The University area of Charlotte is the area around the University of North Carolina Charlotte. Located in the northeastern end of Charlotte. A popular destination for young professionals and families. The area encompasses from Interstate 85 south to rocky river road and west to W.T. Harris Blvd and east to Cabarrus county line. All the homes in that area are within a five to ten minute ride of the Unviersity.
Below is a snapshot of the activity over the past three years in the area from June 1st through May 31st. This gives a good indication of where prices were and are going. As well it provides numbers of homes sold and days on market.
3 years ago there were 368 homes that sold for an average sale price of $170,024. They were on the market for an average of 46 days.
2 years ago there were 418 homes that sold for an average sale price of $145,566. They were on the market for an average of 79 days.
Last year there were 395 homes that sold for an average sale price of $139,058. They were on the market for an average of 98 days.
Currently there are 275 homes actively on the market right now. The average asking price of the homes on the market is $201,012 and they have been on the market for an average of 148 days.
There are 105 homes under contract right now that have not closed yet. The average asking price of thsoe homes was $135,644 and they were on the market for an average of 123 days.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Saturday, June 18, 2011
Friday, June 17, 2011
Market report June 2011: NoDa The Arts District Charlotte, NC.
NoDa or also known as the Arts District is a suburb of uptown Charlotte. Conviently 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 NoDa is a thriving area of Charlotte. below is the market trends over the past three years for the area from June 1st to May 31st.
3 years ago there were 48 homes that sold for an average sale price of $253,799. They were on the market for an average of 65 days.
2 years ago there were 36 homes that sold for an average of $236,233. they were on the market for an average of 125 days.
Last year there were 23 homes that sold for an average of $199,643. They were on the market for an average of 124 days.
Currently there are 31 homes actively listed on the marekt. Those homes on the market right now are on for an average of $246,642 and 145 days on the market.
There is also 8 homes currently under contract. Those homes were lsited for an average of $188,742 and were on the market for only 83 days.
Based on the what economists call a balanced market ( six months of inventory) the market still favors a buyer. However; an interesting trend is that homes that are priced correctly are selling almost twice as fast as homes that are not.
Dave diCecco
Realtor/Broker
www.davedicecco.com
3 years ago there were 48 homes that sold for an average sale price of $253,799. They were on the market for an average of 65 days.
2 years ago there were 36 homes that sold for an average of $236,233. they were on the market for an average of 125 days.
Last year there were 23 homes that sold for an average of $199,643. They were on the market for an average of 124 days.
Currently there are 31 homes actively listed on the marekt. Those homes on the market right now are on for an average of $246,642 and 145 days on the market.
There is also 8 homes currently under contract. Those homes were lsited for an average of $188,742 and were on the market for only 83 days.
Based on the what economists call a balanced market ( six months of inventory) the market still favors a buyer. However; an interesting trend is that homes that are priced correctly are selling almost twice as fast as homes that are not.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Wednesday, June 15, 2011
Where Do You Begin Your Home Search?
I hear a lot of first time buyers telling me I do not know where to start when looking for a home. I recommend that they find a Realtor that they are comfortable with first. There are many questions you are going to have when it comes to purchasing a home. Call and talk to Realtors until you find one that you are comfortable with.
A good Realtor should be asking you a lot of questions. It almost is like a reverse interview process. You want to make sure you find one that is a good fit for you. However; you need to be sure that they are asking you the right questions so that you can find and purchase the right home for you and your family.
I spend at a minimum of 30 minutes to an hour educating a buyer on the process involved and what they can expect from me as their realtor and what I ask of them. For me I believe it is an educational meeting. You need to let the buyer know exactly where you stand and what you can offer them and are willing to do
Recently I spoke to two different buyers who had previously spoken to other real Estate agents about purchasing their first home. I was shocked at the lack of information they received and one came right out and said that I asked and gave them more information in our 30 minute plus phone conversation than he received in the month and half he was dealing with the Realtor. Fortunately, the Realtor did not ask them to sign a buyers agency agreement with them.
The other one was told by the realtor that she could not get approved for a loan based on the information she provided him. Though the information was correct he never informed her to call a mortgage broker to see if she could qualify or what she needed to do to qualify for a mortgage. A brief conversation on the why it is important to talk to a mortgage broker and a phone call later I was e-mailed a pre-approval letter for her.
The key here is to know that you do this on average once every seven to eight years. We do this on a daily basis. Yes, you should be interviewing the Realtor to see if it’s a good fit but the Realtor should be education you as to the process and expectations in buying a home.
Dave diCecco
Realtor/Broker
www.davedicecco.com
A good Realtor should be asking you a lot of questions. It almost is like a reverse interview process. You want to make sure you find one that is a good fit for you. However; you need to be sure that they are asking you the right questions so that you can find and purchase the right home for you and your family.
I spend at a minimum of 30 minutes to an hour educating a buyer on the process involved and what they can expect from me as their realtor and what I ask of them. For me I believe it is an educational meeting. You need to let the buyer know exactly where you stand and what you can offer them and are willing to do
Recently I spoke to two different buyers who had previously spoken to other real Estate agents about purchasing their first home. I was shocked at the lack of information they received and one came right out and said that I asked and gave them more information in our 30 minute plus phone conversation than he received in the month and half he was dealing with the Realtor. Fortunately, the Realtor did not ask them to sign a buyers agency agreement with them.
The other one was told by the realtor that she could not get approved for a loan based on the information she provided him. Though the information was correct he never informed her to call a mortgage broker to see if she could qualify or what she needed to do to qualify for a mortgage. A brief conversation on the why it is important to talk to a mortgage broker and a phone call later I was e-mailed a pre-approval letter for her.
The key here is to know that you do this on average once every seven to eight years. We do this on a daily basis. Yes, you should be interviewing the Realtor to see if it’s a good fit but the Realtor should be education you as to the process and expectations in buying a home.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Tuesday, June 14, 2011
What Are Closing Costs/Pre-Paid Fees?
Everyone always is talking about how you can buy a home with no money down, or with just 3.5% down. But in reality there are some additional fees and costs associated with closing on a house that most buyers are unaware of. These are known as closing costs and/or pre-paid fees.
So what are closing costs? Closing costs are the fees that are charged to the buyer to close the sale of the house. In North Carolina regardless of whether you finance a home or not some of the fees you will pay are for attorney to prepare the closing paperwork and do a title search to ensure you have a clean title that is going to be free from liens. Title insurance which protects you against someone down the road claiming that they have a stake to the property. Recording of the deed in your name at the county courthouse. These are just some of the feees associated with closing costs.
If you finance a portion or all of the house you are looking to purchase then you will incur what is known as pre-paids. Pre-paids are a fancy term for fees that the mortgage lender charges you upfront to process the loan and pay future bills on the house. Some of the fees are an appraisal fee, loan origination fee, credit report fee, homeowners insurance, property taxes, mortgage insurance, and flood certification. There are more. However ; these tend to be the most common.
Some of your pre-paids will be put in escrow for the mortgage company to pay in the future on your behalf . Like, homeowners insurance and property taxes. These the mortgage lender will ask you to pay a portion up front so that when the bill comes in they have enough money in your account for them to pay the bill on your behalf.
So, gnerally how much is are these fees? They range depending on the price of the house and the lender. Generally the rule of thumb for the mortgage company I use is 3% to 4% of the sale price. others are as high as 6%.
The key here is to know what these fees are going to be before you negotiate and ask the seller for that amount of money toward your closing costs... if you do not ask for it upfront it will be an additional amount of money you will need to come up with at the closing.
I always talk to the mortgage lender before I submit an offer on behalf of a buyer. I tell them this is the house we are considering putting an offer in on and what are your expected closing costs...Then I know what to ask for from the seller upfront to help defray the cost to the buyer.
Dave diCecco
Realtor/Broker
www.davedicecco.com
So what are closing costs? Closing costs are the fees that are charged to the buyer to close the sale of the house. In North Carolina regardless of whether you finance a home or not some of the fees you will pay are for attorney to prepare the closing paperwork and do a title search to ensure you have a clean title that is going to be free from liens. Title insurance which protects you against someone down the road claiming that they have a stake to the property. Recording of the deed in your name at the county courthouse. These are just some of the feees associated with closing costs.
If you finance a portion or all of the house you are looking to purchase then you will incur what is known as pre-paids. Pre-paids are a fancy term for fees that the mortgage lender charges you upfront to process the loan and pay future bills on the house. Some of the fees are an appraisal fee, loan origination fee, credit report fee, homeowners insurance, property taxes, mortgage insurance, and flood certification. There are more. However ; these tend to be the most common.
Some of your pre-paids will be put in escrow for the mortgage company to pay in the future on your behalf . Like, homeowners insurance and property taxes. These the mortgage lender will ask you to pay a portion up front so that when the bill comes in they have enough money in your account for them to pay the bill on your behalf.
So, gnerally how much is are these fees? They range depending on the price of the house and the lender. Generally the rule of thumb for the mortgage company I use is 3% to 4% of the sale price. others are as high as 6%.
The key here is to know what these fees are going to be before you negotiate and ask the seller for that amount of money toward your closing costs... if you do not ask for it upfront it will be an additional amount of money you will need to come up with at the closing.
I always talk to the mortgage lender before I submit an offer on behalf of a buyer. I tell them this is the house we are considering putting an offer in on and what are your expected closing costs...Then I know what to ask for from the seller upfront to help defray the cost to the buyer.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Monday, June 13, 2011
New Listing: 2908 Divot Court Matthews, NC. 28104
2908 Divot court is lcoated in the Emerald Lakes community in Matthews, NC. However; this is the union county side of Matthews. This 2800+ square foot home sits on the golf course and has a beautiful view of the fountain in the lake.
This home is a full brick 1.5 story home with an attached 2 car garage. Entering this home you instantly notice the high ceilings (actually 14 feet high) and the beautiful hardwood floors. The floor plan is also very open and well laid out for a family, young professional, or empty nesters.
The bedrooms are split in this house. On one side of the house on the main level is the large master suite with a separate sitting area. Across the house on the other side is two of the three spare bedrooms. They are split up with a full bathroom between them. Then you have to go upstairs to the only room there....the fourth bedroom. This is located over the garage. However; it can be a little mini suite since that room also has it's own private full bath as well.
The main level of the house has hard wood floors throughout it except for the bedroom areas. They have wall to wall carpeting. The kitchen in this house features newer applainces that all convey with the house. If you love to cook this kitchen is designed for you. With a large center island, double built in ovens and a smooth top cook space and 42 inch cabinets this kitchen is ready to handle the family get together.
While cooking enjoy the great room with the pass through from the kitchen. Or you can enjoy the large open dining room with over 10 feet tall windows adorning it.
But the best part of this house is the yard and the view. Sitting on a cul de sac gives it privacy. The homeowner added trees around her property for added privacy. She had a buiilt in irrigation system installed to keep the yard looking better than the golf course. But her pride and joy may have been her stunning rose garden. Designed to enjoy it she created it and designed it...Spend cool evenings out there enjoying the smell and look of the roses as you watch golfers coming down the fairway....
This home is a gem among gems. Well cared for and maintained the pride of ownership shows throughout the whole house and yard....come see why emerald lake is one of the more desirable communities in Matthews, NC. You can view a virtual slideshow of the property by clicking here .
Dave diCecco
Realtor/Broker
www.davedicecco.com
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