Tax Credit News

Did you know:

The First-Time Homeowner Tax credit can be used for a down payment on a new home -- but there are some stipulations.

Homeowners may apply a federal tax credit of up to $8,000 toward the purchase of a home with an FHA-backed mortgage, however, the tax credit can't be used to meet the FHA's 3.5 percent minimum down-payment requirement.

The tax credit can be used as an additional down payment and for other closing costs, which can help borrowers obtain a lower interest rate.

In the Charlotte area, the FHA limit is currently $303,750 for qualification for the credit. Great news, for home buyers here in Mint Hill looking to buy that first home.

Would you, or someone you know like more information on taking advantage of this limited-time tax credit, please contact me at rich@richferretti.com.

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

Why Use a Realtor?

The other day, I drove past two houses on the same street in Mint Hill that had “For Sale by Owner” signs out front.

I bet those signs will be there a very long time, especially in this market.

People who attempt to sell their own homes are usually doing so to save a Realtor’s fee. In a seller’s market, you may be successful in attempting to sell your own home. In a buyer’s market, it’s usually a recipe for failure--in in the high-demand area of Mint Hill. Without a Real Estate Agent, you won't have the ability to list your house in the Multiple Listing Service (MLS), meaning you don’t have a broad reach and therefore have a much smaller pool of potential buyers to balance out the many homes on the market. Additionally, a Real Estate Agent does a lot that helps to sell a house, as quickly as possible, and at the best price.

Before you put that “For Sale by Owner” sign in your yard, consider whether you’re up to these tasks:

· Doing the research to make sure your home is priced properly
· Write, schedule and run ads in local papers and real estate publications
· Produce attractive handouts for potential buyers
· Pre-screen callers to see if they’re qualified buyers
· Run open houses
· Be available days, evenings and weekends to show your house
· Listen to critical comments about your home without being offended
· Negotiate offers and counter offers
· Know when to lower the price
· Qualify buyers
· Prepare proper disclosure paperwork
· Stay on top of the buyer’s mortgage application and approval
· Be available to coordinate inspections and appraisals
· Gather all necessary buyer’s and the seller’s legal documents

There is an art and science to selling real estate, especially during an economic downturn Shouldn't you put your home in the hands of an experienced and licensed Realtor?

Rich Ferretti
Jamison Realty
Mint Hill and Matthews

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

The Mortgage Application Process

The mortgage loan application process is one of the biggest financial decisions you'll make in your life. Like any momentous decision, you need to do some prep work before you apply for a mortgage. Once you have done the background, you will find the whole mortgage process is a lot less stressful and mysterious.

Before applying for a loan, you should check the current interest rates, (at an all-time low at the posting of this entry!) review your credit report for accuracy, and begin shopping for a lender. When comparing mortgage lenders, consider such factors as lock-in policies, fees and loan options.

Interest Rates
In a turbulent economy, Interest rates are constantly in flux. It is even possible that the interest rates will change between the time you start your mortgage application and the time you are approved. Even with a changing economic landscape, a smart shopper will compare the rates offered by different lenders before they apply for a mortgage. Find the lowest, and get locked in…

Mortgage Application
After you've chosen a lender or broker, you'll fill out the mortgage application. It might seem that this is a never-ending mountain of paperwork to read, sign and turn in. But, all the information is necessary and you should be diligent in filling out every form. I also caution you to complete the application honestly and completely. If you inadvertently (or intentionally) put false information on your mortgage application, it could seriously hurt your chances of getting approved. Be honest with your broker and lender, and there will probably be very few problems they cannot help you surpass. (FYI : If you are denied a mortgage due to a falsified application, you might lose your down payment. So take your time when filling out the paperwork, and be sure to get all your questions answered by the mortgage lender.)

Providing Documents
During the mortgage loan application process, you will be asked to provide a variety of documents to the mortgage lender. Always ask the lender whether or not they need the original document or a duplicate. If they need the original, be sure to copy each document for your own records when you apply for a mortgage. You might be asked to turn over canceled checks, copies of leases, bank statements, and such. Make sure you note what you have turned over in your records, and again – KEEP COPIES OF EVERYTHING!

Approval with Conditions
In most cases, mortgage approval comes with certain conditions. These conditions may include a satisfactory appraisal, home inspection, etc. Ask your lender what conditions and requirements you need to meet, and be aggressive about completing them on time. The quicker you provide your lender with paperwork, the quicker they can turn your mortgage around…

Making Changes to Your Application
If anything significant changes during your mortgage application process (changing jobs, marital status, etc.), tell your lender as soon as possible. On closing day, you will be certifying that no significant changes have occurred, so it's important to address changes as they arise.
Now keep in mind that everyone wants you to be approved for the mortgage loan as much as you do. Nobody is working against you in this process, everyone is working for you. It's in every one's interest to see the process through to successful completion. Be honest and helpful, and things will work out in the end.

Rich Ferretti
Jamison Realty
Mint Hill and Matthews

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

Matthews and Mint Hill

Looking for a home that combines the idyllic existence of a small town with modern conveniences? Maybe you want to be close to the city, but still have crickets chirping in your backyard? Maybe you should consider the beautiful towns of Matthews or Mint Hill, North Carolina. These two picture-perfect enclaves are a short commute outside of Charlotte, and are consistently popular communities. Matthews and Mint Hill are located on the south eastern outskirts of Charlotte, so you can live the small town lifestyle while enjoying the benefits of a large metropolitan area.

Unlike some modern small towns that feel fabricated or like a movie studio back lot, streets in Matthews exude a small town charm. Located in Mecklenburg County (about 10 miles southeast of bustling downtown Charlotte), beautiful Matthews covers over 17 square miles of choice North Carolina real estate. Matthews is comprised of mainly single family housing on large lots, making it very appealing to young families, retirees and singles. Matthews features a quaint downtown, plenty of quiet and attractive neighborhoods, a variety of churches, synagogues and worship centers, quality schools and daycare and an outstanding hospital and medical facilities. Add in a few great restaurants, some incredible shopping, and you have a complete and comely community. People from all walks of life find that Matthews is the type of town for them. Matthews has about 25,000 citizens, with a spectacular mix of unique characters. Families feel secure in Matthews, with the town having an extremely low crime rate and a highly-effective police presence. Naturalists and outdoorsman will love Matthews, since small parks and nature preserves are plentiful. Civic leaders in Matthews strive to maintain a healthy balance of quality and compatible development, whether it is residential or commercial, making Matthews a thriving community.

Mint Hill, Matthews’ sister town, was incorporated March, 1971 with a population of 2,284. In the last three decades, the town has enjoyed a steady growth to its current population of approximately 18,000. Mint Hill might be slightly smaller then Matthews, but this older town has special qualities that make it beloved by its citizens. The town has a longstanding legacy of community and civic pride, dating as far back to the Mint Hill community’s founding in 1750. People who live in Mint Hill work hard to maintain good connections with their town leaders and neighbors, and civic pride is incredibly high. The devotion of the town to their history and future is evident, as nowhere else in NC will you find such beautifully manicured lawns, pristine homes, and well-maintained streets. Within the historic town are many fine churches, excellent schools, and enriching social organizations. Mint Hill also has some of the state's most marvelous recreational facilities, including private and public golf courses and country clubs. First and foremost a residential community, the business district has shown intensified development in recent years with approximately 285 businesses and professional services available. This delightful town is someplace anyone would find relaxation and respite.

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

Your Real Estate Today

Sometimes, prospective home buyers have serious home buying or selling questions that they wish they could take to a real estate agent, but don’t. Perhaps they are shy, or worried they will be strong-armed into buying something they don't really want, or committing before they are ready. Whatever the case may be, at Jamison Realty like to be available to help anyone interested in learning more about real estate. To help with that, we’ve teamed with the radio professionals at WBT Talk Radio (1110am) every Saturday afternoon from 2pm to 3pm. It’s an hour or real estate answers, questions and hopefully – some good advice.

“Your Real Estate Today” Is a weekly show hosted by Paul Jamison of Jamison Realty. Our country is overflowing with negative news, so we’ve decided to do something different. “Your Real Estate Today” is positive and enriching information concerning the real estate market in our area. Yours truly, Rich Ferretti, along with Paul Jamison and other members of the Jamison Reality team, take to the airwaves every Saturday to discuss important and salient topics. We want you to learn and understand the different opportunities in real estate, whether you are a buyer, seller, investor or business owner. Or maybe you just love real estate, and crave more information. Just recently we discussed the amazing--but soon to be gone $8000 tax credit. Future episodes will touch on all the real estate topics you are curious about, but didn’t have an outlet to receive good, quality information.

Listen this Saturday: Your Real Estate Today!

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

Mint Hill homes and clients

Fixing our Industry
After a great Rain blog about agents and due diligence yesterday, I thought I would ask for more input.
Clients and Customers not leads, they're people and they want and expect the best service, just like we do. How many of us walk in or call a service provider and ask to be treated badly?
Recently, I had the pleasure to work with a senior couple moving from Hendersonville North Carolina to Charlotte to be closer to their children and patiently waiting for the arrival of their 1st grandchild, what an exciting time! Anyway they were so skeptical of real estate agents; it made me wonder what had happened to them in the past. After meeting for coffee and discussing their options they opened up and explained they were so misrepresented on their last transaction, (Dual Agency) that they did not want to deal with another real estate agent. They had even started looking just for FSBOs so they didn't have to deal with an agent. They thought it best to purchase a FSBO and deal with an attorney.
A few weeks later this couple purchased a beautiful home from me and even sent me a wonderful "Thank You" card that I cherish and use in my testimonials now. You gotta believe.
How can we fix our industry?
Your thoughts?
Rich
Rich Ferretti, Realtor/Broker Charlotte, North Carolina and the surrounding area. For more information, contact www.RichFerretti.com or www.MintHillRealty.com
Want more information about the Charlotte area real estate market? Check out www.richferretti.com

Mint Hill Housing Crisis

[http://online.wsj.com/article/SB121003604494869449.html]

In today's Wall Street Journal, Cyril Moulle-Berteaux writes that he believes that we may be coming out of the housing crisis soon. Heend out of the housing crisis. He makes case that the argument that prices may well have fallen enough and new home inventories are starting to fall indicating that the worst is over.
It is encouraging to see conservative business media like the Wall Street Journal start to provide analysis that is somewhat positive.
I would hasten to add that the op-ed piece is a) opinion (albeit opinion from a respected financial guru) and b) all real estate is local and Mr. Mouille-Berteaux's analysis has a National bias. Still, if this is a sign of things to come, I'm encouraged.

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