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