Should You Rent Or buy In Charlotte, NC?

This is a question that has puzzled people for the past year and half. There are arguements for both sides on this and there may not be a wrong answer. However; one variable that can affect the market is pricing. Both home prices and rental prices. With the market crash and home foreclosure at record levels; those people had to find someplace to live...they could not buy so they are renting.

This has pushed the demand for rentals up and the inventory levels low. Thus property management companies are charging more for comparable rents than they were in the past. Homeowners looking to rent their homes now have more choices than before. All this leads to a very strong market for landlords and apartment complexes.

But what is the impact on home buying? Trulia just finished it's second quarter study in regards to whether it was a better option to buy or rent. They compared apples to apples in regards to homes bedrooms and bathrooms. What they found is that it is more affordable to buy a home today in Charlotte than it is to rent a comparable place. You actually would pay LESS to own right now than rent.

You read that right. It is NOT a misprint...It is cheaper to own a home in Charlotte on average than it is to rent a palce in Charlotte. So, is it a good time to buy...the answer would have to be YES.

When my critics say NO...I say "you can have a lower payment and actually qualify for tax deductions and a guarantee that your payment will not go up (unless your taxes and insurnace do) versus yearly wondering if they are goign to raaise the rent and by how much. In Charlotte the average has been 10% a year for the past two years".... My only question would be where do I sign me up...

In fact, I am currently helping three families looking to purchase a home that were shocked to hear what the mortgage payment would be in relation to what they are currently paying in rent. Iin fact one is moving a mile away into double the square footage and paying only $10.00 a month more. the other two are moving into larger homes for the same or less than they are paying now in rent.

So, if you are contemplating buying a home; now may be the time. Interest rates are low, inventory is high, and mortgage payments are less than rentals....All positive signs for homebuyers today.


Dave diCecco
Realtor/Broker
www.davedicecco.com

Looking For A Home...Know Your Monthly Budget

One of the first things I ask someone when they tell me they are looking for a home is " What are you comfortable paying a month for a house?" This to me is the most vital question you can ask a prospective home buyer. Chances are there are homes that will fit their budget in regrds to the amount of bedrooms and bathrooms adn square footage they want... but by letting them tell you they want a house around X amount of dollars may not be what they think.

Most of the websites that we go on to get an idea of a monthly mortgage payment give a basic payment. By basic I mean with principal and interest only. If you are going the route of FHA; you have the additional premium of the FHA added onto the loan amount. In addition you would have to factor in your homeowners insurance and your property taxes.

To give you an idea. a $200,000 loan just principal and interest would be $1075.00 a month at 5% interest rate. Add in the cost of the FHA premium and the payment goes up to $1196.00 a month. Factor in average taxes for Charlotte and that house would be another $135.00 a month. Then you have homeowners insurance which would average about $50.00 a month.

So, now you are looking at $200,000 homes thinking you are going to be somewhere around $1100.00 a month. When in actuality you are going to be closer to $1400.00 a month.

That is a difference of $300.00 a month. It is a large sum of money. So, if you are looking for a home tell your Realtor what you can afford or desire for a monthly payment. They should be asking you what you want to pay a month instead of what price you want to pay....We can back into a home price range based on monthly payment...


Dave diCecco
Realtor/Broker
www.davedicecco.com

How Much Does highway Noise/Location Affect A Home's Value?

I will admit this post is in direct response to some feedback (or I should say lack of) I received from a few Realtors recently. For people familiar with Charlotte area we have a highway that circles three quarters of Charlotte ( why it is not finished is for another blog completely). Maybe within my lifetime I will see the completion of the highway around the Charlotte area...

But how much does the noise from the highway affect your home and home's value? In this economy and with so many choices out there; buyers have many choices to make and can be very specific as to what they want and do not want.

One area of concern that recently seems to be a topic of discussion among buyers is the location of homes to the current highway and the future development of the highway. How close is to close to the highway?

Noone wants to hear the highway noise as if they are standing on the highway, or see it from their home. But what is considered an acceptable distance and noise level? And what value do you place on that when looking to buy or sell a home?

I have had buyers recently refuse to go inside a home becuase when we pulled up in the driveway they felt the highway noise was to much. And I have taken other buyers in similiar homes where once inside you did not even know the highway was that close becuase of the sound deadening in the house and never realized how close we actually were to the highway.

So, I guess it comes down to personal preference and what someone considers acceptable. A person growing up in the city might say it is not that big of a deal becuase they are used to it. Someone growing up in the country might feel the direct opposite. But the dollar amount and value is going to be subjective to the buyer looking to purchase the home.

So, if you own a home near a highway consider the noise from the highway and price your home accordingly. Your market of potential buyers most likely has shrunk by 50% and you need to price accordingly to impact those buyers.

If you are looking to buy a home and like the home consider the location when placing an offer on it. If it is closely located to a highway now or future expansion of a highway you may be able to get a slightly better deal by leveraging that in your favor.

Dave diCecco
Realtor/Broker
www.davedicecco.com

New Listing: 3630 Annandale Drive Charlotte, NC. 28269

This 3 bedroom 2.5 bath home located in the Mallard Creek area of Charlotte has been upgraded by the current homeowner. With almost 2000 square feet of living space this home is being offered for only $160,000. Located in the Forestview subdivsion this home is meticulously cared for and maintained. You are greeted as you drive down the street by one of the nicest yards in the neighborhood and area. A plush green lawn that would make a landscaper jealous. You will love the fact you are on a cul de sac so that the kids can ride bikes and play without worry of cars driving fast through the area. The hidden and enclosed park is located directly across the street through the paths.

When you get up to the house and enter the 2 story foyer you immediately notice the open space and beuatiful natural light the home gets. Then a quick turn takes you into the formal living room and dining room with a open feeling and custom paint. Least you not notice the beautful brazilian cherry laminate flooring that adorns the main living areas of the downstairs as well.

The focal point of the lower level is the kitchen. Centrally located in the rear of the house. It has easy access to the dining room and the open two story great room with beautriful large windows to enjoy the natural light. The kitchen has been completely redone with cermaic tile flooring, tile backsplash, granite countertops and new applainces. the kitchen area opens to thegreat room which is anchored by a gas fireplace. and the only room downstairs that has carpeting.

Heading upstairs the brazilian cherry laminate flooring continues on the staircase. Do not worry about slipping on thsoe stairs though; since anti skid plates have been installed and blend in naturally with the floor. The entire living area upstairs is finished in the wood flooring except for one of the spare bedrooms which has wall to wall carpeting.

The master bedroom features a tiled master bathroom with a separate shower and garden tub. In fact, the second full bath upstairs also features a tile flooring as well. Not to mention that all the faucets and lighting in the bathrooms have been upgraded recently as well....

The spare bedrooms are a nice size rooms and offer pelnty of room for the family to grow. An added convience for the family is there is a separate laundry room located upstairs as well..

Outisde you have a fenced in back yard with a nice patio for entertaining. the back of the yard is lined with trees to give you some added privacy from your neighbors as well......

If you have been looking in the Mallard creek area and want a home that has been upgraded and ready to move in...look no further. This home will surely impress the pickest of buyers out there.

View a video of this home here: http://tour.circlepix.com/home/AVP5LU

Dave diCecco
Realtor/Broker
www.davedicecco.com.