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