Charlotte, NC. Among Fastest Growing Cities In Last Decade

Charlotte, NC. always has been a popular destination for a lot of people. With it's location in the southern center of the state Charlotte is well positioned geographically in the state and has easy access to other areas along the eastern seaboard. However; Forbes magazine just looked at the largest 52 metro cities in terms of population in 2000 and now to see where people are migrating to and away from. Not surprisingly the south dominated the market. But Charlotte, NC. was the fifth fastest growing city among them. Charlotte has seen an incredible growth of 32.8% since 2000. That is an incredible rate of growth. Part of it makes sense to. Most people are migrating to cities and areas for various reasons. Number one seems to be jobs. Charlotte is the second largest banking center in the United States behind New York City. being home to bank of America and now Wells Fargo has strengthened our position in the banking center. But we are also diversified as we are home to Duke energy. Which is the largest energy provider in the United States. We also have numerous colleges and universities in the Charlotte area to help feed our technology base. Weather is another great factor and one that we considered when moving from the north here. We are a few hours away from snow (but generally do not get any) and a couple of hours away from the beach. Matter of fact, a friend of mine went snow tubing with his family last Sunday morning and that afternoon was washing his car in balmy 70 degree weather outside his house. last but best of all the housing market in the Charlotte area is affordable to a vast majority of people int eh Charlotte area...Unlike other parts of the country Charlotte is blessed with a housing market that makes owning a home a real possibility here..... Considering all the facts and the benefits of Charlotte it is no wonder that Forbes magazine found us to be one of the five fastest growing cities in the United States this week.... Dave diCecco Realtor/Broker Cell: 704-519-7895 ddicecco@cbunited.com www.davedicecco.com

Homebuyers To Pay More After April 1, 2013 For FHA Loans

As we approach the spring market in 2013 there is one change that is not getting enough attention. That is that FHA is increasing its mortgage premium on loans after April 1, 2013. In essence you will be paying more for the same house if you go under contract after April 1, 2013 than if you do before April 1st. According to a bulletin put out by the Housing and Urban Development Program it will increase by 0.10 basis points. So what do 0.10 basis points account for on a home loan? Well, for every $100,000 that you finance the yearly mortgage insurance premium you pay will increase by $100 a year. In essence your payment will increase by $8.33 a month. It may not seem like a lot but over the course of a loan it can add up pretty quick and affect the amount you can finance and borrow in the future as well. The other change that is going to have even a more dramatic impact on home buyers is the term of the mortgage insurance premium. Currently you paid the premium for at least five years or until you hit 78% loan to value ratio in your home. So you were paying this for five years if you had enough equity after that time to have it removed you could have it taken off and your monthly payment would decrease by that amount every month. Currently it is at 1.25 basis points and increasing to 1.35 basis points on April 1, 2013. That change I explained above. But the impact on your monthly payment is $112.50 a month. Under normal circumstances you made your payment on time every month you would on average be able to remove it around 10 years by just making the regular monthly payments. Now they will be paying for it for life of the loan. So you will be paying this premium for the life of the loan now in most cases. Their reasoning is that they are still liable for the loan even after it hits the 78% mark and this is a way for them to recoup some of their losses and reduce their risk while providing homebuyers with an affordable option to buy a home. Realtors and mortgage brokers have talked about now being the time to buy a home. If you are considering using FHA for your loan then you may want to seriously consider looking and getting under contract with a case number before the 3rd of June. Dave diCecco Realtor/Broker Coldwell Banker United Cell: 704-519-7895 ddicecco@cbunited.com www.davedicecco.com

Are You looking To Purchase A Home Or A Lifestyle?

Are you looking to purchase a home or a lifestyle? That was the question I posed to a buyer this morning on a fact finding conversation. Are buyers today looking to purchase a home or a lifestyle or a combination of both? It seems we are in a shift of a paradox from what the generation I was/am in grew up with and our parents grew up with. One in where the American dream was to own a home with a garage, white picket fence and have 2.3 children and live in suburban America and commute to work. Now people are different and the needs of people differ. What I might find absolutely appealing and must have in terms of a place might not appeal to you and vice versa. As a Realtor today it is more imperative to find out more about what people are looking for in a lifestyle living area than it is in a house. Everyone wants the three to four bedroom homes in a good school district and a safe neighborhood. And truth is told that covers most of the neighborhoods we all sell in. Besides the fact, the Fair Housing Act prohibits us from steering clients toward or away from neighborhoods. Some people I talk to are looking for bungalow type living or rural life in a city where things are close by. Others are looking for golf courses, water, or other outdoor activities within walking distance or the home to be located on a lake or a golf course. Then you have the ones looking for commute distance, newer homes versus older homes, neighborhoods versus subdivisions....The list goes on and on and on. So, today I tend to talk to clients about lifestyle and what they like to do and where they like to go. I have found it extremely helpful in directing clients towards neighborhoods or areas that best meet the lifestyle needs they want. I had one the other day that wanted to be near a park. We looked at this gorgeous home she absolutely adored. But she said there is no park. I said actually there is around the corner less than a quarter mile from here...We walked over to the park and she was sold on the home. Knowing what was important to her in terms of lifestyle helped me find homes close to amenities she wanted and found desirable in addition to the home features....Are you asking your clients or is your Realtor asking you about lifestyle when you search for a home? You might be surprised if you go back and think of why you ultimately bought the home you are in. I realized the lifestyle was the deciding factor on why I chose the house I am in now and have no regrets because of it. You may not realize it but it may be the deciding factor between you finding the right house and not finding the right house... Dave diCecco Realtor/Broker Coldwell Banker United Cell: 704-519-7895 ddicecco@cbunited.com www.davedicecco.com