Wake and Mecklenburg Counties reach top 10 lists for growth
Wake and Mecklenburg Counties are growing fast, according to the most recent stats from the Census Bureau. Wake County added 38,841 people in the 12 months ending July 1, 2007, the Census Bureau announced last week - placing it No. 7 among every county in the country in terms of numerical population growth. The 4.9 percent growth, to 832,970 people, put Wake among the top 50 counties in the country by that metric.
Mecklenburg County added 31,739 people, bringing its population to 867,067 and putting it at 10th in the country; its growth rate of 3.8 percent put it No. 82 among all counties.
Rapid growth in North Carolina's two largest metropolitan areas fits in with national trends, the Census Bureau says. Of the 100 fastest-growing counties by percentage growth, 70 were in the South.
Wednesday, March 26, 2008
Wednesday, March 12, 2008
Local FHA Mortgage Limits
By Lorraine Decker
Prudential Carolinas Realty
As of March 7th the FHA mortgage limits have increased for our region.
This is the first of many changes taking place in response to the stimulus package. HomeServices Lending/a Wells Fargo Company is one of the first banks to up the limits!
The new amounts are:
CHARLOTTE-GASTONIA-CONCORD, NC (MECKLENBURG NC) $303,750
STATESVILLE-MOORESVILLE, NC (IREDELL NC) $271,050
LINCOLNTON, NC (LINCOLN NC) $271,050
There are many advantages that government loans offer our customers: flexible underwriting, the use of non-occupant co-borrowers, and reverse mortgage opportunities. Plus, all FHA loans are fully assumable.
Prudential Carolinas Realty
As of March 7th the FHA mortgage limits have increased for our region.
This is the first of many changes taking place in response to the stimulus package. HomeServices Lending/a Wells Fargo Company is one of the first banks to up the limits!
The new amounts are:
CHARLOTTE-GASTONIA-CONCORD, NC (MECKLENBURG NC) $303,750
STATESVILLE-MOORESVILLE, NC (IREDELL NC) $271,050
LINCOLNTON, NC (LINCOLN NC) $271,050
There are many advantages that government loans offer our customers: flexible underwriting, the use of non-occupant co-borrowers, and reverse mortgage opportunities. Plus, all FHA loans are fully assumable.
Sunday, March 9, 2008
Now is a GREAT time to BUY
By Lorraine Decker
Prudential Carolinas Realty
If you’re ready to buy a home and can afford it, now is a great time to BUY, BUY, BUY. Mortgage interest rates remain very low. In many areas, buyers have a lot of inventory from which to choose and long-term homeownership continues to be one of the best ways for the typical American to build wealth.
Don’t let all of the negative media attention about the “mortgage meltdown” keep you from pursuing your homeownership dream. Mortgage industry woes are primarily limited to subprime loans and other types of creative and comparatively risky financing products. While the mortgage industry stalled briefly to reconsider its more exotic loans, there is plenty of conventional financing available for qualified homebuyers. Interest rates remain at historically low levels – still less than 7% for the typical, 30-year fixed-rate mortgage.
Indeed, the market has changed. It’s gone from a frenzied seller’s market to calmer buyer’s market. In fact, buyers haven’t seen a market this strong in years. When the national median home price dropped for the first time on record, the decline made huge albeit misleading headlines. For starters, there is no such thing as a national real estate market. All real estate markets are local and driven by local factors that include the local economy, housing supply and demand factors and other attributes like geography.
The slight decline followed years of unprecedented steep home price appreciation and the reality is that only a handful of markets experienced price declines. Corrections in markets that experienced exorbitant home price appreciation were expected and signal good news for buyers. According to 2007 third-quarter National Association of REALTORS® (NAR) statistics, the vast majority of the nation’s metropolitan areas showed rising or stable home prices with most areas experiencing modest gains.
Right now there are many homes from which to choose and in most areas buyers don’t have to deal with the harried and hurried competition of multiple bids. The changing market has also changed the inventory landscape to include fewer speculative sellers and a larger share of serious and motivated sellers.
Prospective homebuyers have some time to shop inventory and thoroughly compare home types and prices, amenities, neighborhoods, commutes and other important real estate-related features. And buyers have stronger price negotiation power as sellers compete for their attention by offering concessions or other incentives.
While all real estate markets have ups and downs, Americans continue to consistently build wealth through homeownership. According to the NAR:
· On average, the value of a home doubles every 10 years. During the past three decades, home values have increased an average of 6.6% per year.
· The average homeowner today has 36 times the wealth of the average renter. Homeowners are essentially paying themselves when they pay their mortgages and this means they’re building equity. Homeowners also benefit from some real estate-related tax write-offs like mortgage interest.
· Sixty percent of the average homeowner’s wealth is their home’s equity. For homeowners who’re in their homes for the long-term, home equity typically is their single largest source of wealth.
Because every market is different, it’s a good idea for potential homebuyers to contact a local real estate specialist to learn more about what’s happening in his or her community and real estate market. The current market for the Lake Norman area presents a super time to buy. The bottom line in real estate doesn’t change – if you’re ready to buy and can afford to make a long-term homeownership commitment, it’s always a good time to buy!
I can be reached at 704-400-7062. Prudential Carolinas Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Prudential Carolinas Realty
If you’re ready to buy a home and can afford it, now is a great time to BUY, BUY, BUY. Mortgage interest rates remain very low. In many areas, buyers have a lot of inventory from which to choose and long-term homeownership continues to be one of the best ways for the typical American to build wealth.
Don’t let all of the negative media attention about the “mortgage meltdown” keep you from pursuing your homeownership dream. Mortgage industry woes are primarily limited to subprime loans and other types of creative and comparatively risky financing products. While the mortgage industry stalled briefly to reconsider its more exotic loans, there is plenty of conventional financing available for qualified homebuyers. Interest rates remain at historically low levels – still less than 7% for the typical, 30-year fixed-rate mortgage.
Indeed, the market has changed. It’s gone from a frenzied seller’s market to calmer buyer’s market. In fact, buyers haven’t seen a market this strong in years. When the national median home price dropped for the first time on record, the decline made huge albeit misleading headlines. For starters, there is no such thing as a national real estate market. All real estate markets are local and driven by local factors that include the local economy, housing supply and demand factors and other attributes like geography.
The slight decline followed years of unprecedented steep home price appreciation and the reality is that only a handful of markets experienced price declines. Corrections in markets that experienced exorbitant home price appreciation were expected and signal good news for buyers. According to 2007 third-quarter National Association of REALTORS® (NAR) statistics, the vast majority of the nation’s metropolitan areas showed rising or stable home prices with most areas experiencing modest gains.
Right now there are many homes from which to choose and in most areas buyers don’t have to deal with the harried and hurried competition of multiple bids. The changing market has also changed the inventory landscape to include fewer speculative sellers and a larger share of serious and motivated sellers.
Prospective homebuyers have some time to shop inventory and thoroughly compare home types and prices, amenities, neighborhoods, commutes and other important real estate-related features. And buyers have stronger price negotiation power as sellers compete for their attention by offering concessions or other incentives.
While all real estate markets have ups and downs, Americans continue to consistently build wealth through homeownership. According to the NAR:
· On average, the value of a home doubles every 10 years. During the past three decades, home values have increased an average of 6.6% per year.
· The average homeowner today has 36 times the wealth of the average renter. Homeowners are essentially paying themselves when they pay their mortgages and this means they’re building equity. Homeowners also benefit from some real estate-related tax write-offs like mortgage interest.
· Sixty percent of the average homeowner’s wealth is their home’s equity. For homeowners who’re in their homes for the long-term, home equity typically is their single largest source of wealth.
Because every market is different, it’s a good idea for potential homebuyers to contact a local real estate specialist to learn more about what’s happening in his or her community and real estate market. The current market for the Lake Norman area presents a super time to buy. The bottom line in real estate doesn’t change – if you’re ready to buy and can afford to make a long-term homeownership commitment, it’s always a good time to buy!
I can be reached at 704-400-7062. Prudential Carolinas Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Saturday, March 8, 2008
Avoid These Sellers Mistakes
By Lorraine Decker
Prudential Carolinas Realty
You want to get the best price for your home, plus sell it in the least amount of time. In a buyers’ market such as the one emerging now, homes will take longer to sell. Therefore, it’s important that you make the right moves at the very beginning of your homeselling process to remain competitive. Here are some common traps that many homeowners fall into and how to avoid them.
1. Over-pricing — It’s easy to think your home is worth more than the current market may support, particularly after the long run-up in home prices. Since home prices have cooled in markets around the country, home sellers must be prepared to negotiate on price and terms, and stay flexible to other stipulations benefiting the buyer. Sellers must also keep their emotions in check during the process. After all, your home is special to you and your family, and you’re proud of the improvements you’ve made over the years. But, how does your home really stand up to the others? And are those improvements important to a potential buyer?
To determine a reasonable listing price, get sales statistics on homes in the neighborhood including listing prices and actual sales prices, how long it took for the homes to sell, and government valuation comparisons. You’ll also want a market appraisal on your property. Visit homes for sale in your area and compare what you see in terms of sales appeal.
2. Negligent Housekeeping — Buyers need to be able to envision themselves living in the home. Take a good, objective look at the condition of your home. Clean, well-kept homes with an updated appearance always stand out, and a little decorating appeal can go a long way. You don't have to buy new furniture to create charm, but you can put toys and clutter away, freshen up paint and carpet, make the most of window coverings, and add a few key accessories in order to send out welcoming signals.
3. Failing to Fix-It — Buyers, unless they are looking for a fixer-upper, would prefer to move into a home that is in perfect or near-perfect condition. If they have to fix the roof, a broken tile floor, the garage door, worn carpet or just about anything, this may give them pause about buying. At the very least, it may lower the value of the home in the prospective buyer's mind.
4. Not Identifying Exclusions — This can be a cause of contention just at a critical point in the sale. Be sure to specify any special sales considerations or exclusions from the fixtures and furnishings list. Generally, anything permanently fixed to the house is an asset that stays with the home after the sale. So if you intend to take your grandmother's antique chandelier that’s hanging in the dining room, clearly specify that the chandelier is not included in the sale price.
5. Not Understanding the Agent Agreement — Your sales endeavor will go smoothest when all parties have a clear understanding of what is expected. Understand the types of agency agreements when you sign with a real estate professional or company.
Be sure to check on fees, commission percentages, marketing plans and timeframes. Most importantly, get everything in writing.
I can be reached at (704)400-7062. Prudential Carolinas Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Prudential Carolinas Realty
You want to get the best price for your home, plus sell it in the least amount of time. In a buyers’ market such as the one emerging now, homes will take longer to sell. Therefore, it’s important that you make the right moves at the very beginning of your homeselling process to remain competitive. Here are some common traps that many homeowners fall into and how to avoid them.
1. Over-pricing — It’s easy to think your home is worth more than the current market may support, particularly after the long run-up in home prices. Since home prices have cooled in markets around the country, home sellers must be prepared to negotiate on price and terms, and stay flexible to other stipulations benefiting the buyer. Sellers must also keep their emotions in check during the process. After all, your home is special to you and your family, and you’re proud of the improvements you’ve made over the years. But, how does your home really stand up to the others? And are those improvements important to a potential buyer?
To determine a reasonable listing price, get sales statistics on homes in the neighborhood including listing prices and actual sales prices, how long it took for the homes to sell, and government valuation comparisons. You’ll also want a market appraisal on your property. Visit homes for sale in your area and compare what you see in terms of sales appeal.
2. Negligent Housekeeping — Buyers need to be able to envision themselves living in the home. Take a good, objective look at the condition of your home. Clean, well-kept homes with an updated appearance always stand out, and a little decorating appeal can go a long way. You don't have to buy new furniture to create charm, but you can put toys and clutter away, freshen up paint and carpet, make the most of window coverings, and add a few key accessories in order to send out welcoming signals.
3. Failing to Fix-It — Buyers, unless they are looking for a fixer-upper, would prefer to move into a home that is in perfect or near-perfect condition. If they have to fix the roof, a broken tile floor, the garage door, worn carpet or just about anything, this may give them pause about buying. At the very least, it may lower the value of the home in the prospective buyer's mind.
4. Not Identifying Exclusions — This can be a cause of contention just at a critical point in the sale. Be sure to specify any special sales considerations or exclusions from the fixtures and furnishings list. Generally, anything permanently fixed to the house is an asset that stays with the home after the sale. So if you intend to take your grandmother's antique chandelier that’s hanging in the dining room, clearly specify that the chandelier is not included in the sale price.
5. Not Understanding the Agent Agreement — Your sales endeavor will go smoothest when all parties have a clear understanding of what is expected. Understand the types of agency agreements when you sign with a real estate professional or company.
Be sure to check on fees, commission percentages, marketing plans and timeframes. Most importantly, get everything in writing.
I can be reached at (704)400-7062. Prudential Carolinas Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
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