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/

Home Repairs

Owning a home for the first time brings about a whole new slew of responsibilities, including home repairs. No longer will the friendly landlord provide basic home improvements, this time it is up to you. When looking for a new home to buy, it is a common to excuse certain aspects by thinking repair and remodeling is always a possibility. Before you start redesigning and gutting your home, here is a guide of common home improvement projects and the average cost.

Depending on what climate you are living in, roof repairs may be fairly infrequent. However, whether it's every five years or every twenty years, roof replacement is probably in your future. Roofs are extremely important for energy conservation and the main protection against the elements, but that doesn't mean they have to be without personality. Asphalt shingles are the least expensive, therefore are the most common. Removing old shingles can be $30-$60 per square (roofing is figured in "squares", which is 100 sq. ft.) and new asphalt shingles are $50-$150 per square. They may be cheaper, but they can come in fun colors and they are functional and durable. Next in price are metal and concrete tiles, which can range from $115 to $650, however these roofing materials can add a lot to the curb appeal of your home. Ceramic tiles are very modern, chic, and stylish and can cost $275-$500 per square and finally slate tiles are the most expensive because it takes great skill to install them. Slate tiles will cost $1000 per square, however they can also last up to fifty years.
Sooner or later, there will be a plumbing issue and unless you are or are friends are blessed as a very handy person, you will have to call a plumber. Plumbing issues are more common in older homes, but every home will eventually have issues because of basic wear and tear. Replacing a toilet, bathtub, shower or basin will range from $200 to $1500 as a base price. Replacing pipes for small homes will $2000 to $2500 and continue to rise in price the bigger the home and the more bathrooms there are. Remodeling or adding a bathroom can be pricey, but if you have the budget for it, it is also very rewarding. Remodeling an entire bathroom starts at the base price of $6000, and adding even a modest half bathroom will start out at $4000. Retiling a bathroom will cost $800-$2500.

In the summer months, it's hard to imagine living in a house without air conditioning. However, older homes may not have a central air conditioning system, which means this may be an added cost for you at purchase of the house. Adding central air conditioning onto an existing forced air system will cost $2000 to $3000. Adding a heat pump to a forced air system will cost about twice as much. Repairing or replacing any part on a central heating or air conditioning system will be the most common expense and will cost $1200 to $2000.

These are the most common repairs on a home, and when looking for a house to buy it is important to keep the cost of these repairs in mind. Ask questions about the plumbing and the roof. If the house is perfect except for the bathroom, maybe work your budget around to ensure you will be able to remodel. If the house hasn't had a roof replacement for 25 years, perhaps you need to forgo another project. Remember, asking questions is key and budgeting for repairs, especially unexpected repairs, will allow you peace of mind in the future.


Are you considering a move? Would you like more information about the Mint Hill, Matthews and Charlotte area real estate market? Check out http://www.minthillrealty.com/

OPEN HOUSE 9824 Hofstra

OPEN HOUSE
This is a super home that has it all.


• Mint Hill location--Oxforshire Community
• 4 Large Bedrooms
• 2 1/2 baths
• Very Open Floor Plan
• True Plantation blinds
• Fantastic back patio that over looks wooded back yard
• Visit the virtual tour at http://www.9824hofstra.com/

Please tell your family, friends and coworkers. This home offers so much.

http://www.richferretti.com/



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

Why We Live Where We Live…

When you pick a place to live, you need to find a proper balance. With economic conditions the way they are, we have to all sacrifice too much time to our career. So when you pick a place to lay down your roots, you are looking for a place that can balance your strenuous work-day with the enriching elements of your family life.

If you surveyed 1,000 residents from around the Charlotte area and asked them what factors they considered when deciding where to live, there is several points that always come up: safety, value of the housing dollar, and school quality are factors given the greatest weight. But maybe that's too simplified. To people - like businesses - "place" a great importance -- "location, location, location"... For individuals, they want a great community.

Now if you are looking for that kind of location, that kind of quality of life – we have to options for you: Mint Hill and Matthews. They are both favorites of ours, and over the next few weeks we will be giving you some narrative on why these towns are so special. If you can’t wait for our next blog posts – give us a call. We love crowing about both the small town of Mint Hill and the small city of Matthews. With our firm at your side, we can find the best fit for your needs – and you will soon be nestled into the perfect household Americana !

Tell us what's important to you!

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

Newsletter & Radio Show NEWS

Each Month I send out a newsletter about the Real Estate Market to those interested. It includes the current interest rates, a link to my video newsletter, home tips and interesting facts. This is a fun and easy way to learn more about the market and at the bottom it includes a link to email it to a friend. If you know anyone looking at moving to the Matthews, Mint Hill or Charlotte area, please send them my newsletter.

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

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.

Buying a Home? You Need an Agent!

So many people make the same mistake: Not using a real estate broker when buying a home.

I understand the theory - afterall, who wants to pay more on something when they don't have to? But here is the truth...a real estate agent's service is free for the buyer. The seller pays our commission. That is right! A real estate agent is FREE to the buyer. And with this free service comes a bunch of seriously VALUABLE benefits--things that may be priceless in the end, like honesty, experience and professionalism.

Home buyers who decide to do it on their own often do not realize they are NOT represented and actually trust the seller to give them all info they need. This is WRONG! So many times a seller and their agent (or just the seller if the home is For Sale by Owner), will gloss over or withhold information to the buyer. Whether this is intentional or not, the buyer is left to trust whatever the sellers tell them about the home, property, area, & neighborhood. The un-represented buyer does not have the benefit of an agent who knows the area, the school districts and the local vendors whom s/he could refer. The un-represented buyer does not have the access to the comparables for the neighborhood, or homes that are going to be, (but aren't yet) listed in their dream neighborhood. And an un-represented buyer does not have the experience of offering just the right price on the home.

There are several other great reasons for having a buyers agent, but I want to hear from you. Have you ever bought a house WITHOUT an agent and been sorry? Or, what do you think the best thing was that your buyers agent did for you when you were buying your home?

Let me know -- I would love to hear your stories.

--Rich Ferretti

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

July 30th HERA laws

On July 30, 2009: The new Housing and Economic Recovery Act (HERA) laws go into effect today to protect home buyers. They require all mortgage lenders and mortgage brokers to help prevent deceptive lending practices and protect customers by helping them become more informed.

These changes are the standards to which I, and the other Real Estate Professionals at Jamison Realty have been adhering to throughout, however, not everyone has, and this has, in part produced the current housing market crisis. We applaud the government for making these practices into law

While these changes are all positive, they will take additional time to comply with, and therefore affect closing dates. Most of the changes will be transparent to the home buyer and the REALTOR® or Builder.

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

Pointers for Purchasing a House that Will Maintain Value

Dear Rich –

We are relocating to the Carolinas and are looking at different communities in which to buy. We’re unfamiliar with the region and want to make sure our house holds (and hopefully increases in) value. What should we be looking for to make sure we’re making a good investment?

The Aldens

Dear Aldens,

When you buy any home, the first thing to consider is whether it suits your taste, your needs and your budget, and whether you love the feel of the community. Buying a house for investment purposes alone is a mistake, unless it’s exclusively an investment and you don’t intend to live there.

With that said, some points to consider are:

-->Whether or not you have children in school, be sure the schools are academically sound;
-->All houses in the neighborhood should be well-maintained. Houses that are in disrepair bring down the value of the neighborhood
-->Don’t be tempted to purchase the biggest, most expensive house on the block.
-->Consider the location. Is it in a desirable community?
-->Look for a house on a street where you’re not backing on to a high traffic thoroughfare and parents wouldn’t fear having children play in the yard.
-->Are there highways, an airport or factory very close by that produce noise or pollution?
-->Are there highways close enough to provide easy access for commuters?
-->Are there nearby amenities, such as a post office, supermarkets, drug stores, a park and malls?
-->How are the taxes compared to comparable nearby communities?
-->Are the services covered by the taxes comparable to nearby communities also?

If the house you want to purchase adheres to these guidelines, and especially purchasing now when values are low, your house should maintain and probably increase in value, depending on how long you live there.

At Jamison, we serve families relocating to the Carolinas all the time and would be happy to help find your dream home here. Please give our relocation office a call at 704-846-3663 or rich@richferretti.com.


Best regards,
Rich Ferretti

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

Charlotte NC Residential Real Estate Sales Trends

Dear Friends:

The latest Residential Real Estate Sales Trend report was released last week and it is my opinion that our market is still strong and is in the process of rebounding.

According to statistics the average days a listed property is on market is now 130.7. The amount of contracts between July 6 and August 5, 2008 decreased by almost 28.2% compared to last year at this time and residential closings were down by 29.8%.

At the present time there are 30,000 listed properties in our MLS area which encompasses 10 counties with estimated closings at 2,700. These figures equate to an inventory absorption rate of 11. This means at present time we have 11 months worth of inventory and still in a buyers market. With prices trending downward there are some great buys in our area.

Go to my Charlotte Real Estate website for additional information and available properties.

Rich Ferretti
Tel: 704.564.0807
rich@richferretti.com
www.richferretti.com
10801 Johnston Road
Suite 216
Charlotte, NC 28226

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

How to Finance that Bargain Property

Charlotte’s current buyer’s market and higher foreclosure rate means that there are some great buys are out there, but do you have the money to make that investment?

So you have been reading the papers and watching the news. Falling real-estate prices may have you thinking that maybe now would be a good time to buy a new house as an investment or first home—and you would be right. Now is a great time to buy—if you have the money available and credit to do that.

Credit companies have become increasingly more conservative with whom they will extend mortgages to and at what rates. As they face their own financial crisis, they too are looking at “good deals and “sure things.” There decision is a business one, not clouded my sentimentality or dreams.

Of course if you are a borrower with excellent credit, high income, few debts and a large down payment you will likely have no problem getting a loan. However, if you are an applicant who don't meet those criteria, you may need to employ other strategies to secure loans to buy that great deal.

Take a long hard look at your personal finances…Are all of your credit cards paid off, or at the best rate possible? Do you have a significant amount in savings and/or assets you can sell (a car, a boat, etc.) Do you have equity from another property? Generally, the more money that you have to put down, the lower the interest rate you will be offered.

A business transaction…Many people face challenges when financing their first or second home, yet some investors are able to secure loans for several real estate investments. How do they do it? The success of acquiring these loans is directly tied to their ability to present the bank with a compelling business case for why the investment will succeed. For investment properties, prospective buyers need to demonstrate they will use case flow: rent minus mortgage, tax and maintenance, will cover the costs of ownership over a period of years. If you are a buyer who intends to live in the home yourself, having this breakdown of expenses is also important for you and the mortgage company—they want to make sure you can budget for the payments, expenses, repairs, and all of the other financial responsibilities you have.

Check with the Government…The federal government actively promotes homeownership. It is true that it wants you to own a home, and so there are many programs available for financing, even for people who don't qualify for traditional bank loans. However, these programs generally don't serve investors. Options like those provided by the Federal Housing Administration which runs the largest program, is popular since the FHA protects the lender from risk of loss, the lender is able to make loans to borrowers with riskier credit profiles. These programs are usually extended to first time home owners.

Other federal programs include:

The Veterans Administration Home Loan Program—provides mortgages to veterans.

The Department of Housing and Urban Development's Teacher Next Door Program—helps teachers buy homes.

The Department of Agriculture's Rural Development Housing & Community Facilities Program—extends financing to low-income buyers in rural areas.

Alternative Lenders… A fast-growing alternative source of funding is called "peer-to-peer" lending. Prosper.com, which operates a Web site through which people borrow from and lend to one another, provides loans advertised at rates typically 3 percent to 5 percent below what credit-card companies would charge. Now, the loans on Prosper and similar sites tend to be less than $25,000, however, this option works well for down payments and often, banks will be more apt to extend a mortgage if there is significant down payment money available.

Know when is when…If you are finding that getting a loan of any kind is just not happening, there may be a good reason. Perhaps the property you have your eye on isn't the great buy, and everyone see it but you. You need to know when to walk away if there is any reason this does not seem like the “deal” you thought it was. Or maybe your financial situation just isn’t one that can take on an additional mortgage. Remember that you need to be smart when making a property investment that you could be paying for, for the next 20-30 years!

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

Tips for first-time home buyers

It is being said that Charlotte is in a “buyer’s market” right now and this means that a lot of people who are currently renting are considering the option to buy a new home. But with anything, it pays to be prepared. Buying a home for the first time can be an overwhelming experience, but with some knowledge and preparation the process can be both fun and rewarding.

Are you ready? Just because Charlotte is still touting a strong economy and a buyer’s market, does not mean that this is necessarily the right time for you to buy. You need to consider if you are in a steady job with stable income. Are you planning on staying in the Charlotte area for a few years, maybe longer? Do you have money saved for a down payment, closing costs, additional furniture, and emergencies? Do you have an excessive amount of debt? Is your credit rating good?

Buying a new home almost always costs more than you expect, so make sure your finances are in order first!

What is your budget? There is no doubt that even in Charlotte, the cost of living has gone up. Everything from gasoline to groceries costs more than it did a year ago, and it is likely to continue to rise. If you are financially able to make the commitment to buy, then you need to determine how much house you can afford. Generally, the best way to do this is to get pre-qualified for a loan.

There are three options for pre-qualifying for a home loan:
1) Work with a lender with whom you already have a relationship
2) Follow your real estate agent's recommendations for a lender
3) Find and research lenders online

Your total monthly mortgage payment, (principal, interest, taxes and insurance), should not exceed 30 percent of your monthly gross income. Figure out this number but also talk to your lender to get a better feel for how much flexibility you might have.

Many first-time buyer mortgage programs require only a low down payment or even no money down, or programs with no closing costs. There may also be down-payment assistance programs available in your community. But the best option is to put down more if you can swing it. The bigger the down payment, the less you're borrowing, and the less expensive your mortgage will be in the long run.

What is available? In Charlotte and around there are plenty of great places to buy a home. The hardest part is decided what and where. The first step is to research the area online and even drive around to get a feel for the different towns/villages. Also you will want to decide what type of home, (one-story single family, condos, or town homes). Having this background research done will save you—and your agent time later on.

Choose a neighborhood. Once you know type of home and the area of Charlotte you would like to settle in, you can look at specific neighborhoods. Visit during the day, and also in the late afternoon and night to see what the neighborhood is like at all times. If you have children, look for other young families and ask about the schools. Also important is proximity to shopping, transportation, and the schools. These are things that you can do on your own, but your agent may also be able to give you some additional information when you have narrowed the search down.

Home inspection. As the home buyer, you will need to get a home inspection. In fact, you will likely not want to make any offer you make on your new Charlotte home contingent on the inspection. A home inspection is always worth the investment and we can recommend great home inspectors in the Charlotte area.

Homeowners insurance. If you are borrowing money for a home—having a mortgage, you will be required to have homeowner’s insurance. However, homeowner’s insurance comes in a wide variety of options, so it is important to balance your needs and your budget.
Making an offer.Once you've found the house you want, you should work with your agent to determine an appropriate offer. Generally people offer slightly less than the asking price, and expect to get a counter offer. Know what you are willing to accept, and try not to draw this negotiation out too long.

Closing. Some states require an attorney to review the closing papers and to be present at closing. But if this is not the case in your state, it is still a very good idea. An attorney will look out for your best interest, and is a great asset—especially to the first time home-buyer. (We can also recommend some great real estate attorneys in North and South Carolina!)

Good luck with your new home in Charlotte, NC!

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