Archive for the 'Charlotte Real Estate Trends' Category

Expert tips for buying or selling a home in this market

January 23rd, 2010 categories: Charlotte Real Estate Trends

Every once in a while I stumble upon interesting websites, articles or videos about real estate. Many times those sites are our competitors ~ and I must say I am envious of the amount and quality of information out there. I learn a lot from my real estate colleagues and think you will to!  I am going to do a better job in 2010 of finding and highlighting these gems for you guys! In the end we hope you come back to TalkCharlotte but our mission is to help YOU learn and keep up with the ever changing real estate world ~ no matter where we find it!

I found this excellent short video by HGTV’s Kris Berg (San Diego) “Expert tips for buying or selling a (Charlotte) home in today’s market”

Spoken by Mike Gibbons | Discussion: 1 Comment »

Some Charlotte Homes selling at or ABOVE 2008 Values!

October 1st, 2009 categories: Charlotte Real Estate Trends, Finances, Selling Your Home

Why isn’t this baby smiling? The S&P Case-Shiller Index told him Charlotte home values are down (on average) 9% from a year ago. Ah…I see.

No wonder the baby is sad – but wait isn’t the S&P Case Shiller Index based on some sort of average? (If I’m wrong here a big Emily Litella nevermind)

Doesn’t that mean that some (maybe half?) of Charlotte homes were down less than the 9% and some actually sold at or above their 2008 value? I’m not a math wiz and I’m sure the Case Shiller people have this all figured out weighted averages and all but common sense says that every home was not down 9%.

I’d like to know the percentage of Charlotte homes that sold at something better than down 9% — wouldn’t you, curious? If say 20% of Charlotte homes sold at or above 2008 levels – wouldn’t that be something to know? Wouldn’t those legit statistics put a different spin on the market – maybe stoke some optimism – couldn’t hurt – might help. The way these stats are reported the sound bite, quick-blush is everyone is down at least 9%.

Back to Case Shiller report consider this; out of the top 20 urban markets tracked by the (real-estate bible) S&P Case-Shiller Index Charlotte ranks 5th in maintaining home value pretty good compared to most:

• Atlanta                        14.9%
• Minneapolis              17.3%
• Tampa                        18.4%
• Miami                         21.2%
• Detroit                        24.6%
• Phoenix                      28.5%
• Las Vegas                   31.4%

If you’d like to read more here’s link to the Charlotte Observer article: Area home prices rise a bit in July and if you’d like to learn more about how to market your home and not settle for AVERAGE email the TalkCharlotte team.

Spoken by Mike Gibbons | Discussion: No Comments »

Apples, Oranges? Appraisals Are Becoming Rotten Fruit

September 28th, 2009 categories: Charlotte Real Estate Trends, Home Financing, Selling Your Home

I share my friend, Miami Realtor Ines Hegedus-Garcia’s appraisal that whether you’re in Miami or Charlotte nobody is happy with the current state of residential real estate appraisals.

Home appraisals used to be, more or less a check off (not a good thing), a part of the process to ensure that someone did not buy a home that was wildly over or under priced (as Martha would say that’s a good thing). Nevertheless the exact and only true value of a house is the price that a buyer is willing to pay and a seller is willing to accept, today – kinda like a share of stock – yes the free market is funny (and works great) that way! Sarcasm aside appraisals are important and (when done right**) they do provide an invaluable measure for homeowners and lenders alike. Here’s the rub there is no right way to do an appraisal and the most professional appraisers will tell you even the best appraisals are subjective and as much art as science.

The problem started about 15 years ago when Americans stumbled on a treasure chest literally under their feet - the home equity line – the mother lode first for home improvements (good), then boats (worse) and ultimately even bottles of three buck chuck (bad) at Trader Joes (now in Charlotte). We went crazy using our newfound “home-wealth” to bankroll (most of) our American dreams. There was only one pesky hitch to get into the chest (your own chest) you had to have a key which was held by the bank – and to get to the key you had to go through a gatekeeper, the appraiser! Long story short – equity lines flowed like mountain springs as many appraisers checked off on treasure chests bigger than the house – not a problem since American home values would increase forever and ever (we’ve always been an optimistic lot). Well in 2007/2008 the party ended – the treasure chests slammed shut, fingers and dreams were crushed.

Past is always prologue and all that treasure hunting inflated home values beyond belief. As we know banks (and regular Joes) got their heads and foreclosure notices handed to them as home values and loans unraveled.

What now? Well the lenders have predictably overdosed on reality and the appraisal process is feeling the brunt of this fervent – albeit understandable fiscal conservatism. The home valuation pendulum has now swung as far right as it was left and we are left with the scarily governmental HVCC Home Valuation Code of Conduct which in part “…attempts to curb inflated appraisals by refusing reports from people selected, retained or compensated by mortgage brokers and real estate agents.” Appraisers are selected by “round robin” – many are not familiar with the neighborhoods they appraise and the unintended consequence of this abject objectivity is the process has become a black hole where …

A new code of conduct, that sounds great, right?  Well as @Ines so deftly describes in her MIAMISM blog post Appraisals Kill Deals ~ in practice that code of conduct seems more like a cloak of Teflon – no over-values are gonna stick to me says Mr. or Ms. Appraiser – undervalue is de rigueur. Result? Inconsistent, uniformed appraisals are killing reasonable real estate transactions (indiscriminately and unnecessarily). What should you do — now more than ever make sure you’ve got the right agent – look for the most smart, the most informed, the most candid agent you can find and for now anyway, pray for a return to common sense!

Spoken by Mike Gibbons | Discussion: No Comments »

How’s My Hood? Charlotte-Matthews 28105

August 28th, 2009 categories: Charlotte Real Estate Trends, Charlotte/Matthews

This is a first in a series of Charlotte neighborhood posts to keep you updated on real estate market statistics and trends for your neighborhood. How’s My Hood? will give you up to date (and check back the charts in this post will perpetually update) information on residential buyers and sellers – pricing, days on the market
(a biggie right now), number of homes for sale, average price per square foot and more.

We’ll post a couple of charts in our post here but there are more stats or even a full report of all the Zip Code (neighborhood) stats we can provide so please drop us an email here or you can design your own report right here on the left side <<< of our website “Get a Neighborhood Report”

So what’s up in Charlotte Matthews 28105? This is a pretty big zip code starting right at the edge of Margaret Wallace Road and extends to the Union County line. (check out Melrose Place Townhomes a little diamond in the rough – gated community, $100-125K price range, meticulously maintained and landscaped)

Charlotte Matthews 28105: Average Days On the Market

Charlotte Matthews 28105: Inventory: Number of Homes for Sale

Spoken by Mike Gibbons | Discussion: No Comments »

First Time HomeBuyers: Why the Real Deadline is October 5!

August 3rd, 2009 categories: Charlotte Real Estate Trends, First Time Home Buyers, Home Financing

Can you hear it….. it’s like a freight train in the distance the First Time Home – Buyer Tax Credit December 1, 2009 deadline is closer than you think and here’s why.

As you probably know the US government has a great program to help first time home-buyers** with up to a $8,000 tax credit if you purchase a home before December 1, 2009. **if you haven’t owned a home in three years you too may qualify as a first time home-buyer!

OK Mike it’s August 3rd so what’s the rush? Three dates you need to know:

September 14: START LOOKING AT HOMES - Charlotte’s under $250,000 housing market is hot and it will get hotter closer to the deadline. See the Charlotte Observer article “Bargain houses selling as others keep sitting“

October 5: SUBMIT OFFER - Let’s talk about about closing dates with the rush to beat the deadline and new truth in lending restrictions you MUST give yourself six weeks to close! To make matters worse the deadline (November 30) is a Monday, and the week prior to the First Time Home – Buyer Tax Credit deadline is Thanksgiving! Yes to meet the December 1st deadline you better be submitting your offer to purchase no later than October 5 – time is of the essence!

November 30 - You need to be cuddled up with some hot cocoa next to fireplace in your new den!

Everybody has questions about the First Time Home-Buyers Tax Credit program, it’s a government program after all! We can help you with answers email us here or we can put you in touch with a professional, knowledgeable lender who can help you out — don’t let this opportunity pass you by!

Spoken by Mike Gibbons | Discussion: No Comments »

Waxhaw in Union County | The Indians Would Not Know the Place!

July 13th, 2009 categories: Charlotte Real Estate Trends, Waxhaw

I’m interested in a buying a home in Charlotte ~ what the heck is a Waxhaw?

Well Waxhaw was…

Waxhaw takes its name from the Waxhaws, both the name for the area and the name for the Indian tribe that once inhabited it. The community dates back to the 1700s, but it wasn’t until 1888 that the railroad, laying tracks to Atlanta, brought prosperity. Tracks still run through the center of town along the green, grassy strip dividing two rows of stores. The community was once dependent on cotton...read more here from Wikipedia

While Waxhaw has a rich heritage and interesting history today’s Waxhaw is all about the future — Waxhaw is at the heart of the fast growing Union County with it’s great schools, low taxes and incredible home values.

And as you can see from this selection of homes little Waxhaw has come along way with these $2 million** and up homes! And these Waxhaw / Union County  homes are selling at price per square foot that is  20% less then the average. It really is a good time to buy and we can help – take a  look here at these great homes

And to be sure there is a large selection of more moderately priced home sin the Waxhaw area ~ and we’d be happy to help you find a home that meets you needs!

Spoken by Mike Gibbons | Discussion: No Comments »

Charlotte North Carolina Turns 18!

July 2nd, 2009 categories: Charlotte Real Estate Trends, Good stuff we find, Raintree

Woohoo Charlotte Happy 18th! The Charlotte Observer reports today that Charlotte, North Carolina is now the 18th largest city in the United States.

I’d like to add that we are number one in another category:
Number One: Fewest people who say they want to move/relocate somewhere else!

I can’t tell you how many people we talk to who are itching to move to Charlotte from Michigan, Florida, New Jersey, New York…and mostly California! That’s not to say they’re aren’t great, incredible things in all those cities**  but for overall quality of life Charlotte is winning out!  **remember I’m a 1979 transplant from Scarsdale, New York. I Love New York city but would prefer to visit.

In the last year I’ve had one person say they wanted to move from Charlotte (good reason – they missed family)

So the good news is Charlotte continues to grow 2.7% in the last year! If you’re in the mood to join that number here are some really fantastic homes in the Raintree golf community in South Charlotte just to whet your appetite!

Spoken by Mike Gibbons | Discussion: No Comments »

Charlotte Real Estate: Some Good news and Some Bad

June 24th, 2009 categories: Charlotte Real Estate Trends

Honey it’s about the car; the good news there’s not a scratch on it and it’s clean, the bad news…..

American real estate is at best a mixed bag – we seem to be taking one step forward and a half step back. Don’t get  me wrong that’s an improvement from not too long ago when we seemed to be taking two steps back and back and back.

In today’s Charlotte Observer Stella Hopkins declares that while things are still tough in Charlotte…

“There are several factors helping sustain Charlotte-area prices. For one, they didn’t rise as sharply as in some bubble markets and so they didn’t have as far to fall. Also, the area has not been as hard hit as some by foreclosures.”

According to the National Association of Realtors purchases actually rose 2.4% in May (the good news) “…marking the second monthly gain in a row, spurred by tax breaks for first-time homebuyers and lower mortgage rates.”
So what does this mean for Charlotte home buyers and sellers and….yes you the fence sitters?

1. If you’re looking to buy a home now is a really good great time (especially if you are in the market for homes priced $300,00 and above)
2. If you’re looking to sell your home– make sure you hire an excellent, hard working Realtor, someone who is succeeding in this market – Charlotte MLS Listings Pendings Sold.
3. If you’re a first time home buyer (including those who have not owned a home in three years) don’t miss out on Uncle Sam’s $8000 tax credit!

And just an observation we talk to an awful lot of people in New York, California, Michigan, Florida etc who are saying “as soon as I can sell my house I’m moving to Charlotte” we rarely hear people who live in Charlotte saying they want to move to another city – just sayin’.

Spoken by Mike Gibbons | Discussion: No Comments »

Charlotte Real Estate, Stick a yard sign in it, it’s…

June 12th, 2009 categories: Charlotte Real Estate & More, Charlotte Real Estate Trends, Friday Fun

Stick a yard sign in it…the Charlotte residential real estate market is dead…or is it!? The media of course would have you believe no-one is willing or able to buy a home ~ foreclosures are climbing, credit scores are dropping and now interest rates are on the rise. Well…. [Jane] It just goes to show you it’s always somethin’ if it’s not one thing it’s another…

I know you’re thinking what happened to Friday Fun? what’s with all the real serious, real estate — well we wanted you to know the news of real estate’s death has been exaggerated — The TalkCharlotte Team Bunch and our clients are doing quite well here in Charlotte…just sayin’

In the past few months we’ve helped clients close on eleven beautiful homes over $2,000,000 with another seven homes ($2.5mm) closing soon! And we’ve got eleven more homes listed with a few more almost ready to go! Talk Charlotte Homes

So while there’s no doubt the Charlotte real estate market is tough...it’s NOT DEAD. We’re busy and if you’re looking to buy or sell a home in Charlotte you should be too! It may not be the “bitter bottom” but common sense says it’s a good time to get serious about a home! We’re not about to get on this wagon…are you?

And you’re a first time home-buyer please, please, please don’t forget that the $8,000 tax credit expires November 30. For you it could be a “perfect storm” of home buying opportunity — prices are down, interest rates are low and there are lots of home to choose from. Remember to close by November 30 you need to be putting your purchase offer in at the latest mid-October which is only 4 months away! We really can help you~drop us an note right here

Spoken by Mike Gibbons | Discussion: 2 Comments »

Friday Fun: What NOT to do on Facebook…just saying

May 22nd, 2009 categories: About Our Realtors, Charlotte Real Estate Trends, Friday Fun, Giving Back in Charlotte

(Watch the video below)

Facebook, Twitter, Blogging, and that next big thing  ~ it’s all part of a big ball of virtual wax called social networking. We have come a long way (Thank God) from the anonymous “AOL chat rooms” where you did not know who you were chatting with and too many were out waving their “freak flags high”. Today online is different because it’s the same as real life ~ real people are using the internet to connect and stay connected ~ believe the naysayers at your own peril ~ but people are connecting, learning and engaging online and those online connections are building and strengthening relationships in the real world in coffee shops across America! Join In!

Today social media is all about transparency ~ transparency is the new black! TalkCharlotte is now well – known on Twitter follow us, Facebook become a fan and of course we’ve been right here a leader in real estate/community blogging.

Many say all this social networking is nonsense, a waste of time or worse. I can appreciate that and it can be a time drain but I also believe that social networking is here to stay and will evolve nicely. Where I think people go wrong is making it too much, sometimes ALL about themselves, their ideas, their links, their stories, their cat… (icanhascheezburger truly for the cat lovers, serious cat lovers)

Want social media to work for you? Replace these two words ME & NETWORK with these three YOU & CONNECT & ENGAGE and you will thrive in the “social media space” (been waiting to use some geek speak) You’ll enjoy the interactions, the learning and you will see time wasted will become time treasured.

Oh but there are rules, manners and well this video says it best….“suggest you not friend Donna Whitehouse” just saying…

Spoken by Mike Gibbons | Discussion: No Comments »

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