Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 4 including:

Mecklenburg County North Carolina Area 4 including: Charlotte, Matthews. Neighborhoods West of Hwy 74, Independence Blvd. and East of Providence Road including, Grier Heights, Chantilly, Cotswold, Elizabeth, Eastover, Beverly Crest, Sardis Woods, High Timbers, Jefferson Park, Lansdowne, Providence Plantation, Sherwood Forest, Coachman Ridge, Providence Hills, and others.

Map of all the neighborhoods covered in Area 4

Data gathered for December 1, 2009 - December 31, 2009

New Listings 82

In comparison to: -36.92% November | -13.68% 2008 | -28.70% 2007 | -5.75% 2006 | -20.39% 2005

Pending Sales: 58

In comparison to: -13.48% November | +75.76% 2008 | +11.54% 2007 | -41.41%
2006 | -36.26% 2005

Sold Listings: 64

In comparison to: -13.51% November | +82.86% 2008 | +4.92% 2007 | -47.11% 2006 | -42.86% 2005

Average Sold Price: $356,177

In comparison to: +12.99% November | -7.03% 2008 | +2.25% 2007 | -7.87% 2006 | +19.75% 2005

Median Sales Price: $278,347 (comprised of both single family, condos, and town homes)

Average Days on Market until Contract: 112

In comparison to: -5.88% November | +17.89% 2008 | +41.77% 2007

Seller Concessions:

40% of the single family homes that closed in Charlotte and Matthews (Area 4) in November offered a seller concession, averaging $4,329.

Buyer Financing:

• Conventional: 44
  
• FHA: 9
  
• Cash: 7
  
• VA: 3
• Other: 1
  

Tax Value as compared to Sold Price

In December, homes in Charlotte and Matthews (Area 4) closed at 132.02% of the assessed property tax value.

Percentage of Listed Price Received

Sellers in Charlotte and Matthews received 88.56% of their original asking price for the sales in December. When concessions are subtracted from the sales price, the figure drops to 87.92%. Of the homes that sold in less than 99 days, those sellers received 89.67% of their asking price while homes on the market for more than 100 days yielded only a 81.95% return of the original asking price.

Market Analysis for Charlotte and Matthews (Area 4)

December completed 4 months of positive sales gains for the homes in Charlotte and Matthews in neighborhoods located between Providence Road and Independence Blvd.  While some areas were experiencing sales declines in December, pending contracts were up 75% and closings of single family homes were up 82.86%.  In a survey of positive months starting in September, December was the second best month for real estate in this part of south Charlotte and Matthews.

As a result of the positive sales, the average sales price declines have started to level off, with prices falling 7.03% over December ‘08.  Compared to November, December’s average sales price was an increase of 12.99%  MLS inventory levels remain 14% lower than last year, retreating back to ‘06 levels

Buyers are still being encouraged to purchase as a result of the extension of the home buyer tax credit, the lower interest rates, and lower price.  However, many buyers are discovering that the “deals” are hard to come by as a result of the shrinking inventory and demand from other buyers on aggressively priced homes.  I would expect this trend to continue until April when the next round of tax credits are set to expire and the new FHA guidelines restrict more buyers from home ownership.

Matthews NC Homes For Sale

Free First Time Home Buyer Workshop

Saturday, February 6, 2010 at 10am-Noon

The Charlotte House Hunter Group Office
2115 Rexford Road, Suite 102
Charlotte NC 28211

Register for this Event
With the new year fast approaching, a tradition that the Charlotte House Hunter Group is continuing into the new year is the Smart Home Buyer University series of workshops, which includes our first home buyer workshop. This free seminar is designed help first time home buyers understand the buying process, enable you to ask questions of local real estate professionals, and learn in a group environment.

Topics will include:

• Understanding the local and national real estate markets
• Take advantage of a $14,000 incentive to purchase your first home

Mortgage

• When should you get pre-approved for a mortgage
• Benefits of FHA, VA, USDA, and Conventional financing and which mortgage is right for you
• Determine your DTI and PITI
• Down payment assistance programs
• How to choose a reputable lender

Home Buying Process

• How to find your perfect house
• Taking advantage of the $8000 Home Buyer Tax Credit
• Items in a house to avoid
• The steps in the home sale transaction
• Inspections
• Surveys
• Closing & Ownership

Buying a REO or HUD Home

• Advantage of purchasing a HUD Home
• The differences between a HUD & REO
• Avoiding the REO pitfalls
  

The Home Inspection

• Things to look for in a home inspector
• Common repair issues
• Items to look out for on any inspection

…and so much more. Sponsored by Jonathan Osman and the Charlotte House Hunter Group.

Seating is limited so register for this event today.

Charlotte First Time Home Buyer

Market Update for Matthews, Mint Hill, and Charlotte NC (MLS Area 3)

For all neighborhoods west of Independence Blvd and South of 24/27 in Mecklenburg County, including the towns of Mint Hill, Matthews, and Charlotte (Plaza-Midwood, Commonwealth, Sheffield Park, Callaway Plantation, Callaway Forest, Mintworth Village, Morris Farms, Marlwood Acres, Farmwood, Telfair, Annecy, Olde Sycamore, Ashe Plantation, Plantation Falls Estates)

Map of all the neighborhoods covered in Area 3

Data gathered for December 1, 2009 - December 31, 2009 from the CMLS

New Active Listings: 101

In comparison to: -19.20% November | -9.01% 2008 | -27.34% 2007 | -9.82% 2006 | +2.02% 2005

Pending Sales: 47

In comparison to: -27.69% November | -11.32% 2008 | -45.35% 2007 | -56.07% 2006 | -51.55% 2005

Sold Units: 52

In comparison to: -8.77% November | +15.56% 2008 | -47.47% 2007 | -55.17% 2006 | -52.29% 2005

Average Sales Price: $165,594
In comparison to: +8.92% November | -16.61% 2008 | -7.20% 2007 | +2.09% 2006 | +15.92% 2005

Median Sales Price: $125,990

Average Days on Market: 103

In comparison to: -9.65% November | +51.47% 2008 | +43.06% 2007 | +19.77% 2006 | 14.44% 2005

Seller Concession: 55% of the sales in southeast Charlotte, Matthews, and Mint Hill offered a buyer inventive averaging $3,806.

Buyer Financing

• Conventional: 15
• FHA: 24
• Cash: 10
• Other: 1
• VA: 2

Sold Price as a Percentage of Tax Value

The single family detached homes that sold in December closed at an average of 108.96% of their assessed tax values with only 32 units selling for less than tax value.
Sales Price as a Percentage of Original List Price

On average, sellers received 89.10% of their original asking price or 87.75% when concessions are considered. Of the homes that closed in less than 99 days, the seller received 92.89% of their original asking price while homes that were on the market greater than 180 days received only 82.52%.

Jonathan Osman
Charlotte NC Homes for Sale

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 1 including:

Charlotte, Cornelius, Davidson, and Huntersville Neighborhoods East of I-77, North of N. Tryon Street, West of Cabarrus County, and South of Iredell County including the neighborhoods of Davis Lake, Highland Creek, Vermillion, Heritage Green, River Run, Skybrook, Northstone, Cambridge Grove, and others.

Map of all the neighborhoods covered in Area 1

Data gathered for December 1 - December 31, 2009

New Listings: 230

In comparison to: -.86% November | +10.05% 2008 | -10.51% 2007 | -7.26% 2006 | -8.73% 2005

Pending Listings: 112

In comparison to: -2.61% November | +1.82% 2008 | -41.05% 2007 | -49.78% 2006 | -46.41% 2005

Sold Listings: 115

In comparison to: +.88% November | +33.72% 2008 | -36.11% 2007 | -53.82% 2006 | -52.48% 2005

Average Sold Price: $217,672

In comparison to: 25.72% November | 10.81% 2008 | 9.81% 2007 | 8.87% 2006 | 7.20% 2005

Median Sold Price: $151,980 (Data is unavailable for a Year over Year Analysis)

Average Days on Market: 115In comparison to: -3.77% November | +6.25% 2008 | +22.89% 2007 | +32.47% 2006 | +59.38% 2005

Average Seller Concession: 50% of the sales in area 1 offered the buyer a concession averaging $4,705.

Buyer Financing:

• FHA: 45
• Conventional: 41
• Cash: 18
• VA: 7
• Other: 2

Tax Value as compared to Sold Price: In December, homes in North Charlotte, Huntersville, Davidson, and Cornelius (area 1) that closed sold at an average of 121.5% of their assessed tax value.

Original Listing Price to Sold Price: Sellers received 91.25% of their original listed price in December (89.91% when concessions are subtracted from the final sales price). Of the 69 homes that sold in less than 99 days, sellers received 94.19% of their asking price while the sellers of the 45 homes on the market for more than 100 days received only 86.74%.

Market Analysis and Advice for Buyers and Sellers in North Charlotte, Huntersville, Cornelius, and Davidson

2009 ended with a rally in real estate sales in north Charlotte, Davidson, Huntersville and Cornelius.  While the number of contracts written were only up a mere 1.82% over last December, sales were up 33.72%, completing a 3 month rally.  Buyers fueled by lower price, lower interest rates, and the extensions of the tax credits were out in full force buying in area 1.  Additionally, the sale of higher-priced homes helped to increase the average sales price to the highest point in my four year study.

Sales are expected to remain strong through January in north Charlotte, Davidson, Huntersville, and Cornelius as the new year has ushered in sense of urgency with an increase in mortgage rates and changes to the FHA guidelines.  As of the date of this blog, 180 homes in area 1 have been marked under contract and an additional 73 homes are under the various stages of contract (home inspection, short sale approval, etc).  Throughout all of January 2009, only 134 homes received a contract with 82 closing.

Charlotte NC Homes For Sale

This week, my buyers specialist Susan and I experienced yet another contract fall apart only days before closing. This time we were dealing with an investment property that sounded great on paper but when the buyer discovered the reality of what he was buying, the entire deal soured. It was a total disappointment from our camp because the only reason why this portfolio of properties are not closing is as a result of a lack of disclosure.

Regardless of what you’re selling, it is important to paint an accurate picture to buyers. You may be able to trick a few people into believing that your 25 year old Hyundai is as nice as a new Mercedes but when the buyer comes to see, touch, and feel, they’ll always walk away. The same holds true for real estate. Agents are notorious for “puffing” and so much so that it’s covered in real estate text books in pre and post licensing. Puffing is the act of over-stating a home’s attributes within certain limits.

When a home is small, it’s referred to as quaint.

When a home is near a highway, easy commute.

When a home is on fire, motivated seller…you get the idea.

The harm in puffing comes when you have to disclose what you’ve been saying isn’t at all accurate. Take this transaction: listed as a portfolio of occupied and rented properties - winner! The reality: two tenants are being evicted and 2 units are rented by the room. Until this week, the leases didn’t even exist. Also, the properties were sold as completely renovated, which again can disappoint when it comes to ones expectations as to what they’re anticipating.

In real estate, it’s best to disclose every bit of information up front, especially anything that may affect whether or not a buyer would make an offer. If not up front, what other time would be opportune to disclose improtant information regarding the transaction you’re working on….at closing, after closing, during the inspection, or never. Also, agents who play the “don’t ask, don’t tell” rule with regards to material facts will quickly discover that they are liable for what they knew and should have known. Sorry guys, ignorance isn’t an excuse.

I’m big on real estate disclosure because I like my job and I plan to be doing it for a very long time. Agents whom omit important details that are discovered by the seller later on are quickly ushered out of the business as a result of a number of lawsuits or sanctions by the real estate commission.

It’s a shame that my client wasted his time and money to discover the truth of what was being held back in the situation. For us, we’re now 30 days into a failed contract and have to start over to find another opportunity to sell this client. Had everything been as it was sold, we would be going to closing this week and everyone would be happy. Instead, because of a lack of property disclosure and probably too much puffing, it’s back to square one.

Charlotte NC Homes For Sale

HouseCharlotte

The HouseCharlotte program is a silent second mortgage for up to $10,000 that can be used towards a down payment, closing costs, paying off medical bill collections up to $3,000 or to buy down the mortgage interest rate.  The amount that you are able to receive depends on the neighborhood that you are looking to move into in Charlotte.  Neighborhoods labed as “challenged” and “transitioning” are eligible for the funds with borrowers for homes in “challenged” areas receiving up to $10,000 and “transitioning” only $7,500.  Police officers can receive up to $15,000 for purchasing in a “transitioning” neighborhood.  Also, the borrowers income must be within 110% of the median for the area and the maximum purchase price is $147,000.

In order to receive the HouseCharlotte funds, buyers must complete 8 hours of pre-purchase home buyer training through a HUD Approved NC Housing Counseling Agency.  Community Link is the HouseCharlotte approved vendor for this service but there are others.  Also, the home must pass a strict HouseCharlotte inspection (which means that this may not work for a foreclosed property).

There is a downside to the HouseCharlotte program.  Aside from the program being limited to only a few select neighborhoods, the buyer must remain in the home for at least 10 years as the owner-occupant in order to avoid repayment of the HouseCharlotte funds.  For more information, visit the HouseCharlotte website.

NCHFA’s Neighborhood Stability Program

The North Carolina Housing Finance Agency will provide first time home buyers with a no-interest loan up to $14,900 through the Neighborhood Stability Program.  Borrowers must meet the income requirements set by the program (up to $55,850 for a single person in Mecklenburg county), must complete eight hours of HUD-approved home buyer counseling and contribute at least 1% of their own funds to the transaction.

The sales price of the home may not exceed $210,000, must be a foreclosed property, the contract price must be 1% less than the appraised value, newer than 1978 and may not be a manufactured home (i.e. trailer).  The program is only available in 23 counties in North Carolina, however all of the counties in the Charlotte MSA are eligible (Union, Mecklenburg, Cabarrus, Gaston, and Iredell).

Additionally, the funds may only be used in conjunction with the NCHFA’s FirstHome Mortgage program.  Like HouseCharlotte, NSP funds are considered a silent second, which is forgiven 20% a year for 5 years, then the mortgage is eliminated.

North Carolina Housing Finance funds run low quickly and typically the loans take longer to close as a result of the government involvement.  Therefore, first time home buyers looking to cash in on this program and the first time home buyer tax credit must do so no later than March 30, 2010.

More information on the program

First Time Home Buyer Tax Credit
The first time home buyer tax credit of up to $8,000 is available to home buyers who are under contract before April 30, 2010 and close by June 30, 2010.  The amount received depends on the sales price of the home (10% of the sales price up to $8,000) and the income of the borrower may not exceed $145,000 for an individual.  For a complete breakdown of the tax credit, visit our blog post Home Buyers: Understanding the Updated $8,000 Tax Credit.

It’s important to remember that the $8,000 Home Buyer Tax Credit will have to be repaid if you fail to live in the home for three years.

HomePath Renovation Mortgage Financing
Ok, not free money but helpful none the less.  If you are considering a home that is a fixer, a HomePath Renovation Mortgage may be the right fit for you.  Available only on certain Fannie Mae foreclosed properties, HomePath allows for flexible terms, a low 3% down payment, and all without the need for mortgage insurance.  The stresser on these loans is “light” renovation.

more on homepath financing

Charlotte First Time Home Buyer

A brownfield is an abandoned industrial property that is available for re-use, redevelopment once an environmental clean up has been performed. In many major cities like Charlotte, the industrial complexes have either closed or relocated to industrial parks in order to expand or to meet new zoning regulations. In their place is now a brownfield, usually surrounded by retail or a residential area which is in need of redevelopment.

Enter the EPA, which has a program to clean up a brownfield area for reuse and redevelopment. This is different than a superfund site, which contains hazardous substances like toxic waste which may endanger public health. Typical brownfield contamination include hydrocarbon spillages, solvents, pesticides, heavy metals, tributyltins, and asbestos. A prime example of a brownfield location would be a former gas station or dry cleaning establishment.

I know what you’re saying…this sounds like an awful place to live. Well, properly remediated brownfields are completely safe and they are continuously tested by the EPA to ensure that they remain that way. Additionally, there are incentives for buyers to purchase homes constructed on top of a brownfield site.

In North Carolina, improvements made on a brownfield are taxed on only a portion of the improvement’s assessed value (not the land). For the first year, the property taxes are only 10% of the improvement.

• Year 1: 10% of the improvement value
• Year 2: 25%
• Year 3: 50%
• Year 4: 70%
• Year 5: 90%

So you’re probably wondering…how can I find out if the home I’m living in or moving in is located in a brownfield site? This is something that should be disclosed to you as the buyer however do you own homework. In Mecklenburg county, visit http://maps.co.mecklenburg.nc.us/geoportal/. There, you can view the environmental status of any property in Mecklenburg just by the address or tax id. Other counties have similar GIS sites however it may take calling more than one agencies to get a list of brownfields in your area.

With the push in many cities to redevelop existing lots in many cities to increase density, brownfields are becoming a lot more common. Just think: that new hot urban waterfront neighborhood was probably the brownfield of an old sea port. Here in Charlotte, many of the new and newer “urban” residential developments are constructed in former industrial areas and may well be in a place that was once a brownfield. The important part is to get educated and know what you’re buying before you buy.

Charlotte NC Homes for Sale

Homebuilder Offering Brand New Homes Priced From The $170s In The Highly Desirable University Area

Charlotte, N.C. (January 4, 2010) – Lennar, one of the strongest names in the homebuilding industry, is celebrating the opening of its newest community in Charlotte continuing its increased commitment in the city.

Lennar’s new homes in Caldwell Commons are located in Northeast Charlotte in the highly desirable University area. The community will offer two-story homes with 3 to 4 bedrooms, 2.5 baths and two-car garages. Homes will range from 2,152 to 2,808 square feet with prices starting from the $170s.

Regardless of what home floor plan design buyers choose at Caldwell Commons they will still enjoy the value added benefits of Lennar’s “Everything You Want. Everything You Need.” philosophy of including the most desired features in every home as standard at no additional cost.

Caldwell Commons homes feature exceptional interiors that include 9-foot smooth ceilings, 30 ounce stain resistant carpeting, an interior trim package and brushed nickel hardware.

Kitchen features include castled maple sinclair birch kitchen cabinets with crown molding and nickel hardware, GE brand black on black appliance package including a smooth top electric range, built in microwave oven and dishwasher and double bowl stainless steel sinks with Moen single handle stainless steel pullout faucet.

Bath features include separate shower with glass door in master bath, oval garden tub in master bath, cultured marble vanity tops and double bowls in master bath and brushed-nickel faucets in all bathrooms.

“Our Company asked thousands of prospective homebuyers which features and upgrades they wanted most when they were searching for a new home and we simply made sure our new home products included them at no additional charge,” said Kyle Rush, Director of Sales and Marketing for Lennar’s Carolinas division. “As a national homebuilder we are able to leverage our vast buying power to work with name brand suppliers and buy these items at a lower price and pass this value along to our homebuyers.”

The community will feature plenty of family oriented amenities including a community swimming pool, clubhouse and cabana. The community is conveniently located near Interstate 485, Interstate 85, Highway 29 and Highway 49 for easy commuting.

Caldwell Commons location in the heart of the University area puts the community near Charlotte’s high-tech business and residential district that includes UNCC, the Carolinas Medical Center, University Hospital and University Research Park. Concord Mills Mall and Northlake Mall are just minutes away. This area of Charlotte is known for its array of convenient shopping, dining, entertainment and extracurricular activities that are available.

“We understand that the purchase of a home is one of the largest investments one will make in a lifetime,” said Rush. “So we try to assist our homebuyers in any way possible to make the buying process quick and simple.”

One way Lennar simplifies the buying process is by offering its in-house lender Universal American Mortgage Company (UAMC). UAMC is a full-service mortgage banking company that has assisted more than 300,000 families with their mortgage financing needs. Right now, UAMC is offering low monthly payments and incredible finance rates. These opportunities are on top of Lennar’s already low home prices and are in addition to the recent $8,000 first-time homebuyer tax credit extension. If you haven’t owned a home in the last three years you may qualify to receive this government tax credit of up to $8,000. * Additionally, now current homeowners may also be able to receive a $6,500 tax credit.‡ These tax credits are not loans and there is no re-payment.

Prospective homebuyers interested in more information on Caldwell Commons can visit Lennar.com/Charlotte or call 1.888.841.7341.

The community is located just off Caldwell Road in Northeast Charlotte.

About Lennar Corporation
Lennar Corporation, founded in 1954, is headquartered in Miami, Florida and is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and retirement homes in Communities that cater to almost any lifestyle – such as urban, golf course, Active Adult or suburban Communities. Currently the company builds homes in 16 different states in some of the finest markets across the country.

Charlotte NC Homes for Sale

Looking to spend New Years out on the town? Here are a few New Year’s Eve celebrations happening in the area:

First Night 2010 New Year’s Celebration

3pm - Midnight

Uptown / Center City

First Night is Charlotte Center City Partner’s New Years celebration. The event features live music, cultural events, fireworks, and even events for kids. For more information, visit http://www.firstnightcharlotte.com

NYE 2010 At Holiday Inn Center City & Caffe Siena

6pm - 9pm

230 North College Street, Charlotte NC 28202

Looking to end 2009 with a bang? Why not start with a really good dinner from Caffe Siena and then end the evening at the Center City Holiday Inn. Dinner packages start at $55 per person. To view the menu and get more details, visit http://www.hicharlotte.com/

Comedian Jeff Dunham

7pm

Time Warner Cable Arena

Why not end 2009 with a laugh? Jeff Dunham has been featured on Comedy Central and is known for his ventriloquism act. Get tickets to his show here: http://www.timewarnercablearena.com/

Live Music at Hickory Tavern

Call for times

Hickory Tavern: Hickory and Gastonia

Check out local musicians Soulwatt and Loaded Mule Band at Hickory Tavern for New Years Eve. Known for their great food, excellent atmosphere, and now great tunes. Call for show times or visit http://www.thehickorytavern.com

Other places holding New Year’s Eve Events:

• The Charlotte Forum
• Backfinn Charlotte
• Howl at the Moon
• Whisky River (Party hosted by Dale Earnhardt Jr.)

Charlotte NC Homes For Sale

Two weeks ago, I had the privilege of taking the listing you see below. To say the least, it is a breathtaking remodel in the Myers Park High School District. However, to really appreciate all that was done, I have uploaded the listing pictures from when the current owner purchased the home back in 2007.

This home features 4 Bedrooms (with 2 Master Suites), 4 1/2 Bathrooms, has approximately 4018 sq. ft. heated living area and sits on .731 acres in a cul-de-sac lot. For someone likes an open floor plan or enjoys entertaining, they will love that this home has 3 separate entertaining areas - not including the 60′ long 3 tier deck on the back. The home is also wired for a whole-house audio system with multiple zones for the ultimate in entertaining.

Also added:

• New roof
• Hardwood flooring
• Ceramic Tile in the mud room
• Jack & Jill bath in the lower bedroom area
• Over sized walk-in shower with pebble flooring
• Custom designed kitchen with GE profile appliances, granite counters, and Kraftmaid cabinetry
• New plumbing
• 1/2 bath for guests
• Landscaping for both the front and rear of the home

To view the entire listing, as well as to view the price, visit our website

Before:

After:

Charlotte NC Homes For Sale