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home buying: Time to Cash In On The Tax Credit - 02/15/10 07:17 AM
Last November, the Homebuyer Tax Credit was extended giving first time home buyers a tax rebate of $8,000 and $6,500 for qualified buyers who already own their home.
The tax credit applies to homes purchased before April 30, 2010 and to homes under contract by April 30, 2010 which will close by June 30, 2010.
Stop for a moment to consider the fact that it might take several weeks to choose the right home, it will take adequate time to negotiate the right price and terms, and another 30 days or so to process your mortgage loan. You’re looking … (0 comments)
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home buying: Charlotte Real Estate Report for December - 01/12/10 10:03 AM
Listed below is the residential real estate market summary for the Charlotte area for the period December 6, 2009 through January 5, 2010:
Sold: 1,527; avg. LP $239,062; avg. SP $211,705; %LP/SP 89.49% New Listings: 3,094; avg. price $250,094 Under Contract: 1,466; avg. price $232,127 Withdrawn: 1,234; avg. price $341,183 Expired Listings: 2,493; avg. price $322,183 Active Listings: 21,727; avg. price $300,937
The number of homes sold during the month of December fell 23.7% compared to November, but was 13.1% above that for December, 2008.
Last month’s sales numbers are a dramatic change from 2 … (1 comments)
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home buying: Important Tips On Buying That Next Home - 12/14/09 11:39 AM
Finding the right home is the result of good preparation and solid research with a little basic education thrown in. Here are a few simple, but important tips to help you in your search for a new home.
TIP #1: LOCATION, LOCATION, LOCATION
I know that this sounds like a worn out cliché, but it's true. Location is the largest single factor to consider. Do your own research regarding the neighborhood, schools, places of worship, desirable amenities, and the general "feel" of the community.
TIP #2: Know how much you can afford
Consult with a qualified home mortgage consultant and be … (0 comments)
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home buying: 5 Reasons For You to Buy That Home Now - 12/09/09 03:26 PM
If you're qualified to buy a home now, and that home purchase makes sense for you and your family, here are five reasons why you should consider buying that home in the next several months:
1. Homes are more affordable than ever.
According to the National Association of Realtors' housing affordability index, homes were more affordable in October of this year than at any other time since the group started the index in 1970. The NAR’s affordability index is a measure of the relationship between home prices, mortgage interest rates, and family income.
In Charlotte, … (1 comments)
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home buying: Simplifying the Home Buyer Tax Credit - 11/27/09 10:35 AM
Earlier this month President Obama signed a bill extending the first time home buyers $8,000 tax rebate. Included in that bill is an expansion of the original plan to include existing homeowners. The expansion provides a $6,500 tax rebate for qualified buyers who already own their home. Both tax credits will be in effect until April 30, 2010. These provisions offer a tremendous opportunity for first time home buyers and certain existing homeowners to buy a home before the April deadline.
"The only thing I would say is that if history teaches us any lessons we should move forward sooner rather … (0 comments)
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home buying: Homebuyer Tax Credit to be Extended and Expanded! - 11/05/09 06:15 PM
Earlier this week, the U.S. Senate unanimously passed an extension and expansion of the homebuyer tax credit. This morning, the House of Representatives approved the agreement reached in the Senate by a vote of 403-12. The bill has now passed both chambers and is awaiting the President’s signature, which could be as early as tomorrow!
Below is a summary of the new modifications in the extension and expansion of the tax credit:
1) The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.
2) A new $6,500 tax credit … (1 comments)
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home buying: Homeowner's Insurance Primer - 10/18/09 11:29 AM
Provided courtesy ofSeth G. Horner Insurance, Charlotte, NC One of the sometimes confusing and, however, essential aspects of home ownership is your homeowner's insurance policy. Here is an overview of general information and terminology for first time homeowner, and for anyone who has a question about how coverage is detemined by your insurance company. Coverage A - Dwelling: Provides protection for the dwelling on an all risks basis up to the policy limits. The policy limit is set by the policyowner at the time the insurance is purchased. You can choose to insure your home and belongings for either replacement cost … (0 comments)
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home buying: The Inspection and The Warranty: 2 Lessons Learned - 10/05/09 12:54 PM
Home warranties have become so commonplace in real estate transactions that we sometimes take them for granted. They are a fact of life in just about every contract that is written these days. For example, most Realtors advise buyers to write it into their Offer to Purchase regardless of the age of the home. That's because all homes come with the obvious potential of failures and breakdowns that may come into play in the future. Even new homes are prone to have defects which are sometimes overlooked by the builder, as well as, the building inspector. A recent sale brings into … (1 comments)
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home buying: Are Higher Mortgage Rates Slowing Housing Recovery? - 06/17/09 03:29 PM
Mortgage rates once again surged upwards. The Mortgage Bankers Association's Loan Application survey this week said that demand for home loans in the first week of June fell 7.2% compared to the previous week, as the average rate for a 30-year mortgage shot up 32 basis points to 5.57%. This is only the second consecutive week that average rates have exceeded 5.00%, but already they are at their highest level since November.
With mortgage rates at historic lows in recent months, demand for homes had been increasing and many analysts said there were signs of stabilization in the housing market. Rising … (0 comments)
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home buying: May Residential Sales Report - 06/11/09 05:49 AM
Sales figures for the month of May reflect a continuation of the market trends that we experienced through the first quarter of this year.
Closings: 1,912; avg. LP $223,470; avg. SP $199,243; %LP/SP 89.16%
New Listings: 5,080; avg. price $288,852
Under Contract: 2,350; avg. price $233,789
Withdrawn: 1,662; avg. price $356,583
Expired Listings: 1,223; avg. price $323,500
Active Listings: 28,658; avg. price $326,065
(Statics for entire CMLS residential sales for the period 5/06/09 through 6/5/09)
Although closings are up 7.8% from April, the average sold price … (0 comments)
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home buying: Focus on Starter Home Communities - 06/03/09 11:29 AM
Now that HUD has formalized their plan to monetize the tax credit for first time home buyers, this might be a good time to focus on communities that feature starter homes. There are only 2 discussed here, but Charlotte has an abundance of great homes to choose from for the first time home buyer.
BRADFIELD FARMS
The community of Bradfield Farms lies 17 miles east of uptown Charlotte in an unincorporated part of Mecklenburg County adjoining Cabarrus County. Houses were built here between 1989 and 1999 - primarily by Centex Homes, but other quality builders, John Crosland, K. Hovnanian Homes, Torrey … (0 comments)
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home buying: Tax Credit Monetization Plan Announced - 06/01/09 02:12 PM
Last week, HUD Secretary Shaun Donovan announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that the action will help stabilize the nation's housing market by stimulating home sales across the country.
The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. This announcement details FHA's rules allowing state Housing Finance Agencies and … (0 comments)
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home buying: Charlotte Among Top Growth Cities - 05/26/09 02:41 PM
Source: Forbes.com, May, 2009
Unemployment is on the rise, credit is tight and consumers aren't spending - which means they aren't picking up and moving much, either. Very few places in America saw significant population growth in 2008.
Despite the overall economic slowdown, some parts of the country keep on moving ahead, attracting more and more newcomers - even if it's at a slower pace than in more sound economic times. These places still offer a semblance of stability, as well as great weather, cultural life and, in many cases, affordability.
Read the full story
To determine the fastest-growing metro areas in … (0 comments)
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home buying: 721 Morrison Offers Stylish Mixed Use Community - 04/28/09 01:54 PM
721 Morrison is a mixed use community located in the heart of Myers Part and two blocks from upscale Southpark Mall. The development offers one-, two- and three-bedroom plans in 13 different styles. A number of units are available and pricing range from the low $200's to the low $400's.
Interior features of the units include 9'4' ceilings, prefinished hardwood floors in living room, kitchen, dining room, den and hallway. Other features include ceramic tile floors in bathrooms, stainless steel appliances, granite kitchen counter tops, and 42' kitchen cabinets. There is secure building access, gated parking, pool, and fitness center.
Customized … (0 comments)
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home buying: Develop Expectations Before You Shop for a Home - 04/24/09 01:19 PM
Before you decide on your next home purchase, it is important to evaluate what you can expect from the Real Estate Professional that you select to represent you. You will need to understand that, while there are plenty of us out there to assist you, not all Real Estate Agents offer or deliver the same services. Many agents represent buyers exclusively while others choose to act only as Listing Agents. Here is a checklist of activities and services to look for when working with your Real Estate Professional: They can provide you with several qualified home mortgage consultants from which to … (0 comments)
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home buying: Last Week’s Mortgage News in Review - 01/16/07 02:29 PM
"DISAPPOINTMENT PROVES...THAT EXPECTATIONS WERE MISTAKEN." - Mason Cooley
And sure enough, the disappointing performance of Bond prices and home loan rates last week was largely the result of some unexpected news and data, which left home loan rates about .125% higher across the board.
Remember that "good" economic news tends to be "bad" for Bond prices and home loan rates for two reasons. First, because Stocks and Bonds compete for the same investor dollar - and good economic news would cause many investors to pull money out of Bonds and place it into Stocks, which generally benefit from a healthy economy. Second, … (0 comments)
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Chuck Webb
Charlotte,
NC
More about me…
Wilkinson & Associates
Address: 8604 Cliff Cameron Drive, Suite 110 , Charlotte, NC, 28269
Office Phone: (704) 393-0048
Cell Phone: (704) 724-2454
Email Me
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