Housing Market Prediction Charlotte 2011

Yesterday morning the Standards and Poor Case-Shiller Home price Index was posted. The numbers they posted were not promising for the majority of markets in the country. For those unaware of what S&P is or does; it basically tracks the home sale prices for the 20 major metropolitian markets across the country. Their data and anaylsis is considered to be the standard by which the market projects.

The data is based on retail sales in the area. Charlotte, NC. was one of four major towns that saw their avergage home price decrease to levels lower than what some considered the bottom of the market in the spring of 2009. Based on their data the Charlotte market saw a .2% drop in prices and has yet to recover to the level it needs to be at to sustain a healthy housing market.

This bodes well for buyers entering the market. Becuase as home prices are not increasing the affordability remains high for them despite interest rates rising. For sellers, it could mean a slow first quarter of 2011. Charlotte prices are still up from 2000 levels ( a barometer that S&P uses). But not at the levels most people need to be able to sell their homes to move to a larger one or a smaller one.

It is not all doom for sellers out there. Buyers are buying and Charlotte was voted by Forbes magazine as one of the fastest areas in North Carolina for job growth this coming year. As noone can predict what next year holds for us; these indicators tell us that buyers are purcahsing and many well below their affordability means.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Relocating To Charlotte? Does It Snow?

Being originally form the Northeast, I often get the question as to why I chose to move to Charlotte, North Carolina area. There are a multitude of reasons why I chose here over other places in the country. But, one of the biggest reasons was the lack of snow.

I tell all prospective buyers looking to move to the Charlotte region the same thing. It hardly ever snows here and when it does it usually is gone by late that afternoon and you never knew it even snowed. In my five plus years here I have witnessed some minor snow fall. This past Chrsitmas evening I probably saw more snow than I have seen in the past five years combined in Charlotte.

I love the white wintery wonderland that it creates. But, I do not like the slick roads or icy sidewalks it causes. I felt that moving to Charlotte I was in a position to be protected from the massive snowfalls. Yet close enough to enjoy them if I wanted to drive a couple of hours. But, I guess every five years a few inches of snow will fall and last for a few days is okay as well... So, if you are considering moving to the Charlotte area; it does snow.

Dave diCecco
Realtor/Broker
www.davedicecco.com

North Carolina Offer To Purchase Changing January 2011---Loan Conditons

One of the biggest changes I see in the new North Carolina Offer to Purchase is goign to be the removal of the loan conditions. I feel and beleive this is a good thing. Currently, under the existing contract, the buyer agrees to apply for loan by a certain time frame within acceptance of the contract. If the interest rate goes up higher than it was initally discolsed on the offer to purchase, the buyer cannot get finaicning do to some reason they could still walk away form the contract with no loss of money within that time period.

Now, the new offer to purchase removes all of these time lines. It becomes part of the due diligence time period. This is a good thing for both the buyer and the seller.

For the buyer, I will be asking more now than ever before to get a pre-approval letter and not a pre-qualified letter. The difference will be that buyers will be talking with their mortgage broker up front prior to making an offer. They should be asking them what the monthly payment will be with taxes and insurance. Verifing that the information they provided on the applciation is correct. The buyers now will have a monetary stake in ensuring that all this is in place upfront.

For the seller, it is going to give them an added peace of mind knowing that the buyers should have done their homework upfront in regrds to loan approval and conditions. There should be more solid of an offer on the houses. Less risk of the buyer walking away for loan conditions.

This change will help sellers and buyers close more transactions and will keep Real Estate Agents involved more in the transaction than ever before.

Dave diCecco
Realtor/Broker
www.davedicecco.com

What Christmas Meant To Me This Year

I was going to hold off writing this weekend with family in town and Christmas weekend. But some events that happened to me and my family yesterday made me more than ever realize why I celebrate this holiday.

My day started like all other Christmas mornings. The youngest of four up at four a.m. saying Santa came and me telling her to go back to bed for a few more hours.....That lasted to six. Then the opening of presents by the children and the typical chaos that ensues for about an hour in my house before everyone scatters to go and play. Then we went to church as we always do.

I have been a devout Catholic all my life and try to instill in my children the meaning of Christmas based on my Catholic faith and upbringing. I try to get them to understand the real importance of the holiday and not the commercialization it has become. Just, when you think there is no hope for your kids, and everything you are trying to teach them has been in vain; they do somethng to suprise you.

My six year old daughter. When I asked my kids if Santa brought them everything they wanted my six year old said "but Daddy I did not need all of these things. Today is about the birth of Jesus. He was born today to save us. We should be celebrating his birthday."

The joy and love that filled my heart at that moment of the day made me realize what I am most grateful for this holiday and everyday even more....my family. Because there is no greater gift than being able to spend it with the ones you love.......

I hope you all had a very Merry Christmas. I know I had one I will never forget.

Dave diCecco
Realtor/Broker
www.davedicecco.com

North Carolina Offer To Purchase Changing January 2011---Due Diligence

As I have been writing about the changes to the North Carolina offer to purchase contract; this one is one that for me and many Realotrs I have talked with about the changes offers the largest gray area for us. It is the due diligence period and due diligence money.

Under the current offer to purchase contract there is none. The buyer has certain dates set up throughout the contract for which they are required to make loan applciation, perform inspections and get loan approval. Each of them has an escape clause (so to speak). The new one removes all those phrases form the contract and replaces them with due diligence.

The question that I and many of my fellow Realtors have is what is an acceptable time period? There has never been any concrete dates put in on the old contract. However; there was always an acceptable practice as to what the "norm" became among fellow Realtors. What constitutes an acceptable time frame? The key here is that the home is going to be, in essence, off the market for that period of time. Are sellers going to want their homes off the market for 30 to 45 days? If so, what is it going to cost the buyer to do that?

Becasue part of the due diligence is a due diligence fee. This is a NON-REFUNDABLE amount of money that the buyer is going to give the seller to take their home off the market while the buyer performs the necessary inspections, has the bank process the loan and get an appraisal done on the home.

During the class that was taught in regards to the changes coming out; it was implied that the due diligence period would be up to 3 to 5 days prior to closing. Well, considering that depending on the type of loan you are applying for that period could be anywhere from 30 to 60 days to close a contract from acceptance. That is a long time period without some substantial money put down to protect the seller.

Time will tell on what the sellers and buyers end up taking as a norm in regards to a due diligence fee and time period. But for now; make sure your Realtor is negotaiting on YOUR behalf. That due diligence time period and fee can be a costly mistake.....

Dave diCecco
Realtor/Broker
www.davedicecco.com

North Carolina Offer To Purchase Changing January 2011---Inspections

Yesterday I began a series of changes that are going to be part of the new offer to purchae in North Carolina. One of the changes is the home inspection. Under the current offer to purchase contract the buyer has the choice of choosing one of two alternatives when presenting an offer to a seller. Generally, most buyers chose the first option due to it's simplicity. Basically, it reads that you (the buyer) agreed to do an inspection by a certain date. Within a specified time period from that date the you provided the seller with a list of repairs you wished to have performed on the house prior to closing. The seller had to respond to your request or negotaite them. If the estimated cost of the requested repairs exceeded a certain dollar amount negotaited in the contract the buyer could walk away from the transaction and be entitled to a full refund of their earnest money. It gave the buyer numerous outs of which to use to get out of a contract based on a home inspection.

Under the new offer to purchase their is no inspection period. The due dillagence fee that is negotaited up front gives the buyer the right to have the inspection done on the home. If the buyer elects to walk away after the home inspection they can without any reason. All they lose is the due dilegence fee. However; eventhough there is no stipulation for repairs to the contract; the buyer has the right to ask the seller for any repairs. Like any other part of the contract they have the right to negotaite the repairs out during the due dillegence period.

Now, on bank owned homes or short sales where the home is being sold "as is', the rules will be a little different. The unofficial chatter iS that the banks homes being sold through short sale will not have any due dillegence fee. The banks have their own addendums that they will create upon acceptance of a contract and the short sales have an unknown time frame attached to them for when it could be negotiated. The banks presently offer the buyer once a verbal acceptance of a cotnract is made 7-10 day window to have the home inspcted and elect to follow through with the transaction or walk away. Everything I have heard is saying that is not going to change.

They way I see this working is like a pendulum. When the market favors the buyers (as it does currently) the seller will probably be more inclined to perform the repairs on the house (as long as they are reasonable). In a sellers market (like we have back in 2006 and 2007) the seller would probably be less inclined to perform all the repairs requested; if any. In a balanced market reasonable repairs will probably be performed by the seller.

Dave diCecco
Realtor/Broker
www.davedicecco.com

North Carolina Offer To Purchase Changing January 2011

North Carolina has decided to make some dramatic changes to the offer to purchase contract starting with any offer written after january 1, 2011. these changes are suppossed to be for the better. However; time will tell how these changes help or hinder sellers and buyers.

North Carolina has been a state of contingencies and various dates for certain criteria to be met. It has changed to a due dillegence contract. What it basically menas for the buyer is you need to make sure that you can close on the house and ALL inspections, appraisals, and loan conditions are satisifed within the set time period you and the seller agree upon. If not, you will lose your due dillegence fee you gave ther seller upfront and possibly your earnest deposit depending on the time.

Under the new contract; the seller and buyer agree to terms on a sale price and any concessions. They have also agreed upon a set date for which the buyer has exclusive right to have ALL inspections performed, appraisals done, and any loan conditions met. if at the end fo that due dillegence period the buyer wants to walk away; they can for ANY reason. All they lose is there due dillegence fee.

However; after that period the buyer is required to put down an earnest deposit. That deposit now becomes completely NON REFUNDABLE. If for any reason the buyer backs out of the contract; they lose 100% of that money. If the seller cannot convey a clear title to the buyer though; then the money is refundable (as long as no fault of buyer home cannot close).

There are many changes to the new offer to purchase which can affect how an offer is negotiated and finalized. Make sure your Real Estate agent is aware of the changes and has explained them to you in full detail...

I will blog a series on the changes that are in the new offer to purchae contract.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Financing A Fannie Mae Foreclosed Home

Everyone looking to buy a home right now is thinking a foreclosure is the best alternative. In some cases it is; and others it is not. I wrote a blog yesterday talking about where to look for foreclosed homes and the types of foreclosures out there. One of the largest selection of foreclosures is Fannie Mae properties.

Fannie Mae properties are homes that the government has backed from various banks and institutions in order to keep the banks cash flow liquid enough to maintain home loans and interest rates at reasonable levels. So, when one of these homes that they have backed goes to foreclosure they in turn begin the process of selling it on the market.

There are a few options availble when you are looking to buy a Fannie Mae home. One is they have a website that lists all of their homes for sale. You can visit www.homepath.com and view a complete list of all Fannie Mae homes on the market currently.

In addition, you will see advertsied on their homes that they either qualify for homepath mortgage or homepath renvoation mortgage. What does this mean to the buyer? A homepath mortgage means that the home does not need an appraisal. The home can be purchased without an appraisal since it quailfies under their guidleines. The process is quicker and the downpayment requirement is only 3% for owner occupants. In addition, unlike FHA, you do not pay mortgage insurance. Not all banks participate in the program. So you need to check with your lender to see if they are a particpating lender for this program.

The other program is homepath renvoation mortgage. This is one where it is determined that the home in it's present condition is not suitable for a reasonable person to live in without some reparis being done. The reparis can be minor and cost a few hundred dollars or be major and cost thousands. But this program allows the prospective home buyer to finance the cost of the repairs into the mortgage. So, you are purchasing the home in the present condition with the cost of any reparis needed being added to that mortgage amount.

Just becasue you are purchaing a Fannie Mae home does not require you to use their mortgage option. In fact, you can buy a Fannie Mae home and use any type of financing you wish (as long as the house will qualify) for that type of finance option.

There are options availble to you when you are looking to purchase a foreclosed home and you need to be aware of the options availble to you. Not everyone will qualify for all the programs. However; not knowing is worse than knowing and not being able to.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Where To Look For A Foreclosed Home For Sale

Today I talked with a few people who are in the beginning stages of looking for a home. They all asked about and wanted more information about foreclosures. As the market for these types of homes still increases buyers need to know how to go about looking at and purchasing a foreclosed home.

Currently in the Charlotte market area foreclosed sales make up about one third of all sales of homes. Not as dramatic a number as some would have thought. One of the biggest surprises is the ease of dealing with the bank and the process involved.

i highly recommend if you are going to purchase a foreclosed home hire yourself a buyer's agent. A buyer's agent will work for YOU and look out for your best interest in the transaction. The best part of it is the bank will pay them their fee and it cost you nothing.

With that, there are really three type of foreclosed homes on the market today. The first, and most popular one is the bank owned homes. These are homes the bank has taken through foreclosure and are reselling them to recoup some of their losses.

The second ones are the Governement owned homes through Fannie Mea and Freddie Mac. These are the two government back securites that purchased a lot of the bad loans from the banks so that the banks could start lending money again. They also buy a good portion of the mortgages out there to free capital for banks.

The third one is the HUD homes. These are homes that are owned by the federal government becuase the loans were backed 100% by the government when they took them out.

The process is really no different than if you were looking to buy a home from a seller who was not in foreclosure. The banks and the federal government advertise their homes on the market through a listing agent who will present the offer to the bank. The listing agent works for the bank and acts as the eyes and ears for the bank for the home. They can tell them the market conditions and the overall condition of the house.

The same websites you find the homes for sale by homeowners are advertsing the homes for sale by the bank. The difference is to know what to look for. This is where a Realtor can come in very helpful. You have access to the same information we do. We tend to know certain verbage that indicates a home is bank owned or not. Also, just becasue a home is foreclsoed does not mean it is going to be on the market for sale right away....


Dave diCecco

Realtor/Broker

www.davedicecco.com

Is the Charlotte Housing Market Stabilizing For 2011?

This has been the question on everyone's mind for the past two years. When are we going to hit the bottom? When will prices start to stabilize and then slowly increase back up to normal levels?

Well to answer those questions is going to be purely speculative venture. Noone, despite their credentials, can predict what the future holds. Did anyone think the President would negotiate a back door deal with Replubicans? So, all we have to go on is the statistics and the trends that are showing right now how the market is doing.

Nationally, the news has done a great job of portraying a gloom market. But is that the case across the country? No.Certain pockets of the country are still feeling the effects of inflated home prices; while other parts of the country are stabilizing and some are seeing growth.

Charlotte Nort Carolina Real Estate market is one where home prices seem to be stabilizing right now. The trends are not the decrease that was seen over the past two years. There is still bumps in the road and there will always be bumps in the road to growth.

However; over the past six months home prices have pretty much stayed stabilized in neighborhoods in the Charlotte area. Some months have seen a spike and others a slight decline but average out to be along a flat line right now. Does this mean prices are going to rise in 2011? No. I cannot predict what the future holds for home prices. The economy and the road to recovery have a major factor in that.

But another interesting trend pointed out to me in a recent article was sellers lowering home prices. Of the 28 majpr markets that they tracked Charlotte North Carolina was one of only TWO markets where the percentage of sellers lowering their prices decreased from last year as of November 2010.

Those are two indicators. As companies are relcoating to the Charlotte area jobs are growing. Charlotte has been blessed with having the second largest banking captial in the Untied States outside of New York. Companies are relocating to the Charlotte area and creating jobs in turn.

That coupled with the flat line pricing and the amount of sellers decreasing their asking price are indications that the Charlotte market has seen the bottom and has only up to go from here. As long as the government keeps interest rates low the affordability ratio is extremely high and the demand will increase as people realize they can own a home for less than they are paying in rent right now.

So, if you are looking to buy in Charlotte right now...the time may be right. Home prices are at 2006 levels. Interest rates are at historic lows and job creation (though slowly) are starting to be created here.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Is Tenant Responsible For Rent On Home Being Foreclsoed On?

This is a question that I have seen coming up more and more recently. I represent a lot of first time buyers and families that have moved here from other areas that are currently renting now. One of the biggest questions I have received lately is they have received notifcation that the home they are renting is going to foreclosure.....are they obligated to pay the rent still; if the landlord stopped paying the mortgage?

This is an easy question to answer. YES. Each of those transactions are independent of one another. The landlord (owner of the home) has a contract with the bank to pay a certain amoutn each month. If he defaults on that the bank can, and will, sue him for breach of his contract and take the home over via foreclosure. However; his mortgage is not tied into you paying the rent each month. there is no clause that says as long as the rent is paid he has to pay the mortgage.

The same goes true for you. You have a signed lease agreement with the landlord (owner) of the property. Just because he has defaulted on his mortgage does not entilte you to not pay the rent. Unless your lease agreement specifically reads that your payment of the rent is subject to the landlord beign current on the mortgage; you have to pay until the day he does not own the house anymore. Just as the bank can sue the landlord for not paying the mortgage; the landlord can sue you for not paying the rent.....

It does NOT matter if he has not paid the mortgage payment. I just had a client who bought a house from me a few months ago that got sued by the landlord for breach of his lease agreement. Eventhough the landlord eventually let the house foreclose on; my client failed to pay the rent when he found out it was being foreclosed on. (for the record I did not advise my cleint of doing that). He lost in court and has to pay the ex-landlord back rent PLUS court fees.

So be careful if, you receive a foreclosure notice at your door because the landlord has not been making the mortgage payments. it does not preclude you from not making the rental payments.... Consult an attorney before yous top making the payments.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Are Appraisals Affecting Your Financing Options

There has been much made recently about foreclosed homes and the conditions of them. People are looking constantly for a better deal and trying to purchase a home for well below market value. But what happens when your mortgage lender orders the appraisal? We all figure that if the house is priced well below market value then they should have no problem getting the house to appraise for more than they are looking to purchase the home.

However; today the appraisers are looking for more than just the value of the home. Certain guidelines with FHA and VA loans have made it more difficult to purchase homes in "as-is' conditions. Which in turn has led banks to sell their homes without those financing avenues availble to consumers.

Recently I had 2 cases where the appraiser placed the value of the home at or slightly greater than the agreed upon price. However; in both cases the apprasier stipulated repairs to be done to the house prior to them being able to clear the appraisal for the type of financing that was requested.

In some cases it can be minor repairs. In other cases the repairs can be quite costly. So, who pays for the repairs? Is it something that the seller can afford to repair or is the buyer going to have to pay to have the repairs done to the house? these are questions that need to be asked if you are purchasing a home in an "as-is" condition. It can make the difference between you being able to purchase the house and not being able to buy the house.

Make sure if you are purchasing a home in "as-is' condition that the home will qualify under the type of financing arrangemetns you are looking to get....otherwise you could be going through the process and making the arrangements for the move that may not happen on that home.....

Dave diCecco
Realtor/Broker
www.davedicecco.com

Why Are More People Choosing North Carolina To Live

The other day I was reading an article from Forbes magazine. It was discussing the top ten states people are leaving and the top ten states that people are moving to. People are leaving states in the North and Midwest and fleeing to states in the South and Southwest.

North Carolina ranks in the top five of states more people are fleeing to. Why? There is a wide array of reasons. On the top of the list is economy. Despite all the horror stories people read on a daily basis on the economy and jobs; North Carolina ranks among the top destinations for young professionals. It has a high growth rate in energy jobs and high tech and is home to some of the largest public companies. This makes it an attractive place for young professionals looking to start a career or professionals looking for a job.

Another reason is the weather. The southern states have always been enticing to people moving because of the lack of snow and extreme cold weather that is characteristic of the north this time of the year. One has to only look at the news to see that winter has already struck fear in some people and caused havoc for a lot of people in the North and Midwest.

Third is the cost of living. In comparison to some states North Carolina offers an affordable cost of living in comparison to where they are at now. Personally moving here from the Northeast five and half years ago; I can contest to that. The housing prices are more affordable for approximately the same home; taxes are less expensive and the quality of life is better.

Couple all this together and you have a great recipe for success. Which is why North Carolina has consistently ranked in the top five for people looking to move....

Dave diCecco
Realtor/Broker
www.davedicecco.com

What Does "As Is" Mean In Buying A home

We have all heard the term "as is" when looking to purchase a home. With the foreclosure stoppage behind us now and banks, Fannie Mea and Freddie Mac putting foreclosed homes back on the market; do you really know what "as-is" means?

As is means different things to different people and differnet homes. In it's simpliest definition in regards to a Real Estate transaction it simply means purchasing a home in the present condition that it is in.

Each home can be different in regards to the condition. But, when you agree to purchase a home as-is you agree to purchase the home in the condition you have seen it in at the time of you presenting your offer. The seller agrees to sell the house in it's present condition at the time of the offer was presented.

Homes can be in different conditions and sold "as-is". Generally banks will sell a home in this condition because they have never physically occupied the home. Thus they are unaware of any things that may be wrong with the home. It does not necessarily mean the home is good or in poor condition. The bank is taking away any liability from themselves in regards to disclosing anything with the house.

The consoling part is the banks realize there may be something wrong with the house and will allow a window fo 7 to 10 days for the buyer to have a home inspection and walk away from the transaction for repairs that may need to be made.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Charlotte Open House: 4834 Sunburst Lane Dec.12th 2-4p.m.

Sunday December 12, 2010 from 2-4 Open House at 4834 Sunburst lane Charlotte. Come tour this 3 bedroom home with a loft area. You will enjoy the open floor plan and space that this home offers. The fenced in back yard offers privacy and quiet with no neighbors behind you. Offered for only $154900 you can be in this home for less than $1,000 a month with taxes and insurance and only 3.5% down. Ask me to show you how. View a virtual tour of this home:
http://www.circlepix.com/home/4B25DD


Dave diCecco
Realtor/Broker
www.davedicecco.com

Best Holiday Gift..Down Payment Gift

We all have heard and read that the home prices have not been this low in over 6 to 7 years. With rates hovering around 4% the affordability to buy is the highest it has been since they began tracking the numbers. Yet, jobs have been scarce and families are struggling to save money. You have been renting and want to finally realize the american dream of home ownership. But you do not have the down payment? What do you do?

Despite various programs that might be able to help you out; one tried and true program is the gift. A family member can gift you the down payment. With the FHA guidelines being 3.5% of the sale price, you can ask family members for an early Holiday present.

I recently had a young family that was looking to buy a house. The affordability was well within their guidlenes. In fact, it would be less than they are paying in rent currently. They were a little short for what they would need for a down payment. I told them to ask family and see if anyone could help them out. Well, they will be celebrating the holiday's in their new home thanks to mom and dad....

Many people do not realize that you can receive money to help with your down payment. With tax season right around the corner you can ask for a short term loan until you receive your tax refund. It can allow you to realize the amercian dream and maybe even lower your payments from what you currently are paying right now.

None of us know what the housing market holds for us in the future...Why wait when you can own now? And what better way to spend the holiday's than in your new home.....

Dave diCecco
Realtor/Broker
www.davedicecco.com

new Listing: 11113 Kempsford Drive Charlotte, NC. 28262

11113 Kempsford Drive in Charlotte is located in the Hunting Ridge subdvison. This four bedroom two and half bath home is conviently located in the Universtiy area of Charlotte. The home boasts almost 1900 square feet of living space on three quarter of an acre lot. The space in the home is well utilizied. The home features a formal living room and dining room with a family room adjacent to the open kitchen on the main level. The upstairs features four good sized bedrooms. The master bedroom has a private bath with a separate tub and shower stall with dual sinks.

One of the great features of the house is the size of the yard. Sitting on just over three quarters of an acre. This is a level yard that backs up to some woods giving you the added privacy. The previous homeowner had young boys and built a tree house in the back part of the yard for the children to play in. Featuring a two story treehouse with real windows and doors it is built to stand the test of time and weather.

Looking for convience? This home has it. Conviently located within a mile of University Blvd. This home gives you easy access to 485 and 85. In addition it is only a short drive to the UNCC campus and Concord.

Priced to sell at ONLY $114,900; come see why so many families are calling the Unviersity area of Charlotte home.

Dave diCecco
Realtor/Broker
www.davedicecco.com

brightmoor Subdivison Matthews, NC. Market Report Nov. 2010

Brightmoor Subdivison located in Matthews,NC is a large subdivsion of ranch and two story homes built in the late 90's to early 2000's. Tucked away and conviently located to major shopping schools and highways this subdivsion is ideally situated.

The numbers below are indicative of sold homes over the past three years. The sales are from Dec. 1 to Nov.30 of the following year.

3 years ago there were 18 homes that sold. The average sale price was $227,586 and they were on the market for an average of 38 days.

2 years ago there were 16 homes that sold. The average sale price was $208,956 and they were on the market for an average of 43 days.

Last year there were 8 homes that sold. The average sale price was $185,417. they were on the market for an average of 111 days.

Currently there are 10 homes active on the market right now and an additional 2 homes that are pending(homes under contract but not closed).

Dave diCecco
Realtor/Broker
www.davedicecco.com

Crestdale Crossing matthews, NC. Market Report Dec. 2010

Tucked away in Matthews, NC. is Crestdale Crossing. A small subdivison made up of 110 homes. A popular spot among young familes this 8 year old subdivison is an affordable place to live within the Matthews school district.

History has shown this community has done well in this down Real Estate market. The numbers below are sales from Nov. 1 to Dec. 1.

3 years ago there were 15 homes that sold. the average sale price was $127,620. They lasted on the market an average of 33 days.

2 years ago there were 4 homes that sold. The average sale price was $121,875. They were on the market for an average of 23 days.

Last year there were 5 homes that sold. The average sale price was $122,000. They were on the market for an average of 60 days.

Currently there are 2 homes actively on the market right now.

Based on current inventory levels and home sale trends we are at a balanced market in regards to Crestdale Crossing. Six months of inventory tends to be an average market. It favors neither the seller or the buyer.

Dave dicecco
Realtor/Broker
www.davedicecco.com

Stagingg Your home For the Holiday

A lot of sellers want to remove their home off the market during the holiday season. But, what if you leave it on? How do you stage it to sell while still enjoying the holiday's?

Be careful on placement of Christmas trees. You do not want to block the windows natural light coming into a room. Natural light and windows can make any space feel and look larger than it is. By covering it up you run the perception that the room is dark, gloomy and small. Also, try to position Christmas decorations so that the room still looks like it is spacious. Consider removing furniture and storing it in the garge or attic while you have holiday decorations up. I have been in a lot of homes where they just shuffle the couch or chair around the room to make space to put up the Christmas tree. You are taking away from the space in the room. It makes people feel like the room is smaller than it may actually be.

Bake cookies this time of the year. I wrote a blog a couple of months ago that talked about smells and odors in a home. Certain smells and odors can be deal breakers and others can help get the other senses invloved in the buying process. The smell of fresh baked cookies or pies is always a great smell to have. This time of the year it will not only help but will allow the buyer to envison when they were younger and helping their parents or grandparents cook or spending holiday's as a family.

Decorate your home in taste. Buyers are expecting to see lights on houses, Christmas trees up, wreaths hanging on doors and holiday decorations scattered throughout the house. They do not want to drive up to see Chevy Chase house on Christmas vacation though. So, just do not overdo it.

You can decorate and keep the holiday traditions alive and well and still have your home marketable. Just be sure it is in moderation. And who knows the best Chrsitmas present you may receive is an offer on your home.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Why Has Your Home Not Sold?

Today I am thinking and working on a listing presentation for a seller who has been on the market for over a year now with a few agents. Apparently it is my turn to take a shot at the listing.

Well, when I looked at the history; the first thing that hit me was " why has this house not sold yet?" I have learned to do this with everyone of my listing presentations now. I ask them the question.They tell me what they think then I tell them my views and somewhere in the middle is probably the reason why.

But, today I read a fellow collegue blog on 7 reasons your home has not sold by Alan May. It inspired me to go take out my list I use and see how many of those questions made his list. All of my questions made it on his list in one version or another plus one. So, here are the standard questions I ask myself and the seller as to whay their home did not sell with the other Realtor:

1. Is it over priced for the market? Pricing a house slightly above the market to leave room for negotiations is fine. But are you 5% or greater above the market value? if so you are overpriced.

2. How is the quality of photos? And how many pictures are there? Most people today are visual. An old adage holds so true today more then ever before; "a picture is worth a thousand words". So how are the photos of the house? Are they fresh with the seasons? Or do you have snow and trees with no leaves on them with the listing in the summertime?

3. Is Your home reasonably availble for showings? Most people are not expected to be availble from 8 to 8 seven days a week. But for the most part are you accomadating for showings? Or do you make them reschedule the time?

4. Will your home appraise for your asking price? Unfortunately, in this market you have to factor in foreclosures and short sales when you are figuring the value fo your home. Yes they may need work. But is the amount of work needed justified in the difference in the price of the house?

5. Does your home need any updating or repairs? A home that needs major remodeling or updating from the 70's or 80's is going to detract from the value of the home to a prospective buyer. You do not have to be modern just in this century.

6. Has your home been on the market steadily for over a year without any time off? If so it could be stale. If it was over priced to begin with and then you have continued to lower the price it is just recylcing through the system. People are remembering it after a while and saying "oh ya, there was something about that house I did not like". Moving on to the next one and it could have been the intial price. Sometimes taking it off the market for a a couple of months and bring it back fresh will help the home attract the same buyers and make it look fresh and new.

7.Is Your home being properly marketed across the internet? This is one of the biggest reasons I find homes do not sell. In the technology age we are in right now; the internet has become the first stop for buyers to look at homes. If your home is not marketed across a spectrum of internet websites you are losing potential buyers daily.

8. Is Your Home Properly Staged? This can make the difference between receiving an offer and not receiving an offer. I showed three identical homes and my client purchased the most expensive one because it was staged the best and showcased the amenties and space in the house the best. They felt they were getting the best value for the dollar and remebered that house. All they remebered about the other ones were the clutter or family photos all over the place.

9. Did your Realtor work to try and sell your home? I always save this for last. Unfortunately, we get a bad reputation to begin with. But there are some Realtors out there who still believe put a sign in the yard, and place it in the MLS and it will sell. Well, those days are long long long gone. You have to market and network your listing. If you are not doing that you are not going to get it sold.

So, if you home has not sold. Ask yourself these eight questions. And be honest with your answers. Your home is the largest investment you made. It needs to be the most objective sale you make as well.....

Dave diCecco
Realtor/Broker
www.davedicecco.com

Why Put Your Home On the Market During The Holiday's?

This time of the year the question arises as to whether I should place my home on the market now or wait to after the first of the year. I always seem to get this question now and my answer is always the same....Defintely YES.

There are numerous arguements for and against putting homes on the market during the holiday season. But one arguement that is hard to refute is; the buyers that are out looking at your home now are buying a house now.

Yes, it can be inconvient this time of the year.With family getting together and holiday parties and shopping. Keeping your home up for showings can be an added stress some people do not want to deal with this time of the eyar.

But so many people intentionally let their home expire prior to the holidays. This way they do nto have to worry about showings and finding a home to move to during the holiday's and enjoy the time with family and loved ones. But, are you losing out on potential buyers?

Well, one large community I have a listing in had 7 active listings in October. Today there are 2. The remainign 5 expired and have elected to stay off the market until after the New Year. I have three showings scheduled this week alone. I now have a very captive audience of buyers. The choices for them have narroweed substantially; thus increasing my chances of my seller receiving an offer on their home.

This time of the year showings are probably going to be less now than after the New Year going into the spring season. But, the people that are out there looking at the homes are not looking three to six months down the road before they buy...they are lookign to buy now. So, why would you not want to have your home on the market during the holiday season?

Dave diCecco
Realtor/Broker
www.davedicecco.com

Selling Your Home...Consider A Pre-inspection Of Your Home

With many choices out there for buyers to choose from sellers need to make sure their home stands out from the rest. Give a buyer a reason to want to look at your home. One way to do this; have a home inspection done prior to putting your home on the market.

A lot of times there are thngs you may not have noticed that you could get fixed prior to listing your home or adjust the price of your home accordingly. I have never sold a home; be it resale or new constrction that there has not been something wrong with the home.

One way to help allievate a buyers hestiation about your home is to have it pre-inspected. This will give both you and the buyer some additional peace of mind. For one, you will be able to know what is wrong with the house before it goes on the market. It allows you to do the minor repairs that may be needed to make your home more marketable or adjust the price if there are things found you were unaware of.

For buyers, by having the listing agent post the copy of the home inspection and informing the buyer that the home has been inspected and repaired it will give the buyer added peace of mind and knowledge of what was wrong with the house and what was repaired.

When a buyer is comparing your home to other homes that added peace of mind can help the buyer decide more toward your home. It will help them know how the home was maintained and that the reparis are done.

In this competititve market; as a seller you need any and all advantages you can take. If the small amount you pay to have an inspection done returns you a buyer sooner rather than later you can see substantial savings if you are lowering your monthly mortgage payment or the savings you will recoup by not having to lower your asking price to attract a buyer....

Dave dicecco
Realtor/Broker
www.davedicecco.com

What I Am Thankful For This Thanksgiving

Today as we celebrate Thanksgiving I use this time to ponder what I am thankful for duing the past year. I usually say I am thankful for my health during the past year, my family, roof over my head and the ability to pay my bills every month.

But this thanksgiving I am sitting here doing some reflection on the past year and realzied I am thankful for so much more as well.... I have had the privledge to be able to help people realize the American dream of homeownership. But, I sit here and write this I am thinking back to each and every client I helped this past year. Whether it was buying their first home, selling their home or relocating to other parts of the country.

I start to think; what I do is one of the greatest gifts I can give a family this time of year...The pride of home ownership. I always feel the best part of being a Real Estate agent is sitting at the closing table and looking into the buyers eyes as the attroney has just told them they are now proud homeowners. The look on their faces makes all the work and driving around and searching for homes so much more gratifying.

Today, 15 buyers I helped find their first home or upgrade from an existing home will be celebrating their first thanksgiving in their new homes... I remeber the joy I felt when I had that first family holiday in my new home...it was like no other feeling I had except when I finally opened the door to my new home.

So, today I am thankful for the opportunity to have helped so many young families experince the joy of home ownership this year....So, thank you to all who have entrusted me with helping me to find their first home.

This Thanksgiving I say Thank You.....

Dave diCecco
Realtor/Broker
www.davedicecco.com

Waxhaw, NC. New England Type Town In The South

Having moved to the Charlotte, NC. area with my family six years ago; I left the place I had called home for ovr 35+ years. That place was Connecticut. I lived in a quaint New England type town that still had that country feel amongst all the new development that had gone on around it. I thought I was going to miss that feeling.... Even though for me the trade off of NO snow far outweighed the fall setting.

Then I stumbled upon Waxhaw NC. A quaint little suburb in Union county. About ten to fifteen minutes from Charlotte and a half hour to the uptown business center. This town reminds me of New England. With it's rolling hills and quaint little coffee shops and family owned stores. Waxhaw still eptimozies the Amercian dream.

As more and more people look to get out of the city life and raise families in the suburbs; major chain stores are buying up land and building on them as are developers with subdivisons. Yet among all the building and growth; this town has kept it's country charm.

Recently, I was walking through the streets of downtwon waxhaw. An area filled with rich tradition (The train still goes through the center of town on a regular basis). The family owned coffee shop, bike store and local hardware store adorn one side of the street. There are no major name brand franchises. Just regular family owned businesses. People are friendly and willing to give you information if you are lost. I found it to be peaceful and serene.

Yet, after getting in my car and driving a half hour north I was in the hustle of uptown around the corporate center....It made me think what a great place yet so convient to everything anyone could need.

Looking to move to the Charlotte area and want the old fashioned country life but the proximity to a major city? Take a drive through Waxhaw, NC. You will not be disappointed.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Selling Your Home During the Holiday Season

Thursday is Thanksgiving and the start of the traditonal holiday season. For those who have their homes on the market or are thinking of selling their homes; it can feel like a difficult balance between selling their home and the holiday festivities. But you can do both and not miss out on either one.

One of the first things I tell my sellers is to not go overboard with the holiday decorations. This time of the year buyers are expecting the home to be decorated. They just do not want to walk into a national lampoons Christmas vacation home. You need to decorate in moderation.

Prospective buyers are not going ot be suprised to walk into a home and see holiday decorations hanging around and christms trees decorated and up this time of the year. But, be careful with placement. If you are adding in a Chrsitmas tree or other large decorations; make sure you are removing some items from the room as well. You do not want to lose the spacious feeling the room has or give the perception that the room is smaller.

I see it a lot this time of the year. Sellers reshuffle the couch or chair around to get the tree in the room. Then the room looks signifcantly smaller than it really is. This can be a deciding factor for soemone looking to buy your home. As the average family is buying homes slightly smaller; space in a room is a large consideration to a buyer's needs and motivation.

Another thing you can do to help your home sell during the holiday season is to make sure you have it availble for showings. This is the time for families to gather and is the busiest travel time of the year. However; this may be the time you do the traveling instead of them traveling to you. By not making your home availble for showings during the holiday season; you may be losing the potential buyer that will purchase your home.

A comon theme this time of the year is if they are out looking at homes; they are buying a home....So, why limit the availble time your home can be shown and not make it marketable to the buyers? you can have your cake and eat it to here. Just do it in moderation.

Dave dicecco
Realtor/Broker
www.davedicecco.com

Neighborhood Open Houses...Do they Work?

There are a lot of Realtors who do not beleive in open houses. Some do well with them and others do not have any luck at all. Personally, I find it a great way to advertise a home and get it additional exposure.

Recently, an idea came up to hold an open house with ALL the homes in a subdivison. We all marketed the open house and let everyone knwo that there were going to be a group open house. Maps were provided as well as listing sheets to the other homes open during that time. We all marketed it as an individual open house with mention to the other eight homes in the subdivsion.

The response was overwhelming. Our traffic to the homes was five times the amount I have had when I help the home open as the only one. The fanfare and banners and balloons with the multiple signage drew added attention to the neighborhood and brought in more people to view the homes.

Buyers today have numerous choices. The reality of it is, if they are going to look at one home in a subdivsion; they probably are going to look at the other ones that are comparable as well. So, why not give them the opportunity to do it all at the same time?

Open houses work if done properly...this is just another way to help our sellers get their home in front of as many possible buyers as we can. In this economy our goal as a listing agent is to get the home sold. The only way to get a house sold is to get it exposed to as many as possible home buyers......

Dave dicecco
Realtor/Broker
www.davedicecco.com

Buying New Constrcution..Do You Know What You Are Signing?

I remeber the day I bought my first new construction home. It had a contract that was about ten pages long. Today the contract is substantially longer than that as lawyers have put in every conceivable clause to protect the builder. So, the question remains the same. Do you know what you are signing?

The questions always loom as to why someone buys a new home without representation. The sale person represents the builder and gets paid by the builder. They are looking out for the builder's best interests. Having your own representation costs the buyer nothing. The builder pays the buyer's agent.

Well, the other day a client of mine decided on a new home that was pre-built. We went to sign the contract on the house and it was 55 pages long. After reading it extensively there were charges showing up that should have been paid by the seller/builder that were showing as incurred costs to the buyer. I advised my buyer fothe charges and the ramifcations of them paying for it as additional out of pocket expenses that should not be incurred by the buyer.

In addition, the builder was promoting their finace option to the buyer. Offering a premium discount toward closing cost with the buyer using their preferred finacning. Well, the buyer had already shopped around and received a better quote for interest rate and terms than the builder preferred program was offering. In fact over the period fo 30 years the buyer saved an additional $38,000 in interest over the life of the loan by calling a recommended mortgage professional I gave them.

In total the cost of the home saved my buyer an additional $41,000 over the course of 30 years by using a buyer's agent unaffiliated with the builder to represent them. And the total cost to the buyer in this case was ZERO. The information and savings were priceless.

Dave diCecco
Realtor/Broker
www.davedicecco.com

You can own this home for $796.32 a month with NO MONEY DOWN. That is not a typo. That payment includes your property taxes and home owners insurance. NO Hidden Fees. this home now qualifes for House Charlotte funding. Receive up to $7500.00 toward the purchase of this home. Why rent when you can own?

This 3 bedroom home with stunning hardwood floors throughout the living area, tiled kitchen floor and bathrooms, and a gorgeous sunroom on almost a half acre on a cul de sac can be yours for less than you are paying in rent now.

You can click here to view the virtual tour of this home: www.circlepix.com/home/NZ2R36

Dave dicecco
Realtor/Broker
www.davedicecco.com

Buying Rental Property...What To Look For?

In these economic times more people are looking to buy investment homes. Homes they can purchase and rent. The goal being that they get a tenant that will take care of the place, pay the mortgage and leave them with a little extra money each month. But, what are you looking for when you decide to venture into the rental market?

The first thing is affordability. You need to know what the average home prices in the area are and the rental rate for that area. If the numbers show you losing money each month then it is not a viable option. You do not want to just break even either. You have to factor in cost of repairs, potential increase in taxes and Homeowners association dues (if you are purchasing a home in one) and insurance.

Second, what the rental market for the area is like. Charlotte currently is a popular booming rental hot spot according to various indexes. But, what is the average rental rate for the area. Are there a lot of renters where you are looking to buy? or is the area and neighborhood mainly made up of homeowners with a scattering few rentals in it? These all will factor in to what you can command for rent and the chances of renting it out quickly....

Third, schools. If you are looking to purchase a home that is going to be tailored toward a family this is a vital part of your research. Families make a lot of descsions of where to rent and live based on affordability and the schools. We all want our kids to go to the bet possible schools. You are going to want to check out the schools that are slated for the home you are looking to buy. This will help give you a good indication of what to expect. The better the schools the greater the applciant pool is likely to be.

Fourth, crime rate. Though it may not seem important. It can be detrimental to renting a home. Fortunate, most cities have crime stats on their websites now. They break them down by the types of crimes. No area is going to be free of crimes; ( that would be utopia) but you want to know what types of crime are happening and the frequency of them.

Fifth, proximity to stores, public transportation and highways. We all hate the commute time. This can be a factor in whether someone chooses your home over another. Proximity to everyday shopping and work or highways is a factor that needs to be factored in when looking to purchase a rental home.

Sixth, amenties the neighborhood offers. Is the home you are buying in a community with a pool? Does it have a playground for children? Are there parks close by? All can help or hinder your chances fo renting a home out.

Last, the resale value of the home. Depending on how long you plan on keeping the house; this can be an important statistic in your equation. I always recommend to investors looking to hold onto a home for a period of three to five years to look at the trends of home prices going back seven to eight years. This will give you a picture of the pre boom home prices, the boom home prices and the post boom home prices. You will be able to see where you would land on the wide spectrum of the home price range if you needed to sell.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Housing Market In Charlotte NC. Not Doom And Gloom

It seems no matter what news station you are watching or what radio station you are listening to; they are all claiming that the housing market is awful right now. We have not seen the bottom and that it is going to get worse.

Yet, interest rates are at record lows. Home affordability is at the highest it has been since World War II. Buyers have a wide range of choices availble to them out there right now. Buying a home in most cases right now is less expensive than renting. So why are the news people portraying it so negatively?

During the past two weeks I have been involved in six different situations that leads me to beleive that the housing market is not as the media is portraying it. I had two listings go to a multiple offer situation in under 30 days. I had four different buyers get involved in a multiple offer situation on a home. If the housing market is as bad as the media is making out to be...where are these buyers coming from?

Buyers do have a good selection of homes to choose from. The question is are they willing to make the leap to home ownership. In the cases of the individuals and families I have presented offers on behalf it was do to simple economics. They realized they could afford the home they want. They did not have to drive down the street and dream of one day owning that home. They could make it a reality. Truth is that for half of them the homes they are looking at will be less expensive than what they are paying in rent currently. Based on that why would you not be out looking at homes?

The econimists are telling us that the bottom has hit in most markets and that inventory levels are coming down. Sales had risen year over year through August. September (the last month reported) showed a decline. But there will always be bumps in a road. A steady month over month growth is unsustainable. We have witnessed the effects of housing prices increasing month in and month out for an extended period of time. Do we really want to go through that again?

One constant I seem to have noticed is that there are home buyers out looking to purchase a home. They may not be out in the vast amounts they were a few years ago; but they are out looking at homes. They are taking longer to buy; but again they are buying homes.

If you are reluctant to look for a home or to put your home on the market; think about what the market has avaible right now. For buyers interest rates hovering around 4% and home prices at 2007 levels which has made home affordability at an all time high. For sellers, motivated buyers looking to buy a home and take advantage of the great rates and find that special place they can call home.

Dave diCecco
Realtor/Broker
www.davedicecco.com

What Is A Walk Through And What Am I Looking For?

When you purchase a home you have viewed it a few times prior to putting an offer in on a house. Then once the offer has been accepted you have had a home inspection on the home. So chances are that you have viewed the home a few times now.

As you get to the day of the closing your Realtor will tell you to do a final walk through on the house prior ot closing. depending on the time fo day you are closing it can be the day of closing or the day before. But waht are you looking for when you do the walk through? Do you now what to look for?

Most people are unaware of what to expect at the walk through. You had viewed the hosue prior to placing an offer and during the home inspection process. The home owner has done some repairs to the home. So, you want to make sure the home is in the condition it was in when you viewed it at the time you placed an offer. Also, that the repairs you requested and agreed upon with the seller were performed...

It is crucial that you do this prior to closing. Because once you sign the papers for the new home you now own it. There is no turning back and you cannot go after the seller for anything that you did not notice initially or may have happened after you last saw the house..

So, make sure you find time to do a proper walk through on a house the day of closing or the day before....

Dave diCecco
Realtor/Broker
www.davedicecco.com

Customer Service....Does Your Realtor Provide It?

Today technology has changed the way we do business and conduct our everyday lives. Ten years ago text was just starting out. Now that seems to be getting ancinet as we move to video texting on our phones. As technology changes we change the way we do bsuiness. Be it from shopping for clothes to buying a house. The interent and more specifically, the world wide web has helped us get more information in less time. But, throughout all the changes that are going on around us; there is still one variable that has not changed..... CUSTOMER SERVICE.

No matter how good a product is; or how how much we want it; if the customer service is not there we are left with a bad taste. That bad taste carries over for us to a negative feeling and impression about that brand or store. That impression factors into whether we do business again with that brand.

Well the same is true for Realtors. We work under an umbrella of a company brand and the service we provide decides how successful we are in this business. I have written a lot about home buying and how this is the largest purchase a person makes in their lifetime. It is also the largest single sale they are going to do in their lifetime. Do Realtors owe it to their clients to provide them with the best possible service available?

I was prompted to write this based on an event that occurred to me the other day. I had a closing. I represented the seller in the transaction. The seller had mentioned to me a few days prior to closing that they felt I did everything I could to help them get their home under contract and ensure that we were goign to close. They said that the level of service I provided them was a refreshing sign of what they had expected out of their Realtor; but had not received from their previous Realtors over the years. Thus, I received an opportunity because of the lack of customer service provided them by previous Realtors.

At the closing table I was there early ( I always am) and the buyers showed up prior to their Realtor. I introduced myself to them and they in turn thanked me. They said if it was not for my level of my service they did not beleive they would be closing on this house. They felt that their Realtor was not providing them the service I was. (the home had some issues that arose during the inspection process).

Has technology gotten in the way of what we should be doing? What happened to the old fashioned values of keeping the clients needs first and making sure they are taken care of. I live by one simple rule in my real estate business: "Treat others they way you would want to be treated." By doing this I feel that I always will provide each and evey client with the best possible service they could ever receive.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Farmington Ridge Subdvison Charlotte, NC. 28213

Farmington Ridge subdivison is a product of Eastwood Homes. Built back in 2003 to 2005 this 400+ home subdivsion offers a great location and conveince.

Tucked away off Caldwell Road in Charlotte; this subdivison is minutes away form 485 and 85. Looking to go back to school you are within a ten minute ride of University of North Carolina Charlotte and only 10 to 15 minute ride form Concord.

Built on an old farm land area Farmington Ridge has the country like settings; yet close enough to give you the convience of shopping, dining and commuting. Part of the subdivsion backs up to a old farm area that is not developed on. It makes the view from those people back patio beautiful as you can see the trees in the horizon changing colors in the fall. Also adds to the privacy that we all yearn.

The community is laddened with both young professionals starting out and families raising children. A great community that has sidewalks around the whole community and a pool with a clubhouse just about centered in the community.

On a weekend it is hard to drive through without seeing kids riding bikes, playing and adults out working on their yards and talking with one another.....

The Homeowners Association ensures that people keep their yards neat, common area clean and presentable adding to the value and appearance of the neighborhood.

The community sold out quickly and the residents there are not moving anytime soon. Most have been there since the initial build and not many are currently on the market for sale.

If you are in the UNCC area take a drive down Caldwell Street and see why 400+ families call Farmington Ridge home.....

Dave diCecco
Realtor/Broker
www.davedicecco.com

Village Of College Downs Market Report Oct. 2010

The Village of College Downs is a quaint townhome community located off of Old Concord Road. Tucked away from the main road these townhomes offer 3 bedrooms and 2.5 baths. Their convience to the University area and the research park have made them highly desirable homes.

As you can see below the trend was always a psotive one until last year. Last year the only ones that sold were bank foreclsoures. Prior to that the sales in there have been primarily reslae units.

3 years ago there were 7 sales for an average sale price of $78136.00 They were on the market for an average of 38 days.

2 years ago there were 2 sales for an average price fo $72,000.00. They were on the market for an average of 42 days.

Last year there were 2 sales as well. The average price of those was $31250.00. They were on the market for an average of 68 days.

Currently there are 4 on the market right now. The average price of these homes is $80450.00.

Dave dicecco
Realtor/Broker
www.davedicecco.com

New listing: 4834 Sunburst Lane Charlotte, NC. 28213

This 3 bedroom 2.5 bath home with a loft located in the university area of Charlotte is a great deal in an well established neighborhood. It is priced to sell at ONLY $154,900. Boasting over 1800 square feet of living space there is plenty of room for the whole family. The home features an open floor plan downstairs using the living room with the gas fireplace as the focal point of the space. The open floor plan leads you to a open kitchen area with plenty of cabinet space and a separate pantry. Tile flooring accents the kitchen and eating area as wall to wall carpeting flow through the remainder of the home.

the upstairs boasts three good size bedrooms and a loft area that si currently in use as a sitting room. Master bedroom has a beautiful cathedral ceiling in it and a separate shower and garden tub. Closet space is abundant in this home; as all three bedrooms boast large closets. Convience of the laundry area being located upstairs centrally located around the bedrooms makes it easy and convient to do laundry.

All the rooms feature the faux wood blinds which convey with the house and select rooms have upgraded ceiling fans with remote controls. The appliances are all black and remain with the new owner of the home.

One of the best features of this home is the breathtaking view off the back patio. While enjoying your level fenced in backyard you can take in the view of the farm behind you. Not construted on; the farm offers some of the best views in the area during the fall season with the backdrop of the trees changing colors. In addition it adds to the privacy we all long for.

Convience is another feature thsi home has. Conviently located just minutes off 485. This home is within minutes fo UNCC, uptwon, and a short drive from Concord. Yet the closeness of the highway and major attractions you still maintain the feeling of being out in the country.

The hot summer days can be enjoyed at the community pool located a short walk away form the home. Built by Eastwood homes, this home has some of the best quality construction around. Voted as builder of the year in the Charlotte area. When you see this young 6 year old home you will undertand why....

Dave diCecco
Realtor/Broker
www.davedicecco.com

Why Are Market Trends Important For Home Values

Homebuyers need to know what the houisng prices have done in the past in the neighborhood and area they are looking to purchase a home in. It can and does have an effect on the present value of the home you are looking to buy and what the future value of the home would be inf you decided to wait or wanted to sell in the future.

I give homebuyers a different array of statistics to look at. The normal trend is what has happened in that neighborhood over the past three to four months. This is waht the appraiser for the bank is going to look at. ideally, you would like to see three to four comparable homes sold in that time period. That is a good basis for the now. But what has the past trends been? Is the neighborhood having a high turmover rate? Are there a lot of foreclosures in the neighborhood? These are all factors that can affect the value of the home you are looking to purchase.

By past trends, I go back one year, two years and three years and sometimes four years. This will telll you home many homes sold and what the average price fo the home was that sold. It allows the homebuyer to see if there is a trend going down , up or remaing stable.

It allows them to see how many sold. Now, every neighborhood is going to have sales over the years. Some are going to be because of moving up to a larger home, downsizing or lifestyle change. But, the trends will tell you if there is an abnormal amount of activity in the area and neighborhood. And was it a one year wonder or a trend over a few years? If there is a high turnover rate in a neighborhood; you are going to want to know why...

Out of the homes that sold in the past, how many were due to foreclosure? Foreclosure prices in the past drove down the values of the homes in a specific area and neighborhood. What was once considered a rarity is becoming more the norm now. You want to know how many there have been. It will give you a good gauge of the stabiity of the neighborhood. It will also let you know if the pricing in the area has been skewed by the foreclosures.

Buying a home is going to be the largest single investment anyone ever makes in their lifetime. You want to ensure that the offer and ultimately the price you are going to pay for a home is a fair one. But, you want to know how that investment is going to do in the future. Eventhough we cannot predict the future; the past can give us some education as to what the future holds for us in value of the home...

Dave diCecco
Realtor/Broker
www.davedicecco.com

Considering An Offer On A home? What Are The Sale Price Trends?

You have found the home you want to put an offer in on. You are doing your homework in regards to the current market conditions of the home. Checking to see what has sold recently and what a fair price to offer on the house is. But how far back are you looking? What is the trend prior to the boom and post boom when the market went down? These are all factors you should be considering when looking at a house.

In the current economic state the prices are lower now than they have been in a few years. But what was the trend like prior to the market doing well? Why does this matter? A home is the largest investment someone is going to make in their lifetime. For most of us this is not only the place we are going to live and grow our family; but a place we are hoping will help us in our retirement years by growing the equity in the house. A good way to gauge the chances that the home we are buying is going to appreciate to a value that will be finacially benefical to us to track the trend of the home prices prior to the housing market boom, through the boom and post the boom. that average should be an adequate gauge of what the value of the home would be for us in the long term.

I recently did this anaylsis on a few homes and the results were quite suprising for me. We are all aware that the housing market is a fickle market. It is going to have it's ups and it is going to have it's downs. When it is up we are feeling proud of our investment. When it is down we are feeling sad about our investment. But, what is the average? Are we purchaing a home in the down below what the average should be? If so how much? Is it enough? those are only numbers you can decide.

One thing is for certain, the market is in such a state now, that buyers are doing mre due diligence to ensure that they are getting the best deal possible. But what are the long term market ramifications for the house you are looking to buy? By going back up to as much as seven years you can track the trends and see how stable the market has been and is going to be and what yoru future projected value may be based on history. then you can make an educated descsion as to the home you are looking to purchase.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Brightmoor Subdivison Matthews, NC. Market Trends Nov. 2010

Brightmoor subdivsion located just outside the center of Matthews, NC. is a large family friendly neighborhood. Offerign two swimming pools, tennis courts, walking trails, and a play ground for the kids. Because of it's convient location and excellent school assignements this has been a popular place among families in the Matthews area.

The market has been a roller coaster of a ride the last couple of years. However; families still find Brightmoor to be a desirable location to settle down in. Below are the market trends for the past three eyars from November 1 through October 31 the following year:

3 years ago 18 homes sold for an average sale price of $226,419. They were on the market for an average of 40 days.

2 years ago 18 homes sold for an average sale price of $212,539. They were on the market for an average of 44 days.

Last year 8 homes sold for an average sale price of $180,413. They were on the market for an average of 92 days.

There are currenrtly 11 homes on the market right now in brightmoor with an average sale price of $216,173.

Though the home prices have streadily declined over the past three eyars; he days to sell is signifcantly below the market average. In fact; almost half of the national average. Thus keeping trend with the image that the neighborhood portrays...

Dave diCecco
Realtor/Broker
www.davedicecco.com

Crestdale Crossing Matthews, NC. Market Report Nov. 2010

Crestdale Crossing in Matthews NC. 28105 and it's quaint 110 home subdivision has been a refuge for a lot fo people. This neighborhood is made up of 3 bedroom 2.5 bath homes that range from 1400 square feet to a little over 1700 square feet. During the difficult housing market times; this neighborhood has endured well. the statistics below are from November 1 to October 31st the following year:

3 years ago there were 14 homes that sold for an average sale price of $129,057. They were on the market for an average of 35 days.

2 years ago there were 4 homes that sold for an average of $116,500. They were on the market for an average of 15 days.

Last year there were 5 that sold for an average of $127,500. They were on the market for an average of 48 days.

Currently there are 2 homes active on the market right now. There is also one that is pending a close date.

As the trend shows and has been showing is that homes in this neighborhood sell quickly; even in a down market. The prices have been for the most part stable over the past few years...

Dave diCecco
Realtor/Broker
www.davedicecco.com

August-September Housing Numbers Sign Of Recovery?

As I mentioned last month was August just a bump in the road of rising home prices or a trend that prices are going to start steadily climbing (though slowly). Well after a dismal July, which a lot of experts pointed to as a fallout of the June deadline for the tax credit, August and now September have seen a steady rise in the average home prices nationally.

But the national scale does not help the local market determine what is happening. Parts of the country were hit almost six months or longer than other parts began to feel the dramatic price drop in home prices. So, to be fair let's look at the Charlotte area market.

If we go back through the past twelve months leading up to September 2010 you will notice a trend most people would not think fathomable based on what they hear on the news. In September of 2009 the average price of SOLD homes was : $196,760.00. Since then through February of 2010 the home sale price was like a roller coaster. Some months went up and others went down. However; over the past 12 months February 2010 was the low point for average home prices. That number was $191,288.00.

Since Febraury 2010 home prices in Charlotte area on average have INCREASED every month till September. September was the first month that home prices in the Charlotte area actually decreased. In all markets you are goign to have bumps in the road. Charlotte was never the area that saw home prices jump 30% to 40% overnight as other parts of the country did. The steady incline helped us absorb the fallout better than other areas of the country.

Is the housing market on the road to recovery? Nationally maybe. Charlotte area it is looking like it is. With mortgage rates at historic lows it is no wonder more people are out looking to purchase a home today. That coupled with prices that are still pre-boom times makes the market a strong buyers market right now.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Why You Should Buy A Home

Yes, if you do not own a home and have been thinking about it now is a good time to buy a home. First, owning a home gives you the stability to do what you want with the home. You can decorate the home anyway you desire. When you rent you are restricted by what your landlord will let you do and not do. So much for being creative with your rental.....

Second, you have stability in knowing your payments are going to be stable. Yes, there is going to be times when the mortgage is going to adjust for increases in your property taxes over the years. but, you will know when that is coming. How many times have you been near the end of a lease to have the landlord tell you the rent is goign up $50 or $100 or even more? Would it not be nice to know that your housing payment is a steady number each and every year. What if your landlord raises your rent $30 a month every year. It may not seem like a lot but in five years you just went up $150.00. Would you rather know you are paying a stable payment?

Third, what if you receive a notice on the door that the home you are living in is goign to be foreclosed upon. You have no guarantees that the landlord is paying the mortgage every month. Chances are you are living in a investment home. If times have gotten tough for them; they may need that rent to pay their mortgage leaving you looking for a home.

Couple these with historic low interest rates and home prices at 2004-2005 levels and you have a win situation in buying a home.

david diCecco
Realtor/Broker
www.davedicecco.com

Should I Buy Or Continue To Rent?

This is a question that a lot of first time buyers and people that have relocated to Charlotte area are contemplating. When is the time right to buy? If you listen to the news they will tell you the market has not hit bottom yet. But, these are the same people that are telling us the recession ended last year. There is no crystal ball or magic that can predict what the market is going to do today let alone in the next few months. All we can do is give you the facts about what the housing market is doing currently. Now, may be the right time for some people to buy. For others it might be in their best interest to wait. But before you make that descsion consider ALL the facts:

First, mortgage rates are at historic lows. By historic, I mean, they have never been this low EVER in the history of mortgages. Some buyers I have talked with told me it was like borrowing free money the rates were so low. Well maybe not quite free; but lower than ever recorded. The difference in the itnerest rate can increase your buying power in terms of price range you are looking in or substantially lower your existing payment on a home you have been saving to buy. consider in Charlotte, NC. the average home price hovers around $200,000. One percentage point in interest affects that payment by a little over a $100.00 a month.

Second, home prices are at 2004 price levels in much of the area in Charlotte. meaning the average person is earning more than they did in 2004 but paying 2004 prices for a home. This makes the amercian dream of owning a home more affordable to more people.

Third, the market is currently in a buyers market. By that I mean a stable market (one which does not favor the seller or the buyer) is a six month supply of inventory. Less than that favors the seller. More than that favors the buyer. Currently we are in a buyers market.

Fourth, owning a home gives you numerous tax benefits. A lot of first time buyers are unaware that the interest they pay on a mortgage is tax deductible. So, you are saving even more money when you go to file your taxes each year. Though you should consult your tax accountant for the full understanding of the tax benefit to owning a home.

Last, you may pay less to own a home than you are for rent right now. I went back and was talking to the first time home buyers or people that moved. I asked them if they were paying more, less or comparable to what they were paying before. ALL of the homeowners in the past year I sold homes to that were renting ; ended up paying the same or less than they were paying for rent. And they were in a larger space than their rental.

So, is it a good time to buy a home? For some off you the answer is going to be a resounding yes. For others it might be no. Each one is different; but one thing that is for certain the market has never seen this type of inventory coupled with interest rates this low increasing the buying power of the average american family.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Selling Your Home This Winter? Paint

This time of the year we all are thinking of the holidays and as it gets darker sooner and the sun is not shining through the windows as vibrantly as before. Therefore sellers need to find a way to make their home show in it's best light. One good way to do that is to put a fresh coat of paint on the walls.

I have sold many homes where prior to painting the inside of the house the home felt dark, gloomy and cramped. After a fresh coat of paint on the walls the home felt bright, airy and cheerful when someone walked in. Fresh paint can serve a multiude of positive effects when it comes to selling a home.

First, you can touch up old holes on the walls from paintings and pictures. It gives you the opportunity to correct any defects that will show on the walls.

Second, by using bright neutral color tones you can accent the space of the house. If you currently have dark colors, or you had painted years ago. Try painting a wall and look at the difference it makes in terms fo the perception of space in the room.

Third, when a perspective buyer is lookign at a house; you want them to have a visual blank canvas to work with. This allows them to envison what the hosue will look like if they paint it this color or that color or add certain accessories to a room. The more neutral the room is the better it will be for the buyer to perceive it in the way they will eventually want the house.

Fourth, a fresh coat of paint on the walls can accent and showcase any trim and molding you have in the house. Sometimes it can go unnoticed to a buyer as they are trying to figure out how to cover the walls in the home. This is the perfect opportunity to showcase the attributes of the house that will help it sell.

Last, it can enhance the value of a house to a prospective buyer. I recently had a client paint the interior of the house. Prior to painting the interior the offers we received were substantially low. The reason was the house "needed work". When in reality it needed a fresh paint job inside the house to showcase the hand crafted wood work inside the house and brighten it up. The fresh coat helped offset some of the other deficiencies in the house and allowed us achieve a selling price that was inline for what the house was worth.

So, as we enter the winter months and you are trying to sell your home invest in some paint. A little paint could be the difference between yoru home selling this winter and still being on the market come spring.....

Dave diCecco
Realtor/Broker
www.davedicecco.com

Short Selling Your Home? Is Your Realtor Being Interviewed?

We all know that until the market stabilizes and prioces return to pre recession levels that short sales are becoming more prevelant way to sell a house today. In lieu of foreclosure more people are trying to sell their home before that process is finished.

Well, like most Realtors the experience with short sales is a roll of the dice. Some times you have a great experince and an easy transaction. Other times it is a drawn out long process with what feels like no end in sight. It has made realtors leary of showing homes that are marketed as short sales.

So, how does a Realtor with a potential buyer overcome the negative feeligns they have for dealing with a short sale? They interview the Realtor up front. I am and have been on both ends of the transaction. I know if I have a home a client wants to look at that is a short sale I will call the realtor that has the listing and ask them a lot of questions about the process and where they are at with it. I want to know they know what they are doing and have all the paperwork done or ready to go before I show the home. Nothing is more frustrating to a buyer than telling them it will be a month or two before you hear an answer to find out the Realtor was over their head with the short sale and did not realize the time and effort that is needed to procure the transaction. Or worse yet they do not answer the phone or call you back.

On the selling end I almost always receive a phone call prior to a showing asking me the same questions about the short sale. I understand the importance of knowing what I am doing and making sure that I give correct and accurate infromation as to where in the process I am wiht the short sale. It has helped me close just about all of my short sale listings thus far.

So, if you are listing your home for sale as a short sale to avoid foreclosure make sure you interview your Realtor and that they answer the phone or return the call in a timely manner. most importantly that they know the process of the bank you are dealing with. Without that knowledge and courtsey your home may not be shown or sell...

Dave diCecco
Realtor/Broker
www.davedicecco.com

505 Heather Place Monroe, NC. 28112 REDUCED!!!!!!!

Just reduced to $174,900. Get into this home with NO MONEY DOWN. Qualifies for 100% USDA financing. This 3000+ square foot home on almost one acre of land with 4 bedrooms and three full baths has been drastically reduced. This home is a short sale that has been bank approved. The bank has negotaited in good faith and set the price that they will accept for this house. Do not let this great deal in a secluded subdivison of Monroe pass you by. No wait time for an answer form the bank. Quick response means a quick closing. You can be in this home in time for the holiday's.

Built in 2007 this home is only three years old. When you walk in this home you are greated in the foyer by the great room with it's two story ceiling, gas fireplace and large windows. The downstairs also boasts beautiful 42 inch cherry cabinets and granite countertops in the kitchen. Hardwood floors adorn most of the downstairs except for the great room and the bedroom. The kitchen has a large eating area and the house also has a formal dining room. A guest bedroom with access to a full bath finishes off the spacious downstairs.

Up the wood staircase and you are greated by a stunning view of the great room from the railing. The upstairs holds the laundry room and three large bedrooms and two full baths. The master bedroom has a separate sitting area and a walk in closet large enough for to be a room. The other two bedrooms upstairs are almost as large as the master bedroom and also boast very large closet space.

Attached to the side of the home is a two car garage with access to the kitchen from there.

This home is conviently located offf HWY 200 in Monroe centraled to downtown Monroe and Waxhaw. But the best part of the home is it sits on a cul de sac.

Come enjoy great schools, low Union County taxes and no HOA.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Staging Your Home In The Winter Months

A lot is often said that you need to make sure your home shows in it's best light. In the warmer months I always recommend to open the curtains or the blinds and let in as much natural sunlight as possible into a house. But what do you do when it is cooler outside and the sky is a little darker?

For one, if your home is equipped with a fireplace have it running. Nothing makes a home feel more warm and cozy than the feel of a fireplace. Coming in from the outside on a cool day to a warm fireplace is the ideal setting you want the potential home buyer to feel when they enter your home.

Keep the thermostat set at a comfortable level. Some people like to keep their homes cool; others like to have their homes set up very hot. I recommend keeping a home around 72 degrees when you know you have a showing coming in. It will make the home feel warm and inviting to the buyer.

Replace the light bulbs in your home with the highest wattage possible for that light fixture. There is a few reasons for this. First, you want to make sure the light bulbs are still good. There is nothing that will leave a buyer feeling unsure about a place than being able to see it. Second, you want (if possible) to have the lights on in the house when you know you have a showing scheduled. It will help offset the lack of natural light availble in the house and make the home look bright and cheery.

Another thing I recommend is to burn scented candles. Nothing to strong. Just a seasonal type of scent. It will allow the buyers to start to mentally envison themselves preparing for the holidays in the home and allows you to touch on another one of their senses in creating a lasting impression of the home.

These little things can help make sure yoru home shows in it's best light even in the dark, cold days of winter...

Dave diCecco
Realtor/Broker
www.davedicecco.com

Thinking Of A Short Sale On Your Home?

The talk about short sales seemed to pick up steam with the foreclosure issue arose in 23 states. More people are considering it today as an alternative to the foreclosure process. But, do you really know what you are doing when you short sale?

First, a short sale by definiton is anything than a short process. Basically you owe more on the existing home than you can sell the home for in the current market. In lieu of going through the foreclosure process you and the mortgage holder agree to accept a lesser amount of what is owed on your home.

But, are you aware of the the papewrwork and documents you need to provide to begin a short sale? A mortgage company will not even begin to accept ro entertain a short sale without a full financial disclsoure on your part. That includes paystubs, bank statements and retirement plans. Then you need to have a hardship that warrants you selling the home now. Acceptable hardships are loss of income, medical issues, job transfers just to name a few. They will not accept you on a short sale if you just do not want the house anymore becuase you owe signifcantly more than it is worth and can afford to pay each month.

The mortgage company then will begin the process of a short sale and order a BPO (Broker price opinion) on your home. This is an independent value of your home from a Realtor in the area. The mortgage company will use that value to determine a fair market value for your home in this market.

Then it is up to your Realtor, who you have contracted with to market and list your home to attract a buyer to your home. They are left with the burden of marketing a home without knowing what the mortgage comany will accept as a final dollar amount. This can be a delicate situation. In this process, chances are you are behind in the mortgage and the foreclosure process is still going forward. So, time becomes an issue. They have to price the home right from the first day.

You need to make sure your home is readily availble for showings and is in show conditon just about all the time. You do not want to take the chance of losing the one buyer for your home because you made it unavailbale for them to show.

Once a buyer has placed an offer on yoru home the mortgage company will begin the long process of verifying all the documents and negotiating the offer. You probably will have to update bank statements and records as the process moves forward and closer to a potential sale.

This process varies depending on the lender and the Realtor you are using. I have negotiated some short sales in the matters of days and weeks. I have represented buyers on a short sale that has taken weeks to months and soem we never were able to reach an agreeable terms on.... Each mortgage comany is different and each Realtor is different on how they handle them.

If you are thinking of a short sale make sure you are fully aware of what is expected from you in the process upfront...Make sure your Realtor si fully aware of the process and dealing with that particular mortgage company. The loss of a home is difficult enough without the added strain the process can bring upon you if you are not aware upfront what to expect.

Dave diCecco
Realtor/Broker
www.davedicecco.com