Charlotte North Carolina Real Estate Blog

October 2009 Charlotte Real Estate Market Update for Union County NC: Waxhaw, Indian Trail, Weddington, Monroe

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Thu, 03 Dec 2009 17:39:32 -0600

Real Estate Market Update for

Single Family Homes in Union County North Carolina including:

Matthews, Stallings, Indian Trail, Weddington, Monroe, Marvin, Wesley Chapel, Mineral Springs, Waxhaw, Marshville, Wingate, and Peachland

Data gathered for October 1 - October 30 2009 from the CMLS

Active Listings

Four hundred and forty-eight single family detached homes were added to the market of available inventory in Union County. October's new active single family figures were down 12.5% from a year ago and down less than a percent from September.
Pending Units

Pending sales for the month of October were up 15.68% from a year ago to 214 units. Compared to 2007, sales in October were down 17.05% and 10.46% from 2006.

Sold Units

Detached home sales in Union County rose from 2008 26.53% to 186 closed sales. While the sales increase is a welcome departure, October 2009's sales were down 36.52% compared to 2005. Seasonally, sales increase 5.46% from September to October however this year, sales declined 18.78% over the same period.

Average Sold Price

In October, single family detached homes in Union County sold at an average of $267,335 which was a 5.87% increase from July but a 6.04% decrease when compared to October 2008. The year to date (YTD) sold price for 2009 is $268,222 compared to the YTD sold price in 2008 of $293,172.

Average Days on Market

The average days on market for the homes that closed in the month of October was 104, down 15.45% from the year prior and down 13.33% from August.

Seller Concession

53% of the homes that closed in October offered the buyer a seller's concession averaging $4,315 or 1.6% of the average sales price.

Sold Price as a Percentage of Tax Value157 of the homes that sold in October in Union County had a tax value assigned to the listing. The homes that sold in October sold at an average of 104.82% of their listed tax values. 54 homes sold below tax value, the lowest which sold at 38.20% of its tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in October in Union County, sellers received 92.57% of their original asking price. With seller concessions included, sellers received on average 91.44% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 95.16% of their original asking price including concessions while homes listed for greater than 180 days received only 80.87%.

Buyer Financing

Of the homes that sold in October, 10 buyers used VA financing, 67 used FHA, 85 used Conventional Financing, 13 Cash, 2 Owner Financed, 3 FMHA, and 5 other.

Charlotte NC Homes For Sale

October 2009 Charlotte Real Estate Market Update for East Charlotte, Mint Hill, and Matthews

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 02 Dec 2009 15:24:37 -0600

Market Update for Matthews, Mint Hill, and Charlotte NC (MLS Area 3)

For all neighborhoods west of Independence Blvd and South of 24/27 in Mecklenburg County, including the towns of Mint Hill, Matthews, and Charlotte (Plaza-Midwood, Commonwealth, Sheffield Park, Callaway Plantation, Callaway Forest, Mintworth Village, Morris Farms, Marlwood Acres, Farmwood, Telfair, Annecy, Olde Sycamore, Ashe Plantation, Plantation Falls Estates)

Map of all the neighborhoods covered in Area 3

Data gathered for October 1, 2009 - October 31, 2009 from the CMLS

Active Listings

During the month of October, 145 single family detached homes were added to the inventory of available homes for sale in Charlotte, Matthews, and Mint Hill area 3. The new inventory numbers were down 9.38% year-over-year and down 26.4% from 2007.

Pending Units

Pending home sales rose 17.91% year-over-year in October to 79. While the increase in sales is encouraging, October's pending sale figures were down 43.57% from a four year high set in 2005.

Sold Units

Sales during the month of October, while off 1.28% from September, increased 17.91% from 2008 to 79 closed units. Historically, sales from September to October in Matthews, Mint Hill, and east Charlotte only decline 9.3%.

Average Sales Price

The average sales price for single family detached homes in east Charlotte, Mint Hill, and Matthews (area 3) during October was $152,036, down 24.61% from 2008. October's average sales price was the lowest in over 4 years.

Average Days on Market

The average days on the market for the single family detached homes decreased in October 4.12% over last year to 93 days.

Seller Concession

52 of the 79 closed sales in October offered the buyer a concession which averaged to $3,643. A seller concession can be anything from paying a lender’s closing costs, HOA fees in advance, taxes, insurance, or even a country club membership.

Sold Price as a Percentage of Tax Value

38 of the homes that closed in October in Matthews, Mint Hill, and Charlotte (Area 3) sold at or below their assessed tax value. On average, homes sold at 106.88% of their assessed tax values.

Sales Price as a Percentage of Original List Price

On average, sellers received 92.90% of their original asking price or 90.95% when concessions are considered. Of the homes that closed in less than 99 days, the seller received 95.73% of their original asking price while homes that were on the market greater than 180 days received only 83.47%.
Buyer Financing

Of the homes that sold in October, 37 utilized an FHA loan, 25 obtained a Conventional mortgage, 4 VA, and 8 paid cash.

Jonathan Osman
Charlotte NC Homes for Sale

Changes coming to the Short Sale and Deed-in-Lieu process through Making Home Affordable

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Tue, 01 Dec 2009 19:51:53 -0600

On November 30 2009, the Treasury Department released it's guidelines to improve and standardize the short sale process called "Home Affordable Foreclosure Alternatives - Short Sale and Deed-in-Lieu of Foreclosure". While the guidelines can be read in their entirety on the Making Home Affordable website, here are the program highlights:

This Making Home Affordable " program does not go into effect until April 5, 2010 and expires December 31, 2012.
The short sale and deed-in-lieu standards only apply to first mortgages where the investor is Freddie Mac or Fannie Mae. Other investors may opt-in to the program but are not required to. (Ok, behind every mortgage is a servicer and an investor. If you obtained your loan through Bank of America, chances are Bank of America is only the servicer of the loan and not the investor of the mortgage. For Conventional mortgage, the servicer could be Freddie Mac, Fannie Mae, or a private investor like a mortgage-backed security, or even another bank.)
The property must be the borrower's principal residence.
The mortgage (remember first mortgage only) must have been originated on or before January 1, 2009.
The borrower (seller in the case of a short sale) must be behind on their mortgage or the default is reasonably foreseeable (i.e. I lost my job and I can only live off on my savings for two months).
The current unpaid principal balance of the loan must equal or less than $729,750 (this amount increases for multi-family residences).
The borrowers total monthly mortgage payment must exceed 31% of the borrower's gross income.

Banks will begin reaching out to borrowers
Borrowers in default on their mortgage will be notified by their mortgage lender that they be eligible to participate in the "Home Affordable Financing Alternatives" program. If the borrower fails to respond to the bank's suggestion within 14 calendar days, the bank is under no obligation to extend the offer. Therefore, sellers in trouble will want to contact their bank to see if they qualify for the program. A mortgage representative will pre-qualify borrowers verbally and if eligible, will request supporting information from the borrower. The bank will also determine the value at the time of pre-qualification at no charge to the borrower unless the borrower fails to complete the program. Currently, the valuation of the property (either through a broker-price-opinion or appraisal) is not completed until after the home is listed, contract is received, and hardship is evaluated.

Changes to the Short Sale Process
In a short sale, the bank allows the borrower to list and seller the mortgaged property with the understanding that the proceeds from the sale may be less than the total amount due on the mortgage. Changes, additions, enhancements to the short sale process include:

A standardized Request for Approval of a Short Sale and Short Sale Agreement form will be issued to the borrower (samples of which can be viewed here). It will outline the marketing terms, the listing price as determined by the investor's guidelines, and the responsibilities of the borrower.
The short sale agreement is only good for 120 days but may be extended for total term of 12 months.
The property must be listed by a local licensed real estate professional.
The Short Sale Agreement will specify the the list price or the acceptable sale proceeds before the home is listed (BIG change from the way things are handled now).
Real estate agent's commissions will be capped at 6% for all sides involved and that includes any fees paid to a third-party negotiator.
If successfully closed, the borrower will be released from all liability of repayment from the first mortgage debt (and this includes loans with mortgage insurance). No more promissory notes!
Subordinate liens (2nd mortgages), in the order that they are filed, will receive a maximum of up to 3% of their unpaid balances; up to a total of $3,000. The Treasury Department will offer additional incentive of up to $1,000 to the subordinate liens for their release of the deed.
The borrowers mortgage will be modified to 31% of their gross monthly income during the term of the short sale. If the borrower fails to pay during this modification period, their short sale agreement may be terminated.
If the borrower abides by the terms of the Short Sale agreement, the bank WILL NOT foreclose on the home.

Short Sale "Investors": Your Opportunities are Eliminated. A couple of years ago, real estate investors discovered that they could put a short sale home under contract and then while they negotiated the sale with the bank, sell the home to a buyer at a higher price. Once the short sale was approved, they would close on the home in the morning and their buyer would close on the home in the afternoon. Their tenure of ownership would last a mere few hours and for the trouble, they could make 3-10% of the market value of the home. If they aren't successful, they let the home go into foreclosure. Under this program, the buyer of the home may not re-sell the home for 90 days after closing.

Sellers are FINALLY Compensated
Borrowers who participate with the terms of the short sale agreement will receive $1,500 at closing as a relocation incentive. Currently, borrowers in a short sale may not receive any money at closing under any circumstances.

Obligations of the Seller

Provide all information and sign documents required to verify program eligibility.
Cooperate with your real estate agent to actively market the property and respond to bank inquiries.
Maintain the interior and exterior of the property in a manner that will mean a quicker, higher priced sale.
Work to clear any liens that may prevent title conveyance.
Make the monthly modified mortgage payment in the Short Sale Agreement, if applicable.

How you can get kicked out of the program

Your financial situation improves or the borrower brings the account current or otherwise pays the account in full
Your real estate agent fails to act in good faith in listing, marketing, and/or closing the sale or violates the terms of the Short Sale Agreement
The condition or value of the property changes significantly
The bank discovers evidence of fraud or misrepresentation
The borrower / seller files for bankruptcy and the Bankruptcy Court declines to approve the Short Sale Agreement
Litigation is initiated or threatened that could affect the title to the property
The borrower fails to make the monthly modified mortgage payment

Warning: if you are kicked out of the program, you may be held responsible for the costs associated with the property valuation and servicer fees.
Short Sale Approvals will be within 10 business days.
Once a contract is received on the home, the listing agent will have 3 business days to submit the file to the bank for final approval. Since all of time consuming work is done up front, the bank will be able to approve or disapprove the sale within 10 business days. Sure beats the 6+ months most sales are taking these days. Additionally, the sales will be AUTOMATICALLY approved if the net sale proceeds are equal or exceed the minimum net determined in the Short Sale Agreement and the other terms have been met. Real estate agent's commissions not be reduced below the amount set-forth in the Short Sale Agreement (6%).

The bank will still specify when a closing will occur however the bank must allow the buyer at least 45 days from the approval to close the file.

Deed-in-Lieu of Foreclosure
Similar to the short sale process, a deed-in-lieu occurs when a seller sells the deed of their home to their mortgage lender instead of facing a foreclosure. A deed-in-lieu agreement can be viewed here. Changes to this process include:

Borrower will have at least 30 days to vacate the property from the Deed-in-Lieu agreement date
Borrowers will be able to receive a $1,500 relocation incentive for participating in the program
The home is able to be conveyed free and clear of all other liens
The bank may require the borrower / seller to attempt the short sale before accepting a deed-in-lieu. Some Short Sale Agreements may default to a Deed-in-Lieu agreement if the home fails to sell through a short sale.

Changes on How Short Sales and Deed-in-Lieu's are reported to the Credit Bureaus
When a seller / borrower agrees to a Short Sale Agreement or Deed-In-Lieu agreement, it will be reported at that time to the credit bureaus. Successful short sales will now report on your credit reports as "UA: account paid in full for less than the full balance" while Deed-in-Lieu sales will record as "89: deed-in-lieu of foreclosure on a defaulted loan."

As an REALTOR that specializes in short sales and pre-foreclosure listings, I am excited by these changes. Often times, short sale listings are overlooked by other real estate agents and buyers because of the hassle and horror stories associated with the uncertainty of the process. If adopted and implemented as stated, this program will make purchasing a short sale home as hassle free as purchasing any other form of real estate. I am also pleased by the incentives offered to the seller for participating in the short sale process as it should greatly reduce the number of foreclosures.

Charlotte Short Sales and Pre-Foreclosures

October 2009 Matthews and Charlotte Real Estate Market Update (Area 4)

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Mon, 30 Nov 2009 16:12:14 -0600

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 4 including:

Mecklenburg County North Carolina Area 4 including: Charlotte, Matthews. Neighborhoods West of Hwy 74, Independence Blvd. and East of Providence Road including, Grier Heights, Chantilly, Cotswold, Elizabeth, Eastover, Beverly Crest, Sardis Woods, High Timbers, Jefferson Park, Lansdowne, Providence Plantation, Sherwood Forest, Coachman Ridge, Providence Hills, and others.

Map of all the neighborhoods covered in Area 4

Data gathered for October 1, 2009 - October 31, 2009

New Listings

In October, 185 new single family detached homes were added to the market of available properties in Charlotte and Matthews area 4. October's new inventory figures represented a decline of 3.65% month-over-month and a 3.14% decline compared to last year. October 2009's new single family inventory was the lowest since 2005 when only 171 new listings were added to the market.

Pending Sales

Pending home sales in area 4 rose 126.47% over last year to 77 homes receiving a contract during the month of October. When compared to October 2007, this October's pending figures were still down 6.10% and down 37.4% from the 4 year high set in 2005.

Sold Listings

Fifty-six single family detached homes closed during the month of October in area 4, a 21.74% increase over October 2008. Month-over-month, sales fell 21.13%, which is typical for the September to October transition. In 2008, sales from September to October fell 30.3%, in 2007 sales fell 6.12%, and in 2006 sales fell 14.72%). October's sales were down 61.9% from their 2005 high of 110 closed single family homes.

Days on Market

The average days on market for a home in Charlotte and Matthews area 4 for sales in October remained a increased 5.26% to 100 days over the year prior. While the DOM compared to last year was an increase, October's DOM was the fourth lowest in 2009.

Seller Concessions

48% of the homes that closed in October offered a seller concession to the buyer as a part of the contract. The average concession amount was $4,788. A seller concession can be anything from paying a lender's closing costs, HOA fees in advance, taxes, insurance, or even a country club membership.

Tax Value as compared to Sold Price

Of the homes that closed in October in Charlotte and Matthews area 4, only 12 properties sold below their assessed tax value. On average, homes in area 4 sold at 120.05% of their tax value, with one selling over 200% of tax value.

Average Sold Price

The average sales price for the homes that closed in Charlotte and Matthews fell 25.14% over last October to $275,573. Last year, the average sold price for homes in area 4 was $368,108, which was the highest in a four year survey.

Percentage of Listed Price Received

Of the homes that closed during October, sellers received 91.7% of their original asking price; 90.71% when concessions are subtracted from the closed price. Eleven homes closed in less than 30 days with the sellers receiving 98.42% of their original asking price while 37 homes closed in less than 99 days with sellers receiving 94.42%. Nineteen homes closed in excess of 99 days (averaging 196 days), resulting the sellers receiving only 86.41%.

Market Analysis for Charlotte and Matthews NC Area 4

The lesson learned from October: Price it right and they will come.

The reality of the current real estate market that we will be in for some time is that with fewer buyers and more opportunities, sellers will have to be aggressive in pricing their homes for the current market. While only 56 homes closed during the entire month of October, the majority of them closed in less than 99 days with the sellers receiving 94.42% of their asking price.

Sellers also need to be aware of the role that distressed properties in determining their listing prices. While short sales, pre-foreclosures, bank-owned (REO), and HUD homes only account for 7.5% of the inventory in area 4, they represented 12.5% of the homes that closed.

The good news for both buyers and sellers is that prices are substantially lower (below 2005 average sales prices), the cost to borrow money is extremely cheap, and the home buyer tax credits have been extended. For a seller that needs to sell, this is the perfect opportunity to sell and move on. Buyers are, once again, being presented with an amazing opportunity to purchase that will not last forever. How long is anyone's guess so please don't buy into all the hype. However, with the cost to borrow so cheap and prices down, there's hardly a reason not to buy for a 5+ year investment.

Jonathan Osman
Charlotte NC Homes For Sale

South Charlotte Real Estate Market Update for October 2009: Myers Park, Dilworth, Stone Creek Ranch, Piper Glen, Southampton Commons, Ballantyne

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sat, 28 Nov 2009 19:11:52 -0600

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 5 including:

Charlotte Neighborhoods West of Providence Road and East of Park Road including, Cherry, Dilworth, Myers Park, Barclay Downs, Foxcroft, Beverly Woods, Cameron Wood, Pellyn Wood, Mountainbrook, Quail Hollow, Piper Glen, Olde Providence, Shadow Lake, Stone Creek Ranch, Ballantyne Country Club, Providence Country Club, Southampton Commons, Thornhill, Raintree and Ardrey.

Map of all the neighborhoods covered in Area 5

Data gathered for October 1, 2009 - October 31, 2009

New Listings

In October, 254 single family homes were added to the market of available single family inventory in south Charlotte. This was a decline of 7.3% compared to September, a 7.97% decline year-over-year, and the lowest since prior to 2005.

Pending Sales

Pending homes sales rose 56.52% to 108 closed units from October 2008 in south Charlotte area 5. However, October's pending home sales figures were still down 49.3% from 2005 and 35.71% from 2007.

Sold Listings

Single family closed sales rose 1.94% over September and 19.32% year-over-year to 105 closed units. As with the pending sales figures, the sold figures were still off 41.67% from 2005 and 23.91% to 2007.

Days on Market

The average days on market for homes in south Charlotte rose in October to 110 days on market until a contract. While this was 20.29% better than last year, it is still 30.95% greater than the year prior and 111.5% greater than in 2007.
Seller Concessions

33% of the homes that closed in October offered a seller concession to the buyer as a part of the contract. The average concession amount was $4,493. A seller concession can be anything from paying a lender's closing costs, HOA fees in advance, taxes, insurance, or even a country club membership.

Tax Value as compared to Sold Price

Of the homes that closed in October in Charlotte area 5, 78% (82 sales) closed at or above their assessed tax values, averaging a sales price at 128.17% of the assessed tax value. The 16 properties that sold below tax value sold at an average of 80.32% of the listed tax value and 7 homes did not have a tax value assigned.

Average Sold Price

The average sales price for a home in south Charlotte area 5 during the month of October was $397,891, a 33.29% decline over the average sales price in 2008 ($596,459). Average sales prices in area 5 have settled to just slightly above (6.39%) the 2005 average price.

Percentage of Listed Price Received

Sellers received 91.01% of their original asking price at closing, 90.47% when concession are included. The ratio from final listed price to final sales price, without concessions, is 95.27%. Of the homes that closed in less than 30 days, those sellers received 95.22% of their original asking price while the seller whose homes were on the market for more than 180 days received only 82.84%.

October 2009 Market Analysis for South Charlotte

Without a doubt, the headline here is that home sales are up 19.32% in south Charlotte's most affluent neighborhoods. That being said, that headline is misleading because October's home sales figures were still miserable compared to any other time in recent history. While some may point to the home buyers Tax Credit as a reason, I would contend that the bigger reason is that prices have dropped 33.29% year-over-year. Short sales, Pre-foreclosures, HUD Homes, and Bank-owned properties only accounted for 2.8% of the sales in area 5 and are only 5.4% of the total available inventory.

The reduction in the average sales price came by way of the sellers whose need to sell outweighed their desire for higher profits. In area 5, there exists a 11 month inventory of homes on the market, with the amount increasing to 17.8 months for homes over $500,000. In Myers Park, the inventory increases of homes is 22.7 months and in Dilworth the supply is 21.3 months. Of course, these two neighborhoods have higher priced homes and are generally more difficult to finance. For all the neighborhoods below Hwy 51 (Pineville - Matthews Road), there exists only a 8 month supply homes; which is a borderline neutral market.

Sellers should resist the urge to over price their homes given the inventory levels for their area and their neighborhood. Routinely, I run across homes where a seller was 10-20% above the market a few years ago and their home is still on the market today at a substantially lower price than if they had priced for the market back when they started. Buyers are concerned with purchasing in an overheated neighborhood for fear of continuing falling values and the buyer for a home in the Jumbo price range ($417,000+) is having difficultly obtaining financing.

Buyers in the neighborhoods closer to uptown and in the Jumbo financing price range have a lot of choose from and will find a number of very motivated sellers eager to sell.

Jonathan Osman
Charlotte NC Homes For Sale

October 2009 North Charlotte, Huntersville, Davidson, and Huntersville (Area 1) Real Estate Market Update

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sat, 28 Nov 2009 16:53:12 -0600

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 1 including:

Charlotte, Cornelius, Davidson, and Huntersville Neighborhoods East of I-77, North of N. Tryon Street, West of Cabarrus County, and South of Iredell County including the neighborhoods of Davis Lake, Highland Creek, Vermillion, Heritage Green, River Run, Skybrook, Northstone, Cambridge Grove, and others.

Map of all the neighborhoods covered in Area 1

Data gathered for October 1 - October 31, 2009

New Listings

In October, 334 new single family detached homes were added to the inventory of available listings in north Charlotte, Huntersville, Davidson, and Cornelius. October's year-over-year new inventory numbers were an increase of 3.73% but a month-over month decline of 3.75%.

Pending Listings

Only 169 homes received a contract in area 1 during the month of October, up 18.18% over 2008 yet 27.16% lower than in 2007 and 46.35% from 2005.

Sold Listings

172 homes closed during the month of October, a 21.99% increase over September and an astonishing 40.98% increase compared to the previous October. Over a four year history, October's sales figures were down 5.49% to 2007, 28.63% to 2006, and 27.73% to 2005.

Average Sold Price

The average sold price for single family detached homes in north Charlotte (area 1) increased to $186,945 in a month-over-month comparison to September. The average sold price was 5.67% lower than the previous 4 yr low set in 2006 of $198,188.

Days on Market

As a result of the decreased number of sales, the average days on market for area 1 increased to 89 days; an increase of 1.14% over 2008 and 25.35% of the four year low of 2005.

Seller Concessions

In 59% of the sales that closed during the month of October, the seller offered the buyer a concession averaging $4101. A seller concession can be anything from paying lender’s fees, HOA fees in advance, taxes, insurance, or even a country club membership.

Buyer Financing

Of the 172 closings in northeast Charlotte, Huntersville, Davidson, and Cornelius in October, 68 used conventional financing, 73 FHA, and 24 paid cash, 4 utilized VA financing, and 3 utilized “other” forms of financing.

Tax Value as compared to Sold Price

67 of the 172 sales that closed in north Charlotte (area 1) during the month of October closed either at or below the assessed tax value. 86 closed above the assessed tax value, averaging 107.28% for all of the closed sales during October.

Original Listing Price to Sold Price

Sellers received 92.53% of their original asking price at closing. When the seller concessions are figured into the equation, the amount received was 91.00% of their original asking price. Sellers that received a contract in less than 99 days received 94% of their original asking price, while homes that sold between 100-180 days received only 88.20%. The 23 homes that sold in over 180 days only received 88.01% of their original asking price (87.10% with concessions).

Market Analysis and Advice for Buyers and Sellers in North Charlotte, Huntersville, Cornelius, and Davidson

The good news: home sales in Huntersville, north Charlotte, Cornelius, and Davidson were up in a year-over-year comparison to 2008. While that may seem like a cause for celebration (and in a way it is), let's not forget that last October's sales were historically awful. Don't forget that it was only last October that we had the collapse of the financial system looming, a pivotal election nearing, and what the media termed as a the end of the western civilization. Ok, maybe it wasn't the media saying that but buyers were certainly believing that and as a result, they stayed away from purchasing real estate. When you look back to the sales in October 2005 (before Charlotte's market was overheated), you see that this October's contract volume was down 46.35%, sales were down 27.73%, prices were down 10.85% and homes sold 25.35% faster. Another tidbit of good news is that buyers are not only flocking to the foreclosed and short sale properties as they accounted for just 11% of the total sales in Area 1 last month.

With that in mind, sellers need to resist the urge to over-price their property if they truly intend on selling. 52 single family homes in north Charlotte, Davidson, Huntersville, and Cornelius went under contract in less than 30 days and the sellers received 97.1% of their original asking price before concession. Of the homes that sold between 100 - 180 days, sellers received only 88.2% of their original asking prices and then gave an additional 1.28% in concessions. That equates to sellers receiving 8.9% less for their home or in real dollars: $17,800 less based on a $200,000 home.

Buyers are taking advantage of the market's decreased prices and interest rates below 5% once again. To make sure that you're a successful seller, price at or ahead of the market (a little lower), preview your competition to see how your home stacks up, and you will be a successful seller in this market.

Charlotte NC Real Estate

So you're thinking about a career in Real Estate....

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sat, 28 Nov 2009 16:49:14 -0600

So you're thinking of the entering the exciting world of real estate? Well, here are six things that you should know before EVER gracing the doorstep of a pre-licensing school or talking with a prospective real estate brokerage.

1. It's a sales job.

The real estate business is a sales job and unless you like being poor, the "leads" that your company may provide for you will not be enough to sustain you. Unlike a normal career where you are paid for your time, talent, and experience, you pay the company that you work for in real estate for your hard work, talent, and your time. Every day, you need to find someone who wants to buy a home or sell a home and any day you don't is a failure. Fail too often and you'll go broke, poor, and it will be the worst decision that you'll ever made.

You see, I speak from experience. When I entered the real estate business in 2003, I was looking for work as a consultant in the DC area and I didn't know what I wanted out of this business. Ultimately, I wanted the end results (the closing checks) but I didn't like the time and effort required for lead generation. Because I didn't take my lead generation seriously, I failed early on but eventually persevered and now do very well. Therefore, if you're willing to do WHATEVER (legally) it takes to be a success in this business, then proceed to number two.

2. Committ youself to being a great agent.

The stories that you hear of a buyer being taken advantage of or a seller being ripped of is usually as a result of some lousy real estate agent always looking for a short cut. Short cuts end your career quickly and make the rest of us look bad. Also, you need to commit yourself to education. In the real estate business, you will wear a lot of hats from CEO, CFO, CIO, CTO, salesperson, to courier, and sign installer. If you cannot tackle the skills required by each one of these roles, you will need to take whatever training is necessary to get you up to speed.

3. Consider the type of real estate that want to sell.

Call a few local agents and ask to pick their brain about their experiences selling in your local market. I am called frequently from prospective agents and I love sharing about the market, the opportunities that exist, and the challenges that they may face. Smart agents niche and it is their bread and butter. My group's niche is the distressed housing market in Charlotte. Our experience, sales figures, and market knowledge are ahead of almost everyone in our market place regarding short sales and bank-owned properties. Granted, we sell a lot of owner-occupied homes as well but the majority of the buyers that find us are looking for our expertise.

4. You will need money.

Some firms say that you should not expect to sell a home in the your six months. If you work hard, you can make a sale within the first two months however you need money to get started in the business. Startup costs include:

Licensing Fees
Real Estate School and Exams
Signing up with a brokerage
Office Fees
Telephone Fees
Signage
Lockboxes
Increased insurance

5. Interview multiple brokerages

Understand that it's a number's game: the more agents a firm has, the more sources of revenue they have. As a result, all of their presentations make them sound like they are the absolute greatest real estate firm on the planet. However there are some very different models that exist and so talking to a half dozen or so, you will most likely find one for you. While I think that Keller Williams is great, it isn't for everyone. Keller Williams Realty is a hybrid between a traditional model (firm has more interaction in your business and takes more of your money) and the 100% model (keep more of your money but no training and support). Stay away from the 100% companies as you need training and support. The classes that you took in real estate school teach you how not to get sued and the basic concepts in real estate. Most people need the additional training from their brokerage to start a successful career. Without it: crash and burn.

You also will want to find a company that has a presence in the community that want to specialize in. The last thing you want is to lose a sale because the seller or buyer has never heard of your company and doesn't feel you are credible. Once you have a name, a niche, and confidence in your abilities, you can branch into starting your own firm or joining a new one.

6. It's not a part-time job

It may be hard to transition from a steady pay check to a life of uncertainty however it's something you will need to do. Real estate isn't a job that you can do at nights or just on the weekends. To do the job of an agent well and to make any money requires that you are working full time in your real estate business and you may need to hire some help. This may mean you will have to defer your dream of being a real estate agent for some time but that's ok. Remember that every sale either helps or hurts your reputation and if your client is frustrated by the fact his agent can only show him homes at night because of their day job, that's not going to help you.

Yes this may have been a little straight forward and negative but it's a reality of the real estate business. I enjoy being a real estate agent because it allows me to utilize all of my skills in helping others. At times, it can be very challenging but what career isn't. However, if you go into it with the goal of being the best agent you can be, to work hard, to avoid the short cuts, and treat it like a business, you will experience success beyond your wildest dreams.

Just Listed: 992 Park Slope Drive Charlotte - Pre-forclosure Renovated Townhome

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 22 Nov 2009 05:26:02 -0600

992 Park Slope Drive
Charlotte NC 28209

MLS #901224

View this home's listing

Bedrooms: 3

Bathrooms: 2 1/2

Total HLA: 1600 - 2000

Parking: 1 Car Garage + Storage

Type: 2 Story

Neighborhood: Hillside West

Interior Features: Hardwood flooring, Open floorplan, 42" kitchen cabinets, Double Ovens, Viking Gas Range, Bar, Great Room, Dining Room

Exterior Features: Side Patio, Rear Patio

Community Features: Pool

Description:This completely renovated condo townhome features a wide-open floor plan, bar with wine chiller, connections for ice maker and fridge. The kitchen features double Jenn-Air ovens, large island, and a Viking 5 burner gas cooktop with special Wok burner. Tastefully decorated top level features the master suite and two bedrooms, all larger than what most anticipate for a townhome. Basement level features additional 300 sq. ft. of storage perfect for a few motorcycles or scooters. .

For additional information or a showing:

Susan Shirley or Jonathan Osman
The Charlotte House Hunter Group

704-960-1725 ext 4

Screwed by a BPO

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sat, 21 Nov 2009 13:19:43 -0600

Earlier this year, I took a listing for a home in the Palisades, a newer neighborhood in southwest Charlotte that ended up being a short sale. The situation was classic: the neighborhood had declined in value, builders cutting profits, the seller had a HELOC far exceeding the market value of the home, and a substantially decreased income. Still, I took the listing as the process is straight forward with both banks suffering some loss to ultimately sell the home for more money than through foreclosure.

Within a few weeks, we had a offer and I started to negotiate the offers through both banks at the same time. The second mortgage, being a HELOC, had unreal expectations for what they would release the lien for ($30,000) however were willing to working something out with the seller because if the home ended in foreclosure, they get nothing. The HELOC's broker price opinion came in at market value for the home ($335,000) and all that was needed was a response from the first mortgage. The first mortgage, Chase, ordered a broker price opinion however theirs came in at a whopping $459,000. Not only was that price $124,000 above fair market value for the home, it would not have been necessary to short sale the home as the mortgage balance was only $390,000. So how did this happen?

Banks order a broker price opinion (known as a BPO) to determine what the fair market value of the home is. From that, they consider the offer put before them and so long as the offer is within a percentage of the market value, the sale is approved. The BPO is supposed to be handled by a local real estate professional and is occassionally compensated a nominal fee. In the past, the banks would order two BPO's per property so that they would not rely solely on just one person's opinion of the market. However as of late, the banks are only ordering one value per property and usually that agent will be the listing agent if the sale falls through and the home ends up in foreclosure.

Enter agent Gary. Gary isn't a really successful real estate agent judging by his past sales. In fact, agent Gary hasn't sold a home in over three years and that home was $80,000. To me, this does not qualify agent Gary to be an expert on real estate. However agent Gary has a pulse, a pen, a camera, a car, and a lockbox key so agent Gary is now a doing BPO's.

You see where this is going right?

Agent Gary does such an amazing job analyzing the market that he compares an ordinary tract-built home to a custom home and assigns a value outside the market. If agent Gary didn't have his head...., he would have seen that the homes in the neighborhood are all selling for 20% less than their original sales prices, builders are reducing their homes 40%, and the relocation companies are now selling homes at bank-owned prices. Agent Gary could have signed up for a free trial of RealtyTrac and discovered that 8 other homes in the neighborhood were being offered at a foreclosure auction in the next couple of months, which would only depress prices further. However, he didn't do any of that and so the value that was assigned was 14% above the price when new, $75,000 over the same home but with 2,000 more sq. ft. and $100k more than any other sale in the neighborhood. At that value, my listing would have been the ONLY home to have appreciated in value since new. You've got to admire his optimism.

The bank holds firm to their BPO value, the deal dies and many months pass with the home listed at the much higher price. No showings, no inquiries...it's just another over-priced listing. Finally, I convince the seller to give it one more shot at the fair market value in the hopes that enough time has lapsed that a new BPO would need to be ordered. We receive another offer, it's ratified by the seller, and sent to the bank in the hopes that the mistake of the past could be corrected. The file was even assigned a liaison to help shepherd it through the process, assuring us a quick turn around. Unfortunately last night, word came back from the investor (Freddie Mac) that they are holding to their six month old value and killed the sale once more.

So with a buyer gone and foreclosure inevitable, the seller is now faced with no options. The next time that you hear that Freddie Mac needs a bailout due to the mortgage crisis, just remind yourself of this true story. We had two people that wanted to buy the home at a fair price - not a steal but fair - a seller that did EVERYTHING to sell the home but you had an agent and a bank that said no. Unfortunately this time, my team, my seller, the bank, and the two buyers were all screwed by a BPO.

Charlotte NC Homes

5 Tips Buyers Should Know Before Making an Offer on a Short Sale Home

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Fri, 13 Nov 2009 16:30:25 -0600

This week, Kristin Ayers - our group's transaction manager - forwarded me an article that cited a number of reasons why a buyer should avoid purchasing a short sale or pre-foreclosure property. Of the 11 reasons they provided to avoid short sales, 10 were inaccurate. Therefore, as someone who lists and sells a number of short sale properties in the Charlotte Metro area, here are a few tips to aid you when offering on a short sale property.

1. What the Seller Owes Really Doesn't Matter

The article on short sales this week noted that buyers should be concerned with the amount the seller owes when compared to the market value of today. That is false. The reason why a home is listed as a short sale is that the seller owes more than the home is worth. In some neighborhoods, the banks are settling short sale properties for 40-50-60% of the previous purchase price because those sales figures are no longer relevant. As a buyer, you shouldn't focus on that number either but rather the market value of the property today. If a seller had private mortgage insurance, it can occasionally complicate the transaction but with so many mortgage insurers going belly up, their impact is becoming less and less.

2. Your Offer Should Be Within 10% of Market Value

No the banks are not giving these homes away but neither are they giving away bank-owned homes. Short sale offers within 10% of the fair market value of the property are accepted 9 out of 10 times. Some buyers prefer to low-ball the bank because they do not understand the bank's valuation process. However, low-ball offers are typically countered to by the bank at full market value. Therefore, a buyer who is not willing to pay 10% of fair market value should step aside.

So who determines what fair market value is: a local real estate agent or an appraiser. Depending on the price of the home, the values may be set by a local real estate professional (often not the listing agent) after the contract between buyer and seller. Often times, the agent who set's the price for the bank will be the one to list the property for sale should the short sale fail and the home ends up in foreclosure. As a result, they want a low-priced listing they can sell and routinely price the home low for the market. Also, bank owned homes are priced in the same manner (usually it's the short sale price) with the banks accepting within a percentage of the listed price.

3. Ask Questions of the Listing Agent

Ask 10 agents the way a short sale should be handled and you'll get 10 answers. Therefore, ask your agent to quiz the listing agent as to how many offers the property has, how your offer will be treated by the bank, where the seller is the short sale process, if a title search was done to reveal additional liens, etc. Our group handles short sales in this manner:
1. When an offer comes in from a buyer, it is negotiated between buyer and seller then signed by the seller creating a binding contract.
2. All other offers after the time of contract are accepted as backup-contracts only.
3. If the bank asks for all offers, we respond that we have 1 contract and x backup offers. We take a counter, if any, to the primary buyer and negotiate the sale with them. If they fail to consummate the transaction, we move to the next buyer with a backup contract. If we do not have a backup contract, the property is relisted for sale.
4. Once we have all parties in agreement, the buyer moves to closing.

4. Do Not Ask for Repairs to be Made

Short sales, like bank-owned properties, are sold in 'AS-IS' condition. Let's face it: the sellers are broke! If they hired someone to make the repairs, chances are they won't have the funds to pay them. We recommend that buyers to perform their home inspections even though the property is being sold 'AS-IS' because there are usually a host of latent issues that need to be resolved. Proactive buyers should consider performing their inspections pre-contract and use any repair work as leverage in their negotiations. For example, if the home has a bad roof, price the home with a bad roof, make your offer with the idea that you will need to replace that roof, and let the listing agent know the roof is bad. Word will travel and it will work in your favor to encourage a lower price.

5. No Contingencies and Be Prepared to Wait

Unfortunately, there's nothing short about a short sale. The banks are under staffed to meet the needs of sellers and think that with a 10+% unemployment rate, how many sellers are requesting assistance? Therefore, you need to be patient. That also means that you should not even think about asking for a contingency on the sale of your current home. Once the bank approves the short sale, you must close within 30-45 days. As a result, you must be flexible - preferably living with friends, family, or in a month-to-month rental - in order to consider a short sale. However, bank-owned homes are the same way so what's the big deal?

Never say no to a short sale in spite of what your agent may tell you. You're getting a great home for a great deal but like all good things, they take some time. The banks are getting easier to work with and routinely, the banks are paying real estate agents their full commissions so it's a win-win. In fact this entire year, we only had 1 short sale that did not pay well and it was one where we represented the buyer and the listing agent was very inexperienced. Even in that scenario, we were able to close the home in less than 60 days. By all means, do not expect that every short sale will work out and unfortunately, those are the ones you hear about most.

Good luck with your short sale purchase!

Charlotte NC Homes

If you're broke or have bad credit, don't expect that you should be able to purchase a home

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Tue, 10 Nov 2009 16:17:03 -0600

Over the last few months, I have received a number of phone calls from potential buyers of foreclosed properties who identify themselves has having bad credit. At first, I thought this was a fluke -a random buyer or two who thought I may know of a program to sell distressed properties to people with a history of not paying their bills on time. However, as of late, the calls have become numerous and as a result, I am posting this as a reality check for would-be home buyers.

First: if you know for certain that your credit is lousy, buying a home is probably the last thing you should be thinking of doing. The best advice would be to figure out what you owe and then develop a plan to pay down those debts. It may mean sacrifice or even taking a second job but there's not a single solitary bank that wants to lend money to people who have demonstrated that they pay their bills occasionally. While lenders will say to you that you only need to pay down your debts to a certain level, I would say pay down your credit cards and other lines to zero - then cut up your cards. Granted, there are mortgage programs that are not credit score driven however they don't ignore your credit history all together.

Second: if your home that you own is going into foreclosure, don't expect to purchase another home before the sale date. Mortgage lates are reported on your credit report even before the foreclosure. While not the end of the world credit-wise, no one in their right mind would lend a mortgage to someone who has chosen not to pay on the home they currently own. Many buyers a year or two ago purchased a new home and then let their old home go into foreclosure instead of selling it. The banks are wise to this practice and exercise every precaution to ensure that they do not end up with such a client.

Third: if you're broke, you're not buying a house. Best practices say that you should invest at least 20% of the purchase price as a down payment. Most mortgage minimums are 3.5% for FHA and 10% for conventional. There are mortgage products that will finance a home for up to 100% of the purchase price however this isn't for everyone. If you are going to go that route, you should at least have the money you would have used for a down payment in your reserves for an emergency or for when you sell. The problem many buyers run into is that when it comes time to sell, they cannot afford to because of a lack of equity and then must request a settlement or short sale from the bank.

My work with sellers that have fallen on hard times has driven the point home that it is absolutely necessary for you to live debt free and well below your means. If that doesn't suit you, then you should either change your standards or increase your income. When I purchased my first home in 2002, I put 20% down and had a little left in reserves for a rainy day that I had anticipated on growing. Six months after moving into my new home, I was out of work and now relying on my savings. Thankfully, I was able to find work in a few months, hold on to the home, and later sold it for a big profit. There were many nights where I lied in bed, heart pounding, mind racing, as I was wondering how i was ever going to put that money I was not living on back. However, as stressful as that situation was, it would have made it a million times more stressful if I was absolutely broke and facing the reality of losing everything.

So if you have bad credit or no money, start today with a game plan to improve your situation before you start thinking of purchasing a home.

Charlotte NC Homes

How to Spot that Deal You're Looking For

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Tue, 03 Nov 2009 17:41:09 -0600

Everyone wants to find a great home at a great price in today's market. However, spotting one is difficult given the level of available inventory and the number of confusing messages from family, friends, and others. Here are three types of properties that you may want to look into when attempting to spot that next great deal.

Homes Owned by or Involved in a Corporate Relocation

Relocation companies exist to aid corporations attract and relocate talent from out of state. In the past, most relocation companies offered properties at market value and were content to hold to their bottom line as values increased over time. In a declining market, the relocation companies are now offering the properties below market value; often at a price that would only be available through a bank-owned home or a short sale. The secret is that occasionally, the employer will pick up the tab on the difference of what may be owed on the home as a part of their employee's compensation package. Additionally, the homes are pre-inspected with repairs made prior to being listed for sale. The downside is that homes involved in a corporate relocation are not that easy to come by however you agent should know the keys to finding these properties.

The Good:Aggressively priced, Motivated Seller, Pre-inspected with repairs made. The Bad: Difficult to find and not available in every market.

Bank-Owned Properties (REO)

Bank owned properties are all the rage throughout the United States. The media has whipped up a frenzy among buyers that EVERY seller is just one payment away from foreclosure, which isn't true. Also, most are sold under the guise that there's absolutely nothing wrong with them, which may be somewhat true. What is true about a bank owned property, also known as an REO, is that for the RIGHT buyer, they can represent an awesome opportunity. However, if you are someone who's only prior home improvement experience consists of vacuuming the floor, an REO is not for you. If you're seeking into your first home, an REO is also not for you. Bank owned properties are sold AS-IS!

When you are looking at bank-owned properties, you must consider the costs associated with bringing the home back up to a livable standard. Most buyers only consider the ovbious problems (broken window, missing appliances) but there may be a whole host of deferred maintenance items that may need to be addressed as well. If you lost your job today, chances are you're not going to spend $20,000 on a new roof. I highly recommend taking along your trusted contractor and an inspector before making an offer on a bank owned home so that you will know what it is you're actually buying. Don't assume that a home that a new, never-lived in home is a great deal and will not have any issues. The questions you need to consider are at what point did the builder know when they were going to out of money and when did it finally occur? Also, was the home constructed to code with permits and did it pass all of the inspections?

Finally, REO homes are sold below market value so you need to act quickly and figure out if the bank is offering the home at a fair price or an unreal price. The banks do not want to own real estate and so they will offer the property below market value as a way to get it off the books quickly. Chances are that you're not the only one checking out the home, so you need to be prepared to offer the asking price or more.

During the summer, a buyer approached my team looking for our assistance to purchase a new bank-owned property in a gated neighborhood. Upon glancing the listing, it seemed the home was too good to be true at the price that was being shown in the listing. On site, the home looked great with 99% of all of the working being completed with a few punch-list items remaining...so we thought. Upon further inspection, we discovered the home never passed plumbing, electrical, or the framing inspection and would have to be demolished upon purchase. Our due-diligence ahead of time saved us from an inevitable lawsuit and we found the buyer another home that better suited their needs.

The Good: Below Market Value, Perfect if you know what you're doing. The Bad: Poor choice for the inexperienced DIYer or someone with limited cash reserves, due diligence required, must act quickly.

Well-Aged Listings

Cheese and wine are not the only things that get better with age; real estate can as well. Homes that have been on the market for a substantial length typically yield an excellent price, depending on the motivation of the seller. A closer look at the Charlotte real estate market in September revealed that the homes that in excess of 180 days typically sold at 85% of the sellers original asking price, where as the properties that closed in less than 99 days received closer to 92%. A few properties closed for less than 70% of the seller's original asking price, which can a great buy. The million dollar question is why did the home sit on the market for so long? Some are over-priced to begin with and the seller chased the market so far down that they ultimately settled with ever the market would yield. Others were dated and the buyers could not see the potential. Either way, for the right buyer, searching out a listing that has been on the market long enough to collect social security is an excellent way to score that deal of a lifetime.

The Good: 10-15% below market value. The Bad: The age of the listing may be as a result of the seller's lack of motivation...but you won't know unless you make an offer.

Charlotte NC Real Estate

September 2009 Charlotte Real Estate Market Update: Plaza-Midwood, NoDa, Belmont, Old Stone Crossing, Buckleigh

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 01 Nov 2009 12:13:46 -0600

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 2 including:

Charlotte Neighborhoods East of N. Tryon Street and North of Albermarle Road (24/27) including the neighborhoods of Plaza Midwood, NoDa (The Arts District), Belmont, McCarron, Old Stone Crossing, Buckleigh.

Map of all the neighborhoods covered in Area 2

Data gathered for September 1 - September 30, 2009

New Active Listings

In the month of September, 243 single family homes were added to the market of available inventory in east Charlotte; a 7.60% decline over September 2008.

Pending Homes

110 homes in east Charlotte (area 2) were placed under contract in September, which was a 2.8% increase over 2009 but a 36.78% decline over 2007.

Sold Units

Only 98 single family homes in east Charlotte closed during the month of September, 6.67% fewer than a year ago and 51% fewer than in 2006.

Average Sold Price

The average sold price of the homes that closed in east Charlotte in September was $118,807, 25.78% lower than from a year ago and 18.71% than in 2005. For the sales that closed from January to September, the average sales price $131,572.

Percentage of the Listing Price Received

Sellers received 91.33% of their original asking price; 89.72% when the seller concessions are taken into consideration. For the homes that closed in less than 99 days, sellers received 93.67% of their asking price and 88.31% for the homes that closed between 100 and 180 days. The homes that were on the market for more than 180 days yielded only 84.92% of the original asking price.

Average Days on Market

The average selling time for a home in east Charlotte during the month of September was 94 days. When compared to August, the homes that closed during September closed 9.62% quicker although it will take 30.56% longer than it did during September 2007.

Seller Concession

53% of the homes that closed in September offered a seller concession to the buyer averaging $3891. A seller concession can be anything from paying lender’s fees, HOA fees in advance, taxes, insurance, or even a country club membership.Sold Price as a Percentage of Tax Value

Of the 88 homes that had a tax value associated with the listing, 64.7% sold at or below the assessed property tax value. When taken as a whole, properties in area 2 sold at 101.58% of their tax value.

Buyer Financing

Of the homes that sold in September, 4 buyers used VA financing, 36 used FHA, 35 used Conventional Financing, 26 cash and 2 other.

Jonathan Osman
Charlotte Real Estate

September 2009 Real Estate Market Update for North Charlotte, Cornelius, Davidson, and Huntersville (area 9)

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 01 Nov 2009 10:23:44 -0600

Charlotte North Carolina Market Update for:

Real Estate Market Update for

Single Family Homes in Mecklenburg County North Carolina Area 9 including:

Abbington, Aberdeen Park, Americana Park, Avery Glen, Barkley, Barley Greens, Barrington, Beckett, Biddle Heights, Biddleville, Biltmore park, Birkdale, Braemar, Brasilia park, Brookfield, Brookline, Capps, Carrington Ridge, Carronbrige, Cashion Woods, Cedarfield, Chastain, Cindy Park, Claiborne Woods, Cradon Park, Crosswinds, Davis Meadows, Double Oaks, Douglas Park, Edmore Estates, Elizabeth Oaks, Firestone, Fox Chase, Fox Glenn, Gaitwood, Genesis Park, Gilead, Glenhaven, Glenwyck, Grass Meadows, Griers Grove, Hagers Ferry, Hambright Woods, Hamilton Village, Hawk Ridge, Hemby Woods, Henderson Park, Hunters Pointe, Huntington Forest, Hyde Park, Keeneland, Keener Creek, Lakeview Village, Lakewood, Latta Springs, Laurel Woods, Lawing Pond, Lea Woods, Lincold Heights, LInda Vista Place, Linden Estates, Macaulay, McCoy Crossing, McCrorey Heights, McIntyre, Melborne, Miranda, Northwood Estates, Oakdale, Oaklawn park, Oakview Commons, Peachtree, Pinebrook, Preston Village, Quail Ridge, Raven Ridge, Regency Park, Ridgemont, Riverview Acres, Rolling hills, Shelton Rige, Slater Ridge, Slater Springs, Stephens Grove, Stewarts Glen, Stillwell, Stone Hollow, Stonegate Farms, Stratford Forest, Sunset Oaks, Sunset Linda Vista, Sunset Village, Tanners Creek, Taylor Place, The Woodlands, Timberview, Torrence Crossing, Trinity Park, University Park, Villages at Rosedale, Walden Ridge, Walnut Creek, Washington Heights, Woodlands and Wynfield.

Map of all the neighborhoods covered in Area 9

Data gathered for September 1 - September 30, 2009

New Listings

During the month of September, 177 single family detached homes were listed for sale in North Charlotte, Cornelius, Davidson, and Huntersville (area 9); a 3.28% decline over 2008 and a 22.37% decline over 2007.

Pending Sales

91 homes were placed under contract during September, which was 12.35% greater than occurred in 2008. Compared to August, September's pending home sales were off only 6.19%.

Sold Listings

85 homes closed during the month of September, a gain of 23.19% over August and 10.39% over the previous September. When compared to September 2005, September's closed sales were down 43.71% from the four year high.

Average Sold Price

For September, the average sold price for a home in north Charlotte, Cornelius, Huntersville, and Davidson (area 9) was $159,870, down 2.68% from August and 6.91% from a year ago. The cumulative average sales price from January through September for area 9 is only 154,688, down 16% when compared to the 184,882 during the same period in 2008.

Days on Market

The average days on market for homes that closed during September in Huntersville, Davidson, Cornelius, and Charlotte was 87, down 17.92% from August but 3.57% from the year prior. It took the average seller 128.95% longer to sell their home this September than it did in September 2006.

Seller Concessions

42% of all the closed sales in September in area 9 recorded a seller concession, averaging $3,889. A seller concession can be anything from paying lender’s fees, HOA fees in advance, taxes, insurance, or even a country club membership. By comparison, only three of the homes that closed in September offered an agent bonus.

Tax Value as compared to Sold Price

52% of the sales in this area of Mecklenburg county closed at a sales price below the homes assessed tax value. Taken as a whole, the homes that closed during September closed at 100.51% of tax value.

Original Listing Price to Sold Price

Seller received 92.48% of their original listed price at closing, 91.33% when the seller concessions are figured in. For the homes that closed in less than 99 days, sellers received 95.10% of their original asking price while homes that were on the market for 100-180 days yielded only 89.82% of the original asking price. The sellers with homes on the market for greater than 180 days received only 87.61% of their original asking prices with one home, listed for 869 days, closing at 47.06% of asking price.

Buyer Financing

Of the closings that occurred in north Charlotte, Davidson, Huntersville, and Cornelius (area 9) in September, 34 used conventional financing, 24 FHA, and 20 paid cash, 1 Other and 3 VA.

Jonathan Osman
Charlotte Real Estate

September 2009 Real Estate Market Update: NE Charlotte, Cornelius, Davidson, and Huntersville

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sat, 31 Oct 2009 14:39:37 -0500

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 1 including:

Charlotte, Cornelius, Davidson, and Huntersville Neighborhoods East of I-77, North of N. Tryon Street, West of Cabarrus County, and South of Iredell County including the neighborhoods of Highland Creek, Vermillion, Heritage Green, River Run, Skybrook, Northstone, Cambridge Grove, and others.

Map of all the neighborhoods covered in Area 1

Data gathered for September 1 - September 30, 2009

New Listings

In September, 347 new single family detached homes were added to the inventory of available listings in north Charlotte. While September's new inventory were up 7.76% when compared to 2008 year over year, this September's new inventory was the second lowest since prior to 2005.

Pending Listings

159 homes were placed under contract in the month of September in north Charlotte, down 5.36% from 2008 and 38.37% from 2005.

Sold Listings

141 sellers found their way to the closing table during September, an 11.02% increase over August but a 4.73% decline over 2008 and a 37.89% over 2007.

Average Sold Price

The average sold price for single family detached homes in north Charlotte (area 1) during the month of September fell to $166,402, a decline of 28.07% over last September and the lowest average sales price in over 48 straight months.

Days on Market

Fewer sales during 2009 led to an increase in the average days on market for the homes that sold during September. Sellers were on the market for 101 days before receiving a contract, a 17.44% increase over the year prior and a 98% increase over 2006.

Seller Concessions

In 55% of the sales that closed during the month of September, the seller offered the buyer a concession averaging $4109. A seller concession can be anything from paying lender’s fees, HOA fees in advance, taxes, insurance, or even a country club membership. By comparison, only three of the homes that closed in September offered an agent bonus.

Buyer Financing

Of the 141 closings in northeast Charlotte in September, 48 used conventional financing, 64 FHA, and 22 paid cash, 6 used VA financing, and 3 utilized “other” forms of financing.

Tax Value as compared to Sold Price

76 of the sales that closed in north Charlotte (area 1) during the month of September closed either at or below the assessed tax value. Only 53 closed above the assessed tax value, averaging 98.55% for all of the closed sales during September. Only 12 out of the 141 closed homes did not have a tax value associated with their listing.

Original Listing Price to Sold Price

Sellers received 92.09% of their original asking price at closing. When the seller concessions are figured into the equation, the amount received was 90.75% of their original asking price. Sellers that received a contract in less than 99 days received 95.08% of their original asking price, while homes that sold between 100-180 days received only 87.47%. The 23 homes that sold in over 180 days only received 86% of their original asking price (84.21% with concessions).

Charlotte NC Real Estate

September 2009 Real Estate Market Update for Matthews, Mint Hill, and Charlotte NC (MLS Area 3)

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Thu, 29 Oct 2009 17:00:08 -0500

Market Update for Matthews, Mint Hill, and Charlotte NC (MLS Area 3)

For all neighborhoods west of Independence Blvd and South of 24/27 in Mecklenburg County, including the towns of Mint Hill, Matthews, and Charlotte.

Map of all the neighborhoods covered in Area 3

Data gathered for September 1, 2009 - September 30, 2009 from the CMLS

Active Listings

September added 134 single family detached homes to the over market of inventory in Charlotte, Mint Hill, and Matthews area 3. September 2009's new inventory figures were 37.09% lower than in 2007 and 27.58 lower than in 2008.

Pending Units

Seventy eight single family homes received contract in Charlotte, Matthews, and Mint Hill (area 3) in September, which was a 8.24% decline over 2008 and and a 43.07% decline when compared to 2007.

Sold Units

Sixty-seven homes were sold in September, a 17.54% increase over the same time period in 2008. However, when compared to the same month sales from 2005- 2007, September 2009's sales were down an average of 43.76%

Average Sales Price

The average sales price for homes that sold in Charlotte, Mint Hill, and Matthews (area 3) during September was $165,398. September 2009's average sales price was the lowest since 2005 and 25.88% lower when compared to 2008.

Average Days on Market

The average days on the market for the single family detached homes increased 47.3% to 109 days. September's DOM was the highest in over five years.

Seller Concession

36 of the 67 closed sales in September offered the buyer a concession which averaged to $5,173. A seller concession can be anything from paying a lender’s closing costs, HOA fees in advance, taxes, insurance, or even a country club membership.

Sold Price as a Percentage of Tax Value

39% of of the homes that closed in September in Matthews, Mint Hill, and Charlotte (Area 3) sold at or below their assessed tax value. On average, homes sold at 124.65% of their assessed tax values.

Sales Price as a Percentage of Original List Price

On average, sellers received 92.28% of their original asking price or 90.5% when concessions are considered. Of the homes that closed in less than 99 days, the seller received 96.18% of their original asking price while homes that were on the market greater than 99 days received only 85.61%. Sellers of homes that were on the market for greater than 180 days received only 82.82% of their original asking price.
Buyer Financing

Of the homes that sold in September, 32 utilized an FHA loan, 19 obtained a Conventional mortgage, 3 VA, 1 used a financing program offered by the North Carolina Housing Finance Agency, 2 were other, and 8 cash.

Jonathan Osman
Charlotte Real Estate

Just Listed Pre-Foreclosure: 8625 Barclay Woods Ct Charlotte NC 28226

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Tue, 27 Oct 2009 08:56:21 -0500

Just Listed

8625 Barclay Woods Ct
Charl - otte NC 28226

MLS #895859

View this home's listing

Bedrooms: 4

Bathrooms: 4 1/2

Total HLA: 4700 - 5600

Parking: 3 Car Garage

Type: 3 Story

Lot Size: .41 Acres

Neighborhood: Rea Woods

Interior Features: Hardwood flooring, 9' ceilings, open floor plan, 2nd and 3rd floor living rooms, master suite, jack and jill guest baths, gas cooktop in kitchen

Exterior Features: Rear patio, pergola, fenced yard

Community Features: Community pool, clubhouse, tennis courts, and recreation area

Description: Short Sale / Pre-Foreclosure in the heart of south Charlotte. Well appointed home features hardwood floors throughout main & 3rd floors, chef's kitchen, lot's of natural light, 2 sitting rooms off Master Suite, 3 Great Rooms and so much more. Don't miss the breathtaking 3rd level Media Room. Sold AS-IS

For additional information or a showing:

Susan Shirley or Jonathan Osman
The Charlotte House Hunter Group

704-960-1725 ext 4

Just Listed: 4709 Muscadine Ln Monroe NC

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Tue, 27 Oct 2009 08:53:42 -0500

Just Listed

4709 Muscadine Ln
Monroe NC 28110

MLS #895832

View this home's listing

Bedrooms: 3

Bathrooms: 2 1/2

Total HLA: 1800 - 2200

Parking: 2 Car Garage

Type: 2 Story

Lot Size: .98 Acres

Neighborhood: The Vineyard

Interior Features: Hardwood flooring, Vaulted ceiling in Living Room, Kitchen with Island, 42" cabinetry, Laundry / Mud Room, Dining Room, Over-sized walk-in closet, Tankless Water Heater

Exterior Features: Rear deck, pergola, fenced yard

Community Features: No HOA

Description:This delightful transitional with spacious fenced yard features soaring ceilings in the great room, open kitchen with center island and tall cabinetry, pergola over the rear deck, separate. mud / laundry room. The master suite features a tub & separate shower along with an unbelievably large walk-in closet. An added bonus is the tankless water heater. Approximately 10 miles to I-485.

For additional information or a showing:

Susan Shirley or Jonathan Osman
The Charlotte House Hunter Group

704-960-1725 ext 4

September 2009 Charlotte Real Estate Update for Charlotte and Matthews Area 4: Cotswold, Eastover, Chantilly, Elizabeth, Providence Plantation

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 18 Oct 2009 19:05:10 -0500

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 4 including:

Mecklenburg County North Carolina Area 4 including: Charlotte, Matthews. Neighborhoods West of Hwy 74, Independence Blvd. and East of Providence Road including, Grier Heights, Chantilly, Cotswold, Elizabeth, Eastover, Beverly Crest, Sardis Woods, High Timbers, Downtown Matthews, Lansdowne, Providence Plantation, and others.

Map of all the neighborhoods covered in Area 4

Data gathered for September 1, 2009 - September 30, 2009

New Listings

One hundred and ninety-two single family detached listings were added to the market in south Charlotte and Matthews during September. That was a 4.48% decline in the number of new active listings over the September the year prior. As of the date of this blog, the total inventory of active available single family detached properties in area 4 is 794

Pending Sales

Pending sales rose in September 13.11% from the year prior to 69 properties receiving and ratifying contracts. This was a same as in August, however a 36% drop from 2007 and a 56% decline since 2005.

Sold Listings

Single family detached home sales increased in September 5.97% from August and 7.58% from September '08 to finish the month with 71 closed sales. While a far cry from the sales volume from 2005-2007, it is an increase nonetheless over a tough 2008.

Days on Market

The average days on market for a home in Charlotte and Matthews area 4 for sales in September remained a flat 96 days over the year prior. September's sales had the second lowest average Days on Market since March, besting the summer months.

Seller Concessions

44% of the homes that closed in September offered a seller concession to the buyer as a part of the contract. The average concession amount was $4,138. A seller concession can be anything from paying a lender's closing costs, HOA fees in advance, taxes, insurance, or even a country club membership.

Tax Value as compared to Sold Price

Of the homes that closed in September in Charlotte and Matthews area 4, only 6 properties sold below their assessed tax value. On average, homes in area 4 sold at 135.11% of their tax value, with two selling over 200% of tax value. When adjusted out, the percentage drops to 124.59% of tax value.

Average Sold Price

In September, the average sales price for Charlotte area Matthews area 4 was $306,217, down 7.75% from the year prior and 15.12% lower than in 2007. The average sold price are still higher than in 2006 and 2005.

Percentage of Listed Price Received

On average, sellers received 91.42% of their original asking price. When concessions are included into the equation, sellers received 90.59% of their original asking price for the sales in September. For properties listed for fewer than 99 days, the percentage increases to 93.91% of asking price while older listings only averaged 86.86%. Bargain hunters must consider the older inventory on the market as sellers, whose homes were on the market for greater than 6 months, received only 81.64% of their original asking price.

Types of Sales

Of the 71 recorded sales in September, only 1 short sale listing closed as well as one home involved in a corporate relocation. The rest of the sales were between a seller or investor and buyer. Of the 794 active homes for sale in area 4 today, 7 are owned by relocation companies, 21 are bank owned, 25 are involved in a short sale, and 6 are owned in an estate.

Jonathan Osman
Charlotte Real Estate

Charlotte NC Home For Sale: 3727 Sally Ln Charlotte NC 28212

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 18 Oct 2009 17:27:57 -0500

Appraised for $140,000 in February 2009.

Newer home on quiet street features a large living room, 1 car garage, kitchen with ample pantry space, and Large Master and secondary bedrooms. Fourth bedroom is oversized and could be used as a bonus room. No HOA. Convenient to Everything! Priced to sell quickly. Close in time to take advantage of the First Time Home Buyer Tax Credit

Charlotte NC Homes

Charlotte Pre-Foreclosure / Short Sale: 4270 Cole Creek Drive Fort Mill, SC 29707

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 18 Oct 2009 16:43:51 -0500

Short Sale / Pre-foreclosure. Process nearly complete with bank when buyer backed out. 100% Financing Available though USDA. Home is in A+ condition but sold As-Is. Home features vaulted ceilings in bedrooms, large master w/ sitting room & dual walk-in closets, sunken great room on main level. Don't delay: HOT Property!

Charlotte NC Homes

Charlotte Short Sale / Pre-Foreclosure Home: 1628 Lookout Circle Waxhaw, NC 28173

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 18 Oct 2009 16:05:39 -0500

This incredible home is LOADED with more than this space will allow. The most discriminating buyer will not be disappointed with the commercial grade appliances in the kitchen, movie theatre, and rec room and completed basement featuring a great room and bar/kitchen. Main level master suite with access to the rear deck, each bedroom is a mini suite with their own bathroom, along with an exercise room in the basement. Complete In-Law Suite with a separate entrance, kitchen and family room, bath, storage and bedroom. The details continue to the back of the home on the covered deck and built in grill and fireplace. AND SO MUCH MORE! You have to see this home to understand the value! Call today for your showing.

Charlotte NC Homes

Matthews NC Homes For Sale: 3016 Ivy Brook Place Charlotte NC 28104

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 18 Oct 2009 15:34:28 -0500

An A++ Home that features and open floor plan, main level office, spacious designer kitchen overlooking living room with built-in cabinetry. Enjoy the morning in the naturally bright morning room or on the large back patio with built in hot tub. Designer touches extend to the Mater Suite and bath. Hugh walk-in closet. 2nd Level Bonus/loft. Attached 2 car garage. Low maintenance yard.

Charlotte NC Homes

Charlotte Pre-foreclosure Condo For Sale: 300 W 5th St. #246 Charlotte NC

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 18 Oct 2009 14:59:22 -0500

Studio In Charlotte's Premier amenity condo complex: Fifth and Poplar. This unit features hardwood flooring, granite counter tops, and walk in closets w/orgainzers. Covered, controlled access reserved parking. Courtyard with pool deck view and the Bank of America tower.

The hotel-style concierge can arrange for services beyond anything in the market, from maid service to laundry pick-up and delivery to pet care and secretarial service. We'll even water your plants and wash your car! And when you're ready for a night on the town, the concierge is always available to make dinner reservations and find hard-to-get tickets.

When the summer sun shines, you'll love cooling off in your beautiful pool, barbecuing with friends, relaxing in the gazebo or by the fireplace in the outdoor bar, or taking a few practice shots on the putting green, all in the central courtyard.Keep in shape in the health-club class fitness center where you can arrange for a personal fitness trainer.Had a tough day at work and need to get the kinks out? We can arrange for an on-site massage in our Therapy Center.We'll even get you going in the morning with an upscale coffee service in the Cyber Café, complete with morning newspapers and magazines.

Need a cup of flour? The on-site Harris Teeter supermarket makes trips to the grocery store easier than you've ever imagined. The on-site dry cleaner, retail outlets and business services like fax and copying add even more convenience to your life. When you live at Fifth & Poplar, every need will be met in grand style!

Charlotte NC Homes

Matthews NC Townhome For Sale: 2037 Gable Way Ln

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 18 Oct 2009 14:30:19 -0500

2037 Gable Way Ln

Matthews NC 28104

The home features a unique open floor plan featuring hardwood flooring throughout most of the main level, 9 foot ceilings, large windows, a rocking chair front porch with recessed lighting and a ceiling fan, and a large bedroom and full bath on the main level. The second level features a large master bedroom with private bath and walk-in closet as well as a second bedroom that features its own private full bath as well. The community features walking trails, pool, playground, clubhouse, and is convenient to shopping, parks, I-485, and Mecklenburg county.

Charlotte NC Homes