What Is The Difference Between A Pre-Qualification Letter and A Pre_approval Letter When Buying A Home?

As we enter the spring selling season and the last of the snow is melting away here in the Charlotte, NC. area and temperatures are rising back up to the 50's and 60's buyers are starting to come out of their hibernation and look at homes. With the rise in buyer activity comes multiple offer situations. One thing I always advise a seller to look at when in multiple offers is the pre-approval or pre-qualification letter. It can make a difference between two offers if they are close. So, what is the difference between a pre-approval letter and a pre-qualification letter? Quite a bit actually. When you go to talk to a bank about a mortgage generally you do not know the house you want to purchase yet. You are checking to see if you can qualify for a mortgage and how much of a mortgage you can qualify for. Thus the lender will typically do a pre-qualification letter to let you go out and shop for a house with. Now, do not get me wrong; there is nothing wrong with a pre-qualification letter but it is just that...a pre-qualification. This means that the lender has taken your personal information and pulled all three credit bureaus and reviewed it with you and based on the information on there and what you have VERBALLY told that mortgage broker for income and assets is what they are basing the qualification letter on. In other words they are taking you for your word on most assets and income. Unfortunately, there are things that the mortgage broker will not ask because it is early in the process and that could actually hinder your buying power. For example, you told him you made $50,000 last year combined. However; a portion of it was a bonus which you never got before or overtime for which you do not always get.... Those usually cannot be included in your income because they are not consistent or steady. On the other hand a pre-approval letter means that the mortgage broker has done everything that they would do with a pre-qualification but have taken it a step further. They have your w-2 for the last two years and have seen your paystubs and bank statements. They have visually verified your income and money situation as well as job through documentation. After putting that information in the computer they were able to give you a pre-approval letter. A lot of people will tell me so what.... But the difference is your buying power is stronger with a pre-approval letter versus a pre-qualification letter. As a seller they would rather they see a pre-approval so that there is a little more verification of funds and income up front and the chances of the deal closing are greatly improved. It does not hurt to start out with a pre-qualification letter but once you find a home you want to put an offer in on I recommend to all buyers that they contact the mortgage broker and update the approval letter from pre-qualification to a pre-approval to strengthen their offer... Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

How Is The Housing Market Performing In Charlotte, NC. January 2014

There is a lot of talk about the housing market in Charlotte, NC. and whether it is improving or if the rise in interest rates has caused the market to slow down and prices to lower while inventory creeps back up. A monthly analysis versus the previous year and two years ago during the same month allows me to compare and see where the trends are and how they are impacting the housing market in Charlotte, NC. Here are the stats for January 2014: First, let's look at inventory of available homes buyers have to choose from in the Charlotte, NC. . In 2012 there were 7150 homes for sale in January. In 2013 there were 5034 homes for sale. Last month there were 3980 homes for sale. That is a decline of 56% in two years of available homes buyers have to choose from. Second, the average sale price of homes in the Charlotte, NC. for December 2012 was $198,492. In 2013 the average sale price was $212,409 and last month the average sale price was $235,267. That is an increase of 16% in the average sale price in the Charlotte, NC. market over the past two years during the month of January. Third, let’s look at days in inventory. How long are houses sitting on the market? In 2012 the average home sat on the market for 10.4 months before being sold in January. In 2013 the number improved to 6.1 months and last month it improved to 3.8 months. That is a dramatic drop in inventory of over 64% in two years for the average homes is on the market that sold. What the trends are showing is that the housing market is out of the recession and available homes for sale have decreased to the lowest levels we have seen in over 5 years coupled with prices slowly creeping back up and more buyers out there than homes available and you have signs of a robust market in Charlotte, NC. heading into the spring market. However; in comparison to last couple of months the trend is showing that the housing market has stabilized and prices are slightly increasing as we turned the calendars to a New Year. Generally in January we start to see homes available on the market start to come back on with the Holiday’s over with. This year with the odd weather patterns we have had in the Charlotte area I feel it has slowed the sellers from putting homes on the market. The good news for sellers is that you have less competition with existing homes and buyers have less competition when looking at a home and are not feeling as rushed to buy a home in fear that someone else may scoop it up first. The outlook is looking good for both sellers and buyers as interest rates are still at historic lows and affordability is high. As we get closer to the spring selling season we should see a dramatic uptick in available inventory. It would be a welcome sight for the housing market. Most analysts agree that a balanced market that favors neither the buyer nor the seller is one where inventory levels are hovering around six months on the market. When you get to low of inventory like we have now the market favors the seller and too much inventory favors the buyers…. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

What To Do In A Multiple Offer Situation In Charlotte, NC

As the spring market nears inventory in the Charlotte, NC. market is very limited currently. It has led to multiple offer situations on a lot of homes in highly desirable neighborhoods that are priced to sell. So, you are in one of those situations and do not want to lose the house in a bidding war; however do not want to bid yourself to high and leave money on the table. Is there a happy median that can help you get the house you want and at a price you are willing to pay in a multiple offer situation? Potentially yes. The normal procedure is that the listing agent will send out an e-mail to all the buyer's agents that have placed an offer on the house asking for their highest and best offer by a set deadline. After that deadline all the offers are presented to the seller to which they pick one to go forward with on the transaction. Generally that offer will be one that offers the seller the highest return in terms of money in their pocket. You want the house but do not want to over bid and at the same time do not want to under bid on the house....So what do you do to entice the seller to take your offer? Well I had a recent situation where this happened and was quite surprised at the offer and the seller actually was amicable to accepting it based on the terms. Come to find out others in my office have been trying this recently also with good results as well. It is called an escalator clause. It needs to be drafted by an attorney do to the legal ramifications with it and as Realtors we are not allowed to draft legal documents....I have a blank one I am now using prepared for me that is fill in the blanks. What is says in essence is that X dollars is our offer. (Note that I did not say highest and best offer). However; the buyer is willing to pay X dollars ABOVE the highest and best offer you receive as long as that number does not exceed X dollars. So, you have a dollar amount in mind you are willing to go up to base on advice from your Realtor and comparable out there coupled with your mortgage approval. But do not want to go to high and feel if someone wants to overbid for the house let them have it because as I tell buyers if it does not appraise then that number is fruitless.... But do not want to lose the house for your number at the same time. This clause protects you from over paying for the house but allows you to bid on the house up to a certain amount of money you feel comfortable with at the same time. It is a win win situation. If you get the house ti may be only a few thousand more than your offer but could be tens of thousands dollars less than the highest other offer. Because you do not know who the other bidder is and they may not be in love with the house enough to go that high or cannot go beyond a certain point or a slew of other reasons..... This protects you form drastically over paying and allows you to be competitive with your bid. This clause has helped me win a bid that we ended up paying less than what we would have paid for the house if we put in our max bid by 15% last month....So you do not know if your do not try. But the one caveat is you need to ensure your Realtor can convey this properly to the listing agent so they understand how your bid works and you do not get thrown out for a misunderstanding.... Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Relocating To Charlotte, NC: Kid Friendly Things To Do

When my wife and I moved to the Charlotte, NC. area a little over eight years ago with our four kids ranging in age from 9 to 2 years old one of the first things my wife looked out was kid friendly things to do in Charlotte, NC after we got settled in. It allowed her to go out and see the town and hopefully meet some people along the way and get the kids acclimated to the area. The list of kid friendly activities would take a lot of space to write about everything that Charlotte, NC. has to offer for children. So, I decided to hit on some of the main ones that we have explored and felt were worth the time to visit with children. First on our list was Carowinds. Located on the North and South Carolina border this amusement park is truly designed for kids of all ages. A great place to spend an afternoon or a day. My kids especially love the water park and the various rides and wave pools that it offered. The drawback is it is open seasonally so it closes down at the end of October and does not reopen again until April. But truly a fun place to go if you enjoy amusement parks. Second, Discovery Place museum. My children have always been fascinated with museums. Especially ones that let you touch and feel and play with things in them. The Discovery Place museum is a great place in uptown to take the kids to explore different scientific things and watch them as they use their minds to have fun and learn at the same time. With some exhibits that are permently part of the museum and others that are traveling it seems never to have gotten boring or dull for my kids.... Third, was the whitewater center located in Northern Charlotte area. This is a great place to take the whole family if you are looking for a fun outdoors day. Besides the whitewater rafting, they have over 24 different activities for kids and adults of all ages and skill levels. Numerous water rafting and kayaking is available. They also have some great trails to go hiking or mountain biking on and various rope courses and zip lines designed for all ages and skill levels.... Fourth, Rays splash planet. It is basically an indoor water park for young children. Probably best suited for kids ten and under....It has water slide and a swimming area as well as a kids play area all indoors. Being open year round helps and the kids love the fact they can go swimming in the winter time. Fifth, Charlotte parks and recreation. One thing I was impressed with when I first moved to Charlotte and continue to be impressed with is the amount of parks and playgrounds for kids. Despite being a large city Charlotte has been able to maintain large vats of land scattered strategically throughout Charlotte for playground sets and fields for the kids to go and run around in and play.... They even in the summer time have splash zones. They are basically water sprinkler systems that shoot water on the kids during the summer and my kids love going and running through the sprinklers and enjoying a cool off while playing out at one of the parks. Sixth, staying with the theme of the parks and recreation Charlotte has numerous greenways and is working on expanding them continuously as well. They are scattered throughout Charlotte and on any given day you will see people walking, jogging, and riding bikes with their kids pushing strollers through... I is a great family fun activity that cost nothing to do as well. Seventh, The Daniel Stowe Botanical Garden is one of my favorite places to visit. Named after the founder who left the 400 acres to make in a garden for all to see and view it is a great afternoon to spend visiting the wonderful flowers and plants that the garden has as well as seeing some of the most beautifully preserved area of Charlotte as well. Eighth, Carolinas aviation Museum. Charlotte is not known for it's planes or aircrafts except for the busy international airport. Yet we are home to a wonderful aviation museum that is home to the plane from the miracle on the Hudson. The one where the plane landed in the Hudson River. With so much rich history to see and a constantly expanding museum that is mostly indoors this is truly a gem that seems to have gotten lost in the shuffle in Charlotte. Ninth and last on my list is the Imaginon. It is the main library branch for the Charlotte library system and is also home to a lot of other things. I guess it is not your typical library. It is a collaboration of a library and a theater that brings books to life through children's plays put on by the kids. Finished in 2005 it hosts two state of the art theaters, a library section devoted to children under 11 years old, a teen only library, classrooms, it's own multimedia production studio and interactive exhibit space all under one roof.....I have gotten lost spending a day in there with my kids with all the things to do and books to see...... Like I said earlier there are probably a lot of other things to do in Charlotte and I have probably with my wife done most of them as well. I thought these were the best of them. Some required admission and others were free but it gives our kids a broad range of things to do in the Charlotte area and is a good way to start your experience in Charlotte, NC. with children as you get to know the area. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Relocating To Charlotte, NC: Dining In the Queen City

When people are relocating to the Charlotte, NC. area a misperception if they have not visited yet is the type of food that Charlotte has to offer. Yes we are in the south and as such we like our food fried. However; Charlotte, NC. has become a great place for just about any taste bud. I personally was surprised at the wide variety of restaurants to choose from when I first arrived in Charlotte and it is ever growing. Charlotte, NC. has some great places to eat that from appearances look like small little local cuisine places that offer some of the best food in town at a reasonable price. And of course there is the five star restaurants with some award winning chefs offering just about everything you can imagine in cuisine in the Charlotte area. One thing about Charlotte, NC is that there is a variety of restaurants catering to all types of people, food and atmosphere scattered throughout the queen city. I have visited some of the best hole in the wall places to get fried pickles and mouthwatering fried chicken to formal restaurants that take reservations weeks in advance do to the high demand for it's food.... In addition to the many restaurants and local establishments Charlotte is also home to all the major fast food chains and a few I never heard of before coming to Charlotte, NC. In a pinch and need a place to eat you will find something for every taste bud in the Charlotte, NC. area. The one thing I noticed though traveling to Charlotte, NC. coming for the Northeast is that the city does not have many 24 hour restaurants or diners. In fact I was hard pressed to find a diner in Charlotte. I noticed the staple here was the waffle house as ( what I would call a local diner) offering 24 hour service outside of the usual fast food chains. Outside fo the weekends it seems most of the nicer restaurants tend to close down by 10p.m. on the weekday's. But with Johnson and Wales Culinary institute having one of it's campus located here and the Art institute having a college campus in Charlotte there is always fine cooks coming out looking to make a name for themselves in the Charlotte region..... This has added to the diversity and types of food that is served in Charlotte. In addition, people moving in here are opening local cuisine restaurants tailored after their heritage in the Charlotte area all the time and has added to the diversity of types of food you can experience in the Charlotte region. So no matter what type of food you are looking for form fast food all the way up to five star dining you will find it in Charlotte, NC…. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamarealty.com www.davedicecco.com

Relocating To Charlotte, NC: Health Care

When I thought of moving to the Charlotte region a few years ago with my wife and four kids; many factors played into my decision to choose Charlotte as my home. One of the primary reasons was the health care system in and around the Charlotte area. Though I hoped to have never had to use it I wanted to make sure the quality of medical care in the area was high and easily accessible. I was quite stunned at the facilities that Charlotte offered and the easy access to them with their central strategically positioned locations throughout Charlotte, NC. Charlotte is primarily run by two major health care systems that run the two hospital systems in the Charlotte area. One is Carolina Medical Center and the other is Novant Health Care. I unfortunately, have had the pleasure of visiting both hospitals in the past and felt they both offered equally professional and top notch care. Carolina Medical Center is part of the Carolinas Health care system. It is the largest health care system in the Charlotte region. Carolina Medical Center is the largest research hospital in the region and one of five teaching hospitals in North Carolina. Being a part of Carolinas Health Care system has helped it, and the Charlotte region provide top notch medical treatment to all patients be it in the hospital or through one of it's doctors or specialists throughout the Charlotte region. Being a part of the largest healthcare system in the Carolinas has some people worried about the quality of care you will receive. But Levine Children’s hospital was recently recognized as one of the top children's hospitals in the country and Carolinas Medical Center is also rated as one of the top medical centers and programs in the country and has been winning awards for many years in select fields. The other major medical center in the Charlotte, NC. region is Novant health Care. Located in multiple states people unfamiliar with the new system in the south (like I was) are finding out that the hospital is part of a network of doctors, hospitals, and health care providers all intertwined among one another. Novant is not quite as large as Carolina Medical Center but is still a viable option in the Charlotte region. It has won awards and the quality of medical care it provides is on par with Carolinas Medical center and some even have said better. I think the competition among the two groups has helped improve the quality of care as well as having them reinvest in research and development.. All in all, moving to Charlotte, NC. has given me a different perspective on health care that I was not used to coming from the Northeast. There individual doctors practiced privately and hospitals were only affiliated with certain doctors. Here everyone works together to help ensure you are provided the best care possible. I also like I can go to any Carolina Medical Center facility and they can pull my records almost instantly without me doing additional paperwork..... Lot of good reasons to choose Charlotte, NC. as your next home and medical care and facilities in and around Charlotte was one of them for me.... Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Relocating To Charlotte, NC: Public Transportation

When people move to Charlotte, NC. and have come from an area or city where they have primarily used public transportation or want to use public transportation to get around Charlotte the question is where do you look and what is public transportation like in Charlotte, NC. Charlotte is one of the largest cities in the United States boasting a ranking in the top 25 for population. So, with that many people getting around Charlotte public transportation is and has become a necessity. It also is popular among people who work in uptown and do not want to pay for parking. Charlotte, NC is run by the Charlotte Area Transit Authority (or more commonly known as CATS). It is the central hub for all the buses and light rail in the Charlotte, NC. It is the largest single public transportation system in the south between Atlanta Georgia and Washington DC. On an average day it runs over 70 different bus routes and a light rail system connecting the southern part of Charlotte with uptown Charlotte. In addition it has services for the disabled and a van pool system. In the ever changing and increasing growing city it is constantly expanding it's services and improving the ones it has in place already. One thing about the bus system in Charlotte is that it is very accessible for most residents. It has both local routes that are scattered throughout Charlotte and express routes for commuters working in uptown. The bus service currently carries in excess of 22 million people a year. I know people love the fact ti has stops in most major medical center areas and the commuters love the express route to uptown to expedite their commute. The light rail system opened a 9.6 mile run from 485 by South Blvd. to uptown Charlotte with numerous stops in between. It was designed to help alleviate the traffic congestion on 77 and give commuters and people going into uptown an alternative to get to up town. It has been such a huge success that they are in the process of expanding it out toward University of North Carolina Charlotte currently. The para assist is one of my favorite parts of the mass transportation that Charlotte, NC. offers. It picks up people with disabilities and drops them off at their required destination. It is a true door to door service to help those with special needs. Van pool offers a shuttle service for a group of people who reside in the same area to get to and from work on a daily basis and has become a popular mode of commuting among local residents working in the same area. Charlotte, NC. city leaders and Cats officials have done a good job of addressing the need to improve and grow the transit system as Charlotte continues it's ever increasing growth of population to the city and the surrounding towns.....With the ever expanding light rail and new busses and service lines being added Charlotte is showing the vision necessary to handle the growth.... Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Relocating To Charlotte, NC: Sports Teams

Relocating to Charlotte, NC. has been a very popular place for numerous people to move here. Another factor people are worried about is what there is to do in Charlotte. I covered the Theater on an earlier blog post and today I thought I would talk about the different sporting events and teams that Charlotte is home to. Despite not being the capital of the North Carolina Charlotte, NC. is home to more sports teams than any other city in North Carolina. In regards to professional sports teams we have the Carolina Panthers of the NFL which play out of the Bank of America stadium in uptown Charlotte. Founded in 1995 the Carolinas Panthers played their home games across the border in South Carolina until the stadium could be built. Then in 1996 they moved to the stadium they have called home ever since. Despite being one of the youngest franchises in the NFL they already lay claim to a few divisional championships and have played in one Super Bowl. During the NFL season basketball season kicks off and North Carolina is known for it's basketball. Well Charlotte is home to the Charlotte Bobcats (which after this year is being renamed the Charlotte Hornets). WE were home to an NBA team for a brief while before getting spurned and the team moved to New Orleans. Now, they are strongly entrenched back in Charlotte playing out of the Time warner arena in uptown Charlotte. When basketball is not played at the Time warner arena they host the International League hockey team of the Charlotte Checkers. They are the minor league affiliate of the Carolina hurricanes. The rich history of hockey here in Charlotte dates back to 1956 when the checkers first started. Then when the league they were in folded in 1977 the checkers were no more. But 17 years later hockey came back to Charlotte and they are the proud high affiliate of the Carolina Hurricanes. In the spring and summer catching a baseball game at the White Sox triple A affiliate Charlotte Knights is a treat. Until this year they played their games in Fort Mill Sc. just over the line in South Carolina and only about a 30 minute drive from uptown Charlotte. However; the city of Charlotte is building a new arena almost right next to the Bank of America stadium that will host the Charlotte Knights in baseball starting the spring of 2014. In addition to the obvious sports Charlotte is also home to some lesser known professional teams as well. Charlotte is proud to call the Charlotte Eagles their home in the Professional soccer league as well as the Charlotte Lady Eagles the women’s professional soccer team. Charlotte is also home to a lacrosse team as well as a rugby team. But Charlotte, NC. call to fame in the sporting world might be NASCAR. Besides being home to the NASCAR Hall Of Fame Charlotte area is also home to Lowe's motor speedway in neighboring Concord. NASCAR is one of the most watched and attended sporting events in the United States and Lowe's Motor speedway is host to two of the largest ones. The infamous Memorial Day weekend race of the Coca-Cola 600 and the October race of the Bank of America 500. In addition throughout the year there are other racing events held of race fans all year round..... Moving to Charlotte, NC. does not have to mean you turn to following another sports team. But it gives you options if you enjoy watching different sporting events live throughout the year..... Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Relocatin To Charlotte, NC: Location And Weather

When people are considering moving to Charlotte, NC. one of the biggest questions I get is how is the weather down there as compared to other parts of the country. Now, coming from the Northeast where I was born and raised anything short of a foot of snow for me was considered a dusting of snow and no big deal. But there are some traits and logistically where Charlotte NC. area is located makes this a surprisingly good location. I hear a lot of people say it is not close to the beach and that there is no snow or mountains to go skiing or snow tubing in. Well the one thing I learned when I moved here and pass on to everyone looking to move to the Charlotte, NC. area is that we are centrally located between some of the great beaches the south has to offer and some great mountain areas. Because of the location of Charlotte, NC. it takes about 3 1/2 hours to get to the beach. The ideal destination being the Myrtle Beach area of South Carolina. With many avenues to take going in traffic is never really a concern and makes for a great weekend getaway or a day trip. Now if you want to head three hours north you can venture into the Smokey Mountains and parts of the Appalachian Trail. Some of the most beautiful scenery to take in during the fall and spring time is up there as well as some great skiing and snow tubing places. In fact one year we went up in the morning and snow tubed for a few hours and came home and I was in shorts and a t shirt washing my car that afternoon. That is the beauty of Charlotte, NC. I can go either North or South and get the best of all seasons without the hassle. Charlotte NC., in my opinion celebrated three seasons. Fall, spring and summer. Winter is really not a real winter here. We can go from day or two in the teens or twenties to sixties or seventies overnight...Snow is a rare thing. In fact this year snow storm was really the first in a couple of years and when (or if) it does snow we generally see it melt away by the next day. It also helps that the average year round temperature in Charlotte, NC. Hovers around 70 degrees. In addition to its location because of where we are situated inland Hurricane season is nonexistent for us. Also the mountains to our west generally protect us from the real bad weather that comes that way. And we are far enough north of the ocean that Georgia and other areas minimize any real storms we get. Because of its location and easy drive distance to the mountains or the ocean Charlotte has become a popular destination for people looking to avoid the weather extremes other parts of the country get but still close enough to go to the oceans or mountains when they want to.... Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Relocating To Charlotte, NC: The Theater

Relocating to Charlotte, NC. Area and another large concern among people moving to the area is what is the cultural life like in Charlotte area. What is there to do and where to go? Charlotte is home to a wide array of arts and music venues scattered throughout the area. Listed below are some of the more popular theater places to visit in Charlotte area. Some make a great family event and others are perfect for a date night or night on the town where you want to catch a live show. One of the most popular venues people in the Charlotte area visit is the Blumenthal center for performing arts. Located right in the heart of uptown this is home to many different types of art and culture. It hosts various off Broadway plays, home to the Charlotte symphony orchestra and the North Carolina Dance Theater among other acts and performers who perform there year round. With it’s walking distance to some fine dining it has become a very popular destination for the arts in uptown. In addition there is the Actor’s Theater of Charlotte another popular destination that tends to sell out often on the weekends. Actor's Theatre of Charlotte presents bold and innovative new works by contemporary playwrights. It may be considered the Charlotte region's only professional theatre producing Off-Broadway-style plays at a very reasonable price. Just outside of uptown in the arts district of NoDa is the Carolina Actors studio with its well renowned producers and writers. A great informal place to see a play where they incorporate the audience into some of their productions but always has you thinking. Then there are my two favorite ones which are basically the same but one is for adults and the other for children. It si the Theater Charlotte and Children’s theater of Charlotte. Theater Charlotte is actually the oldest running theater in Charlotte celebrating over 86 years and running and like it’s sister companion the Children’s theater of Charlotte is run by mostly volunteers. Most of the people involved in the productions are doing it as a volunteer. I love the theater Charlotte for it’s quality play rights and the kids love the children’s theater for it’s storylines (geared to kids 3-18) with one of the few traveling fully professional touring groups calling it home. With over 300 performances a year it is a huge hit with kids and parents alike. Now, you can venture outside the city of Charlotte to the neighboring town of Matthews and you will find smaller community house type venue the Matthews Playhouse of performing arts that bring local talent on the stage for a fun filled night as well. This theater is unique in that it allows the children to perform in front of an audience at very young ages and grow with the theater as they have expanded to offer adult shows in addition to the children shows and now perform year round. In addition you have the local colleges with their performing arts programs that offer a fun filled evening out as well. Coming from Connecticut and frequently visiting New York and Broadway I found the theater choices and types of plays and theater here is Charlotte to be excellent with it’s wide array and especially love the kids programs to get my children to enjoy the theater as much as I do at a younger age. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Relocating To Charlotte NC: Education

Besides the economic development that Charlotte offers one thing that seems to pop out among people relocating to the Charlotte, NC. Area is the schools and education that is received for kindergarten though twelfth grade specifically. One fact that not many people know is the Charlotte Mecklenburg School system is the largest school system in the state of North Carolina. We are home to 160 schools and educate over 300,000 students each and every year. But just because we are the largest in the state the education system does not lack in resources or in providing a quality education to all students throughout the different grade levels. In fact the Charlotte Mecklenburg School system has won numerous awards and grants based on its educational performance among other school systems across the country. In 2011 it won the Broad Prize for Urban education. It is awarded for Charlotte Mecklenburg system strong academic performance among urban schools...It is also the largest grant given out for education every year. In 2012 Charlotte Mecklenburg School fourth graders outperformed ALL other fourth graders in math on the national math exam and placed third in reading. At the same time eighth grade students are ranked first in reading and third in math. In addition to the numerous awards they have won; they have some great magnet schools to help nurture children with special talents and IB programs along with numerous AP courses available to High School students. Last year Charlotte Mecklenburg Students took over 8,000 AP exams. Because of the rigorous standards set fourth by the school system and the constant updating given to parents in this joint venture seniors last year were awarded over 93 million in scholarships to post high school education. We also have schools that have won national awards for their excellence in education and some ranked as top High Schools by well-respected news publications like Us News and World Report and Forbes magazine. Besides the lower school education system Charlotte is also home to some wonderful post High School options. We have the University of North Carolina Charlotte which boasts a great set of programs and has grown over the years and tightened its entrance requirements to make ti a competitive college. There also is Johnson and Wales University, King's College, Wingate University and of course Central Piedmont Community College with campus scattered throughout Charlotte just to name a few. Having moved here almost nine years ago with four small children; schools were very important to me and my wife. I can say I have been extremely pleased with the level of education my children are receiving and the level of openness that the schools have in making it a partnership with the parents. I currently have children covering elementary through High School and each one is challenged on a daily basis. Having worries that the large system would be just a number for my child has proven to be exactly the opposite here in Charlotte. Teachers and principals take a hands on approach and an open door policy and seem to care about the well-being of the kids and their education like they are their own. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Relocating To CHarlotte, NC: Economic Development

In this ever changing landscape I have noticed more and more people are moving to where jobs are and unlike previous generations that stayed where they were for most of their lives the newer generations tend to be on the move more. One area that is popular among people moving is Charlotte, NC. I have decided to devote a series of blog posts to the many reasons why people are moving into the Charlotte region on a daily basis. First is economic development. The number one reason people move is for their jobs or to find one. Charlotte has become a robust area for job seekers over the past few years. There are a lot of reasons why. According to the Charlotte chamber of Commerce the Charlotte region in the past year alone Charlotte has seen 6,790 new firms invest over 12 Billion in new Charlotte facilities. This coupled with Hoover's report that Charlotte is home to over 3400 companies that have revenues over 1million annually. But the main reason Charlotte thrives with job seekers is we are home headquarters to eight of the fortune 500 companies and 274 of them have facilities in the Charlotte area. That means over half of the 500 largest companies in the United States have a stake in the Charlotte market. This diversity has helped Charlotte thrive even in the economic down turn. We are the second largest banking center in the United States behind New York. That has helped us create numerous jobs in the banking and financial sector which has added to the job growth of the Charlotte region. But we are more than just fortune 500 companies and a banking center hub. We have a large manufacturing base as well as an international companies in the Charlotte region. In fact Charlotte is the largest hub for international companies in the state of North Carolina. When you visit Charlotte for the first time you can now see why there is an ever constant flux of construction going on as the city of Charlotte is constantly growing and expanding to meet the demands of companies here and ones moving into the Charlotte region..... This is the first reason I hear from most people on why they chose the Charlotte region to relocate to and one of the reasons I chose Charlotte a little over eight years ago to call home when I was leaving Connecticut. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

How Is The Housing Market In Charlotte, NC. December 2013?

There is a lot of talk about the housing market in Charlotte, NC. and whether it is improving or if the rise in interest rates has caused the market to slow down and prices to lower while inventory creeps back up . A monthly analysis versus the previous year and two years ago during the same month allows me to compare and see where the trends are and how they are impacting the housing market in Charlotte, NC. Here are the stats for December 2013: First, let's look at inventory of available homes buyers have to choose from in the Charlotte, NC. . In 2011 there were 7319 homes for sale in December. In 2012 there were 5203 homes for sale . Last month there were 3975 homes for sale. That is a decline of 53% in two years of available homes buyers have to choose from. Second, the average sale price of homes in the Charlotte, NC. for December 2011 was $199,108. In 2012 the average sale price was $212,223 and last month the average sale price was $233,395. That is an increase of 14% in the average sale price in the Charlotte, NC. market over the past two years during the month of December. Third, let’s look at days in inventory. How long are houses sitting on the market? In 2011 the average home sat on the market for 10.7 months before being sold in December. In 2012 the number improved to 6.4 months and last month it improved to 3.9 months. That is a dramatic drop in inventory of over 65% in two years for the average homes is on the market that sold. What the trends are showing is that the housing market is out of the recession and available homes for sale have decreased to the lowest levels we have seen in over 5 years coupled with prices slowly creeping back up and more buyers out there than homes available and you have signs of a robust market in Charlotte, NC. heading into the New Year. However; in comparison to last couple of months the trend is showing that the housing market has stabilized and some prices are remaining stable for the past few months with slight increases being seen. Generally in December we start to see homes slowly decline a little bit as sellers are taking their homes off the market with the holiday's. Yes there are fewer buyers now but it still is a great time to sell your home and buy a home. As a seller you have less competition with existing homes and buyers have less competiton when looking at a home and are not feeling as rushed to buy a home in fear that someone else may scoop it up first. The out look is looking good for both sellers and buyers as interest rates are still at historic lows and affordability is high and sellers are taking advantage of the limited inventory to get their homes sold. And buyers are taking advantage of aggressive rates right now before the spring market when it is expected rates will start to increase. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Charlotte, NC. Light Rail Expansion To University Area To Begin March 2014

Charlotte, NC. Is an ever growing city. With many companies moving in and jobs be created Charlotte has become a major hub moving forward form the economic down turn. One thing Charlotte has been working on for years is the light rail system. As the population grows Charlotte has had to deal with congested roads and long commute times to work. The light rail which opened up in 2007 helped alleviate a lot of that and has exceed it’s projections for travelers by almost three fold. Now the Charlotte transit authority is about to begin construction on the second phase of the transit line. Construction begins this March and is expected to take three years to complete. AS this 9.3 mile extension will connect the existing track and run through NoDa area of Charlotte and all the way to University of North Carolina Charlotte. A great attraction to residents in that area is the easy commute to uptown this will afford people living in the northeastern end of Charlotte to go to work. In addition the college students will benefit from easy access to uptown for internships and jobs as well as enjoying the wonderful nightlife that Charlotte has to offer. I for one am excited to see this construction phase get started and look forward to seeing and using it. In essence you can start in the southwest corner of Charlotte by South Blvd. and when completed end up at UNCC in approximately 30 minutes…Not a bad ride or time line. As Charlotte continues to grow it is nice to see the city investing in the infrastructure of Charlotte as well to help with the growth and make Charlotte the great city it is. To see a map of the new light rail stops and path it will be taking click: http://charmeck.org/city/charlotte/cats/planning/BLE/overview/Pages/default.aspx Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Restaurant Week/Queen's Feast Charlotte, NC. 2014

It is that time of the year again. Starting on Friday January 17, 2014 and running through January 26, 2014 Charlotte is celebrating Queens Feast. It is an annual event that a lot of people look forward to. It is the chance to dine at some of the best restaurants in the Charlotte area. The restaurants offer during this week at least a three course meal for $30.00 per person excluding beverages, gratuity and taxes. A lot of these restaurants on a normal night get more than that for just the main course and it allows people to try different restaurants all the while enjoying some of the finest cooking in Charlotte. I look forward to this annual event as it allows me to try different restaurants out at a fraction of what I normally would spend at them….This year there are over 100 Charlotte area restaurants participating in the event. If you like to dine out or looking for a special date night event; this is cannot miss opportunity. The menu is comprised of a few choices for this event every year and I know I have never been disappointed and no one I have spoken to that attends one of the restaurants during this week has either….. To see a list of the participating restaurants click on the link: http://www.charlotterestaurantweek.com/pages/restaurants.html Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Buying A Home In Charlotte, NC. With Seller Paid CLosing Costs

One thing that every buyer is going to ask for on an offer is the seller to pay closing costs or concessions. Depending on the price point of the house and the type of loan the buyer is asking for it is not uncommon for the buyer to ask the seller for seller assistance in their closing costs. In fact unless the buyer is paying cash for a house chances are they are going to ask for some help from the seller in covering some of the expenses associated with the mortgage. In a market where FHA loans and low down payment loans are prevalent buyers are scrambling to get the necessary down payment together to get a mortgage and trying to leave a little room for moving and doing any personal touches to a house. Thus if they have saved the necessary down payment they are going to ask for some seller help in getting the closing costs paid in order to close on the house. But what are closing costs? Closing costs are basically the fees associated with the buyer purchasing the house that the mortgage lender charges. Some fees are pretty fixed such as an appraisal, credit check, and attorney fees and usually do not fluctuate too much from lender to lender. The variable ones are the home owners insurance (which the buyer obtains) which is pre-paid for a year up front at closing. Another is the property taxes being escrowed into the mortgage so the mortgage company can pay them when the bill comes do as well as the mortgage insurance. The other fee is the loan origination fee which is what the lender charges to process the loan and give you the mortgage. Are closing costs always the same? The direct answer to this is NO. Yes some of the fees are pretty standard and your Realtor should be able to figure out the monthly taxes and how much the lender is going to need to escrow. As well I recommend before any buyer puts an offer in on a house to get an insurance quote so we know what that fee will be. Then there is the inspections. Some will pay for them upfront and others roll it into the closing costs associated with the loan. What if I do not use all the closing costs? There is an old adage that is poetic here. If you do not use it you lose it. So if you ask the seller for $5000.00 in closing costs and do not use the whole amount of money then you lose the portion that is not used and receive no credit back for it at closing on the price of the house. When the seller is negotiating the offer they are factoring in the sale price minus the closing costs; thus they have a net number they are looking at to walk away with. But according the contract it is UP TO that dollar amount. So if you do not need it all you do not get any of it back. I always advise buyers and recommend that you do the same when buying a home; to ask a lot of questions. I will call the lender and ask them for a breakdown of their fees (if I do not deal with them on a regular basis) and estimate for the buyer and expected closing costs. One thing I do not want a buyer to do is leave money on the table when negotiating an offer….They work hard for their money and every little penny I save them can add up over the course of a 30 year mortgage. So, I will estimate the closing costs and usually ask for that amount minus $200.00. I tell the buyers it is better to have to come with a little extra then to have to give the seller a lot more. I was prompted to write this because I was on the listing end of a transaction where the buyer asked for $4000.00 in closing costs but in the end only needed $2600.00. They were furious that they could not get a credit from the seller for the difference in the money. They wanted to know what they could add to the costs or have done to increase the amount so they could get all the money form the seller. Like I explained to the seller….They did not use it they lost it and you just gained $1400.00 that you did not figure on at closing. When we went to do our buyer end ironically we were short $258.00 on the closing costs form what we asked the seller for and had to come up with it. They then said now we understand why you did it that way. I said yes, I represent you and it is in my best interest to protect your interests and get you the most house for the least amount of money….. So, if you are looking to buy a home and ready to make an offer in the Charlotte, NC. Area make sure to check to make sure you are not asking too much for closing costs and also to little…..It is your money after all. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Forbes Ranks Charlotte, NC. Housing Market As A Best Buy In 2014

Every year we hear what the best things to buy are and the best places to live. I decided to do a google search and came across a Forbes magazine article published on December 26, 2013 that listed what they felt were the 10 best places to purchase homes in 2014. Now like any list I read online I wanted to know how they got to the numbers ad what factors they placed into calculating why certain cities were considered a "Best Buy" in the housing market. They used data from market monitor and based it on cities with a population of at least 575,000 people. From there they based their analysis on population, home prices and local job economy. These are all good factors to base on whether the area is a good choice and area to purchase homes or if the prices have inflated to a point where the growth is already there. Fortunately, Charlotte, NC. has not done that. With a growing population caused by a lot of people relocating to the area because of the weather and job prospects the growth in the Charlotte area has been steady with people moving in and we have seen this steady of a growth over the past few years. Charlotte, NC. also did not see the drastic drop in home prices other parts of the country did. We did have a decline in home prices form the peak but not at the drop other parts of the country suffered. This has helped to keep less home owners underwater and helped keep the prices rather stable for the past couple of years with modest growth in prices. Last, Charlotte, NC. has seen a boom in job growth with the merger of Wachovia and Wells Fargo and relocating to the Charlotte area most of their headquarter jobs, being home to Duke Energy (one of the largest utility companies in the south) and with the influx of fortune 500 companies coming to the Charlotte area over the past few years. This has helped create jobs for them and the ever expanding infrastructure of Charlotte as well and the offspring of jobs it has created....Thus making Charlotte, NC. a desirable destination for job seekers. Based on this data Forbes figures the Charlotte, NC. housing market to increase by 23% over the next three years as they feel that the housing prices are down 15% below what the market value should be right now....This placed Charlotte, NC. as the third best city to purchase a house in on the Forbes list of best buy cities. So, if you are looking to buy a house in the Charlotte, NC. market this looks like it is going to shape up to be a great year to buy a house while prices are still affordable and interest rates are still low.... Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Charlotte, NC. Carolina Panthers Playoff Celebration

Charlotte, NC. is home to a lot of great teams and events every year. And one thing Charlotte area is known for is it's support of the local businesses and teams in the area. The Carolina Panthers are back in the playoffs for the first time in five years. The fans are going crazy for their Panthers and the city of Charlotte is buzzing with talks of a potential Super Bowl. So, in honor of the Carolina Panthers the city of Charlotte is having a Pep rally marathon. It all starts Friday night at the Epicentre in the heart of Charlotte. There they are hosting a pep rally starting at eight p.m. and giving away tickets to the playoff game and so much more.... It is expected to be a crowded event as the spirit of Charlotte will be out in full force to support their Carolina Panthers..... Saturday you can take the kids to the Epicentre for a family fun day from noon to five in the commons. This will have a carnival like feel with games for the kids, street performers, crafts, music and so much more...They will be giving away spirit towels to fans while supplies last during the event. Sunday is the day of the big game. If you have tickets great. If not the Epicentre is inviting you to join them at one of their restaurants located there and watch the big game won one of the hundreds of TV'S they have.... This is going to be a fun packed fun filled weekend for Carolina Panther fans as they root on their team to win and advance to the divisional championship.... GO PANTHERS.... Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com

Get an FHA Mortgage With A 580 Credit Score

As we turn to the New Year there are some laws and changes in the mortgage process that could hurt some people from getting mortgages and there is the expected interest rate climb with home prices slowly escalating upwards making the home buying pool for prospective home buyers a little smaller. I want to tackle this week some of the questions and concerns people have moving into 2014 looking to buy a house. With the start of the New Year it is a time a lot of potential home buyers begin the process of looking for a house and finding the right mortgage. A lot of it goes hand in hand since most Realtors have a few trusted lenders they use all the time to refer clients to… The biggest issue I see home buyers concern with is credit score. This is the driving factor on whether you can purchase a house with a mortgage or not. I have had past clients who made more than sufficient money to afford a home but could not qualify because there credit score was to low… So, what is an acceptable credit score to get a mortgage today? Most people tend to look at FHA for their mortgages because it offers the smallest required down payment that anyone can qualify for a mortgage with. A standard FHA loan requires 3.5% of the sale price as a down payment. But what are the credit score guidelines to get one of those mortgages? Everyone seems to think if bank A cannot approve me for an FHA loan because of my credit score then bank B will not be able to either. That is not true…. The federal government has a basis for which they will insure these types of loans. To qualify for the 3.5% down payment you must have a score greater than 580. If you have a score between 500 and 579 you can qualify for a 90% loan where you have to put at least 10% down. Now the question is find a lender that takes those scores…. Most lenders out there today require the credit scores to be anywhere from 620 to 640 minimum to qualify for an FHA loan. If you do not have that as a middle score between all of your credit bureaus they will generally decline you or offer some assistance to you in helping to get your credit score up….But there is a lender I use that will approve an FHA loan with a credit score as low as a 580. Yes, I said a 580. I know that most people will think there is a catch to this. There is not any. The qualifications are the same as a person who has a 620 or a 640 score. It is just that the mortgage lenders are answering to stockholders and shareholders and the risk is greater with a lower score and the paperwork is more scrutinized and they do not want to take on that risk level……. So, if you have a middle credit score of at least 580 ( by this I mean throw out the highest and the lowest and the other score) then call me because I have a lender that WILL approve you with that score as long as you meet the other FHA requirements. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com