Charlotte North Carolina Real Estate Blog

The five opportunities to buy foreclosure real estate

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sat, 04 Jul 2009 13:37:46 -0500

Every home buyer today is looking for a great deal and that has led them to consider foreclosed properties. However, most are unaware of the life cycle of such properties and the opportunities that exist at each stage. So here's a breakdown of the life of a foreclosed property and the benefits at each stage.

Pre-foreclosure
A pre-foreclosure is a property that is in distress and the owner is facing foreclosure. Often times, the owner is being foreclosed upon a mortgage but homeowners associations and bankruptcies can also force foreclosure proceedings. A pre-foreclosure (also known as a short sale) usually results in a seller selling the property for less than what's owed. The listed price of the property is set by the owner and their agent (if listed) and then later approved by the bank. Ultimately, the selling price is determined by either an appraisal of the property or an opinion of a local real estate broker (not the buyer's agent or listing agent). These properties are also sold As-Is, regardless of condition or age.

The approval process by the bank can take anywhere from 2 weeks to 2 months depending on the workload of the bank's loss mitigation staff. Also, the paperwork can be cumbersome and you'll need to have a participatory seller. The bank may require them to hold a promissory note or they may face tax penalties if they agree to the terms of their pre-foreclosure sale. Ultimately, for the buyer, pre-foreclosure properties are best in markets that have faced a substantial price decrease in a relatively short period of time.

Foreclosure Sale
In North Carolina, a foreclosure sale occurs at the local court house of the property being sold. At this point, the bank has hired a trustee (an attorney) to sell the property and a judge has held a hearing and found in favor of the bank to sell the property. The sales are a matter of public notice and anyone may bid on the foreclosing property. However, before you do so, you need to do your homework. These are auction style sales officiated by the court. They aren't true absolute sales as the foreclosing bank or party will secure their interest by bidding the amount owed to them.

First, understand that you are buying this property sight unseen most often and cannot have an appraisal or inspection. If the home is listed prior to the sale, feel free to have your agent take you through. It is a HUGE risk to purchase a home without seeing the inside.

Second, you'll either need a hard money loan, an equity line on a current property, or cash to make the purchase. Because you don't have a right to access the property, you cannot have an appraisal done. Therefore, this is inappropriate for 99% of home buyers.

Third, you need to know what is foreclosing on the property. All too often, a novice investor will bid on a $400,000 home for the balance of the HOA dues and think they've purchased the deal of a lifetime. What they're purchased is a world of trouble as they purchased a junior lien. That buyer would need to satisfy the primary lien or risk being foreclosed upon. Anyone interested in pursuing these types of sales should hire someone to do a title search to find out what they're bidding on and what else is hanging over the property (IRS tax liens, etc).

Finally is the price. If you're bidding on a first mortgage foreclosure, the foreclosing bank will bid the balance of the mortgage to secure their interest. If no one outbids the bank, the bank buys the house back and it becomes a bank-owned property.

These homes are generally still occupied and it's up to you to evict the tenants or former owners. Again, this can be very sticky so hire a good attorney to guide you through the process.

The Foreclosure Upset Period
After the high bid has been reached in a foreclosure sale, there's a 10 day bid upset period. Rarely, on a home with two mortgages, the second mortgage can come in an upset the bid to secure their interest in the foreclosing property. Anyone can upset a bid and some investors do nothing but upset high bidders.

The Bank Owned Sale
If a bank has foreclosed on a property and they are the high bidder, the property is listed for sale with a real estate agent. That agent lists the home through the MLS and anyone may make an offer. At this point, the home is vacant and clear of any liens. For most buyers, this is a great opportunity to buy a distressed home however there are a few areas where many run into trouble.

First, you need appropriate financing for the condition of the home. Many of the properties are not move-in ready and may require repairs. DO NOT EVER UNDER ANY CIRCUMSTANCES REPAIR A PROPERTY THAT IS NOT YOURS!!!!! I have been in properties where the only visible damage was that someone removed the kitchen cabinets. Other times, an A/C unit is missing. It is imperative that you obtain financing appropriate for the home you're purchasing, which usually means Cash or Conventional. FHA and VA are inappropriate for most bank properties with the exception being HUD and VA owned properties.

Second, you will need to do inspections. The properties are sold As-Is, where-is, no conditions, no contingencies, no repairs. Some feel that since that's the case, you wouldn't want to waste the money on an inspection. However, you may uncover a serious issue that may result in the home a bad deal. Hire a good inspector to know what you're getting yourself into.

The Bank-Owned Auction
Often times, a bank will have a number of properties listed on the market without a suitable buyer. Because they're not in the business of owning a bunch of real estate, they will often sell their currently listed homes at auction. These aren't new properties but ones that have failed to sell. Here in Charlotte, there's an auction like this once a month or so.

Buyers can utilize financing and can do inspections BEFORE the auction sale. Also, as with any real estate auction, there's a buyer's premium that the buyer pays (the auctioneers commission) that is tacked on to the highest bid. Therefore, you will need to be aware that you may have the high bid of $400,000 but after the premium, the sales price may be $450,000.

As my advice before, utilize your agent for this type of sale. Investigate the properties, know you're bidding on the right home, inspect the homes you're interested in, and get approved for any mortgage ahead of time.

Charlotte Bank Owned, REO, and Pre-Foreclosure Homes

American Clean Energy and Security Act will make selling your home more expensive

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Mon, 29 Jun 2009 16:38:14 -0500

What I haven’t heard discussed anywhere regarding the American Clean Energy and Security Act (otherwise known as Cap & Trade) is the profound effects it will have on residential real estate. http://www.opencongress.org/bill/111-h2454/text?version=rh&nid=t0:rh:2259 As I read this bill, I discovered that the federal government will create a labeling and energy audit program to improve the efficiency of residential real estate. While that may sound great, the standards for the bill were not included in this act. However, once a standard is set, all residential real estate will undergo an energy audit to discover if that home meets the minimum standards set by the federal government. What the act does do is to say that they will force compliance through the transfer of ownership (i.e. sale). Therefore, home sellers may face having to replace windows, doors, appliances, add insulation, replace a/c units, etc just to convey the property to another buyer or face penalties.

In addition, with the popularity of FHA and VA loans, I can forsee a lender requiring an energy audit and making a satisfactory audit apart of the loan approval.

So with foreclosures increasing and the housing market on the ropes as it is already, your member of Congress believes you have the money to upgrade your home. I sure hope you tell them thanks. Read the full bill here and why not call your member of Congress and Senate to let them know what you think of them.

Charlotte Real Estate

May 2009 Market Update for Area 1 - Northeast Charlotte- Detailed info on what sellers are ACTUALLY receiving.

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:34:08 -0500

Real Estate 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.

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

Active Listings

In 344 single family detached homes were listed for sale in Area 1 North Carolina. May's new listings were 15.05% more than in April and 18.29% fewer than were listed in May 2008.

Pending Units

209 Single Family homes received a contract. This was 11.76% greater than received a contract in April and 6.28% fewer contracts than in May 2008. When compared to May 2007 and 2006, 34.48% and 47.49% fewer contracts were written and accepted this past May.

Sold Units

139 Single Family Detached Homes were sold in May 2009. This was a increase of 3.73% from April and 26.46% decrease from May 2008. When compared to May's from 2007 and 2006 it is a staggering decrease of 50% and 58.88%.

Average Sold Price

In May, single family detached homes that sold in Area 1 sold at an average of $210,703 which was 16.73% more than in April and 4.49% decrease when compared to May 2008.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 103 days before receiving an offer. That was 4.63% less than the month earlier 24.10% greater than a year earlier, and 68.85% greater than in 2007. 89 Single Family homes sold in less than 100 days while 50 homes in 100 days or greater. 2 homes were listed for over a year before receiving an offer.

Seller Concession

67 out of the 139 homes (or 48%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $4,456.

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 4 closed listing offered such a concession, with the seller receiving 82.91% of their original asking price and a average days on market of 151.

Sold Price as a Percentage of Tax Value

131 of homes that sold in May in Area 1 had a tax value assigned to the listing. The homes that sold in May sold at an average of 95.72% of their listed tax values. 69 homes sold below tax value, the lowest of which was an REO which sold at 141.14% of its tax value. There were also 3 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 80.09% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 1, sellers received 91.03% of their original asking price. With seller concessions included, sellers received on average 89.73% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 92.42% of their original asking price including concessions while homes listed for greater than 100 days received only 84.95%.

Buyer Financing

Of the homes that sold in May, 4 buyers used VA financing, 51 used FHA, 60 used Conventional Financing, 22 cash and 1 other.

Jonathan Osman
Charlotte Real Estate

May 2009 Market Update for Area 2 - East Charlotte - What Sellers are ACTUALLY Receiving.

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:32:43 -0500

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.

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

New Active Listings

In May, 254 homes were listed for sale in Charlotte’s Area 2. This was a increase of 2.83% over April but a 27.64% decrease when compared with May 2008, 38.65% decrease compared with 2007, and 35.86% decrease compared with 2006.

Pending Homes

112 single family homes were placed under contract for Area 2 in May 2009. This the same from the month prior. Compared to May 2008, there were 35.63% fewer homes receiving contract than the year prior and 57.74% fewer than during the same period in 2006.

Sold Units

In May, 87 single family detached homes were sold in Area 2 through the MLS. This was a decrease of 3.33% when compared to the month prior but 38.30% fewer than in May 2008. The numbers begin to get staggering when you look back to 2007 and 2006 when the decrease in the sales for this year were 62.34% and 65.20% respectively.

Percentage of the Listing Price Received

Sellers received on average 89.16% of their asking price before concessions in May. Compared to April that is a decrease of .54%. Looking further in the past in past May's there is also a decline in 2007 and 2006 of 7.84% and 9.03%.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 93 days before receiving an offer. That was 7.92% less than the month earlier 12.05% more than a year earlier, and 40.01% greater than in 2007 and greater than 2006 with 24%.

55 Single Family homes sold in less than 100 days while 32 homes in 100 days or greater. Only one home sold after 1 year of being on the market.

Seller Concession

47 out of the 87 homes (or 54%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,591.

Sold Price as a Percentage of Tax Value

83 of the homes that sold in May in Area 2 had a tax value assigned to the listing. The homes that sold in May sold at an average of 194.80% of their listed tax values. 53 homes sold below tax value, the lowest of which was an REO which sold at 42.55% of its tax value. There were also 4 properties selling well over tax value (normally new construction or extreme renovations). With this unusual factor removed the average drops to 93.13% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 2, sellers received 89.16% of their original asking price. With seller concessions included, sellers received on average 87.84% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 92.33% of their original asking price including concessions while homes listed for greater than 100 days received only 80.12%.

Buyer Financing

Of the homes that sold in May, 2 buyer used VA financing, 37 used FHA, 25 used Conventional Financing, 22 cash, and 1 other.

Jonathan Osman
Charlotte Real Estate

May 2009 Market Update for Area 3 - Matthews, Charlotte & Mint Hill Housing- Detailed info on what sellers are ACTUALLY receiving.

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:31:21 -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 May 1 2009 - May 31 2009 from the CMLS

Active Listings

In May, 157 single family detached homes were listed for sale in Area 3 North Carolina. May's new listings were 3.09% less than in April and 13.26% fewer than were listed in May 2008.

Pending Units

76 Single Family homes received a contract. This was 2.70% more than received a contract in April and 28.97% fewer contracts than in May 2008. When compared to May 2007 and 2006, 51.28% and 53.37% fewer contracts were written and accepted this past May.

Sold Units

49 Single Family Detached Homes were sold in May 2009. This was a decrease of 16.67% from April and a decrease of 47.31% from May 2008. When looking in 2007 and 2006 the decrease is even more apparent, 63.43% and 63.70% respectively.

Average Sold Price

In May, single family detached homes that sold in area 3 sold at an average of $196,061, which was a 34.19% increase than in April and a decrease of 6.67% when compared to May 2008. Taking seller concessions into account the average sales price dropped to $194,014 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 102 days before receiving an offer. That was 21.54% less than the month earlier 18.60% less than a year earlier, and 92.45% greater than in 2007. 30 Single Family homes sold in less than 100 days while 19 homes in 100 days or greater. 1 homes took a year or more to close.

Seller Concession

28 out of the 49 homes (or 57%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,583.

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 were no properties that sold offering such a bonus.

Sold Price as a Percentage of Tax Value

44 of the homes that sold in May in Area 3 had a tax value assigned to the listing. The homes that sold in May sold at an average of 135% of their listed tax values. 15 homes sold below tax value and 29 sold over tax value. The lowest sold as a percentage of tax value was sold for 57.15% below tax value. There were also 2 property selling well over tax value (normally new construction, land or extreme renovations). With this unusual factor removed the average drops to 111.67% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 3, sellers received 92.41% of their original asking price. With seller concessions included, sellers received on average 91.25% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 94.21% of their original asking price including concessions while homes listed for greater than 100 days received only 89.58%.

Buyer Financing

Of the homes that sold in May, 16 used FHA, 17 used Conventional Financing, 2 Other, 4 VA, 1 Owner Financed and 9 cash.

Jonathan Osman
Charlotte Real Estate

May 2009 Market Update for Matthews NC and Charlotte NC Area 4. Detailed info on what sellers are ACTUALLY receiving.

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:29:35 -0500

Real Estate Market Update for Single Family Homes in

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.

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

Active Listings

In May, 209 single family detached homes were listed for sale in Area 4, North Carolina. May's new listings were 13.99% less than in April and 17,72% fewer than were listed in May 2008.

Pending Units

86 Single Family homes received a contract. This was 7.50% higher than received a contract in April but 14.85% fewer contracts than in May 2008. When compared to May 2007 and 2006, 54.50% and 54.01% fewer contracts were written and accepted this past May. Sold Units

50 Single Family Detached Homes were sold in May 2009. This was 14.79% less then April and 48.98% less then May 2008. When compared to May 2007 and 2006, 69.88% and 67.95% fewer home sold then this past May.

Average Sold Price

In May, the single family detached homes that sold in Area 4 sold at an average of $282,518, which was 4.37% lower than in April and a 16.46% decrease when compared to May 2008. When taking seller concessions into account the average sales price for May 2009 is $273,940.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 119 days before receiving an offer. That was a 4.80% less than the month earlier 54.55% greater than a year earlier, and 176.74% greater than in 2007. 28 Single Family homes sold in less than 100 days while 22 homes in 100 days or greater.

Seller Concession

24 out of the 50 homes (or 48%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,783.

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 were no properties offering such a bonus.

Sold Price as a Percentage of Tax Value

All of the homes that sold in May in Area 4 had a tax value assigned to the listing. The homes that sold in May sold at an average of 122.84% of their listed tax values. 4 homes that sold were under 100% and 44 were over 100%of the tax value. The lowest property sold as a percentage of tax value sold for 44.30%. This month there were no properties selling for 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 May in Area 4, sellers received 91.31% of their original asking price. With seller concessions included, sellers received on average 90.53% of their original asking price. For homes listed for sale for less than 100 days, those sellers received 92.23% of their original asking price including concessions while homes listed for greater than 100 days received only 88.58%.

Buyer Financing

Of the homes that sold in April, 13 used FHA, 32 used Conventional Financing, 4 cash and 1 VA.

Jonathan Osman
Charlotte Real Estate

May 2009 Market Update for South Charlotte Area 5. Detailed info on what sellers are ACTUALLY receiving.

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:20:42 -0500

Charlotte North Carolina Market Update for:

Real Estate 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.

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

New Listings

In May, 322 single family listings were added to the inventory of homes for sale in area 5. This was a 13.21% decrease from April and a 17.22% decrease when compared to May 2008.

Pending Sales

115 single family detached homes received a contract in northeast Charlotte in May. This was 9.52% more than April. Additionally for May 2008 and 2007 there were 38.17% and 59.07% fewer than were written in May.

Sold Listings

Only 89 homes closed in Area 5 of Charlotte in May. Closings for May were down 42.21% compared to 2008 and 68.66% compared with 2007.

Days on Market

Of the homes which closed in May in northeast Charlotte, the average days on market was 116, a 68.12% increase from a year prior. 49 listings sold in less than 100 days while 40 sold in 100 days or greater.

Seller Concessions

33 of the 89 (37%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $4,284.

Tax Value as compared to Sold Price

83 of the homes that closed in Area 5 of Charlotte in May had a tax value assigned. Those listings sold at 126.16% of their listed tax values. 12 of the properties sold below tax value, with the lowest being a property which sold at 72.30% of tax value. There was 1 property selling well over tax value (normally new construction or extreme renovations). With this unusual factor removed the average decreases to 123.22% as a percentage of tax value.

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 5 of Charlotte was $391,915. This averages to 89.98% of the original listing price with concessions and 90.57% without concessions. Sellers whose property sold in less than 100 days received 93.73% of their original asking price with concessions, while sellers needing more than 100 days received only 85.39%.

Buyer Financing

Of the closings in northeast Charlotte in May, 63 used conventional financing, 14 FHA, 2 VA and 10 paid cash.

Jonathan Osman
Charlotte Real Estate

May 2009 Market Update for Area 6. Detailed info on what sellers are ACTUALLY receiving.

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:19:19 -0500

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 6 including: Charlotte Neighborhoods including Dilworth, Wilmore, Selwyn Farms, Sedgefield, Broadmoor, Madison Park, Ashbrook, Colonial Village, Collins Park, Stone Orchard, Montclaire, Freeland Park.

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

Active Listings

In May, 127 single family detached homes were listed for sale in Area 6 North Carolina. May's new listings were the same in April and 12.41% fewer than were listed in May 2008.

Pending Units

54 Single Family homes received a contract. This was the same that received a contract in April and 20.59% fewer contracts than in May 2008. When compared to May 2007 and 2006, 38.64% and 54.62% fewer contracts were written and accepted this past May.

Sold Units

30 Single Family Detached Homes were sold in May 2009. This was an decrease of 14.29% from April and a decrease of 53.85% from May 2008.

Average Sold Price

In May, single family detached homes that sold in area 3 sold at an average of $239,110 which was 12.32% higher than in April and a decrease of 9.78% when compared to May 2008. Taking seller concessions into account the average sales price dropped to $236,460 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 80 days before receiving an offer. That was a 8.05% decrease than the month earlier 35.59% more than a year earlier, and 77.78% greater than in 2007. 22 Single Family homes sold in less than 100 days while 8 homes in 100 days or greater.

Seller Concession

18 out of the 30 homes (or 60%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $4,416.

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 one such property offered such a bonus netting the seller 97.17% of list price selling in 13 days.

Sold Price as a Percentage of Tax Value

29 of the homes that sold in May in Area 6 had a tax value assigned to the listing. The homes that sold in May sold at an average of 139.28% of their listed tax values. 3 homes sold below tax value, the lowest of which was sold at 44.15% of its tax value. There were 3 properties selling well over tax value (normally new construction or extreme renovations). With those properties removed the average droped to 128.84

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 6, sellers received 94.72% of their original asking price. With seller concessions included, sellers received on average 93.46% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 95.25% of their original asking price including concessions while homes listed for greater than 100 days received only 88.54%.

Buyer Financing

Of the homes that sold in May, 12 used FHA, 17 used Conventional Financing and 4 cash.

Jonathan Osman
Charlotte Real Estate

May 2009 Market Update for Area 7. Detailed info on what sellers are ACTUALLY receiving.

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:17:30 -0500

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 7 including:

Charlotte Neighborhoods including: Arbor Glen, Ayrsley, Berewick, Braddock Green, Brianna Terrace, Brighton, Cedar Run, Cedarbrook, Chapel Cove, Clanton Park, Coventry, Deer Creek, Falcon Ridge, Feather Trace, Fircrest, Greycrest, Griers Fork, Hamilton Green, Hamilton Lakes, Hartwell, Hathaway Hills, Huntington Forest, Kingsbridge, Laurel Valley, Markswood, McDowell (Farms, Meadows and Place), Morris Field, Nations Ford Homes, Neely Glen, Olde Whitehall, Pine knol, Pinecrest, Planters Walk, Reid Park, Reunion, Revolution Park, Reynolds Walk, Rollingwood, Royal Oaks, Southbridge, Spencer Park, Springfield, Steel Oaks, Steele Creek, Steeleberry Acres, Stellechase, Steelecroft Place, Stowe Creek, Sullivans Trace, Taragate Farms, Tealbriar, The Crossing, Twelve Oaks, Walkers Creek, Waterlyn, Waters of Steele Creek, Westover Hills, Westwood Park, Wildwood Meadows, Williams Glenn, Wiltshire Manor, Windward Cove, Wing Pointe, Wingate, Withers Grove, Woodridge, Yorkmont Park, Yorkshire & Yorkwood

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

Active Listings

In May, 100 single family detached homes were listed for sale in Area 7 North Carolina. May's new listings were 18.70% less than in April and 41.86% lower than were listed in May 2008.

Pending Units

50 Single Family homes received a contract. This was 29.58% less than received a contract in April and 52.83% fewer contracts than in May 2008. When compared to April 2007 and 2006, 66.22% and 57.63% fewer contracts were written and accepted this past May.

Sold Units

48 Single Family Detached Homes were sold in April 2009. This was an increase of 4.35% from April and a decrease of 40% from May 2008. The most noticeable decrease month over month was May 2009 compared to May 2007 which was 62.50% and 39.24%.

Average Sold Price

In May, single family detached homes that sold in area 7 sold at an average of $145,286 which was 4.26% lower than in April and a decrease of 11.68% when compared to May 2008. Looking farther back to May 2007 and 2006 the decrease is 13.29% and 12.21% over May this year. Taking seller concessions into account the average sales price dropped to $143,297 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 93 days before receiving an offer. That was the same than the month earlier 25.68% greater a year earlier, and 75.47% greater than in 2007. 32 Single Family homes sold in less than 100 days while 16 homes in 100 days or greater.

Seller Concession

27 out of the 48 homes (or 56%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,537.

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. In May there were 2 such property that offered an agent bonus. Resulting in an offer netted the seller's an average of 80.47% of the list price and sold on average of 63 days.

Sold Price as a Percentage of Tax Value

44 of the homes that sold in May in Area 7 had a tax value assigned to the listing. The homes that sold in May sold at an average of 101.70% of their listed tax values. 22 homes sold below tax value, the lowest of which was an REO which sold at 21.46% of its tax value. There was only 1 properties selling for well over tax value this month. With this extreemly high value removed the average drops to 92.11% of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 7, sellers received 88.40% of their original asking price. With seller concessions included, sellers received on average 87.19% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 89.96% of their original asking price including concessions while homes listed for greater than 100 days received only 81.65%.

Buyer Financing

Of the homes that sold in May, 23 used FHA, 18 used Conventional Financing, 2 VA and 5 cash.

Jonathan Osman
Charlotte Real Estate

May 2009 Market Update for Area 8. Detailed info on what sellers are ACTUALLY receiving.

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:15:18 -0500

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 8 including:

Charlotte Neighborhoods including Abernathy Woods, Allenbrook, Americana Park, Ashley Park, Beechwood, Belemeade Green, Biddleville, Brookfield, Brookmere, Camp Green, Catawba River, Cedar Mill, Chapel Grove, Cherokee Forest, Cheshire Commons, Clanton Park, Clinchfield, Coulwood, Creekside, Cross Creek, Dowd Heights, Eagle Nest, ,Enderly Park, Feathersone Ridge, Forest Pawtuckett, Glendale Acres, Glenhaven, Glenwood, Greenwood, Hammonds Station, Harbor Estates, Harbor House, Heather Glen, Hidden Creek, Homestead Glen, Hoover Acres, Hoskins, Hunter Ridge, Lakewood, Lela Court, Lweis Forest, Long Creek, Marsh Estates, McGregor Downs, Mellwodd, Melynda Woods, Montclair Park, Moores Chapel, Moores Park, Morningside, Mullberry Pond, Northbrook, Northwoods, Oakshire, Oakview Commons, Parkview, Patriots Point, Pine Island, Regal Heights, Reid Meadows, Reid Park, Running Dear, Seversville, Smallwood, Sonoma Village, Stone Bluff, Stoney Pointe, Summerville, Summit HIlls, Tanglewood, Thomasboro, Thrift, Todd Park, Town Park, Valley Ridge, Villages of Ashley Ridge, Waldon Park, Wandawood, Watauga Village, Wesley Hights, West View, Westborne, Westcherster, Westerly Hills, Westerwood, Westmoreland, WEstwood Forest, Wildwood, Wilson Glen, Winding Creek, Windsong, Windy Rige, Woodland Station, Woods at Coulwood and Woodsdale Acres.

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

Active Listings

In May, 112 single family detached homes were listed for sale in Area 8 North Carolina. May's new listings were 3.45% less than in April and 25.33% less than were listed in May 2008.

Pending Units

57 Single Family homes received a contract. This was 21.92% less than received a contract in April and 36.67% fewer contracts than in May 2008. When compared to May 2007 and 2006, 54.03% and 100.17% fewer contracts were written and accepted this past May.

Sold Units

49 Single Family Detached Homes were sold in May 2009. This was an increase of 2.08% from April and a decrease of 12.50% from May 2008. When compared to May 2007 and 2006, 60.80% and 99.98% fewer sold units than this past May.

Average Sold Price

In May, single family detached homes that sold in area 8 sold at an average of $84,255 which was a 4.36% increase than in April and a decrease of 22.27% when compared to May 2008. This is also a decrease of 100% over May 2006. Taking seller concessions into account the average sales price dropped to $82,639 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 150 days before receiving an offer. That was a 41.51% increase than the month earlier 94.81% more than a year earlier and 127.27% more than in 2007. 29 Single Family homes sold in less than 100 days while 20 homes in 100 days or greater.

Seller Concession

19 out of the 49 homes (or 39%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,201.

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 1 closed listing offered such a bonus. The proeprty offering a bonus was on the market for 86 days and received 81.15% of their listing price.

Sold Price as a Percentage of Tax Value

48 of the of the homes that sold in May in Area 8 had a tax value assigned to the listing. The homes that sold in May sold at an average of 73.43% of their listed tax values. 40 homes sold below tax value, the lowest of which was an REO which sold at 28.05% of its tax value which according to the listing needed renovation. 1 property sold for well over 100% of the tax value (normally new construction, extensive renovations and land). With that property taken out of the mix the average drops to 70.43%.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 8, sellers received 81.88% of their original asking price. With seller concessions included, sellers received on average 80.58% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 88.48% of their original asking price including concessions while homes listed for greater than 100 days received only 78.86%.

Buyer Financing

Of the homes that sold in May, 18 used FHA, 9 used Conventional Financing, 1 VA and 21 cash.

Jonathan Osman
Charlotte Real Estate

May 2009 Market Update for Area 9. Detailed info on what sellers are ACTUALLY receiving.

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:13:46 -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 May 1 - May 31, 2009

New Listings

In May 157 single family listings were added to the inventory of homes for sale in area 9. This was a 13.26% decrease from April and a 29.28% decrease when compared to the previous May.

Pending Sales

90 single family detached homes received a contract in May. This was a 25% decrease over those that were written the year prior and 46.11% fewer than were written in May 2007.

Sold Listings

69 homes closed in Area 9 of Charlotte in May. Closings for May were down 21.59% compared to 2008 and 52.08% compared with 2007.

Days on Market

Of the homes which closed in May in Area 9 of Charlotte, the average days on market was 79, a 2.47% decrease from a year prior. 52 listings sold in less than 100 days while 17 sold in 100 days or greater.

Seller Concessions

37 of the 69 (54%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $3,754.

Tax Value as compared to Sold Price

67 of the homes that closed in Area 9 of Charlotte in May had a tax value assigned. Those listings sold at 86.56% of their listed tax values. 44 sold below tax value, with the lowest being a property which sold at 30.38% of tax value which was an bank owned property. There were no propertiesselling well over tax value (normally new construction or extreme renovations).

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 9 of Charlotte was $150,688. This averages to 88.66% of the original listing price with concessions and 89.90% without concessions. Sellers whose property sold in less than 100 days received 92.87% of their original asking price, while sellers needing more than 100 days received only 75.79%.

Buyer Financing

Of the closings in northeast Charlotte in May, 26 used conventional financing, 29 FHA, and 12 paid cash, 1 VA and 1 Other.

Jonathan Osman
Charlotte Real Estate

May 2009 Market Update for Area 10 - Union County- Detailed info on what sellers are ACTUALLY receiving.

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:12:04 -0500

Real Estate Market Update for

Single Family Homes in Union County North Carolina including:

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

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

Active Listings

In May, 459 single family detached homes were listed for sale in Union county North Carolina. May's new listings were 15.93% less than in April and 24.75% fewer than were listed in May 2008.

Pending Units

229 Single Family homes received a contract. This was 7.51% more than received a contract in April but 22.37% fewer contracts than in May 2008. When compared to May 2007 and 2006, 50.43% and 49.56% fewer contracts were written and accepted this past May.

Sold Units

165 Single Family Detached Homes were sold in May 2009. This was an decrease of 17.86% from April and a decrease of 26.01% from May 2008. Most notably the decrease from 2007 and 2006 are as follows for sold units 53.26% and 56.92%.

Average Sold Price

In May, single family detached homes that sold in Union County sold at an average of $255,379, which was a 5.19% decrease from April and 5.19% decrease when compared to May 2008. Looking back to 2007 and 2006 there is also a decrease of 8.08% and a decrease of 9.27% in the average sold price.

Average Days on Market

Of the 165 homes that closed in May, they were on the market for an average of 108 days before receiving an offer. That was 8% increase than the month earlier 13.68% increase than a year earlier, and 38.46% greater than in 2006. 94 Single Family homes sold in less than 100 days while 71 homes in 100 days or greater. 4 homes were listed for over a year before receiving an offer.

Seller Concession

72 out of the 165 homes (or 44%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $4,861.

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. 7 closed listings offered such a concession, with the sellers receiving an average of 90.84% of their original asking price and closing in 47 days.

Sold Price as a Percentage of Tax Value

123 of the 140 homes that sold in May in Union County had a tax value assigned to the listing. The homes that sold in May sold at an average of 97.62% of their listed tax values. 71 homes sold below tax value, the lowest which sold at 25.16% of its tax value. There were also 2 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 92.54% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Union County, sellers received 89.24% of their original asking price. With seller concessions included, sellers received on average 88.25% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 92.75% of their original asking price including concessions while homes listed for greater than 100 days received only 82.29%.

Buyer Financing

Of the homes that sold in May, 6 buyers used VA financing, 51 used FHA, 81 used Conventional Financing, 21 cash, 1 NC Bond, 3 Owner Financed and 2 other.

Jonathan Osman
Charlotte Real Estate

May 2009 Market Update for Area 11 Cabarrus County NC. Detailed info on what sellers are ACTUALLY receiving

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:10:09 -0500

Cabarrus County North Carolina Market Update for:

Real Estate Market Update

Single Family Homes in Cabarrus County North Carolina Area 11 including:

Cabarrus Neighborhoods: Ashebrook, Beaver Pond, Beverly Hills, Bradford Park, Braxton Estates, Cabarrus Crossing, Canterfield, Central Park, Christenbury Mews, Cochran Farms, English Woods, Falcon Chase, Glen Grove, Governors Pointe, Greystone, Harbour Towne, Havenbrook, Hawick Commons, Heatherstone, Hidden Pond, Highland Creek, Highland Street Commons, Kellswater Bridge, Landsdowne, Magnolia Springs, Mallard Pointe, Mission Hills, Morris Glen, Moss Creek, Mountain Laurel, Paradise Estates, Park Place, Parkwood, Providence Manor, Quail Hollow, Ramsgate, Remington Estates, Roberta Farms, Rocky River Crossing, Rocky River Plantation, Shenandoah Estates, Shiloh Village, Skybrook North Villages, Southern Chase, The Farm at Riverpointe, Victoria Park, Winding Walk & Yate Meadow.

Data gathered for May 1- May 31, 2009

New Listings

In May, 330 single family listings were added to the inventory of homes for sale in area 11. This was a 7.30% decrease from April and a decrease of 37.74% from the past year.

Pending Sales

165 single family detached homes received a contract in May. This was a 26.67% fewer than were written the year prior and 48.28% fewer than were written in May 2007.

Sold Listings

107 homes closed in Area 11 of Charlotte in May. Closings for May were down 39.20% compared to 2008 and 63.36% compared with 2007.

Days on Market

Of the homes which closed in May in Cabarrus County, the average days on market was 105, a 8.25% increase from a year prior. 70 listings sold in less than 100 days while 37 sold in 100 days or greater.

Seller Concessions

53 of the 107 (50%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $3,922.

Tax Value as compared to Sold Price

99 of the homes that closed in Area 11 of Cabarrus County in May had a tax value assigned. Those listings sold at 94.94% of their listed tax values. 75 sold below tax value, with the lowest being a property which sold at 19.02% of tax value. There were 3 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 85.81%.

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 11 of Cabarrus County was $178,145. This averages to 89.25% of the original listing price with concessions and 90.33% without concessions. Sellers whose property sold in less than 100 days received 90.62% of their original asking price, while sellers needing more than 100 days received only 86.67%.

Buyer Financing

Of the closings in Cabarrus County in May, 42 used conventional financing, 36 FHA, and 17 paid cash, 6 utilized VA form of financing, 1 owner financed, and 5 categorized as other.

Jonathan Osman
Charlotte Real Estate

May 2009 Market Update for Area 13 Lake Norman NC. Detailed info on what sellers are ACTUALLY receiving.

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:08:23 -0500

Real Estate Market Update for

Lake Norman North Carolina, MLS Area 13

Including the cities of Mooresville, Cornelius, Huntersville, Denver, Terrell, Statesville, and Sherrills Ford

Data gathered for May 1- May 10, 2009

New Listings

In May, 278 single family listings were added to the inventory of homes for sale in area 13. This was a 18.71% increase from April and a decrease of 24.04% from the past year.

Pending Sales

83 single family detached homes received a contract in May. This was a 12.63% decrease than were written the year prior and 56.32% fewer than were written in May 2007.

Sold Listings

66 homes closed in Area 13 of Charlotte in May. Closings for May were down 30.53% compared to 2008 and 61.40% compared with 2007.

Days on Market

Of the homes which closed in May in Lake Norman, the average days on market was 155, a 56.57% increase from a year prior. 31 listings sold in less than 100 days while 35 sold in 100 days or greater. 6 properties took over 1 year to sell.

Seller Concessions

17 of the 66 (26%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $5,622.

Tax Value as compared to Sold Price

61 of the homes that closed in Area 13 of Lake Norman in May had a tax value assigned. Those listings sold at 148.46% of their listed tax values. 29 sold below tax value, with the lowest being a property which sold at 43.32% of tax value. There were also 4 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 104.30% as a percentage of tax value.

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 13 of Lake Norman was $417,778. This averages to 87.63% of the original listing price with concessions and 88.17% without concessions. Sellers whose property sold in less than 100 days received 92.67% of their original asking price, while sellers needing more than 100 days received only 83.16%.

Buyer Financing

Of the closings in Lake Norman in May, 49 used conventional financing, 5 FHA, and 8 paid cash and 1 1031 Exchange and 1 VA and 1 Assumed the mortgage of the seller.

Jonathan Osman
Charlotte Real Estate

May 2008 Charlotte Area Single Family Detached Real Estate Market Stats - Entire CMLS area

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 24 Jun 2009 14:06:34 -0500

Total Charlotte NC Real Estate Market Overview

May 1, 2008 - May 31, 2008

Data for all counties and cities served by the Carolina Multiple Listing Service including Charlotte, Monroe, Concord, Gastonia, Mooresville, and many others.

New Active Listings

In May, 4319 single family detached homes were listed throughout the Charlotte area. This was a decline of 24.76% from 2008 and a decrease of 8.71% from the previous month.

Under Contract

2114 Single Family Detached homes were placed under contract in May for the entire MLS area. This was an increase from April of 1.10% but a decline of 25.22% from 2008.

Homes Sold

Sales in the CMLS were down 36.92% from 2008 as 1500 homes closing in May. There was in incease of 3.09% over the month of April.

Days on Market

The average Days on Market for homes in the CMLS for May was 110, down 6.80% in May 2008.

Average Sold Price

The average sold price for homes which closed in May was $198,590, an increase of 1.62% from a year earlier.

Percentage of Tax Value

1388 of the properties sold in May that had a tax value assigned in the listing. The average sold at 155.53% above the tax value. Of the homes that sold in May, 646 sold below their assigned tax value. There were also many properties selling well over tax value (normally new construction or extreme renovations where the land is the origional tax value). With these unusual factors removed the average drops to 95.15% as a percentage of tax value.

Commission Bonuses

Just 50 properties offered the buyer’s agent a bonus for an accepted contract. The average bonus was $2,171. Offering a bonus did not help the sell the home faster or net the seller more money. The average bonused property sold in 120 days at an average of 88.11% of asking price, not including the money paid for the bonus.

Original List Price to Actual Sold Price Percentage

Single Family Homes that closed in May sold at 89.20% of the original asking price. When concessions are included, the percentage drops to 88.09%. 914 properties sold below 100% of their original listing price while 586 sold at above 100% or more.

Homes listed for over a million dollars sold at an average of 91.24% of their original asking price, including concessions.

Homes which sold at less than $100,000 sold at 81.32% of their original asking prices, with one bank owned property selling for 58.82%.

914 single family detached homes sold in less than 100 days in May at an average of 91.73% of their original asking prices including concessions. The balance, 586 homes which were on the market for more than 100 days, sold at an average of 82.43% of their original asking prices.

Jonathan Osman
Charlotte Real Estate

$144,900 in price reductions this week on our listings

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Fri, 19 Jun 2009 18:01:23 -0500

This week, we have reduced the price of our total inventory of homes a combined $144,900!

3727 Sally Lane: Was $129,900 is now $128,900: Customer Full Report

6713 Potter Road S: Was $399,900 is now: $375,000: Customer Full Report

4532 Glen Oaks Drive: Was $495,000 is now $449,900 Customer Full Report

533 McMillan: Was $299,900 is now $275,000: Customer Full Report

2009 Harvest Red Road: Was $200,000 (originally purchased for $216,000 in ‘05) is now $189,900: Customer Full Report

2008 Secret Garden Court: Was $189,900 is now $179,900: Customer Full Report

4270 Cole Creek Drive: Was $198,900 is now $170,000: Customer Full Report

Charlotte Real Estate

The last day to sell your home this summer is

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Mon, 08 Jun 2009 08:43:06 -0500

Real estate is seasonal regardless of the market. Typically, more homes sell in the spring and summer than in the fall and winter. December is the one odd month as many buyers rush to cash in on the tax incentives by closing before December 31. That being said, there is a much better time to sell your home in the summer than any other.

I compared contracts received on listings in both Union and Mecklenburg counties dating back to 2005 between June 1 and September 1. I also excluded out all of the new construction sales, which have little relevance for this topic. In Union county. 54% of all the contracts written in the summer came in before July 4th. The remaining 46% for those years were then spread over the last 58 days. Therefore, it makes more sense to get aggressive early on to sell your home than to wait until mid-summer, as your chances for success dimish substantially.

Mecklenburg county was slightly different from 2005 to 2008 as 54% of all sales happened prior to July 12. The balance is as a result of higher selling volume in Mecklenburg county as opposed to Union, and Union's lopsided location of sales. The majority of the sales in Union county occur north and west of Monroe, while sales in Mecklenburg occur all over the county. So in a seasonal real estate market, Union's lack of sales volume has made it even more season than its neighboring county. Also, with the majority of Union's residents having relocated from Mecklenburg, it only makes sense that those with children would wait until after school had ended.

So what's the end result? If you're a seller and you don't have a contract by July 4 or 12, you may want to consider getting aggressive with your price and marketing if you're planning to sell before September 1.

Charlotte Real Estate

Is the recession over?

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Fri, 05 Jun 2009 10:15:12 -0500

Don't shoot the messenger but a number of economists are starting to predict the "great recession" as having ended or is ending very very soon. This week, Dr. John Connaughton from UNCC and Pete Keane from Keane Capital management were two that are top of mind as declaring we've quite possibly hit rock bottom. Their rationale is that the stock markets are showing 20%+ gains since March, unemployment rolls are shrinking, and consumer confidence is starting to build back into the economy. From a personal standpoint, our phone and internet sites have been flooded with traffic and we're writing more contracts than we have in years.

There still remains a bit of caution going forward as the end of a recession doesn't mean an end to massive layoffs, etc. However, maybe there's a bit of optimism that is building back into our economy?

Your thoughts?

Charlotte Real Estate

Changes to the first time buyer tax credit will have little impact here in Charlotte

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sat, 30 May 2009 12:47:23 -0500

Yesterday, the HUD secretary officially released the details of the FHA's plan to allow first time home buyers to use their $8,000 tax credit at closing. When the plan was first announced, the speculation was that it would have allowed buyers to all or a portion towards their down payment. However yesterday's press release explained that buyers will only be able to apply the amount to closing costs or towards an additional down payment. Buyers will still need to make a down payment of at least 3.5% to qualify for an FHA mortgage.

While this may have some impact in other markets, in Charlotte this move by HUD will have very little, if any, effect on improving our market. Since the end of February, 2,193 single family detached homes have sold in Mecklenburg, Cabarrus, and Union counties below the FHA limit of $303,750. Of those sales, 54% of the sellers offered the buyer a concession, most likely paid closing costs. When you subtract out the number of cash sales (since a cash buyer wouldn't care what the seller was paying...it effects their net price anyway), the number jumps to 69%. Of the 1,645 sales at or below $200,000, 55% of sellers offered concessions (including cash sales, which would increase that number further).

So with closing costs, the buyer could use the money in addition to their down payment to lower their monthly payments. That sounds nicer than it really is. Study any amortization chart and you'll see that at today's interest rates, every thousand dollars and down payments only lowers the monthly payment by about $4.80. Applied completely, it would lower the buyer's payments around $144 a month, which isn't much of a windfall.

Sellers hoping this would have helped them move up should think again. Unfortunately, I think this revision to the first time buyer tax credit will have very little impact here in Charlotte.

Charlotte Real Estate

8013 Stoneham Court Matthews, NC - 100% Financing Available

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Tue, 26 May 2009 16:34:03 -0500

$104,400

Location:
8013 Stoneham Court
Matthews, NC 28105

Map and Directions

Description

100% Financing Available For This Property. Inquire with Agent

The Clean's Live Here! The home features NEW laminate flooring throughout the lower level for wonderful low maintenance. The main level is very spacious with 9 foot ceilings. The living and dining room combination feature a gas fireplace and pass through to the kitchen. The eat-kitchen features ample storage and pantry. The homes 2 Master Suites each with own private bath and large closets and 2nd floor laundry. Enjoy evenings on the rear patio that backs to open space beyond hedge row. NEW 13 SEER HVAC. This home is in immaculate condition! 1 Yr Home Warranty included.

Photos

Neighborhood Info

The Summerfield Townhome community provides a lovely pool and club house for residents.

Listed by

Jonathan Osman

Keller Williams Realty
Phone: (704) 684-1085

Listing agent/broker: Keller Williams Realty

Short Sale Information for Suntrust Mortgage

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Thu, 21 May 2009 11:17:56 -0500

Short Sale Info for Suntrust Mortgage

Accurate as of 5/21/2009

Loss Mitigation Phone: 1-800-634-7928 ext. 58791

Loss Miti Fax for short sales and deed-in-lieu: 804-675-3127

What your short sale package needs to contain:

Listing agreement
Signed Purchase contract
HUD-1
Hardship Letter w/ evidence of hardship
Suntrust-specific Financial Application
Last 2 Years Tax Returns (complete return)
Profit & Loss statement for Self employed
Most recent W-2 or 1099
Last 2 Pay Stubs
Last 2 months of bank statements for all borrowers
Authorization Letter
- A generic letter will suffice. Make sure the customer's name, account #, and social security number appear on the letter.

Tips for getting your file through

Invest in a PDF writer. This allows us to digitally assemble the file and place page numbers on the top and bottom of every page in big bold numbers.
Also, place the customer's loan number at the top and bottom of every page
DO NOT SEND IN INCOMPLETE FILES. That just slows down the process for everyone else. They will not accept files without a signed contract.
On the cover page, type a directory of all the documents contained therein and their page numbers.
If your contract is messy, make a quick outline for the processor to follow easily.

Charlotte Short Sales

Agents: It's time to get some class

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 20 May 2009 10:24:27 -0500

Over the last few months, I have ran across a number of clients who have told me that they or someone they know has had a nasty encounter with a real estate agent. Increasingly, agents are lashing out at their clients for who knows what...and it has got to stop.

Case in point is a client we are working with to close a transaction. The listing agent acted very inappropriately in her communication with this buyer months ago, even so far as to help him write a better offer than the one she had currently. Her goal was to have a winning offer and as a result, get paid both sides of the transaction. The buyer thought better of this agent's plan and backed away. We know this was the agent's plan because she told the buyer as much in a nasty email!

In web 2.0, that's like taking an ad out in the paper (oh wait, no one reads the paper), running an ad during the Super Bowl stating how much of a jerk you are. This buyer could post that agent's email on the internet and that would be the end of her career. What agents and lenders must realize is that everything you send to a client or another agent is public, especially if it's an email. Remember also that every conversation can be used against you, recorded, and posted on youtube.

Your reputation is everything and today, it is all to easy to ruin your reputation with a bad email, foul comment, bad interview or worse. If you are one of those people who don't care about your reputation, follow these steps:

Open your wallet
Grab Your real estate license pocket card
Using either a paper shredder or a pair of utility scissors, cut your card into little pieces. Smokers may use a lighter to burn the card into ashes.

If you need help following those steps call me and I will be more than happy to assist you in destroying your pocket card. I can also assist you in drafting a letter to your broker explaining that you're quitting the real estate industry effective immediately.

Are you prepared for a six month real estate bounce?

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Sat, 16 May 2009 14:15:01 -0500

Whether its the typical seasonal bump or the start of recovery, real estate sales in the Charlotte area are picking up. Ok ok, don't pile on me yet. There are still thousands of homes in inventory that remained unsold, still hundreds coming across the court house steps, but buyers are buying like they haven't in well over a year. Fueled in part by low interest rates and the $8,000 first time buyer tax credit, the lower-end of the market is beginning to pick up steam, which helps to fuel the higher price point. As will be posted over the next week, April was the best month for real estate sales throughout the Charlotte area since September. That's not saying as March / April are the typical beginning months for real estate sales but considering the shape of the economy, that's saying a whole lot.

However, the economy isn't recovering fast enough. Credit the microwave with our fascination with having things done quickly but I guess those in Washington thought we would be out of recession by now, home prices would have recovered, at the unemployment rate would be back around 5%. So, this past week, the HUD secretary goes before the National Association of Realtors and announces that "first time buyers" (anyone who has not owned a home in three years) will be eligible to use their up to $8,000 tax credit for their down payment. This news is quietly sending shockwaves throughout the real estate community for the potential this has for sales.

When the first time buyer tax credit was introduced first in 2008, it had a repayment penalty of $500 a year for 15 years. It was also capped at $7,500. This was poorly concieved because today's buyers occupy a home for less seven years. Then in 2009, the credit was increased to $8,000 and the repayment penalty was eliminated so long as the buyer occupied the home for 3 years. However, one aspect of the credit that was overlooked is that it could not be used for a down payment or closing costs. The buyer would have to pay those fees from their own savings at closing, fill out a form with the IRS and wait for their refund / tax credit to arrive. Many from our industry had been demanding for that oversight to have been changed to really spur sales and soon it will be.

In the coming days / weeks, the FHA will allow first time buyers to use the credit for down payment. While in some markets, $8,000 would barely scratch the surface of what it costs to purchase a home, here in Charlotte area the impact could be quite substantial. In the market currently, sellers are receiving on average 90% of their asking price, which includes paying for a buyer's closing costs (roughly 3% of the sales price). Once past, a buyer can negotiate the same deal with the seller to get them to pay the buyer's closing, use the credit towards their down payment, and get into their new home for next to nothing out of pocket. Buyer's purchasing homes priced below $225,000 would actually have tax credit money left over.

For the Charlotte area, this could trigger a substantial real estate bump that should last throughout the program's end on December 1, 09. This bump will cause a ripple effect throughout the market as move-up buyers will finally be able to sell their homes to buyers utilizing the program.

This could be really really big.

Charlotte Real Estate

First Time Buyer Tax Credit Can Be Used Down Payment

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Wed, 13 May 2009 16:03:17 -0500

For Immediate Release

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

"We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment," Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Proof Someone in Washington is Listening

Charlotte Real Estate

Our Mortgage Lenders are offering Job Loss Protection

Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty) — Tue, 12 May 2009 18:50:11 -0500

For the last two and a half years, I have heard from hundreds of homebuyers the same thing: "I would buy now but I don't want to do that then lose my job." I had that privilege of experiencing that first hand when my wife and I relocated for a job fresh out of college. We purchased a new home that we could afford on my salary alone and then six months later, the firm ran out of money. We were devastated, facing a mountain of bills and no income to pay them long term.

Taking a cue from the car maker Hyundai's playbook of offering unemployment insurance, some mortgage lenders are offering the same program to buyers. One lender in particular, Fairway Independent Mortgage, recently unveiled their program that would assist unemployed borrowers for up to year. Like all things, there's a one time fee paid at closing but its nominal for the protection and peace of mind.

This, coupled with the large numbers of loan modification options that are available today to buyers, will aid in the Charlotte area's housing market recovery. After all, unemployment happens even to the best of us.

For more information on this program, call Dan Coggins or Bob Jenkins at Fairway Independent Mortgage at 704-261-1000.

Charlotte Real Estate