Market Report--NoDa/The Arts District Charlotte, NC. February 2012

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 February 1st to february 28th. 3 years ago there were 44 homes that sold for an average sale price of $242,835. They were on the market for an average of 110 days. 2 years ago there was 21 homes that sold for an average of $214,638. They were on the market for an average of 132 days. Last year there was 30 homes that sold for an average of $191,374 They were on the market for an average of 123 days. Currently there are 20 homes actively on the market for an average asking price of $246,630. They have been on the market for an average of 185 days. There are also 16 homes under contract. These homes have not closed yet. They have an average asking price of $197,492 and were on the market for an average of 85 days. Based on the current market conditions inventory levels are leveling off in this area. A six month supply of inventory is considered to be a blanced market. Currently there is just under 9 months of home inventory on the market. This favors the buyer. Dave diCecco Realtor/Broker www.davedicecco.com

Market Report-Crestdale Crossing Matthews, NC. 28105 February 2012

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 March 1st through February 29th. 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 9 homes that sold for an average sale price of $85,844. They were on the market for an average of 98 days. Currently there is only one home for sale at $74,000. There are 2 other ones under contract right now. The average asking price of the ones under contract is $82400 and they have been on the market for an average of 71 days. David diCecco Realtor/Broker www.davedicecco.com

What Are Contingencies On A Charlotte, NC. Offer To Purchase?

This question of what are contingencies in a Charlotte, NC offer to purchase on the surface seems like a simple one to answer. Most people will say does it really matter; they are paying X and that is what matters. Well the answer is not always that easy. When an offer is submitted on a Charlotte, NC. home there are other variables that the seller needs to consider besides the price. What contingencies are the buyers asking for? By this I mean is this offer subject to the buyer selling their home first in a certain time frame? Is it subject to them acquiring financing for the house? Is it based on a move date to the area? Seller help with closing cost contingency? Each of those items can impact the quality of the offer. Some buyers have another house to sell. Generally they will be under contract on their existing house when they put an offer in on yours. But what happens if that buyer for their house all of sudden backs out or cannot get financing? Your home sale was contingent on them selling and closing on their home. Now what do you do? You have just lost valuable time in the sale process and need to start all over again. Financing contingencies are very common unless someone is paying cash for the house. But, what type of loan are they trying to get? Is it an FHA loan? VA Loan? Conventional Loan? The type of loan they are looking to get based on the price they offer can impact the deal. The VA and FHA have an addendum that requires the house to appraise for the sale price of the home in order to qualify for the mortgage (or the buyer has to come up with the difference). Is the home on the higher end of the price point for the neighborhood? If so you may be at the mercy of the appraiser and sweat out the appraiser...This also is valuable time potentially lost. Do you have a plan if the house does not appraise? When is the closing date set for your house? is the seller relocating to the area or are you relocating out of the area? Are there dates you need to be out or the seller needs to be in by? Generally most contracts written allow for a 30 to 45 day close period from an agreement to secure the finalization of financing and get all the inspections done. But what if it is shorter? Or longer? How much and does it impact you for moving or selling your house? Is the buyer acquiring financing and needs help to pay the closing costs on the house? Most (in fact all of the FHA and VA loans I have done in the past two years with financing involved) have asked for some dollar amount from the seller in closing cost assistance. This contingency is a large one and can have a large financial impact on the price of the house. There is so much more to consider when you receive an offer on your home in addition to the price of the house. Checking what contingencies the buyer is asking for can have an impact on whether you accept the offer or not. It also plays a part in the negotiating of the house. Always ask your Realtor what are the other contingencies with this offer? Those answers can impact your decision. Dave diCecco Realtor/Broker www.davedicecco.com