In a recent article I read a few days ago they were talking about the amount of homes that are on the market in the Charlotte, NC. area that are listed as foreclosure homes and short sales have actually declined since last year.
The article gave a brighter picture than most experts had predicted in regards to what the inventory levels actulaay looked like. Estimates had the number of homes that are mediated by banks close to 40% to as much as 50%. However; the study showed that through May 2011 the number is actually 30%. That is a substantial difference between what people estimated and what the numbers actually show.
To put it in even better comparison the number is 25% less than it was last year at the same time. This trend is showing that the housing market is starting to stabilize...though slowly. As fewer people are losing homes and trying to sell homes that they owe more than the home is worth.
Another interesting fact that came out of the article on short sale/foreclosure listings was the pricing. It showed that the median price for short sales actually went up from last year. However; foreclosure prices dropped. A lot of the foreclosures are based on condition of the property. With limited financing options availble for the foreclosures the banks are in a position to take less money to move the homes versus the short sales which tend to have more financing options available to them.
The one variable the article mentioned; and one noone seems to have a number on, is the shadow inventory. This is homes that the banks have foreclosed on but have not put on the market. Estimates have ranged up to a million homes nationally. But, since each market is different we do not know what the number is for the Charlotte area currently.
But the numbers do show a positive sign for the hosuing market in Charlotte. No, we are not seeing prices return to pre mortgage crash prices. But we are seeing a stabilization of the market right now. The trend is showing that pricing has remained stagnat for a few months.
This coupled with companies anouncing expansion and jobs into the Charlotte area and unemployment beginning to show signs of decreasing is a positive sign for the Charlotte housing market right now.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Friday, June 24, 2011
Thursday, June 23, 2011
Why You Should Have A Survey Of The Property You Are Buying?
You have found that new house. Agreed upon a price with the seller. The closing attorney wants to know if you want a survey ordered on your new house. It is not a mandatory service to have done. So, you are looking at all the other fees and services you are getting and think “Do I really need a Survey?”
The answer should always be YES. There are many reasons for getting a survey done. But a perfect example as to why you should have one is a recent case that I had. The home back yard had fencing going around it completely. Do to the location of the house it bordered up to a few other homes. Those other homes had fenced in their yards. This particular homeowner kept the style of fencing up and added on to the areas the fence did not cover.
Upon doing a survey of the property we found that three of the neighbors built the back of their fences on her property. In fact two of them intruded onto her property by over 10 feet. This caused a nightmare for the seller and the new homeowner. Because now we had issues with the property begin properly surveyed and neighbors encroaching on the property. The seller had purchased the house a few years earlier and did not order a survey to save on cost. Now, it is costing him a lot more money than that.
The buyer will not close on the property without the fences being moved and the seller did not have a survey so he was not protected by any insurance and the neighbors are suing claiming they have rights to that property spots. The seller will be paying a lot more money to get the home sold now and in court costs than if he had just ordered a survey.
Now, this is probably an extreme example. But if you decide when you move in to put up a fence or a shed or any structure in your yard; you need to be aware of the property lines for your house. This especially comes into play with homes on a cul de sac because of the odd shapes of the yards.
So, when you are purchasing your home and they ask you if you want a survey be sure to say yes.
Dave diCecco
Realtor/Broker
www.davedicecco.com
The answer should always be YES. There are many reasons for getting a survey done. But a perfect example as to why you should have one is a recent case that I had. The home back yard had fencing going around it completely. Do to the location of the house it bordered up to a few other homes. Those other homes had fenced in their yards. This particular homeowner kept the style of fencing up and added on to the areas the fence did not cover.
Upon doing a survey of the property we found that three of the neighbors built the back of their fences on her property. In fact two of them intruded onto her property by over 10 feet. This caused a nightmare for the seller and the new homeowner. Because now we had issues with the property begin properly surveyed and neighbors encroaching on the property. The seller had purchased the house a few years earlier and did not order a survey to save on cost. Now, it is costing him a lot more money than that.
The buyer will not close on the property without the fences being moved and the seller did not have a survey so he was not protected by any insurance and the neighbors are suing claiming they have rights to that property spots. The seller will be paying a lot more money to get the home sold now and in court costs than if he had just ordered a survey.
Now, this is probably an extreme example. But if you decide when you move in to put up a fence or a shed or any structure in your yard; you need to be aware of the property lines for your house. This especially comes into play with homes on a cul de sac because of the odd shapes of the yards.
So, when you are purchasing your home and they ask you if you want a survey be sure to say yes.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Tuesday, June 21, 2011
Buying A Charlotte Home: Do You Know What You Want?
There are home buyers out looking for houses today. Maybe not at the pace we would like to see them at; however they are out there. They are searching hard for that perfect home. But the question I ask every home buyer when they first begin the process is "Do you know what you want in your home?'
Especially with first time home buyers who have never owned a home before this is a critical question. What one person may want or like the other person may not want or like in a home. It is one thing when you are renting a home or an apartment. You realize this is a short term and is a stepping stone to lead you to greater things (home ownership). But do you really know what you want in a home?
A lot of people will say they want X amount of bedrooms and bathrooms and a nice yard and good size home. Okay that is a great starting point. Let's dig a little deeper into your wants and needs. In the Charlotte area that can be in the thousands of homes. If they say they want to be in certain areas or close to certain places that can narrow the list down to the hundreds of houses....
i beleive start with a wish list of features you want in a house. Get as spcific as you can and start your search there. if you do not like anything in that criteria broaden it little by little until you find the right house.
A list of questions I give home buyers together are:
1. How many bedrooms are you looking for in the house?
2. How many bathrooms are you looking for? All full baths?
3. What style home are you looking for? Ranch? 2 story? split level?
4. Any specific area you are looking to live in?
5. Any neighborhood amenities you want?
6. Do You have an idea of size of home you want?
7. Are you looking for a large, small, average size yard?
8. Do you want it fenced in?
9. Do you want privacy with trees/bushes?
10. Do you want any bedrooms on the main level?
11.Do you prefer hardwood floors/carpet?
12.Do you want something updated? or would you prefer to save money and update yourself?
13.Do you want a large kitchen?
14.Do you want an open floor plan?
15.Do you desire a fireplace?
16. Do you want soemthing that needs some cosmetic work?
17. What is your monthly budget? (notice i do not ask price range)
18. Have you talked to a mortgage broker?
This gives me a good starting point and usually leads to some insight and interesting conversations that they might not have thought about. From that list of homes we then go look at a minimum of three homes...That way they now can put their mental vison to a home and decide if it is really what they want.....
These simple steps can help you take out the frustration and anxiety that comes with looking at homes today. With so many choices out there a lot of home buyers I talked to said they did not know where to start and felt frustrated by the process...Answering these questions and getting a Realtor to listen are the first steps to an enjoyable home search process.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Especially with first time home buyers who have never owned a home before this is a critical question. What one person may want or like the other person may not want or like in a home. It is one thing when you are renting a home or an apartment. You realize this is a short term and is a stepping stone to lead you to greater things (home ownership). But do you really know what you want in a home?
A lot of people will say they want X amount of bedrooms and bathrooms and a nice yard and good size home. Okay that is a great starting point. Let's dig a little deeper into your wants and needs. In the Charlotte area that can be in the thousands of homes. If they say they want to be in certain areas or close to certain places that can narrow the list down to the hundreds of houses....
i beleive start with a wish list of features you want in a house. Get as spcific as you can and start your search there. if you do not like anything in that criteria broaden it little by little until you find the right house.
A list of questions I give home buyers together are:
1. How many bedrooms are you looking for in the house?
2. How many bathrooms are you looking for? All full baths?
3. What style home are you looking for? Ranch? 2 story? split level?
4. Any specific area you are looking to live in?
5. Any neighborhood amenities you want?
6. Do You have an idea of size of home you want?
7. Are you looking for a large, small, average size yard?
8. Do you want it fenced in?
9. Do you want privacy with trees/bushes?
10. Do you want any bedrooms on the main level?
11.Do you prefer hardwood floors/carpet?
12.Do you want something updated? or would you prefer to save money and update yourself?
13.Do you want a large kitchen?
14.Do you want an open floor plan?
15.Do you desire a fireplace?
16. Do you want soemthing that needs some cosmetic work?
17. What is your monthly budget? (notice i do not ask price range)
18. Have you talked to a mortgage broker?
This gives me a good starting point and usually leads to some insight and interesting conversations that they might not have thought about. From that list of homes we then go look at a minimum of three homes...That way they now can put their mental vison to a home and decide if it is really what they want.....
These simple steps can help you take out the frustration and anxiety that comes with looking at homes today. With so many choices out there a lot of home buyers I talked to said they did not know where to start and felt frustrated by the process...Answering these questions and getting a Realtor to listen are the first steps to an enjoyable home search process.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Monday, June 20, 2011
Market Report---Matthews, NC. 28105 June 2011
Matthews, NC. 28105 is a small town located in the southeastern end of Mecklenburg county. Just on the outskirts of Charlotte. Matthews is a popular place among families with it's schools and proximity to major highways and uptown Charlotte. Below is a snapshot of the homes that have sold in Matthews over the past three years as well as what is on the market right now. These numbers are from June 1st through May 31st of that year:
3 years ago there were 308 homes that sold for an average sale price of $253,682. They were on the market for an average of 49 days.
2 years ago there were 332 homes that sold for an average sale price of $234,819. They were on the market for an average of 80 days.
Last year there were 271 homes that sold for an average sale price of $258,789. They were on the market for an average of 115 days.
Currently there are 262 homes actively on the market for an average asking price of $241,723. They have been on the market for an average of 119 days. In addition there are 103 homes under contract. Those homes had an average asking price of $262,573 and were on the market for an average of 103 days.
For more detailed information on the market in Matthews, NC. visit my website and sign up for your FREE weekly report on how the market is doing in Matthews, NC..
Dave diCecco
Realtor/Broker
www.davedicecco.com
3 years ago there were 308 homes that sold for an average sale price of $253,682. They were on the market for an average of 49 days.
2 years ago there were 332 homes that sold for an average sale price of $234,819. They were on the market for an average of 80 days.
Last year there were 271 homes that sold for an average sale price of $258,789. They were on the market for an average of 115 days.
Currently there are 262 homes actively on the market for an average asking price of $241,723. They have been on the market for an average of 119 days. In addition there are 103 homes under contract. Those homes had an average asking price of $262,573 and were on the market for an average of 103 days.
For more detailed information on the market in Matthews, NC. visit my website and sign up for your FREE weekly report on how the market is doing in Matthews, NC..
Dave diCecco
Realtor/Broker
www.davedicecco.com
Sunday, June 19, 2011
Father's Day---A Day We Honor Our Fahter's.
Today is Father's Day. I like to wish all fellow Father's out there a Happy Father's Day. As I was thinking what to write about today I pondered on my role as a Father and how my Dad helped shape me to be the person I am today.
When I was a kid I never realized how much of an influence my father was on me and how he would shape the person I am today. I owe a lot to my Dad. He is a religious person and believed that living by certain rules….One golden rule he lives by and instilled in me as kid was to” treat others as you would want to be treated”. So simply put; yet how many of us do? Every time I talk to a home seller or a home buyer that vision of my father telling me pops into my head.
Other traits I carry with me are honesty and integrity. I heard a wise man once tell me "you can never forget the truth but a lie is something that can be forgotten". I understood the meaning behind it. If you lie then you are bound to get caught later on; because one lie turns into another lie and soon you will forget the first lie you said. But if you always tell the truth you never will forget what you said. When you are honest you not only will get respect but you will always have your integrity.
Last thing my Father taught me was hard work. My father believed in an old phrase that my grandfather use to say all the time. “Give a man an honest day work and you will make an honest day pay”. I believe that is still true today and try to live by that rule in my life on a daily basis.
As I reflect on Father’s Day and await the rising of my family from their deep sleep; I realize I am more like my father than I thought I was….and that is not a bad thing. Our father’s shape who we are; whether we realize it or not. So, today on Father's Day I want to thank my Dad for making me the man I am today. And my only wish in life is I am half the man my Dad was and my children come away with the same values I did. THANKS DAD.....
Dave diCecco
Realtor/Broker
www.davedicecco.com
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