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

The last big summer holiday weekend is fast approaching… here are some tips to keeping your Labor Day holiday weekend safe and fun!

TRAVEL TIPS:

With so many people heading out on the roads to travel to their holiday destination, here are some great tips from America’s Road Team Captains to ensure you travel safely:

And don’t forget that it’s always a good idea to plan for extra traffic. Don’t speed to get somewhere faster. And if you’re going to a Labor Day party where alcohol is served, don’t drink and drive… organized a designated driver in advance.

HEALTH & SAFETY TIPS:

• Stay hydrated: this summer has been hotter than ever. Most likely Labor Day weekend will remain hot. It’s easy to dehydrate on a hot day, especially if you are participating in outdoor activities. Take water with you and drink it.
• Water safety: if you plan on water sports, be sure to have plenty of life preservers and life rings available. Have one preserver available for each person on a boat. Have a cell phone handy in case of emergencies. A first-aid kit on board is a must, as well.
• Don’t get burned: keep plenty of  sunscreen on hand and use it! Nothing ruins a weekend holiday more than getting burned the first day out!
• Keep kids safe: always make sure there’s enough adult supervision if young kids are around (especially in and around water).
• Keep food safe: have plenty of ice on hand to keep perishable food cool. Click here for some great barbecue and food safety tips.

Following these few tips will ensure a happy and safe holiday weekend. Happy Labor Day from Carolinas Realty Partners!

Charlotte has long been known for its reasonable cost of housing and living. In fact, Charlotte has been below the national average for cities of similar size for many years. And for a number of years, North Carolina (which includes Charlotte!), has been ranked as one of the only three states where average closing costs are at least 25% below the national average as ranked by Bankrate.com. On a $200,000 mortgage, the national average for closing costs is $3,741. In North Carolina, the average is $3,255.  See a breakdown of North Carolina’s mortgage closing costs.

Here’s a great video about closing costs and what to expect when you take on a mortgage from Bankrate.com.

See where your state ranks in terms of closing costs.

Here’s a great consumer guide from the Federal Reserve Bank about mortgage closing/settlement costs. And if you like to play with numbers and do some of your own calculations, here’s a great calculator tool.

Want more information about buying a home in Charlotte and what costs may be involved, contact Carolinas Realty Partners.

It seems that everyday there’s a new challenge to getting approved for a mortgage. Recently, The New York Times ran an article about how being/getting pregnant during the mortgage approval process might hurt your chances of being approved for a mortgage. The fundamental issue is that when a baby makes its arrival maternity and/or paternity leave can lead to a change in household income and lenders no longer assume that one or both parents will return to work on a full-time basis. This possible change in income (especially if permanent or long-term) can affect the borrowers’ debt-to-income ratios (a critical yardstick for mortgage approval), leading to a lower loan amount approval or no approval at all.

If you’ve been planning on buying a home and starting or increasing your family (a major reason families buy new homes), you should be aware of this. You should also know that your real estate agent and your mortgage lender cannot, by law, ask you about your pregnancy plans (it’s a violation of the Equal Credit Opportunity Act). You can, however, be asked if you expect your future employment/income situation to be changing for any reason in the near term. It makes good sense to be honest with your lender from the start. You don’t want to go through a mortgage approval process, have your job/income status checked just before closing on a home only to have your loan declined last minute. And keep in mind that most lenders simply want to have some proof that income will go back to pre-maternity/paternity leave levels.

Watch a recent NBC Today Show Story On Pregnancy & Mortgages. You’ll find it enlightening.

A recent study from MIT and Harvard researchers indicates that a foreclosure reduces the value of a home by 27%! And if you own a home within only 250 yards of a foreclosed home, the value of your home drops by at least 1% on average as well (although, if you are in a neighborhood with lots of foreclosures, my experience shows that non-foreclosed home values drop by more than 1%). By comparison, if you file for bankruptcy, a home’s value drops only by about 3%. Currently, 1 in 12 homes valued at under $1 million, are in foreclosure.

Foreclosures have additional serious, negative consequences:

• If you are foreclosed on, your credit score will drop somewhere between 250-300 points.
• The foreclosure will remain on your credit record for seven years.
• You will be unable to qualify for a mortgage to purchase another home for at least 24 months and maybe as long as for 72 months.
• You may be unable to get hired for any job dealing with money.
• In some professions, you might actually lose your job.

And keep in mind that every month you are late with a mortgage payment prior to a foreclosure notice, your credit score is also dropping: by 40-110 points the first 30 days you are late and by 70-135 points by the time you are 90 days late.

And if you are contemplating a short sale, keep in mind that your credit score will drop between 100-200 points once the short sale is completed and you won’t be able to buy a new home for five years financing with a conventional loan. (If you are using a VA loan, you could buy a new home in two years; with an FHA loan in three years.) But these time frames all assume you’ve re-established your credit and payment history in the intervening years.

If you’d like more information about this subject contact Carolinas Realty Partners.

We are now enjoying some of the best interest rates in almost 30 years. It’s a great time to buy a home. And keep in mind that every 1/2% increase in interest rates equals a $5,000 increase in the price of a home on a $200,000 mortgage! Below is a recap of interest rates for 30 year fixed rate mortgages… see for yourself why current rates make NOW a great time to buy a home in Charlotte (or anywhere for that matter). With both interest rates and home prices at their lowest levels in years you’ll save thousands! Need help finding that dream home and getting a mortgage? Contact Carolinas Realty Partners.

30 year Average Fixed Rates

1972    7.38%

1973    8.04%

1974    9.19%

1975    9.04%

1976    8.87%

1977    8.84%

1978    9.64%

1979   11.19%

1980   13.77%

1981   16.63%

1982   16.08%

1983   13.23%

1984   13.87%

1985   12.42%

1986   10.18%

1987   10.20%

1988   10.34%

1989   10.32%

1990   10.13%

1991   9.25%

1992   8.40%

1993   7.33%

1994   8.36%

1995   7.96%

1996   7.81%

1997   7.60%

1998   6.94%

1999   7.43%

2000   8.06%

2001   6.97%

2002   6.54%

2003   5.82%

2004   5.84%

2005   5.87%

2006   6.41%

2007   6.34%

2008   6.04%

2009   5.04%

TODAY’S FIXED 30-YEAR RATE: 4.25%

 The first-time and move-up home buyer tax credits might be gone, but with interest rates at historical lows, it makes more sense than ever to buy a home now. You’ll save thousands!!!  For example, on a $200,000 mortgage at 4.5%, you could save over $43,000 in interest versus a 5.5% loan on a 30 year loan. And your monthly payments are about $122 per month lower at the 4.5% rate.

Another way to look at it… every 1/2% change in interest rates is approximately equal to a 5% change in sales price! Every 1% change in interest rates is equal to a 10% change in sales price. In other words, when interest rates go down by a 1/2%, it’s like buying a house at 5% less. Obviously, the same house “costs” you 5% more with every 1/2% increase in interest rates.

So, with current low, low interest rates, not only do you get to pay less on a monthly mortgage and save money over the life of the loan, you get to buy “more” house than you could afford with higher rates.

If you are planning to buy and planning to do FHA financing, it’s even more critical that you buy now. As of September 7th, FHA’s up-front mortgage insurance and monthly mortgage insurance goes up. Watch this important video: FHA Buyer Tax September 7th to learn more, as very few people have been talking about this issue and September 7th is less than one month away!

With interest rates expected to stay low throughout 2010 (and where they go in 2011 is anyone’s guess right now), it’s the perfect time to think about buying a home. For more information Carolinas Realty Partners are always happy to help.

Enjoy your privacy and the feel of country, estate-style living, just minutes from Matthews, Weddington, Waxhaw, and Ballantyne, where you have great shopping, fine and casual dining, golf, movies, and more! Situated on .97 acres, this custom-built, move-in ready home offers all the luxury amenities you’d expect in a modern, yet gracious home. The gourmet kitchen will bring out your culinary talents! The oversized, covered deck, dual paved patio, large and flat back yard will provide unlimited recreation! Plus there’s room for a pool! From first glance, as you enter the home, it echoes… spacious… open… flowing… perfect for casual family living and more formal entertaining. The location can’t be beat… close to some of the best schools in the Charlotte metro area; close to primary local roads.  For more information contact Carolinas Realty Partners.

3535 Weddington Oaks Drive, Matthews, North Carolina Price: $440,000.00 Beds: 5.00 Baths: 3 Sq Ft: 3343 Description: Welcome to 3535 Weddington Oaks, located in the beautiful and exclusive Weddington Oaks community, minutes from Matthews, Weddington, Waxhaw, and Ballantyne. Situated on a beautifully landscaped, woo …. View this property >>

In the Charlotte, Waxhaw, Fort Mill North Carolina real estate market, buying a home with the intent to fix it up is one of the best investments you can make. There’s no better way to take control over your home ownership than to customize the design, floorplan, and landscaping of everything from a single story rancher to a charming Victorian – especially if you’re looking to use the current North Carolina real estate economic climate as a way to get the home of your dreams without breaking the bank.

However, as any responsible real estate agent will tell you, buying a fixer-upper can be a big challenge. Excessive or hidden damage in a home can be both dangerous and costly. Before you make the plunge, make sure you follow a few important fixer-upper guidelines.

1. Always get an inspection. Nothing will give you a better idea of what kind of repairs you’ll come across than a thorough home inspection from a trusted source. Don’t take on more damage than you, your contractor, and your budget can handle.

2. Pay attention to the layout and structural foundation of the house. If you’ve always dreamed of a large kitchen, make sure your potential new home can be adapted in terms of wiring, plumbing, and layout. Sometimes, the skeletal structure of a house prevents certain types of cosmetic changes.

3. Location matters. It doesn’t matter if you’re looking for a single family house in Charlotte or a condo in Waxhaw; a home’s NClue is only as high as the neighborhood in which it’s located. A rundown building in a nice neighborhood has the greatest potential to bring an enormous resale price.

4. Know the difference between “big fixes” and “small fixes.” Things like drywall, painting, floor refinishing, landscaping, and hardware are easy to do yourself. Things like plumbing, electrical work, windows, and roofs can be more expensive and difficult. Stick to changes you can make for certain based on your skill level and budget.

When buying a home in Charlotte or looking at Waxhaw real estate options, a fixer-upper can be one of the best ways to get the home of your dreams for a low overall cost. Just make sure you enter into the transaction with your eyes open, with flexibility in mind, and with Nina Hollander and Carolinas Realty Partners at your side.

Just listed and a wonderful buy at $275,000 for an almost 3,000 square foot home in the heart of Charlotte’s Ballantyne neighborhood! This home is situated on a quiet, cul-de-sac street with minimal traffic. The owners have spent over $12,000 to make this home move-in ready, including painting all the walls, trim, doors, ceilings. There’s also brand new, frisee carpet throughout the carpeted areas of the home. New coach lights at the front and back doors provide a warm welcome into the home. The home offers an open, flowing floorplan with spacious rooms, perfect for both casual living and more formal entertaining.

Upon entry, you are greeted by a dramatic 2-story foyer with an open living room with bay window and decorative columns that leads into the formal dining room, which has generous millwork and trey ceiling for that extra touch of elegance. The large great room features a gas fireplace, vaulted ceiling, skylights, and cat-walk view from above. The large, open kitchen offers cherry cabinets, new appliances, a wrap-around breakfast bar. The master suite on the main floor with a spa-inspired bathroom is a perfect sactuary at the end of a long day!

The location of this home couldn’t be better! You are minutes from everything Ballantyne has to offer: great shopping, fine and casual dining, golf, movies, primary local roads, and top Ballantyne schools. For more information contact Carolinas Realty Partners.

8930 Bryson Bend Drive, Charlotte, North Carolina Price: $275,000.00 Beds: 5.00 Baths: 2 Sq Ft: 2860 Description: This preferred location in south Charlotte, is not only situated in the heart of prestigious Ballantyne, but also features fantastic school assignments! Tucked away in Ellington Park—a small, f …. View this property >>