Charlotte North Carolina Real Estate Blog

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

Charlotte NC Condo for Sale: 712 Louise Ave Charlotte NC #203

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 18 Oct 2009 14:15:14 -0500

712 Louise Ave #246

Charlotte NC 28205

The Rutzler includes only 18 renovated flats located at 712 Louise Avenue in the historic Elizabeth neighborhood, walking distance to center city. Originally designed by renowned architect F.L. Bonfoey, the circa 1928 Rutzler features quality finishes that are nearly impossible to find today – solid masonry and steal construction, plaster walls, hardwood floors, high ceilings, and solid wood doors with crystal and brass hardware. The Rutzler also provides monitored parking.

Unit 203 features all the great original amenities of the Rutzler and boasts a separate half bath for guests. The kitchen offers maple cabinets, granite countertops, 2 burner gas cook top, convection oven and stainless appliances. The separate owner’s suite features a walk-in closet and private bath. The washer, dryer, and refrigerator are included.

Charlotte NC Condo

Completely Renovated Ranch Style Home for Sale in South Charlotte

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 18 Oct 2009 13:59:24 -0500

6541 Folger Drive, Charlotte NC 28270 in Lansdowne

This completely renovated 1960's ranch with basement now has a distinctively modern flair. Gone are the paneled walls, small rooms, and broken floor plan. In it's place is a home that is stunning in every light, a kitchen that would make even the most die-hard of chefs melt, and a Master Suite featuring amenities typically reserved for million dollar homes.

View the full listing

New:

Layout featuring a vaulted ceiling in the living room and Jack & Jill bath for the secondary bedrooms on the main level
Plumbing throughout the home- Electrical wiring with a "home run" cable system
3/4" thick 5' wide plank hardwood flooring in the living, kitchen and dining rooms.
Travertine flooring in the foyer and baths- Energy efficent insulated windows throughout the home
Skylights in the living room to provide natural lighting
Oversized deck and 24x24 2Car detached garage- Roof
Finished basement with second kitchen, wood-burning fireplace, and 1/2 bath for guests
Laundry / Mud room complete with loads of work surface area- Home office
Private full bath in the basement bedroom wing
Landscape lighting

Charlotte NC Homes

September 2009 South Charlotte Real Estate Market Update: Myers Park, Dilworth, South Park, Ballantyne, Blakeney

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Fri, 16 Oct 2009 17:14:19 -0500

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, South Park, Quail Hollow, Olde Providence, Shadow Lake, Stone Creek Ranch, and Ballantyne.

Map of all the neighborhoods covered in Area 5

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

New Listings

Two hundred and seventy-four new listings were added to the active inventory of single family detached homes in area 5. As of the date of this blog post, the total inventory for single family detached homes in area 5 is 1,238. September's new inventory numbers were an increase of 0.74% over the same period in 2008 but a decrease of 12.74% for '07, 8.67% for '06 and 3.52% for '05.

Pending Sales

September saw pending single family detached home sales increase 23.76% over 2008 with 125 homes receiving contracts. While this was a decline over 2007 of 22.36%, it was a 12.61% increase over 2006. September's sales were up 26.26% over August, which is usually the last month of strong sales in the season real estate cycle.

Sold Listings

Single Family closings fell 0.96% to the September the year prior to 103 sold homes, continuing the sales decline over prior years that has been prevalent throughout 2009. September's sales represented a 30.87% decline over 2007 and a 54.42% decline from 2005.

Days on Market

The average days on market for the homes that closed in September was 138. This was an increase of 35.29% over August and the highest average days on market in the four years that I have collected data. In comparison, the average days on market in September 2006 was only 40 days.

Seller Concessions

33% 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 $5,202. 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 area 5, 74% (77 sales) closed at or above their assessed tax values, averaging a sales price at 123.71% of the assessed tax value.

Average Sold Price

In September, the average sales price for south Charlotte area 5 was $427,687. This is a 2.38% increase from a year ago however a 10.55% decrease from the 2007. The average sales price in August was $452,245.

Percentage of Listed Price Received

On average, sellers received 88.9% of their original listed price. With concessions included, the average drops to 88.29% of original listed price. For the homes that sold in less than 90 days, sellers received 93.48% of their original list price, while the percentage dropped to 85.87% for homes with an average days on market greater than 90. Bargain hunters should consider focusing on properties listed in excess of 6 months as those sellers received an average of 78.36% of their original asking price.

Types of Sales

Of the 103 recorded single family detached home sales in area 5 in September, 101 were traditional owner-occupied or investor owned homes, 1 was listed as a short sale / pre-foreclosure, and 1 was bank owned.

Of the 1240 active homes for sale in area 5 today, 13 are owned by relocation companies, 17 are bank owned, 27 are involved in a short sale, and 8 are owned in an estate.

Jonathan Osman
Charlotte Real Estate

Available Home Buying Incentives to assist in your next real estate purchase

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sun, 11 Oct 2009 10:27:57 -0500

If you are in the position to purchase a home today, congratulations: you've struck gold. Never before have I encountered so many organizations, lending institutions, and even the government enticing folks to purchase a home. Here are just a few that I have run across and some are specific to North and South Carolina. My advice would be to consult with your lender about any incentives they may be offering and if you are interest in a bank-owned property, consult with the bank that owns the property as they may have special incentives for you to do business with them.

The $8,000 First Time Home Buyer Tax Credit

The first time home buyer tax credit is not limited just to first time buyers. If you are a renter that has:

Not owned a home in the last 3 years (including your spouse if you are married filing jointly).
Have an adjusted gross income of less than $75,000 individually (or $150,000 for married filing jointly)
Close before November 30, 2009

you can receive a tax credit of up to 10% of the purchase price or a maximum of $8,000, whichever is less. Unlike the tax credit passed in 2008 which maxed out at $7,500, this new credit does not need to be repaid unless you sell the property or otherwise cease to make it your primary home for the three years following the purchase date. That means that buyers purchasing before December 1, 2009 should plan to remain in their home until December of 2012.

First time home buyers with incomes between $75,001 - $95,000 ($150,001 - $195,000 jointly) can receive a maximum of a $4,000 tax credit. Incomes exceeding those limits are not eligible at all under the program.

Buyers looking to take advantage of the credit will need to download and complete IRS form 5405

The Veterans Affairs (VA) Vendee Financing Program
Typically, to get a VA mortgage, you must be either an active duty servicemen or a veteran with a letter of eligibility. Under the VA Vendee program, ANYONE may obtain a VA loan as long as they are purchasing a VA bank-owned property. Benefits of the Vendee program include receiving a low interest rate, allowed up to a 6% of the sales price in seller paid closing costs, a 2.25% VA funding fee, no pre-payment penalties, and an appraisal is not required for underwriting.

Owner Occupied
- 100% financing is available
- The loan amount may be increased up to 2% to cover closing costs, pre-paids and other expenses (excluding the funding fee)
Non-Owner Occupied (Investor)
- Can be financed up to 95% Loan-To-Value.
- Investors may use 75% of anticipated rent based on appraiser's estimate to offset against the subject property monthly payment
- Investors must have experience managing rental properties to include anticipated rent on subject property in underwriting
- No limit on the number of investment properties.

Fannie Mae HomePath Mortgage Financing
Available on Fannie Mae bank-owned properties, buyers should consider utilizing either of the two HomePath mortgage financing options. Owners and investors can benefit from:

Low down payment and flexible mortgage terms (fixed rate, adjustable rate, or interest only)
Credit standards are not as tight as with other conventional mortgage programs
Minimum 3% down payment may be paid personally or by way of a gift, grant, by an employer, local government agency, or nonprofit organization
Optional mortgage insurance
No appraisal fees.

Owner occupants purchasing a home that may need work can take advantage of HomePath's Renovation Mortgage, which will allow you to finance both the purchase and "light renovation."

Freddie Mac HomeSteps SmartBuy Purchase Program

Note: To take advantage of this inventive, buyers must be under contract no later than October 30, 2009 and must close no later than December 31, 2009.

HomeSteps SmartBuy Purchase Program is offered only on Freddie Mac owned properties and it entitles buyers to receive a two year home warranty, up to 3.5% in seller-paid closing costs, and up to a 30% discount on the purchase of new appliances for your home. This incentive is only available to owner-occupants and not available through bulk sales, auctions, or sealed bid. To take advantage of this incentive, a coupon must be included with your offer, which you can obtain from Freddie Mac's SmartBuy page.

North Carolina Housing Finance Agency $14,900 Down Payment and Closing Cost Assistance.
Home buyers, that have not owned a home in the last three years and are interested in purchasing a bank-owned property (any bank except NCHFA homes), should investigate if they qualify for the NCHFA's FirstHome Mortgage. The NCHFA's FirstHome Mortgage is designed to aid first time buyers in purchasing a home by allowing for down payment assistance, lower interest rates and even second mortgages for some. Their programs feature income restrictions however for those that qualify and purchase a bank owned property, they can receive up to $14,900 in down payment and closing cost assistance through the NCHFA.

The $14,900 down payment and closing cost assistance in only available in select counties in North Carolina and the buyer has to meet a few addition program requirements to be eligible. Owner-occupants that remain in the home over the first five years of ownership and pay their mortgage on-time are rewarded with a 20% forgiveness of the balance owed on the down payment assistance. Visit the NCHFA's site for information on this program or contact your local lender.

HUD's $100 Down Sales Incentive
Owner-occupants looking to purchase a HUD owned property, utilizing an FHA mortgage, can waive the FHA's minimum 3.5% down payment through HUD's $100 Sales Incentive. Valid only in North and South Carolina, this incentive enables you to apply your down payment towards the home's improvements. In addition, you can negotiate for HUD to cover some or all of your closing costs, allowing you to purchase a HUD home for very little out of pocket. Keep in mind that HUD's minimum earnest money deposit is $1,000 for properties over $50,000 ($500 for properties under $50,000) and the $100 sales incentive is not a substitute for the Earnest Money Deposit. Consult with your HUD registered broker for more details on how you can apply for this incentive.

Charlotte NC Homes

First Time Home Buyer Workshop Thursday Evening

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Tue, 29 Sep 2009 13:58:01 -0500

Join the Charlotte House Hunter Group this thursday evening from 6:30pm until 8pm for our informal home buying workshop. If you've ever had questions regarding purchasing a foreclosed home, this is the place to be Thursday evening

Additional Topics we will be discussing:
• About the home buying process
• How to take advantage of the $8,000 home buyer tax credit
• How to qualify and what loans are available
• How to prepare for home ownership
• What you should know about the Charlotte housing market
• How a real estate agent can assist you with your search for a home
• What is escrow and the closing process?

Thursday, October 1, 2009

6:30pm - 9:00pm

Location: The Charlotte House Hunter Group office at Keller Williams Realty

2115 Rexford Road Suite 102

Charlotte NC 28211

RSVP by phone: 704-960-1725 ext 4 or RSVP by facebook

First Time Buyers: Receive up to $14,900 in downpayment assistance

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Mon, 28 Sep 2009 00:50:12 -0500

It is fairly well publicized that "first time home buyers" (i.e. haven't owned a home in 3 years) are eligible to receive up to an $8,000 tax credit for purchases before November 30. What you may not be aware of is that if you are a first time home buyer in one of twenty three counties in North Carolina, you may be eligible to receive an additional $14,900 in down payment assistance.

A flaw with the $8,000 first time home buyer tax credit currently is that you cannot use any portion of the $8,000 for a downpayment. On a $200,000 home purchased using the minimum downpayment for FHA (3.5%), a buyer would have to invest $7,000 of their own money to receive $8,000 back. A program through the North Carolina Finance Agency will enable first time homebuyers to take advantage of a zero percent interest free loan to cover the downpayment and closing costs; alleviating the need for a substantial downpayment.

Qualifications

To qualify, the buyer must purchase a foreclosed (bank owned) single family, townhome or condominium built after 1978, below $210,000, in one of the twenty three available counties:

Alamance
Brunswick
Buncombe
Cabarrus
Catawba
Cumberland
Dare
Davidson
Durham
Edgecombe
Forsyth
Gaston
Guilford
Iredell
Johnston
Mecklenburg (Charlotte)
New Hanover
Pitt
Randolph
Rowan
Union
Vance
Wake

Second, the buyer must meet certain income restrictions, which vary by household size and by county. For Mecklenburg, Union, Cabarrus, and Gaston, that limit is $55,850 for a household of one. Iredell's limit is $50,300 for a household of one. As the household size increases, so does the ceiling on the income limit. While a single person household may be capped at $55,850 for the counties around Charlotte, a household of four has a limit of $75,000.

Next, the buyer must obtain eight hours of HUD-approved home buyer counseling. Information on course locations and times may be obtained by your lender or by contacting the NCHFA. In addition, the buyer must utilize the NCHFA's FirstHome Mortgage and must contribute $1,000 of their own funds. Finally, the home's purchase price must be, at most, 99% of the current appraised value.

As long as you keep current on your payments and own the home for at least five years, the $14,900 downpayment assistance loan will never need to be repaid. For every year of on-time mortgage payments, the loan will be forgiven 20% per year for five years. At the end of five years, the debt is eliminated completely.

For more information, contact the NCHFA or your preferred mortgage lender.

Charlotte NC Homes

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

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Thu, 24 Sep 2009 22:31:27 -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.

Data gathered for August 1 2009 - August 31 2009 from the CMLS

Active Listings

In August, 145 single family detached homes were listed for sale in Area 3 North Carolina. August's new listings were 7.64% less than in July and 21.62% fewer than were listed in August 2008.

Pending Units

72 Single Family homes received a contract. This was 1.41% higher than received a contract in July and 15.29% fewer contracts than in August 2008. When compared to August 2007 and 2006, 47.45% and 57.06% fewer contracts were written and accepted this past August.

Sold Units

57 Single Family Detached Homes were sold in August 2009. This was a decrease of 9.52% from July and no change from August 2008. When looking in 2007 and 2006 the decrease is even more apparent, 56.49% and 60.42% respectively.

Average Sold Price

In August, single family detached homes that sold in area 3 sold at an average of $151,507 which was a 3.75% increase than in July and a decrease of 32.11% when compared to August 2008.

Average Days on Market

Of the homes that closed in August, they were on the market for an average of 104 days before receiving an offer. That was 2.97% less than the month earlier 40.54% less than a year earlier, and 40.54% greater than in 2007. 35 Single Family homes sold in less than 100 days while 22 homes in 100 days or greater. 1 homes took a year or more to close.

Seller Concession

31 out of the 57 homes (or 54%) that sold in August offered the buyer a concession, usually closing costs. The average seller concession was $3,710.

Buyer’s Agent Bonus

Offering a bonus to a Buyer’s Real Estate agent is widely thought to produce a quicker sale and net the seller a higher return. This month there only one property that sold offering such a bonus. This one property sold after 600 days on the market at 90.91% of the list price.

Sold Price as a Percentage of Tax Value

51 of the homes that sold in August in Area 3 had a tax value assigned to the listing. The homes that sold in August sold at an average of 98.21% of their listed tax values. 27 homes sold below tax value and 24 sold over tax value. The lowest sold as a percentage of tax value was sold for 48.58% below tax value. This month there were no properties selling well over tax value (normally new construction, land or extreme renovations).

Sales Price as a Percentage of Original List Price

Of the homes that sold in August in Area 3, sellers received 92.26% of their original asking price. With seller concessions included, sellers received on average 90.81% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 94.77% of their original asking price including concessions while homes listed for greater than 100 days received only 88.27%.

Buyer Financing

Of the homes that sold in August, 20 used FHA, 23 used Conventional Financing, 1 VA and 11 cash.

Jonathan Osman
Charlotte Real Estate

August 2009 Real Estate Market Update: East Charlotte

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Thu, 24 Sep 2009 22:25:45 -0500

Charlotte North Carolina Market Update for:

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

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

New Active Listings

In August, 255 homes were listed for sale in Charlotte’s Area 2. This was a increase of 4.08% over June and a 2% increase when compared with August 2008, 32.89% decrease compared with 2007, and 29.75% decrease compared with 2006.

Pending Homes

153 single family homes were placed under contract for Area 2 in August 2009. This increase of 22.40% over the month prior. Compared to August 2008, there were 4.79% more homes receiving contract than the year prior and 41.83% fewer than during the same period in 2006.

Sold Units

In August, 110 single family detached homes were sold in Area 2 through the MLS. This was an decrease of 4.35% when compared to the month prior and no fewer than in August 2008. This month when you look back to 2007 and 2006 when the decrease in the sales for this year were 44.16% and 52.17% respectively.

Percentage of the Listing Price Received

Sellers received on average 89.38% of their asking price before concessions in August. Compared to June that is an decrease of 2.33%. Looking further in the past month over month there is also a decline in 2007 and 2006 of 8.26% and 8.64%.

Average Days on Market

Of the homes that closed in August, they were on the market for an average of 104 days before receiving an offer. That was 5.05% less than the month earlier 40.54% more than a year earlier, and 55.22% greater than in 2007 and greater than 2006 with 50.72%.

64 Single Family homes sold in less than 100 days while 46 homes in 100 days or greater. Two homes sold after 1 year of being on the market.

Seller Concession

61 out of the 110 homes (or 55%) that sold in August offered the buyer a concession, usually closing costs. The average seller concession was $3,410.

Sold Price as a Percentage of Tax Value

109 of the homes that sold in August in Area 2 had a tax value assigned to the listing. The homes that sold in August sold at an average of 130.17% of their listed tax values. 66 homes sold below tax value, the lowest of which was an REO which sold at 26.90% of its tax value. There were also 13 properties selling well over tax value (normally new construction or extreme renovations). With this unusual factor removed the average drops to 88.81% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in August in Area 2, sellers received 89.38% of their original asking price. With seller concessions included, sellers received on average 88% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 91.34% of their original asking price including concessions while homes listed for greater than 100 days received only 83.36%.

Buyer Financing

Of the homes that sold in August, 2 buyer used VA financing, 49 used FHA, 33 used Conventional Financing, 22 cash and 4 other.

Jonathan Osman
Charlotte Real Estate

August 2009 Real Estate Market Update: Northeast Charlotte

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Thu, 24 Sep 2009 22:21:34 -0500

Real Estate Market Update for

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

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

Active Listings

In 329 single family detached homes were listed for sale in Area 1 North Carolina. August's new listings were the same in July and 4.11% more than were listed in August 2008.

Pending Units

187 Single Family homes received a contract. This was 11.31 more than received a contract in July and 2.75% greater contracts than in August 2008. When compared to August 2007 and 2006, 28.35% and 48.06% fewer contracts were written and accepted this past August.

Sold Units

127 Single Family Detached Homes were sold in August 2009. This was a decrease of 14.77% from July and 18.59% decrease from August 2008. When compared to August's from 2007 and 2006 it is a decrease of 50.20% and 61.86%.

Average Sold Price

In August, single family detached homes that sold in Area 1 sold at an average of $186,350 which was 9.51% less than in July and 14.28% decrease when compared to August 2007. The average sold price year to date this year is $189,056 compared to last year's YTD of $212,170.

Average Days on Market

Of the homes that closed in August, they were on the market for an average of 91 days before receiving an offer. That was 11.65% less than the month earlier 7.14% less than a year earlier, and 19.74% greater than in 2007. 78 Single Family homes sold in less than 100 days while 44 homes in 100 days or greater. 3 homes were listed for over a year before receiving an offer.

Seller Concession

70 out of the 122 homes (or 57%) that sold in August offered the buyer a concession, usually closing costs. The average seller concession was $3,794.

Buyer’s Agent Bonus

Offering a bonus to a Buyer’s Real Estate agent is widely thought to produce a quicker sale and net the seller a higher return. Only 2 closed listing offered such a concession, with the seller receiving 96.50% and 85.21% of their original asking price and a days on market of 11 and 258. This is also a good example of the swing in the numbers that we normally see. One shows a quick sale at a high percentage of list price and the other is quite the opposite.

Sold Price as a Percentage of Tax Value

111 of homes that sold in August in Area 1 had a tax value assigned to the listing. The homes that sold in August sold at an average of 122.42% of their listed tax values. 51 homes sold below tax value, the lowest of which was an REO which sold at 33.33% of its tax value. There were also 5 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 99.63% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in August in Area 1, sellers received 92.86% of their original asking price. With seller concessions included, sellers received on average 91.55% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 93.56% of their original asking price including concessions while homes listed for greater than 100 days received only 87.99%.

Buyer Financing

Of the homes that sold in August, 5 buyers used VA financing, 48 used FHA, 52 used Conventional Financing, and 17 cash.

Jonathan Osman
Charlotte Real Estate

August 2009 Real Estate Market Update: North Charlotte

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Thu, 24 Sep 2009 22:16:11 -0500

Charlotte North Carolina Market Update for:

Real Estate Market Update for

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

Charlotte Neighborhoods: 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.

Data gathered for August 1 - August 31, 2009

New Listings

In August 160 single family listings were added to the inventory of homes for sale in area 9. This was a 3.23% increase from July and a 10.11% decrease when compared to the previous August.

Pending Sales

97 single family detached homes received a contract in August. This was a 7.78% increase over those that were written the year prior and 30.71% fewer than were written in August 2007.

Sold Listings

69 homes closed in Area 9 of Charlotte in August. Closings for August were down 18.82% compared to 2008 and down 54% compared with 2007. More noticable when comparing 2006 where the were 60.34% fewer this month.

Average Sold Price

In August, single family detached homes that sold in area 9 sold at an average of $164,270 which was a .93% decrease than in July and a decrease of .62% when compared to August 2008. This is also a decrease of 11.08% over August 2006. The year to todate average sold price is $154,040 compared to the YTD sold price for 2008 of $186,526.

Days on Market

Of the homes which closed in August in Area 9 of Charlotte, the average days on market was 106, a 26.19% increase from a year prior. 36 listings sold in less than 100 days while 33 sold in 100 days or greater. 2 home took over one year to sell.

Seller Concessions

41 of the 69 (59%) homes which sold in in August offered the buyer a seller concession. Of those properties, the concessions averaged $3,880.

Tax Value as compared to Sold Price

67 of the homes that closed in Area 9 of Charlotte in August had a tax value assigned. Those listings sold at 122.53% of their listed tax values. 36 sold below tax value, with the lowest being a property which sold at 33.87% of tax value which was an bank owned property. There was 3 properties selling well over tax value (normally new construction or extreme renovations). With this extreem percentage removed the tax value drops to 92.65% when compared to sold price.

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 9 of Charlotte was $161,964. This averages to 90.31% of the original listing price with concessions and 91.69% without concessions. Sellers whose property sold in less than 100 days received 94.82% of their original asking price, while sellers needing more than 100 days received only 85.40%.

Buyer Financing

Of the closings in northeast Charlotte in August, 25 used conventional financing, 29 FHA, and 12 paid cash, 1 NC Bond and 2 VA.

Jonathan Osman
Charlotte Real Estate

BEWARE OF THE "ARMS LENGTH" TRANSACTION AFFIDAVIT

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 23 Sep 2009 13:54:42 -0500

Via Rick Misitano (Law Offices of James M. Bosco & Associates):

BE AWARE OF THE "ARMS LENGTH TRANSACTION" AFFIDAVIT

Hello to all! I just wanted to send out a quick note to give a heads up on an issue that you should be aware of.

Be advised that HUD/FHA/VA, Fannie Mae, Freddie Mac & FDIC are now carefully auditing short-sale transactions going forward and are also looking at previous closed short-sale settlements that may have been considered non-arm's length transactions. Agents, brokers, sellers and buyers should be aware of the “Arms Length Transaction” affidavit that many lenders/investors are now requiring all parties to sign. This specific language could be included in the short-sale approval letter itself or may be a totally separate agreement all together (such as in the form of an Affidavit) and can read something to the following effect:

“Whereas, all parties relevant to this transaction are hereby indicating to XYZ Mortgage Corporation that no party to this contract is a family member or business associate or shares a business interest with the mortgagor(s) or mortgagee. It is further stipulated there are no “hidden terms” or “special understandings” between the seller(s), buyer(s) or their agent(s) in order to entice, induce or otherwise defraud the seller’s mortgagee in this transaction. This purchase contract is not assignable. If the purchaser intends on performing a simultaneous closing (aka flip) such a transaction can take place only if the re-conveyance is of equal or lesser value as to the current sales price indicated in this transaction. The Buyer(s) & Seller(s) nor their Agent(s) listed below have any agreements (written or implied) that will allow the Seller(s) to remain in their property as renters or to regain ownership of said property after the successful execution of this short sale transaction.”

This is pretty self explanatory and if these stipulations are non-issues for your particular deal than you should be fine. But (if you have to think twice about this) you need to be very careful and think twice before you sign such a document. You would be surprised on some of the things that people have attempted to pass through our office thinking no one would know or find out. Keep in mind, lenders will not accept a sales contract that shows the contract can be assigned. If the buyer is planning on flipping the property, he or she will have to arrange a double close (or simultaneous closing). There is nothing unethical or wrong about doing the double close as long as it does not violate the parameters stipulated by the short-sale mortgagee.

Just be aware that HUD/FHA/VA, Fannie Mae, Freddie Mac & FDIC do not want to see anyone obviously taking advantage of their financial disadvantage. Lenders and investors will not tolerate "Bail-Out" situations that allows the distressed homeowner to benefit from their loss.

All the Best,

James M. Bosco, Esquire

Rick D. Misitano, Senior Paralegal

Law Offices of James M. Bosco