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

It is very important to make a great first impression to the potential buyers of your home. Every seller wants their home to sell fast and bring top dollar. Does that sound good to you? Well, it’s not luck that makes that happen. It’s careful planning and knowing how to efficiently unclutter your home that will excite buyers. Here is how to prep a house and turn it into an appealing and marketable home.

Get rid of those items that have been sitting around for years without being used or even handled. This is the hardest thing for most people to do because they are emotionally attached to everything in the house. After years of living in the same home, clutter collects in such a way that may not be evident to the homeowner. However, it does affect the way buyers see the home, even if you do not realize it. Buyers and real estate agents should see your house in its best condition from the very first day it’s on the market.

Here are a few approaches to take to unclutter your home and get it ready to sell. Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around. You don’t want buyers scratching their heads and saying, “What is this room used for?”

Another way to unclutter your home and get it ready to sell is to make those minor repairs and best of all, make the house sparkle! Only do one room, or even one small area, at a time so you don’t feel overwhelmed. Your best friend is the trash bag; when in doubt, throw it out. Many find it easier to use boxes to sort items, so you don’t have to find a home for everything as you unclutter. Most important, be quick and decisive when sorting. Tell yourself:
• If you don’t need it, why not donate it or throw it away?
• Put essential items used daily in a small box that can be stored in a closet when not in use.
• Think of this process as a head-start on the packing you will eventually need to do anyway.

If you are getting your house ready to sell in the Charlotte, Waxhaw, Fort Mill North Carolina areas, then take a step back and pretend you are a buyer. Let a friend help point out areas where you can unclutter your home and let myself, Nina Hollander, your agent help you to get your house ready to sell.

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 >>

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.

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 >>

One question home buyers always have is when they should lock their interest rate. Unfortunately, there’s no simple answer as to when the time is perfect. The best way to think about when to lock your rate is when you are comfortable with the payment at a particular rate, as you never know where rates go day by day (in December 2009 rates changed, on average, every three hours!). Since 33% of the time rates go up and 33% of the time rates stay the same, you need to keep in mind that there’s always a 66% chance rates won’t get better in another day or two or week or two. So lock when you feel comfortable with your mortgage payment.

Keep in mind that typically when lenders post rates, they are assuming a 30 day rate lock. A rate lock commitment is a lender’s promise to honor a specific mortgage rate for a specific period of time. Fundamentally, it’s a contract in which the lender says “provided you close your loan in the next however-many days, we’ll guarantee your loan at a specific rate.” Because the lender is promising you a rate today that won’t be “signed for” until some point in the future the lender is taking a risk that rates won’t go up during this time frame. The longer your rate lock period, the higher the rate lock. In other words, a 45-day rate lock would typically be 1/8% higher than a 30 day lock (the basis for pricing locks); a 60-day rate lock would typically be 1/4% higher than a 30 day lock. So keep in mind that longer rate locks usually result in higher interest rates or higher fees, or both.

Would you like $23,900 in FREE MONEY from the US Government and the State of North Carolina to purchase a home in the Charlotte metro area in North Carolina?

Carolinas Realty Partners can introduce you to a program that provides $14,900 in FREE downpayment funds to purchase a foreclosure home anywhere in Mecklenburg, Union, Cabarrus, Gaston, and Iredell Counties in North Carolina’s Charlotte metro area with a sales price up to $210,000. This downpayment assistance program PLUS the $8,000 First-Time Home Buyer Credit provides a total of $23,900 in downpayment, closing costs, and tax credit incentives!

If you are interested, you need to meet the following qualification criteria:

• You must be under contract for ahome by April 30th, 2010 and close by June 30th, 2010 to qualify for the $8,000 first-time tax buyer credit.
• You must be a first-time home buyer wishing to purchase a home in Mecklenburg, Union, Cabarrus, Gaston, or Iredell Counties.
• As an individual your income must be no more than $55,850.
• As a two-person household, your income must be no more than $63,850.
• As a three-persn household, your income must be no more than $71,800.
• As a four-person household, your income must be no more than $75,000.
• You want to purchase a foreclosure home built after 1978 at a price of no more than $210,000.
• You need to have $1,000 to put down.

Each year that you live in the home, 20% of the $14,900 from the State of  North Carolina will be forgiven. After 5 years, you will owe the state nothing and have enjoyed the $14,900 for FREE!

For more information about this program contact us at Carolinas Realty Partners and we’ll quickly get you on your way to getting qualified.

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.