Friday, January 29, 2010
Make sure you check out the Virtual Tour--http://www.2840barnard.com/.
Listed at $225,000, this beautiful home has a great floor plan -- perfect for a family.
Would you like more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com
Monday, January 25, 2010
-->Based on all data from the Charlotte Regional Realtor Association, as of November 9, 2009 the average sales price of homes in our area was $195,244. This was an increase of 1.1% over November of 2008. amd .5% over October 2009.
-->A recent Trulia.com study indicates that 31% of the active listings in Charlotte have been reduced an average reduction of 9.1%.
-->Things have improved in the last several months, with home sales averaging about 800 per month, (up from the first half of the year it where it was about 600 per month).
-->With 6,831 homes on the market, there is about an 8 1/2 month supply of inventory in the Charlotte area was given the rate of sales.
-->It is still a buyer's market, but the price per square foot sold is up--showing a positive sign for our market. Prices on closed sales has been as low as $95.00 in the last year and is now at $105 per square foot on average.
-->The Charlotte Observer reports that foreclosures are increasing. Sales increased due to government incentives and current listing showing activity seems to indicate that the current 2010 government home buyer incentives are working.
Listen to us LIVE on the Radio every Saturday from 2-3pm. WBT-Talk Radio 1110am. - Talk to Rich Ferretti - Call 704.374.3500 with questions!
Would you like more information about the Mint Hill, Matthews and Charlotte area real estate market? Check out www.minthillrealty.com
Friday, January 22, 2010
It will take a mortgage lender 1-6 weeks to complete the evaluation of your application--and more and more often, they are asking for additional information. The faster you can provide that information, the faster your application will be processed. After the lender is satified with what you've provided, your information will be verified and the lender will make a decision on if you will be given a loan. They will let you know if you are an approved and if that is the case, a closing date will be set. After closing, you'll be able to move into your new home.
WHAT SHOULD I LOOK OUT FOR DURING THE FINAL WALK-THROUGH?
The walk-through is the last chance for you to walk through the house after it has been emptied. You will get a clear view of the walls and ceilings, and the opportunity to see any work the seller agreed to do in response to the inspection. If you notice any problems, you should bring them up prior to closing. It is the seller's responsibility to fix them.
WHAT MAKES UP CLOSING COST?
Closing costs are usually made up of the following:
-->Attorney's or escrow fees (Yours and your lender's if applicable)
-->Property taxes (to cover tax period to date)
-->Interest (paid from date of closing to 30 days before first monthly payment)
-->Loan Origination fee (covers lenders administrative cost)
-->First premium of mortgage Insurance (if applicable)
-->Title Insurance (yours and lender's)
-->Loan discount points
-->First payment to escrow account for future real estate taxes and insurance
-->Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)
-->Any documentation preparation fees
WHAT CAN I EXPECT TO HAPPEN ON CLOSING DAY?
On your closing day, you will present your paid homeowner's insurance policy (or a binder) and receipt showing that the premium has been paid. The closing agent will then present a list of the money you owe the seller (remainder of down payment, prepaid taxes, etc.) and then the money the seller owes you (unpaid taxes and prepaid rent, if applicable). The seller will provide proofs of any inspections, required repairs and warranties.
You will be presented with all of the documentation and it will be explained to you. Once you're sure you understand each piece, you will sign the mortgage, agree that if you don't make payments the lender is entitled to sell your property (and apply the sale price against the amount you owe plus expenses). You will also sign a mortgage note, promising to repay the loan. The seller (or his agent) will give you the title to the house in the form of a signed deed.
You will pay the lender's agent all closing costs and, in turn, he or she will provide you with a settlement statement of all the items for which you have paid. The deed and mortgage will then be recorded in the state Registry of Deeds.
Now you are a homeowner!
WHAT DO I GET AT CLOSING?
At the closing, you will get a:
-->Settlement Statement, HUD-1 Form (itemizes services provided and the fees charged; it is filled out by the closing agent and must be given to you at or before closing)
-->Mortgage or Deed of Trust
-->Binding Sales Contract (prepared by the seller; your lawyer should review it)
-->Keys to your new home
Check out www.minthillrealty.com
Wednesday, January 20, 2010
Home Maintenance Tip -
Most people don't give much thought to their water heater - they just turn on the faucet and expect hot water to come out. Water heaters are relatively maintenance free, and you can keep your water heater in peak operating condition just by performing two simple maintenance tasks every six months: test the pressure valve and then flush the tank.
If the pressure release valve is not operating properly, the tank can potentially over pressurize and explode. Flushing the tank prevents sediment build up, which can reduce your water heater's energy efficiency and clog your water lines. Consult your owner's manual or other maintenance guide for instructions on how to safely perform these maintenance tasks.
Contact me for a complete list of maintenance tips.
Rich Ferretti is your Mint HIll NC and Charlotte NC Real Estate Specialist.
Look back for our listings of the week
Rich can be contacted at 704 564 0807 or Rich@RichFerretti.com
Friday, January 15, 2010
ALSO: We are now LIVE on the Radio every Saturday from 2-3pm on WBT-Talk Radio 1110am. - Talk to me...Rich Ferretti - Feel free to call 704.374.3500 with questions on the market, the Charlotte area, or just to say hi.
Would you like to learn more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com
Wednesday, January 13, 2010
Who do you know that is looking for a great all brick ranch home with lots of room to roam and NO HOA?
How about a Screened Porch that over looks the wooded back yard?
Not only a 2 car attached carport but a detached 2 car garage that could be your workshop.
Unionville taxes and only minutes to I-485 and the town of Mint Hill. This home features Open Floor Plan. 3 bedrooms, dining room, great room with fireplace and lots of extras.
All this for 200K---YES 200K
Check out the Virtual Tour at www.416Ambrose.com you won't be disappointed.
Rich Ferretti is your Mint HIll, Union County specialist. Call Rich Today.
This article is provided by Preston Sandlin--Home Inspector
I am asked this all the time. Is there toxic Chinese Drywall here in North Carolina and more specifically in Charlotte NC? Since I am a home inspector in Charlotte NC that is a pretty valid question. Before I answer that though I feel it is necessary to explain what the problem is with this drywall.
During the housing boom of 2004-2006 (some sources say 2001-2008) some drywall suppliers imported drywall from China. This is a little unusual to import drywall because it is so heavy and expensive to ship. The reason it was it made sense though at this time was the high demand for drywall caused by the housing boom at the time. Demand exceeded the US domestic supply. This demand was increased further by several hurricanes. The drywall was obviously shipped into seaports and most of the drywall that has been found so far has been found near ports on the gulf coast, Southeast sea ports including Charleston SC and Wilmington NC.
Drywall is made from gypsum which naturally contains sulfur compounds. It is thought that the drywall from China was held up at sea. If the gypsum is exposed to humidity it can cause the sulfides in the gypsum to off gas. The drywall once installed in the houses starts to emit these sulfides. These sulfides cause severe and rapid oxidation of metal. This has caused the air condition coils to rust out prematurely, metal plumbing pipes to rust and electrical fixtures and outlets to rust prematurely. Beside physical problems associates with this drywall there are some health concerns as well. These have been identified as some of the drywall causing problems. People exposed to this toxic drywall include respiratory irritation, headaches, eye irritation, nose bleeds coughing and difficulty breathing.
What are the warning signs that you might have toxic Chinese drywall in your house? Was your house built between 2001 and 2008, particularly 2004-2006? The first and foremost sign is a constant “rotten egg” smell. The second sign would be corrosion or turning black of metal including plumbing, electrical, jewelry, hinges and guitar strings etc. The sulfur also rusts out the air condition coil early. Another thing that you can do to check is to get to the back of the drywall. You can do this in attics or partially finished basements and garages. If you can get to the back of the drywall look to see if you see Knauf or ASTM C36 stamped on it.
The answer to question is there toxic Chinese drywall in NC? The answer is yes. In July of 2006, a cargo ship called the Star Djervanger was docked in Wilmington NC after a trip from China. Its cargo was about 9,000 tons of drywall, enough to build about 2000 homes. It is also estimated that several ships loaded with drywall have come through the harbor at Charleston SC. On April 22, 2009 the first North Carolina Family files a lawsuit involving toxic Chinese drywall in Holly Springs NC. The plaintiffs Daniel and Mary Flannigan have filed a lawsuit against Stafford Custom Homes in Southern Pines NC. The couple alleges they noticed a “rotten egg” egg smell soon after moving into their new house. The Stafford employees said it was coming from a water heater. Stafford replaced the water heater. Then the evaporator coil for the AC rusted out after 3 years. Many metal things in the Flannigan’s house turned black including jewelry and guitar strings. The couple said they were experience severe headaches. The Flannigan’s are suing for compensatory and punitive damages.
It is estimated that some 100,000 homes are affected by this toxic Chinese drywall. So far the majority seem to be in Florida and the Gulf coast but anywhere that there was a housing boom that is fairly close to a port of entry may be susceptible. As of this writing none has been identified in my city of Charlotte NC but all of our inspectors continue to look for signs in houses built between 2001 and 2008. For additional information on toxic Chinese Drywall or other home inspection issues check out or website at homeinspectioncarolina.com or CharlotteNChomeinspector.com
Is There Toxic Chinese Drywall in North Carolina?
This information is provided to the clients of Rich Ferretti by your friends at Home Inspection Carolina
Saturday, January 9, 2010
- How would you like to live on almost 3 acres?
- How would you like to have your own stocked pond?
- How would you like to be close to I485 and still live in the country?
- Well-----here it is..
Can you imagine sitting on front porch, smelling the fresh country air and watching the family use the paddle boat in your own private pond?
How about walking out onto your own private balcony off the master bedroom to sit and relax a cup of coffee or tea?
Well-----here's the view
View the virtual tour on http://www.1123Chadwyck.com then call me to see it in person.
You won't be disappointed..
Rich Ferretti, is your Mint Hill NC real estate professional and Charlotte NC Relocation specialist.
Enjoy the ride.
Thursday, January 7, 2010
As we begin 2010, Home buyers have something to look forward to and more importantly, take advantage of—the extended and expanded home buyer tax credit.
Originally created in 2008, the home-buyer tax credit has evolved from a $7,500 credit, which had to be repaid by the home buyer over the course of 15 years, to an $8,000 tax credit with no repayment required in 2009. Now, for a limited time in 2010, the $8,000 home buyer tax credit will still be available to first-time home buyers and certain current homeowners will also be eligible for a $6,500 credit.
To help everyone better understand the extended and expanded home buyer tax credit, here are some highlights of the changes.
Who can claim the credit?
“First-time home buyers” who purchase homes between November 7, 2009 and April 30, 2010 are eligible for the credit. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
For current homeowners purchasing a home during the same time frame, they are also eligible for a tax credit, so long as the home being sold or vacated was their principal residence for five consecutive years within the last eight. To elaborate, it must be the same home; it is not enough that they have been homeowners for five consecutive years, they must have been in the same home for five consecutive years.
Another key point is that the existing home does not need to be sold. One must, however, occupy the new home as a principal residence and do so for three years or risk recapture of the credit. Also, the new home does not need to cost more than the old home despite the concept that it is directed at “move up” buyers.
How much is the credit and what are the income limits?
The maximum allowable credit for first-time home buyers is $8,000 or 10% of the sales price, whichever is less. For current homeowners, it is $6,500 or 10% of the sale price, whichever is less. Under the extended home buyer tax credit, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum credit.
The credit decreases for single buyers who earn between $125,000 and $145,000 and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit deceases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income – over $145,000 for singles and over $245,000 for couples – are not eligible for the credit.
What are the deadlines for qualifying for the credit?
Under the extended home buyer tax credit, as long as a written binding contract to purchase a home is in effect on April 30, 2010, and the deal is closed by July 1, 2010, one can claim the credit.
Will the tax credit need to be repaid?
No, the buyer does not need to repay the tax credit if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount of the credit will be recouped on the sale. Another provision of the law waives the recapture provisions for service members who receive orders that require them to move.
Are there any other critical provisions?
-There are three provisions people should be aware of:
-There is an $800,000 limitation on the cost of the home
-The purchaser must be at least 18 years old on the date of purchase
-For a married couple, only one spouse must meet this age requirement and dependents are not eligible to claim the credit
Finally, as an anti-fraud measure, purchasers must attach documentation of purchase to his/her tax return claiming the credit. Normally this would be a copy of the HUD-1, but could include other documents memorializing the settlement.
As with all tax matters, responsibility for complying with the tax code belongs to the taxpayer. Real estate professionals should recommend that their buyers consult their tax professionals to ensure eligibility for the credit and the proper way to claim the credit. For more information including the required IRS forms please contact the Internal Revenue Service at 800-829-1040.
Rich Ferretti is your Charlotte NC, Mint Hill NC and Matthews NC home specialist...There really is a difference.
To begin your home search in Charlotte NC here is our web site. www.RichFerretti.com
Happy Home Hunting
Tuesday, January 5, 2010
The first-time $8,000 home buyer tax credit has helped many people to get “off the fence” and it has now been extended through April! It is a buyer's market and there has never been better opportunities to get a great deal on a great home AND get money back. Now is the time to start looking for that new home!
Currently there is a decent inventory in the Mint Hill and Matthews areas of Charlotte that are perfect for couples and families seeking to take advantage of these great deals. Please check out my real estate website for featured listings.
I understand that the decision to buy a first home is a big one for my clients and I am dedicated to making sure that I give each and every one of my clients all of the information and the resources they need to make an informed decision. I spend as much time as possible BEFORE we ever look at homes to find out what you are looking for, what your lifestyle is, how your family will live in the new home and how your circumstances may change, (planning to add to yor family soon? Sending any off to college?). We look at your budget, your needs, your wants. When we finally get in the car and look at homes, I am very in-tune with what you want to see, and you have been educated on what you need to do to find the perfect fit for you. Rarely do I spend days looking at house after house after house with my clients, because I try to make sure we only look at the homes in the neighborhoods, at the price range, in the floorplan with the features you want!
Please consider working with me if you are seeking a new home in Charlotte or the Charlotte area. When you are ready, call Rich Ferretti! 704-564-0807
If you would like more information about the Mint Hill, Matthews and Charlotte area real estate market? Check out www.minthillrealty.com