Co-Ownership Gets Popular as Lending Tightens

Co-Ownership Gets Popular as Lending Tightens

Real estate co-ownership arrangements are becoming increasingly popular, especially in cities where prices—even after the real estate meltdown—remain out of reach for many buyers.

Lending guidelines have tightened and it's twice as hard to qualify because of the housing market and sub-prime situation. People just don't qualify like they used to. But if they get some friends and put money together, they can afford that 20 percent down that you may need to purchase if your credit or work history are not excellent.

While financing may be easier, these arrangements have the capacity to fail. It's recommended that people who are considering a joint purchase hire a lawyer to draw up a co-ownership agreement, including a plan to get out of the arrangement.

Here are some other tips for co-buyers:

• Before you begin looking for property, decide the geographic and financial ranges for the search.

• Understand potential co-buyers’ finances; lenders will look hard at the finances of all partners in the deal.

• If the property is a condo, understand the rules regarding rentals, just in case one partner needs to move out.

• Put everything in writing, particularly the escape plan.

Southern Christmas Show

The region’s most exciting holiday tradition celebrates its 41st anniversary with “Windows of Christmas.” Come discover everything for the holidays, from spectacular designer displays to the most unusual and creative gifts.

Location: The Park Date:11/13/2008 - 11/23/2008

Schedule:Daily Time:Sundays, Monday and Tuesday, 10:00 a.m. - 6:00 p.m.; All Other Days, 10:00 a.m. - 9:00 p.m.

Cost:Adults: $9 at door; $8 advance and online; Ages 6-12: $3; Children under 6 free (excluding groups). Groups: $7.50 each for groups of 20 or more (advance only)

Address:2500 E. Independence Blvd., Charlotte

Carolina Trivia

Carolina Trivia

The first one to respond by email (only) will win a one month subscription with Netflix (Respond to Trivia@southernwinds.com)

This Months question: When it was in operation, what was the steepest grade on a mainline track in the United States?

Congratulations to Chris Roberts for answering last month’s trivia question: What NC company founded in 1937... now operates in 13 countries... has sold over a 2 billion of their product?

Answer: Krispy Kreme

Charlotte Housing Report

October Housing Report

Charlotte Housing Report

Each month Southern Winds Realty participates in a survey of the market. That information is then aggregated and broken down by some of the top markets nationwide. Click the link to see the entire report and view other markets.

Charlotte, NC – Uncertain Employment Picture Leads to Drop in Buyer Traffic (15,185 single-family permits in 2007, 7th largest market in the country) Employment fears weaken buyer confidence further. Buyer traffic fell in October as our buyer traffic index slipped to 12 from 14 in September (any reading below 50 suggests traffic below agents’ expectations). Agents said the recent turbulence in the financial markets hit home on several fronts, as the broader economic impacts were amplified by the recent merger announcements from both of the area’s prominent financial institutions, which unfortunately may result in many job losses.

Agents commented that the uncertainty surrounding potential job losses is motivating sellers to sell, but buyers want to wait until the dust settles before deciding whether or not to buy. Recent comments we’ve heard from homebuilders are consistent with this, as several have noted a sharp drop-off in buyertraffic in Charlotte.

Motivated sellers lead pricing lower, but inventory increases also. Home prices fell further in October, as our price index was unchanged at 18 from 17 in September (readings below 50 indicate lower home prices over the past 30 days). Agents said the weakening economy is motivating sellers to reduce pricing, but these efforts appeared to be in vain over the past month as there were few buyers and higher listings. Our home listings index fell to 22 in October from 32 in September, with readings below 50 indicating sequentially higher inventory levels. In addition, our time to sell index dropped to 8 inOctober from 12 in September, indicating a longer time needed to sell a home (readings below 50). Higher inventory and a longer time to sell suggest further price declines are ahead.

Complimentary Charlotte DVD

Email; Rich@RichFerretti.com

About The Author

His testimonials speak volumes about his work ethic.

Rich Ferretti is a Charlotte NC Residential Real Estate Professional that can assist you with the purchase and/or sale of real estate in Charlotte, North Carolina and surrounding areas, from bank owned homes to new construction to waterfront property, and everything in between.

· Rich is a Relocation Specialist that has created a network of real estate professionals throughout the country in an effort to assist people relocating to Charlotte NC.

· Rich Ferretti is a true professional and expert in the field of relocation and can serve many purposes beyond a simple home search.

· In addition to being a Relocation Specialist, Rich also holds the designations of Broker, Accredited Buyer Representative (ABR), and e-PRO. Rich is also licensed in North Carolina, South Carolina and New Jersey.

If you are considering Homes for Sale in Charlotte NC, Rich can help!

Call or email today for your complimentary Charlotte DVD, quantities are limited.

Please visit www.RichFerretti.com for your Real Estate Needs.

Rich Ferretti – Broker/Realtor - 704-564-0807 – Rich@RichFerretti.com

Enjoy some time with the kids

Deals & Bargains...

Discount Coupon

Southern Winds Realty Exclusive

Take the kids and enjoy an afternoon at Monkey Joe's "Where kids have a blast and moms come to relax"

Four locations to serve you located in Pineville, Matthews, University and Lake Norman. Visit their web site

Tell them Rich from Southern Winds sent you!

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Your Money Goes Further in Charlotte NC

Money goes further some places in the United States than it does in others.

Housing, in particular, has remained most affordable in the South and the Midwest. That’s because of less stringent building, an abundance of land and growing populations in the South, says Daniel McCue, a research analyst at Harvard’s Joint Center for Housing Studies.

To determine the cities that offer the best quality of life for the least amount of money, Forbes magazine calculated the ratios between a city’s median home price and its median household income. It also factored in projected job growth. And it compared median income to Moody’s Economy.com’s cost of living index.

Here are the 10 cities that it found to offer the best value, and the cities that it believes offers the worst value.

Cities Where Residents Get the Most for Their Money

1. Austin, Texas
2. San Antonio, Texas
3. Indianapolis, Ind.
4. Houston, Texas
5. Charlotte, N.C.
6. Columbus, Ohio
7. Dallas
8. Minneapolis/St. Paul
9. Denver
10. Portland, Ore.

Cities Where Residents Get the Least for Their Money

1. Los Angeles
2. Providence, R.I.
3. New Orleans
4. Philadelphia
5. Cleveland
6. New York
7. Milwaukee, Wisc.
8. St. Louis, Mo.
9. Washington, D.C.
10. Sacramento, Calif.

Source: Forbes, Abha Bhattarai (10/10/2008)

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