The long awaited of the grand opening of the NASCAR Hall of Fame has finally arrived. On Tuesday May 11, 2010 the hall opened it's doors to the public. Charlotte has been known for it's great NASCAR history...now boasts the Hall Of Fame.
I had a chance to preview the Hall of Fame the other day. Needless to say the wait was well worth it. The new 150,000 square foot venue has lived up to the hype. It is very interactive and appealing to fans of all ages.
Since it's groundbreaking ceremony in January fo 2007 fans have been waiting anxiously for the grand opening. I spent about four hours there and probably could have stayed another hour or two. There is so much to do in there and it tells a great story of the NASCAR past and present.
Ticket prices were extremely reasonable and the fact that it opens with the memorial day weekend race right around the corner at Lowe's speedway makes this a must see stop for race fans.
Moving to Charlotte or just visiting make sure you stop by the NASCAR Hall Of Fame.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Friday, May 14, 2010
Thursday, May 13, 2010
Selling Your Home? Get It Appraised?
In today's Real Estate market home values are becoming more subjective each and every day. When Realtors do a market analysis on a property to come up with an asking price for a home we generally are putting together an educated guess based on the previous properties that sold and what is actively on the market right now.
However; you can ask whatever you want for a home. It does not mean someone is going to pay the price for that home...or worse yet you get someone to agree to your price and find out that when the bank orders the appraisal on the home that it does not appraise for what you are selling it for.
Today the market is constantly changing. Everyday there are new homes going on the market and other homes going into foreclosure. Banks are trying to liquidate inventory quickly so as not to have a glutton of homes on the market at one time...In addition people are working with banks on short sales to help alleviate the burden from banks foreclosed books. These are ALL factors that affect the value of a home.
I recently have had two of my last five sales come back with an apprasial that was less than the agreed upon price. The strange thing on them was not that I could not justify the price my client was either selling the house for or my buyer was purchasing the house for. But it was subjective by the apprasier.
The appraiser may use the same comparables I utilized to arrive at the number. However; I am seeing all too often in the appraisal that the "market conditions show a decrease in home values for the past twelve months". Thus their value of the home is less than mine is on the same property. So as a buyer's agent I cannot nor will support my client paying more than a home is valued at....then you run into the situation of does the seller concede the difference in the price? Do you begin looking again? As A seller you had the home off the market for that time period and may have lost another buyer? Or if they are using the same type of financing that appraisal will stay with the property for 90 days. So if you sell it to anyone else for that period of time using the same type of financing you will run into the same issue again. It becomes a very tough situation for all parties involved.
I have been advising my clients to have an independent appraiser come out and look at the home. Get a number as to what the value of the home is before you put it on the market... Like I said I can ask what ever you want for a home. But the bank is going to only lend X amount of dollars. Would you rather know that upfront?
Dave diCecco
Realtor/Broker
ww.davedicecco.com
However; you can ask whatever you want for a home. It does not mean someone is going to pay the price for that home...or worse yet you get someone to agree to your price and find out that when the bank orders the appraisal on the home that it does not appraise for what you are selling it for.
Today the market is constantly changing. Everyday there are new homes going on the market and other homes going into foreclosure. Banks are trying to liquidate inventory quickly so as not to have a glutton of homes on the market at one time...In addition people are working with banks on short sales to help alleviate the burden from banks foreclosed books. These are ALL factors that affect the value of a home.
I recently have had two of my last five sales come back with an apprasial that was less than the agreed upon price. The strange thing on them was not that I could not justify the price my client was either selling the house for or my buyer was purchasing the house for. But it was subjective by the apprasier.
The appraiser may use the same comparables I utilized to arrive at the number. However; I am seeing all too often in the appraisal that the "market conditions show a decrease in home values for the past twelve months". Thus their value of the home is less than mine is on the same property. So as a buyer's agent I cannot nor will support my client paying more than a home is valued at....then you run into the situation of does the seller concede the difference in the price? Do you begin looking again? As A seller you had the home off the market for that time period and may have lost another buyer? Or if they are using the same type of financing that appraisal will stay with the property for 90 days. So if you sell it to anyone else for that period of time using the same type of financing you will run into the same issue again. It becomes a very tough situation for all parties involved.
I have been advising my clients to have an independent appraiser come out and look at the home. Get a number as to what the value of the home is before you put it on the market... Like I said I can ask what ever you want for a home. But the bank is going to only lend X amount of dollars. Would you rather know that upfront?
Dave diCecco
Realtor/Broker
ww.davedicecco.com
Wednesday, May 12, 2010
Housing Market Showing Signs Of Stabilizing In Charlotte?
The National Association of Realotrs is reporting that home sales grew 25% from last year in April. Does it mean that the housing market is starting it's long awaited comeback? Or is it a result of the Obama adminsitration home buyer tax credit expiration at the end of April? I think it is a little of both.
First, the hosuing market seems to be rebounding. Home prices are stabilizing and slowly in pockets of Charlotte rising. I think we have seen the bottom of the housing prices and will see some slow increases. Various economists who are tracking this agree with this conclusion for the Charlotte area.
Another reason for the housing market starting to show signs of coming out in Charlotte is the job market. Yes, Charlotte area has a high unemployment rate currently. But, there are jobs being created and more jobs are being created right now than being lost according to the North Carolina Unemployment Commission. The latest study showed that the unemployment rate held steady for the February and March and slighly decreased for the month of April. A good sign that we are starting to rebound. In addition major companies are beginning the relocation process to Charlotte area creating thousands of jobs and moving people into the region. Those peopel are in need of homes and will help the housing market in the Charlotte region.
Are the numbers a direct result of the tax credit? I think that the increase of 25% was a dramatic increase. The fact that if you were not under contract for a home by April 30, 2010 meant you clould lose anywhere from $6500.00 to $8000.00 meant some people who might have waited till June and July purchased homes at the end of April in order to benefit from the tax credit.
However; as economists are warning we are not out of the woods yet in terms of an economic recovery...they do agree we are on our way. Meaning, the bottom of the hosuing market has hit and prices will stabilize and start a slow process of increasing. Charlotte benefitted from not having the major housing price increases that other areas of the country did during the boom. Thus, we were able to sustain the decrease better than other areas and made us more ready to start to sustain a moderate growth..
So, yes the numbers for April are inflated but not enough to say we are NOT out of the housing bottom in terms of prices. People waiting to see if prices will continue to fall are finding out that they are actually staying the same and in some areas of Charlotte slightly increasing.
Dave diCecco
Realtor/Broker
www.davedicecco.com
First, the hosuing market seems to be rebounding. Home prices are stabilizing and slowly in pockets of Charlotte rising. I think we have seen the bottom of the housing prices and will see some slow increases. Various economists who are tracking this agree with this conclusion for the Charlotte area.
Another reason for the housing market starting to show signs of coming out in Charlotte is the job market. Yes, Charlotte area has a high unemployment rate currently. But, there are jobs being created and more jobs are being created right now than being lost according to the North Carolina Unemployment Commission. The latest study showed that the unemployment rate held steady for the February and March and slighly decreased for the month of April. A good sign that we are starting to rebound. In addition major companies are beginning the relocation process to Charlotte area creating thousands of jobs and moving people into the region. Those peopel are in need of homes and will help the housing market in the Charlotte region.
Are the numbers a direct result of the tax credit? I think that the increase of 25% was a dramatic increase. The fact that if you were not under contract for a home by April 30, 2010 meant you clould lose anywhere from $6500.00 to $8000.00 meant some people who might have waited till June and July purchased homes at the end of April in order to benefit from the tax credit.
However; as economists are warning we are not out of the woods yet in terms of an economic recovery...they do agree we are on our way. Meaning, the bottom of the hosuing market has hit and prices will stabilize and start a slow process of increasing. Charlotte benefitted from not having the major housing price increases that other areas of the country did during the boom. Thus, we were able to sustain the decrease better than other areas and made us more ready to start to sustain a moderate growth..
So, yes the numbers for April are inflated but not enough to say we are NOT out of the housing bottom in terms of prices. People waiting to see if prices will continue to fall are finding out that they are actually staying the same and in some areas of Charlotte slightly increasing.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Tuesday, May 11, 2010
Sardis Woods Charlotte North Carolina---Market Trends
Sardis woods is a quiet community tucked away in the southeastern side of Charlotte. With homes built in the 1970's; the neighborhood offers well built old southern homes at an affordable price.
There are currently 11 homes on the market right now. The homes are rather large and offer quite a bit of space. the average 3 bedrooms and 2 baths. the average size of the homes is 1800 square feet. Of the 11 listings currently on the market the average asking price of the homes are $165,927.00.
Three years ago there were 33 homes sold with an average sale price of $176,716.00.
Two years ago 19 familes moved into Sardis Woods and paid an average of $182,613.00 for their homes.
Last year, there were 23 families that made Sardis Woods their home. They paid an average of $166,339.00 for their homes.
Dave diCecco
Realtor/Broker
www.davedicecco.com
There are currently 11 homes on the market right now. The homes are rather large and offer quite a bit of space. the average 3 bedrooms and 2 baths. the average size of the homes is 1800 square feet. Of the 11 listings currently on the market the average asking price of the homes are $165,927.00.
Three years ago there were 33 homes sold with an average sale price of $176,716.00.
Two years ago 19 familes moved into Sardis Woods and paid an average of $182,613.00 for their homes.
Last year, there were 23 families that made Sardis Woods their home. They paid an average of $166,339.00 for their homes.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Monday, May 10, 2010
Property Disclosure North Carolina--Buyers Warning Sign
North Carolina is a little unique in it's property disclsoure statements. As a Realtor we are NOT allowed to help the seller fill out the form or fill it out for them. It is up to the seller to fill out the form. Unfortuantely, there is three options. Yes, I know there is an issue with this and it is_________. No, I have no knowledge of any issue with this since I have lived here. Third, no representation.
Whenever you are selling a home you want to be honest and up front about any issues the house may have. There are a variety of reasons why. Here are some of the most common reasons on why you should disclose.
First, the buyer in North Carolina has the right prior to making an offer to view the property disclosure statement. If you have a "serious" buyer who is considering putting an offer in on your home; you will want to tell them the truth and disclose. Yes, you can check no representation. But I can tell you as a Real Estate agent that brings up a red flag for me. If you have lived in the home then you should know if the roof leaks, the plumbing has an issue, there is a problem with the elcitricty. So, why not tell it up front? By checking the no representation you are basically saying you are not saying yes or no to an issue in the house. I inform my buyers that there probably was or is an issue and they are trying to hide it. Then the issue will come out at the home inspection because the inspector will be looking for it...that could end the deal right there or cost you substantially more after you have negotiated a price on the home with good faith.
Second, a property disclosure statement is not all inclusive. There are going to be times whene an issue will arise after you have done the property disclosure. There may be issues you are unaware of until the home inspection due to the small nature of the issue. However; over time they could be expensive repairs. Buyers tend to be more agreeable and fair if you have a property disclosure that states yes I know and I have done X or no I was nto aware than saying no representation.
Third, always tell the truth....if you check NO, you must be sure you did not know there was or is a problem. That woud be considered fraud. Thus a lot of sellers are checking no representation out of fear of being sued at a later date. But in reality all you are telling the buyer is I am hiding something.
Now, there are exceptions to this rule. Banks that acquire a home through foreclosure are exempt. There is no way for them to have the knowledge that the property has X wrong with it because they have never lived there. The same goes true for a perosn who has purchased a home, fixed it up and is reselling it. They may not have lived there and are truly unaware of any issues with the house. Last, would be an estate sale. The kids or executor of the estate probably has never lived in the house and would not be aware of any issues with the home.
But, if you are looking to sell a home that has been yoru primary residence...DISCLOSE. It could make the difference between you getting an offer and sellign your home and not getting an offer on your home. Buyer X is looking at two homes in the same complex. One claimed no representation and the other disclosed some minor issues with the home. Which one would you put an offer in on?
Dave diCecco
Realtor/Broker
www.davedicecco.com
Whenever you are selling a home you want to be honest and up front about any issues the house may have. There are a variety of reasons why. Here are some of the most common reasons on why you should disclose.
First, the buyer in North Carolina has the right prior to making an offer to view the property disclosure statement. If you have a "serious" buyer who is considering putting an offer in on your home; you will want to tell them the truth and disclose. Yes, you can check no representation. But I can tell you as a Real Estate agent that brings up a red flag for me. If you have lived in the home then you should know if the roof leaks, the plumbing has an issue, there is a problem with the elcitricty. So, why not tell it up front? By checking the no representation you are basically saying you are not saying yes or no to an issue in the house. I inform my buyers that there probably was or is an issue and they are trying to hide it. Then the issue will come out at the home inspection because the inspector will be looking for it...that could end the deal right there or cost you substantially more after you have negotiated a price on the home with good faith.
Second, a property disclosure statement is not all inclusive. There are going to be times whene an issue will arise after you have done the property disclosure. There may be issues you are unaware of until the home inspection due to the small nature of the issue. However; over time they could be expensive repairs. Buyers tend to be more agreeable and fair if you have a property disclosure that states yes I know and I have done X or no I was nto aware than saying no representation.
Third, always tell the truth....if you check NO, you must be sure you did not know there was or is a problem. That woud be considered fraud. Thus a lot of sellers are checking no representation out of fear of being sued at a later date. But in reality all you are telling the buyer is I am hiding something.
Now, there are exceptions to this rule. Banks that acquire a home through foreclosure are exempt. There is no way for them to have the knowledge that the property has X wrong with it because they have never lived there. The same goes true for a perosn who has purchased a home, fixed it up and is reselling it. They may not have lived there and are truly unaware of any issues with the house. Last, would be an estate sale. The kids or executor of the estate probably has never lived in the house and would not be aware of any issues with the home.
But, if you are looking to sell a home that has been yoru primary residence...DISCLOSE. It could make the difference between you getting an offer and sellign your home and not getting an offer on your home. Buyer X is looking at two homes in the same complex. One claimed no representation and the other disclosed some minor issues with the home. Which one would you put an offer in on?
Dave diCecco
Realtor/Broker
www.davedicecco.com
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