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Decision Time

by Mayes Harris Team

Now is the perfect time to buy a new home. Sellers are concerned that the value of their home is not where it should be....but take a look...you can buy up now...get more house with a great interest rate.

Take a look at 19206 Ruffner Drive, Cornelius, NC! This home is listed for $275,900 and truly amazing. A local agent showed this home last week and was totally amazed at what she found...the condition is 'magazine ready'. It is located conveniently to shopping and the lake.

 

Interest Rates Predicted to Rise in 2010

by Mayes Harris Team

We all know that the current low rates can't last forever.  It's not a question of if, but when home mortgage interest rates will rise. 

The following article is just one we are seeing about the future of mortgage rates.  In addition to increasing rates, you can expect qualification requirements to continue to be more stringent. So if you are considering a possible home purchase, now may be a better time to move forward with your plan.

Interest Rates Predicted to Reach 6%
Interest rates are likely to rise to 6 percent by the end of 2010, predicted Amy Crews Cutts, deputy chief economist at Freddie Mac.

The end of the Federal Reserve program that buys mortgage-backed securities will drive rates higher because private buyers will demand more return than the Fed.

"Extraordinary resources have been put into keeping the rates down and supporting the mortgage markets and it's hard to imagine that the rates can go much lower than they are," Crews Cutts said. "Anything we get at or below 5 percent is a gift at this point."

Source: Washington Post, Dina ElBoghdady (12/26/2009)

Dave Liniger, Founder of Re/Max in Charlotte

by Mayes Harris Team

Demand Success Today and Tomorrow was the title to Dave Liniger's message. He engaged an audience so that you could hear a pin drop. As agents we want to know how to prosper in real estate sales in today's economy and in the market ahead and he gave us just that.

It is so important for real estate agents to have expertise in short sales, foreclosures, REOs. It is going to be our business for the next several years. Although some folks may think it doesn't affect them...it most certainly affects everyone....absolutely everyone in America.

Liniger has been instrumental in the new guidelines released this week from the Department of Treasury on short sales.

Our team is eager to communicate the knowledge we have gained to our buyers and sellers to make real estate experiences what they should be.....a very fond memory.

Holiday Shopping

by Mayes Harris Team

I'm finding very strange moods while shopping this Christmas season. People seem to be moving in slow motion as if they were in a coma. Maybe it is the economy, maybe it is the sudden cold weather, maybe folks are realizing that it is the thought that counts more than the amount spent on the gift.

Hough High School

by Mayes Harris Team

I am thrilled that we have an opportunity to honor such a great man! Hopefully the 'powers at be' will see that the new high school in Davidson, NC will keep it's original name of...Hough High School.

As a native of North Mecklenburg, I am glad that we are preserving history. My family has been here for over 200 years and my older brothers, Terry and Tim were honored to experience first hand Mr. Hough's devotion to this area.

It is my passion to lift up the ones before us that have made our lives easier. Please tell everyone to support HOUGH HIGH SCHOOL!

Festival in the Park

by Mayes Harris Team

Looking for something fun to do this weekend?

Check out  Festival in the Park-Charlotte's Freedom Park

45th FESTIVAL IN THE PARK-SEPTEMBER 24-27

Thursday September 24th- 6pm-9pm

Friday September 25th KIDS DAY 10am -1pm

Friday September 25th  1pm-9:30pm

Saturday September 26th 10am-9:30 pm

Sunday September 27th 11am-6pm

www.festivalinthepark.org

 

 

 

North Carolina Real Estate Notes for Buyers & Sellers

by Mayes Harris Team

I was reading information about North Carolina Real Estate and found this very interesting. This information is courtesy of North Carolina Association of Realtors.

 

HOMEOWNERSHIP

> The Pending Home Sales Index in June 2009 rose 6.7

percent above June 2008. That’s the first time since

2004 that gains have been recorded for five consecutive

months.

> N.C. existing home sales rose for the third consecutive

month in July while posting the smallest decline in three

years when compared to July 2008.

> Sales of newly constructed homes leaped unexpectedly

in July to hit their highest level since last September.

> Affordability is the single greatest reason to buy in

today’s market. In July, the affordability index remained

36.6 percentage points above a year ago and hovered

near an 18-year high during the second quarter.

> The supply of homes is declining, slowly but surely.

The inventory of homes at the end of July in 28 major

metropolitan areas nationwide was down 2.5 percent

from a month earlier.

> Construction of single-family homes rose in July for

the fifth straight month, edging up to the highest level

since October 2008.

> The $8,000 first-time homebuyer tax credit is effectively

getting buyers off the fence and into new homes.

First-time homebuyers accounted for 30 percent of

homes sold in July.

> For the first time in three years, U.S. home prices rose

in the second quarter.

FOR THE RECORD

The Real Facts of N.C. Real Estate

Issue 5, September/October 2009

FORECLOSURE FACTS

> HUD and FHA recently implemented the “Making

Home Affordable Loan Modification Program.” The program

aims to buy down loans by up to 30 percent of the

unpaid principal balance, defer these amounts until the

first mortgage is paid off and assist FHA servicers by

bringing mortgages current.

> Real estate truly is local. While the nation experienced

a 32 percent increase in foreclosure activity in July

compared to the previous year, N.C. maintained a 20

percent decline in foreclosures compared to July 2008.

ECONOMY

> Fayetteville and Burlington recently ranked in the top

10 nationally for strongest housing markets based on

the share of single-family homes in which values rose

in the second quarter of 2009.

> Though still high by most standards, the rate of job

losses has slowed significantly. Employers eliminated

247,000 jobs nationally in July, the smallest monthly

loss since last August.

> The government’s preliminary estimates show that

the economy’s downturn slowed markedly in recent

months, shrinking only 1 percent in the second quarter

compared to 6.4 percent in the first.

Does it feel different?

by Mayes Harris Team

As I am setting here planning my day, I thought "How does today feel compared to six or nine months ago".  I found my answer to have mixed reactions.  So many friends are looking for work or have suffered dramatic cuts in their business or income, that you wonder-are things getting better? 

We know from past recessions, the recovery starts way before the unemployment falls.  Yet, I am more optimistic today than 3 or 6 months ago.  There are many positive signs, that the economy is starting to see some recovery....housing is showing increased activity. 

Sales in the Charlotte area has slowly increased month over month since January.  Inventory of existing homes for sale is decreasing as buyers are becoming more eager to purchase their first home or that move up home they were not able to afford earlier, but in today's market is a reality. Builder have started building new specs, something unheard of three months ago.  Their quick action to stop new starts of spec homes, has kept "new home" inventory in the 7 months range compared to 6 months in a strong market.  While mortgage approval criteria has been more restictive, for buyers with good credit scores, the low rates is making it an opportune time to buy. Meanwhile, without media fanfare, we are getting people relcoating to the area on a weekly basis and those people need homes and guess what....they are buying.

So, my answer is--Yes---while it's going to be a steady but slow return, things are feeling much better. I share with you a headline from today's Business Week, -Now is the Time to Buy. 

Now's the Time to Buy in Real Estate
Investors are returning as the real estate market recovers.

BusinessWeek’s real estate guru Marc Roth points out these opportunities, which he says make sense if investors are willing to look over the property carefully and ask tough questions.

Options they should consider include:

  • Buying a single-family house. This could be a first home or a dream home or a home to rent out.
  • Buying a multi-family investment property.
  • Snapping up a vacation property. There are deep discounts to be found in high-end resort areas.
  • Investing in a Real Estate Investment Trust. REITs were hit hard in the downturn, but many are on their way back.


Source: BusinessWeek, Marc Roth (08/26/2009)

Feds Keep Short Term Rates Same

by Mayes Harris Team

Good news from the Feds today......keeping short term rates the same which led in upward finish for stocks  The economic factors are showing the economy is stabilizing.  The following article was just release from the Associate Press.

Fed Will Keep Key Rates Low
When the Federal Reserve ends its meeting on Wednesday afternoon, it is almost certain to leave the key rate at or near zero and pledge to hold it there.

That makes it likely mortgages will stay historically low and rates on home-equity and other consumer loans will hug 3 percent.

But it is unclear whether the Fed will continue some programs that have kept mortgages and other consumer debt even lower than the market might expect. One such program involves buying U.S. Treasurys. The Fed is set to buy $300 billion worth of Treasury bonds by the fall. It has bought $235 billion already this year.

"I think they'll let it expire. It seems the mood turned against Treasury purchases in the last couple of months, and there's been some skepticism whether it has worked in bringing rates down," says Michael Feroli, an economist at JPMorgan Economics.

Source: The Associated Press, Jeannine Aversa (08/11/2009)

Having Difficulty Making Your Mortgage Payment?

by Mayes Harris Team

Are you having difficulty in making your mortgage payment?  Perhaps you are like many other home owners in Charlotte,chose one of the adjustable mortgages offered in the past few years a low interest rates. Now the loan rate has adjusted, and you find it difficult to make the new payment.  You are not alone and there is a program out there to help borrowers like you. 

The Loan Modification Program implemented earlier this year is expiring in November unless extended by Congress.  Simply, the loan modification requires lenders to work with "qualified applicants" to adjust their loan payments to prevent them from losing their home. Now is the time to act!!!

 Not sure you qualifiy?  Go to the link below and quickly take the test to see if you qualify....if so, please contact your lender to proceed with the process. 

http://makinghomeaffordable.gov/about.html

Displaying blog entries 201-210 of 230

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