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Buying and Selling at Same Time

by Mayes Harris Team

Either buying or selling a home can be extremely stressful, it can be even more overwhelming if one is trying to do both at the same time. The good news is that this happens all the time and by following a few simple tips, both buying and selling can be a seamless process.

Tips for Buying and Selling at the Same Time

The good news is that you’re planning to move anyway. Before you list your home for sale, why not start packing now? Take personal items and excess furnishings and pack them up and move them to storage. Not only will your home look larger and neater, but you are also getting a start on the move.

Next make sure your agent, or agents, understand the timeline and requirements. There are many standard contingencies which can protect you from owning two homes at once or none at all. Not only can the purchase of your new home be contingent on successfully closing on your current one but you can also reverse the process and ensure you find a replacement before the close as well.

Finally, get the entire family involved. Be excited about the change and create a moving plan in which everyone has a task and there is a plan for the move itself. By taking a few initial steps, moving can be fun and easy.

The Internet Can’t Replace Your Agent

by Mayes Harris Team

 

 

 

 

 

 

 

 

 

 

We live in the information age; the Internet offers advice on every topic and real estate is no exception. With more and more home buyers starting their home search online, they are bombarded with advice and information – it can be easy to think that you can learn everything you need to know just by reading articles online.


The truth is your real estate agent does much more than answer your questions and open doors with a special key. A professional real estate agent will be there every step of the way. They have the experience necessary to navigate the complicated home buying process and solve common hiccups that present themselves in every real estate transaction.


Your real estate agent is a local professional. They will start by presenting themselves to the buyer’s agent as someone who will work with them to see the transaction through to a successful conclusion. They have a network of professionals who will work as a team to help you through the process. These include such professionals as lenders, title reps, escrow officers, transaction coordinators, home inspectors, contractors, and handymen, among others.


Most importantly, your agent is your ally in the home buying process. They negotiate on your behalf – armed with experience and understanding of customary charges, costs, and terms. They will ensure that the price you pay for the home is fair for the condition and neighborhood. They will negotiate repairs, if needed and make sure you are protected with the proper contingencies.


The Internet offers lots of great information, but the most important step you can take when buying a new home is hiring a local professional real estate agent. Their knowledge and expertise can’t be found by reading an article or two online.

MARKET REPORT UPDATE: MECKLENBURG COUNTY'S FEBRUARY 2019 STATS

by Mayes Harris Team

Another page on the calendar has changed and that means it is time for another real estate market update. This month we begin by reviewing Mecklenburg County's February 2019 Stats!

Let's get started with the Median Sales Price in February. If we look back at 2017, we see a median sales price of $235,575. The following year, 2018, that price increased by +14.6 percent to $270,000. In 2019, we came down slightly by -2.8 percent to having a median sales price of $262.500 in Mecklenburg County. More than 2 years ago, but slightly lower than 1 year ago. 

Next, we are going to review the number of New Listings that came on the market in Mecklenburg County in February. We start with 2 years ago, 2017, and see that there were 1,592 new homes that came on the market. The following year, 2018, there was a decrease of -12.5 percent with 1,393 new homes coming on the market. In 2019, however, there was an increase of +4.2 percent with 1,451 new homes coming on the market. 

 

Next statistic we will review is the February Median Days on Market. Starting in 2017, we saw 14 median days on market and then the following year, 2018, we saw a decrease of -21.4 percent with 11 median days on market. In 2019, we increased to 23 median days on the market. 

So there you have it. A quick overview of what is happening in our local market of Mecklenburg County. If you have questions or need real estate assistance than please reach out to us. We would love to help you!!

You May Need To Move If The Following Conditions Exist.

by Mayes Harris Team


Most people dread the thought of moving, yet those same people love it when they move. Why? Most likely it’s an emotional attachment and nostalgia for a beloved home. It’s understandable but a home that just doesn’t fit your needs any longer can make even the most loved home uncomfortable.

Are you wondering if it’s time to move? Here are 6 telltale signs that will help you make that decision. 

1. Your Home is Too Small – One of the most common signs is you’ve outgrown your current home.  Your family has grown and the number of bedrooms and/or bathrooms have not or the storage is not there. 

2. Your Home is Too Large – Life changes and you may now be in the chapter of life known as the empty nester chapter. When that happens you might find that your home is simply too large and the maintenance is too much. Maybe you would rather take your free time to travel and relax.

3. Your Home is Too Expensive – You  may find you are spending all your extra cash and savings making repairs or in making major upgrades to suit your lifestyle.

4. The Neighborhood is Losing Value – Neighborhoods do change over time if yours is declining then it may be time to consider a move. 

5. Changing the Weather – Maybe you are finally tired of shoveling snow. A move to a warmer state could be the right move.

6. Change is Good – The last great reason to move is to try something new. A different style or location, if the home isn’t making you happy any longer, time to move.

MARKET REPORT UPDATE: MOORESVILLE'S JANUARY 2019 STATS

by Mayes Harris Team

This week we are focusing on the City of Mooresville and we are starting with the Median Sales Price for this area doing a year-over-year comparison. In 2017, the January Median Sales Price was $305,000. In 2018, that dropped by -4.9 percent to $290,000 and then in 2019, we dropped slightly by -1.4 percent to $286,000.

Next, we will take a look at the number of New Listings that came on the market in the City of Mooresville in January. We start with 2 years ago, in 2017, where we see that there were 155 new homes added to the market. In 2018, that number decreased by -9.7 percent to 140 new Listings. In 2019, we increased by +40.0 percent to 196 new Listings. 

The last statistic we will review is the January Median Days on Market. Starting in 2017, we saw 47 median days on market in January. In 2018, that number increased by +4.3 percent to 49 and in 2019, the median days on market decreased by -32.7 percent to 33 days. Quite a decrease!

 

So there you have it. A quick overview of what is happening in our local market of Davidson. If you have questions or need real estate assistance than please reach out to us. We would love to help you!!

MARKET REPORT UPDATE: MECKLENBURG COUNTY'S JANUARY 2019 STATS

by Mayes Harris Team

It has been a while since I sat down and reviewed the market statistics. We've entered a new year and so it is time. Let's review Mecklenburg County's January 2019 Stats!

Let's get started with the Median Sales Price in January. If we look back at 2017, we see a median sales price of $236,000. The following year, 2018, that price increased by +8.1 percent to $255,000. In 2019, we came down by -2.0 percent to having a median sales price of $250,000 in Mecklenburg County. More than 2 years ago, but slightly lower than 1 year ago. 


Next, we are going to review the number of New Listings that came on the market in Mecklenburg County in January. We start with 2 years ago, 2017, and see that there were 1,252 new homes that came on the market. The following year, 2018, there was a slight decrease of -2.6 percent of 1,220 new homes coming on the market. In 2019, however, there was an increase of +13.4 percent with 1,383 new homes coming on the market. Not a huge increase, but definitely more homes than in both 2017 and 2018.

Next statistic we will review is the January Median Days on Market. Starting in 2017, we saw 18 median days on market and then the following year, 2018, we saw a slight decrease of -16.7 percent with 15 median days on market. In 2019, we increased by +66.7 percent to median days on the market of 25

So there you have it. A quick overview of what is happening in our local market of Mecklenburg County. If you have questions or need real estate assistance than please reach out to us. We would love to help you!!

Exciting News For The Davidson Community!!

by Mayes Harris Team

We have patiently been awaiting a very important small business grand opening and it is finally here!! The Davidson Community welcomes Gateau on Main!!

I was so excited to share this news with my Davidson family and friends that I had to rush home and get this out right away!

They are located at 107 North Main Street, Davidson, NC 28036 and their phone number is 980.231.8167.

Make sure to set your clocks early so you can be there when the doors open at 7 AM sharp!!

Here's a couple of photos to get your appetites ready!! Can't you just envision the aroma? I sure can!!

5 Ways to Organize And Bring Joy To Your Life

by Mayes Harris Team

 

 

 

 

 

 

 

 

 

There's an organizing craze happening lately and it is due to a woman by the name of Marie Kondo. She has this show on tv where people invite her into their homes and she shows them how to organize their surroundings. She starts by having the homeowners put all their things in a pile and then they are to sort through each item while asking themselves if each object brings them joy. Personally, I got a little anxiety watching it, but the concept is a good one.

Clutter affects our lives in many ways as does being disorganized. Let's make getting organized a goal this year. It's actually one of the most common New Year’s Resolutions, along with losing weight and finding love, Here are 5 great ways to get started on organizing your life.

1. Create a Cleaning Schedule – Everyone likes a clean home but very few people like a huge cleaning project. Build a schedule which allows you to clean as you go – daily tasks which are quick and easy to accomplish as part of the routine.

2. Pull out the Crock Pot – Planning meals are easy with a crock pot or pressure cooker. Start your evening meal before you leave for work.

3. Enlist Help – Everyone in the household can help out with daily tasks. Hold a meeting and assign each person with tasks and chores that best suit their interests.

4. Set Goals – Create manageable and quantifiable goals and measure the achievement weekly.

5. Prioritize – The most important way to organize your life is to set priorities. Not everything has to be accomplished all at once. Be realistic and start small. Set goals based on what’s most important.

Mayes Harris Team: RE/MAX National Housing Report for December 2018

by Mayes Harris Team

DENVER – December’s declining home sales and growing inventory solidified 2018 as the year the red-hot seller’s market moved toward a balanced market. Price growth also moderated, though December was the 33rd consecutive month of year-over-year increases in home prices, according to the RE/MAX National Housing Report, which includes 53 metro areas.
 
December’s year-over-year decline in home sales of 12.1% set a December record in the 10-year history of the report and also marked the fifth consecutive month that home sales were lower than 2017.  December was 2018’s 10th month of year-over-year declines in home sales with only April and July topping 2017 sales.
 
Most telling was December’s 4.6% growth in inventory, which was also a report record. December’s year-over-year inventory increase marked the third consecutive month of growth – a trend reversing a decade-long streak of year-over-year inventory declines.
 
“December’s inventory gain, continuing the three-month growth trend, is welcome news,” said RE/MAX CEO Adam Contos. “The market remains choppy and there’s still a long way to go, but these gains represent steps toward a balanced market, which in the long run is healthy for both buyers and sellers.”
 
While 54 Days on Market was a record low for December sold Listings, the 4.1 Months Supply of Inventory was higher than December 2017’s 3.7 months and ahead of November 2018’s 3.9 months supply.
 
Home buyers paid record amounts throughout 2018 as prices grew year-over-year in every month last year, led by June’s Median Sold Price of $258,500 – an all-time report high. Even so, December’s year-over-year increase of 2.1% was 2018’s smallest, and far lower than the 8.1% price growth from December 2016 to December 2017.
 
“Home sales have cooled, especially during the second half of 2018, but that was inevitable given the strong seller’s market that has persisted for nearly a decade,” Contos said. “We believe sales activity can pick back up if the pace of price escalation continues to moderate, interest rates tick further downward, and wage growth continues.”
 
Closed Transactions 
Of the 53 metro areas surveyed in December 2018, the overall average number of home sales is down -8.5% compared to November 2018, and down -12.1% compared to December 2017. None of the 53 metro areas experienced an increase in sales year-over-year.
 
Median Sales Price – Median of 53 metro median prices
In December 2018, the median of all 53 metro Median Sales Prices was $240,000, up 2.1% from November 2018, and up +2.1% from December 2017. Eight metro areas saw a year-over-year decrease in Median Sales Price, including Honolulu, HI, -7.7%, Birmingham, AL, -4.6%, and Billings, MT, -2.6%. Five metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Boise, ID, +13.1%, Wichita, KS, +11.1%, and Salt Lake City, UT, +10.3%.
 
Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in December 2018 was 54, up three days from the average in November 2018, and down three days from the December 2017 average. The metro areas with the lowest Days on Market were Omaha, NE, at 26, a tie at 37 in San Francisco, CA, and Salt Lake City, UT, and a tie at 38 in Nashville, TN, and Las Vegas, NV. The highest Days on Market averages were in Trenton, NJ, at 113, a tie at 90 in Augusta, ME, and Hartford, CT, and Burlington, VT, at 88. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
 
Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in December 2018 was down -10.8% from November 2018 and up +4.6% from December 2017. Based on the rate of home sales in December, the Months Supply of Inventory increased to 4.1 from 3.9 in November 2018 and increased compared to December 2017 at 3.7. In December 2018, four of the 53 metro areas surveyed reported a months supply over six, including Miami, FL, at 10.9 and Augusta, ME, at 8.9, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory are San Francisco, CA, at 1.8, Denver, CO, at 2.1, and Minneapolis, MN, at 2.2.
 

 

How Rising Interest Rates Affect Purchasing Power

by Mayes Harris Team

You probably instinctively realize that rising interest rates will affect home buyers. The interest rate you pay can make a big difference in the size of the home loan you will qualify for as well as the price of the home you’ll be able to buy. Mortgage brokers use the monthly mortgage payment to determine how much you can afford to pay. Of course the larger the payment, the harder it is to qualify.

Interest Rate And Its Effect On Affordability

All mortgage payments include principal and interest as part of the total cost. Lenders use this payment to determine how much you can borrow for the home loan. Commonly, you can have 31-35% of your total monthly gross income as a loan payment. It follows that you want the principal portion of your home mortgage payment to be as high as it can be so you qualify for a more expensive home.

The below visual illustrates exactly how the interest rate affects your mortgage payment which directly affects your purchasing power.

Risks Of Waiting To Buy

We are still seeing all-time low rates but more increases are predicted. A home mortgage is the best hedge against inflation. By purchasing a home now, you lock in your monthly housing cost, which as we’ve already seen is the largest monthly expense for most families.

Interest rates are one of the biggest factors that affect your ability to finance a home purchase. Along with your credit score and employment history, the amount of interest you pay on the loan has a big impact on affordability.

Displaying blog entries 1-10 of 223

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