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