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

New credit card rules went into effect earlier this week. Many of these rules will positively impact consumers; some might have a less positive impact down the line. Here’s a quick summary of the key provisions you should be aware of, as well as some links to more detailed information about the new rules.

• You must have 45 days notice whenever your credit card company plans to increase your rates, fees, or make other major changes to your account. You also have the right to cancel the card before any of these fees go into effect (but there may be penalties to do so, which you need to find out about prior to cancelling).
• The 45 days notice of major changes does have exceptions. Exceptions can include: if you have a variable rate tied to an index on your card; if your introductory rate has expired; if you haven’t made your payments on time.
• Future monthly bills must include information about how long it would take you to pay off your balance when you only make minimum payments. The bills must also give you a calculation of what your payment needs to be if you are to pay off your current balance in three years.
• Credit card companies cannot increase your rate during in the first 12 months after you open your account (unless, again, you have a variable rate, an introductory rate, if you are more than 60 days late in paying.) And if your rate does go up, the higher rate can apply only to new balances on your card and they can’t raise rates for 60 days.
• If you want to charge over your credit limit, you must opt-in and you can opt-out at any tie.
• If you have fees on your card, they can’t be higher than 25% of your initial credit limit.
• Your rates cannot be increased if the credit card company was late in crediting your payment.
• If you make more than the minimum payment, the extra amount paid must be applied to higher-rate balances on your account.
• Credit card companies must send you your bill 21 days before your payment is due and your due date should be the same day each month.
• No more universal default. In other words, if you are late on one card, companies can’t raise your rates on other accounts.
• Gift cards must keep their full balance for five years.
• Cards may not be issued to anyone under the age of 21 without a co-signer or proof of ability to pay.

While these are certainly great protections for the consumer, keep in mind that “there is no free lunch” and that ulitmately consumers will pay a price for the new protections. This might include:

• More difficulty in getting approved for credit.
• Higher merchant fees, which ultimately get passed down to the consumer via higher prices in stores.
• Additional fees when you opt in for over credit limits.
• Cut backs on reward points with cards.
• Possibly higher rates for late payers.

For more information about the new credit card rules, go to the Federal Reserve’s site which provides a detailed explanation about how the new rules will affect you.

If you are a first-time home buyer or a move-up/repeat home buyer the April 30th, 2010 deadline is looming for you to take advantage of the tax credits.

• $8,000 FIRST TIME HOME BUYER CREDIT DEADLINE:  You must be in contract by April 30th and close on your new home by June 30th, 2010. To be considered a first-time home buyer you can’t have owned a home in the past three years.
•  $6,500 MOVE-UP/REPEAT HOME BUYER CREDIT DEADLINE: You must be in contract by April 30th and close on your new home by June 30th, 2010. You must also have lived in your current home for 5 consecutive years out of the last 8 years.

$8,000 First-time Home Buyer Tax Credit at a Glance:

• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, a first-time home buyer is someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance:

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10% of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less. Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

There’s no indication that the current home buyer tax credit programs will be extended again. April 30th is just around the corner! Don’t delay if you are looking to buy a home. Lots of great homes are for sale in the Charlotte metro area. Contact us today to help you find your dream home by April 30th!

If you’ve been planning to buy a house this spring with an FHA loan, you need to know about several FHA financing changes coming in about six weeks that will increase your cost of borrowing. These deadlines are:

ISSUE:  FHA FINANCING – SELLER CAN NO LONGER CONTRIBUTE MORE THAN 3% FOR CLOSING COSTS AND PREPAIDS.   As a  buyer, you will likely need to have more money for closing or you could end up with a higher interest rate which could impact your ability to qualify.  This will be more of an issue for homes that are $150,000 and below. 

DEADLINE:  APRIL 4^TH, 2010 to be in contract.

ISSUE:  FHA FINANCING – UPFRONT MORTGAGE INSURANCE PREMIUM INCREASING FROM 1.75% TO 2.25%   This means you will likely need to have more money for closing or could end up with a higher interest rate which could impact your ability to qualify.  On a $200,000 purchase, you would be charged $1,000 more to do the loan.   

DEADLINE:  APRIL 4^TH, 2010 to be in contract.

These changes will seriously impact how much money you need to bring to closing and how much of a purchase amount you might qualify for. With interest rates also predicted to rise in the coming months, there’s never been a better time to buy!

Great home at a great price in Charlotte’s prime and prestigious Ballantyne neighborhood. Home is in move-ready condition and features 4 bedrooms (could be five) and three full bathrooms. Main floor den could be used as a first-floor guest room with its adjacent full bathroom. Large master suite with garden tub and separate shower. Open, flowing floor plan. Home backs up to protected nature preserve. Top south Charlotte schools. Minutes from shopping, recreation, top schools, and Ballantyne Corporate Park.

17422 Westmill Lane, Charlotte, North Carolina Price: $239,900.00 Beds: 4 Baths: 3 Sq Ft: 2500 Description: Bright and sunny home in much sought-after Southampton Commons neighborhood in prestigious Ballantyne area of south Charlotte. Home features approximately 2,500 square feet and an open floor plan …. View this property >>

These days we’re all looking for ways to save money and tighten our belts. For homeowners, a logical place to start is to look at ways to save on energy costs in your home. 

Here are a few online resources to get you moving in the right direction to improve your home’s energy efficiency:

• Comprehensive Home Energy Savings
• Energy Audit Tool
• On-Line Home Energy Magazine
• Energy Savings Booklet
• Home Energy Savings Tips
• Energy Savings Start At Home
• Consumer Guide To Energy-Efficient Appliances
• Energy Star Products & Home Tips

And don’t forget to check out your local energy companies–many will provide a free energy audit and most will provide advice on local contractors and suppliers and information on incentives and rebates available in your area.

Homeownership may be the most important asset-building strategy for individuals. The value of homeownership gives homeowners a feeling of control, a greater sense of security and stability.

Homeownership is typically given a lot of importance and homeowners are generally allowed to do whatever they wish in their homes. Homeowners have the right to make choices and decisions regarding changes to their homes that renters may not be able to make.

Homeownership is a financial goal most families share. There are significant community benefits to homeownership as well. Owning a home gives residents a stake in the community and a sense of “rootedness” in their neighborhoods. Enjoying the privacy that a home brings, making long lasting friendships with neighbors and best of all taking pride in your home. The pride you’ll feel in owning and improving your home is an emotional value that cannot be expressed in dollars and cents. The value of homeownership has been thought to pro-mote thrift, stability, and neighborliness.

Homeownership is thought to be an important element in achieving personal fulfillment. When asked to define the good life, polls have shown that many Americans value owning a home over such factors as an automobile, a happy marriage, an interesting or high-paying job, and good health. The value of homeownership is credited with increasing self-esteem, life satisfaction, and an overall feeling of worth. Owning a home embodies the promise of individual independence but there are also many responsibilities that come with owning a home. The value of homeownership has been thought to pro-mote thrift, stability, and neighborliness.

If you are looking to buy your own home in Charlotte, Waxhaw, Fort Mill North Carolina areas, these are some points to consider when seeing the value of homeownership. Allow me, your Real Estate agent, Nina Hollander to help you see the value of homeownership.

Recipe for a wonderful Valentine’s Day from Carolinas Realty Partners!

3 cups of hugs
4 tablespoons of love

Shake and mix well…

Add 2 scoops of kisses
and share with your partner

Happy Valentine’s Day! (Oh by the way, we would LOVE to help you with your real estate needs!)

If you are a first-time home buyer or a move-up buyer, who has purchased your home after November 30th, here are the new IRS guidelines for what you will need to claim your tax credit.

The IRS has recently released the new form that eligible home buyers need to claim their tax credit this tax season and has announced that they will start processing these returns in mid-February. With the release of Form 5405 (“First Time Home Buyer Credit and Repayment of the Credit”) along with instructions on completing the form, you can now start filing for your tax credit. However, keep in mind that if you are claiming a home buyer credit, you MUST file a paper tax return because of the added documentation requirements. These documentation requirements include:

• A copy of the HUD-1 Settlement Statement you received at closing, which shows all the parties’ names, signatures, property address, sales price and date of purchase. If you purchased a mobile home, you will need to provide a copy of the executed retail sales contract showing all parties’ names, signatures, property address, purchase price and date of purchase.
• If you purchased a newly constructed home where a settlement statement is not available, IRS will accept a copy of the Certificate of Occupancy showing the owner’s name, property address, and date of the certificate.
• If you are claiming a “move-up buyer” credit for a new principal residence, you must be able to show thay you have lived in your old home for five consecutive years during the eight-year period ending on the purchase date of the new home. Proof of residency can include: Form 1098 (Mortgage Interest Statement) or substitute mortgage interest statements; property tax records; or homeowner insurance records.

The IRS has significantly stepped up its compliance checks for those filing for the home owner tax credit, so it makes sense to have all your documents together before filing. And, again, don’t forget, you can’t file for the tax credit electronically. You may still use IRS Free File to prepare your returns, but the returns must be printed out and sent to the IRS together with all the supporting documents providing proof of purchase and/or residence. Click here for more informaton about the Free File program.

Keep in mind it could take four to eight weeks for a refund claimed on a paper return (where all necessary documents are included on the first go-around). If you file early, IRS has indicated that the first refunds for home buyer tax credits will be issued in late March 2010.

KEEP IN MIND:  if you sell your home within 3 years/36 months, you may have to pay back the tax credit you receive in 2010.

For more information, visit www.IRS.gov. 

For more information about the First Time Home Buyer Tax Credit and to see if you qualify click here.

They don’t get more “move-in” than this great 5 bedroom/3 bath home with a full bedroom and bath on the main floor of the home. Home features $30,000+ in upgrades, stainless steel kitchen, great sunroom, huge great room, large master suite with spa-like bath, and oversized bedroom/bonus room. Add a great community with pool, tennis, athletic fields and low Union County taxes and you’ve got yourself a winner! Don’t forget the Homebuyer Tax Credit available for first-time and move-up buyers is you are in contract by April 30th!

4010 Magna Lane, Indian Trail, North Carolina Price: $245,000.00 Beds: 5 Baths: 3 Sq Ft: 2744 Description: Nothing to do in this home, but to pack your bags and move right in! Virtually new home features an open, flowing floor plan with spacious rooms—perfect for both casual family living and enterta …. View this property >>

Offered at below tax value, this executive home in the prestigious Ballantyne area of south Charlotte is a great buy! Home features a private, wooded lot, three car garage, huge master suite with separate sitting room and spa-like bath, and two junior suites (one on the main floor of the home and one on the second floor of the home). Huge attic could be easily finished as a third floor bonus room. You get to enjoy all the Ballantyne area amenities at the South Carolina low tax rates! Award-winning community amenities include pool, tennis, basketball, fitness center, playground, clubhouse.

17015 Laurelmont Court, Fort Mill, South Carolina Price: $399,000.00 Beds: 5 Baths: 4 Sq Ft: 3791 Description: Situated on a wooded, fenced and beautifully landscaped .39 acre lot, is this stately, brick-front home 5 bedroom/4 bathroom home with an elegant, columned entry and dramatic architecture inside. The …. View this property >>