Can Video Tours Help You Sell Your Charlotte, NC. Home?

With new technology coming out it seems like everyday; can video tours help you sell your Charlotte, NC. home? I think it does. yesterday I had a closing on one of my listings. While I was in the lobby waiting the buyer came in and said "I know you; you are famous". needless to say i had a perplexed look on my face. I have been called a lot of things; but never famous. he told me he watched my you tube video and was thoroughly impressed with the time and dedication I put in. In fact, in this market he said that was the deciding factor for him to go and actually view the house and eventually put an offer in and buy it. I have had other similar stories of people who told me the video helped them decide on the house or not to. but one constant remained throughout all the conversations I had...it helped me market the house better. I do not do a traditional video where you stitch a group of photos together and put up a slide-show of the house with multiple photos. I actually take the time to walk through the house and explain the features and selling points of each and every room. I actually give a virtual walk through on the house. With the market being such that buyers and sellers have limited time available; this has enhanced my homes on the market and has brought buyers ready to make an offer subject to seeing the house. The Internet has made it so that over 90% (and I actually think this is a conservative number) of people start their search on-line for a house. Out of those 90% plus people over 45% said in a recent survey they found the house they bought on-line. that is almost half. What f the weather is not conducive for the buyers to go out and view a home. Would it be nice to know they can watch a complete tour of the home and it's features on-line form the comforts of their home? What are you doing or your Realtor doing to enhance your home so as to attract those almost 50% of buyers who buy a house they found on-line to your home? Videos are now a must in my opinion to get a home sold... I can attribute 3 sales in the past 9 months to videos.... Dave diCecco Realtor/Broker www.davedicecco.com

Why You Should Sell Your Charlotte, NC. Home In The Winter

Most home sellers that did not sell their home this past year are deciding to wait until the spring time to place their home on the market. The theory is "it will sit between now and then and I have a greater chance of getting it sold". The truth be told; is you probably have a better chance of selling it NOW rather than waiting until the spring season. First, living in Charlotte, NC. has some great advantages. One being the lack of snow we receive. Coming from the Northeast; this has been a welcome experience. I do not have to worry about a home not being able to be shown because of snow or of getting photos of a house because of the weather....So, for my friends and family in the North this may not apply to you as much. Second, people are out buying homes year round. There is such a notion that by waiting to after the winter to put a house on the market you have an increased chance of selling it. yes, there are historically more buyers out looking in the spring than the winter months. No one knows the exact numbers. But, your home is going to get a greater amount of showings in the spring and summer than in the winter. However; with less buyers out in the winter time you also have less homes for them to choose from. this leads to the buyers have less choices to make. less choices increases your chances of getting your home sold sooner rather than later. Third, with the holiday's and the time of the year as a seller you are well informed to know that the buyers coming out are actually interested and ready to buy. because, the chances are they have to buy. Who else would go out looking at homes in the winter months around the holiday's? Talking to sellers all the time I get the impression that now is not a good time to put it on the market...But I think the contrary is true. yes, your showings will not be as great as if it were the spring market....but you will have more serious buyers coming through now; rather than in the spring time. Dave diCecco Realtor/Broker www.davedicecco.com

What Is The House Charlotte Housing Program?

In Charlotte, NC. there is a popular program among first time home buyers with limited resources for a down payment. It is a program called House Charlotte. The program is desgined to help stabilize select neighborhoods throughout Charlotte while promoting home ownership. The House Charlotte program provides up to $10,000 assistance toward down payment and closing costs for "challenged " neighborhoods. In addition it provides up to $7500 assistance toward down payment and closing costs for "transitional" neighborhoods. This program is designed to help first time home buyers purchase a home. You still need to qualify for a mortgage as if you were applying without the program. the difference is with this program you do not need a down payment to to buy a home. In addition the money you receive from House Charlotte is forgiveable over a 10 year period. So, in essence if you stay in the house ten years you end up getting the money for free. If you move prior to the 10 year period you have to pay it back to the city. There are over 87 elgible neighborhoods in Charlotte that qualify. There are a lot of areas that qualify for the program. Not everywhere in Charlotte and becuase the city actually maps the areas out differently; you will need to do an address search to make sure the home you select is in a qualifying neighborhood. What other requriements are there for this? You are required to attend a home buying seminar at the local office in uptown. In addition the home price cannto be over $147,000 and your income cannot be over 110% fo the median income of Charlotte. The median income is based on the household size. (at the time of this a single person would have to make $51,750 or less a year and a family of four $73,900). if you are looking to buy a home and the only thing holding you back is down payment...Consider using the House Charlotte program. It is a great way to enjoy the benefits of home ownership while interest rates are at record lows. To see what area are avaialble you can visit http://www.cmhp.org/Homeownership-Program/HouseCharlotte-Program.cfm Dave diCecco Realtor/Broker www.davedicecco.com

This Realtor's Christmas Wish

This time every year is all abut the holiday's. For me it is decorating the Christmas tree and buying gifts for my loved ones and friends. Singing Christmas carols, going to see holiday lights and watching Christmas shows over and over again on TV. (Tomorrow is my favorite one the Christmas story). But the most important aspect of the holiday season for me is remembering the past year and spending time with family and friends. I have tried over the years to instill in my children the real gift of Christmas (or any holiday this time of the year) is the gift of oneself. A gift does not have to be a monetary item. To many times we lose prospective as to the real meaning and are in a hurry to get the hottest toy that is out there, or what are we going to do bigger and better this year. This year, I received the best gift of all from my daughters. it was the gift of time. When I asked my youngest what she wanted for Christmas her list included two toys (both reasonable) and to spend more time as a family. When I asked my oldest daughter the same question it was following in the family traditions that we do every year...Those traditions are ones where we as a family do things together. As I write this I look back and think to myself as a Realtor we are always taught to build relationships and nurture them and keep in contact with our clients to build a long and prosperous career...But what do I do to ensure that with my family? I spend countless hours each day, week, month and year nourishing my relationships with clients/friends....but do I give the same attention to my family? I have come to realize through the eyes of my children that I do; but not enough. I love the look on a young couple's face when they just signed the papers and now own their first house. or the look when someone has bought their dream home. it is like Christmas everyday for me seeing those expressions and it never gets old. I get a warm feelign inside knwoing I helped soemone. That feeling is something I wish for everyone out there...be it buying your first home, or your dream home. or just the lfeeling when you and your family are spending time together or helping soemone out..... This holiday season I know I am going to cherish the time with my family more and keep it going throughout the year...I hope you do as well.... Happy Holiday's...... Dave diCecco Realtor/Broker www.davedicecco.com

What Does A Lienholder Do On Multiple Offers on A Short Sale?

Yesterday I wrote about how a Realtor is required by Real Estate law to submit ALL offers into the lien holder. But what does the lien holder do with those offers? Well, unfortunately the answer is not as black and white as submitting all offers to the bank. it depends.... I have dealt with numerous banks/investors on short sales. I have had discussions with most of them when I am working a short sale as to their policy regarding a second offer coming in on the property while we are negotiating an offer on it. the answers have varied. I will say most banks want to know their is another offer on the house. They have asked me to verbally convey the terms of the offer. if the offer is financially more beneficial to them; they have countered back to the first buyer with the terms of the second offer (if the first offer terms were acceptable to begin with) and asked them to make a decision. I have had other banks (only one i have dealt with so far) tell em that submit one offer and any other offers you are to hold as backup offers and we do not want to know about them. Some banks have had me send all offers into them and when they were working out the numbers for the house they reviewed all the offers and told me this is the price we want for the house based on the offers Now, the difficult part with this part of the transaction is that the seller is technically the other party in the contract (not the bank/lien holder). Once a seller signs an offer to purchase and accepts the number subject to third party approval that is the only offer the bank can really consider. Just because I offer one number and you come behind and offer more money and better terms does not mean the bank can kick me to the curb. I still have to be offered what the bank feels is an acceptable number for them. if I refuse to accept the bank number then the seller can go back to the other buyers and present the bank offer to them and let the next in line buyer decide if they want those terms or not...and so forth down the line. So, ALL offers as I mentioned yesterday have to be presented to the bank. but the bank cannot pick and choose which offer they want to work with....However; experience has told me that they will adjust the numbers to the highest offer and maybe a little more if they feel they can get more money..... Dave diCecco Realtor/Broker www.davedicecco.com

Do ALL Short Sale Offers Have To Be Presented To The Bank?

The question is do ALL offers have to be presented to the Lienholders/banks on a Short Sale? This is a question that comes up time and time again. if you go out and ask 50 Realtors this question the chances are you are going to get a couple of different answers. The answer should be simple....YES they do. There are Realtors out there that will disagree with this statement. Under a normal sale transaction in North Carolina the seller and buyer negotiate a sale price for a home. Upon agreeable terms to both parties a revised contract is written and signed by the seller and the buyer. The buyer goes through their due diligence period and closes on the house. On a short sale, everything is the same until you get to the diligence period. After the seller and buyer sign the offer it is then sent to the bank for APPROVAL. yes, I capitalized the word. it is very important to understand that just because the seller and the buyer have agreed to terms the bank does NOT have to accept them unless it makes financial sense to them. A seller cannot terminate an offer and accept another offer because the terms are better than the first offer. A seller can notify their Realtor to inform the buyer that they will accept the offer as a back up offer on the house. That part is correct when Realtors say the seller will only entertain one offer and all other offers will be placed as back up offers. However; here is where the confusion comes in. Just because the seller has accepted the offer as a backup (which is the legal and correct thing to do) does NOT stop or preclude the listing agent from presenting the offer to the lien-holder. A lien-holder has a vested interest in the property as a third party. it is being asked to release a lien on a house without getting fully compensated for it. Thus, as a Realtor we are required to disclose to the lien-holder that there is another offer and the terms and conditions of that offer. it has become a material fact to the lien-holders interest in the property. What a lien-holder does with that information is for another blog post.... But as a Realtor we are required to present all offers to the seller and notify any lien-holder on a short sale of a subsequent offer....If your Realtor is not doing that, they are violating the rules and laws governing us. So, if you have your home on the market as a short sale and signed off on an offer and received another offer; what did you do? What did your Realtor do? Dave diCecco Realtor/Broker www.davedicecco.com

Market Report: NoDa/The Arts Distrcit Charlotte, NC. Nov. 2011

NoDa or also known as the Arts District is a suburb of uptown Charlotte. Conveniently located 2 miles from uptown it is home to art galleries and various southern cuisine restaurants. People love living here for the old world charm it still has. An old textile mill area of is a thriving area of Charlotte. Below is the market trends over the past three years for the area from November 1st to october 31st. 3 years ago there were 43 homes that sold for an average sale price of $242,541. They were on the market for an average of 62 days. 2 years ago there was 24 homes that sold for an average of $235,046. They were on the market for an average of 161 days. Last year there was 30 homes that sold for an average of $183,117. They were on the market for an average of 113 days. Currently there are 31 homes actively on the market for an average asking price of $250,258. They have been on the market for an average of 182 days. There are also 7 homes under contract. These homes have not closed yet. They have an average asking price of $277,000 and were on the market for an average of 191 days. Based on the current market conditions inventory levels are still high in this area. A six month supply of inventory is considered to be a blanced market. Currently there is a little over a year supply. this bodes well for buyers in this area right now. Dave diCecco Realtor/Broker www.davedicecco.com

Market Report: Crestdale Crossing Matthews, NC. 28105 Nov. 2011

Crestdale Crossing is a quaint 110 single family home subdivision located in Matthews, NC. 28105 just outside of the center of town. This quiet community was built in 2002-2003. It's families love the location to the highways, the great schools and family like atmosphere with children playing in the park or riding bikes through the cul de sac's. Below are the market trends for Crestdale Crossing for the past three years. This will give you a good idea of how the housing has trended in there. These numbers are from December 1st through November 30th. 3 years ago there were 4 homes that sold for an average sale price of $121,875. They were on the market for an average of 23 days. 2 years ago there were 5 homes that sold for an average sale price of $114,350. They were on the market for an average of 81 days. Last year there were 6 homes that sold for an average sale price of $90,933. They were on the market for an average of 101 days. Currently there is only one home for sale at $79,900. There are 4 other ones under contract right now. The average asking price of the ones under contract is $86,863 and they have been on the market for an average of 83 days. David diCecco Realtor/Broker www.davedicecco.com

Why You MUST Have A Home Inspection On Your Charlotte, NC. "As-Is" Home

I have written a blog before about the importance of a home inspection. A lot of people say why spend the money to have one if the bank or the seller 9if a short sale) are not going to do any repairs to the house? Well there are a lot of reasons as to why. First, even if a home is being sold in it's present condition you still have the right to walk away if an inspection uncovers some issues you were not aware of. I just went through this last week. Clients were looking at a house. it was obvious that the home needed some work.... We negotiated according tot the work that you could visibly see. After agreeing to a price we had a home inspection....The home inspection detected issues with the house that would have cost my buyer upwards of $20,000 to repair. If not for a small investment of time and money they would have never known until it was to late that they could have been out a lot of other money than anticipated. Second, you want to know what you need to do to the home once you move in. Even if after the home inspection you decide to purchase the house (most people do the above was an exception to the rule) wouldn't you want to know what repairs the house needs? Yes, you probably can see the obvious but what about the ones that were not so obvious? Why not know now and address them before the repair becomes more costly? Third, you can find out what to budget for in the near future for potential expenses... A good home inspector can tell you whether the furnace is designed to last longer or if you should plan on budgeting for a replacement soon...Same thing for an Air conditioner, a water heater, windows, or heat pump.. On my first home I purchased the home inspector told me the water heater worked but that it was beyond it's life expectancy and I should budget for a new one in the near future... Well two weeks after I closed it broke (Murphy law). But the knowing that it could go had me leave some money aside for the replacement of it despite the other cosmetic things i wanted to do for the house.... Fourth, having a home inspection gives you peace of mind of knowing you made a good financial decision. a home is the largest purchase you make....Why nit ensure ti is the right one you make? Buying a home is a big decision that is never taken lightly. However; why make one and not make sure it is the right one? have a home inspection on the home...... Dave diCecco Realtor/Broker www.davedicecco.com

What Is An Approved Short Sale?

see it advertised a lot on the Multiple listing service and across the Internet that this house is an approved short sale. Well what is an approved short sale? The perception among home buyers is that this is the number the bank will accept for the house...but is that always the case? See, not everyone can do a short sale. You have to have a legitimate hardship to qualify for a short sale. Just because you owe more on the house than it is worth does not necessarily mean you can do a short sale. There are times when an offer is submitted to a bank and the bank will come back and tell the Realtor that they will accept X amount of dollars for the house. because a lot of times the person that put the first offer in is not the one that buys the house.... they usually cannot wait it out and move on to another house. Or the bank wants more than they are willing to pay for the house. To me an approved short sale is one where the bank has accepted the short sale and agreed to a dollar amount they will accept on the house.....Then the short sale is approved and at a set price. I hear Realtors say, but not everyone is qualified to do a short sale and if the bank accepts the hardship it is an approved short sale....Well yes that is true. but should you be advertising a home as a short sale if you are not 100% sure it will pass the short sale criteria? When you see approved short sale...ask questions. if you see approved short sale at list price then know the bank will accept that dollar amount on the house and the transaction should move rather quickly. Dave diCecco Realtor/Broker www.davedicecco.com

Do You Look For A Charlotte Home For What It Is Or What It Could Be?

I was inspired to write this based on a transaction i did... A few months ago I sold a home to a couple relocating out here. The house met all their needs and some of their wants. The price was good. They looked at the house and realized the potential the house had. So they bought it. now a few months later the same house has been transformed. The home now is the house that not only fit their needs but their wants as well....... Like they said when they were giving me the tour of the house....You helped us realize the potential this house had and now we have a home that is more than we expected when we started the process of looking...... Do not get me wrong; we are all looking for that perfect home situated in the perfect neighborhood with the perfect neighbors painted and laid out the way we would want it... But how realistic is that view today? or for that matter anytime? I ask very specific questions of buyers and try to get an understanding talking to them of their wants and needs... I explain to them give em your needs in a home and I will search for that...If the list is to long I can narrow it down with some of your wants as well. But when you are looking at photos of homes are you looking at the potential the home has? or are you looking to see if the home is exactly what you want? there is a big difference here. Looking at homes for the potential opens up a lot of doors for you. ( I by no means believe you should sacrifice any needs for a house). but if a house has all your needs but not your wants or needs some cosmetic work...are you going to rule it out? more buyers today are doing just that or are looking for larger discounts because of the condition of the house. If a home needs some work adjust your offer to compensate for the cosmetic repairs that the house will need....Why pass on a house just because it needs some fresh paint, carpet or some minor repairs? looking beyond the house to it's true potential is like finding a diamond in the rough. Are you looking for homes based on what they could be or for what they are? maybe adjusting your search for potential homes will allow you to find that diamond in the rough...... Dave diCecco Realtor/Broker www.davedicecco.com

Should You Contact Listing Agents About Homes You Are Interested In?

Recently the question came up to me from a prospective buyer on whether it was a good idea for them to have me show them one of my listings. Generally, most buyers contact a listing agent on a property to get more information about a property....But should you work with a listing agent on purchasing a home they have listed for sale? In North Carolina as a Realtor we all work for the seller unless we have a buyer's agency agreement signed by the prospective buyer which means that they are exclusively working with us in trying to find a home....But the age old question is that is it a conflict of interest to work with both parties in a transaction? After explaining agency and the role I would play in a transaction with a prospective buyer they said if I want to buy this particular house (one I had listed) should I get my own representation? My answer is it all depends on the situation. On a traditional home purchase where the seller is not short selling their house or there are no special circumstances involved I would recommend to get your own representation. The reason is simple. Even if you sign a buyer's agency with me; I still represent the seller first and foremost. So anything you tell me that can affect the transaction I can pass along to the seller in order for the seller to make a more informed decision.... I will know what your feel is a fair price for the house. i will know what you are comfortable paying for the house. I will know the terms you want for the house. Thus, I am going to tell the seller everything and your negotiating power has just been lost. However; on a short sale the rules are a little different. Yes the seller is selling the house. however; it is ultimately not their decision as to what an acceptable price is for the house....That belongs to the bank or lien holder. the bank will do their due diligence to find out if the offer is an acceptable one or not....they will counter back or accept the offer as it is written. the seller really does not care what you will pay for the house....the seller only cares that the house gets sold before it goes to foreclosure. I have represented both parties on a short sale before. I found no conflict in interest in the transaction. The bank basically set the price and the seller had an agreement with the bank and the buyer got the home for a fair price.....All it did was make the transaction go a little smoother since I eliminated a middle person (another Realtor) out of the equation. I was talking with this buyer the other day and told her if after looking at other homes she decided that this was the one she anted to purchase i would recommend her to a few Realtors i know to help facilitate the transaction....This way she is getting the representation she deserved and I am not put in a position where I am not giving the buyer the just representation they deserve. On the other hand; I did show her other properties and told her if this is not the right home for her then I can represent her and give her the representation she deserved and would be solely looking out for her best interests. Amazingly, she had been looking at numerous homes over the past few months and has contacted the listing agent on each one to view them.....I was the first that offered her that option and explained it that way..... Everyone else she said insisted she sign a buyer's agency agreement with them....Why? if they buy the house you have listed you are not truly representing the best interests of the buyer...... Dave diCecco Realtor/Broker www.davedicecco.com

Should I Leave My Charlotte, NC. On The Market During The Holiday Season?

The age old question always comes up right after thanksgiving holiday...."Should I leave my home on the market or take it off and put it back on after the first of the year?" My answer is always the same when I get this question.....leave it on the market. There are many reasons for this. Some are logical and some are just from crunching and looking at numbers and trends over the past few years and deciphering that data. First, From Thanksgiving through the first of the year is considered the holiday season. it is when people are in a festive mood and out holiday shopping, attending holiday parties, and getting together with friends and family to enjoy the holiday's together. So, time becomes a precious commodity during this time. It seems that even when we feel that are days are not long enough now; they are even shorter with the holiday's. This leads me to my point. If I have a home on the market NOW during the holiday's and I get a showing; the chances are pretty good that they HAVE TO BUY NOW.... Who goes around thinking of looking at homes during the holiday's? I know I have a lot of other things to do with my time and would wait to after the first of the year to "look for homes' unless I HAD to move or buy. Second, a lot of home sellers schedule their listings to expire around the holiday's. The intentions are that they do not want the home on the market during this time period and do not want their home or holiday disturbed by showings....So, thus they remove it and look to put it back on during the spring market. This leaves even less competition out there for you when people are looking for a home.....The statistics show that from Thanksgiving through the first week of January inventory levels of homes on the market are the lowest all year. Third, home sales during this time of the year are down from the spring and summer months.....but not far off from the fall or early winter months. In fact in relation to the amount of homes on the market and the percentage that actually sell during this month in the Charlotte area is the third highest total all year for a month. So, more buyers may not be out but a higher percentage of homes on the market actually sell now than in 9 other months of the year... Why would you want to not be part of one of the highest sale times in relation to inventory? During the holiday's it may be inconvenient to have someone come look at your house, but they probably have to buy NOW....With inventory levels at low levels and more buyers per house on market than most of the year why would you not want to keep your home on the market during the holiday's? Dave diCecco Realtor/Broker www.davedicecco.com

New Listing: 339 Amir Circle Matthews, NC. 28105

339 Amir Circle is a 1500+ square foot 2 story home located in the Crestdale Crossing subdivision of Matthews, NC. This home features 3 bedrooms and 2.5 bathrooms. The home also has the added feature of a bonus room in the upstairs.... As you enter this home you initially will not ice the cathedral ceiling in the living room and the stone gas fireplace. The living rooms is a spacious open room that can comfortable sit a family. Off the living room downstairs is the master bedroom. A good sized master bedroom that is large enough to fit a king sized bedroom set in it; the convenience of having it on the main level is very attractive. but the one feature that stands out is the large walk in closet this room has to offer. The home owners forgo the separate garden tub/shower stall combo to get the extra large closet and it is almost like walking into a room.... Through the living room you enter the kitchen which is located on the back side of the house. the kitchen is open and has plenty of cabinet space as well as counter top space...All the appliances stay with the home as well. Venture up the stairs and you are greeted by two good sized spare bedrooms and a bonus room. The bonus room does not have a door or a closet but was previously used as an office/play area for the children....The possibilities with the room are endless. Go out the back patio door and you will be greeted by a nice level back yard that offers privacy and plenty of room for the kids to play....Pass through the walking trail and you can venture to the community playground and field. A nice wide open area that has a brand new play set for the children and a field about the size of a football field for the children to play on. One of the best features of the house is the location. Crestdale Crossing has only one way in and one way out. Thus all the streets either dead end or form a cul de sac....It makes for a nice peaceful area. Also, located in the award winning Matthews School district....This home is currently slated for Matthews Elementary School, Crestdale Middle School and Butler High School. A lot of families have called Crestdale Crossing home...priced at only $79,500 this is a great value in a fantastic location..... Dave diCecco Realtor/Broker www.davedicecco.com

What is A Material Fact In North Carolina And DO I Have To Tell?

Time and time again this question tends to come up....what is a material fact in a real estate transaction? Unfortunately a lot of buyers and sellers do not understand or know what constitutes a material fact.....and thus their agents do not either and it can lead to complications down the road. A material fact as defined in Real Estate, is a fact that might have caused a buyer or seller of real estate to make a different decision with regards to remaining in a contract or to the price paid or received for the said property. An example would be that I am listing a home for sale. In conversation with the seller of the home they inform me that the house had major water damage when a pipe broke about a year ago. I know that the damage had been repaired....but do I owe it to potential buyers to inform them that there was significant water damage to the house? Would it affect the value that they feel the house is worth? Would it affect whether they put an offer in on the house? The answer to all of those questions is yes. On the property disclosure statement it asks a lot of pertinent questions in regards to issues that would be a material fact to the house....That is why some agents scrutinize the property disclosure statement carefully. But not everything is listed on that form..... But a home owner is not required to disclose any material facts. however; as a Real estate agent we are required by law to disclose any know n material facts about the house that could affect the value of the house or the buyer/seller decision to buy or sell the house..... With that said, most sellers tell their Realtors what is wrong with the house. I know that I ask every time I have a listing if there was anything they did to the house or any repairs that were done to the house....Based on those answers you can probe a little more to find out if the repairs were done out of normal maintainence and wear and tear or if they were done because of an issue that was found out because of the damage..... By not asking these questions a lot of Realtors feel what they do not know they cannot tell...But the reality is that our job is to know and find out and ask the questions. If we are not doing that; then we are not doing our job. As a seller you need to careful...if we are not asking you the questions are we asking the listing agent the questions on the house you are considering buying? I am a strong believer in Karma...What goes around comes around...By treating people the way we would want to be treated removes all doubt and confusion form the transaction..... Dave diCecco Realtor/Broker www.davedicecco.com

Property Disclosure Statements--What Do You Check In NC.?

Property Disclosure statements in North Carolina are mandated with every house that is listed (unless the home is a foreclosed home). The property disclosure statement asks a lot of relevant questions and helps provide information to the buyer that can help them make a better more informed decision. As A Realtor in north Carolina we can assist and help with the filling out of ALL the paperwork for a listing EXCEPT for the north Carolina property disclosure statement. this form MUST be filled out by the seller(s). As a Realtor we can explain the form and the choices they have to make but cannot fill out the form for them or steer them to a certain way to fill out the form. For those not clear what is on the form...it is a pretty basic form that asks questions about the age of the structure, heating, A/C, plumbing, roof, easements, issues with the house, etc.... the seller has the option of checking yes they know there is an issue with it, no they are not aware of an issue with it or no representation. A vast majority of people will check either yes or no on the property disclosure statement. Some will go with no representation. What the seller chooses is the sellers choice. You cannot dictate to me that my seller has to answer any questions on the property disclosure statement if they wish not to..... The reason I bring this up is that a Realtor has asked me to have my seller redo the property disclosure statement and answer a list of 15 questions (there are only 21 on the whole form) . She felt that since she owned the house she has to answer these questions.....Sorry, but no she does not have to answer the questions.....This may be a buyer's market to a point but when it comes to what a seller wants to disclose and knowingly discloses; that is up to the seller. In this case the seller has moved and been out of the house for over 2 years. By not living in the house the for over 2 years she is unaware of any issues...but also does into want the liability if she says she knows there is no problem when in fact there is one. So she checked no representation. This is why buyers do inspections.... the property disclosure statement is designed to provide information the seller is willing to to give. Now, if the Realtor knows a material fact about an issue with the house and the seller does not disclose it; then the Realtor has to disclose it (that is for another blog).. The point is the seller has the right to choose what to disclose and what to not disclose. regardless of what the seller writes or checks off the buyer and the buyer's agent needs to do due diligence and make sure that the house is what they expect and that there are no issues that would affect them or the purchase of the house...... Dave diCecco Realtor/Broker www.davedicecco.com

NoDa/The Arts District----Market Report November 2011

NoDa or also known as the Arts District is a suburb of uptown Charlotte. Conveniently located 2 miles from uptown it is home to art galleries and various southern cuisine restaurants. People love living here for the old world charm it still has. An old textile mill area of is a thriving area of Charlotte. Below is the market trends over the past three years for the area from November 1st to october 31st. 3 years ago there were 43 homes that sold for an average sale price of $242,541. They were on the market for an average of 62 days. 2 years ago there was 24 homes that sold for an average of $235,046. They were on the market for an average of 161 days. Last year there was 30 homes that sold for an average of $183,117. They were on the market for an average of 113 days. Currently there are 31 homes actively on the market for an average asking price of $250,258. They have been on the market for an average of 182 days. There are also 7 homes under contract. These homes have not closed yet. They have an average asking price of $277,000 and were on the market for an average of 191 days. Based on the current market conditions inventory levels are still high in this area. A six month supply of inventory is considered to be a blanced market. Currently there is a little over a year supply. this bodes well for buyers in this area right now. Dave diCecco Realtor/Broker www.davedicecco.com

Market Report: Crestdale Crossing Matthews, NC. 28105 November 2011

Crestdale Crossing is a quaint 110 single family home subdivision located in Matthews, NC. 28105 just outside of the center of town. This quiet community was built in 2002-2003. It's families love the location to the highways, the great schools and family like atmosphere with children playing in the park or riding bikes through the cul de sac's. Below are the market trends for Crestdale Crossing for the past three years. This will give you a good idea of how the housing has trended in there. These numbers are from November 1st through October 31st. 3 yearsa ago there were 4 homes that sold for an average sale price of $116,500. They were on the market for an average of 15 days. 2 years ago there were 5 homes that sold for an average sale price of $118,350. They were on the market for an average of 72 days. Last year there were 5 homes that sold for an average of $92,120. They were on the market for an average of 70 days. Currently there are 2 active listings in Crestdale Crossing for an average asking price of $80,750. There are also 4 homes currently under contract that had an average asking price of $89,875. based on the current trends the market in crestdale crossing favors neither a buyer or a seller. There is approximately six months worht of inventory on the market right now and that equates out to a balanced market.... Dave diCecco Realtor/Broker www.davedicecco.com

New Listing: 1304 Forest bluff Drive Midland, NC. 28107

1304 Forest Bluff Drive in Midland, NC. 28107 is a beautiful one and half story 2900 square foot home that sits on over 1.6 acre lot. The home features 3 bedrooms and 2 full bathrooms all on the main level. In addition the floor plan is very open. As you enter this brick home you instantly notice the wonderful hardwood floors that accent the whole lower level of the house. The floors are well maintained as is the house and it shows. Upon entering you are greeted by the formal dining room to the right. A large formal dining area that can comfortably sits a table and six chairs currently with space for expansion. What I noticed right away was how the room flowed into the living area of the house and the kitchen.....it kept the house nicely flowing without feeling it was separated from the other part of the house. As you go down the foyer you enter the extremely large open family/living room. This was designed to be the central point of the house. It has a nice brick fireplace that accents the back wall and a built in bookcase and TV stand. What stands out besides the space is the flow of the room into the kitchen area and dining area of the house... Off the family/living room is the oversize kitchen. the kitchen was designed to be able to entertain while cooking and is open enough to allow for more than one person to be working in there at the same time. The kitchen features a nice tile counter top with matching back-splash. In addition you have the built in oven and microwave. On the island is the cook-top and the grill top as well... There is a large eat in area in the kitchen overlooking the side yard as well. The bedrooms in this house are split. The master bedroom is located off the kitchen and is one of the largest I have seen. Situated in the back part of the house it is large enough to fit a king sized bedroom set and have room to spare. From the master bedroom you enter the master bathroom. A beautiful work of art; the master bath features an over-sized dual shower and a jacuzzi tub. between the master bedroom and the master bathroom is a large walk in closet as well.... On the other side of the house is the other two spare bedrooms and the second full bathroom. Both bedrooms are very good sized and have large deep walk in closets as well. Venturing upstairs you get the over-sized bonus room/office. The upstairs features a large bonus room which is currently being used as a entertainment room. With two beautiful skylights bringing in natural light the room is very open...the layout has made it conducive to create a home office in apart of it as well....this opens the possibilities of what this area could be used for. But some of the best features of the house are in the back yard area. There is a wonderful screened in porch that wraps around the back part of the house overlooking the in ground swimming pool that has just had a new pool liner and pump installed this past year. Then you have the wonderful view of the side yard as you sit on a corner lot..... This home is conveniently located only 10 minutes from 485. In addition you are only about 30 minutes from uptown Charlotte and 15 minutes from Harrisburg. it's nice central location make it a very attractive alternative to someone not wanting to live in the city. You can view a video of this house at : http://www.youtube.com/watch?v=OlEtw7SnSU0 Dave diCecco Realtor/Broker www.davedicecco.com

Thanksgiving--What This Charlotte Realtor Is Thankful For

Tomorrow is Thanksgiving Day. Traditionally a holiday we spend with our families. For most people it signifies the start of the "Holiday Season". For others it marks traditions with families that they look forward to each and every year. For others it is a time to reflect back and be grateful for what the year has brought...... This year, Thanksgiving has brought many emotions and meanings to me. Some I never gave much thought to in the past. others that are new for the year. For me it has always been about being thankful for what I have. Growing up; I was always taught to be thankful for what you have because it was more than someone else had and wished they had. We also had the family traditions of getting together and celebrating the day as a family. As i grew older I started to create my own traditions with my family. One thing i did was remember to be thankful for what i had and to teach my children the same; we would volunteer at the local soup kitchen and help with Thanksgiving dinner for those who did not have a family to go home to. Spreading a little love and smile into someone else life gives you a better appreciation of the one you have. As a Realtor I have many things every year i am thankful for. I love my job and it shows. I enjoy meeting new people every year and making friendships that last a lifetime. I enjoy seeing the smile on someones face when at the closing table they have signed the last piece of paper and realize that they now own their first home. The joy I get out of helping someone sell their home...The list goes on and on...... However; this year (actually the past 5 weeks) has added a new perspective for me on Thanksgiving and the meaning of what it is. My oldest daughter lost her mother in October to an unfortunate accident in her house. The tragedy was compounded when it was revealed she was dead for almost three days before anyone found her. Explaining to a 14 year old that your mother has passed away is tough enough....when she realizes it took days before they found her was sad and lonely. She will never again be able to call her or text her...the holiday's this year will be marked by an empty feeling with the loss of her mother....yet, I admit every year when my family and i sit down for Thanksgiving dinner we are remembering what we are thankful for...but the greatest gift we all should be thankful for is there with us...our family. Yet, in all the things I try to teach my children; the one thing I guess I have overlooked is the fact that the greatest gift we can be thankful for is there with us that day.... and it usually is because we never think it will be us that is without someone until it happens to us.... Happy Thanksgiving from my family to yours... Dave diCecco Realtor/Broker www.davedicecco.com

Foreclosure Filings Down In Charlotte, NC. for 2011

Everyday it seems somewhere in the news the stories are out there about how bad the housing market is and that foreclosures are toppling the market. Being in the business everyday someone is asking me if the market is getting better or worse.... One indication of home prices seems to be the amount of homes that are in the foreclosure process. This means homes that the banks have begun the foreclosure process on. not all of these people will foreclosure on their homes. Some will work out a modification of their existing loan, others will short sale their homes and unfortunately some will lose their homes to foreclosure. But, nationally as well as in Charlotte north Carolina the trend of foreclosure filings is down. Nationally year to year it is down 23%. In Charlotte the amount of filings are down 34% from last year. What does all that mean? Well less people are falling behind on their mortgage payments this year than last year for one. A good sign that the economy and the housing market can start to climb. The fact remains is that we will have foreclosures. it is an inevitable part of our business....Trying t minimize the amount can go a long way to stabilizing the housing market and the economy as a whole. despite all the gloom of foreclosures out there North Carolina ranks 34th in terms of foreclosed homes. The press has done a great job of making this sound worse than it really is.... With the economy in question and a presidential election around the corner painting a gloomy forecast does well for ratings. But the reality is that the less foreclosures out there means that the "great deals" out there are going to be harder to come by.... I have written in earlier blogs that inventory levels are at record low levels, couple that with fewer foreclosure filings, and historic low interest rates and you have a great mix for buyers to get a low payment on a house and for sellers to sell their homes right now..... Dave diCecco Realtor/Broker www.davedicecco.com

Should I Short Sale In Lieu Of Foreclosure?

The question of whether to short sale a home in Charlotte, NC. or just give it back to the bank has come under a lot of scrutiny over the time. I talk to a lot of families that are weighing that issue on a daily basis...What shocks me is that attorney's they initially consult tell them that a short sale is "not worth it and the Real Estate agent is the only one making money". I do not practice law nor give any legal advice when ti comes to a short sale or a foreclosure. But there are certain facts that attorney's leave out when discussing the difference between short sales and foreclosures. First, the impact on your credit has shown to not be as dramatic on a short sale as a foreclosure. Your credit is going to take a hit in regards to your credit score. but the impact on your score has proved to be less when you short sale a home than foreclose on one. Second, this is the one that always gets me. In order to qualify for a mortgage again the rule of thumb (this could change in the future) is that you have to wait SEVEN YEARS after a foreclosure to qualify for a government backed loan (FHA, USDA, OR VA type of loan). On a short sale I have lenders I work with that will approve someone with sufficient credit TWO YEARS after a short sale. Third, you can stay in the house and live there during a short sale all the way up to the closing on the house...Chances are that if you are in danger of losing your house you would like to have some control over when you leave the house versus the bank telling you to be out on a certain day. Fourth, despite popular media reports the banks do not want the houses back in foreclosure; they rather you try to sell them in a short sale and are more willing to work with you to get them sold that way. The additional costs associated with foreclosure and the carrying costs of maintaining the house during the foreclosure process and afterward has gotten to be extremely expensive for banks. I recently had a family that called me about listing their home. They offered the home back to the bank and the bank asked them to short sale the house instead of giving it back to them. They told him they have to many now and would prefer to work with him to get it sold rather than take the home back. A lot depends on your situation. however; find the right Realtor and have that Realtor explain the process and how they work with the bank and what is required out of you....if you plan on wanting to buy a home sooner rather than later a short sale is definitely more beneficial. Also with so many things now tied to your credit the less impact can have other financial implications on you. So, is a short sale more beneficial than a foreclosure? probably if done right...... Dave diCecco Realtor/Broker www.davedicecco.com

New Listing: 3512 Tilley Morris Road matthews, NC. 28105

3512 Tilley Morris Road in Mathews NC. 28105 is a farmhouse style home that sits on almost a one acre lot. This 4 bedroom 2 and half bath home features over 3200 square feet of living space nestled in Matthews, NC.Located in one of the most highly desirable neighborhoods do to it's proximity to 485, and Charlotteand it's award winning schools. The home owner has done many updates to the house. It features a new architectural shingled roof that he had the leaf guard gutter system with drainage installed at the same time. They had city water line installed last year from the street as well. In addition the put in a new Trane heating and A/C unit for the lower level of the house and encapsulated the crawl space.... Their intentions were to be in this house forever...However; do to economic times and family they are forced to sell... The house has been professionally painted and new custom shutters were installed at that time as well. There are many features to the house that give it a WOW feeling. I personally love the partially wooded front yard and rocking chair porch as you walk up from the driveway. it gives you that nice country feeling as you prepare to enter the house... When you enter the double doors you are greeted by the new tile flooring in the foyer area of the house. The floor plan in the lower level is very open and yet offers the privacy. There is a nice office room in the front part of the house and a large dining area great for entertianing. The focal part of the lower level is the spacious living room...A large wood burning fireplace with a hearth accent one wall and built in bookcases along the other show off the old world charm in this house.... The back part of the house has a large open kitchen with tons of cabinet space and counter-tops to go with the breakfast eating area over looking the completely fenced in yard. The charm of this house does not stop there...In addition to the staircase located in the front of the house there is a servant staircase in the back part of the house. They both lead to the upstairs and 3 very good sized spare bedrooms and a master bedroom that has ample enough space for a king sized bed and furniture in addition to a sitting area. but the focal area of the upstairs is the bonus room/rec room. This room runs the length of the house and is so large it is split into a pool table section and an entertainment section....A true man's cave.... if you enjoy the outdoors you will love the level yard that the current homeowner had 30+ trees removed from and a stockade fence completely installed around the perimeter of the yard.... Come and see why so many families enjoy calling this part of Matthews, NC. home...... Dave disco Realtor/Broker www.davedicecco.com

New Listing: 3628 Oriole Place Charlotte, NC. 28269

3628 oriole Place in Charlotte, NC. 28269 is located in the Mallard Creek Estates subdivision. This 22200+ square foot ONE OWNER home shows the pride and joy the home owner took with the house. The home sits on a corner lot that intersects two dead end streets...This makes the house very desirable and eliminates people driving through the neighborhood adding to the safety of the children playing outside. When you pull up you instantly notice the wood like setting the house offers...A very nice row of pine trees accent the left side of the house and the back and right side of the home back up to wooded lots. When you pull down the long concrete driveway you can enter the two car side load garage with ample space for a work bench area. Entering the front door of the house you are greeted by the hardwood floors that accent the foyer area of the house. But what I noticed most the first time in there was the brand new wall to wall carpet just installed (2 months ago) and the fresh neutral paint on the high walls in the living room/dining room combo. Going through the foyer area to the right you have the half bath and then leads you into the kitchen. The kitchen has brand new quartz counter-tops and all the appliances convey to the new owner. In addition there is plenty of cabinet space through out the kitchen to store all those cooking supplies. Utilizing the cabinets for cooking supplies becomes easier with the large double door pantry just off the breakfast area. Even with my large family (4 children) there was more than enough room in that pantry to store all the food i would need for weeks. What I love about the downstairs of the house is how the tiled kitchen area opens up to the family room. The family room is a nice open room with a gas fireplace accenting it on the outside wall...off of the family room is a wonderful addition which adds a lot of character and usefulness to the house. It looks to be a three season sun-room. But in actuality it is a four season (year round ) sun-room. With heat ducts installed from the house and a separate A/C unit this tiled room with glass all around is a great place for relaxing, watching the children play in the yard or enjoying a quiet evening.... When you go upstairs you are greeted by three good sized bedrooms and a full bath in the hall. The master bedroom has a cathedral ceiling and a wonderful large master bathroom. the master bathroom has a nice sized garden tub and a separate shower stall. Off the master bathroom is a good sized walk-in closet. This home has a lot to offer a new family...... Dave diCecco Realtor/Broker www.davedicecco.com

Market Report: NoDa/The Arts District Charlotte, NC. October 2011

NoDa or also known as the Arts District is a suburb of uptown Charlotte. Conveniently located 2 miles from uptown it is home to art galleries and various southern cuisine restaurants. People love living here for the old world charm it still has. An old textile mill area of is a thriving area of Charlotte. Below is the market trends over the past three years for the area from October 1st to September 30th. 3 years ago there were 45 homes that sold for an average sale price of $242,226. They were on the market for an average of 63 days. 2 years ago there was 23 homes that sold for an average of $239,226. They were on the market for an average of 161 days. Last year there was 27 homes that sold for an average of $185,158. They were on the market for an average of 113 days. Currently there are 29 homes actively on the market for an average asking price of $258,883. They have been on the market for an average of 188 days. There are also 7 homes under contract. These homes have not closed yet. They have an average asking price of $258,000 and were on the market for an average of 125 days. Based on the current market conditions inventory levels are still high in this area. A six month supply of inventory is considered to be a blanced market. Currently there is a little over a year supply. this bodes well for buyers in this area right now. Dave diCecco Realtor/Broker www.davedicecco.com

Market Report: Crestdale Crossing Matthews, NC. 28105 October 2011

Crestdale Crossing is a quaint 110 single family home subdivision located in Matthews, NC. 28105 just outside of the center of town. This quiet community was built in 2002-2003. It's families love the location to the highways, the great schools and family like atmosphere with children playing in the park or riding bikes through the cul de sac's. Below are the market trends for Crestdale Crossing for the past three years. This will give you a good idea of how the housing has trended in there. These numbers are from October1st through September 30th. 3 years ago there were 3 homes that sold for an average sale price of $109,333. They were on the market for an average of 13 days. 2 years ago there were 6 homes that sold for an average sale price of $121,625. They were on the market for an average of 63 days. Last year there were 5 homes that sold for an average sale price of $92,120. They were on the market for an average of 70 days. Currently there are 2 active homes on the market for an average sale price of $88,450. In addition there are 3 homes under contract that had an average asking price of $87,567. They were on the market for an average of 131 days. Based on the current trends in Crestdale Crossing the inventory levels make it for a balanced market that favors neither the seller or the buyer. Dave diCecco Realtor/Broker www.davedicecco.com

Available Housing Inventory In Charlotte, NC. Decreasing Substantially in 2011

Housing inventory is a good indicator of the housing market. generally this time of the year there is less inventory than the spring and the summer because people do not want their homes showed during the holiday's. However; the trend of available inventory has even the skeptics scratching their heads right now. There is a large consensus that the housing market did not begin it's crash until 2008. Prior to that we were in what they called a housing boom. During the time to available homes for sale in Charlotte, NC hovered between 7,000 to 8,000 homes on average for sale during any given month. With the amount of people out looking it was not easy to find a good deal and think about it...if you did that chances are you would have lost out on the house. Well, I like to look at numbers and I crunch them all day everyday trying to get a home priced right to list and help a buyer get a good fair deal on the buying side. One number I have been tracking that seemed to me to defy what I heard on the news was the inventory levels of homes available in Charlotte, NC. During the peak of the housing crash we were hovering around 10,000 homes available for sale. that was an increase of over 30% from the best days.... Thus the collapse and with it the housing prices have dropped with it. Thus making it a buyer's market. However; a trend seems to be happening (mostly in the past year). Housing inventory has decreased dramatically. In the last twelve months through September 2011 the available housing inventory has dropped by 16.8% to an average of 7442 homes for sale.... This trend downwards is a positive sign for the housing market... there are pessimists that will say it is a true indication...But do numbers lie? Dave diCecco Realtor/Broker www.davedicecco.com

What Is The Average Time Frame For A Short Sale In Charlotte, NC.?

Short sales are by definition when the bank accepts to take less for the house than what is owed on the home. However; there is nothing short with a short sale in terms of time frame. A lot of short sales depends on the bank that has them. in addition to who the bank is the amount of liens on the house play a vital role in the process as well... Are you dealing with one bank and just a mortgage? or are you dealing with multiple banks and various mortgages and liens on the house? Your time frame for a short sale is dictated by those factors as well as the bank itself. First, if you are dealing with one bank and the home has only one lien on it the average time from an offer being sent into the bank and the bank responding usually takes from 45 to 60 days. This is an average. it can take a lot longer depending on the bank and how accurate your information you sent in was...If you are missing paperwork the time frame increases because you have to fill in the blanks (so to speak) before they will assign it to a negotiator. I have dealt with banks that have taken up to six months and longer for a response as well...some Realtors in the Charlotte area will avoid dealing with those banks all together... It depends on the bank you are dealing with.... If there are multiple liens on a property it gets a little more complicated. because after you have one negotiated out you have to go to the other liens and make sure they will accept the dollar amount the first lien is offering them. They are not obligated to accept any amount the first lien has offered... however; if you have done it correctly and stated your claim properly then you can usually get the second lien to accept. The time frame is also dictated by how quickly the seller responds and sends to the bank the necessary information to the bank. Everyday that they delay in getting the information to them adds time to a file and decreases your chances of getting a quick resolution. So, if you are considering selling your home and have to short sale be prepared to provide the bank with the necessary documents supporting your income and bank accounts. The quicker you provide the information the easier it will be for the bank and your Realtor to negotiate on your behalf. If you are looking to buy a short sale in the Charlotte, NC. area be prepared when you look at the house to wait upwards of 60+ days before you receive an acceptance or counter offer back. If you can wait the time frame out the chances are you can get the house for a fair value (something the bank would sell the house for if it were a foreclosure). Dave diCecco Realtor/Broker www.davedicecco.com

Charlotte, NC. Short Sales--You Need A Hardship To Qualify

With short sales still dominating the market in Charlotte, NC. there is a saying that if you are not behind on your monthly payments you can not do a short sale....This is totally wrong. Granted most people that are contemplating short sales are behind on their mortgage and circumstances have led them to that option in lieu of losing their home to foreclosure. The truth is that in order to qualify for a short sale one needs to show a hardship that was not their before. One example of hardships are loss of job. This is the most common one among families in the Charlotte, NC. area that are looking to do a short sale. With unemployment still relatively high they don't make enough with unemployment to carry the existing mortgage payment. they dwindle through their savings account and retirement to maintain their home in the hope that they will secure a job soon and replenish it...Unfortunately that time never comes. Another one is that you need to move for a job. I have had a few of these situations in the past year. Either they lost a job or were told to move for their job and the company would not help them with relocation to another area. They are unable to maintain a new residence and keep up with the existing mortgage payment...and they know the house is worth less than they owe on it. Third type of hardship that is common is medical issues.... This is an unfortunate one that can catch anyone off guard. But medical issues that hinder your health and affordability of a house can be a sufficient reason for a short sale. A fourth one that I have seen a lot of lately is to take care of elderly parents who are unable to care for themselves anymore. With the cost of assisted care so high they cannot afford to place them in a home. So the only option is to move in with their parents in order to help make their last few years as enjoyable as possible these are just four examples of some of the types of hardships that can be used for a short sale. There are more than this. these are just the most common ones. But if you are contemplating a short sale and you make enough money to pay the mortgage and the reason you want to short sale is because of the value of your home the bank will reject your application. The difference is the banks have the right to say NO. mainly because they are looking at this as an alternative to you losing the house through foreclosure. With a foreclosure there is a lot of red tape and paperwork that is involved. In addition it costs the bank significantly more than if they were able to get the home sold before hand....but they are looking at all the financial records and reason why and deciding form that whether you qualify for a short sale or not. I have had families want to short sale because of the loss of equity and were willing to fall behind...However; banks will look at your financial records and pay stubs and if they feel you can make the payment. So, be sure that you have to short sale or you will lose the house or you will not be able to get the bank to approve a short sale. Dave diCecco Realtor/Broker www.davedicecco.com

Why Are Charlotte, NC. Short Sales A Good Deal?

There are a lot of homes for sale...In Charlotte, NC. approximately one third of all sales this year have been either bank owned or short sale homes....So why are they such a good deal? Are they really a good deal. A short sale has the potential to be a great deal for the buyer and the seller. The buyer can get a home they want at bank owned pricing...The seller can sell the home without going through a foreclosure. But there are certain things to remember when looking to buy a short sale home....If it is to good to be true then it probably is. Most Realtors start the price of the home at fair market value and then begin the decrease the price accordingly if there are no offers until they get to a certain point where they receive an offer on the house. The good thing is that the bank will know what the starting price is and what the price has been lowered to and at what number it took to receive an offer on the house....That is generally the number the bank can expect to receive for the house. I have negotiated my fair share of short sales on the seller side. One thing I always do is start at fair market value and lower accordingly based on showings and feedback until i receive an offer. When i receive an offer I send in the complete history of the pricing strategy i used from the original price to the asking price before I received an offer on the house. In addition I include all the feedback on the house. This helps me justify my price to the bank and help with the appraisal value of the house. if that number is significantly higher I have had banks ask for a second opinion and have sent supporting documents in to help justify the price I have the house marketed at... not always but most of the time it has gotten me the price I needed for the house. Short sales can be very beneficial and a good buy for prospective buyers. just know when you go in that there may be a wait time longer than anticipated if you were negotiating a regular conventional sale with a seller....but if you can wait the price and the deal would be worthwhile to both you and the seller.... Dave diCecco Realtor/Broker www.davedicecco.com

Should I Have A Home Inspection On My Charlotte Home Purchase

Having a home inspection on your Charlotte home is probably the most important thing you can have done. There is a misconception I noticed lately with some of my buyers about whether they need to get a home inspection. There is never a reason for not getting a home inspection on your Charlotte home. The question comes up "but the house is bank owned or the seller is selling the home as-is; so why should I pay for a home inspection?" A lot of times you cannot notice things wrong with a house with the naked eye. Being a Realtor in the Charlotte market; I have looked at thousands of homes with buyers and sellers...And I do notice more now than before; but still miss a lot of things a home inspector notices. Even if you are purcsahing a home in the condition it is in and the seller will not do repairs; the home inspection is vital to the transaction. I think outside of the mortgage it is the next most important aspect of buying a house in Charlotte. Generally when you are purchasing a home you notice before you put an offer in if the home needs any cosmetic work and sometimes if it is in need of any repairs by visually seeing damage to the house. But what if there are repairs and work to be done to the house that you have not anticipated when making the offer? I had the perfect example of a house where from the naked eye it appeared to be in move in ready condition... however; after an extensive home inspection found issues with the house that were basically masked by the cosmetic work done to the house and never addressed the issue with the house...Without the home inspection my buyer could have spent upwards of $30,000 on repairs to the house that they were not anticipating when they put the offer in. Obviously, being bank owned we knew the bank was probably unaware of the extent of damage to the house; but without an inspection my buyers might have purchased a home that they would not have been able to afford to maintain.... In cases where the homeowner is not the bank; you have the right during the due diligence period to ask for the repairs to be done. if the seller and you cannot agree on the repair request then you have the right to walk away form the house purchase only losing your due diligence money. A small investment of money can lead give you peace of mind when you get the keys to your new home..... Dave diCecco Realtor/Broker www.davedicecco.com

Columbus Day And Being A Realtor In Charlotte, NC.

Today we celebrate Christopher Columbus day. A day that is recognized for when he discovered the new world. the actual day is October 12th but we celebrate it on the second Monday of October every year. I thought back as I was beginning to write this to my days in school (many years ago) and what we learned about him. He set sail for the new world with three ships. Unsure of what he was going to find he set sail... Later that year he discovered the New world Being A Realtor in the Charlotte, NC. market has had it's fair share of ups and downs (just as it has everywhere in the country). there are people out there telling us that the bottom has not fallen out of housing prices and it will get worse before it gets better. On the other hand is the people saying we have hit the bottom and have nowhere to go but up from here...And those in the middle that think this may be the new status quo. Much like Christopher Columbus had his detractors who said he was going to fall off the end of the earth; there were others who believed that maybe there was something out there.... Is the housing market an ideal situation? NO. But are you listening to the detractors who are saying it is getting worse or the ones that think maybe it is getting better and there is a new World out there and they can see it in the distance. Like Christopher Columbus everyday as a Realtor I am asked the question and there are detractors that say I am crazy and there are others that say okay maybe it is the right time to sell or buy..... With historic low interest rates and purchasing power at it's highest; how can you not think you can see the vision of Home ownership like Christopher Columbus did the new world?... On a daily basis i am showing prospective home buyers how they can purchase a home for the same or (in most cases) less than what they are paying in rent right now. So, like Christopher Columbus I have my detractors out there saying I will wait to it gets worse and others who see the new World and are realizing the dream of home ownership. Where are you? Dave diCecco Realtor/Broker www.davedicecco.com

Why NOW is The Time To Buy In Charlotte, NC

The age old question everyone asks when it comes to purchasing a home is: "Should I buy now or wait to see if the prices go lower?" Waiting sometimes leads to losing the house you may want. other times it works out and the seller lowers the price and you get the house at the price you want it at. But, in this market and economy should you want to buy a home or purchase a home NOW? I have toyed with this question daily. There is no real right or wrong answer. It comes down to how much of a gambling person you want to be. but there are other factors involved that can affect the purchase of a home...one of those factors is the mortgage interest rate. Currently interest rates for a FHA mortgage are hovering in the high 3%'s to low 4%'s. We have NEVER seen rates so low. They go any lower we will have no interest rate. however that will not happen because of pure economics. But what impact does the low interest rate have on the purchasing of a home over the price of a house? I had a mortgage broker run a scenario for me based on principal and interest only in the payment. (since taxes and insurance are variables that are fixed). if you are looking to purchase a $200,000 home right now with an interest rate of 4%; you would pay $954.00 a month in principal and interest. Now let's say on the same $200,000 home and the interest rates was 5% (still an incredibly low interest rate). You want your payment to remain the same as if the interest rate were 4%. In this scenario you would need an additional $22,000 down payment to remain at the same payment. In essence, one point in interest rate can affect your buying power by as much as $20,000 or more. So, you may wait for the house price to lower another $5000. but what if during that time the interest rate went up even a half point (not uncommon). You still would be short $7000 to keep the payment the same..... Looking at purchasing a home right NOW in Charlotte may be a wise investment and move. Your buying power is at all time high. The interest rates are at historic lows and prices have not climbed as economists had hoped. the interest rates will have to go up and even though the housing prices may not your affordability will be less. Dave diCecco Realtor/Broker www.davedicecco.com

Buying A Charlotte Home...Get A Home Warranty

When you purchase a home you are making the largest single purchase of your LIFE. the experience can be both exhilarating and frustrating at the same time. there are so many unknowns in buying a home. that is why people utilize local Realtors to help them with the purchase of a home. But there is one thing you can do to help protect your investment....Buy a Home Warranty. A home warranty is not like your insurance policy. this actually covers things that can and do break inside the house. The best analogy I always use is purchasing a car. You have insurance against accidents but a warranty against mechanical failure. A home warranty works in the same premise. I mentioned in an earlier post that sellers would be wise to offer a home warranty to buyers when they place their home on the market for sale. However; not all will do and not all can. For example, the bank will not give you a home warranty. they will give you a certain amount to your closing costs and if you have enough left after all the fees you can apply it to the home warranty. On a short sale the seller will not be able to offer a home warranty....They are walking away from the house for less than is owed on the house an the bank will generally not pay for the buyer to get a home warranty since they are already taking a loss on the house. But as a home buyer even if the bank, or seller will not pay for one...I advise everyone to get one. it is peace of mind. A home inspection will tell you what is wrong with the house. however; that is only valid on the day they looked at it. What happens if, say, 3 months after you move in something breaks? Now, you have just moved and closed on the house and probably bought some newer items and maybe paint...Do you have the money for the repair? Do you want to pay for the repair? A home warranty will cover you against those incidental things that can come up...With a small deductible (generally $50 or $60) you can have the peace of mind of knowing that it will be repaired. Considering they only cost around $400.00 a year it is a small investment for a large purchase. So, if you are buying a home and the bank will not give you a home warranty or the seller will not pay for one...purchase one. That minimal investment can save you thousands over the course of a year. Dave diCecco Realtor/Broker www.davedicecco.com

Should A Seller Offer A Home Warranty With Purchase Of The Home?

The question always comes up when I do a listing presentation on whether they should offer a home warranty with the house up front. My answer is always YES... i feel there are many benefits to offering a home warranty when you sell a home. Most buyers in this market are struggling to come up with the necessary down payment to purchase a house and cover part or all of the closing costs if they are not negotiated into the sale. A home warranty gives the buyer an extra value with the house and peace of mind. One thing everyone is always afraid of is that when you move into a house what if something breaks? how do I pay for it? I just spent my last of savings on my down payment on this house. That is where a home warranty acts a security blanket for prospective home buyers. it gives the home buyer the peace of mind knowing that if something does go wrong with the house they are covered for a minimal co pay (usually $50 to $60) per issue. I have had closings occur where the buyer's agent has told me the fact that we offered a home warranty up front gave their buyer's peace of mind when purchasing a home and made them want to look at the house more than some of the comparable in the area..... For a minimal cost the seller protects the buyer and enhances the value to their house at the same time. If I was looking for a house and found a few that were comparable and only one was offering a home warranty.... I probably would be more inclined to go view that house over the other ones. I want that security blanket. I correlate ti to buying a car. you look at a used car you are looking to see what is covered by the warranty and how long the warranty. The warranty on a car makes a large impact on whether you purchase that car or not most times.... Well the same can be said with a house. A buyer purchasing a house is making the largest purchase of their lifetime..... They are looking for that peace of mind as well...So, if you are selling a home consider offering a home warranty. it could make the difference between your home getting sold and not. Dave diCecco Realtor/Broker www.davedicecco.com

What Are Seller Concessions/Closing Costs?

recently had two of my listings sell within a week of one another....Both home owners had been in their homes for at least 20 plus years.... So this process of negotiating a sale price for them was new. As with almost all offers today; buyers are requesting closing costs(seller concessions) for closing. but what are seller concessions/closing costs? in a nut shell seller concessions or closing costs are the amount of money the buyer is requesting that the seller pay toward their closing fees.... The dollar amount can vary depending on the price of the home and the loan amount as well as type....Typically, the buyers ask for somewhere between 3% to 6% of the contract price. On a $100,000 priced home the seller could be looking at netting $3,000 to $6,000 less than expected because of the seller concessions. it is important that you know what the fee is and how much they are asking for....Because that is an amount of money that you will be required to pay at the closing out of your proceeds toward the buyer expenses... Another issue that arises with seller concessions/closing costs among sellers is that the dollar amount can go up...NO. if the buyer asks for $3500.00 in closing costs and they need $5000 in closing costs they are responsible for the difference. You are only responsible UP TO the dollar amount you agree to pay. in this economy and with he housing market the way it is; you can expect on just about any offer to have seller concessions or closing costs associated with the offer....so, when you receive that offer on your house look at ALL the numbers before making a determination as to whether to accept it or not.... Dave diCecco Realtor/Broker www.davedicecco.com

Market Report: NoDa/The Arts District Charlotte, NC. September 2011

NoDa or also known as the Arts District is a suburb of uptown Charlotte. Conveniently located 2 miles from uptown it is home to art galleries and various southern cuisine restaurants. People love living here for the old world charm it still has. An old textile mill area of is a thriving area of Charlotte. Below is the market trends over the past three years for the area from September 1st to August 31st. 3 years ago there were 46 homes that sold for an average sale price of $243,428. They were on the market for an average of 65 days. 2 years ago there were 24 homes that sold for an average sale price of $239,821. They were on the market for an average of 156 days. Last year there were 29 homes that sold for an average sale price of $193,595. They were on the market for an average of 115 days. Currently there are 30 homes actively on the market in the Arts District right now. The average list price is $267,231. In addition there are 6 homes currently under contract right now. They had an average asking price of $247,483. They were on the market for an average of 108 days. Based on the three year trend 33 homes sell on an average year. With 30 homes actively on the market that leaves slightly less than a year supply on the market....A balanced inventory is considered 6 months supply. That would neither favor the buyer or the seller. Currently we are still in a buyer's market in this area of Charlotte. Dave diCecco Realtor/Broker www.davedicecco.com

Market Report: Crestdale Crossing Matthews, NC. 28105 September 2011

Crestdale Crossing is a quaint 110 single family home subdivision located in Matthews, NC. 28105 just outside of the center of town. This quiet community was built in 2002-2003. It's families love the location to the highways, the great schools and family like atmosphere with children playing in the park or riding bikes through the cul de sac's. Below are the market trends for Crestdale Crossing for the past three years. This will give you a good idea of how the housing has trended in there. These numbers are from September 1st through August 30th. 3 years ago there were 3 homes that sold for an average sale price of $109,333. They were on the market for an average of 13 days. 2 years ago there was 6 homes that sold for an average of $121,625. They were on the market for an average of 63 days. Last year there was 4 homes that sold. They sold for an average of $92,875.00. They were on the market for an average of 69 days. Currently there is only one house on the market actively right now. it is priced at $84,900 and there are 2 other homes under contract. Even in a market where home prices have fallen and inventory is up...this quaint little community in Matthews, NC. has doen well with selling homes in a timely fashion..... Dave diCecco Realtor/Broker www.davedicecco.com

New Listing: 7905 Harrington Woods Drive Charlotte, NC. 28269

Looking for a home with a WOW factor that is reasonably priced? This may be the home for you. 7905 Harrington Woods Drive in Charlotte, NC. 28269 is priced at only $199,900. This four bedroom two and half bath home features over 2500 square feet of living space on a nice .3 acre lot. With brand new wall to wall carpet, tile flooring and paint this home is ready for new home owners.... Curb appeal is outstanding on this home with the partial brick front and the two car garage with a side loading add to the curb appeal of this home. but what will stun you is when you walk in this house. The first thing i noticed was the beautiful high two story ceilings that greeted me on the wood flooring as i walked in. it gave the home a more open feeling. The great use of space in this house is easily seen as you walk through the lower level of the house. The house features a formal living room, formal dining room and a family room adjacent to the open kitchen. The layout is great for families and for entertaining. in the family room is a nice gas log fireplace and access to the large rear deck that runs the length of the house.... With an abundance of windows the feeling of openness and light protrudes through every corner. On the other side of the main level is the room that I had a WOW moment on. The master bedroom is located on the main level.... it is a large master suite (yes I said suite not room). the room is broken into two parts. One for the sleeping are and the other for reading or leisure and included in that space is another gas fireplace. In addition to that you have your own private access to the rear deck from the master bedroom. Off the master bedroom is the master bathroom with a cathedral ceiling and gorgeous tile flooring. It boasts his and her sinks and a separate jacuzzi garden tub and glass enclosure shower stall. Also is a walk in closet that should hold even my wife's clothes (that is saying a lot). Go up the staircase and enjoy the overlooking view to the formal living room and foyer from the sitting area at the top of the stair case. Or venture down the hall to one of the three spare bedrooms...All very large.... In addition there is a full bathroom across the hall way from the bedrooms centrally located for them. Or if you prefer the outdoors; take a walk on the large deck overlooking the private backyard. the back part of the yard is tree lined adding to the privacy you receive with this house.... This home has features I would normally expect to see only in much higher priced homes....Conveniently located to major roads and shopping this home offers a lot of home for the money..... Dave diCecco Realtor/Broker www.davedicecco.com

What America's Got Talent and Realtors Have In Common

People that know me; realize I love America's Got Talent...I find the show entertaining, funny and see some unique great acts over time. Well as season six came to a close on Wednesday night; I could not help but think how being a Realtor in this economy is a lot like the judges on the show of America's Got Talent. They are looking for that someone special...that next superstar. The person that without this show the world may never be be blessed with their god given talents. Wednesday night was one of the best feel good stories on the show for me..... A young man making a family with his wife and children. Supporting them by washing cars for a living....Now, after months of auditions and voting and elimination rounds he was crowned the winner of America's Got Talent. This man is going to be a great singer and have a nice career regardless if he won wednesday night or not...but none of it would have been possible without the show America's Got Talent. Well, like the show there are many people out there trying to realize the dream of home ownership. Lately I noticed commercials talking about whether future generations will be able to afford a house. I know growing up that was the American Dream (Get married, have your 2.2 children and buy a house with a white picket fence). As Realtors part of our job is to educate potential home buyers on the purchase of a home and guide them down the path to home ownership. I know a lot of Realtors do not like to deal with first time home buyers...personally I love them. There is a great joy in seeing a family or young professional realize the dream of home ownership; and helping them reach it..... First time home buyers have a lot of questions. And there are soem they do not think about that we as Realtors must explain to them along the way on the process and finding the right home for them. Most people do not realize that we are here to help them with the purchase of a home and guide them through the process. I am amazed daily at the amount of people I talk to that can purchase a home but never believed they could....Like you; I remember clear as if it were yesterday the first house I bought. I also remeber thinking I cannot buy a home; until a Realtor explained to em I could and helped me along the path to home ownership. So, as Realtors we are a lot like America's Got Talent....we help people realize their dreams of home ownership and achieve it...... Dave diCecco Realtor/Broker www.davedicecco.com

Why You Should Contact A Realtor To Buy New Construction

Many families today have choices out there when it comes to buying a house....One of them is purchasing of new construction. It can be a home that already is built (builder spec house) or one that you contract to build with the builder. There is one thing most (and I do mean most) families do not realize is that when you go into these model homes. Those friendly Realtors that you are greeted by and offer you there help work for the builder---NOT YOU. They are well trained to show a perception they are working for you....but the reality is that the builder pays them...not you. There job is to sell the homes that the builder builds for the most amount of money...Our job as a buyer's Realtor is to help you find the right house (new or old) that fits your needs for the fairest price. To protect YOUR interests when buying new construction you should have a Realtor accompany you to the negotiation and purchase of the home. Chances are you have not purchased a home in a few years (for some it is the first purchase). A Realtor can help you with decisions about what to ask comes in the house. Options that you may not think of or know about that we do because we do it everyday. We can help you with the negotiations on the price and options. help you make an informed decision on the financing terms offered by the builder...... Surveys have shown that home buyers that walk into and purchase a new construction home with the aide of a Realtor (not working for the builder) come out on average almost 10% better between price and financing terms over the 30 years..... Think about that for a minute. if you are buying a $200,000 home that is potentially $20,000 saved with the help of a Realtor...and the best part is the builder will pay us to help you...So, it costs you NOTHING...... Dave diCecco Realtor/Broker www.davedicecco.com

When Do You Contact A Realtor For Buying A House?

All of the studies that we read say that over 90% of homebuyers begin their search for a home online....When do you contact a Realtor? When is the right time to contact a Realtor? These are questions asked each day..... I talk to various home buyers online that say I am a month away and others who say I am six months or more away...but I always get the same question..."should we be talking now or closer to buying?" Now ther is no magic time frame on when to contact a Realtor. Some prefer to do it in the beginning of the process. A time when they have decided to consider looking for homes, not sure what is out there and have no particular time frame in mind for buying. For some this is the optimal time to contact Realtors and see which ones work best for them....Not all Realtors are the same. Sometimes finding one that works best with you takes a few different meetings with different ones. A Realtor can help you narrow areas and homes for you so you are not spending hours looking through various websites for homes and give you a better understanding of the processes and time frames needed to find and close on a home. Others prefer to do the intial research online then contact a Realtor when they have narrowed down what they want in a home. I know when my wife and I was looking for a home last time we had a list of what we wanted and a budget we wanted to look in...Then we went out and visited open houses and drove by neighborhoods. Doing this we eliminated areas and homes. Once we decided on what we knew we wanted in a home we contacted a Realtor to help us out (yes I was not in the business back then). Still others prefer to do all the research online and then contact a Realtor when they have narrowed down their selection and know what exactly they want...This way they feel they have done all the necessary work and made a descision that is best for them. Is there a wrong time to contact a Realtor? NO. Is there a right time to contact a realtor? NO. It depends on you. As a Realtor I have dealt with professionals and families in all spectrums of the home buying process and each person is different and thus their needs and wants from a Realtor vary... But, contacting a Realtor will help give you insight into homes and areas. In addition a Realtor can direct you to various websites for a variety of information that may be helpful in your home search when certain factors are important.....i.e. schools, crime rates, public transportation, convience to shopping, commute to work. Whether you are at the beginning, the middle or the end of the looking process there is never a bad time to contact a Realtor...We are here to help you. I strive to make the home buying experience one of great joy and ease for home buyers. I beleive in treating each individual as I would want to be treated in the process; regardless of where they are in it....... Dave diCecco Realtor/Broker www.davedicecco.com .

10 year Anniversary Of 9/11---I Will Never Forget

Tomorrow marks the 10 year anniversary of one of the most devasting attacks on US soil. Most of us are to young to remember Pearl Harbor and the lives lost there....However; all of us are old enough to remember 9/11/2001. That day will always, in my lifetime, be a rememberance for me. I had the unfortuante experience of being in New York City in lower Manhattan at what is now called ground zero when it occurred. I watched as the rest of the country did in shock at what was unfolding before my eyes and not knowing what to do or what really was happening at that moment. I remember not being able to use cell phone and walking for what seemed like an eternity to get out of New York with hundreds of thousands of people. But despite all the tragedy that occurred during that day...I also witnessed some of the greatest moments in my life and ones that made me proud to be an AMERICAN and a VETERAN. I witnessed first responders (firemen, police officers, EMT'S) rush into the buildings with no regard for their own lives to try and save someone they did not even know...They were doing a job. Those brave men and women put their lives at risk to save people like you and me. I remember sitting glued in front fo the televison for hours on end after it happened for the next few days as they went through the debris looking for people still alive and yet never complaining once.

I lost a few friends during the devastation that hit New York City that day. I vowed that I would never forget them or that day. As the healing continues, I saw something that made me stop today and write this now. Driving by Presbyterian Hospital in Matthews, NC. there is a banner out by the entrance symbolizing the 10 year anniversary. What got me was located by the pond at the entrance way were american flags. One for each person that died during that great tragedy. The flags are placed under a weeping willow tree.... I stopped and visited that spot a few moments before sitting down to write this blog. I knelt, prayed and cried. I felt my heart fill up with sadness as I remeber watching the people that lost their lives for no apparent reason at all and the first responders who lost their lives trying to save ours. To all those that gave their life that day and ALL those that saved lives that day and beyond....THANK YOU....I WILL NEVER FORGET. Dave diCecco Realtor/Broker www.davedicecco.com