The Stimulus Plan and Charlotte- State Politics at Work Again AS Charlotte Receives $34.09 PP, Lenoir County $744 PP
Everyone is familiar with the national brouhaha behind The Economic Recovery Act, aka the stimulus plan... Is it possible that, at the State level, the funds could have been politically hijacked, and sent to primarily rural political strongholds in the state? It is possible that the rural interests gain once again at the expense of the cities that pay the state's bills?
The Stimulus invested $563,065, 282 in North Carolina, and of that $512,689,234 is "Under Contract", or allocated presumably with "shovel-ready " projects and contractors from around the state. Much of this data comes from ProPublica*
How was it decided who would get what?
North Carolina, 10th largest state in the nation, was treated fairly by the Federal Government. It has received the 9th largest State Stimulus Check at $563,065,282.
Where have the Federal Stimulus funds been allocated in North Carolina?
Since the Charlotte area is, by far, the largest county by population in NC , the largest contributor to state GDP, it is logical to assume we are receiving the largest amount for stimulus funding, right? No, not exactly. Surely it is Raleigh? No, not Raleigh either.RDU? Guess again...
Congressional District 5, Virgina Foxx (R) andSenarotr Burr's former District... Have a look for your self: The rest of the story- spending by Congressional District, and County Charlotte NC Stimulus
It's a new game with tax credits on until April 30, 2010!!!
"The $8,000 Tax Credit Looks Good, But how do I make a good decision when buying a home in today's market?" A recent Charlotte home buyer asked me... and made me think.
If you listened to the talking heads on TV, you would be convinced that the world as we know it is about to come to an end. Well no. We are still working here in Charlotte, going to work, selling homes, like about 2/3's of the rest of the country that have not experienced big price declines.
Still, in this market, there is a premium on Buying Smart. If you are thinking that is much more than "Buying Low" you are right!
5 Keys to Home Buying Success in Today's Market
1. Buy for the long term and plan to stay a minimum of 3 years, preferably 5-7 years. The longer you stay, the lower the risk in your investment. You get tax savings every year, and it just makes sense you have more time to let your home appreciate, and appreciation WILL be back in Charlotte before too long.
2. Buy a home in a community with a "Value- Anchor." What is a Value-Anchor? Anything that sets a particular set of homes apart to a large number of potential purchasers. Some examples include: The area it self, in Charlotte Myers Park, Southpark, these names have cache... not coincidentally they are closer to uptown. Waterfront, waterview, golf course, these are all homes that have attracted, and will attract a particular set of buyers.
The communities above are higher priced- you are starting out, maybe you can't afford these, then look for other value anchors, for example: communities with great natural beauty, communities with loads of amenities, communities with great schools (though this can change over 10 years) still look for a value anchor in every house or community. Close to town works almost anywhere. Other community anchors might be high quality amenities, larger lots (than the neighors) , great parks or greenways nearby, unusually convenient neighborhood, etc. There are too many to list, but I always ask, what is the value anchor, or value proposition for this home and community?
3. Buy Quality over quantity-Smaller, well cared for home with custom features are more and more preferred to a big plain box, and the dramatic shift in the last year is towards smaller homes. At any price point, look for the home with the most features, with attention to the feature that last.
4. Don't over buy, and finance with incredibly low 30 year Fixed which won't last forever. Current rates are around r 5%, and what a difference that makes. I bought my first home when interest rates were 11%! I made 45K per year and qualified for an $85,000 home- today, the same $45K could buy a home, with a 5% loan, at $175,000, with similar $1,000/mo payments to my first 11% loan. (Depending on down payment, taxes , HOA fees etc)
5. Shop for the right community, the right deal, and then the particular house- in that order, to insure you are most likely to be happy with your purchase and stay. You can make changes to the house to make it more to your liking, but if it is in a great community you want to live in, and you got it at a great price, that is something you can build on.
Do be sure and claim the $8000 Federal Tax Credit if you purchase by --November 30, 2009, April 30, 2010--it is FREE money.
In Search of Perfect "Advertising"- A Compelling Medium that Makes the Phone Ring With People Who Know Why They are Calling...
've looked for that perfect medium for 20 years. I've blogged for the past 18 months with substantial business (if not literary) success, and before that I ran large pay per click campaigns to generate web traffic and business. For the past three years, I've been the top revenue producing agent in our 800+ Agent firm in 2 of the three years, a Top Ten team in the out year, largely because of Internet traffic and families relocating to Charlotte NC.
But nothing, Nothing works like my Introduction to Charlotte video, that now ranks 3rd on Google for the mega keyword (4M hits) Charlotte NC...
A little background. I wrote this video in the fall of 2007 to answer what I saw was THE major question people had about Charlotte- "What kind of city is Charlotte?" I tried to answer this question every day, I found people didn't understand our city at all- there were those with no knowledge, we do fly quite a bit under the radar, and then there were the stereotypes to deal with, such as "Is Charlotte more like Andy of Mayberry... or Cannonball Run?" one caller asked only half-joking.
There was a second purpose too- the Internet has been excellent in producing quality clients with e-mail and sometimes phone contacts, but has never produced a lot of phone calls. As most of us know, the phone in lead is almost always a more urgent buyer, more of a "now" buyer, the one we are all looking for. So I asked, why don't more of these buyers who mark "Immediate" in their desire to move, why don't they call?
My thinkg was the biggest reason is fear of the unknown, fear of what they might get on the other end of the phone line. We've all experienced bad salesman of some kind, and many consumers are just afraid to call...fewer than one call in 10 has that nifty feature that "Block" s their phone number.
Charlotte has a good story, so my hope was that if I could share a lot about Charlotte, and a little about myself, I could break down those fears about Charlotte and introduce myself along the way. This video has succeed beyond my wildest imaginings...
So, the answer to that compelling question asked in the subtitle- the answer is a quality video, that sells your "product" AND You- and one that will be found, which is where You Tube and Google come in.
Introduction to Charlotte began its climb on You Tube. The popularity of the city, and the keywords in the Title and Description, helped its SEO value. Comments have something to do with it, and we were the beneficiary of a large if not 100% approval. However beyond that, there were no "optimizing efforts." I became aware of the rankings just after the first of the year as our phone began to ring at unprecedented levels ... after the 3rd day, I went online and just searched some keywords, and was excited by what I found. On You Tube my video has been #1 for Charlotte NC searches since October of 2008, and hit #1 for Charlotte NC Real Estate and Charlotte real estate in February. You Tube has become a search engine all its own.
But by a formula and reasons known only to Google, besides its prominent spot for Charlotte NC, it is #12 for Charlotte NC Real Estate, and #15 for Charlotte real estate, the 2nd and 3rd most searched keywords, and is moving up in these two important keywords.
A prospect called Friday, one without a home to sell (they will rent their California home) and one that has researched schools here, and opened a branch office here, and began their search for an Agent online where she saw the video, and she commented on something I said that she could relate to.The phone call came in with a "BLOCK" but she happily gave me her number after our conversation. They are coming to look for homes April 10, and are now buyers, the latest in a string that I am happy to report are impervious to the recession.
After a lifetime searching, I think I've found that "perfect" source of knowledgeable phone callers...
Please have a look at the video- I appreciate your sincere 5 star rating and real estate related comments.
If the bank listed the home at the BPO price, When is the bank most likely to begin accepting that lower price (80% of List) offer?
Deciphering bank motivation... I know I know, it may somewhere between astrology and palm reading, but here goes...
Here in Charlotte, where home values (though more recently declining) have remained relatively strong, it has to be on the market quite some time before they are willing to take that size (20% or so) of a discount. Conversely, in parts of California, I am told they accept substantial discounts within days of listing, why would that be?
What are the variables to consider? And while each bank/REO will be unique, are there any good rules of the road? Or at least a "Rule of Thumb?"?
I think the #1 determinant has to be: What is the likelihood of price declines in the next year?
The higher that likelihood, the sooner a bank would want to say "Let's Make a Deal." Interestingly enough, there are a number of companies that provide this information, the most widely used public (banks have proprietary date too) is from PMI, Private Mortgage Insurance which publishes those "likelihood of Price Declines" for over 350 markets in the US every quarter, and they use it to rate their proprietary private mortgage insurance.
The 120 Day Rule
One thing appears to be consistent here in Charlotte, banks and intermediaries get very nervous once on the market 120 Days. We have seen banks turn down offers of 90% of list in the first few months, only to accept 75-80% of list in month 5. We've seen a bit more flexibility early in the sale process on the less expensive REO's- could that be because even a 15% discount on a house priced at $125K is not a lot of cash comparatively speaking? Or perhaps a recognition that there are a LOT more REO homes priced in this price range and so getting an offer and getting it off the market is paramount?
One thing is for sure, if it lasts 120 days, the Sellers call us and say SELL IT, Bring us an Offer, and they mean it.
I am sure these are two of the external, local market factors Banks consider, but there largest motivation may be their own balance sheet, or their next meeting with regulatory (FDIC) agencies, how close they are to their required reserves, etc, and with these we would not have any idea of their motivation.... except watching now as the end of the first quarter is fast approaching... will that make a difference?
I would appreciate other agents from around the country to comment, possibly any asset managers, or others with REO experience. watching?
A new page at Charlotte Communnities is perfect for that person who just found out they were being transferred to Charlotte NC, or perhaps they've hearcd about Charlotte.
Charlotte remains a desirable city to move to, Charlotte real estate is eminently affordable, and when combined with historic low interest rates makes buying a home in Charlotte a smart buy, as long as you buy a home for the long term, and buy it smartly.
I am a Charlotte real estate broker specializing in relocations, 2nd homes and first time home buyers--buying and selling real estate of all kinds- and will represent only you. My team works with Buyers and Sellers every day from Ballantyne to Lake Norman -and Fort Mill SC too. We work with all relocation companies. My team and I know the homes, the communities, and the new home builders. We know what's hot, what's not, and where the deals are. I represented Buyers in the largest foreclosure sale in Charlotte in 2008. And I helped a handful of first time home buyers. I was the Top Agent in 2008 in our 800 + Agent firm, and won an award for customer satisfaction in 2008. We are flexible and at your service.
We are working to help you "buy smart" in Charlotte, and to make your relocation easier and less stressful.
If it's between the hours of 8 AM to 8 PM, EDT, please don' t hesitate to call me direct at 704-351-1519. Terry
TerryMcDonaldRealEstate.com, the McDonald Team at Wilkinson and Associates, has a newly expanded website, with many upgrades to its pages.Some of the long awaited re-writes are here:
the best Charlotte Luxury Homes Page, includes a beautiful slide show of Charlotte luxury custom homes from Southpark to lake Norman
I am a Charlotte real estate broker specializing in relocations, 2nd homes and first time home buyers--buying and selling real estate of all kinds- and will represent only you. My team works with Buyers and Sellers every day from Ballantyne to Lake Norman -and Fort Mill SC too. We work with all relocation companies. My team and I know the homes, the communities, and the new home builders. We know what's hot, what's not, and where the deals are. I represented Buyers in the largest foreclosure sale in Charlotte in 2008. And I helped a handful of first time home buyers. I was the Top Agent in 2008 in our 800 + Agent firm, and won an award for customer satisfaction in 2008. We are flexible and at your service.
We are working to help you "buy smart" in Charlotte, and to make your relocation easier and less stressful.
If it's between the hours of 8 AM to 8 PM, EDT, please don' t hesitate to call me direct at 704-351-1519. Terry
Yes its bad out there. It is hard to turn on the TV news and not see something Bad about Housing.
Our market hovers between 50 and 65% of 2007 volume, but that means we have a similar sales volume to 2003. But prices are doing much better
A Texas Broker hit it on the head when she stated:
All Real Estate Is Local. ALL. You Wouldn't Check the National Weather to determine what kind of coat to put on today, Would You?
January so far has produced 2 new sale contracts for buyers, and two sales for bank owned homes as well. Plus 6-8 new client calls, and more than 30 new email inquiries. The weather's not so bad here either.
Charlotte Home Buyer Resources
So why do we listen to the national talking heads? Here is the deal: 60% of all foreclosures are in 4 states, California, Nevada, Arizona and Florida. The remainder? Most are localized in the industrial heartland, Michigan, Ohio, Pennsylvania...
PMI, Private Mortgage Insurance, the giant, rates the risk of price declines over the next 24 months, and if you look, 2/3s of the 381 markets measured have a low to minimal risk of price loss.
For the Full Story, including the PMI analysis with a foreclosure map of the US, See my post at Charlotte Real Estate
If you are interested in buying a new home, here in Charlotte I can only recommend you buy Inventory and buy at a discount...
See our new page and find tips on Buying a new home in Charlotte I had a closing Friday, and in an outlying suburb, on a $250,000 sale, the builder wrote a check for $32,000 to close the deal. It was a beautiful new home, nice community, originally listed at 339,000, lowered to $279,000 when we saw it. The appraisal came in at 303,000, that is a discount.
------
We are Charlotte Buyer Agents and work only for you. 704-351-1519 Charlotte NC Terry's Introduction to Charlotte, Over 10,000 views You Tube views-#1 for a search Charlotte NC,
Terrific Home for Sale, Real Estate and market report posts From Charlotte NC
Know Where you want to live in Charlotte? Use Charlotte Real Estate
Charlotte Home prices Up since 2006 says Case Shiller.
I've been working on a Charlotte First Time Homebuyer Guide to help first time Charlotte home buyers work through the process and give them the tools to buy a Charlotte home smart.
Terrence (Terry) McDonald awarded Best in Charlotte Real Estate Client Satisfaction 2008
Terry McDonald's Introduction To Charlotte NC has over 10,000 video views, 20+reviews, a fact filled 4 minute video that is the # 1 result on You Tube when you search for Charlotte NC.
Charlotte NC South Charlotte zip code 28277 has been a vibrant, and as you'll see below very ehalthy real estate market for more than 2 decades. Home to 4 country clubs including Ballantyne, 28277 boasts the highest per capita income in south Charlotte. TPC Piper Glen is here, Providence Country Club, Raintree, Ballantyne Country Club, and also well-regarded Providence High School and Ardrey Kell High ...
Ballantyne is becoming a mjor employment center full of growing businesses, everything from the headquarters of Lending Tree.com, a major Liberty Mutual office, the local and growing ESPN regional office, and a host of other regional branches.
You'll get a good understanding of all the numbers, how people live, and see the relative "affordability" of Charlotte homes here too... if you look closely you'll see why 28777 is one of the most dynamic zip codes in all of Charlotte, NC, and you'll see real steady home values. Photos are thumbnails, click to enlarge.
Charlotte Homes For Sale Report Zip Code 28277
There are 2 homes for sale in 28277 for under $175,000 There are 78 homes for sale for under $250,000, but more than 175K- Median $218,000 on about 1900 sf
of these, 55 have two car garages, 30 have community pools, 31 built before 1990, and 4 since 2005
There are 126 home s for sale for under $350,000, but more than 250K- Median $303K on about 2600 sf
Of these, 61 homes have community pools, 41 with pool AND clubhouse, no "over 55" community, 32 are new or newer, built since 2005, 35 with master bedrooms on the main
There are 38 homes for sale for under $500,000, but more than 350K
Median $430K on about 3200 sf
Of these 19 have community pools, 20 are built since 2005, 6 are in golf course communities
There are 85 homes for sale for under $700,000, but more tha 500K Median is $596K on aout 3900 sf of these,
38 homes are in golf course communities, 14 homes new or newer, built since 2005, 46 homes with master bedroom on the main, 26 homes with greater than .5 acres 41 homes over 4000 sf.
There are 36 homes for sale for under $1M, but over 700K- Median $836K on about 4500 sf Of these,
24 homes have the master bedroom on the main floor, 24 homes in golf course communities, 11 homes on the golf course, only 4 built since 2005
There are 36 homes for Sale for Over $1M Median $1,986K, on about 7000 Sf Of these,
27 are in golf course communities, 15 on golf course, 4 built since 2005
Year to year,South Charlotte homes sold in 28277?
Comparing September through December 20, in 2008, there were 176 homes sold, versus 325 homes sold in the same period in 2007. Sales down by half, or almost half. Home Prices? The median cost per sf fell just 2.2% to $129.00- testament to the strength of the underlying values of south Charlotte in general, zip code 28277 in particular in the face of a very slow market indeed... All data is derived from the Carolina MLS. No reporting is done for Days On Market because this stat is unreliable in the aggregate. For Sold home analysis, square foot is exact.
I am a Charlotte real estate broker specializing in relocations, 2nd homes and first time home buyers--buying and selling real estate of all kinds- and will represent only you. My team works with Buyers and Sellers every day from Ballantyne to Lake Norman -and Fort Mill SC too. My team and I know the homes, the communities, and the new home builders. We know what's hot, what's not, and where the deals are. I think as you read my posts you'll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser. We are working to make your relocation to the Charlotte area easier, less stressful and help you "buy smart." If it's between the hours of 8 AM to 8 PM, EDT, please don' t hesitate to call me direct at 704-351-1519. Terry Related Links
Charlotte Communities has become THE Charlotte Relocation site of choice-
In 2008, visitors from 129 countries came to Charlotte Communities, and CC was translated into 51 languages.
Charlotte Communities provides, in good times and bad, an objective in depth review of Charlotte Homes for Sale/ Charlotte Homes Sold Real Estate Market Reports, community stats, community reviews, and a variety of intriguing articles about real estate and real estate mortgages... even as the year grew more challenging. Much of our real estate information is not found anywhere else- our Charlotte Homes for Sale Reports are wide and deep and prepared with a local Broker's insight, our take on regional real estate is our own.
But its not just Charlotte real estate, Things To Do in Charlotte is a favorite and our local and regional reporting help readers keep an eye on the regional and national news that affect Charlotte, NC.
Yes, they come to see Charlotte home prices, but also Arts and Cultural reviews and links, things to do with children, like Imaginon, and things for the more advenuresome, the US National Whitewater Rafting Center which held the US Olympic team trials in April.
Five writers contributed at least 5 articles in 2008. All the information is reviewed by us- independent, informed observers of the Charlotte real estate scene, and only me being a buyer Agent- with no dog in the fight on where someone buys a home. Things to Do in Charlotte has reported on everything from the Charlotte Greenway system to the popular Light Rail Lynx, Uptown performances to the India Festival, local concerts and more...
Sustainable growth
Radar Logic of NYC called Charlotte the only "Objectively Affordable major city on the Case -Shiller report, cited "Sustainable growth" as the reason, a Charlotte cocktail of affordable home prices, a good economy with good jobs, and comfortable living (low taxes and lower on the "fear" quotient)--what they know that the national press often miss.
Charlotte Communities/Terry McDonald's video Introduction to Charlotte is #1 on You Tube searches for Charlotte NC, together with the Charlotte Communities blog, this has become the #1 place for Charlotte relocation news.
-------------------------
Charlotte NC Terry's Introduction to Charlotte, Over 10,000 views You Tube views-#1 for a search Charlotte NC,
Charlotte Buyer Agents work only for you. 704-351-1519. Like what you are reading? Sign up for RSS, Real Simple Syndication. Create your own newspaper, I strongly recommend the Google Reader. You'll love it!
Charlotte NC- A relocated northerner came to build a life in Charlotte NC- I now try to preserve its Southern charm and move it into the future, at CharlotteCoomunitiesOnline.
At Terry McDonald Real Estate I tackle the traditional real estate problems and issues buying and selling homes- including market conditions, national market conditions, and the new home/custom home industry.
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.
South Charlotte, About Zip Code 28277
;)
;)
