Market conditions are something we always discuss. It factors into what a home can sell for and what the market is bearing at the time. Brightmoor in Matthews is a large subdivision centrally located and convient to major shopping, highways and schools.
Every month we talk about how the market has changed from three years ago, two years ago, and presently. The variable that keeps going up seems to be the lenght of time it is taking to sell a home.
Three years ago 27 homes sold for an average price of $227,259. They lasted on the market for an average of 58 days.
Two years ago 13 homes sold for an average price of $227,273. They lasted on the market for an average of 76 days.
Last year 16 sold for an average price of $195,400. They were on the market for an average of 98 days.
Currently there are 13 active lsitigns in Brightmoor. The average price is $223,205 and they have been marketed for 65 days on average. Based on last 2 years of sale numbers there is a one year supply of homes on the market presently. In an ideal housing market that favors neither the seller or the buyer a six month inventory is considered a balance.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Friday, July 9, 2010
Thursday, July 8, 2010
Down Paymnet Assistance For Foreclsoed Homes
Today it seems we are all looking for that dream home or the first home we can call our own. With forclosures on the rise in Mecklenburg County; more people are opting to look for a foreclosed home in lieu of a resale home.
We are all trying to get in while the home prices are still down....Saving our money with the hopes to have enough saved to put down on a home. In these economic times that is harder than ever before for most people.
Well there is a little known program that can help you get into that home. The state of North Carolina has a program called agency first home mortgage. They can assisit you with up to $8000.00 in DOWN PAYMENT ASSISITANCE.
The program is designed to help families purchase their first home (or not be a homeowner in the past 3 years) that may not have the necessary down payment to get a mortgage.
You must meet certain income guidelines and sales price cannot exceed $210,000. The home cannot need repairs (can need updating). However; it is a forgivable loan that does nto have to be paid back at all.
So, thinking of buying that foreclosed home....Do not have the necessary down payment? There is help out there for you. You can visit there website for more information at www.nchfa.com.
Dave diCecco
Realtor/Broker
www.davedicecco.com
We are all trying to get in while the home prices are still down....Saving our money with the hopes to have enough saved to put down on a home. In these economic times that is harder than ever before for most people.
Well there is a little known program that can help you get into that home. The state of North Carolina has a program called agency first home mortgage. They can assisit you with up to $8000.00 in DOWN PAYMENT ASSISITANCE.
The program is designed to help families purchase their first home (or not be a homeowner in the past 3 years) that may not have the necessary down payment to get a mortgage.
You must meet certain income guidelines and sales price cannot exceed $210,000. The home cannot need repairs (can need updating). However; it is a forgivable loan that does nto have to be paid back at all.
So, thinking of buying that foreclosed home....Do not have the necessary down payment? There is help out there for you. You can visit there website for more information at www.nchfa.com.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Wednesday, July 7, 2010
New Listing: 505 Heather Place Monroe, NC. 28112
505 HEATHER PLACE MONROE, NC. 28112
Offered for Only $249,900
This large Spacious home located centrally in Monroe offers you a lot of home for the money. Built in 2007 this home is only three years old. The majestic home sits on almost one acre of land; offering the privacy we all so desire. 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
Offered for Only $249,900
This large Spacious home located centrally in Monroe offers you a lot of home for the money. Built in 2007 this home is only three years old. The majestic home sits on almost one acre of land; offering the privacy we all so desire. 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
Tuesday, July 6, 2010
Short Sales, Loan Modifications and Foreclosures
The other day I was reading an article in the Charlotte Observer that talked about the rise in foreclosures in Mecklenburg County(primarily Charlotte). At the current pace we will eclipse the record number of foreclosures set back in 2008 by a substantial amount. Why with the government programs and banks considering short sales are the numbers so high?
Well first, by definition a short sale is when the bank agrees to accept less than what is owed on the home due to a hardship that makes it difficult or impossible for you to make the current mortgage payments.
Some people I know who have lost their home to foreclosure told me they did not think there was enough time to process the short sale paperwork. They said "I have to do all this work and they are still going to take my home anyway". Well, maybe. However; the bank knowing that you are going to lose the home would rather work with you to sell it; than incur the additional costs involved in foreclosing on the home. Besides that the process takes significantly longer; there is added expenses that comes with the foreclosure process. A lot of times when you receive an offer on your home; the bank will put a hold on the foreclosure proceedings so as to work with the potential buyer to make the transaction.
Loan modifcation was in theory a great idea to keep people in their homes. However; as the economy has been slow to recover it has not worked out the way the governemnt had planned. Yes, there are a lot of people who received modifcations on their loans temporarily on a trial basis. But when the trial was up they were in no better financial shape than before. Thus they are either losing their home to foreclosure or short sale. But, it can buy you time to find a better paying job (or a job if you are unemployed) and keep you in your home.
Foreclosure is the most expensive option out there to not only the homeowner; but the bank as well. The added cost of the proceedings and paperwork adds up quickly. Then there is the maintenance of the home while they wait to have it sold... these are all options the bank would like to avoid. Yet, I hear many people say "the bank would rather have me foreclose on my home than help me sell it or work out a modification on the loan".
I have done a lot of short sale business and foreclosure sales in the past year. Talking wth the different banks I have dealt with in general terms they would rather exhaust every and all options before they are forced to foreclose on a home. For them the loss is greater than they want to do. If they can get a loan modified or sold through short sale it saves them thousands of dollars per home. It adds up quickly.
Dave dicecco
Realtor/Broker
www.davedicecco.com
Well first, by definition a short sale is when the bank agrees to accept less than what is owed on the home due to a hardship that makes it difficult or impossible for you to make the current mortgage payments.
Some people I know who have lost their home to foreclosure told me they did not think there was enough time to process the short sale paperwork. They said "I have to do all this work and they are still going to take my home anyway". Well, maybe. However; the bank knowing that you are going to lose the home would rather work with you to sell it; than incur the additional costs involved in foreclosing on the home. Besides that the process takes significantly longer; there is added expenses that comes with the foreclosure process. A lot of times when you receive an offer on your home; the bank will put a hold on the foreclosure proceedings so as to work with the potential buyer to make the transaction.
Loan modifcation was in theory a great idea to keep people in their homes. However; as the economy has been slow to recover it has not worked out the way the governemnt had planned. Yes, there are a lot of people who received modifcations on their loans temporarily on a trial basis. But when the trial was up they were in no better financial shape than before. Thus they are either losing their home to foreclosure or short sale. But, it can buy you time to find a better paying job (or a job if you are unemployed) and keep you in your home.
Foreclosure is the most expensive option out there to not only the homeowner; but the bank as well. The added cost of the proceedings and paperwork adds up quickly. Then there is the maintenance of the home while they wait to have it sold... these are all options the bank would like to avoid. Yet, I hear many people say "the bank would rather have me foreclose on my home than help me sell it or work out a modification on the loan".
I have done a lot of short sale business and foreclosure sales in the past year. Talking wth the different banks I have dealt with in general terms they would rather exhaust every and all options before they are forced to foreclose on a home. For them the loss is greater than they want to do. If they can get a loan modified or sold through short sale it saves them thousands of dollars per home. It adds up quickly.
Dave dicecco
Realtor/Broker
www.davedicecco.com
Monday, July 5, 2010
Home prices In Charlotte Still Declining
For the past few months the trends and reports showed the economy was coming out of the recession. One large indicator of how the economy is doing is home sales and values. The sale of homes sparks consumer confidence and is a driving force behind economic recovery. As people become more confident in their jobs we tend to start buying those items we held off on due to the uncertainty of the economy. Usually home sales trigger a positive sign the economy is on the rise or fall.
However; as I have been taking note of recently it seems all the numbers for home prices stabilizing and the economy recovering seem to be a little pre mature. One large indicator in home prices is the amount of foreclosures on the market. As banks get straddled with an excess of inventory; they are trying to sell it off quickly. Thus, the prices are below market values and triggers a depreciating home values in the area.
I read an article yesterday in the Charlotte Observer that was discussing this such issue.When it looked like we were coming out of the home prices declining at an alarming rate; the experts predict we may now have not seen the bottom of home prices. Foreclosures were down substantially in 2009 from 2008. A great sign the economy was on the road to recovery. it meant more people now were able to afford to keep their home and jobs were going to begin to loosen up.
However; through the first six months of this year foreclosures have spiked unexpectedly to record levels in the Charlotte area. Based on the first six months of the year ; the article points out at this pace we will eclipse the previous record for home foreclosures in the Charlotte area by over 15% form 2008.( the worst year on record).
this influx of homes that are going to be banked owned is going to continue to drop and lower the prices fo the area substantially. Just when it seemed we had hit the bottom of the curve with home values; it looks like they are about to take an other plunge downwards according to economists quoted for the story.
Dave diCecco
Realtor/Broker
www.davedicecco.com
However; as I have been taking note of recently it seems all the numbers for home prices stabilizing and the economy recovering seem to be a little pre mature. One large indicator in home prices is the amount of foreclosures on the market. As banks get straddled with an excess of inventory; they are trying to sell it off quickly. Thus, the prices are below market values and triggers a depreciating home values in the area.
I read an article yesterday in the Charlotte Observer that was discussing this such issue.When it looked like we were coming out of the home prices declining at an alarming rate; the experts predict we may now have not seen the bottom of home prices. Foreclosures were down substantially in 2009 from 2008. A great sign the economy was on the road to recovery. it meant more people now were able to afford to keep their home and jobs were going to begin to loosen up.
However; through the first six months of this year foreclosures have spiked unexpectedly to record levels in the Charlotte area. Based on the first six months of the year ; the article points out at this pace we will eclipse the previous record for home foreclosures in the Charlotte area by over 15% form 2008.( the worst year on record).
this influx of homes that are going to be banked owned is going to continue to drop and lower the prices fo the area substantially. Just when it seemed we had hit the bottom of the curve with home values; it looks like they are about to take an other plunge downwards according to economists quoted for the story.
Dave diCecco
Realtor/Broker
www.davedicecco.com
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