Found an interesting article about outlet malls and how they may not offer "deals" despite their popularity. For some, a day long trip to an outlet mall is a highly anticipated outing but do they really offer value? You can read the entire article at : Are Outlet Malls For Suckers?
I saw some interesting parallels to real estate in Charlotte NC particularly whether short sales and foreclosures are the "outlet malls" of the real estate world.
The article mentions some defining features of outlet malls. Let's compare to real estate short sales and foreclosures, just for fun:
- Outlet malls are typically located outside urban areas, so time and energy is spent just getting there which breeds the perception and rationale that you can't just walk away empty handed after all that effort.
With short sales and foreclosures- the process is anything but quick and easy, especially with the "don't call us, we'll call you" short sale process, not to mention the addendums/restrictions/bank dictated (and favored) terms of buying a foreclosure. Hmmmm, time, energy, effort, (money spent on inspections), it's a lengthy trip and you wouldn't want to walk away empty handed...right?
- At outlet malls, is it REALLY the same quality products you could buy elsewhere, just cheaper? If material quality is inferior it may last as long. Or you could think of buying a pair of pants you know are going to have to be tailored or have some flaw versus a pair that may be priced higher but doesn't require alterations.
With short sales and foreclosures- They're going to require some attention, what's referred to as "tlc". Yeah, tlc costs money and it'll come from your pocket. Buying at a distressed price doesn't put $ in your bank account but YOU will be responsible for any repairs/maintenance issues/even cosmetic work after you buy it. Cost and price are NOT the same thing. Price is a one time amount, what it ends up costing you is often overlooked in the thrill of a perceived "deal"...
- Outlet malls frequently advertise "Sale" and "Discount" and those are emotional trigger words used to stimulate and create an impulse to buy. It MUST be a great deal, just look how much it's been reduced! (uh huh...)
With short sales and foreclosures - "under tax value", "price reduced" is the same concept. IGNORE that, and ask yourself "would I buy this house if it weren't a short sale or a foreclosure"? Take the "deal " factor out of the equation. Is it in a neighborhood/location/area of town that you would choose to live in regardless of whether you bought a distressed house or not?
Buying a short sale or a foreclosure is not the right fit for every buyer, even purely from a time frame or financing standpoint. Just because a house is a short sale or a foreclosure doesn't automatically mean that it's a phenomenal VALUE.
Buying a home in Charlotte NC, whether it's a first house or your next house is about so much more than the price you pay for it at closing. Go beyond the "deal" mentality and focus on (successfully) buying the right place for you to call home.
Just some food for thought, reading that article I did see some interesting parallels to the real estate market and perception of real estate in Charlotte NC these days....
To set up a consultation (via phone or in person), for any questions you may have about buying or selling a home in Charlotte NC and how current real estate market conditions may relate to you, contact us.
You've probably heard the saying that "common sense isn't all that common". When it comes to Charlotte NC real estate buyers and sellers, logic isn't always all that logical. Buyers tend to exaggerate perceived flaws while sellers view those same things as perfectly acceptable.
To a buyer: the carpet's filthy, worn out and all needs to be replaced
To a seller: the carpet's "broken in", it's still got a few years of life left in it (pet stains? what pet stains?)
To a buyer: the appliances, counters and flooring went out of style years ago, the kitchen and baths need a total remodel.
To a seller: they work just fine, why replace it if it's not "broken", besides that wallpaper was there when we bought the place and it doesn't bother us!
To a buyer: the traffic sounds from a nearby street would keep them up at night
To a seller: what noise? Oh, that? It's just "white noise", we don't notice it anymore, it's no big deal
Charlotte NC sellers - your house is NOT the only home buyers have to consider and evaluate. What do buyers really see when they're looking at your house??? Chances are it isn't exactly what you see when you look around!
Here's a "slightly" exaggerated but not all that far fetched perspective on what buyers, sellers, appraisers, lenders and tax assessors see when they look at the same house....
To set up a consultation (via phone or in person), for any questions you may have about buying or selling a home in Charlotte NC and how current real estate market conditions may relate to you, contact us.
There's a lot of talk at this time of year about goals as we approach the end of 2009 and look forward to 2010. We're almost into the "new year resolution" season. You know, when you promise yourself to lose weight, quit some bad habit, tackle debt, whatever "goals" you'd like to accomplish.
But goals aren't just for New Year's and they're not just for businesses (or real estate brokers). Goals apply to home buyers and home sellers too!
Most people don't wake up one day and decide "I think I'll go buy a house today" or "I think I'll sell my house and move someplace else today". It's not a meal, it's a life changing decision.
For anyone who's considering buying a home or selling a home and moving on to another home, it can help to take some time and really define what your goal is.
"Buy a house" or "sell this house and buy another one" just aren't very personal and the home buying/selling process will be, so your home buying/home selling goals should be personal too.
Buy a house/sell this house are just too vanilla, they're boring and aren't really going to help you stay focused on where exactly it is you're striving to go (and I don't mean street address).
Before you're out house hunting and before your house is on the market (if you're already in the process that's ok you can start now) take the time to really define and refine your goals.
Write them down!!! To get started:
- What are you hoping to accomplish (being able to move to a house that better meets your needs, different lifestyle, owning your own home, what's the underlying reason YOU want to buy or sell a home?)
- When you achieve your goal how will it feel (relief, accomplishment, security, pride, comfort, freedom)?
- What steps can you choose to take now to help you reach your goal? (savings, credit, education, research, deciding on professional partners in your journey, for sellers - preparing your home, de-personalizing and starting the process of detaching from your "home" to the house you're selling, seeking objective feedback on where to focus your preparation efforts)
- For buyers - what would your new place look like (what stands out to you as the absolute critical elements (hint: go beyond # of beds/baths, think about what would make it a place you love coming home to?)
- For sellers - time frame's important, is it totally up in the air or do you have some reason to successfully sell before a definite point in time? Learn about the process of having your house on the market, especially if you're a first time seller!!!!
Before buying or selling a home, have a clear idea of your goal and what it is that you're trying to accomplish. A vision of how that will change your life and a focus for all of your efforts. The process of buying or selling a home can (and does) get messy, stressful and at times frustrating bordering on pure aggravation for buyers and sellers.
Don't forget where it is you're trying to get to and what that will mean for you because in the midst of the process it's easy to feel like you don't know which way is up or down. Keeping your very personal goal in mind can help remind you of what it is you're trying to accomplish and what it will mean to you when you get there.
I didn't mention price at all because that's an accessory to this process, the goal and main reason for buying or selling a home is usually much deeper than a dollar amount. A house isn't an outfit or pair of shoes, it's just slightly more of a life changing decision.
Your home buying or selling goal will be very personal to you but it will provide a destination, an end point for you to keep in sight as you travel the road that is the home buying or home selling process.
Sorry to disappoint but no, this isn't some long list of all the things real estate brokers do, as enthralling as I'm sure that would be.
I recently read a post by Jennifer Allan who used the most concise, explicit, eloquent phrase I've ever seen to explain exactly what it is that real estate brokers/agents do - "manage and facilitate the exchange of real property". And that IS what we as real estate brokers/agents do. If you haven't seen her post you should check it out, it's very well done - Jennifer Allan's Sell With Soul
Buying a home or selling a home is a process, a complicated one that's constantly subject to shifting real estate market conditions. It's that home buying or selling process that we go through with our clients, helping them navigate it, managing and troubleshooting when if issues arise.
Knowing (and noticing) when red flags start waving at any point in the process. Being a problem solving resource and a support for our clients as we help them navigate the process of buying or selling a home.
Helping them to evaluate options at every step of the way, so they have a chance to make an informed decision NOT just at the time of an offer negotiation but at each decision point in the process.
While the steps of the process are similar in general, each buyer and seller's path to successfully moving in or moving on will be unique. Every home buyer or seller will encounter challenges and opportunities. The key is to identify and work through the challenges while recognizing opportunities.
Thanks for reading (and thanks to Jennifer for inspiring this post!)
You may have heard that November and December are the absolute worst months to even attempt to sell a house in Charlotte NC. Traditional advice is to just pack it in, give up and wait till after the New Year. After all, spring is the "peak" time to sell your house, right?
Maybe. Maybe not. It's actually not quite so simple or clear cut, besides I think some "traditions" are over-rated and this happens to be one of them.
The consensus that November and December are just purely awful months to even consider selling a home are based on the logic that the amount of successfully sold real estate listings reaches an annual lull at this time of year. Regardless of any other market conditions it's usually true that November and December are slower and see fewer closed real estate listings.
But....that's not the whole story. See, it's not just sold listings that typically reach an annual low in November and December. The amount of NEW listings also usually takes a steep drop. Not to mention the innumerable would-be sellers who take their house off the market this time of year (you know, to enjoy the holidays) and go into hibernation till the new year rolls around. They'll be back though, along with lots of other competition new listings.
So new listings noticeably drop off, would-be sellers remove their homes from the market, for serious Charlotte NC home sellers...that's your competition and they're stepping out of the way for you in November and December!!!! You could look at it as their holiday gift to you.
Another bonus - home buyers searching in November/December also tend to be a bit more serious instead of "just looking".
Now, this advice isn't for everyone of course. It's for homeowners and sellers who truly are serious about selling their home successfully. For homeowners and sellers who have decided it's time to move on (for location, lifestyle, needs in a home, whatever the reason) and are ready to navigate the challenges of selling their Charlotte NC home.
If the goal of selling your home is to be able to move on, the sooner you successfully sell your current place, the sooner you'll be able to take on the home buyer role which in so many cases right now has a ton more opportunity just waiting for you.
By selling in November, December you could very well be ready to capitalize on the buyer side when those new listings start coming back after the new year and into the spring. Because they will be back, along with a lot of pent up inventory from homeowners waiting with plans to sell their home.
No, I won't be a cheerleader for the first time home buyer tax credit. Maybe that's heresy or blasphemy for a Realtor®, but allow me to explain....
I don't have a problem with the home buyer tax credit (the current one or any future incarnation of it), it's absolutely an additional benefit that buyers wouldn't have had a year ago.
What I DO have a problem with is when the "home buyer tax credit" is used or implied as either a reason to buy a home OR a reason to buy a home right now. In my opinion both are faulty logic at best and reckless at worst. A tax credit is not and will NEVER be a valid reason on which to base the decision to become a homeowner.
A tax credit is momentary, it's fleeting, it'll be gone and just a memory before you know it. Owning that home won't be. The decision to buy a home is a big deal. It's a commitment and responsibility you're agreeing to take on, and it'll last long after the thrill of any tax credit that came as a result of buying that house.
It'd be like someone buying a car to get the free tank of gas that came with it. SERIOUSLY?!?!
Maybe it's just me but I don't believe that a potential tax credit has any place at all in the very personal and serious decision of whether to buy a home, and if so deciding when the time is right for you.
So no, I really won't be a cheerleader for the home buyer tax credit (I've never been the cheerleader type anyway). There's so much more to the home buying decision and process than whether or not you'll get a tax break next year.
Any potential tax benefit would be a nice treat but it just doesn't belong as a factor in the home buying decision or deciding when the time is right for any given home buyer. There's never, ever a "right time" for everyone to buy a home. Circumstances and personal needs/considerations will be different for everyone.
If you have bought or are on your way to buying your first home recently...congratulations on becoming a homeowner!!! Now enjoy having a home of your own, it'll be around long after the thrill of any tax credit :)
For buyers looking to (successfully) buy a home in Charlotte NC, before choosing a home and making an offer it's a really good idea to have at least a preliminary good faith estimate from your mortgage professional.
Just as an aside....if the mortgage professional you're working with is evasive OR tells you they need a purchase contract to even give you an estimate, that's a huge red flag!!!
A good faith estimate from your mortgage professional will help you the home buyer get an idea of what you're looking at when it comes to closing costs, a general idea of what it will cost you to actually buy any home you're considering.
While it's just an estimate and the chances are pretty good exact numbers will change based on which home you choose to buy (things like taxes, insurance, purchase price, an unlocked interest rate all could impact closing costs), having at least an idea of closing costs for any mortgage is always helpful before deciding to make an offer on a home. You'll get a new good faith estimate when if things change but a preliminary one is still absolutely a good idea.
Before making an offer to purchase any Charlotte NC home for sale, take the time to talk with your mortgage professional about closing costs AND to have a chance to review a good faith estimate with them. Buying a home's a complicated process and education is powerful. Knowing ahead of time what you're getting into is key to taking the next step on your successful home buying journey.
Having a good faith estimate before you even make an offer to buy a home also allows you the home buyer to compare the costs, pros and cons between loan options that you may be considering. It's typically less stressful to have started to weigh and evaluate those mortgage options before you're in the midst of home inspections, any repairs, the myriad of deadlines in the contract to close phase when buying a home in Charlotte NC.
It's also helpful to have an estimate of your closing costs in the event that's a point of negotiation during the offer to contract phase rather than blindly agreeing to some amount in a purchase contract that may or may not be in line with what's realistic.
None of the above is mortgage advice, just some observations and suggestions from having been a buyer's agent, seller's agent and home buyer myself in the Charlotte NC real estate market.
To set up a consultation (via phone or in person), for a customized list and regular updates with changes to available homes for sale in Charlotte NC that may be of interest, OR for any questions you may have about buying or selling a home in Charlotte NC and how current real estate market conditions may relate to you, contact us.
Yes, even with a fixed rate home mortgage it's still possible for your monthly payment to change in the future. While the principal and interest portions will stay the same (amt toward interest goes down, principal goes up but they remain the same combined amt each month) if you have an escrow account with your home loan it IS possible for that to change and affect the amount you owe each month for your mortgage payment.
The most common change that causes a mortgage payment to adjust is the ever-popular real estate tax! Things like city/countywide property tax rate changes, property tax value reassessments (Charlotte's is due in 2010), and improvements or changes to the house itself can shift and change the amount of annual real estate taxes for a home in Charlotte NC.
Escrow accounts are typically reviewed annually, and any shortfall can trigger a change in monthly payment to make sure there's enough in the escrow account to pay the property taxes and home insurance when they come due since those bills are paid from funds reserved in that escrow account.
All in all, it's just one more really good reason that it's important for home buyers to not only have reserves before buying a home but AFTER buying that home as well.
Open house at 7547 Chapel Ridge Rd in Charlotte NC will be held this Sunday September 27th from 2-5pm. At $225,000 this Charlotte NC home for sale is a one of a kind home, with an elegant and spacious layout(perfect for entertaining!) plus a prime culdesac location with mature landscaping and an incredible backyard.
Located just minutes from Northlake and I-77, for any buyers considering the Davis Lake or Highland Creek areas of Charlotte, this home in the Brownes Ferry neighborhood in Charlotte NC is well worth adding to your list.
The Brownes Ferry neighborhood is full of winding streets, mature trees and this home for sale on Chapel Ridge Rd is just 1/2 mile to Clark's Creek greenway access.
The main level features hardwood and tile flooring, soaring great room which is open to the huge cook's kitchen as well as an additional den area. The rear of the main level overlooks the lovely backyard setting, and offers access to the expansive deck area.
A home's interior paint most definitely impacts buyer perception - for better or worse. A common homeowner misconception about "fresh paint" is that it's an upgrade or improvement. It's not. Paint is a maintenance item, NOT an improvement.
Fresh, warm, inviting paint throughout a Charlotte NC home for sale isn't going to add a dollar amount to the value of the home but more important can be avoiding the negative consequences of buyer perception and reaction to neglected or mismatched interior paint.
Home buyers can perceive paint issues as a drawback. Translation: they'll deduct $ from what they're willing to pay. And it's not about the cost of paint which is relatively inexpensive. It's the hassle, time and energy involved in having to correct any paint flaws in the house that the buyer perceives.
Interior paint in a home for sale in Charlotte NC is certainly a factor and done well can enhance how a home shows, how it's perceived by buyers and help that house stand out from the competition.
What it won't do is increase the value of the house (because it's maintenance and expected to be in good condition), OR help an overpriced home sell. Paint in a home for sale is an accessory, it can help or hinder but will never be able to overcome a list price that's inflated and unrealistic. A fresh, well done paint job is good, but it's not a magic wand - price, condition and the competition are key. Paint's just one component of that package.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Found an interesting article about outlet malls and how they may not offer "deals" despite their popularity. For some, a day long trip to an outlet mall is a highly anticipated outing but do they really offer value? You can read the entire article at : 
help to take some time and really define what your goal is. 
Don't forget where it is you're trying to get to and what that will mean for you because in the midst of the process it's easy to feel like you don't know which way is up or down. Keeping your very personal goal in mind can help remind you of what it is you're trying to accomplish and what it will mean to you when you get there. 
sell a house in Charlotte NC. Traditional advice is to just pack it in, give up and wait till after the New Year. After all, spring is the "peak" time to sell your house, right?
No, I won't be a cheerleader for the first time home buyer tax credit. Maybe that's heresy or 
home you choose to buy (things like taxes, insurance, purchase price, an unlocked interest rate all could impact closing costs), having at least an idea of closing costs for any mortgage is always helpful before deciding to make an offer on a home. You'll get a new good faith estimate 
Open house at 7547 Chapel Ridge Rd in Charlotte NC will be held this Sunday September 27th from 2-5pm. At $225,000 this Charlotte NC home for sale is a one of a kind home, with an elegant and 
spacious layout(perfect for entertaining!) plus a prime culdesac location with mature landscaping and an incredible backyard.
kitchen as well as an additional den area. The rear of the main level overlooks the lovely backyard setting, and offers access to the expansive deck area. 
;)
;)
