This great news extends to the entire Charlotte metro area, as foreclosure filings for Mecklenburg and and neighboring counties of Gaston, Cabarrus, Anson, Union in North Carolina and York County in South Carolina also dropped to 1,104 from 1,312 as compared with one year earlier–a 16% drop!

In many parts of the country, foreclosure shadow inventory levels are decreasing–boding well for home prices in the coming year.

Shadow Inventory Levels

For more detailed information about foreclosures in the Charlotte metro area visit RealtyTrac. For more information about foreclosure homes for sale visit GreatHomesInCharlotte.com.

Prevention makes the biggest difference. Be a good neighbor. If you know one of your neighbors is going to foreclose find out what you can do to help keep the property looking nice and be sure to maintain your property.  If the neighborhood looks nice chances are the foreclosure won’t be vacant long.

If you see broken windows, trash in the yard, or overgrown weeds, report them quickly. You don’t want to problem to get worse. This isn’t a big problem in Charlotte, Waxhaw or Fort Mill, but being prepared will continue to prevent a foreclosure from hurting housing prices.  An eyesore can turn into a health or safety hazard quickly.

Another option is to help sell the North Carolina property. Call Nina Hollander with Carolines Realty Partners to help sell your Charlotte metro area property. Talk up the area and see if you know anyone who’s looking to buy in your area.

Don’t waste your time trying to find out who owns the house to make them take responsibility, and avoid trying to fix the problems without permission. Go through the proper channels.

Depending on what you want out of your home, finding the right style for you can be a lot of work – fortunately, it can also be quite a bit of fun.

Costs of New vs. Older Homes

In the past, deciding which type of home you wanted was largely a matter of price, since most older homes came in at a considerably lower price tag than new developments. In today’s market, however, there are new and historic homes that fall into the entire spectrum of housing costs – as long as you know where to look.

Older homes with renovated interiors have the double advantage of supplying old world charm and the latest in kitchen and bathroom amenities. However, older homes that haven’t been updated with modern heating, cooling, pipes, or electricity can become a financial drain.  In this same way, newer homes with jetted tubs and a pool out back might provide everything you need to live comfortably, but there might be a trade-off when it comes to lot size and unique architectural features.

Of course, location matters, too. Charlotte and Waxhaw homes for sale that have a little bit of historic charm tend to be found within small, unique neighborhoods closer to the downtown center. New development homes and those in gated communities tend to be found further out, especially in more suburban regions where there is more room for growth. These differences in location can have an impact on housing prices, since you may have to pay more for proximity to the city.

Benefits of an Older Home

Although all older homes vary – especially when it comes to things like updates, renovations, and location – most of them provide great benefits from an aesthetic point-of-view, including:

• Craftsmanship and architectural details
• Unique layouts
• Larger lot sizes
• Centuries-old features
• Mature landscaping

Benefits of a Newer Home

New homes tend to come with a much lower level of hassle, which can be a great boon to those buying a house for the first time or for young families who may not want to put a lot of time into their residence. Some of the features of a new Charlotte home include:

• Less maintenance overall
• New pipes, roofs, appliances, electricity, etc.
• Larger storage spaces/More square footage
• Often closer to family-friendly features like schools and parks
• Energy efficient updates

Which Home is Right for You?

If you have been considering buying a Charlotte home for awhile, you might already have a good idea of what you want out of your house, and what types of architecture appeal to you the most. However, many of the benefits of old homes (or new homes) can’t really be appreciated until you see them first-hand.

Ask Nina Hollander with Carolinas Realty Partners in the Charlotte, Waxhaw, Fort Mill area to show you the best of both worlds, and you might be surprised by what really draws you in. Just remember that every house – even the new ones – will require a little bit of work before they really start to feel like home.

November 2011 Market Update

While home sales in September were down slightly from a relatively strong month in August, they were up from a year ago, giving encouraging signs of a strengthening market and potential for stabilizing, if not appreciating, home prices. These signs include an increasing demand, shown by the number of people shopping for homes, and the decreasing inventory of homes for sale, in conjunction with some of the lowest levels of new housing construction since 1960s when the Beatles first came to the United States.

Of the homes sold in September, 32% were first-time home buyers. With more and more people entering the market, the persisting obstacle for most is still the restrictive lending environment. In a plea to banks and policy makers, NAR President Ron Phipps said, “We need to remove the roadblocks to a housing recovery—not place more obstacles in the way of financially qualified buyers.”

With an increasing demand and shrinking inventory, it is hoped that banks will begin to see the market potential and start to lend to otherwise creditworthy home shoppers, opening the road to a more rapid recovery. While consumer confidence still remains at all-time lows, retail spending increased 1.1% last month, a positive sign of growth fueled by the approaching holiday season, which could propel the U.S. into a promising new year.

Home Sales (in millions)

Home sales were 4.91 million in September, down 3.3% from a strong August in which were 5.06 million, but still 11.3% above September 2010. Lawrence Yun, NAR chief economist, states, “affordability conditions have improved to historic highs and more creditworthy borrowers are trying to purchase homes, but the share of contract failures is double the level of September 2010. Even so, the volume of successful buyers is higher than a year ago and is remaining fairly stable—this speaks to an unfulfilled demand.” If lending standards loosen, we can expect to see an increase in home sales.

Home Price

in thousands

Homes prices were down, with a 3.5% drop in September compared to a year ago. The national median price for homes in September was $165,400, with distressed properties, foreclosures, and short sales still accounting for 30% of sales. This is a great opportunity for those potential buyers still thinking about purchasing a home, especially as the housing industry begins to show increasing signs of stability.

Inventory- Month’s Supply

in months

With stronger sales than a year ago, the amount of homes for sale was reduced to 3.48 million units, or an 8.5-month supply at the current sales volume. With the lowest new housing construction in almost fifty years, the inventory of homes on the market is projected to continue to decline, which is a positive sign that prices could begin to climb again.

Source: National Association of Realtors

Interest Rates

Mortgage rates were down again, from 4.35% in September of last year to 4.11% this September. While the Federal Reserve continues to put downward pressure on interest rates to spur sales, Congress’s recent action to lower loan limits has further tightened lending among banks. This had the biggest impact in the Western states, which experienced an 8.8% drop in sales. This was mainly due to the concentration of more expensive properties in California, where buyers rushed to purchase properties in August before loans limits dropped on the October 1 deadline.

This Month’s Video

Topics For Home Owners, Buyers & Sellers

Did you know that the housing and building industry accounts for nearly 40% of the world’s energy and raw material consumption? Our ability to “green our homes” truly has the ability to change the world. The principles of green are really about understanding priorities for a well-lived life—living healthy, being smart with money, and acting more sustainably.

We typically spend more than 80% of our nonworking or commuting hours inside our homes. Because we spend so much of our lives inside, it only makes sense we make a healthy inside zone the first priority. Here are a few DIY tips from Green Your Home to get you started:

• Cross-Ventilate. An average adult takes in more than 14,000 breaths—or about 3,000 gallons of air—a day! Surprisingly, you are more likely to breathe polluted air inside your home than outside—even in cities like Los Angeles, which aren’t known for air quality. Opening one window won’t cut it… you need cross-ventilation so the breeze actually blows though your home, taking the pollutions back out with it. Open a front door and a back door, or one window upstairs and one downstairs.
• Lighten Up. Simply swapping out the five most commonly used incandescent bulbs for CFLs or LEDs in your home can save you $60 to $100 a year. Combined with well-designed artificial lighting, natural lighting is also a great way to boost efficiency.
• Low Flow. American families use about 400 gallons of water a day, and 70% of that is used inside the home. The majority is used in the bathroom: the average person flushes the toilet 2,500 times a year. Transform your home’s toilet from water-waster to water-miser for cheap. Place a brick or 2-liter plastic bottle filled with water into your toilet’s tank. The volume of these objects means less water will be needed to fill your tank—you’ve just created your own low-flow toilet. Also, be sure and have a leaky or running toilet fixed by a plumbing professional immediately.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

In the current Charlotte real estate market, many of the things that make a house unique – its paint color, flooring, the kitchen counters, and even the size or type of the windows – are being upgraded to entice buyers. But if your home has a restricting layout, which makes the house look smaller, darker, or inaccessible, you might have a difficult time making a “quick fix” to increase your chances of a fast sale.

Fortunately, there are things you can do to make your NC home for sale more appealing. If you do have a layout that might be sending out the wrong signals, you can try the following.

Remove the clutter. Staging your house is an important part of any home selling process, but never more so than when your layout might be confining or restrictive. Extra furniture, shelves, tables, and even the rack where you hang your coats all add to the inaccessibility of the house as a whole. By displaying your space as open and clearly as possible, you are allowing homebuyers to see the house through fresh eyes.

Add room dividers. A very long (or even a tiny) living room or a bathroom that is taken up almost entirely by a washer and dryer can be a difficult sell, because buyers might not see how the space is livable. Room dividers, or screens set up in strategic locations, are one of the tricks that decorators often rely on to maximize space, since they add clean lines and more storage opportunities.

Open up the entryway. Although this task might require a little bit of construction work on your part, opening up the home’s foyer to make it more appealing and inviting is often all you need to do to allow your home to shine. Most homebuyers make a decision about a house within the first 6 seconds, so you have to make those seconds really count.

Adjust your bedrooms. If your Waxhaw house has adjoining bedrooms, or if your Fort Mill condo has a bedroom right off the kitchen, you might want to re-market the space. Few people want to sleep in a room that offers reduced privacy, but if you stage it and/or list it as an office, a library, a playroom, or even an add-on, homebuyers might be more tempted.

The NC real estate market is on its way up, but selling a home can still be a challenge – especially if you own a challenging home. By taking a little extra time to adjust the way you see your house, as well as the way it is presented to others, it is possible sell that house faster and with a higher price point.

The question is a good one in today’s real estate market. While buying a house was once lauded as the best choice for people of all backgrounds, the truth is that buying a home is a big investment that takes time, preparation, and careful planning.

Reasons to Buy a House in the Current Market

It doesn’t matter whether you’re considering a Charlotte house or a Waxhaw condo – the reasons for buying a house are good ones regardless of what type of real estate you’re after. Why?

• Interest rates are low right now. With so many foreclosed homes on the market and more sellers than there are buyers, banks and mortgage companies are offering added incentives for homebuyers. If you plan on taking out a 15- or 30-year mortgage, this can translate to savings in the tens of thousands of dollars.

• Foreclosed properties offer great deals. Although the NC real estate market is doing fairly well these days, there are still more foreclosed and discounted homes on the market than there were five or even ten years ago. If you are in a financial position to buy, you may be able to get more home for your dollar than in another economy.

• You can make an investment in the future. Given the state of the current economy, most house values are set to rise over the next few years. If you do purchase a Fort Mill home or a house in any of the outlying areas, you’re likely to see an increase in your home’s resell price within five to ten years.

Reasons to Rent a House in the Current Market

While we always encourage individuals interested in potentially buying a home to contact us to discuss their options, there are some key triggers that might indicate you’re better served as a renter. These reasons include:

• Little to no down payment saved up. Although there are zero-down programs available (particularly for first-time State homebuyers), it’s always a better financial decision to put some money into your home purchase.

• The possibility of moving or relocating soon. Charlotte homes for sale provide a great bargain right now – but they may not increase in value enough to immediately resell it. Buying a home and then needing to sell it right away can be a strain, since it’s likely to remain a buyer’s market for at least a few more years.

Contact Nina Hollander For More Information

If you’re ready to start looking at Charlotte or Waxhaw homes for sale, or if you’d like more information on the benefits of buying a home versus renting one, call us today. Sometimes, it’s impossible to know if buying a home is right for you until you sit down with one of our trusted professionals and get all your questions answered.

The personal attachment we all have to our homes is part of the reason it can be difficult to sell a North Carolina home.

• Homeowners who associate positive memories with a house are more likely to value it at higher than the market rate. This can make it difficult to find a balance between what you think your home is worth and what it will reasonably sell for.

• Staging a home you love (and still live in) can be more challenging than staging an empty space. Packing away your personal belongings (e.g., pictures, knick knacks, books) to give your home a more streamlined and sell-able look for up to months at a time can put a strain on your enjoyment of the home selling and buying process.

• It can also be hard to put all your trust in another person’s hands. Selling a home in Charlotte and the outlying areas often requires that you have open houses, walk-throughs, and open doors to everyone from real estate agents to nosy neighbors. Having others view your home – oftentimes while you are not there – requires that you put personal reservations about privacy aside.

Although this paints a rather bleak portrait of what selling a home entails, the truth is that people buy and sell homes every day. They upgrade to new family homes in Charlotte suburbs and move to downtown condos with chic views – and are usually more than happy with the outcome.

One way to get past issues of trust and privacy is to put your home in the hands of a real estate agent you trust. Your agent works as an advocate for you and your house, making sure that everything proceeds safely and with a minimal hassle. And because your agent knows the Waxhaw real estate landscape, it’s easier to settle on a price and a staging set up that will get you faster results.

Nina Hollander has been working in the North Carolina area for years, and knows exactly what it is that makes local homebuyers interested. To minimize your anxiety and sell a NC home quickly and easily, feel free to call our office today.

Here’s your link to our May 2011 Housing Trends eNewsletter, as well as updates on trends in 150 metropolitan housing markets. This newsletter provides you with up-to-date articles, tips, and advice for current and future homeowners. Whether you’re looking to buy or sell, have recently moved, are staying put, or you simply want to stay current with real estate trends, there’s something for everyone in our Housing Trends eNewsletter. Enjoy!

Have questions about Charlotte housing? Need answers about buying or selling a home in the Charlotte metropolitan area? Contact Carolinas Realty Partners serving Charlotte, Waxhaw, Fort Mill, Matthews, North Carolina!

Charlotte and Waxhaw homes for sale are noted for their family-friendly communities and idyllic backdrop, but that doesn’t mean that every home is ideally placed. Before you purchase a home in any North Carolina city, it’s important to research what the rest of the neighborhood has to offer.

Schools

Schools are the number one consideration when it comes to choosing a good neighborhood in NC. If you have kids, the reasons are easy to spot: you want your children to have access to a good, safe education. However, even homeowners without kids need to keep this issue in mind, especially if you plan on selling the house some day. Top-rated schools will not only keep your property value high, but they’ll also serve as an appeal to potential homebuyers in the future.

Crime and Sex Offenders

Few people want to live where they feel unsafe or fear for their families. That’s why you should always check the crime rate and search for registered sex offenders in the area. Never take a neighborhood at face value; a place that looks charming during the day might have a high rate of break-ins, while a neighborhood that looks less savory might actually have a strict neighborhood watch program in place and several policeman living nearby.

Walkability/Livability

Suburbs in the region of Charlotte are generally good places for a slower pace of life, but the ability to walk to the market, the park, or to run simple errands might not be as high as what you can find in a more urban center. At the same time, Charlotte suburbs might be better for taking a scenic evening stroll. When determining where you want to live in North Carolina, keep in mind what is more important for your lifestyle: being near amenities, or being near other families with similar goals as you.

The same is true for things like construction zones, local garbage plants, train tracks, playgrounds, dogs, or industrial zones nearby. Make sure you take a walk through your potential neighborhood during the day and in the evening to see what types of noises, smells, and sights you will have to get used to.

The Neighbors

Nothing tells you more about a neighborhood in Waxhaw than the neighbors. Does everyone keep their homes and yards in good order? If a visually-appealing community is important to you, you might want to look around to make sure everyone else feels the same way. You might also want to investigate why. Is upkeep important to the neighbors, or is it held in place by strict homeowners’ association rules? Are you ready to make the same level of commitment?

Also, you’ll want to determine the types of people who live nearby. Is there a large percentage of young families? Teenagers? Professionals who are rarely at home? Although these things can and will change, they will tell you a lot about the overall neighborhood culture.

Neighbors also matter when it comes to the type and sizes of homes they have. Are there a large number of foreclosures? That could indicate a lowering neighborhood value. Are the other houses very different than yours in terms of value? (Note: Being surrounded in houses much higher in value than yours means that you may pay more in property taxes. Houses with a lower value means that you may end up having a difficult time selling in the future.)

Buying Your New Charlotte Home

Buying a home, whether it’s in the center of Charlotte or on the outskirts of Fort Mill, is a big undertaking. It’s important to look beyond the physical structure of your dream house to notice all that’s going on around you. After all, the place you call home is about more than four bedrooms and three baths; it’s about your way of life.

If you’re ready to learn more about purchasing a home in NC, contact Nina Hollander today. We’ll match you with the perfect home—including neighborhood amenities.