Mint Hill NC and Charlotte NC Real Estate Update

Courtesy Of:
Rich Ferretti
November 2009
Helping clients for over 20 years!
Copyright 2009 Realty TimesAll Rights Reserved.

Rates Remain Low In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 5.03 percent for the week ending October 29, 2009 - up from the previous week when it averaged 5.00 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 6.46 percent. "Interest rates for 30-year fixed mortgages have averaged just below 5 percent this year, which is the

Realty Times
U.S. averages as of October 29, 2009:
30 yr. fixed: 5.03%15 yr. fixed: 4.46%1 yr. adj: 4.57%
lowest 10-month average since the survey began in 1971," said Frank Nothaft, Freddie Mac vice president and chief economist.

Homebuyer's Tax Credit Extension The Senate now appears likely to pass a bipartisan compromise extending and expanding a tax credit for homebuyers. The deal would extend the $8,000 credit for first-time homebuyers for sales contracts entered into by April 30, 2010, and closed within 60 days. It would also add a $6,500 credit for some owners of existing homes as long as they have been in their homes for five consecutive years in the past eight. The income cap would be raised to $125,000 for individuals and $225,000 for married couples, up from $75,000 and $150,000, respectively. Check with your REALTOR® as more details about this credit extension become available.

Value of Remodeling Projects Up The value of remodeling projects nationwide increased 20 percent in the second quarter compared to the same quarters of both 2007 and 2008, according to a Remodel or Move survey of remodeling permits. Remodel or Move said the increase followed an earlier report that identified 5 percent of homeowners who said they planned to remodel in the time period. Most of the remodeling activity was in the Northeast and the Southwest. The rest of the country hasn't seen much recovery, the survey found, Authors of the report speculate that more people are spending money on remodeling projects because of declining costs and government stimulus payments.

Taking Advantage of Tax Incentives If you're considering a major purchase like an energy-efficient home improvement or a new car, there are tax incentives available that can help you offset your costs by reducing your federal income tax liability. Home Improvements: Tax credits of up to $1,500 are available to taxpayers who make certain energy-efficient home improvements that are placed in service by December 31, 2010. The improvements must be made to the taxpayer's principal residence, with tax credits available at 30 percent of the cost - up to a maximum total of $1,500 - for the following products: windows, doors, insulation, roofs, HVAC, water heaters, and biomass stoves. New Car Tax Deduction: Taxpayers who purchase a new car, light truck, motor home or motorcycle after February 16, 2009 and before January 1, 2010 can deduct the state and local sales and excise taxes paid on their purchase from their 2009 federal income tax. The deduction is limited to taxes paid on vehicles with a purchase price up to $49,500; if you buy a more expensive vehicle, you can deduct only the taxes paid on the first $49,500 of the purchase. Unlike a tax "credit", the new car tax deduction reduces your taxable income - rather than your income tax due. Remember to consult with a tax advisor regarding your eligibility.

Equal HousingOpportunity

Rich Ferretti, Broker/Realtor 704-564-0807rich@richferretti.comhttp://www.richferretti.com">704-564-0807rich@richferretti.comhttp://www.richferretti.com

Jamison Realty704-564-0807500 W. John StreetMatthews, NC 28105



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

Virtual Tour # 52744 - 1123 Chadwyck, Monroe,, NC, 28110. Powered by FloorPlanOnline

Virtual Tour # 52744 - 1123 Chadwyck, Monroe,, NC, 28110. Powered by FloorPlanOnline

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

Charlotte NC Real Estate Investor Update

Courtesy Of:

Rich Ferretti
November 2009

Helping clients for over 20 years!

Bringing you the best in Charlotte NC real estate news you can use.

Copyright 2009 Realty Times
All Rights Reserved.

Real Estate Investment Buying Tips
By Kenneth R. Harney

      Foreclosures and bank REOs are pulling a new wave of novice investors into the market, some of whom "are just plain clueless, to put it bluntly," says Robert Cain, a long-time rental market and real estate management specialist based near Tucson, Arizona.

      "They see the price and they way, wow! I can buy that house and turn it into a rental," says Cain, who lectures around the country and online about investing intelligently.

      "But they don't understand the local market, they don't understand landlording, and don't even necessarily visit the property," Cain said in an interview last month with Realty Times.

      For example, a property manager in Tennessee called Cain for advice recently. The manager had a simple question: "Should I fire my client?" who lives in California and purchased rental real estate 3,000 miles away in Tennessee -- sight unseen because the low price made it sound like a steal.

      But the property had a long list of defects requiring costly repairs, and it was slow to rent - causing the absentee owner-investor to blame the property manager for the cash drain.

      "We see it constantly," said Cain. "New investors think it's easy. They buy on emotion, on low pricing, rather than buying with a disciplined plan.

      What are some of the key rules for freshman class investors? Here are a few of Cains' that have served him well since the early 1980s:

      Number one: Due diligence is never optional. You've got to understand the local market - and that includes not just where prices are headed, but specific market demand for rental real estate in this price segment, and even the local government's plans for the area where you're thinking of buying.

      Number two: Buy with a written plan - that's right, just like the large professional investors use, with an entry strategy and an exit strategy. How long are you going to hold onto the property, how much will it earn you during your period of holding?

      And what's the endgame - a sale to another investor? Conversion to condos? Tear it down and build something that's closer to the underlying real estate's highest and best use?

      "Write it all down," says Cain. That way you can analyze it better.

      Number three: Calculate the actual costs of the property in advance - not just the bargain basement price, but how much you'll need to fix it and feed it - the management costs, rental commissions, vacancy costs, taxes, to name just a few.

      "If you don't know these things up front," says Cain, "you are flying blind. And there are no good surprises in real estate."

Rich Ferretti Managing Broker with Jamison Realty is a seasoned veteran with over 20 years experience.

Once you work with Rich you'll understand what everyone is saying.

He's the best!!!!!

Equal Housing
Opportunity

Rich Ferretti, Broker/Realtor
704-564-0807
rich@richferretti.com
http://www.richferretti.com

Jamison Realty
704-564-0807
500 W. John Street
Matthews, NC 28105

Charlote NC Real Estate Update--Nov 2009

Courtesy Of:

Rich Ferretti
November 2009

Helping clients for over 20 years!

Copyright 2009 Realty Times
All Rights Reserved.

Vital Information for First-Time Buyers
By Phoebe Chongchua

      The first-time homebuyer Federal tax credit for $8000, record-low interest rates, and nationwide median home prices dropping to the lowest point in five years, makes this an enticing time to consider buying a home. By the way, that tax incentive isn't truly just for first-time buyers -- it's defined as those not having owned a home in the last three years. Research and knowing your options are critical. Check with your tax accountant for more details. It’s increasingly likely that Congress will extend and expand the popular home buyer tax credit, which will expire at the end of this month. 
    

According to an article in August in the Raleigh News & Observer, 10.8 percent of buyers are motivated to buy due to Federal and state tax incentives. So far only 1.14 million buyers have filed for the credit but many more are expected to file for it on their 2010 returns. However, the National Association of Realtors reports that the first-time homebuyer figure in July was still about 10 percent below the average for the past six years.
     

There are many aspects to consider when buying your first home. Your price point, location, lifestyle, expert help, mortgage programs, inspections, how quickly you want/need to move, the list goes on. It can seem like an overwhelming process for first-time buyers. In fact, some shy away and continue to rent simply because they don't know who to turn to or where to begin. Today there are more resources than ever available with just the click of a mouse; however, that can create information overload! But if you take a breath and relax, I'll sort through some important factors for home buying. And even if you're a seller, it's good to review this material because it helps to remind you where first-time buyers' mindsets are when they make an offer on your home.
    

Give yourself more time than you think you need. Due to the housing crisis and credit crunch, the mortgage process can take even longer than it did previously. Searching for a home is averaging about 12 weeks while getting the mortgage process wrapped up can take up to 60 days, according to information released by National Association of REALTORS 2008 Profile of Buyers and Sellers.
     

Give yourself plenty of time to understand how much home you can afford, what kind of loan is most suitable for your needs, and, of course, plenty of time to select the home that fits your lifestyle. First-time homebuyers often don't have a lot of comparison shopping experience. Frequently they're just getting started. What is acceptable for a rental is likely different from what first-time buyers expect and accept when purchasing their first home. However, first-time buyers must understand that shopping for a home is akin to shopping for a mate... there are always some compromises that are necessary. If you don't allow enough time, you'll find that it will lead to headaches, rushed decisions, and, in the end, you may feel pressured to buy something that you have not had enough time to completely consider—maybe because you have to relocate and start your job.
     

Never skip an inspection. You simply can't spot everything that could be wrong with the home. While not all sellers do it, some hire an inspector to inspect the home when they list it on the market. However, the burden of the inspection typically falls on the buyer to pay for it. And the information you receive is invaluable. Hiring a certified inspector to give the home a once-over will help you discover problem areas that your agent can then negotiate for repair work or price adjustment. Also, note that the home inspections (yours and the sellers) may differ; examine both, this way you'll learn more about your potential home.
     

Frank Schulte-Ladbeck, a licensed home inspector says that when you get your home inspection be certain to have everything turned on. In one case, "The water valve to the house was turned to almost off. When you turned it on to regular pressure... the seller had water spurting out of almost all of the faucets because all of the O-rings, the seals, had all dried so much that they were just allowing water to spill right out of them," said Schulte-Ladbeck.
    

Use experts to help prepare. Having a team of experts who can expedite your search by finding the most suitable properties for you will save you endless hours of looking. Also, the right mortgage expert simplifies the loan process. You'll be guided through the home-buying process instead of becoming overwhelmed by the options, paperwork, and tasks. Using the best specialists can truly make buying your first home a wonderful experience.

Rich Ferretti is involved-period. With over 20 years experience you can trust Rich to take care of all your Charlotte NC real estate needs.

Equal Housing
Opportunity

Rich Ferretti, Broker/Realtor
704-564-0807
rich@richferretti.com
http://www.richferretti.com

Jamison Realty
704-564-0807
500 W. John Street
Matthews, NC 28105

Charlotte NC Relocation

• Moving to Charlotte NC?
• Looking for moving and relocation advise?
• www.RichFerretti.com
• www.MintHillRealty.com
• Rich Ferretti is a 20 plus year real estate professional offering information on Charlotte NC and the surrounding areas.

Rich relocated to MInt Hill NC from New Jersey to be closer to his family. When asked why Mint Hill, he says "it's where Mayberry meets the 21st Century". What a great place to raise your family.

Call or visit Rich Ferretti on www.MintHillRealty.com for all the info you need.

Rich Ferretti

Manager/Broker 704-564-0807

Only 10 miles to the Center of Mint Hill

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Sell my House--Charlotte NC

There is a difference between a house and a home.

You live in your home and it's a place you love. It's probably warm and cozy. A place where you and your family spend lots of time.

A house though is a commodity, a business transaction, see the difference?

You must remove yourself from all emotional attachments when you are selling your home. You must depersonalize it... Remember you're trying to sell it, market it and move on---maybe a new HOME..

See the difference?

Want more info?

Call, email or text me and I'll show you how we can sell your House.

Rich Ferretti is your Mint Hill NC Relocation specialist.