“Old Home Style” in a “New Home”

Old home character continues to be on the top of most buyers list these days. Old style charm usually comes with it a premium price, less energy efficiency, and increased maintenance. This leaves many buyers asking themselves how can I get that old home character with the advantages of a newer home. Some of the things homeowners can do include: 1–Consider bold traditional lines of colors (Benjamin Moore has a really nice pallette); 2- Use materials which provide an old-style look, but are more cost effective and maintenance free such as hardiplank siding; 3- Architectural details are the key including roof lines, mixing window and door sizes, large welcoming front porches, and concealed modern amenities such as garages with back entry design; Last, walkable communities always provide that “old style home” feel.  Interested in a new home with an old style feel, shoot me an e-mail at chris@cacartergroup.com and I can direct you to some neighborhoods which cater to your disinctive taste.

First-Time Homebuyer Tax Credit Details

Being a real estate professional and CPA I have gotten many questions regarding the first-time homebuyer tax credit.  So, as promised, I would like to detail the “in’s and out’s” of the credit.  1– Tax credit is equal to 10% of the home’s value or $8,000, whichever is less;  2– To qualify as a “first-time buyer” IRS says you must have not owned a home in the last 3 years;  3– You must purchase a home between 1-1-09 & 11-30-09 so if you are on the fence you need to jump;  4- Higher income folks may not qualify; 5- You do not have to repay the credit as long as you stay in your home for at least 3 years; 6- The credit is refundable meaning you will see a full $8,000 refund on your tax return even if your tax liability was less than that amount.  I hope this helps to clear up some questions everyone has.  Bottom line is this is too good to pass up if you qualify.  E-mail me at chris@cacartergroup.com with any questions you may have.

Americans choose Smaller, Smarter Homes

USA Today recently reported that new homes, after doubling in size since 1960, are shrinking. According to recent census data last year was the first time in 10 years that the average square footage of homes dropped. The census data showed a drop from 2,629 in the second quarter to 2,343 in the fourth quarter. Many expect the shift in attitudes to persist even after the economy recovers. The shift has been brought about not only by dismal economic times, but also as people push for energy efficiency in their homes as well as their commute. As a result, a shift to center city where the commute is shorter, but homes are generally smaller and home prices are generally higher. The key to small homes is connectedness many say. People don’t need as much interior space for entertainment or exercise if they live near parks, shops or other people. They can walk everywhere in their neighborhood. Looking to downsize and have questions, shoot me an e-mail at chris@cacartergroup.com.

Moving to Charlotte, but don’t want to bring your car; is this possible?

It sure is. One of the first things you will notice about Charlotte is how big it is.  According to the US Census Bureau, Charlotte is comprised of nearly 245 square miles. Within that area, there are just about 200 different neighborhoods that make up our city, and if you pick the right one, you could easily move here car-free.

A quick visit to the website www.walkscore.com indicated that a half dozen of our neighborhoods are “very walkable”.  Which means you can easily stroll to restaurants, parks, retail shops, and other businesses found in the Google Local Search API. Most people would expect to see Downtown (referred to as Uptown here in Charlotte), but other great options are Dilworth, Chantilly, Elizabeth, Myers Park, and Commonwealth.

The website isn’t exactly perfect. It fails to consider important factors such as public transit, hills, and water ways in its walkable projections, knocking some great neighborhoods further down on the list. For example, Plaza-Midwood and SouthEnd are very walkable with their easy access to public transit systems, but the website does give someone new to Charlotte a good idea as to where to start.  

Want more information on a specific neighborhood in Charlotte? Feel free to visit our firm website http://www.cacartergroup.com/neighborhoodguide.php or drop me a line anytime.

Distressed Homes May Need Feng Shui Lift!

According to Wendy Cole in a recent Realtor Magazine, “sellers in financial distress require something extra from real estate practitioners.” Faced with a short time to sell a property, many people are turning to the ancient practice of feng shui to clear energy and attract potential buyers/renters for their home. From removing physical clutter to spiritual “space clearing” using bells, chimes, incense, chanting and sometimes rice to purify a space, you can change the chi from negative to positive vibration.

If all of this sounds a little too far out or New Age for you, Katrine Karley and Pandora Seibert, co-owners of Professional Staging with Feng Shui & Design in Sarasota, Florida tell a different story. Karley tells of a two-bedroom condo that had been on the market for two years without an offer. Karley immediately shifted the furniture to create a configuration with “better flow”, added red flowers and place mats that energized the black and white décor. It sold the next day! Mirrors, water, rearranging a certain number of items in a home, chanting to move good energy around a property…and more actions are all things that do work to get the energy cleared in your home to help you sell….and help the next occupants have a space with good energy to start their life there. For more information on what you can do to change your space for the better email me at renda@cacartergroup.com.

Give me feedback on this article. As someone not practicing feng shui would you be intrigued by it?

Putting your home on the market? Here are some inexpensive ways that may help you sell it faster.

One of the luxuries of being a real estate agent is the ability to preview and show many homes to potential buyers. Along with knowing what is currently on the market, this experience also helps agents gain insight on ways to market the homes listed with the firm. Below you will find 4 simple things you can do to put your home in a better position to sell.  

1. Keep it clean. When a potential buyer walks into a home they want to feel as though they can move right in. It’s important to always keep a clean and clutter free home for them to adore.
2. Make it roomier. One of the easiest ways to do this is to move furniture around to give your home a more open feel. This will make the space look larger and more appealing.
3. Lighting is key. One of the things I always try to do is set the stage before a showing on one of my listings. Going in and opening blinds and turning on lights helps give the home a warm, inviting feel. If a room has very little light, you may want to consider adding a lamp.
4. Add some more life to your home. Adding real house plants in strategic areas will give your home a lived in feeling again making your home feel warmer and inviting. If you have a problem keeping them alive; consider lucky bamboo. All it needs water and it gives the same effect.

If you are thinking about selling your home I would love to talk with you further about other ways we can market it to get your home sold faster.

Are you ready to buy a home?

Today while browsing through various real estate articles I ran across one that I thought might interest you; Signs That You Are Ready to Buy. The article is focused on first time home buyers and provides for some good basic information to get you started in a six step format.

• Are you familiar with the market you want to buy into? Do you really know what you can get for your money? Occasionally future homebuyers have a condo in Elizabeth budget, with a ranch house in Dilworth in mind.
• Make sure you have money for a down payment and closing costs. Due to the ever changing economy it is best to talk with a professional mortgage broker to see what your options are, and what funds you will need to get into your dream home. We have plenty here at CA Carter Group we can refer you to who will look out for your best interests.
• What can you afford? This goes along with the bullet point above.
• Owning a home is more than a mortgage payment. Depending on the home you choose there are plenty of other expenses that go along with homeownership, including maintenance, utilities, and insurance to name a few.
• Good credit is a key to getting a home loan. Make sure you do what is needed to keep your credit score high.
• Do not buy a car right before you buy a house. Without getting to in-depth, your debt-to-income ratio plays a huge role in what you can afford. Buying a huge ticket item right before buying a house could limit how much you can borrow.

If you are interested in reading the full article visit http://www.move.com/home-finance/real-estate/buyers/signs-that-youre-ready-to-buy.aspx. If you have any questions about any of the bullet points please email me anytime.

Understanding a Short Sale (Pre-Foreclosure)

 A client asked me just this week my thoughts on a short sale.  In fact, I am being asked more and more frequently about so called REO (Real Estate Owned) properties.  Are they a good way to get a deal? As my accounting professors at ASU use to say, “Depends”.  One thing is for certain, you need an expert to help you thru the transaction.  Let me give you a quick crash course on the subject.  A “short sale” is a situation when the sellers owe more on their mortgage(s) than the value of their home.  In other words, the sellers are in a shortage situation if they decide to sell.  Generally to be cosidered for a short sale their must be some sort of hardship involved.  In the vast majority of situation banks do not offer concessions, and do not like coningencies. Sales are almost always “As Is” meaning that the seller plans to make no repairs.  Let me know any questions you may have.  If you think you might want to consider a short sale, e-mail me at chris@cacartergroup.com.

Mortgage Broker Perspective on Housing Market

A local mortgage broker (Bill McConnell) shared his opinion with me on how to jumpstart the housing market the other day. A couple of his perspectives were as follows:
1) Start with a $25,000 tax credit for new homebuyers. Ka-ching! That’s a big number, but it’s going to take that to jump-start housing.
2) For those homeowners who are upside down on their mortgages, renegotiate the loan length to 40-50 years. This will make their monthly payments more affordable and hopefully prevent foreclosures. Hey, it worked in Hong Kong – why wouldn’t it work here?
3) Continue buying mortgage-backed securities, the paper that led to so many downfalls. This will further loosen the lending of money and be the grease we need to get the rusty wheels of real estate turning once again.
Interesting perspective, don’t you think. Give me your ideas!

Details of the Freddie, Fannie Plan

Did you know that Fannie Mae and Freddie Mac have directed their network of servicers to halt all foreclosure and eviction proceedings between Nov. 26 2008 and Jan. 9, 2009? Fannie expects 10,000 of it’s borrowers to be affected.

 

Who qualifies and how does it work: 1) Loan must be owned by Fannie Mae or Freddie Mac; 2) Homeowner must be at least 90 days late; 3) Homeowner must live in the home; and 4) Homeowner must show hardship.  If all of these stipulations can be met, payments will be adjusted to 38% of income, but the principal will not be reduced.  The mortgage rate could be reduced to as little as 3% for 5 years.  After the 5 year period, the rate would be increased by 1% per year until it hits the market rate or original interest rate, whichever is lower. 

I would love to hear our clients opinions of the plan.  Please share your comments.