Charlotte NC and Mint Hill NC Real Estate

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Charlotte NC--Mint Hill NC Real Estate Update

Here's a great article you need to read!

5 Questions to Consider Before Purchasing a Home

By Mary Ellen Podmolik Print Article

RISMEDIA, December 15, 2009—(MCT)—Interest rates on the benchmark 30-year, fixed-rate mortgage dipped to a 38-year low recently, giving consumers another reason to consider purchasing a home or refinancing their current one.

Freddie Mac recently stated the average rate on a 30-year loan was 4.71% with an average 0.7 point, the lowest rate since the agency began its weekly tracking of long-term interest rates in 1971. A point is equal to 1% of the loan amount, payable as a lump sum at closing. While the decline wasn’t overly dramatic, the dip is likely to get people wondering whether it’s time to sign on the dotted line.

The 5 following questions may help you decide if now is the time to go ahead and purchase a home or refinance your current home.

Q: Why are rates so low?
A: Since early January, the Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae in an effort to stabilize the housing market by making homes more affordable for consumers. The Federal Reserve Bank of New York, which is managing the program, plans on purchasing $1.25 trillion of securities.

Q: Are rates expected stay this low?
A: It’s hard to tell, but don’t count on it because the lending landscape is likely to change next year. In September 2009, the Fed said it would gradually wind down the purchase program, ending it by March 30, 2010. That has some in the mortgage lending industry worried.

In a recently published mortgage survey, more than 60% of Bankrate.com’s panel of experts predicted that rates will move higher over the next 30 to 45 days. How much higher is anyone’s guess. Last year at this time, the average 30-year, fixed-rate mortgage was 5.53%.

Q: Why do different mortgage surveys come up with different average interest rates?
A: It depends on which lenders are in their sample, when the survey was taken and whether the rates quoted are the posted rate, the application rate or the commitment rate. Also, some surveys take into account the points paid to secure the rate.

But regardless of the survey, the general consensus is that rates are ultra-low right now and may be the lowest the market will see.

Q: What else does a consumer need to know?
A: The lowest rates are offered to the most credit-worthy customers who can make sizable down payments. Shop not just for the interest rate and the points involved but also for the fees involved, which can vary widely from one lender to another.

If you’re refinancing, remember the bigger the loan, the greater the payoff for finding a lower interest rate. Savvy customers put in their paperwork with a lender and set a “strike” interest rate at which to lock in the loan, a good move considering rate volatility.

Several refinancing calculators are available online that let borrowers plug in all the required numbers and determine the monthly savings and how long it will take to recoup the expense of a refinancing.

Q: So is now the best time to buy a home?
A: It depends on personal situations. Homebuyers certainly have a lot of factors working in their favor right now—low interest rates, plenty of marked-down homes for sale and an extended and expanded federal tax credit that will expire in the spring.

On the flip side, there’s growing sentiment among analysts that housing prices, which are showing ever-so-minor improvement, may fall further. The reason? Lenders are expected to get better at determining which borrowers will qualify for loan modifications. That means lenders also will get faster at moving homes through the foreclosure process.

Mark Zandi, chief economist at Moody’s Economy.com, recently predicted that housing prices nationally will hit bottom in 2010’s third quarter. That means anyone buying a house now could see the value of their investment initially depreciate.

Want more information? Call or email me today.

It truly is a great time to purchase a home.

Local Market Update from Rich Ferretti

Just in time for the holidays, an homes sales up-swing in progress!!! Here are some statistics:

The Charlotte Regional Realtor® Association reports that the number of closings for October 2009 (2,210) increased 13.6 percent over the previous month when closings were 1,945, which is also up 19.6 percent over 2008.

The average sales price for homes in October 2009 was $196,204-- down 0.3 percent over last month ($196,760) and down 9.5 percent over last year. The average listing price of solds in October 2009 ($218,050) is down less than 1 percent over last month’s list price of $219,925.

The residential contracts reported figure in October 2009 was 2,400 an incerase of 9.1 % over last month when contracts totaled 2,199. This figure is also up 33.5 percent over last year when contracts totaled 1,798.

What does all this mean?

Home sales are on the rise!!!

Also note that mortgage rates continue to make both new and resale home purchases easier: 30 year fixed rates declined to just below 4.8% on average recently, and 15 year rates dropped below 4.3%, (the lowest recorded by the MBA since it began its national rate survey in 1970).

Are you looking for a new home? Let Me Help You!

Just tell me what you are looking for and I will search all of our sources and provide you with a convenient report of all the properties that you may be interested in, complete with photographs of the properties and detailed neighborhood information. Now to buy is NOW!!

Whether you're buying a new home in Charlotte, investing in property or selling a house, feel free to contact me, and I will be happy to help you with all of your real estate needs.

--Rich Ferretti

Would you like more information about the Mint Hill, Matthews and Charlotte area real estate market? Check out www.minthillrealty.com or call Rich Ferretti at 704-564-0807.

First Time Homebuyers Fueling the Surge

The first-time home buyers tax credit no accounts for nearly half of home sales according to an industry report released recently.

A whopping, 47% of all Americans who purchased homes this year had not owned one during the previous three years, (National Association of Realtors (NAR))--a statistic that was up from 41% of sales in 2008 and 36% in 2006.

The credit which was was recently extended through the middle of 2010 and expanded to include many existing homeowners, gives the first-time homebuyer incentive with a credit of up to $8,000 to buyers which they could deduct from their income taxes. This credit is fully refundable, even if the buyer has less than $8000 in taxable income.

"With the expanded criteria, many people looking at homes are eligible, " says Rich Ferretti of Jamison Realty in Charlotte, NC "This is a great time to be buying."

If you would like more information about the Mint Hill, Matthews and Charlotte area real estate market check out www.minthillrealty.com or call Rich Ferretti at 704-564-0807.

Mint Hill NC and Charlotte NC Real Estate Update

Courtesy Of:
Rich Ferretti
November 2009
Helping clients for over 20 years!
Copyright 2009 Realty TimesAll Rights Reserved.

Rates Remain Low In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 5.03 percent for the week ending October 29, 2009 - up from the previous week when it averaged 5.00 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 6.46 percent. "Interest rates for 30-year fixed mortgages have averaged just below 5 percent this year, which is the

Realty Times
U.S. averages as of October 29, 2009:
30 yr. fixed: 5.03%15 yr. fixed: 4.46%1 yr. adj: 4.57%
lowest 10-month average since the survey began in 1971," said Frank Nothaft, Freddie Mac vice president and chief economist.

Homebuyer's Tax Credit Extension The Senate now appears likely to pass a bipartisan compromise extending and expanding a tax credit for homebuyers. The deal would extend the $8,000 credit for first-time homebuyers for sales contracts entered into by April 30, 2010, and closed within 60 days. It would also add a $6,500 credit for some owners of existing homes as long as they have been in their homes for five consecutive years in the past eight. The income cap would be raised to $125,000 for individuals and $225,000 for married couples, up from $75,000 and $150,000, respectively. Check with your REALTOR® as more details about this credit extension become available.

Value of Remodeling Projects Up The value of remodeling projects nationwide increased 20 percent in the second quarter compared to the same quarters of both 2007 and 2008, according to a Remodel or Move survey of remodeling permits. Remodel or Move said the increase followed an earlier report that identified 5 percent of homeowners who said they planned to remodel in the time period. Most of the remodeling activity was in the Northeast and the Southwest. The rest of the country hasn't seen much recovery, the survey found, Authors of the report speculate that more people are spending money on remodeling projects because of declining costs and government stimulus payments.

Taking Advantage of Tax Incentives If you're considering a major purchase like an energy-efficient home improvement or a new car, there are tax incentives available that can help you offset your costs by reducing your federal income tax liability. Home Improvements: Tax credits of up to $1,500 are available to taxpayers who make certain energy-efficient home improvements that are placed in service by December 31, 2010. The improvements must be made to the taxpayer's principal residence, with tax credits available at 30 percent of the cost - up to a maximum total of $1,500 - for the following products: windows, doors, insulation, roofs, HVAC, water heaters, and biomass stoves. New Car Tax Deduction: Taxpayers who purchase a new car, light truck, motor home or motorcycle after February 16, 2009 and before January 1, 2010 can deduct the state and local sales and excise taxes paid on their purchase from their 2009 federal income tax. The deduction is limited to taxes paid on vehicles with a purchase price up to $49,500; if you buy a more expensive vehicle, you can deduct only the taxes paid on the first $49,500 of the purchase. Unlike a tax "credit", the new car tax deduction reduces your taxable income - rather than your income tax due. Remember to consult with a tax advisor regarding your eligibility.

Equal HousingOpportunity

Rich Ferretti, Broker/Realtor 704-564-0807rich@richferretti.comhttp://www.richferretti.com">704-564-0807rich@richferretti.comhttp://www.richferretti.com

Jamison Realty704-564-0807500 W. John StreetMatthews, NC 28105



Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com

Virtual Tour # 52744 - 1123 Chadwyck, Monroe,, NC, 28110. Powered by FloorPlanOnline

Virtual Tour # 52744 - 1123 Chadwyck, Monroe,, NC, 28110. Powered by FloorPlanOnline

Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com

Charlotte NC Real Estate Investor Update

Courtesy Of:

Rich Ferretti
November 2009

Helping clients for over 20 years!

Bringing you the best in Charlotte NC real estate news you can use.

Copyright 2009 Realty Times
All Rights Reserved.

Real Estate Investment Buying Tips
By Kenneth R. Harney

      Foreclosures and bank REOs are pulling a new wave of novice investors into the market, some of whom "are just plain clueless, to put it bluntly," says Robert Cain, a long-time rental market and real estate management specialist based near Tucson, Arizona.

      "They see the price and they way, wow! I can buy that house and turn it into a rental," says Cain, who lectures around the country and online about investing intelligently.

      "But they don't understand the local market, they don't understand landlording, and don't even necessarily visit the property," Cain said in an interview last month with Realty Times.

      For example, a property manager in Tennessee called Cain for advice recently. The manager had a simple question: "Should I fire my client?" who lives in California and purchased rental real estate 3,000 miles away in Tennessee -- sight unseen because the low price made it sound like a steal.

      But the property had a long list of defects requiring costly repairs, and it was slow to rent - causing the absentee owner-investor to blame the property manager for the cash drain.

      "We see it constantly," said Cain. "New investors think it's easy. They buy on emotion, on low pricing, rather than buying with a disciplined plan.

      What are some of the key rules for freshman class investors? Here are a few of Cains' that have served him well since the early 1980s:

      Number one: Due diligence is never optional. You've got to understand the local market - and that includes not just where prices are headed, but specific market demand for rental real estate in this price segment, and even the local government's plans for the area where you're thinking of buying.

      Number two: Buy with a written plan - that's right, just like the large professional investors use, with an entry strategy and an exit strategy. How long are you going to hold onto the property, how much will it earn you during your period of holding?

      And what's the endgame - a sale to another investor? Conversion to condos? Tear it down and build something that's closer to the underlying real estate's highest and best use?

      "Write it all down," says Cain. That way you can analyze it better.

      Number three: Calculate the actual costs of the property in advance - not just the bargain basement price, but how much you'll need to fix it and feed it - the management costs, rental commissions, vacancy costs, taxes, to name just a few.

      "If you don't know these things up front," says Cain, "you are flying blind. And there are no good surprises in real estate."

Rich Ferretti Managing Broker with Jamison Realty is a seasoned veteran with over 20 years experience.

Once you work with Rich you'll understand what everyone is saying.

He's the best!!!!!

Equal Housing
Opportunity

Rich Ferretti, Broker/Realtor
704-564-0807
rich@richferretti.com
http://www.richferretti.com

Jamison Realty
704-564-0807
500 W. John Street
Matthews, NC 28105