I do a lot of my business with First Time Home Buyers... A lot of them have talked with multiple agents in regards to finding one they feel comfortable with. A wise decision when you are looking to purchase what will be the largest purchase you make in your lifetime. Over my time of dealing with first time home buyers in the Charlotte area I have come across some common mistakes or things they have never thought of before addressing it with them. I have outlined what I feel are the most common things first time home buyers in the Charlotte area need to do before they go out and search for a home and after they find the home they want.
First, and probably most important is to make sure you qualify for the loan. Most people call a bank or mortgage company and get told they are pre-qualified up to X amount of dollars for a loan. Based on that number they feel they can get iinto a home. The part they do not understand is the other "fees" and add on that are added to their monthly payment when they find a home. No disrespect to the mortgage people out there; however, it is impossible to give a complete and accurate payment without knowing the home they want to buy. The sale price, closing costs the seller is willing to pay, property taxes and homeowners insurance all factor in to the monthly payment and outlay of cash the buyer has to come up with. When they find the home they want, the mortgage professional tells them here is your payment and what you need at closing in terms of cash...A lot of people get shocked by the number.
Second, pull your credit report. There are sites out there that will charge for a score. But a lot of people do not realize that they are entitled to a FREE copy of your credit report every year. Just Google the three major bureaus and request a copy of your credit report. You want to make sure that everything is being reported accurately and that there are no accounts on there that do not belong to you. It seems every time someone will say I thought I paid that off, or I did not know that was on my credit report. These things hurt your score and affect the interest rate you can get on a mortgage. So, before you contact a mortgage professional make sure you know what is on your credit report.
Third, make sure you are completely comfortable with the payment before you put an offer n on a home. When i have a client that tells me this is the home we like to put an offer in on...i give them the property taxes and tell them to contact their insurance company for a quote on homeowners insurance. Call your mortgage professional and give them the numbers and ask for a complete payment... make sure you are completely comfortable with it and then put in an offer.
Fourth, this is one that usually takes people looking at a multiple of homes to completely understand...you probably are not going to get everything on your wish list. I always ask clients to give me their wish list in regards to what features they desire in a home and location. I do my best to find that home for them. Unfortunately, it not always that easy. I am not saying compromise. But be realistic and say this is our must have and would like. then decide if the exact type of home with the features you want is not out there what you can do without.
Fifth and last. make sure that the Realtor you are dealing with is someone you feel comfortable with. Make sure they are asking you a lot of questions and looking for and sending you homes that fit what you want. this is going to be the largest purchase you make. Do not settle for an agent because Mom and dad used them or they were referred to by a friend if you are not 100% comfortable with the agent. I always put myself in the buyers shoes and sometimes have been accused of giving too much information. But I feel that information overload is better than no information. You need to make sure you are making an informed, educated decision. That is where we come into play. It is our job to guide you through the process and help you with finding the home and negotiating the sale.
Ironically, I hear is after we have found that right home and negotiated a fair deal is ...i guess we are done with you. I tell them no we have just begun. I am with you through the closing and long afterward. My job has just begun when you found a home and made an offer that has been accepted.....
Dave diCecco
Realtor/Agent
www.davedicecco.com
Saturday, February 20, 2010
Friday, February 19, 2010
Crestdale Crossing---Ahead of Home Price Trends
The other day I was doing a Market analysis for a client in Crestdale Crossing. Coming up with a value of what the home is worth in today's market. They were a little scared about listing and selling their home because the trends they here of home prices dropping dramatically and more and more people are losing their homes through short sale or foreclosure because they cannot sell.
Crestdale Crossing is a quiet tucked away little community in Matthews, NC. It boasts some of the best public schools in the Charlotte Area. My children attend the grade and middle school and I have been nothing less than impressed by the quality of education they are receiving. The community's known as a first time home buyer neighborhood. primarily all built between 2002 and 2003.
When I informed them of what the value of their home was in today's economy...they were stunned. They said they paid slightly less than that for the home when they bought it six years ago. After doing some checking on the home I purchased in November and other homes that were listed and sold during the past year......I admit i was slightly surprised. The values of some of the homes actually increased from what they paid for them in the days fo the boom when house prices were skyrocketing at record prices.
In a hosuing market where people everyday are being told their homes are worht 30% to as much as 50% less than what they paid for them; this little community in Matthews has seemed to beaten the trend.
First time buyers looking for a good investment in today's volatile real estate market would be wise to consider Crestdale Crossing for their home purchase.
Dave diCecco
Realtor/Agent
www.davedicecco.com
Crestdale Crossing is a quiet tucked away little community in Matthews, NC. It boasts some of the best public schools in the Charlotte Area. My children attend the grade and middle school and I have been nothing less than impressed by the quality of education they are receiving. The community's known as a first time home buyer neighborhood. primarily all built between 2002 and 2003.
When I informed them of what the value of their home was in today's economy...they were stunned. They said they paid slightly less than that for the home when they bought it six years ago. After doing some checking on the home I purchased in November and other homes that were listed and sold during the past year......I admit i was slightly surprised. The values of some of the homes actually increased from what they paid for them in the days fo the boom when house prices were skyrocketing at record prices.
In a hosuing market where people everyday are being told their homes are worht 30% to as much as 50% less than what they paid for them; this little community in Matthews has seemed to beaten the trend.
First time buyers looking for a good investment in today's volatile real estate market would be wise to consider Crestdale Crossing for their home purchase.
Dave diCecco
Realtor/Agent
www.davedicecco.com
Thursday, February 18, 2010
First time Buying...What to look for in a Real Estate Agent
Everyday recently I ame seeing more and more first time buyers enter the housing market in search of their first home. For some it is the American dream of owning a home that has lured them into the market and for others it is the tax credit and for a select few it is a pure investment in this market. Whatever your motivations are there is certain things to look for when buying a home.
One of the first things I do when I am talking with someone who is entering the market for the first time is a quick little questionnaire as to what they would want in their dream home right now. I think it is crucial to see what you are looking for in a home. Too many times I hear people tell me; " I wanted a ranch and the other Realtor kept sending me two story homes" or "I need two bathrooms and all they send me are one bathroom homes". Once you have deciphered what you want it is crucial to know where you want to live. Area and location are just as important in today's market as the features in a home. A home is an investment that you want to make sure you are in an area you want to live. Last, and probably the most important is to make sure you can qualify for a mortgage and to see how much home you can afford. Many people think they can afford one thing and find out that for what they are looking to spend in terms of monthly payment they can actually purchase at a higher amount or a lower amount.
When you are armed with a pre qualification or a pre approval from a mortgage company your leverage in looking at homes drastically increase. You now have realistic expectations of what you can afford. But where do you begin? the key is getting in with a Real Estate Agent who will listen to your wants and needs are. That agent should be able to send you homes that fit the criteria you want in the areas you are looking in. Then you decide which homes you want to look at. I usually recommend to my clients that they pick four to five homes to look at initially. No matter what they think of the first or second home they look at I make them look at all the homes. Why? because once you start looking inside these homes you notice things that you never realized before...Sometimes it is the layout of the home or the positioning of certain furniture or the way the yard is. Just about everytime I show homes to first time buyers they will say to me, "i never thought of that or i really like that layout better than the other".
After we have picked out a home they feel they want to put an offer in on; I will look up the taxes and check for any assessments or HOA fees with the property. then I will ask their permission to get in touch with their mortgage professional and give them the numbers. Why? because then this way the mortgage professional can put in the exact property tax, and homeowners fees and any other miscellaneous charges and give me an monthly payment. Then it is my responsibility to inform my clients that if they purchase the home for x dollars here si where there monthly payment is gong to be. If they are comfortable with the numbers and had a chance to sleep on it I will then write up an offer on the home in their behalf.
too many times I hear first time buyers say that they looked a house or two and put an offer in the same day and did not realize all the fees or that their payment would be X amount because of the taxes. It is our jobs as Realtors to educate and guide you through the process. On average you may do this once every seven years. We do this everyday.
Dave diCecco
Realtor/Agent
www.davedicecco.com
One of the first things I do when I am talking with someone who is entering the market for the first time is a quick little questionnaire as to what they would want in their dream home right now. I think it is crucial to see what you are looking for in a home. Too many times I hear people tell me; " I wanted a ranch and the other Realtor kept sending me two story homes" or "I need two bathrooms and all they send me are one bathroom homes". Once you have deciphered what you want it is crucial to know where you want to live. Area and location are just as important in today's market as the features in a home. A home is an investment that you want to make sure you are in an area you want to live. Last, and probably the most important is to make sure you can qualify for a mortgage and to see how much home you can afford. Many people think they can afford one thing and find out that for what they are looking to spend in terms of monthly payment they can actually purchase at a higher amount or a lower amount.
When you are armed with a pre qualification or a pre approval from a mortgage company your leverage in looking at homes drastically increase. You now have realistic expectations of what you can afford. But where do you begin? the key is getting in with a Real Estate Agent who will listen to your wants and needs are. That agent should be able to send you homes that fit the criteria you want in the areas you are looking in. Then you decide which homes you want to look at. I usually recommend to my clients that they pick four to five homes to look at initially. No matter what they think of the first or second home they look at I make them look at all the homes. Why? because once you start looking inside these homes you notice things that you never realized before...Sometimes it is the layout of the home or the positioning of certain furniture or the way the yard is. Just about everytime I show homes to first time buyers they will say to me, "i never thought of that or i really like that layout better than the other".
After we have picked out a home they feel they want to put an offer in on; I will look up the taxes and check for any assessments or HOA fees with the property. then I will ask their permission to get in touch with their mortgage professional and give them the numbers. Why? because then this way the mortgage professional can put in the exact property tax, and homeowners fees and any other miscellaneous charges and give me an monthly payment. Then it is my responsibility to inform my clients that if they purchase the home for x dollars here si where there monthly payment is gong to be. If they are comfortable with the numbers and had a chance to sleep on it I will then write up an offer on the home in their behalf.
too many times I hear first time buyers say that they looked a house or two and put an offer in the same day and did not realize all the fees or that their payment would be X amount because of the taxes. It is our jobs as Realtors to educate and guide you through the process. On average you may do this once every seven years. We do this everyday.
Dave diCecco
Realtor/Agent
www.davedicecco.com
Wednesday, February 17, 2010
Down Payment Assisitance in Charlotte Area
Every day I hear people say "I love to own a home but I do not have the necessary down payment". When i start talking with them about the situation. They tell me that they qualify for a mortgage based on their income and credit. However; in these tough economic times they are having a difficult time saving the necessary down payment to purchase a home. They are either staying where they are at in the apartment complex or choosing to go with a lease options or rent to own on a home. Well there are choices out there for you.... I recently closed another transaction through one of these programs where a couple are now proud homeonwenrs; when they thought it was out of there reach.
One program that is exclusive for the Charlotte North Carolina market is called House Charlotte. A great program that helps people get into homes in Charlotte. There are certain restrictions that apply. Income and home purchase price requirement maximums. However; the average family can qualify for the program as long as your income is not over 110% of the median income in Charlotte (starting at $51,000 for a single person and average fo $73500 for a family of four). In addition you must choose a home from one of there 87 designated neighborhoods with a maximum purchase price of $147,000. That leaves you open to quite a few choices out there. They will provide you with up to $7500.00 toward down payment assistance and closing costs on a home. The money is in essence a gift that is forgivable over a period of time.
The other program that has gained some popularity in the last few years is USDA loan. Here the government will provide you with 100% financing of the purchase price fo the home. A lot of times due to the insurance that is required for an FHA loan the payment can come in the same or even less than if you put money down. Tthe difference with this program is you cannot live in Charlotte. They require you to be in a rural area. Generally speaking you will be about 20 to 30 minutes outside the city limits of Charlotte to find one of these homes.
With both these programs make sure you are dealing with a lender that is not only familiar with the program; but is on there vendor list. Otherwise they cannot issue you the loan. Also, make sure you are dealing with a Real Estate Agent who is proficient in locating these types of homes and negotiating deals on them.
Dave diCecco
Realtor/Agent
www.davedicecco.com
One program that is exclusive for the Charlotte North Carolina market is called House Charlotte. A great program that helps people get into homes in Charlotte. There are certain restrictions that apply. Income and home purchase price requirement maximums. However; the average family can qualify for the program as long as your income is not over 110% of the median income in Charlotte (starting at $51,000 for a single person and average fo $73500 for a family of four). In addition you must choose a home from one of there 87 designated neighborhoods with a maximum purchase price of $147,000. That leaves you open to quite a few choices out there. They will provide you with up to $7500.00 toward down payment assistance and closing costs on a home. The money is in essence a gift that is forgivable over a period of time.
The other program that has gained some popularity in the last few years is USDA loan. Here the government will provide you with 100% financing of the purchase price fo the home. A lot of times due to the insurance that is required for an FHA loan the payment can come in the same or even less than if you put money down. Tthe difference with this program is you cannot live in Charlotte. They require you to be in a rural area. Generally speaking you will be about 20 to 30 minutes outside the city limits of Charlotte to find one of these homes.
With both these programs make sure you are dealing with a lender that is not only familiar with the program; but is on there vendor list. Otherwise they cannot issue you the loan. Also, make sure you are dealing with a Real Estate Agent who is proficient in locating these types of homes and negotiating deals on them.
Dave diCecco
Realtor/Agent
www.davedicecco.com
Tuesday, February 16, 2010
My Home in the Charlotte Area has not Sold.....Why?
I was talking to, at the time what was a potential client about listing their home for sale. This home had been on the market for over a year now with two different agents. They mentioned that they had not received any offers on the house and had no idea why.
During my probing and researching about the home and the market conditions in that area it was obvious to me what one of the issues was......PRICE. Most of the time you have the home over priced for the market at that time. I explained to them that a year ago that probably was closer to the market price; but today they would need to lower their price to X amount to get the home sold. After showing my supporting evidence as to why; they agreed......Guess what I had three showings in the first week and went to a multiple bid offer and received the asking price for the house and it is SOLD.
Now,will that happen every time. Probably not. However; more and more I am seeing homes that are sitting on the market in neighborhoods and areas of Charlotte that have predominately sold rather quickly (by today's standards) not selling.
When a house that should have received activity or sold does not the first thing I look for is is it priced correctly? That is the number one reason homes do not sell. I know that I do a fresh market analysis every 30 days for my clients and let them know whether we are still priced right for the market, too high or to low. I also check on a weekly basis to see what new listings in that area may have come on the market or lowered their price....these are all factors in whether I can get your home sold and if I am priced correctly.
So, if your home has been on the market for a while or was and has not sold......ask yourself or your agent "Am I Priced Correctly?" Unfortunately, to many agents today are taking listings at the price the seller wants or needs just to get listings... Make sure they can substantiate why you should ask that price.....
Dave diCecco
Realtor/Agent
www.davedicecco.com
During my probing and researching about the home and the market conditions in that area it was obvious to me what one of the issues was......PRICE. Most of the time you have the home over priced for the market at that time. I explained to them that a year ago that probably was closer to the market price; but today they would need to lower their price to X amount to get the home sold. After showing my supporting evidence as to why; they agreed......Guess what I had three showings in the first week and went to a multiple bid offer and received the asking price for the house and it is SOLD.
Now,will that happen every time. Probably not. However; more and more I am seeing homes that are sitting on the market in neighborhoods and areas of Charlotte that have predominately sold rather quickly (by today's standards) not selling.
When a house that should have received activity or sold does not the first thing I look for is is it priced correctly? That is the number one reason homes do not sell. I know that I do a fresh market analysis every 30 days for my clients and let them know whether we are still priced right for the market, too high or to low. I also check on a weekly basis to see what new listings in that area may have come on the market or lowered their price....these are all factors in whether I can get your home sold and if I am priced correctly.
So, if your home has been on the market for a while or was and has not sold......ask yourself or your agent "Am I Priced Correctly?" Unfortunately, to many agents today are taking listings at the price the seller wants or needs just to get listings... Make sure they can substantiate why you should ask that price.....
Dave diCecco
Realtor/Agent
www.davedicecco.com
Monday, February 15, 2010
Buyers on Fence...Why Real Estate Agents Should Not Push
I have been reading a lot lately that there are a lot of potential buyers for homes across the United States that are on the fence as to whether to buy now or not. I also have read just as many articles that explain what we "Real Estate Agents" are supposed to do to get them to buy now versus later. Maybe it is me; but I do NOT believe in pushing someone to buy a home....I have been in sales overall for over 18 years. I built a great customer base and have loyal clients because I follow one simple rule. Treat them as you want to be treated. Now, would I want to be pushed into a purchase I was not 100% sure of? The answer to that is an easy NO.
But what I want, is the same thing I give each and every one of one my clients; INFORMATION. I know we all purchase on different emotions. Some are very analytical about their buying, others purchase on emotion and some purchase strictly on need. Whether I am buying a $20.00 toaster or a $200,000 home; I still want all the possible information to make an educated decision.
i explain to my clients this is going to be the largest purchase you are going to make in your lifetime. You need to be 100% sure about it. I sometimes have been told by my clients I gave them information they had never thought about before. But isn't that my job as your Realtor? I am the one with the training and designation...I do this for a living each and everyday...you on average may do this once every seven years. Isn't this they way I would want my Realtor to treat me if I were looking at a house? I constantly look back at each and every home I have helped sell to make sure I did not miss something or if there is something I need to change...I feel I owe that responsibility to my clients.
Yes, it is hard to argue that interest rates are at historic lows right now. It is also hard to argue that the Obama administration is helping incentive the purchase of a home right now. As it is also tough to argue that there are down payment assistance programs out there for people to help with them getting into a home. But, do I push them or just provide them with the information and say here you go? I personally give them all the information I can gather to help them make a decision. Whether it be area schools that there kids might be enrolling in if they choose this home, to websites for local activities, traffic, shopping and so much more....
I have been accused by my peers at times that it is our responsibility to push them if they are wavering on a home... i say no it is not. It is our responsibility to gather the facts; find out what there hesitation is and provide them with the necessary information (good or bad)to help them stop wavering. Is it always going to lead to a sale? NO. But are we in this for the short term or the long term. I personally plan on doing this for at least 20 more years.
So, make sure your Real Estate Agent is giving you the information you need and want to make a decision that is best suited for YOUR needs.
Dave diCecco
Realtor/Broker
www.davedicecco.com
But what I want, is the same thing I give each and every one of one my clients; INFORMATION. I know we all purchase on different emotions. Some are very analytical about their buying, others purchase on emotion and some purchase strictly on need. Whether I am buying a $20.00 toaster or a $200,000 home; I still want all the possible information to make an educated decision.
i explain to my clients this is going to be the largest purchase you are going to make in your lifetime. You need to be 100% sure about it. I sometimes have been told by my clients I gave them information they had never thought about before. But isn't that my job as your Realtor? I am the one with the training and designation...I do this for a living each and everyday...you on average may do this once every seven years. Isn't this they way I would want my Realtor to treat me if I were looking at a house? I constantly look back at each and every home I have helped sell to make sure I did not miss something or if there is something I need to change...I feel I owe that responsibility to my clients.
Yes, it is hard to argue that interest rates are at historic lows right now. It is also hard to argue that the Obama administration is helping incentive the purchase of a home right now. As it is also tough to argue that there are down payment assistance programs out there for people to help with them getting into a home. But, do I push them or just provide them with the information and say here you go? I personally give them all the information I can gather to help them make a decision. Whether it be area schools that there kids might be enrolling in if they choose this home, to websites for local activities, traffic, shopping and so much more....
I have been accused by my peers at times that it is our responsibility to push them if they are wavering on a home... i say no it is not. It is our responsibility to gather the facts; find out what there hesitation is and provide them with the necessary information (good or bad)to help them stop wavering. Is it always going to lead to a sale? NO. But are we in this for the short term or the long term. I personally plan on doing this for at least 20 more years.
So, make sure your Real Estate Agent is giving you the information you need and want to make a decision that is best suited for YOUR needs.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Sunday, February 14, 2010
HOA'S IN CHARLOTTE AREA---DO YOU KNOW WHAT THEY CAN DO?
I received a letter in the mail yesterday from my HOA. I purchased the home we are in back in November and did my due diligence to get a copy of the restrictions and covenants before i moved in. I was quite surprised by the amount of different agents i talk with, who do not even consider getting a copy of the deed restrictions and any Homeowners Association Covenants for prospective buyers. I personally feel that should be readily available when you are looking at a home. Especially being from up North; where a Homeowners Association basically only applied if you owned a condo or a town home. I make sure each and every one of my buyers know if there is an HOA and if there are any deed restrictions on the property before they put an offer in.
My letter stated that i was in violation of one of the covenants(for the record they had the wrong house) about the maintenance of the yard. They said it was my duty and responsibility to make sure that my yard was clean and cut. If I failed to correct the issue they could fine me up to $100.00 a day for ten days. i knew that there were certain expectations from me when I moved into the neighborhood.....How many people do not? Do you know if they allow the type of fence you want to put up on your yard? What about a storage building or a swing set? How about a pool? Before you consider any of these items get a copy of your homeowners covenants and restrictions. You might be surprised by what you read. I had a neighbor who bought into the same subdivsion I was moving in. As i was in the process fo moving in I noticed her was removing what looked to be a relatively newer picket type fence. After gettign to knwo them; I asked why did you remove the fence? he replied "it violated the covenats and restrictions for type fo fence allowed. they made me take ti down". Now, I know from experience I have been shocked by some of the deed restrictions the builder put in when the home was built....some not even the owners of the property for over 10+ years were even aware of existed.
So, if you are looking to purchase a home in the Charlotte area, please check to see if there is an HOA. Also, before you put an offer in to purchase a home get a copy of the deed restrictions so you know what you Can and cannot do on your property.
Dave diCecco
www.davedicecco.com
My letter stated that i was in violation of one of the covenants(for the record they had the wrong house) about the maintenance of the yard. They said it was my duty and responsibility to make sure that my yard was clean and cut. If I failed to correct the issue they could fine me up to $100.00 a day for ten days. i knew that there were certain expectations from me when I moved into the neighborhood.....How many people do not? Do you know if they allow the type of fence you want to put up on your yard? What about a storage building or a swing set? How about a pool? Before you consider any of these items get a copy of your homeowners covenants and restrictions. You might be surprised by what you read. I had a neighbor who bought into the same subdivsion I was moving in. As i was in the process fo moving in I noticed her was removing what looked to be a relatively newer picket type fence. After gettign to knwo them; I asked why did you remove the fence? he replied "it violated the covenats and restrictions for type fo fence allowed. they made me take ti down". Now, I know from experience I have been shocked by some of the deed restrictions the builder put in when the home was built....some not even the owners of the property for over 10+ years were even aware of existed.
So, if you are looking to purchase a home in the Charlotte area, please check to see if there is an HOA. Also, before you put an offer in to purchase a home get a copy of the deed restrictions so you know what you Can and cannot do on your property.
Dave diCecco
www.davedicecco.com
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