Charlotte Market Update from Rich Ferretti: Now is the Time to Buy!

I am happy to report that existing-home sales showed signs of re-birth in the second quarter of '09 up from the first quarter in most states, and price declines have increased many buyer's ability to afford homes in most metro areas, according to the latest survey by the National Association of Realtors®.

Total state existing-home sales, including single-family and condos, lept 3.8 percent to a seasonally adjusted annual rate of 4.76 million units in the second quarter from 4.58 million units in the first quarter. However, they remain 2.9 percent below the healthy 4.90 million-unit pace in the second quarter of 2008.

Thirty-nine of the 50 states experienced sales increases from the first quarter, and nine states were higher than a year ago; the DC area showed both quarterly and annual rises.

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Do you 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 in which you may be interested, complete with photographs of the properties and detailed neighborhood information. Now IS the time to BUY!!

After two years of home price declines, does it make sense to buy again? A new study tries to answer that question by looking at two related issues: the home price-to-rent relationship in certain housing markets, and the likelihood that homeowners in today’s market will gain equity in the next five years. Of course, the answer depends on where you’re looking to live and how large of a home you’re thinking about buying. The bottom line: homeownership in the Charlotte area continues to become more affordable compared to rents in most housing markets. Are you renting and not sure if you consider buying a home or not? Contact me and let me assist you in determining if the right choice for you is to Rent or 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. If you scroll down, you can see all the detailed charts.

June 6 - July 5, 2009
Contracts Reported 2167
Closings 2024
Avg. Listing Price $223,470
Avg. Closing Price $218,728
Avg. Days for List to Close 144.5
Total Active Listings 28,657

July 6 - August 5, 2009
Contracts Reported 2341
Closings 2223
Avg. Listing Price $238,629
Avg. Closing Price $212,977
Avg. Days for List to Close 145.2
Total Active Listings 28,150

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
Listen to us on the Radio every Saturday from 2-3pm. WBT-Talk Radio 1110am.


Want 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/

Real Estate Outlook: Housing Rebounding – Get IN NOW!

The big economic news for housing this week is all about sales.

Housing sales and pending sales contracts are up, dramatically in the North Carolina area, and a rebounding real estate sector could soon start stimulating the broader economy.

Federal Reserve Chairman Ben Bernanke told Congress last week that essentially the worst is over, the housing market is stabilizing, and we're heading out of recession in the second half of the year. Pending home sales soared by 6.7 percent in April, the third straight month of significant increases, and the highest pending sale total for any month in the past seven years.

This is all great and fantastic news for the economy, and it means that YOU need to react and get into the game.

Low prices nationwide, combined with mortgage rates at near-record lows, have pushed the National Association of Realtors' Affordability Index into record territory. In April the index hit its second highest market ever, based median household income and the monthly payments needed to buy the median cost home.

On the mortgage front, applications to purchase homes continued to rise last week -- up by 4.3 percent -- according to the Mortgage Bankers Association.

But here's the sobering news: It's becoming increasingly clear that low mortgage rates are not going to be around forever. That is not a bad thing, it just means that you need to take advantage of the low rates now. Average thirty year fixed rates took their biggest jump in half a year last week on bond market jitters. The average rate for 30 year fixed topped five and a quarter percent, up from 4.8 percent the week before. And 15 year rates went to 4.8 percent from 4.4 percent.

So, if you are seriously considering getting off the sidelines - now that prices are back to pre-boom levels in some markets and sales are on the upswing, jump in sooner rather than later, if you want the lowest mortgage rates. Trust us, it is time to buy! Contact Rich Ferretti at Jamison Realty with any questions, and let’s get to house-hunting!

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

8 Tips to Sell a Home Where a Pet Lives

Dear Rich:

My wife and I are trying to sell our home (in Charlotte) and we want to make it as "buyer-friendly" as possible. However, we have 2 large dogs and we know that this can be a detractor to potential buyers. Do you have any tips for selling our home?

Charlie - Charlotte, NC

Dear Charlie:

People who are pet lovers cannot understand those who are not. In reality, there are many people on this planet who either don’t like animals, are fearful of them, or who are allergic to them--so you are right to be concerned about how this might affect the sale of the house.

Having a pet can certainly be an obstacle to the sale of your home, if you are not vigilant. Many people moving to the Charlotte area have come to retire, and are not interested in a home that has had pets, or are bringing their own. They may even be intimidated by looking at a house that has a big dog--or two!

I have seen some agents recommend that the pet be relocated elsewhere until the sale is made. I have yet to meet a homeowner willing to do that to a beloved pet, especially in this market, when sales are taking longer.

So here are some tips to be sure Fido or Fluffy don’t prevent the sale of your house:

1.) Vacuum the floors and rugs constantly, even several times a day, so there is no sign of animal fur. Don’t forget to vacuum chairs and sofas as well.

2.) Cat pans must be immaculate…completely changed prior to any showing. If the dog uses a run or the yard, be sure all indications are absent.

3.) If there are carpet stains, have the rugs professionally cleaned.

4.) Remove all pet paraphernalia when showing the house, including toys, food and water bowls, photos, balls, leashes, and cat trees.

5.) Be sure there is no scent of animal in the house. To eliminate odor, use an enzyme cleaner or call a professional ozone company. Deodorizers only camouflage the smell, they do not eliminate it, and those with allergies may have a reaction.

6.) Your pet should not greet the buyer and agent at the door. It should be safely ensconced in a pet carrier or outside on a leash.

7.) If your pet is a “chewer,” eliminate any furniture or replace any woodwork that has been damaged.

8.) Be sure photos of your home, (inside and out) on your realtor’s website do not show your pets.

Although people who love animals are likely to be more understanding, they are still there to consider the purchase of your home, not your pet. Whatever you can do to remove distractions and obstacles that may prevent the purchase will be to your benefit.

Good luck with the sale of your home!
Rich Ferretti
Jamison Realty

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

Existing home sales rise...What it means for you

Existing home sales rise, but prices still sinking

Sales by homeowners increased more than expected in July, as median prices fell 7% from July 2007. But supplies still rise to a record high, pushing prices even lower.

CNN Money reported this week that sales of existing homes rose more than expected in July, but prices continued to fall. Partly this is because of an increase in foreclosures. Sales volume is increasing because pricing is getting more aggressive, but these lower prices are causing overall sales numbers to be lower than last year.

So what does this mean to you? If you are selling your house, it means that your lower price may attract more attention from hungry buyers. You have plenty of competition, but there are people out there looking for a great deal. If you are looking to buy—this is a great time to make that investment, and there are even additional incentives:

resident Bush is responding to the struggling housing market. The President signed the Housing and Economic Recovery Act late last month. The bill includes a temporary tax credit of up to $7,500 for first-time home buyers who haven't purchased a home in three years. To qualify buyers must earn less than $75,000 - or $150,000 for a couple - after which point the tax credit begins to phase out.

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