NAR Hosts Realtor Rally at the Washington Monument with 13,500 Realtors attending

According to NAR, approximately 75 million Americans own their homes. This means 66 percent of American households are owner-occupied. We are a nation of homeowners, and homeownership is the foundation of the American Dream.  NAR provided the following facts as we visited Congress this year:

To People:

• Homeowners are happier and healthier and enjoy a greater feeling of control over their lives.
• Owning a home is one of the best ways to build long-term wealth.  Historically, a homeowner’s net worth has ranged from 31 to 46 times that of a renter.
• Most homeowners enjoy stable housing costs.  A fixed-rate mortgage payment may not change for 15 to 30 years while rent typically increases 3 percent a year.
• Homeowners can typically deduct mortgage interest and property taxes on their income returns.

To Communities:

• Homeowners vote, volunteer, and contribute more to their neighborhoods.
• The stability that homeowners provide reduces crime and supports neighborhood upkeep.
• Children of homeowners stay in school longer and do better in school.  They are also more likely to participate in organized activities and spend less time in front of the television.

To America:

• Homeowners pay 80 to 90 percent of federal individual income taxes.  All Americans benefit from the programs supported by federal individual income taxes.
• Every home purchase pumps up to $50,000 into the economy over time.
• Housing accounts for more than 15 percent of the national Gross Domestic Product.  Housing is a key driver of our national economy.
• Homeownership helps support and create American jobs.  For every two homes sold, one job is created.  That’s 2.5 million American jobs in an average year of home sales.

Visit www.realtor.org/homeownership

Charlestowne Manor Market Report, Charlotte NC, Mecklenburg County, Scott Browder

Dear Charlestowne Manor Residents, Welcome to your initial Market Report summary of real estate activity in your neighborhood.  I am pleased to provide this information with the goal of ensuring you remain fully aware of the market activity that affects your home and one of your most important assets.  Each of the properties represented in this report can be viewed in full detail via the link to my website.  You will also find many other valuable tools on my website while you are there.  If I can answer any questions or provide a detailed interpretation of this data for you, please feel free to call or e-mail me.  I look forward to assisting you. www.scottbrowder.com Forward onto your neighbors so that they can stay up-to-date on what is going on in the neighborhood.Report Prepared on 06/14/2012 for Charlestowne Manor Trouble viewing report? Click Here MARKET INFORMATION Currently FOR SALE * Avg. Days on Market: 5 Days Listings Currently for Sale: 1 Newest Listing: 06/09/2012 Shortest/Longest: 5 Days/5 Days Recent SALES Avg. Days to Sell: 46 Days Total Sales: 1 Last Sale: 05/11/2012 Shortest/Longest: 46 Days/46 Days Months of Supply: N/A** (6 months is considered a balanced market) FOR SALE DATA List Price DOM Average $290,000 5 High $290,000 5 Low $290,000 5 SOLD DATA List Price Sale Price DOM Average $300,000 $290,000 46 High $300,000 $290,000 46 Low $300,000 $290,000 46 Scott Browder Direct: 704-361-1806 Email Me View My Website PROPERTY DETAILS 4536 Castleton Rd Charlotte Subdivision: Charlestowne Manor List Price: $290,000 Courtesy of Choice Properties LLC Year built: 1991 Bedrooms: 3 Baths: 2/1 MLS ID: 2090023 1011 Worcaster Pl Charlotte Subdivision: Charlestowne Manor List Price: $300,000 Sold Price: $290,000 Sold Date: 5/11/2012 Year built: 1991 Bedrooms: 3 Baths: 2/1 MLS ID: 2074507 Days on Market: 46 MARKET SUMMARY Status MLS ID Address City Bed Bath Yr. Built List Price DOM Active 2090023 4536 Castleton Rd Charlotte 3 2/ 1 1991 $290,000 N/A High $290,000 5 Low $290,000 5 Average $290,000 5 Status MLS ID Address City Bed Bath Yr. Built List Price Sale Price Sold Date DOM Sold 2074507 1011 Worcaster Pl Charlotte 3 2/ 1 1991 $300,000 $290,000 5/11/2012 46 High $300,000 $290,000 46 Low $300,000 $290,000 46 Average $300,000 $290,000 46 Copyright 2012 – Allen Tate Company * Data provided by Carolina Multiple Listing Service and is based on your personalized Market Report criteria. ** Estimated time to sell current listing inventory based on your personalized criteria for the past 30 days of sales. Properties reported can be listed or sold by various participants in the MLS. Allen Tate Realtors participates in the CMLS’s IDX program, allowing us to display other broker listings on our site. The data relating to real estate for sale on this website comes in part from the IDX Program of the Carolina Multiple Listing Services, Inc. Real estate listings held by brokerage firms other than Allen Tate Realtors are marked with the logo and detailed information about them includes the name of the listing brokers. Click here to unsubscribe.

Mortgages and the Self Employed in Charlotte, NC

Mortgages and the Self Employed

                        You are self-employed and are looking to purchase a home or refinance your mortgage. You have heard horror stories regarding reams of paperwork and underwriters who wanted two pints of blood in order to approve a loan application. As a matter of fact, you have held off purchasing a home for years because you thought verifying your income may be difficult or impossible.

In this article we will investigate one of the more complex areas of real estate finance. Hopefully we will help dispel some myths and make the process easier for everyone.

Who is self-employed (SE)? For underwriting purposes, someone is considered SE if they own 25% or more of the entity which provides their income. For example, if someone is a sole proprietor (such as a real estate agent)–they are SE. If someone owns at least 25% of a corporation (such as a restaurant) or partnership (such as a law firm), they are SE.

Why is self-employment important? SE is important from an underwriting standpoint because the income derived from SE varies (i.e. variable income). It also is more difficult to calculate than salaried income. This gives rise to two important underwriting concepts–

1. Two year average. The income of a SE applicant is derived by taking a minimum two-year average. For example, if one has earned $50,000 in 2010 and $70,000 in 2011–the average annual income used by an underwriter would be $60,000. Many loan programs will not consider applicants who have been SE less than two years.

2. Net, not gross income. The income used to qualify an applicant is the net income derived from the business. If one owns a restaurant which grosses $2 million annually, this is not relevant because the net of the business may be $30,000 annually. Generally, salary derived from the business can be used (it is still averaged) as long as the salary is supported by the cash flow of the business. In the case of a sole-proprietorship, it is the “net” of the Schedule C which is important.

But what about all those “phantom” write-offs? If you are telling the IRS that it is a business expense, then it is a business expense–though some “non-cash” items such as depreciation may be added to the income.

What should I bring to application? In addition to the “normal” documents,bring two years complete and signed federal tax returns and a profit and loss current through the previous quarter, unless you are applying in the 1st quarter of the year in which case the returns will suffice. If there is a corporation or partnership involved, bring these returns as well.

What about no-income programs? It is true that many who are SE have heard of programs that require no documentation of income. However, these programs are few and far between in the wake of the financial crisis and recession. If you find such a program, it is likely to require a much larger down payment and/or significantly higher rates and fees. You are also required by law to be accurate with regard to the question on the application which asks for your income, regardless of the documentation method.

 

Why You ALWAYS Need a Realtor – Even if You’re Not in the Market

2012

Most people think a real estate agent is someone you call upon when you’re ready to buy or sell a home. While that’s true, your real estate agent can also provide helpful advice and counsel throughout the homeownership lifecycle. For most of us, our home is our largest single investment. Make sure you have a professional to help you care for it.

Here are a few things we can do for you – when you’re not selling or buying:

• Keep you abreast every 30 days on home sales and listings in your neighborhood.
• Help you decide whether or not to appeal your new assessment notice from the City and      County.
• Offer advice on which enhancements and improvements you should or shouldn’t make to your home. You want to make sure you don’t over or under-improve, based on the neighborhood comparables.
• Help you choose bonded, insured, inspected contractors to do any work, either maintenance or remodeling, to protect your most valuable asset.
• Help you determine how well your property management company is doing on behalf of you and your neighbors, if you live in a condo.
• Make sure your home is properly insured in case of a partial or total loss.
• Check that at any given time your home’s financing tools meet the current marketplace      (interest rate, term and closing costs.)
• Help you and your neighbors preserve the integrity of your neighborhood as it relates to      your homeowners association standards and management.

By partnering together, we are positioning ourselves for you to refer us to others. Thank you for the confidence extended. Your home is your most important asset, and it is our life’s passion to help you protect, maintain and enjoy it – between transactions.

Myers Park Fixer Upper

My clients took on a project early this fall on Norton Road in Myers Park, and our already on to the finishing touches of their home. Whether it is a shower door pull or a drawer pull their attention to detail is magnificent. Please check out their progress on their blog at, http://bashamhouseadventure.blogspot.com/

Median Sales Price in Charlotte North Carolina

This information was prepared by:

Scott Browder

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Office: (704) 361-1806
Cell: 704-361-1806
scott.browder@allentate.com

Email this info:
Entire CMLS Area Median Sales Price Rolling 12 Months

All data from Carolina Multiple Listing Services, Inc. Powered by 10K Research and Marketing.

What to Ask your Real Estate Agent Up Front

• Do you have other obligations that will hinder your availability when we can look at homes? If so, tell me those upfront, because when I am ready to see the inside of the house…I am ready now.
• How often should I expect to hear from you? I have a certain expectation in my mind about when I want to hear from you. Even if it’s just you checking in with me.
• How should we communicate? I’m a texter. Text me – it’s the best way to reach me, but if I need to reach you what should I use?
• Can you provide me a list of homes that meet my criteria a few days prior to us going out? I don’t want to waste my time or yours looking inside homes that I would not consider because of the street or neighboring houses. Give me a list of homes a few days prior to getting in your car and I will do drive by’s. If we do this together, I feel obligated to go in.
• What do you specialize in?  If you specialize in farm houses and land, we may not be a good fit if I am looking for a suburban home in a live/work community.
• If I am unhappy with your service or don’t feel like our relationship is working out, what is the escalation process? I want to know if we aren’t jiving, can you handle me telling you that, or do I need to call your manager and then what should I expect after that.
• After we have written a contract on a home, what can I expect from you? I really want to know how things are going, so keep in touch with me is important even after the offer because I want to be assured things are going smoothly.
• If we run into a “bump” during the appraisal or inspection process, what is your role and what is mine? If I have made an offer on a home, I REALLY want it and I want it to work.

Insurance

What do we do when our children graduate college or turn 22? What happens if you works on your own? What if you use your spouse’s insurance and they get laid off/fired/quit? What if you have a pre-existing condition that inhibits you from being accepted on a plan?

These are the questions facing millions of people throughout the United States. Insurance is expensive and unfortunately ruling the health care field. 

I do have some suggestions for those who lose there job and whose spouse might not work. Spouse, go back to UNCC or some school that provides insurance. Also, do not worry about your teenagers graduating high school because they can do the same thing and use the University’s plan.

The average cost of insurance for a college student per month in the US is $32.

When racking your brain about insurance: take another class or sit down with your real estate agent who has your best interest at stake. Often times people will buy something that they think is a good deal; unless it is $32 a month think twice and talk to a trusted advisor.

Great March Proves Recovery is Real!

When you read the national housing reports talking about Q1 2011, you need more information to figure out the “rest of the story.”

Let me try, from my perspective, to help you. First and foremost, you must understand that the report for the month or quarter might be speaking to numerous categories. For example, sales, pending sales and solds – or even a category like new homes vs. resale – might be represented in a single report.

The data indicates that sales of existing homes fell 9.6 percent in February, the lowest level in 9 years. To understand why, you need to remember what happened last year in Q1 and Q2. We had a tax credit incentive that “borrowed” sales from the second half of the year, sending us into 2011 with a very small pipeline. Additionally, new home sales continue to drag, due to the availability of lot-ready opportunities and lender restraints on speculation building at this time.

Now … for the rest of the story. Sales in March in the Carolinas – without a tax incentive – were very strong. In fact, at Allen Tate, we rivaled last year’s numbers without the incentive. This indicates that the recovery is real and this is what we need… gradual and steady.

Yes, lending standards remain very tight and we are overcompensating for the Ills of the past, where lending standards were much too loose. The rental inventory is full of folks getting their credit in order so they can buy. Clients who have credit are listening to today’s mantra of selling low in order to buy low, instead of what their neighbors did just a few years ago – selling high and buying high, which is all relative. Everyone is realizing that there will still be downward pressure on pricing in 2011, but waiting is not a wise decision, with interest rates pushing.

The first half numbers of 2011 may not rival last year, but the real story will be told at year-end. Sales and closings will prove that the “bottom” (according to me) was October 2010. Interest rates, while still historically low, are up considerably from last April.  Smart buyers will understand that waiting for another price concession will simply not make up for the difference in higher interest rates.

Rental vacancy rates went from 10.7 to 9.4 percent in the last year, so competition for the opportunities is out there. With lower home prices, the first-time home buyer today is KING. It is “time to get off the fence” for sure! ATC President

NC Homes for Sale Park Crossing

A true Park Crossing gem!  Major renovation in 2007!  All new custom kitchen with top of the line cabinets, stainless steel appliances, granite, stone, fixtures, lighting, very impressive.  Refinished hardwood floors on main level;  Great room w/coffered ceiling and built-ins opens to kitchen;  Large master br. w/tray ceiling;  Huge master ba. w/tile floor,  large tub w/jets, tile shower, vaulted

9734 Warwick Circle

All homes for sale in Park Crossing

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