How Is The Housing Market In Charlotte, NC. Performing In November 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 November 2013: First, let's look at inventory of available homes buyers have to choose from in the Charlotte, NC. . In 2011 there were 7497 homes for sale in November. In 2012 there were 5367 homes for sale . Last month there were 3959 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 November 2011 was $199,542. In 2012 the average sale price was $210,287 and last month the average sale price was $231,643. 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 November. 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 11 months before being sold in November. In 2012 the number improved to 6.7 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 ist 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. 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 this time of the year 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

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