Charlotte NC Real Estate Market Report - December 2009

The Charlotte NC housing market continues to show a slow but, steady improvement.  December sales continue to be primarily in the $250K and under market, allowing our second-time home buyers to move up as well.

Charlotte's  local economy also appears to continue the recovery trend that began in Q2, 2009.  Mecklenburg County Charlotte NC expanded 11,500 jobs which was a 15% year-over-year increase from 2008.  This, during the worst recession in many years, is nothing short of commendable!  FORTUNE Small Business Magazine named Charlotte NC the 7th best place to launch a business due to our stabalizing local economy incuding improvement in jobless rate.   This is demonstrated by several companies in recent months making the decision to headquarter or expand their businesses in Charlotte NC including Electrolux, Premier Global Healthcare, Tolt Service Group, NACA, Zenta and Albert's Organics among others.

The  $8,000 Federal Tax Credit for First Time Home Buyers has been extended, with an added incentive for current homeowners.  The increase in sales of the average-priced homes in Charlotte NC ,  is indicative of the surge in first-time home buyers, affording first- and second-time home sellers the ability to move up (as per the Charlotte NC MLS data here).  

Average Days from Contract to Close
Charlotte NC Home Sales

Should you be searching for or selling a home in the Charlotte NC area, we would love to assist you.  Our team has many years of experience in the area to share with you and would be happy to assist you with your Charlotte NC real estate needs.

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

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Understanding the $8000 / $6500 Tax Credit

Credits Offered to both First Time Home Buyers and on Purchase of a New Primary Residence

There are key dates and conditions involved in this process if you expect to qualify for the $8000 or $6500 tax credit.

Some of the basics are:

· Homes valued at $800,000 or more do not qualify.

· A first-time buyer does not mean a person who has never purchased a home.  The IRS defines a first-time buyer as anyone who has not owned a principal residence during the three-year period prior to the purchase.

· If you’re married, you and your spouse must pass the consecutive-year test. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse would qualify for the $8000 first-time homebuyer tax credit. However, you could be eligible for the repeat buyers’ $6,500 credit.

· Unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as if a parent jointly purchases a home with a son or daughter.

Key Dates:

· April 30, 2010: Purchase and sales agreements must be dated by all parties with a date on or before Friday, April 30, 2010.

· June 30, 2010: Purchases must close on or before Wednesday, June 30, 2010.

Here is the tax credit form:

First Time Homebuyer TAX CREDIT FORM

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

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Myers Park High School Charlotte NC - At a Glance

The campus, located at 2400 Colony Road in the highly sought-after Myers Park neighborhood, is surrounded by statuesque old oak trees and boasts a college-campus-feel.  With two entrances into the school via Colony Road and one from Runnymede Avenue, the campus sprawl is similar to  a college campus of nearly 75 acres, preparing students for the rigors of hiking cross-campus from class to class!  'The Quad' is the central location on campus, surrounded by the Student Center, Math Building, Social Studies Building, Auditorium and Language Arts Building, all of which open to the large gathering area in the center of the campus.  Students gather here before school, during breaks and as they traverse the expansive campus scurrying from class to class.

Myers Park High School Charlotte NC has consistently maintained rank among Newsweek Magazine's top 100 schools since 2003.  With over 25 junior varsity and varsity sports for both males and females to participate, there's a sport for everyone!  There are also over 30 special interest clubs including Young Democrats, Young Republicans, DECA, Debate, and Key Clubs.  The band program is quite expansive as well, including marching band, who routinely rank high in local and state competitions and provide entertainment at all of the varsity home football games.  The JROTC (Army) program consistently wins the Honor Unit with Distinction Award and offers both a rifle team and a drill team.  The school newspaper, The Myers Park Hoofprint (the school mascot is the Mustang),is a nationally acclaimed student newspaper and repeat recipient of ASPA (American Scholastic Press Association) honors.

Myers Park High School Charlotte NC provides opportunities to become self-directed, self-motivated quality learners, collaborating with other like-minded students who become accustomed to contributing to the community before ever leaving the school.  Their highly challenging IB (International Baccalaureate) program attracts students from all across the city who vie for a coveted position within the program each year. Myers Park also offers AP (Advanced Placement) courses, general and remedial courses as well.  There's an instruction level for everyone at Myers Park High School Charlotte NC .

Search  for homes in the Myers Park School Zone -
$100,000 - $200,000
$200,001 - $300,000
$300,001 - $400,000
$400,001 - $500,000
$500,001 - $700,000
$700,001 - $1,000,000
$1,000,001 - $2,000,000
$2,000,001 +

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

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What is PMI ?

Should buyers place a down payment of less than 20% on their new home purchase, they are required pay for Private Mortgage Insurance (PMI).

Private Mortgage Insurance protects the lender in the event that one doesn't make their mortgage payments.  If the homeowner fails to pay, the bank will foreclose upon the property.  The insurance company will then pay the bank the difference between 20% and the amount actually put down on the property.  

For example, if you only put down 5% and default on your mortgage, the insurance company will pay the bank/lender the remaining 15% that you didn't pay initially or over time.

The bank is protected by your required payment for their protection (this is not currently an option in any institution that I am aware of).

Here's an example:  If you buy a $400,000 home and put 10% down. Your down payment is $40,000 and the mortgage is $360,000. Divide the $360,000 mortgage by 2300 and you get your monthly PMI cost, $156.52.

If your down payment on that same $400K property is 15% down, then $60,000 would be the amount of down payment with a mortgage of $340,000 / 3700 = $91.89/month PMI cost.

*Please note that these are estimates.  You should consult with your mortgage broker/lender to verify these calculations.  Keep in mind that we recommend putting down a full 20% to avoid having to pay PMI, if at all possible.

You can cancel your PMI as soon as you own 22% of your home.  Now that the lender no longer needs protection with regards to the amount put down on your home--you own 22% or more of your home--simply contact the insurance company and CANCEL your premium!  

**Suggestion:  Since you are accustomed to paying PMI and no longer need to do so, apply that monthly residual that you were paying for PMI to the principal balance of your mortgage!

Shopping for a lender or a home in the Charlotte NC area?  Let me know how I can assist you.

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

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At the beginning of the Twentieth Century, the fast-growing city of Charlotte had a population of only 18,091.  The city government was supported by only a mayor, a recorder, and a Board of Aldermen, which included seven members:  one from each of the four wards of the inner city and three elected at large.   

The first suburbs of Charlotte were formed along the streetcar lines that extended beyond the city.  These suburbs, expanding to the south and east of the city, included Dilworth, Elizabeth, Myers Park and Plaza Midwood.    Latta Park was known as the “pleasure resort” and was at the 'far' southern end of the street car line.  Latta Park (pictured below) sat just outside the city limits  and was known simply as Dilworth, our first REAL suburb! 

Historic Dilworth, with its beautiful park, tree-lined streets, beautiful places of worship, expansive mansions and inviting bungalows, was Charlotte’s earliest “suburban” development.  Built in 1891 by entrepreneur and streetcar owner, Edward Dilworth Latta, who made his home (right) on East Boulevard.  This stately home was the showplace of turn-of-the-century Charlotte.  Until Latta’s departure from Charlotte in May of 1923, he played a pivotal role in the transformation of the Queen City.  Latta helped expand the city from a modest commercial center of 7,094 inhabitants in 1880, to an industrial and financial metropolis, becoming 'Piedmont, NC' in 1920, boasting a population of 46,338.   (Today, the Queen City's population is a hefty 695,995, with over 2.5 million in the entire Charlotte Metro region)!

Historic Dilworth boasted not only fine residences, but also a race track, ball park, pavilion, lake and an industrial complex which included textile mills and a foundry.   Still today, the Nationally Registered historic neighborhood retains its residential charm while embracing lively, adaptive  commerce, galleries, restaurants and entertainment.  

Today, Dilworth envelopes those visiting or residing there, in tree-lined streets which front beautiful, architecturally designed homes with wrap-around porches as well as quaint little shops and restaurants.  Local merchants offer personal attention as well as an ambiance that is Dilworth’s trademark.  It is now hard to believe that anyone ever considered Dilworth as a 'suburb!'  Come take a tour and see why Dilworth is the choice among many Uptown young professionals and families who just adore the 'neighborhood' feel of Dilworth.  Architecture, including many craftsman style homes and the older bungalows, and streetscapes tell the story of Historic Dilworth—and moreover, its recent revival with renovation of old and new construction have given it yet, another, reason to call Dilworth Charlotte NC home. Give us a call—we love giving tours of Historic Dilworth Charlotte NC !

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

Disclosure of material contained within.