someone to clean it for you.  Clear out the animal dishes and kitty litter.  Remember, if it smells, it won’t sell.

Dated

Yes, updating a home can get expensive.  But there are some simple, relatively inexpensive things that you can do to make your home less dated.  Do you still have shiny brass fixtures?  Shiny brass is out!  Replace those light fixtures, faucets and kitchen hardware with something in today’s popular finishes.  Updated fixtures can change a home’s look dramatically.  You will also get a lot of bang for your buck if you paint your rooms with dark or bold colors a fresh neutral color.  Getting a little more expensive, replace that worn out carpet.  It doesn’t have to be the most expensive carpet, just new and neutral.  The kitchen is everyone’s favorite room.  Replacing old appliances and countertops will help you sell your home because buyers won’t be thinking of what they have to do to make the home livable for them.

Don’t let Donna’s three Ds sabotage your Charlotte home sale.  Take some steps to keep your home from being labeled dark, dirty and dated.  Change one of your biggest investments from DISGUSTING to DELIGHTFUL.  Donna would approve.

Thinking of selling your Charlotte NC home?  Click here to request a free market analysis.

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Are the Three Ds Sabotaging Your Home Sale?*

Charlotte NC Home Buyers—Mortgages Then and Now

If you are like the average Charlotte NC home buyer, you have probably moved to a different home every five to seven years.  You probably got a mortgage when you made that move.  Getting the mortgage then was most likely fairly easy.  A cake walk.

That was then.  This is now.  Getting a mortgage today is not what you remember. 

I’m writing this post because my recent buyer clients, who have purchased homes before, are finding the mortgage process to be different than what they expected and very stressful.  I hope that I can explain today’s process and provide some answers that will remove some of the anxiety and stress from getting a mortgage.

 If you are a Charlotte NC home buyer today, here are three  things to consider about the mortgage process.

How long will it take to get loan approval?

Then

No so long ago, there was very little documentation required to get a mortgage.  There were even loans called no-doc mortgages where nothing was verified on your loan application.  the basic steps in the process were the same for all loans but there were no mandatory timetables for processing a loan.  You could get your loan approved very quickly.

Now

No documentation and no mandatory disclosures and timetables led to fraud and consumer abuse.  The inevitable crackdown led to new regulations.  Now, you can get preapproved by a lender but until there is a purchase contract, the lender can’t generate the necessary disclosures for you to review and sign.  Once those disclosures are generated, there is a mandatory three day waiting period before the lender can proceed.  Monies to pay for the appraisal can’t be collected by the lender until you have received the disclosures.  If there are any changes to the loan such as a new rate lock or a different loan amount, the disclosures have to be generated again.  From the time the initial disclosures are issued, there is a waiting period of seven business days before you can close.

Why does the lender ask me for so much documentation?

Then

No documentation led to fraud and abuse as stated above.

Now

Expect the lender to require documentation of everything about your financial life.  No documentation loans have turned into fully and well documented loans.  Often, one document that you provide leads to more questions and requests for additional documents.  It can seem like a never-ending process.  Remember “stated income” income loans where you filled out the loan application stating what your income was without any proof?  They don’t exist anymore.  In fact, a new Lender Quality Initiative means that the lender has to pull tax transcripts as part of the process to ensure that your tax returns match what your loan application says.

How will my credit score affect my loan?

Then

There was a loan program for just about any credit score.  Sure, you might pay a higher interest rate or an obscenely high rate in the case of really low scores, but you could get a mortgage.

Now

Your credit scores will have to be near or above 700 for most mortgage programs.  This means that if you are contemplating a move, determining what your credit score is should be your first step.  If it is too low, work on credit repair.  Even if you have good credit and you are in the loan process, don’t do anything during the loan process that will affect your credit score.  The lender is now required to pull a second credit report just before closing.  You could find your approval rescinded if you’ve taken on new debt and you no longer qualify for the loan.  Always delay all purchases of furniture and appliances until after your loan closes.

Want to know more about buying a home in Charlotte NC and its small towns?  Visit www.CarolinaSmallTownLiving.com.

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Charlotte NC Home Buyers—Mortgages Then and Now*

Charlotte NC Real Estate Market Report—First Quarter 2010

All real estate is local.  What’s happening to the market in your neighborhood and its immediate surroundings is the best indicator of your property’s value.  Sometimes, however, it’s helpful to step back and get an overview of the regional market because regional trends can predict the future for your real estate investment.

The National Association of Realtors (NAR) publishes market reports for major metropolitan areas every quarter.  This post summarizes some of the NAR findings for the Charlotte-Gastonia-Concord area.  You can read the entire report by clicking here.

Pricing in Today’s Market

The median home price in Charlotte NC is $171,400.  The US median price is $166,733.  The table below shows what has happened to prices and home equity in the Charlotte and US markets since 2001.

Source:  National Association of Realtors

What it means to you.

• Prices are still down from a year ago but the rate of decline is improving.
• If you purchased early in the real estate boom, you are more likely to have some equity in your property.
• The Charlotte market is in better shape than the U.S. market as a whole.

New Construction

5,120 building permits were issued for one-unit building in the Charlotte market during the twelve months between March 2009 and March 2010.  The long-term average for twelve months of  building permit activity is 14,899 permits.  This indicates that the current level of new construction is 65.6% below the long term average.  Single-family building permits were off 11.4% year-over-year ending in March 2010.

What it means to you.

• The supply of new homes to the market is limited compared to Charlotte’s historical averages. 
• If you are in the market for a new home, your choices may be limited compared to the recent past.
• There may be more of a market for your resale home than in the past when there were many choices in new construction.

Affordability

Two tables below show statistics for the ratio of monthly mortgage payment to income and median home price to income in Charlotte and the U.S.

Source:  National Association of Realtors

Source:  National Association of Realtors

What it means to you.

• Both indicators of housing affordability are strong historically and better than the U.S. averages.
• Housing affordability improved in the first quarter of 2010.
• Charlotte remains an attractive relocation market because of its affordable housing compared to many other parts of the country.

Foreclosures

The table below shows the foreclosure rate for prime mortgages in Charlotte and the U.S. plus rates for prime mortgages that are 90-days delinquent but not yet in foreclosure.

Source:  National Association of Realtors

What it means to you.

• The foreclosure rate is low in Charlotte compared to the country as a whole but the rate is rising.
• The rate of delinquent mortgages has climbed faster than the national average suggesting a bulge of foreclosures in the future.
• Increasing foreclosures are likely to exert a downward pressure on prices.

Want to know more about real estate and living in Charlotte NC and its small towns?  Visit www.CarolinaSmallTownLiving.com.

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Charlotte NC Real Estate Market Report—First Quarter 2010*

Charlotte NC Homes for Sale--3708 Ayscough Road is Barclay Downs is Reduced

This classic ranch in Barclay Downs, one of SouthPark's best neighborhoods, has been reduced to $445,000.  The home features wood flooring, a large family room with pretty masonry fireplace with gas logs and built-ins.  A large screen porch overlooks the the big level backyard.  The lot offers plenty of room for expansion.

Take a virtual tour of 3708 Ayscough Road in Barclay Downs.

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Charlotte NC Homes for Sale--3708 Ayscough Road in Barclay Downs is Reduced*

Fun Things to Do in Charlotte NC—Come Sit a Spell at Daniel Stowe Botanical Garden

Sipping iced tea on a big front porch is one of the iconic visions of the southern home.  Or should I say ‘sipping sweet tea’?  No matter how you take your tea, you’ll enjoy the exhibit of original porch furniture at Daniel Stowe Botanical Garden.

Called Come Sit a Spell, the exhibit features porch rockers, swings, and chairs crafted by artists, schools, companies and community groups.  Forty five unique pieces of furniture are placed throughout DSBG, Charlotte NC’s premier botanical garden.  The pieces range from rustic to modern to whimsical.  They all honor the tradition of the southern front porch.

Enjoy these photos of some of my favorite art from the Come Sit a Spell exhibit.

Other Fun Things to Do in Charlotte NC

Tour Bank of America Stadium

Watch a Movie in the Park

Want to know more about living in Charlotte NC and its small towns?  Request a free Charlotte NC relocation package.

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Fun Things to Do in Charlotte NC—Come Sit a Spell at Daniel Stowe Botanical Garden*

Fun Things to Do in Charlotte NC—Watch a Movie in the Park

Do you remember riding in the back seat of your parents’ car to the local drive-in movie?  Those drive-ins are nearly extinct now.  But you can experience the same kind of fun with your family today.  Spring and summer are the season for watching movies in Charlotte NC’s small town parks.

Movies in the Park are about to begin in Matthews NC and Mint Hill NC.  Mint Hill’s first movie is Friday May 7th and Matthews will show its first movie on Saturday May 8th.  Take a picnic and a blanket or lawn chair.  The movies begin at sunset about 8:00.

Mint Hill’s program is call Movies on the Lawn because the movies are shown on the lawn in front of the Mint Hill Town Hall.  Three movies are scheduled:  The Princess and the Frog on May 7th, Where the Wild Things Are on May 14th, and Cloudy with the Chance of Meatballs on May 28th.

Stumptown Park in downtown Matthews NC is the site of the Matthews Summer Concert and Movie Series.  Pre-movie activities start at 7pm with the movie following at 8:30.  You can take your own food or purchase food on-site from vendors.  The movies schedule is UP on May 8th, Where the Wild Things Are on May 22nd, Cloudy with a Chance of Meatballs on June 5th and Ghostbusters on June 19th.  The Ghostbusters pre-movie activity is Slime Making.  Sound like fun!

Stallings NC will show a movie at its Stallings Movie Night in the Park on June 12th.  Pre-movie activities start at 7pm and the movie starts at dusk.  This event takes place at Stallings Park in downtown Stallings.

Other Fun Things to Do in Charlotte NC

Tour Bank of America Stadium

Want to know more about living in Charlotte NC and its small towns?  Request a free Charlotte NC relocation package.

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Fun Things to Do in Charlotte NC—Watch a Movie in the Park*