I read a great article yesterday on cnnmoney.com. It was discussing the home values of the 299 biggest real estate markets. they were talking about how prices were in relation to the market values in the area. As a seller the news was good. As a buyer the news was great. Charlotte area was tied fro 15th place among the 299 markets for the most undervalued home prices. What does this mean?
Well it means that buyers are buying the homes for an average of 6% less than the market value of the home should be. For buyers that means they are purchasing homes for a slightly better value than the true market value of the home. for sellers, it means they are getting close to the market value of what there home should be. In a perfect scenario the average price would be 0% of the market value. you always want to see it on the plus side of the percentage. When the numbers are on the negative side it means that home prices have not stabilized yet and the bottom has not completely dropped in terms of how low the values will drop.. When you are in the plus side the market has stabilized and home values are actually beginning to creep up.
With all the negative publicity of home values and the talk of people being owing significantly more than there home si worth the trend for Charlotte is a good sign that the housing prices are beginning to stabilize and a balance is beginning to develop.
This is still a win win situation for sellers and buyers. Sellers can rest assured that the values of their homes has hit bottom and is climbing back up. buyers still can get in low enough to build almost instant equity in their home purchase.
The resilience of Charlotte Area and the fact when home prices in most of the country were skyrocketing at double digits each year...Charlotte maintained a steady increase. That steady increase has helped it absorb the housing bubble burst better than most regions in the country.
Dave diCecco
www.davedicecco.com
Saturday, February 13, 2010
Friday, February 12, 2010
Crestdale Crossing--Affordable Community in Matthews
People often come to me and say: "We have relocated here and are currently renting. We would like to stay in Matthews because of the schools and not wanting to move the kids again to a new school. However; prices are higher than other surrounding areas and we cannot afford that much". I tell them you can get what you want at an affordable price in Matthews. Look at Crestdale Crossing. A quiet little subdivision tucked away in Matthews; this community offers some of the most affordable housing in the Matthews area. With prices in the $130,000's it makes owning a home in Matthews well within reach for a lot of people.
The community is made up of about 100 plus homes. All the homes are either three bedrooms or have the additional bonus room as well. Some are equipped with a one car garage. It is a large children friendly neighborhood that has only one way in and one way out. All the roads are in essence dead ends. It is common in the nicer weather to see kids outside everywhere riding bikes, playing baseball, or playing at the park. It reminds me of the days when I was growing up (the neighborhood kids all out at night playing while our parents were sitting on the porches talking). Nice to see there are still communities like that around.
A relatively newer subdivision that was built in 2002 -2003 all the homes boast ample space for a family and provide a little yard. You can tell once you start driving in the community it is family friendly and people take pride in their homes.
With mortgage rates at record lows and the tax credit available right now....this makes this neighborhood a bargain. I was so impressed by the values and the old fashioned way kids were outside playing; that I moved my wife and four kids to Crestdale Crossing....
So, if you think you cannot afford to stay in Matthews or are looking for a decent priced home in the Matthews area do yourself a favor and check out Crestdale Crossing.
The community is made up of about 100 plus homes. All the homes are either three bedrooms or have the additional bonus room as well. Some are equipped with a one car garage. It is a large children friendly neighborhood that has only one way in and one way out. All the roads are in essence dead ends. It is common in the nicer weather to see kids outside everywhere riding bikes, playing baseball, or playing at the park. It reminds me of the days when I was growing up (the neighborhood kids all out at night playing while our parents were sitting on the porches talking). Nice to see there are still communities like that around.
A relatively newer subdivision that was built in 2002 -2003 all the homes boast ample space for a family and provide a little yard. You can tell once you start driving in the community it is family friendly and people take pride in their homes.
With mortgage rates at record lows and the tax credit available right now....this makes this neighborhood a bargain. I was so impressed by the values and the old fashioned way kids were outside playing; that I moved my wife and four kids to Crestdale Crossing....
So, if you think you cannot afford to stay in Matthews or are looking for a decent priced home in the Matthews area do yourself a favor and check out Crestdale Crossing.
Thursday, February 11, 2010
Moving to Charlotte?
I started the other day when I was asked about the benefits of moving to Charlotte area about all the cultural activities and offerings that Charlotte area had to offer in addition to the weather advantages of coming from up North. But there are some other advantages that Charlotte area offers in addition to just those. One is the education system. Charlotte Mecklenburg School System is the largest in North Carolina. Having four kids; three which are enrolled in the system, I can speak from experience in this matter. I have been very impressed by the teaching quality and curriculum offered to my children here. In fact, when we moved my kids were about six months behind other kids in their grade levels in terms of where they were academically and expected to be. It was a shock to me. They raised the bar of what is expected of my kids and have made them work a little harder to maintain the quality of grades we expect out of them. In addition, Charlotte area offers some fine private schooling as well as religious schooling at very affordable prices.
One thing that seemed to allude me when we were moving here was the choices of higher education that the Charlotte area offered. Home to six different universities and colleges Charlotte is bubbling with opportunities for higher education. In the suburbs of Charlotte there are also another four universities. So, the area offers some excellent choices for higher education as well.
One of the most compelling reasons I hear from a lot of people and I tell anyone who is considering moving to the Charlotte area is the affordability of homes. While the average home price still hovers around the $200,000 mark; there are an abundance of homes to be purchased in the $150,000 and under price range. A lot are of newer construction and boast sizes most people are used to paying two to three times as much for up North. We have not been immune to the housing issue; however we also have not been as devastated as most other areas. When other areas of the country housing prices were skyrocketing in the double digits year after year; Charlotte area was holding to a steady increase. Yes, we have felt the effects of the housing collapse...just not on the levels of other parts of the country. There are great deals to be had here as well as other areas of the country in terms of housing.
With a wide array of cultural activities, sporting events, affordable housing, and education options Charlotte is fast becoming a place for people to move to.
One thing that seemed to allude me when we were moving here was the choices of higher education that the Charlotte area offered. Home to six different universities and colleges Charlotte is bubbling with opportunities for higher education. In the suburbs of Charlotte there are also another four universities. So, the area offers some excellent choices for higher education as well.
One of the most compelling reasons I hear from a lot of people and I tell anyone who is considering moving to the Charlotte area is the affordability of homes. While the average home price still hovers around the $200,000 mark; there are an abundance of homes to be purchased in the $150,000 and under price range. A lot are of newer construction and boast sizes most people are used to paying two to three times as much for up North. We have not been immune to the housing issue; however we also have not been as devastated as most other areas. When other areas of the country housing prices were skyrocketing in the double digits year after year; Charlotte area was holding to a steady increase. Yes, we have felt the effects of the housing collapse...just not on the levels of other parts of the country. There are great deals to be had here as well as other areas of the country in terms of housing.
With a wide array of cultural activities, sporting events, affordable housing, and education options Charlotte is fast becoming a place for people to move to.
Wednesday, February 10, 2010
moving to Charlotte?
Recently I was asked by someone why they should move the Charlotte Area and what did it have to offer them. Being a Yankee and transplanted here almost five years ago it was easy for me to explain the numerous benefits of what the Charlotte Area had to offer.
With all the snow falling in the Mid Atlantic region and the Northeast this past week I was thinking there is no better reason than that right now. You can get rid of the shovel and snow blower once and for all. You will never use it here in Charlotte. Being situated inland has many benefits for Charlotte. You are protected on the west by the mountains and are far enough in land that any severe weather hitting the coast line dissipates before hitting the Charlotte Area. but what got me really excited about moving to the Charlotte Area was i did not have to give up the luxuries I enjoyed up there with the seasons; but without the weather. Charlotte is situated in such a place that it is only two to three hours north west to go to some great skiing. in the warmer weather we are only three hours away from some of the greatest beaches in the Carolina's. The best part is i get to enjoy all of these benefits without having to deal with the weather. Snowfall here is minimal, if at all. In the summer the humidity here is barely a factor as compared to what I was dealing with in the Northeast. Yet, I get all the benefits that they do. granted I might have a little more driving, but is it not worth it to not have to deal with the snow?
Charlotte is also booming in regards to sporting activities, arts, and museums. Home to Lowe's Motor Speedway there are 2 major Nascar races held here every year. In addition Charlotte is about to open the Nascar Hall of Fame this spring. You also have the luxury of seeing professional football with the Carolina Panthers, Basketball with the Charlotte Bobcats, Minor league hockey with the Charlotte Checkers and minor league baseball.
In addition to the great sporting events, there are an array of museums and art galleries that are sure to entice every taste in Charlotte. in the spring and summer months you can enjoy the art district walk on Friday evenings through uptown (yes uptown....we do not have a downtown). There are fine museums of art, craft, design, history and nature all within the city limits of Charlotte.
No city would be complete without a night life. Charlotte hosts one of the best night life's in the area. Home to an array of bars and clubs there is always something going on for everyone. No matter your musical taste or if you prefer to dance the night away there is a wide array of clubs to suit any one's taste.
Kids love the Charlotte area since ti is home to Carowinds. An amusement park with roller coasters for the older kids and the kids in us. AS well as rides for the smaller ones based on Nickelodeon characters. Combine that with a great water park and you have a fun filled day ahead of you at Carowinds.
For me though the best feature of Charlotte was the parks and green-ways. there are so many I have lost count of them. They are a great place to go for a walk, jog, or ride a bike around Charlotte on. in addition to the numerous playground areas for kids to play on. Charlotte is also a very friendly bike city. it is very common to see groups of people riding bikes on the weekend throughout the city of Charlotte.
The state zoo is located only about 90 minutes away from Charlotte. In addition you are well within the same time frame to visit the zoo in South Carolina. Each offers their own distinct style.
While I could write for days and not cover all the wonderful things Charlotte has to offer I hope this helps you out in explaining some of the great benefits of what Charlotte has to offer.
Dave diCecco
Realtor/Agent
ddicecco@cbunited.com
www.davedicecco.com
With all the snow falling in the Mid Atlantic region and the Northeast this past week I was thinking there is no better reason than that right now. You can get rid of the shovel and snow blower once and for all. You will never use it here in Charlotte. Being situated inland has many benefits for Charlotte. You are protected on the west by the mountains and are far enough in land that any severe weather hitting the coast line dissipates before hitting the Charlotte Area. but what got me really excited about moving to the Charlotte Area was i did not have to give up the luxuries I enjoyed up there with the seasons; but without the weather. Charlotte is situated in such a place that it is only two to three hours north west to go to some great skiing. in the warmer weather we are only three hours away from some of the greatest beaches in the Carolina's. The best part is i get to enjoy all of these benefits without having to deal with the weather. Snowfall here is minimal, if at all. In the summer the humidity here is barely a factor as compared to what I was dealing with in the Northeast. Yet, I get all the benefits that they do. granted I might have a little more driving, but is it not worth it to not have to deal with the snow?
Charlotte is also booming in regards to sporting activities, arts, and museums. Home to Lowe's Motor Speedway there are 2 major Nascar races held here every year. In addition Charlotte is about to open the Nascar Hall of Fame this spring. You also have the luxury of seeing professional football with the Carolina Panthers, Basketball with the Charlotte Bobcats, Minor league hockey with the Charlotte Checkers and minor league baseball.
In addition to the great sporting events, there are an array of museums and art galleries that are sure to entice every taste in Charlotte. in the spring and summer months you can enjoy the art district walk on Friday evenings through uptown (yes uptown....we do not have a downtown). There are fine museums of art, craft, design, history and nature all within the city limits of Charlotte.
No city would be complete without a night life. Charlotte hosts one of the best night life's in the area. Home to an array of bars and clubs there is always something going on for everyone. No matter your musical taste or if you prefer to dance the night away there is a wide array of clubs to suit any one's taste.
Kids love the Charlotte area since ti is home to Carowinds. An amusement park with roller coasters for the older kids and the kids in us. AS well as rides for the smaller ones based on Nickelodeon characters. Combine that with a great water park and you have a fun filled day ahead of you at Carowinds.
For me though the best feature of Charlotte was the parks and green-ways. there are so many I have lost count of them. They are a great place to go for a walk, jog, or ride a bike around Charlotte on. in addition to the numerous playground areas for kids to play on. Charlotte is also a very friendly bike city. it is very common to see groups of people riding bikes on the weekend throughout the city of Charlotte.
The state zoo is located only about 90 minutes away from Charlotte. In addition you are well within the same time frame to visit the zoo in South Carolina. Each offers their own distinct style.
While I could write for days and not cover all the wonderful things Charlotte has to offer I hope this helps you out in explaining some of the great benefits of what Charlotte has to offer.
Dave diCecco
Realtor/Agent
ddicecco@cbunited.com
www.davedicecco.com
Tuesday, February 9, 2010
Short Sale? Is it Worth it?
As a Real Estate Agent in today's economy I get this question asked a lot of me. My answer is always the same .....it depends. Can you make the mortgage payments on your home? Are you on time? Do you owe more than the home is worth? If you do not short sale are you going to lose your home to foreclosure? If you cannot make the payments on time anymore and you owe more than the home is worth and you are trying to stay off foreclosure then I say short sale may be for you.
The problem I run into today is the amount of mis-information out there regarding short sale and the possible ramifications that can come out of it. I talked with a young family the other night who had advice from several different family memebers and friends who are not in the business...and guess what; ALL of the information was wrong.
I have some general rules of thumb I follow whenever I am seriously discussing listing a home for a short sale. First, and foremost is "Can you make the monthly mortgage payments on time without not paying anyone else?" If they answer yes then i tell them you are not a candidate for a short sale. A lot of people are under the impression that just because they owe more than their home is worth they can short sale and are relieved of their financial obligations to the home. That is so untrue in many levels. You need to show the bank you have a hardship and in addition you must produce bank statements and pay stubs to substantiate your hardship.
If there is a legitimate hardship I will then proceed to find out what they owe and what the market value of the home is. I have run across some potential sellers saying that they have to short sale when in actuality they can sell the home and break even or even make a little money on it. Why? because as we all know you can sell the home for less than market value and sell it a lot faster...But are we doing our clients justice by not telling them the options?
Last I ask them if they have consulted with an attorney and a tax accountant yet. If not I give them a list of three that will speak to them at NO CHARGE and explain the legal and possible tax ramifications to a short sale.
Once the client has done all of that i will then agree to take the listing and help market the home and get it sold for them. Now, a lot of agents are saying that is a lot of work. However; we have a ethical obligation to serve the best interests of our clients.... And I personally plan on serving them for life.
The problem I run into today is the amount of mis-information out there regarding short sale and the possible ramifications that can come out of it. I talked with a young family the other night who had advice from several different family memebers and friends who are not in the business...and guess what; ALL of the information was wrong.
I have some general rules of thumb I follow whenever I am seriously discussing listing a home for a short sale. First, and foremost is "Can you make the monthly mortgage payments on time without not paying anyone else?" If they answer yes then i tell them you are not a candidate for a short sale. A lot of people are under the impression that just because they owe more than their home is worth they can short sale and are relieved of their financial obligations to the home. That is so untrue in many levels. You need to show the bank you have a hardship and in addition you must produce bank statements and pay stubs to substantiate your hardship.
If there is a legitimate hardship I will then proceed to find out what they owe and what the market value of the home is. I have run across some potential sellers saying that they have to short sale when in actuality they can sell the home and break even or even make a little money on it. Why? because as we all know you can sell the home for less than market value and sell it a lot faster...But are we doing our clients justice by not telling them the options?
Last I ask them if they have consulted with an attorney and a tax accountant yet. If not I give them a list of three that will speak to them at NO CHARGE and explain the legal and possible tax ramifications to a short sale.
Once the client has done all of that i will then agree to take the listing and help market the home and get it sold for them. Now, a lot of agents are saying that is a lot of work. However; we have a ethical obligation to serve the best interests of our clients.... And I personally plan on serving them for life.
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