Real Estate Blogs Of The Carolina's

Pricing your home correctly is crucial when you're ready to sell, but it's not always easy to determine the right asking price. While you want to maximize your return, overpricing can lead to a stagnant listing and potentially less money in your pocket. As a homeowner, it's important to recognize the signs that your property might be priced too high for the current market. Let's explore several key indicators that suggest your home may be overpriced, helping you make informed decisions and adjust your strategy if necessary. By understanding these signs, you can ensure your home is competitively priced to attract potential buyers and secure a timely sale. The home is priced significantly higher than comparable properties in the neighborhood. The home's upgrades or unique features don't justify the price difference from comparable properties. There have been few or no showings despite being listed for several weeks. Open houses have very low attenda...

Finding your dream home is exciting, but securing the right mortgage is equally crucial for long-term homeownership. This is where a mortgage lender becomes your financial ally. They'll help you navigate your options and determine how much you can borrow. Now, who exactly is a lender? They're the financial wizards who provide the funds for your mortgage. Think of them as a key player on your homebuying team, helping you find the right loan, guiding you through the application process, and ensuring you have all your ducks in a row paperwork-wise. You've got four main types of lenders to choose from: Banks: The traditional option, offering loans along with other banking services. Credit unions: Member-owned institutions, often serving specific groups or communities. Mortgage brokers: Independent pros who shop around different lenders for you. Non-bank lenders: Companies that offer mortgages but aren't traditional banks. Your real estate agent can be a fant...

Buying a home is just the beginning of homeownership and it's important to have good resources for all the different things that it involves.   That is why you're going to want to keep the communication channels open between you and your agent. Follow your real estate professional on social media. Give your agent a review on Google or Facebook to share the great service you received. Mark email on your "safe sender's list" so you won't miss newsletters, market stats, and other important information about maintaining a home and general market conditions. When you need an answer about anything having to do with real estate or homeownership, who do you call?   Consider your agent your Real Estate Directory Assistance Service.   If your agent doesn't have the answer, they can point you in the right direction. Feel confident to recommend your friends and relatives to your agent.   They'll appreciate working with a professional you trust,...

In today's challenging real estate market, obtaining mortgage pre-approval is a fundamental step for homebuyers, offering a clear picture of their purchasing power. By first choosing a knowledgeable agent to work with, buyers can benefit from expert guidance in selecting the right lender and mortgage officer, ensuring they secure the best mortgage for their unique situation. Pre-approval involves a lender conducting a thorough review and verification of a buyer's financial situation, including credit history, income, assets, and debts. Upon completion, the lender issues a written commitment stating the maximum loan amount they're willing to offer, subject to certain conditions. It is our policy to work with your lender to get a property specific pre-approval letter without a maximum loan amount but only stating that you are approved for an amount sufficient for you to purchase this home according to the terms of the offer.   This letter will accompany the of...

Single-family rentals (SFRs) are established as a compelling investment opportunity in the real estate market, offering a unique blend of stability and growth potential. These standalone residential properties, rented out to tenants, provide investors with a tangible asset that generates steady income while potentially appreciating in value over time. As the demand for single-family homes continues to rise among renters seeking more space and privacy, SFRs have become an increasingly attractive option for both individual and institutional investors looking to diversify their portfolios. The acronym IDEAL encapsulates the primary benefits that make SFRs an attractive investment vehicle: Income - SFRs provide a steady stream of rental income, offering investors a reliable cash flow. Unlike some other real estate investments, single-family homes tend to attract long-term tenants, resulting in more stable and consistent rental income. This regular cash flow can help offset ...

Recent policy changes made by the National Association of Realtors (NAR) have shifted the dynamics of buyer's agent compensation, prompting sellers to reconsider their strategies. Many buyers, especially first-time homebuyers, have limited savings and may struggle to cover additional costs beyond the down payment, closing costs, and other expenses associated with purchasing a home.   Mortgage lenders typically do not allow buyers to include agent fees in their loan amount, meaning buyers must pay these fees out-of-pocket, which can be a significant financial burden. Requiring buyers to cover their agent's compensation, as opposed to the traditional seller-offered model, exacerbates affordability issues and limits many buyers' ability to purchase a home. To maximize market appeal and facilitate a quicker sale at full market value, sellers should strongly consider offering buyer's agent compensation. Increased Buyer Pool : Offering compensation to buyer...

The U.S. Department of Veterans Affairs, known as VA, issued a policy change that now allows payment to buyer brokers on VA loans.   They will be subject to certain safeguards, such as the requirement that all buyer-broker fees charged to veterans "must be reasonable and customary within local markets."   The circular is effective Aug. 10, 2024, and is valid until rescinded. The VA also clarified that veterans can still ask sellers to cover these fees which in most cases will be negotiated in the offer to purchase agreement.   As the practicality of the settlement of the lawsuit becomes clearer, VA is expected to issue a permanent policy. This change in policy will protect veterans in situations where there is competition for a particular property and the seller might select another offer because those buyers were paying their own buyer's agent fee.   Prior to this policy change, veterans were not allowed to pay, "under any circumstances, b...

In today's fast-paced world, home automation is becoming increasingly popular among homeowners seeking to enhance convenience and reduce energy costs. With advancements in technology, smart home devices offer innovative solutions that not only simplify daily tasks but also promote energy efficiency and sustainability. Whether you're looking to upgrade your existing home or are in the process of building a new one, incorporating these home automation trends can significantly improve your living experience while saving you money in the long run. Smart Lighting - Automate your lighting to save on energy bills by setting schedules and controlling brightness and color through a smartphone app. Enhanced Home Security - Invest in smart security systems with features like facial recognition, motion sensing, and real-time alerts to enhance safety and provide peace of mind. Smart Thermostats - Use smart thermostats to learn your schedule and optimize heating and cooling, redu...

Pre-approval is a comprehensive process where the lender verifies the buyer's financial information, including credit history, income, and assets. Pre-approval provides a conditional commitment from the mortgage company to lend a specific amount, pending appraisal of the property. Pre-qualification is an initial assessment based on self-reported financial information provided by the buyer. It gives a rough estimate of how much a buyer might be able to borrow but it is merely an opinion. Despite the well-known advantages of getting pre-approved for a mortgage early in the home-buying process, many buyers remain resistant even to their detriment. Here are several reasons why: Some buyers may not fully understand the benefits of pre-approval or may underestimate its importance. They might see it as an unnecessary step rather than a strategic move that can give them a competitive edge and streamline the home-buying process. Buyers often perceive the pre-approval process ...

Traditionally in the U.S. housing market, the seller has offered the buyer's broker and agent a share in the commission specified in the listing agreement between the seller and the listing broker and agent.   In a settlement between the National Association of REALTORS�, beginning on August 17, 2024, buyers will have to sign an agreement with their buyer's agent specifying what services will be available and the fee the buyer's agent is charging. Many sellers may continue to offer compensation to the buyer's broker and agent, maintaining the traditional practice of the seller paying both sides of the commission. However, when no offer of compensation is made, there are several distinct alternative ways to facilitate the buyer agent's fee, as well as a myriad of variations to suit different scenarios. In an instance where the seller doesn't offer compensation to buyer agents regarding a property you're interested in, there are several options to c...

Last year, U.S. homeowners faced an average property tax bill exceeding $4,000, marking the highest increase in five years, according to data from Attom Data Solutions , a real estate data firm. Property taxes nationwide amounted to over $363 billion in 2023, reflecting a 6.9% rise, largely attributed to inflationary pressures on local government costs and public employee wages. States with the highest effective property tax rates included Illinois, New Jersey, Connecticut, New York, and Nebraska, with notable disparities in tax increases observed across different regions, such as a 31.5% increase in Charlotte, North Carolina, and a 15.2% rise in Atlanta. Property taxes are determined by the assessed value of the property and applying the tax rates for the different taxing authorities for that year.   Generally, homeowners are notified of the assessed value of the property for that year, many times, even before the tax rate is set. There is often a procedure for di...

Congratulations on your offer being accepted! In many cases, you may have a provision in your sales contract for a satisfactory home inspection.   You're one step closer to owning your dream home. Now is the time to choose a home inspector to take a closer look at the property. Inspectors are thorough and in some states are required to be licensed. They have extensive training and follow strict rules to inspect the home's structure, electrical systems, AC and heating, plumbing, appliances, and many other aspects. Inspectors find things you might not be familiar with or have overlooked. Even in brand-new construction, inspectors will find issues. This way, you know about the problems and can determine how to deal with them. Inspections help you make decisions. If the inspection uncovers big surprises, you may want to ask the seller to make repairs or lower the sales price. You may also decide to walk away from the transaction. It's better to know about problems ...

There is a technique that has been attributed to Benjamin Franklin and used when faced with a decision.   As the lore goes, whenever Ben was faced with a decision, like you are now, he'd take a piece of paper, draw a line down the middle of it.   On the left side, he'd list all the reasons he should do something and on the right side, he'd list the reasons to avoid doing that thing. Would-be home buyers are faced with the decision of whether to buy in today's market with uncertainty about inflation, the presidential election, the economy, higher than recent mortgage rates, and increased home prices, just to mention a few. Some people have been put on the sidelines because they cannot qualify for a mortgage and others have sidelined themselves, even though they have the funds and resources, because of all the "noise" in the market.   Looking at the advantages of renting versus buying may bring clarity. Advantages of Renting: Financial Flexibili...

Beginning August 17, 2024, many agents will be required to enter into a written agreement with a buyer before touring a home either in-person or through a live virtual tour and buyers should be familiar with what it entails. There have been buyer agreements for decades in the real estate industry and it was always suggested that the agent have a buyer acknowledge it in their first substantive meeting.   The practice of when it was signed was not scrutinized which is why some buyers may not be familiar with the practice.   The agreements benefit both parties specifying obligations and duties.   The advantages for the buyer include: Dedicated Representation: A buyer's agreement ensures that the agent is committed to representing the buyer's best interests throughout the entire home buying process. Clear Expectations: The agreement outlines the scope of services provided by the agent, including their duties and responsibilities, helping to establish clear exp...

Home insurance rates have increased by almost 20% nationally between 2021 and 2023 and even more in some states like Arizona where rates have jumped 62% in some cases.   The appreciation that homeowners have enjoyed, especially in the past four years, has caused premiums to increase because the values are higher.   In addition, insurance is affected by inflation due to the increased cost of labor and building materials used to calculate the replacement cost of the dwelling. Natural disasters, especially in coastal areas, tornados, fires, and hail are just a few of the things that insurers have paid considerable claims and are driving the prices of premiums higher.   Some insurers are pulling out of high-risk areas which make it difficult for homeowners to not only find coverage but at reasonable prices. There are several things that homeowners can do to lower the cost of their policies. Increase Deductibles - Opt for a higher deductible to reduce premium c...

In the 1980s, home buyers faced significantly higher mortgage rates compared to today's market. Despite this challenge, many people successfully purchased homes and made them worthwhile investments. They employed a range of strategies to manage costs and ensure affordability. Here are the key tactics they used, explained in detail: To reduce the amount borrowed and thereby lower monthly payments, many buyers saved for larger down payments. By putting more money down upfront, they could decrease their loan-to-value ratio, often securing better interest rates and reducing private mortgage insurance (PMI) costs. Strict budgeting was essential. Buyers meticulously planned their finances, cutting unnecessary expenses and prioritizing savings. This disciplined approach enabled them to accumulate sufficient funds for down payments and to manage ongoing homeownership costs without financial strain. Purchasing smaller or starter homes was a common strategy. These properties ...

Online estimates like Zillow, realtor.com, Redfin, & Homes.com are convenient, but typically lack accuracy and may have a significant margin of error.   They are constructed using a computer-generated algorithm that utilizes historical public sales data and trends called an Automated Value Model, AVM. National AVMs derive values from automated computer modeling of public records and may not reflect the true value of a home due to the nuances of local markets.   An experienced agent, familiar with home sales in the area, takes several steps to arrive at a more accurate fair market value. Real estate agents provide invaluable expertise by leveraging their deep understanding of local market conditions. This includes insights into neighborhood trends, recent sales data, and current inventory levels. By tapping into this knowledge, agents can accurately assess the fair market value of a home. They conduct thorough property inspections, meticulously noting its cond...

You are encouraged by the Federal Trade Commission to be sure the information on your credit reports is accurate, complete, and up to date at least once a year.   It is an important part of your financial life that can determine whether you get credit, the terms of the credit and how much it will cost. In addition to borrowing money, good credit could affect premiums on insurance, employers' hiring decisions, ability to rent a home. Checking your credit history and credit scores: Helps you better understand your current credit position. Makes you aware of what lenders may see. Protects you from inaccurate or incomplete information. Recognize identity theft. Free annual credit reports can be ordered from Equifax, Experian, and Transunion through their centralized website - AnnualCreditReport.com , toll-free phone number ... 877-322-8228, and mailing address ... Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. These are the only ways to ...

Homeowners should verify their home's equity at least once a year because the two factors that affect it change regularly.   Market value changes and the unpaid balance of the home decreases with each monthly payment made on an amortizing loan.   Amortization and appreciation cause the equity to increase in value.   Knowing your equity gives you options with regards to refinancing the home and releasing part of that equity. The equity in your home can offer a financial safety net providing funds for emergencies or major life events, leveraged for investments or home improvements.   An annual update on your home's equity will ensure you stay informed about your financial position and opportunities for growth. Refinancing a residence is a strategic financial move that allows homeowners to optimize their mortgage and tap into various benefits. Whether it's about securing a lower interest rate, consolidating debt, or accessing cash for significant life ev...

Property Site: https://tour.corelistingmachine.com/home/QAFQSA/4608-Oakburn-Drive-Charlotte-NC-4172148 Bedrooms: 3 Bathrooms: 3 Square feet: 2,964 Price: $385,000 For more information about this property, please contact Jamie Young at 803-960-1668 or jamieyoung@sellstateexecutive.com. You can also text 8542357 to 67299 (Message and Data Rates May Apply, see terms and privacy policy ). See more listings at: https://jamieyoung.sellstateexecutive.com MLS ID: 4172148

In the realm of real estate transactions, the decision to engage a friend who also happens to be an agent may seem like a tenuous situation and may cause some hesitation. Concerns about how professional relationships may impact their personal connection occasionally weighs on a person's mind, leading them to consider alternative options. It may stem from the fear that any hiccups or disagreements during the transaction may strain or even jeopardize the friendship. It may actually be the opposite.   There are many advantages to working with a professional to find your home who also happens to be your friend. Trust: Having a friend as your agent allows for a pre-existing level of trust, enhancing communication and transparency throughout the transaction. Personalized Service: A friend-agent is likely to provide highly personalized service, tailored to your specific needs and preferences. Understanding: Friends understand your lifestyle, preferences, and priorities, enab...

Property Site: https://tour.corelistingmachine.com/home/BQR4QS/7219-Hunters-Spring-Drive-Charlotte-NC-4167404 Welcome to your new home! This spacious 4-bedroom, 2.5-bathroom residence is perfectly situated on a large lot, offering ample outdoor space for all your needs. Enjoy the outdoors on the oversized patio, perfect for entertaining or relaxing. The property also features a convenient outdoor storage shed, providing extra space for your belongings.Inside, you'll find a thoughtfully designed layout with plenty of room for family and guests. Recent updates include a newly replaced roof, ensuring peace of mind for years to come.Location is key, and this home has it all. Situated less than 15 minutes from Uptown Charlotte, you'll have quick access to all the city has to offer. Shopping, grocery stores, and gyms are just a stone's throw away, making daily errands a breeze.Don't miss the chance to make this beautiful house your new home. Schedule a view...

While the process of downsizing may initially focus on finding a smaller property, it's essential for homeowners to also think ahead and plan for the future by including considerations such as aging in place, healthcare needs, and financial security, and offer guidance on creating a comprehensive plan for the years ahead. Assessing Long-Term Needs Before downsizing, take the time to assess your long-term needs and goals. Consider factors such as your health, mobility, and lifestyle preferences, as well as any anticipated changes in family dynamics or caregiving responsibilities. Think about how your housing needs may evolve as you age and whether your downsized home will be able to accommodate these changes. Aging in Place Many homeowners choose to downsize with the intention of aging in place, remaining in their home as they grow older. When selecting a downsized property, prioritize features that support aging in place, such as single-level living, wide doorways a...

Real estate professionals offer expertise in the local market, guiding buyers toward suitable properties and negotiating favorable terms. They provide comprehensive support throughout the home buying process, managing logistics and serving as trusted advisors. Additionally, agents have access to a network of allied professionals, streamlining the transaction and ensuring smooth coordination. They also advocate for buyers' interests, negotiating on their behalf and addressing challenges that may arise, providing peace of mind and confidence in decision-making. The following is a list of services typically provided to a home buyer by a real estate agent but can vary depending on negotiations between the principals. Property Search: Assist the buyer in identifying properties that meet their criteria, including location, size, amenities, and budget. Market Analysis: Provide information and analysis on market trends, property values, and comparable sales to help the buyer...

Are you one of the many would-be homebuyers holding off on purchasing a home, hoping for a favorable shift in the market? With insurance, property taxes, and maintenance costs on the rise, it's understandable why some are hesitant to take the plunge. However, the reality is that these factors affecting affordability are compounded by the continuing increase in home values. The dilemma is clear: should you wait for conditions to improve, or should you act now? The Affordability Challenge - Escalating insurance premiums, property taxes, and maintenance expenses are making homeownership less attainable for many prospective buyers. As these costs continue to climb, the dream of owning a home may seem increasingly out of reach. The strain on affordability is further exacerbated by the relentless rise in home values, especially in competitive markets where demand outpaces supply.   The Waiting Game - In the face of these challenges, some buyers are adopting a wait-and-see a...

The familiarity and trust established in a friendship may be the ideal foundation for a successful business relationship. Having a loyal ally from their social circle adds a new level of insight and service to such an important financial decision in their lives. When considering the choice of engaging a friend who also happens to be a real estate agent in the purchase or sale of their home, consumers are presented with a multitude of compelling reasons to embrace this option. Firstly, the pre-existing level of trust between friends lays a solid foundation for effective communication and transparency throughout the transaction. This trust, combined with the highly personalized service that a friend-agent can provide, ensures that the process is tailored to the individual's specific needs and preferences. Additionally, friends understand each other's lifestyles, priorities, and goals, allowing for a deeper level of advocacy and support throughout the real estate journ...

Upcoming changes in real estate transactions are imminent following the resolution of significant class action lawsuits involving sellers and the National Association of REALTORS� along with numerous leading real estate firms nationwide. These changes will have implications for sellers, buyers, and agents alike. There has been a lot of news coverage in the past few weeks but unfortunately, much of it has added to the confusion on how things will change rather than clarify it. It was reported that since the seller will most likely be paying only their commission, the price of homes will come down.   That is very unlikely to happen.   The value of a home is not determined by whether a commission is paid nor the amount of it. In the terms of the settlement, which is still to be approved by a court, the change will go into effect on August 17, 2024 but some companies will implement the changes earlier.   The following excerpts are taken from the NAR Settlement...