FHA Lowers Mortgage Limits In Charlotte, NC. Area Starting Janaury 2014

The Federal housing Administration (commonly known as FHA) has announced that they are lowering the mortgage limit amount on FHA loans. Nationally this has a dramatic impact as the overall lowering is said to be as great as $140,000 in some areas of the country. The press releases state that the new FHA loan maximum is $355,350.00. Believe it or not it used to be $500,000. So how does this affect Charlotte, NC. area home buyers and why should we care? Well just because the maximum price is reduced the FHA does it by area and city. Not all cities qualify for the same limit. Each is based on the average price of the area and a formula used by the Federal Housing Administration to formulate the maximum loan amount for that area. In the Charlotte, NC. area currently through December 31, 2013 the maximum loan amount for an FHA loan is $303,750.00. One a lot of people took advantage of with the low interest rates to get away with putting less than 20% down and get a great rate.... I even had some clients go FHA and put 5-7% down just to get the lower rate that was offered versus going 20% with a conventional loan. The payments came out less expensive for them and they felt they could make a better return versus the low interest rates being charged. However; the new changes that affect the housing market and the FHA loans has reduced that amount to $271,050.00 This is a drop of over 10% in the loan amount that FHA will approve. This is a substantial amount for the Charlotte, NC area housing market. If you were looking for example at a $310,000 priced home; then you could buy the house with 3.5% down payment....... However; after the first of the year you will be maxed out on a house at $280,500 to get that 3.5% down payment.... This can make a big different in the house you look at and how you look at homes. How this will affect sellers and buyer is still unknown; but that price point cold see a drop in home sales and buyers who will now have to qualify for a conventional mortgage with 20% down. There are programs out there that will allow you to purchase a conventional mortgage with less than 20% down payment. However; the qualifying criteria is a lot more stringent than FHA and most people might find it more difficult to qualify or not qualify at all….So, if you are considering a home and looking into doing an FHA loan check your area and see what the NEW limit is going to be. You can find the information on their website as well. Here is a link for the FHA site as well. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Ballantyne Area Of Charlotte, NC. One Of The Top Searched Zip Codes

The other day I was reading an article published by Realtor.com about the hottest markets and areas in the country. Being in Real Estate I always like to know where people are looking to move to and from. So the article peaked an interest in me as to where people are searching for homes in the United States. In reading the article I found that the Ballantyne area of Charlotte, NC. came in at number 5 on the most searched zip codes in the United States. The zip code of 28277 is a very popular destination among people moving to Charlotte and apparently with people looking to move into the Charlotte area as well. There are a lot of good reasons why Ballantyne area of Charlotte is so popular. It has a great location in Charlotte located in the southern side of Charlotte right up against the South Carolina border. Because of it's location it has easy access to major highways and to uptown. With various routes you can take as a commuter to go to uptown the area is a great destination for commuters. It is approximately a 30 minute ride to uptown from there or you can take a short drive over to the light rail (approximately 10 minutes away) and take the light rail into uptown and not have to deal with the traffic at all. Or if you need to go to the airport you are only about 15 to 20 minutes away from Charlotte Douglas Airport which is an international airport and a major hub for US airways. Another thing that it has going for it is major businesses are now starting to call the Ballantyne area home with it's affordable retail space and space to grow. Met life this past year recently moved it's corporate offices to the area and office parks are sprouting up as businesses are moving into the area. Wingate University is moving one of its satellite campuses over to Ballantyne as well. Residents have long considered the area great and people moving in with school age children or looking at areas of Charlotte with some of the highest rated schools are looking in Ballantyne as well. With newer schools having been built the demand to get into those schools has helped keep the area housing market relatively strong through the recession. In addition, there are numerous shops, restaurants and stores popping up in Ballantyne area as well. Also a quick drive will take you to the Carolina Place mall or to the South park mall both within fifteen minutes of Ballantyne... Known for its location it is also home to some great golf courses and a short ride away from major attractions like Carowinds amusement park and the time warner arena as well as sporting events. Considering a move to the Charlotte area look and see why many people are considering the Ballantyne area for their next move....To see homes that are available there click on the link for all homes for sale in Ballantyne. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

What Rooms Are Important To Selling Your Charlotte, NC. Home?

Recently I have been getting a lot of questions form potential home sellers about what to do to get their home ready to go on the market after the holiday. One question that keeps coming up in the discussions are what rooms are people looking for today in buying homes and what do I have to do to get those rooms ready. I started thinking about the questions and though I have some generalities of what I have heard home buyers want and need in a house; I decided to ask fellow agents what they thought and what feedback they were getting form buyers on what rooms were important to them to when buying a house. The number one room we all agreed upon is the kitchen. First and foremost this seems to be the room that all home buyers gravitate toward. Be it the wife or the husband; there is one or both of them that like to cook and this room seems to be a make or break deal for a lot of home buyers. Now depending on the size of the house the space in the kitchen is going to be subjective. But it should be proportionate to the house. I looked at a 3000+ square foot house with a couple a few months ago and the one thing that caught me when we were walking through the house was the small size of the kitchen in relation to the rest of the house. They noticed the same thing and even though they loved the flow of the house and everything else about it the kitchen was a deal breaker for them on that particular house. Regardless of the size of the house one common factor I heard from buyers this past year was plenty of cabinet space and a pantry in the kitchen. This was a big deal as was countertop space. AS we are slowly becoming more of a society trying to get away form fast food and more time at home eating together the kitchen has become more prevalent now... Another thing about the kitchen was the location and openness of it. Was it centrally located for entertaining and could it have people in there without each other walking over one another? I know having four kids on the weekends when my wife is cooking this room is the most utilized room in the house. If your kitchen looks old and dated it may be time for a facelift to it. You would be amazed what fresh paint and refinishing of cabinets can do to a kitchen as well as new stainless steel appliances. It can make the whole kitchen a different room...and help sell the house. The other room I am hearing more and more about is the family room. Home buyers are looking for a room that they can sit down as a family together and watch TV, a movie, or just hang out. The space in that room seems to be just as important as the kitchen to prospective home buyers. They want to know they can get their furniture in there or that the room will be large enough for everyone to sit and enjoy time together..... If you have a family room/living room make sure it is de-cluttered. The less items in there the better. You need couches and chairs to sit on but try to minimalize the unnecessary furniture and toys so that the room shows off the true size and not make it look smaller than it really is. The last room I hear people looking for a decent size in is the master bedroom. Though this room is not as high a priority it still ranks up there with a lot of home buyers. And one common factor seems to be whether the room is large enough to have a king sized bed and their dressers in the room. it seems that every master bedroom I walk into when showing homes that is the first thing I hear coming out of the buyers mouths if the room does not have one or "look this has a king sized bed in it". The room does not need to be flashy but should have ample size to fit a king sized bed. As time goes on taste and needs and wants change. It seems that the buyers of today are looking for nice kitchens with a good sized family room and a master bedroom they can fit their king sized bed. Now there are always going to be other criteria for buyers and not everyone fits in the same mold. But if you are looking to sell your house and thinking of what you can do to help it sell or get it ready to put on the market; these would be the three rooms I would start with... Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com