Charlotte Homes for Sale
Nina Hollander
(704)779-0813

Forbes named Charlotte metro area as one of the top 10 cities in which to buy a home right now!

For people who want to own a home, the premium to buy—the spread between what they’d spend to rent and what they’d pay for a mortgage—is much lower than the 15-year average in many cities.

To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years.  For more information click here.

If you are thinking of buying a home in the Charlotte metro area, don’t hesitate to contact Carolinas Realty Partners for help. We can help with single family homes, townhomes, condos, foreclosure properties.

I’ve written several times about why buying a home sooner rather than later makes sense–especially if you are looking to borrow with an FHA loan and/or are a first-time buyer. Today the Federal Housing Administration announced changes to FHA-insured loans that will begin significantly affecting home buyers starting in the spring. These changes include:

• An increase in the mortgage insurance premium by 50 basis points from 1.75% to 2.25%. This change will be effective in the spring of 2010.
• Implementation of a new down payment system where borrows can qualify for the 3.5% minimum down payment only if their credit score is at least 580. Borrowers with credit scores less than 580 will be required to put down at least 10%.
• Starting this summer, sellers will not be able to offer as much help to buyers to pay their closing costs. The maximum amount of assistance will drop to 3% of the value of the property from the current 6%.  That represents thousands of extra dollars buyers will need to have on hand to purchase and close on a home.

Aside from these issues, please don’t forget that the current tax credit of up to $8,000 for first-time buyers and up to $6,500 for move-up buyers expires on April 30th, 2010. You must be in contract by April 30th, 2010 and closed by June 2010. I keep reminding people that this tax credit does not appear slated for renewal in Congress so this may be your last chance to take advantage of it.

Have you heard the news! Green real estate is getting lots of buzz. More and more homebuyers are looking for ways to increase their green footprint. They are looking for that perfect home and yard that will give them eco-luxury. Going Green in Charlotte, Waxhaw, Fort Mill North Carolina is happening as we know it.

Not only are we worried about our cleaning supplies being green, but now we want our homes to be green also. Homes with amenities like Gammpar floors, LEED-certified building materials, double-paned windows and even docking stations for electric cars! Also, homes that boast features like rainwater harvesting, passive air ventilation, reclaimed fixtures and recycled content tile and flooring.

This may all seem very over-whelming, but there are a lot of sites on the web that will help you fully understand just what finding a “green” home entails. It will be worth the research and will make your life more comfortable in the long run. Just “Google” the words “green real estate”, for starters. Enjoy the search and learn what makes a “green” home; a home that you want to be a part of. We all want to do our part and so let’s enjoy all of the eco-luxury that we can.

Just a side note – there’s no denying that the mortgage meltdown has meant tragedy for many home owners. But take a look around. You’ll see there’s very positive activity in many vibrant markets throughout the US especially in Charlotte, Waxhaw, Fort Mill North Carolina areas. By focusing on the good news and passing the message around, we can help speed up the market recovery. Don’t panic, let’s all do our part!

The Real Estate Settlement Procedures Act (RESPA) was enacted in 1974 to provide consumers with improved disclosure of mortgage settlement costs and to reduce the costs of closing by eliminating referral fees and kickbacks. Through the years, the Department of Housing and Urban Development (HUD) has issued regulations and policy statements to provide RESPA guidance to the mortgage  industry and consumers alike.

On November 17, 2008, HUD published a new final rule “To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs.” The rule mandates use of a new Good Faith Estimate (GFE) and HUD-1 which went into effect on January 1, 2010.

Below are just a few of the changes associated with the new RESPA guidelines that became effective January 1^st, 2010.

• Lenders can collect no fees other than the credit report fee until the Truth In Lending (TIL) has been delivered to the borrower. If it has been delivered by mail, they must wait 3 business days to collect any fees.  Appraisal fees cannot be collected in advance, so you must allow time when applying for a mortgage to receive these documents and for the appraisal to be ordered.    
• The buyer must receive the Good Faith Estimate (GFE) and the Truth in Lending (TIL) which must disclose the final Annual Percentage Rate (APR) at least 7 days prior to closing.
• If the final Annual Percentage Rate (APR) deviates from the initial Good Faith Estimate (GFE) by more than .125%, the Truth In Lending (TIL) must be re-disclosed and the 3 business day waiting period starts over.  Changes to the terms of the loan such as rate, or closing costs, etc require a re-issue the Good Faith Estimate (GFE) and the buyer must take 3 business days to review the new GFE. So if for some reason there was a change at the closing table, the closing would be automatically pushed back 3 days.

These are just a few of the changes.   Today, selecting the right loan officer can mean the difference between your moving into your new home or having your furniture stuck in the back of a moving truck for 3 days in a hotel parking lot.  The important thing for home buyers to remember that time is of the essence and that the most accurate Good Faith Estimate is the best estimate. Charlotte offers lots of great mortgage loan options and loan professionals. If you need a referral, don’t hesitate to contact Carolinas Realty Partners at 704-779-0813.

To view the new Good Faith Estimate form which all lenders are required to use, click here. To view a copy of the new HUD-1/Settlement Form, click here.

To review HUD’s 48 page “Shopping For Your Home Loan” booklet, click here.

Move-in ready former model home is situated just minutes from the University City area of Charlotte. Low Cabarrus County taxes. Great for the first-time home buyer eligible for the First-Time Home Buyer Tax Credit. If you’re a first-time home buyer, don’t forget you need to be in contract by April 30th, 2010 to qualify!

5423 Hammermill Drive, Harrisburg, North Carolina Price: $180,000.00 Beds: 3 Baths: 2.5 Sq Ft: 3095 Description: This former model home with 3,000+ square feet of heated living space is in impeccable, move-in condition and still shows like a model home! The home’s exceptional floor plan is designed for ent …. View this property >>

There’s more good news on the Charlotte job front!

• Yesterday, Swedish outdoor equipment manufacturer Husqvarna announced they will invest 2.75 million into their new North American Headquarters in Charlotte.   This will bring 160 jobs to Charlotte with an average pay of $79,000. 
• Local retailer, Belk announced this morning that they would be adding 39 jobs at their Charlotte headquarters. The jobs will be in the company’s buying, merchandise-planning and private-brands areas. Hiring will take place between March and November.
• Minneapolis-based U.S. Bancorp has leased an additional 10,000 sq. ft. in downtown Charlotte’s Hearst Tower and will build a bond trading floor for its new high-grade, fixed income business. The most recent expansion follows an announcement in May of the creation of Charlotte-based fixed income and national corporate banking units. U.S. Bancorp has since hired 30 individuals for these divisions and expects to hire another 50 or 60 by the end of 2010. The bank’s current employment in Charlotte stands now at 120, a total that includes specialists in the trust division that has operated here since 2005.

Charlotte has lots of new jobs coming in 2010! Several companies have announced a move of their headquarters and or operations to the Charlotte metro area:

• Premier, a health care services company, announced in October that they will be moving their headquarters to Charlotte’s Ballantyne Corporate Park from San Diego. Premier already employs over 750 people in Charlotte and plans to add 300 jobs in the next five years at its new headquarters.
• Zenta Mortgage Services, Inc., a global financial outsourcing company, plans to expand its presence in the Charlotte area as well as to add 1,000 jobs over the next five years with an average salary of almost $48,000 per year. Zenta plans to expand in the Forest Park Business Park in southwest Charlotte.
• Swedish appliance manufacturer, Electrolux, will be consolidating and moving their North American headquarters to Charlotte in the coming year. This will bring some 738 jobs to Charlotte and is the largest headquarters announcement here in some 25 years! Job opportunities will begin to post at the end of the first quarter 2010 at their career site page.
• Wilbert Plastic Services, a producer of molded plastic parts for the automotive, industrial equipment and custom parts markets, will be moving its headquarters from Chicago to North Carolina and will be expanding its Belmont facility in Gaston County, where they plan to invest almost $6 million and add some 40+ jobs. The company also has a facility in Harrisburg, just north of Charlotte.

Slowly, but surely, the Charlotte region is making strides in diversifying its economy and employment base. Over time, this also will have a positive impact on our real estate markets. Another great reason to think about making a move to the Charlotte area!