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.

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)

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.

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!

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

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)

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)

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

Single family detached home closings for January 2009 were at 1001, (one of the lowest number of closings in recent years) while in June closings reached 1858 homes. While this sales activity is a positive trend, we are still in for a long recovery period and we do not anticpate returning to the highs of 2007 anytime soon.

Here are some of the trends behind the nos:

• First time home buyers are taking advantage of the $8,000 tax credit
• Buyers are focusing on the resell market in well established communities...where they believe it's a safe investment
• Homes under the $250K range are seeing the greatest activity
• Interest rates for conforming loans (Under $417K) have continued to remain low...
• The average Charlotte home sales price has seen an uptick after several months of decline
• The average home sold for 92.9% of list price....with higher priced homes and foreclosures seeing a greater discount

What does this mean for you as a seller or buyer?  

Buyers:

If you are considering buying a smaller, larger or just a different home, there is a limited window of time to take advantage of low prices and low interest rates.  If you are considering building, builders are offering some of their best prices in years due to lower material prices and labor costs.  According to a recent Wall Street Journal news article here are some things to consider:

• Waiting for the right time can be expensive. Some buyers would have more equity today, despite falling prices, if they had bought when they were first considering it, instead of continuing to pay rent.
• Financing is fickle. Some people who were highly qualified last year can’t find financing this year because the credit market has tightened or their personal financial situation now makes them an undesirable borrower.
• Interest rates are headed up. If prices decline by another 10 percent, but interest rates increase by 1 percentage point, the monthly payment will be the same\Waiting for the right time can be expensive. Some buyers would have more equity today, despite falling prices, if they had bought when they were first considering it, instead of continuing to pay rent.

Source: The Wall Street Journal, Douglas Heddings (07/27/2009)

Sellers:

If your home is currently listed or thinking about selling you will need both patience and flexibility.  Every situation is different, but in general it will take longer to sell your home than in past years.  The average days on the market (known as DOM) for June sales was 120 days.

There is a tremendous amount of inventory on the market, your homes must stand out and show well....if people can't imagine how they can live the home, then they will quickly move on to a different listing.

Finally, know your competition!  A good understanding of your home value in comparison to the rest of the market is essential.  If you have questions regarding your market value, we can assist you. 

Questions regarding your specific home or submarket?

Simple email us at gina@mayesharrisrealty.com and we will be glad to help. 

Low interest rates, the first time home buyer credit and great inventory of excellent homes has fueled a surge of interest by buyers in the lower price points over the past six weeks. While activity at the lower price points, sales activity on homes valued over the convential loan limit ($417,000) still remain weak, people search for jumbo loan money. The good news for the higher price segment is some banks are now seeing an opportunity in jumbo loans and are starting to lend again. 

For any one looking to purchase a home in the future, I cannot stress enough how now might be one of the best opportunities in recent history. For additional statistics from the Charlotte Regional Realtors Association, got to http://carolinamls.epubxpress.com/link/rref/2009/jun/48?s=0 

Thinking about buying  or selling, let our team provide you with specific data regarding your selling or buying opportunity, by contacting me: gina@mayesharrisrealty.com

Math smiles on move-up buyers

A dismal real estate market can be a good time to purchase a bigger house

	Chris and Lori Kirsten got $20,000 less than they might have in 2007 when they sold their Seattle condo earlier this year, but they purchased this suburban home for $425,000 — $86,000 less than the home's peak value.
Robert Hood / msnbc.com

By Mike Stuckey

Senior news editor

msnbc.com

updated 7:52 a.m. ET, Thurs., April 23, 2009

Mike Stuckey Senior news editor • Profile • E-mail

BOTHELL, Wash. - After two years of married life in a 680-square-foot, one-bedroom Seattle condo, Lori and Chris Kirsten were ready to spread out in a real house with room for a home theater and a yard where the Labrador retriever they had always wanted could roam.

The Kirstens prepared to list their condo for sale and go house-hunting, banking on equity in the unit, which Lori had brought in 2003 for $130,000, to help with the transition to a larger place. Seattle’s hot real estate market had pushed the condo’s value to $215,000 or more at its peak in 2007.

But their home search lost some steam when their agent told them Western Washington real estate prices, although not in the freefall experienced elsewhere, had still declined to the point that their unit might now fetch $25,000 or $30,000 less than two years ago. When they saw condos comparable to theirs selling for as little as $170,000, “I thought, ‘I just can’t do it,’” Lori recalled.

Their mood brightened when they began shopping in the spacious neighborhoods of this suburb northeast of Seattle and found a 3,000-square-foot, four-bedroom split-level on a half-acre of towering fir trees that they wound up buying for $425,000. That’s $86,000 less than the $511,000 peak value placed on the home by real estate Web site Zillow.com, $64,000 below the original asking price of $489,000 and even well below the final asking price of $438,000.

A buyer’s market
The Kirstens — Lori, 36, is a physical therapist and Chris, 33, is a Microsoft manager — are among the relatively small number of home buyers across the nation who are taking advantage of the record drop in real estate prices and historically low interest rates sparked by the mortgage meltdown and foreclosure crisis to move up into bigger or fancier digs.

It’s a trend that many in the languid real estate industry would like to encourage.

 

 

“Obviously, if you’re selling for less than you could have gotten two years ago, you’re disappointed, but you really need to look at your bottom line,” said Walt Molony of the National Association of Realtors. “If you’re trying to trade up, whatever you’re going to trade up to is going to sell at a discount, too. You need to look at your net.”

Real estate agents from the foreclosure epicenters of Florida and California to more stable markets like the Seattle area are using that advice to lure move-up buyers.

“Do the math,” said agent Mark Zawideh, who has been selling homes in the suburbs west of Detroit, where prices have declined 18 percent in the last year alone. “If you’re in a $200,000 house (the median price in the area) and you lost 18 percent, that means you lost $36,000,” Zawideh said. “But if you’re moving up and buying a $500,000 house, that person just took a $90,000 loss, so you can see you’re making 54,000.”

“If you didn’t sell at the peak, be happy,” Zawideh said. “Don’t look back and be sorry. The fact that you’ve waited ends up being a great decision. A lot of people get excited when they sit down and do the math.”

Please tell anyone who is a first time buyer that it is the opportunity of a life time.

Enjoy Easter! Celebrate!

The best part is the leaves will come back and so will the market. Better yet,
the leaves will turn brillant colors with the seasons and the market will keep
changing and growing.

I've been in the real estate industry for 20 years and like most of you, I've
never experienced this 'expensive education' that we are seeing each day. My
nine year old daughter, Anna, participated in an ArtFest at her school and she
took photos from Sept-Dec 2008 of the same tree. She was honored with a ribbon
and we are so proud of her. But the biggest lesson learned, was when she said,
'Mom, the tree is like your work, right now it appears dead, but it's not...it
is getting ready for another wonderful season.' Children speak the truth and I
see HOPE.
--
--

Pulling your hair out in trying to figure out how you can take advantage of the recent tax break announced for buying homes.  Let me simplify the complex language from the IRS.  First, there are two differnt tax breaks, but since the 2008 time has basically passed, here are the key points for the "2009 First Time Buyers.

• Must be your first home purchase for your primary residence (this means you and your spouse if married, did not own any other main home during the past three year period ending on the date of purchase.
• You must purchase (close) on your home between January 1 and November 30, 2009
• You will receive a tax "credit" of 10% of the purchase price up to $8,000 ($4000 if married and filing seperately) for the purchase.
• The amount  of tax phases out for buyers whose gross income is more than $75,000 for individuals or $150,000
• Great news!!!  Unlike the 2008 Tax Credit for home buyers, you do not have to pay the credit back PROVIDED YOU remain in your home for 36 months after the purchase date.
• You can get any additional information by going to www.irs.gov and look for Form 5405

So I urge you if you are hunting for your first home, this is the time to buy to take advantage of this tax break....

 We have been axniously awaiting news out of Congress on their action to re-start our saging economy.  The Senate approved last evening "The Isakson/Lieberman Home Buyer Tax Credit Amendment", as detailed below, was approveded by VOICE VOTE in the Senate.  Sen. Baucus (D-MT), Chairman of the Senate Finance Committee, and Sen. Chris Dodd (D-CT), Chairman of the Senate Banking Committee, both spoke on the floor in favor of the amendment.  The Senate plans to vote on the final version of their bill later this week, and the House and Senate will meet to conference their versions of the bills next week.

Senator Isakson’s/Senator Lieberman’s Home Purchase Tax Credit:

• A tax credit in the amount of $15,000 or 10 percent of the purchase price (whichever is less), with the option to utilize all in one year or spread out over two years.
• The tax credit is available to all purchases of any home from date of enactment for one full year.
• Able to claim the credit against the 2008 tax return.
• Buyers must occupy the homes for two years as their principle residences.
• Purchases of homes by investors are ineligible.
• Sunsets the previous $7,500 Housing Tax credit on the date of enactment.

The incentive bill is in the second of a five phase process, with the upcoming Senate vote, the third phase.  What this means to you?  Now, not only will you be able to take advantage of the lower market pricing, you will receive a tax benefit as well.  This same type of incentive was used in the 70's during a similar economic downturn with great success.  We will keep you posted.  For more information go to: http://www.bigbuilderonline.com/industry-news.asp?sectionID=0&articleID=865773

I was reflecting where the country is at today with all the major layoffs, business closures and tough economic times on all of our family, friends and colleagues.  No question it is tough times……perhaps greater than several generations remember.  Each of us face different issues, whether it’s a reduction in business, being laid off, money lost in investments or simply less money to spend.  But there is one common label---adversity.

When you look at the history of the American people, we have always risen from the depths of adversity as a stronger nation and individuals. This challenging time will be no different.  Ever wondered how American’s recover from adversity???   I believe the  catalyst for change is fairly simple…..individual leadership by a those who “believe” in themselves and their family, neighbors, and their communities.   While adversity can seem to be overwhelming---

·     It is less personal than we think……we all share in these tough times, so don’t allow it to undermine your self confidence in who you are… we actually discover some hidden talent or strength during challenges…..strengths that will make us more skilled in handling life.

·     It’s temporary…….maybe it doesn’t end as soon we tomorrow or next week, but we know better times will return…..

·     It only invades our personal and family relationships if we allow it………the best treasures in life is our close friends, family and our faith…..and you know what………all these treasures are “free”…..they will be our support for returning to better times

·     It’s what we do individually………we all have a responsibility to do our part.....whether it’s being supportive to others or changing our skills to provide future opportunities for us or our family.

Yes, things are in a mess, but  the “individual” leadership of you and me will  lead us to better times……..not a governmental edict or magical bailout. 

So it is now up to you and me..........