Choosing to Relocate To Charlotte?

More and more Americans are choosing to relocate to Charlotte. For many years, the city has seen a steady increase in both its residential population and corporate entities. Nine of the nation's Fortune 500 companies house their world headquarters here in Charlotte, and in the past twenty years more than 170,000 new jobs have been created in the Charlotte region.

Charlotte's robust local economy has become a national model of strength and diversity. Communications is the leading employment sector here, but Charlotte is known for its banking industries. Other types of businesses such as IT, computer and office manufacturing, software design, and electronics manufacturing. And internationally known firms such as IBM, SAIC, Microsoft and GE Capital are proud to be some of Charlotte's leading employers.

While Charlotte has long been a haven for retirees, the city is also one of the most popular relocation destinations in the country for professionals and families. The city offers all of the amenities, attractions, and excitement of a major metropolitan hub, but maintains the cozy, close-knit feel of a much smaller town. Charlotte is not only one of the nation's most beautiful cities, there is truly something for everyone here!

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

Matthews: The Perfect Town!

North Carolina has some of the most gorgeous and wonderful towns and communities on all of the country. Our state is rich in history, and our people and neighborhoods reflect that history – with towns that feature family living, new world values, and unique opportunities for single, married, and retired folks. A favorite gem of ours is Matthews, NC. Never heard of it? Let us give you the 411!

Sitting happily between Charlotte and Monroe, the future town of Matthews was once beautiful woodland that was attractive to early settlers who found the earth perfect ground for farming. Farmers worked to clear the game-rich woodland, and cotton quickly took off as the crop to grow in the fertile area. The town quickly grew, and with growth came a post office, stage coach stop, and all the trappings of that pre-industrial world. In 1875, the town was officially dubbed Matthews Station, and the once tiny frontier became a real family enclave as it welcomed its first churches and railway stop. The “station” part of the name was dropped shortly before the turn of the century, and the town has been Matthews ever since.

The 1900s saw change and expansion in Matthews. Modern brick schools were built for the entire community, cotton gins sprung up, and banks and businesses prospered. Matthews's modern brick school opened in 1907. By 1926, electric service had come to Matthews and the forwarding thinking community embraced the concept. Like then, Matthews has always jumped at innovation, change, and new ideas. The town may seem like Mayberry, but don’t let the charm fool you. Matthews people are the stock that America was built on.

Today, Matthews's population is over 30,000, and the city limits now encompass 13 square miles. Even without stage coach service, Matthews features some world-class hotels, restaurants, shopping centers, recreational facilities and a top-tier hospital. In 1996, the National Register of Historic Places listed 10 downtown buildings in Matthews, reflecting the communities constant efforts to bridge the modern world with our nation’s remarkable history. While Matthews is a modern town, it’s a place were the past is respected and preserved.

Still, we could ramble on for hours about the charm and flavor of Matthews, but you should really see this remarkable place for yourself. Let us take you on a tour of Matthews, and show you some amazing properties that you and your family could soon be living in. Matthews has proven to be a favorite home for family-men, independent women, trailblazers, preachers, populists, and radicals for nearly 200 years. It’s a town that echoes the voice of the young while embracing the wisdom of the old. Let us show you this great place, and give you the opportunity to join in this wonderful choir!

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

Charlotte Home Sales Improving

Source: Charlotte Observer - Latest home sales news … some improvement, By Stella Hopkins July 9, 2009


There is good news in the Charlotte real estate market: In June, he Charlotte-area home sales and prices showed some decent improvement.

In the Charlotte region last month, there were 2,024 houses, townhouses and condos sold, down just a bit less than 26 percent compared with June of 2008, (Charlotte Regional Realtor Assoc.) That was the smallest percentage decline since March of 2008.

June was also the first month since September 2008 with more than 2,000 closings.

The Charlotte area saw its highest average home sales price since August 2008 ($218,728), for MLS transactions. Another good sign: last month's saw the smallest annual decrease since October 2007 in pending sales of 18 percent. (Pending sales are houses under contract but not yet closed). Good news for future sales in Charlotte.

Things are looking up!

Rich Ferretti
Mint Hill & Matthews Realty

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

July Local Market Update from Rich Ferretti

Charlotte's real estate market is still defying national trends. With over 1900 closing reported for the month of May and the number of active listings up by over a 1000 listings from April, the Charlotte area market is showing an upswing--and doing so despite the under-performance of similar-sizes US cities.

Charlotte has also become the 18th-largest city in the country during the year ending July 1, 2008, according to the U.S. Census Bureau. Our beautiful Queen City had 687,456 residents, up 2.7 percent from 669,205 the previous year. The growth is strong and steady, and Charlotte is now ranked the 23rd fastest-growing city in the United States.

Need help finding your dream home? 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 IS the time to BUY!!

If you would like to know the current value of your home, your potential net proceeds, and the benefits of buying or selling now, please contact me. If you have any friends or family that could benefit from my assistance, definitely give me a call.

Below are the highlights of our area's monthly statistics.

April 6 - May 5, 2009
Contracts Reported 2269
Closings 1773 Avg.
Avg. Listing Price $228,550
Avg. Closing Price $201,352
Avg. Days for List to Close 150.6
Total Active Listings 28,275

May 6 - June 5, 2009
Contracts Reported 2360
Closings 1912 Avg.
Listing Price $223,470
Avg. Closing Price $199,243
Avg. Days for List to Close 144.5
Total Active Listings 28,657


If you would like a Market Analysis on your property to see how the value has changed, please let me know. You can also sign up for the Market Snapshot report on my website. The report will be emailed to you monthly to ensure you are knowledgeable about the activity in your neighborhood. Just go to http://www.richferretti.com./ and fill in your information within the Market Snapshot box on the right hand side of the page, then click the Next button. You can also search for any properties in the MLS from my website.

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.

Helping People Home for Over 20 Years!

Rich Ferretti
Realtor/Broker NC/SC
Charlotte, North Carolina
704-564-0807 Direct
http://www.richferretti.com/
Rich@RichFerretti.com

Would you like more information about the Mint Hill, Matthews and Charlotte area real estate market?

Check out http://www.minthillrealty.com/

Charlotte NC Investors and Buyers

Have you been looking for the best Charlotte North Carolina Investor web site? Look no further.


http://www.urbancharlotteinvestor.com/


We have recently launched a web site just for Real Estate Investors.


It's easy to use and loaded with the information you are looking for to make the right real estate investment.


When you are ready to view properties, just give me a call so I can help you thru the whole process. I'll even give you a 1 (one) year home warranty to help protect your investment.



Call me today

Rich Ferretti

704-564-0807





Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Charlotte Demographics

Dear Rich,

Can you give us some of the basic demographics information for Charlotte. Everyone I have talked to recently has said that Charlotte is still strong and is one of the top places to move to, but I am wondering what you can tell me about the area.

Cindy -- Considering Charlotte

Dear Cindy,

I am happy to hear you are considering Charlotte. The Charlotte area is a beautiful place to live and work, and has become the new home to over more than 40% more people than just 20 years ago. The population of Charlotte and the surrounding area is over 650,000 people and growing daily. Also, the "Charlotte area" is growing--now including several new suburbs in both North and South Carolina.

The median household income per year in Charlotte is $55,439, and that has increased 60% in the last 20 years that Charlotte has seen it's big growth.

Home prices vary from area to area, but the median home price is $169,483 and the values continue to grow, despite the downturn. While we are not seeing as strong a gain in values as we were in the last few years, we are still considered a steady region. Charlotte is a good place to move--and it continues to be a good investment as well.

Charlotte is home to many wonderful restaurants of all kinds. within 15 miles of center city there are over 3,000 places to eat. Golf is very popular here, and it is not unusual to see someone on a golf course nearly every day of the year. We are fortunate to have mild winters and see only the occasional sprinkling of snow.

The best way to get to know the area is to come and visit. Spend some time in Center City, the University Area, Ballantyne, and then also go down to Waxhaw and Fort Mill. This is a diverse and growing part of the country, with lots to offer and a variety of places to call home.


Please let me know if you have any more questions we can answer for you about Charlotte!
- Rich Ferretti



information from OnBoard LLC


Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Mecklenburg County

Dear Rich,

My wife and I are currently living in Pittsburgh and we are considering moving to Charlotte. Can you give me any information on Mecklenburg County. We are still tying to figure out which parts of town are which.

Thank you,
Tom W.


Dear Tom,

Congratulations on considering Charlotte as your new home. Our area is beautiful, with city living and lake recreation available. In just a short drive you can be at the mountains or the beach, and despite recent housing downturns nationwide, Charlotte continues to be a strong market.

I can tell you a little about Mecklenburg County, and if there is anything you would like more detail on, please let me know.

Mecklenburg County is the most populous county in the state of North Carolina. As of 2008, the population was going strong at almost 903,000.

Mecklenburg County was formed in 1762 from the western part of Anson County. It was named for the German Princess Charlotte of Mecklenburg-Strelitz (1744-1818), who had become queen consort of King George III the previous year. Mecklenburg County contains seven municipalities including the City of Charlotte and the towns of:

• Cornelius
• Davidson
• Huntersville (north of Charlotte)
• Matthews
• Mint Hill
• Pineville (south and east of Charlotte)
  ...A small portion of the town of Stallings is also in Mecklenburg County, though most of it is in Union County.

Charlotte-Mecklenburg Schools (CMS), serves the entire county.

North Carolina has 100 Counties. Those adjacent Counties to Mecklenburg County are:

• Iredell County (North)
• Cabarrus County (Northeast)
• Union County (Southeast)
• Lancaster County (South)
• York County (Southwest)
• Gaston County (West)
• Lincoln County (Northwest)

More information on Charlotte-Mecklenburg area can found on the county website.

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Mint Hill North Carolina, Real Estate and Homes for Sale

Mint Hill North Carolina, what a great place to call home.

Developers and builders have found Mint Hill. NC so what will the future hold? They have broken ground for the new mall “The Bridges Mint Hill” and that will certainly bring additional changes. Who would have thought you’d see sub division in Mint Hill, NC with price tags of 1 plus million? So how will this change the Mint Hill North Carolina Real Estate Market? Home prices are appreciating. For additional information call or contact Rich Ferretti at 704-564-0807 or www.RichFerretti.com or www.MintHillRealty.com



Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Landscaping for a Quick Sell and Move to Charlotte

Dear Rich,

I like your recent blog about updates to that house in Mint Hill and I wanted to ask your opinion on landscaping. We are not looking at selling our house right away…maybe a year from now. We bought a new house in Fort Mill (SC) and now are looking at moving closer or in the city of Charlotte, (maybe Mint Hill?)—potentially next spring. Since our current house is brand new, (two years in October) there isn’t much in the way of landscaping. I would like to do a little work on the yard over the next year that might increase the value of the home or our ability to sell it when the market is right.

Do you have any advice on what I can or should do that will be more attractive to potential buyers?

Also, thank you for this blog—I am finding it very helpful as I navigate property ownership now for the first time, and plan to move and/or buy an investment property in 2009.

Bill D.– Fort Mill

Dear Bill ,

Never underestimate the power of curb appeal! Almost every time a client dismisses a house before even walking in, I think: “It would have been so easy to add a few flowers and shrubs and this house could work!”

Too many people don’t see the outside of their home as a prospective buyer would. I recommend taking a look at your property with a fresh perspective. Try looking at your yard as you drive up to it—What is it missing? What have your neighbors done that you like?

Then think of a plan. Budget out what you would like to spend. Definitely don’t go to the garden store not having a plan! The worst thing you can do is show up at Home Depot or Lowes without knowing what you want to do. It can get very expensive, and you might buy plants that won’t work in your yard or where you think they would look nice.

Since you have a year, you may want to consider doing a bit of serious research first. You can even get a landscaping company to put together a plan for you (at a cost) and you can either do this yourself, or have them do it. A professional, (or carefully planned and researched) landscaping of your yard will definitely attract potential buyers—especially if you have a year or so to get the plants, shrubs and trees established.

Here are a couple suggestions:

1) Get drought-resistant shrubs when possible. They require less water, and given our recent drought situation, this is a smart investment.

2) Buy perennials. This will keep your upkeep costs down as you won’t need to buy more in a year right before you sell.

3) Mulch. mulch, mulch. Keep your flower beds and under your trees fresh looking and weed-free with mulch. Also mulch helps maintain moisture for the trees—another must when the dry-season starts.

If you do nothing else…keep the lawn in good shape with fertilizer and regular watering (when possible). Nothing turns a buyer off more than weeds and tall grass. It says that you don’t take care of your property, and they may not even walk through the front door when you put that “for sale” sign up.

Best of luck in the next year, and I look forward to hearing from you when you are ready to buy that home in Charlotte.

Rich Ferretti
Buyer's Agent - Charlotte, NC

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Mint Hill home needs updates

Dear Rich,
Our house in Mint Hill has been on the market about 30 days. We are confident that it will sell soon, but we are getting feedback that the house looks “dated.”

Do you have any ideas on how to modernize the house without going overboard? We don’t mind making a few purchases to stage the house or give it that more contemporary look, but we also don’t want to spend our down-payment money on trying to get this house sold.

We are just looking at some first-line ideas to give the house a fresh, (and inexpensive) face-lift.

Marianne M.
Mint Hill
Charlotte, NC

Dear Marianne -

Finding an easy and inexpensive way to giving a room a more modern look is not hard. For less than $100, you can completely transform the look of a room—all you need is a weekend and a screwdriver!

Prospective buyers may make a judgment on your house if you haven’t taken the time to modernize—and that is to your detriment. While it may be just as easy for the new owner to do this things, it is always a good idea to do the work yourself if you can. I have seen buyers walk away from a perfectly good house, just because of decor or the fixtures--it just makes the house look "old" - and no one likes "old".

So here is what I recommend: If you have already put a fresh coat of paint up, and decluttered then consider some new fixtures.

New drawer handles or knobs can cost little as $2 each—less even if you buy them in packs. So check your bathrooms, kitchen, built-ins, etc. for places you can update. Remember to keep it simple. Clean lines, and simplicity sell.

And while you are at it, check the sink and bathroom faucets, sinks and toilets. These may be another easy update that will keep buyers interested. In my experience, you will always make your money back (and sometimes then some…) on updates to kitchen and bathrooms! So think of it as an investment. Feeling especially handy? You might also try updating any ceiling-mount light fixtures or doorknobs—but again, keep it simple!

Rich Ferretti
Buyer's Agent - Charlotte
rich@richferretti.com

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Staging a home to sell!

Dear Rich,

My husband and I are going to sell our house in Charlotte and we of course want it to sell quickly and at a good price.

Since you see hundreds of homes with dozens of buyers each year, can you tell us what we can do to make the house more attractive and inviting to prospective buyers? Are there things that you hear over and over--things that are obvious or not that we can do before the house goes on the market?

We understand that the market has slowed, but we also know we are in a great city for real estate right now. We are lucky to be in Charlotte---but we also want to move as quickly as possible.

Regards,

Eleanore R . Charlotte, NC


Dear Eleanore:

It is true...I have walked in to literally hundreds of homes in the Charlotte area - all shapes, sizes and conditions and while I try not to give away my own personal feelings on a house--it is always obvious as we walk in, what the buyer thinks about it--usually before we get past the front entrance.

Sometimes it is the little things that turn a prospective buyer off... the smell, the paint color, clutter... So I certainly have some advice to share with you:

1) Make all repairs now. If the doorknob is loose, the sink is leaky, or the step on the front porch is broken...fix it now. If your home is in need of obvious minor repairs, a buyer may start to wonder 1) what else is wrong? 2) that the price is too high, 3) that the house needs more work than they want to put into it. I often also recommend that the seller invest in a home inspection as well. This will help you pin-point trouble-spots as well as be more attractive to the prospective buyers.

2) Remove clutter. Removing clutter will make your home appear larger, cleaner and will allow prospective buyers to picture the house as their own.

3) Paint and clean. A fresh coat of paint in a neutral or popular color will make the house look clean and well maintained. Have the carpets cleaned, (replace old and worn ones), in addition to a thorough cleaning of the whole house.

4) Smell. Smell is one of the things that can produce strong feelings about a house -- good or bad. Having your house clean will make it smell good, but generally you want your home not to have a smell that is memorable. Pet odors, mold, mildew and cooking grease all are offensive when you walk in. The smell of cookies or vanilla is very pleasant, but you should never use a smell to cover another. If your house has pet odors or mold...any bad small...then definitely get it cleaned before you put the house on the market.

5) Turn on the lights. Make sure that the lights are on, especially in rooms with few windows. Lighting will produce a feeling of a bigger and brighter space.

I wrote to another seller recently -- I recommend reading my response to this letter as well. It has several other suggestions. Good luck selling your home in Charlotte and best of luck with your move.

Rich Ferretti
Buyer's Agent

www.richferretti.com

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Charlotte Home Values

The housing market is on everyones minds these days, and not a day goes by that we don't read or hear something in the news about housing values, foreclosures, or mortgages. Allen Norwood of The Charlotte Observer did an opinion article recently about home values in Mecklenburg Country. And while there is a silver lining here in Charlotte in that overall our market is holding or growing--something no other city in the country can say--we of course have areas that are doing better than others. In Norwood's article he compares the Mecklenburg areas and also says:

Average home prices are down across the country, according to the respected Case-Shiller report – but up slightly in Charlotte.

The statistics are available online at www.carolinahome.com.

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Understanding Charlotte's Buyer's Market

Understanding a Buyer’s Market: Six things you need to know.

Today we are in a buyer’s market in Charlotte. While currently the Charlotte market doing well for sales and values (it is the only one in the country still showing gains of more than 2%), we are definitely in a situation where a buyer can get a great house at a good price. As a home buyer, you may read or hear some numbers and phrases thrown about, so here are the translations and some things you should know if you are buying your new home in the Charlotte area:

1) The average home in the Charlotte area (metro and suburbs) is selling for 95% of the list price (down from a peak of 98%). Meaning: The buyer can get more for less.

2) Homes in the Charlotte are for sale about a month longer – up to 90-120 days on average, than they were at this time last year. Meaning: The seller is more eager to buy and the there isn’t as much competition for houses.

3) The price per square foot is low. Meaning: The buyer can get a bigger house for less money than they could a year ago on average.

4) Interest rates across the country are low. Meaning: If you have good credit, now is the time to consider buying or refinancing.

5) Lots of inventory. Meaning: The amount of houses on the market in the Charlotte area is high. A buyer will not have to settle, since there are a variety of homes in many styles, sizes, areas, neighborhoods and price ranges.

6) Property in Charlotte is a “safe investment”. Meaning: The Charlotte area has head steadily increasing property values, and continues a conservative growth. Other cities in the US in the last few years saw record-breaking and excessive growth and now their bubble has burst. Charlotte’s property values have, and continue to rise without being over-valued. If you buy in the Charlotte area today, generally you can expect a rise in value over time with little risk.

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Charlotte Home Values

Foreclosures and dropping property values are a concern for all home owners. Even in Charlotte's relatively strong real estate market, some areas are doing better than others. The Charlotte Observer today did a story about Mecklenburg Counties current property values. There is good news and bad news. We are fortunate to have a great economy and strong home sales, but that doesn't mean we are immune from foreclosures, which bring neighborhood values down. Time will tell how Charlotte will fare, but for now, we can still be cautiously optimistic. "It is important to know what you can about your neighborhood when you are looking to sell so that you price right," says Rich Ferretti, Charlotte area real estate agent, "and if you are going to buy a home in Charlotte, then use a buyer's agent which knows where the best home values are, and where you will be making the best investment."


To learn more about buying or selling a house in today's market here in Charlotte, please contact Rich Ferretti - Charlotte Area Real Estate Agent.

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Charlotte Real Estate as an Investment

Dear Rich,
My wife and I are living in Charlotte and we are thinking of buying a second home as an investment property. We understand that this is a good time to get a decent price and it seems that real estate would make a good investment right now. What do you think? What are some things that we should think about before start looking?

Peter W. – Charlotte, NC

Dear Peter,

Thanks for writing in. People talk to me all the time about investing in property in the Charlotte area. And I generally agree, that it is a great idea to think about real estate as an investment—especially in this area.

Charlotte is home to some incredible and value-increasing neighborhoods. Combine that with our strong economy, growing population and geographic location, and Charlotte ranks right up there with places where a second home, rental or investment property would be an excellent financial choice.

There are, like all other cities, locations which I would recommend more highly for different types of investors.

The questions you should ask yourself before starting your search include:

1) What is your budget for the investment property?

2) Do you know where you would like to purchase this property?

3) Are you looking for a single family home, multi-family unit, apartments, townhouses, or vacation property?

4) Will you want, or be able to make updates to the investment property?

5) How long do you expect to own the investment property?

6) Will you want to live in the investment property part of the year?

7) What is the proximity to your current permanent residence?

8) Will you be handling the maintenance and management of the p[roperty yourself, or will you be hiring a management company?


If you would like more information about investing in property in the Charlotte area, please contact my office.


Rich Ferretti – Charlotte Buyer’s Agent

704-564-0807

Want more information about the Charlotte area real estate market?
Check out www.richferretti.com

Selling your home in Charlotte, NC

Dear Rich,

My husband and I are moving to the Ballantyne area from Uptown Charlotte. We know that this is a good time to buy -- and yet we obviously have to sell as well. Our home is in a desirable area and is a great home. But what can I do to get more people in, and have a higher chance of getting the old house sold so that we can seriously start looking at the available homes in Ballantyne.

Michelle in Uptown Charlotte (and hopefully soon... Ballantyne!)

Dear Michelle,

The real estate markets all over the country are going through a transition, and while the Charlotte market is strong, the days of quick sales and bidding wars pushing the price way up have past. If we look at thing realistically, homes are not selling as quickly as they have in recent years - good news for buyers (like you!) but bad news for sellers (like you!). But ultimately, homes still sell. Some go fast, and many will sell at prices that the sellers are happy with. There are of course ways you can give your house the best chance possible to sell quickly and close to your asking price. Here are a few ideas:

1) Clean and De-clutter. Less clutter in your home makes it look bigger, and cleaner. Go through your house and take away the garbage, junk and clutter--then go back through and put your off-season clothes in storage, (to make the closets look neat and big), and even consider removing some furniture if it is unnecessary.

2) Price it right. A home that is priced well above the neighborhood or above similar style and size homes will not sell quickly--maybe not at all! Your agent will work with you to get comparables and price the home right the first time.

3) Use a great real estate agent. A good real estate agent or broker can make all the difference in the world when we are in a "buyer's market." Hire an agent who knows the market, your area, and how to best advertise your property. It is perfectly acceptable to interview real estate agents and ask for references.

4) Fix it up! Interested buyers will ask for a home inspection. You’ll save time by getting a preliminary home inspection done and making repairs before your house goes on the market.

5) Be open to constructive criticism. Get feedback from potential buyers after a showing or open house. Accept negative comments openly, and as ideas for making your house more attractive at the next showing.


Best of luck finding a new home in the Ballantyne area, please do let me know if I can be of any assistance.

Regards,
Rich Ferretti

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Charlotte Realty: All doom and gloom or is there a silver lining?

If you read the Charlotte Observer today - you may think the Charlotte real estate market is all "doom and gloom." And while we are experiencing a higher-than-usual amount of foreclosures, I am here to tell you that Charlotte has a comparatively strong real estate market.

Essentially, like all over the country, people got into mortgage situations that they could not handle. For whatever reasons: bad decisions, mortgage brokers pushing adjustable rates, the economy, it has all come to a head over the last few months, and Charlotte is not immune to that.


Now, despite the national, (and growing global) problems with the real estate markets, Charlotte has in fact, remained strong--even grown, but that doesn't mean that there aren't a higher percentage of foreclosures than we are accustomed, or comfortable with.

So what does this mean for you? If you are looking at moving to Charlotte within the next 6 months to a year, it means you should get your house ready, and on the market ASAP. Other markets are having record-long selling cycles, and you need the time to sell yours. You should think long and hard before buying a new home here before your current house is sold. You may get caught with 2 mortgages, and I believe this is the case for a high percentage of the foreclosures here in Charlotte.

Now, if you are nearing a foreclosure situation right now, do what you can to avoid missing payments. Once you have missed several mortgage payments in a row, it will become increasingly difficult to refinance. Look at ways to cut expenses, or borrow money until you can refinance. If the house you are in is not one that you can continue to pay for, look to sell as soon as possible - even if it is at a loss. This will sting in the short-run, but is better than being without a house and having to go through bankrupsy. Cut your losses before things get worse.

Now, If you are in a good financial situation, this is a perfect market for considering investment property, or for getting a good deal on a new home. Foreclosures are not only often a great bargain, but so are the other homes in the Charlotte market. Historically Charlotte has drawn newcomers because of our healthy economy and good housing prices, and that is still true. Additionally, we are in a strong buyer's market. If you can and want to buy - this is the time!

I would be happy to discuss the Charlotte real estate market and if now is a good time to buy for you - please comment below.

- Rich Ferretti

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Extra Home Buying Services

Dear Rich,


My wife and I are moving to Charlotte from Florida this Fall to be closer to our 5 grandchildren. We are looking for a newer home on Lake Wylie, (waterfront) and at least 4,000 square feet. Our budget is in the 2M+ range. Are there any special services available for retirees or people buying from out of town? We have a limited amount of time and need to find something quickly--but we also gave a situation that requires discretion... Your counsel on this is appreciated.


Terry - Tampa, FL

Dear Terry,

Thank you for contacting me and I hope that I can be assistance in finding you your dream home on Lake Wylie, here in Charlotte. I would be happy to discuss with you your particular situation at any time, (feel free to contact me at 704-564-0807). However, I can tell you that through Southern Winds Realty, your price range qualifies you for some exclusive extra services called the Southern Winds Concierge TM. This service is about focusing on the individual throughout the home-buying process. Southern Winds offers this service because we have the knowledge and insight into the luxury home industry, and we wish you to have the best possible experience--and that includes accommodating you and your right to privacy throughout this transaction.


The Concierge is a unique lifestyle Real Estate service for our luxury consumers ($500,000 and above) that blends three vital ingredients: investment, confidentiality and lifestyle decisions.

As a valued client to this service, the benefits listed below are complimentary:

1) Investment: Estate Search through our sample inventory or conduct your own search through our on-line database. Additionally our demographic analysis of the area is vital to see future growth or understanding your annual appreciation rate. Our team is fully trained on assisting with alternative financing such as wealth management or private banking with companies like Wachovia IJL.

2) Lifestyle Decisions: Whether it's calculating the amount of commute time to work, activities for the children or retail availability, understanding your immediate surroundings can have a negative or positive affect on your home. Our goal is to listen and recommend positive lifestyle decisions.

3) Confidentiality/Privacy: Your privacy is important to us. We understand that there is difficulty of accommodating both personal privacy interests and the public interest of transparent government. As a result, our attorneys have designed a trust document that will hold Real Estate title, thus giving our clients total privacy from prying eyes. Southern Winds Concierge TM and our attorneys will coordinate with your lender or ours to install the trust and record it properly.


We look forward to working with you and introducing you to our special luxury client concierge service.


-Rich Ferretti
http://www.richferretti.com/


Want more information about the Charlotte area real estate market? Check out http://www.richferretti.com/

When is it a good idea to refinance?

Dear Rich,

We are in an ajustable rate mortgage and we would like to refinance our home in Charlotte. Do you think this is a good time?

Thanks,
Kevin R. - Charlotte, NC

Dear Kevin,

If you have an adjustable-rate mortgage (ARM), like many people right now, refinancing may be a good option. With the volatile market, there is a good chance that your rates will rise. So to avoid paying more every month -- or you want the security of knowing exactly how much payments will be in the future, this may be a good time to consider refinancing to a fixed-rate mortgage. Rates are generally good right now and if you have good credit, then this is at least worth investigating.

If your credit is poor, then I recommend working at repairing that for the next several months (or longer...) before you try to refinance. Not only will you have a better chance of getting the mortgage, but the rates will be lower.

Remember, you will need to consider the cost of refinancing into your decision, including the application fees, the closing costs, and possibly prepayment penalties. After that, you will need to measure out against how much longer you continue to live in your present home here in Charlotte.

In short, the answer is that this is a good time in general to consider refinancing, especially if you are in an adjustable rate mortgage. See your mortgage broker to get a quote, or contact me, and I can recommend someone in the Charlotte area.

Best of luck,
Rich Ferretti

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Buy Now! Why the Housing Crisis is Good for You.

Dear Rich,

My wife and I have been living in Charlotte or the last 3 years, and have a few more months left on our lease. We have a great apartment, but we are expecting our first baby in September and would like to move into a house. Neither of us have ever owned a house, but our credit is good and at least until our baby is born, we have 2 incomes, (although we aren't sure what the plan is yet after that!)

With the current housing crisis, and everything that is going on with mortgages, do you think that the market is good in Charlotte, and can my wife and I find a good starter home with a decent rate? Or do you think we should wait a while until things shake out a little?

Thanks!

Joe E. -- Charlotte, NC.

Dear Joe,

Here in Charlotte, we are fortunate that the housing market is still very strong, which is great! But the even better news for you, is that this is a super time for first time home-owners with good credit, to buy a home. Home prices are lower than they have been and interest rates are really good. I would say that this is definitely a good time for you to find a new home!

There are some great neighborhoods in the city of Charlotte as well as the suburbs, including some new construction in family-friendly neighborhoods. My best advice is to shop around for a good mortgage rate, and make sure to buy a house that you can afford--on one income. If your wife and you decide one of you will stay home with the baby for a year, or more, then you will have to be able to make the payments with less money than you may be able to qualify for right now. It is important to be conservative now, and upgrade later if you choose, and your incomes can support it.

Also, there are several foreclosed properties available if you are looking for a "deal." Although I certainly recommend carefully considering this route. Foreclosures are sold "as-is" which usually means that you will have several projects to do right off the bat. With a new baby coming, you might not want this added factor. But if you have some extra cash, are particularly handy, or like a challenge, or even if you buy the right property, there are some real bargains out there for the right buyer.

If you are interested in talking to me more about the available homes in the Charlotte area, please call me at 704-564-0807, or check out my site for my featured listings. Also, I would be happy to recommend a mortgage broker. Just let me know, and congratulations on the new baby!

Rich Ferretti
Buyer's Agent -- Charlotte

Want more information about the Charlotte area real estate market? Check out www.richferretti.com