Thanksgiving--What This Charlotte Realtor Is Thankful For

Tomorrow is Thanksgiving Day. Traditionally a holiday we spend with our families. For most people it signifies the start of the "Holiday Season". For others it marks traditions with families that they look forward to each and every year. For others it is a time to reflect back and be grateful for what the year has brought...... This year, Thanksgiving has brought many emotions and meanings to me. Some I never gave much thought to in the past. others that are new for the year. For me it has always been about being thankful for what I have. Growing up; I was always taught to be thankful for what you have because it was more than someone else had and wished they had. We also had the family traditions of getting together and celebrating the day as a family. As i grew older I started to create my own traditions with my family. One thing i did was remember to be thankful for what i had and to teach my children the same; we would volunteer at the local soup kitchen and help with Thanksgiving dinner for those who did not have a family to go home to. Spreading a little love and smile into someone else life gives you a better appreciation of the one you have. As a Realtor I have many things every year i am thankful for. I love my job and it shows. I enjoy meeting new people every year and making friendships that last a lifetime. I enjoy seeing the smile on someones face when at the closing table they have signed the last piece of paper and realize that they now own their first home. The joy I get out of helping someone sell their home...The list goes on and on...... However; this year (actually the past 5 weeks) has added a new perspective for me on Thanksgiving and the meaning of what it is. My oldest daughter lost her mother in October to an unfortunate accident in her house. The tragedy was compounded when it was revealed she was dead for almost three days before anyone found her. Explaining to a 14 year old that your mother has passed away is tough enough....when she realizes it took days before they found her was sad and lonely. She will never again be able to call her or text her...the holiday's this year will be marked by an empty feeling with the loss of her mother....yet, I admit every year when my family and i sit down for Thanksgiving dinner we are remembering what we are thankful for...but the greatest gift we all should be thankful for is there with us...our family. Yet, in all the things I try to teach my children; the one thing I guess I have overlooked is the fact that the greatest gift we can be thankful for is there with us that day.... and it usually is because we never think it will be us that is without someone until it happens to us.... Happy Thanksgiving from my family to yours... Dave diCecco Realtor/Broker www.davedicecco.com

Foreclosure Filings Down In Charlotte, NC. for 2011

Everyday it seems somewhere in the news the stories are out there about how bad the housing market is and that foreclosures are toppling the market. Being in the business everyday someone is asking me if the market is getting better or worse.... One indication of home prices seems to be the amount of homes that are in the foreclosure process. This means homes that the banks have begun the foreclosure process on. not all of these people will foreclosure on their homes. Some will work out a modification of their existing loan, others will short sale their homes and unfortunately some will lose their homes to foreclosure. But, nationally as well as in Charlotte north Carolina the trend of foreclosure filings is down. Nationally year to year it is down 23%. In Charlotte the amount of filings are down 34% from last year. What does all that mean? Well less people are falling behind on their mortgage payments this year than last year for one. A good sign that the economy and the housing market can start to climb. The fact remains is that we will have foreclosures. it is an inevitable part of our business....Trying t minimize the amount can go a long way to stabilizing the housing market and the economy as a whole. despite all the gloom of foreclosures out there North Carolina ranks 34th in terms of foreclosed homes. The press has done a great job of making this sound worse than it really is.... With the economy in question and a presidential election around the corner painting a gloomy forecast does well for ratings. But the reality is that the less foreclosures out there means that the "great deals" out there are going to be harder to come by.... I have written in earlier blogs that inventory levels are at record low levels, couple that with fewer foreclosure filings, and historic low interest rates and you have a great mix for buyers to get a low payment on a house and for sellers to sell their homes right now..... Dave diCecco Realtor/Broker www.davedicecco.com

Should I Short Sale In Lieu Of Foreclosure?

The question of whether to short sale a home in Charlotte, NC. or just give it back to the bank has come under a lot of scrutiny over the time. I talk to a lot of families that are weighing that issue on a daily basis...What shocks me is that attorney's they initially consult tell them that a short sale is "not worth it and the Real Estate agent is the only one making money". I do not practice law nor give any legal advice when ti comes to a short sale or a foreclosure. But there are certain facts that attorney's leave out when discussing the difference between short sales and foreclosures. First, the impact on your credit has shown to not be as dramatic on a short sale as a foreclosure. Your credit is going to take a hit in regards to your credit score. but the impact on your score has proved to be less when you short sale a home than foreclose on one. Second, this is the one that always gets me. In order to qualify for a mortgage again the rule of thumb (this could change in the future) is that you have to wait SEVEN YEARS after a foreclosure to qualify for a government backed loan (FHA, USDA, OR VA type of loan). On a short sale I have lenders I work with that will approve someone with sufficient credit TWO YEARS after a short sale. Third, you can stay in the house and live there during a short sale all the way up to the closing on the house...Chances are that if you are in danger of losing your house you would like to have some control over when you leave the house versus the bank telling you to be out on a certain day. Fourth, despite popular media reports the banks do not want the houses back in foreclosure; they rather you try to sell them in a short sale and are more willing to work with you to get them sold that way. The additional costs associated with foreclosure and the carrying costs of maintaining the house during the foreclosure process and afterward has gotten to be extremely expensive for banks. I recently had a family that called me about listing their home. They offered the home back to the bank and the bank asked them to short sale the house instead of giving it back to them. They told him they have to many now and would prefer to work with him to get it sold rather than take the home back. A lot depends on your situation. however; find the right Realtor and have that Realtor explain the process and how they work with the bank and what is required out of you....if you plan on wanting to buy a home sooner rather than later a short sale is definitely more beneficial. Also with so many things now tied to your credit the less impact can have other financial implications on you. So, is a short sale more beneficial than a foreclosure? probably if done right...... Dave diCecco Realtor/Broker www.davedicecco.com