Archive for April 2nd, 2010

One Potato,Two Potato, THREE!!

April 2nd, 2010 categories: Real Estate News

One potato, two potato, three potato, four…have you filled out your 2010 Census?  You need to get this taken care of! Not only is it required by law but it also benefits our area with federal money that we need in order to subsidize funds that our local taxes do not provide. In fact, there are more than $300 billion worth of funds the federal government can send to certain communities that are deficient in areas like healthcare, education, and law enforcement. These are exactly the places Charlotte-Mecklenburg can use a little help from Uncle Sam to make the Queen City an even better place to live. Stand up and be counted!

The population in the city of Charlotte is currently at about 757,000 people. The county of Mecklenburg has just over 963,000. Within the next ten years, the Charlotte chamber of commerce’s website shows that our growth will jump to one million residents in the city and 1.4 million in the county. Our growth is one of the highest in the nation. Why? It’s a great place to live! You can count on it!

We have easy access to both mountains and ocean, the weather is just the right blend of each season to really give us a feel for all four distinct different times of year, and the extremely dangerous weather patterns other areas see usually don’t directly affect Charlotte too badly.

However, when we do get hit with disasters, we need to have the government backing us up with funds at-the-ready. So, filling out the Census is very important!

The US census determines our representation in the House of Representatives by our residential head count. Depending on the population, states can either acquire more or decrease their number of seats in the Senate. For example, in the 2000 election year, Utah lost a seat to North Carolina by fewer than 1,000 citizens…that’s less than one neighborhood!

Besides, it’s interesting to know what our demographics are in the city and county in which we live. Knowing how the area is changing and growing can help us gauge the way our property values are going to react over the next decade or longer. We can predict a resurgence of certain areas when we see younger, more vibrant growth taking place from relocation, or the arrival of new industry.

Here are some more facts about the Queen City from the Chamber of Commerce’s website.

· Cost of living below the national average

· City, County and State AAA bond ratings

· Average of 6414 airline flights daily

· 15,542 new jobs for 20089

· $13.6 billion in annual retail sales

· 1st most educated workforce

· 1st America’s most livable communities

· 1st top large counties for business recruitment

· 1st top state business climate

· 2nd economic strength ranking

· 2nd largest banking center (controls over $2.3 trillion in assets)

· 2nd best city for entrepreneurs

· 4th best city for relocating singles

· 5th best city for business

· 6th in number of Fortune 500 headquarters

· 6th largest in-migration of people

· 8th most active airport in the U.S.

· 18th largest city

Looking at these figures reminds us why this is such a great place to call home and gives us more reason to count ourselves as part of the Census. So, what kind of POTATO are you?

Authored by Donna Johnston | Discussion: Your Comments Please »

Charlotte short Sales and why they can be anything but short!

April 2nd, 2010 categories: Buying your Home, Our Charlotte Realtors

A Charlotte real estate short sale is not to be confused with a short salesperson! >

I’ll say up front this post about real estate short sales is not going to be the most exciting or particularly uplifting Talk Charlotte topic! Nonetheless if you are in this situation as (a Charlotte home seller) or you’re looking to purchase a short sale property hopefully this short (haha good one) explanation will help.

So just what the heck is a short sale and why is it different than a foreclosure?

~ well Wikipedia gives a very straightforward explanation ~ the transaction itself can be much more complicated (do not attempt this on your own)… from Wikipedia on Short Sales

“In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank’s loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower’s financial situation.

A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. read more

There is nothing wrong with buying a Charlotte short sale property – in fact a short sale is usually a little less foreboding than a full on Foreclosure sale and in both cases you can get a pretty good deal.

Please consider this though just because its says short sale, auction, foreclosure ~ the three oldest rules still apply

1. You get what you pay for
2. Buyer beware
3. Remember and repeat to yourself often rule #1 & #2

The other thing about short sales is they are most often anything but short — when you have distressed homeowners, mortgage companies and banks involved…well lets just say these thing take time and remember too your offer is a binding contract until it is accepted or rejected which means you may be in “buyer limbo” possibly waiting for months yes with an “s”! My friend and Tuscon Realtor Kelley Koehler (aka @housechick for you Twitterers) does a nice job discussing foreclosures and short sales on her blog post Buying Short Sales and Foreclosed Homes in Tucson

So bottom we are seeing a lot of short sale activity – Right now Rhonda has a beautiful short sale property in Foxcroft listed. The entire TalkCharlotte team went through rigorous Certified Distressed Property Expert (CDPE) training and ALL of the Talk Charlotte Team has earned their CDPE designation (more on that in a subsequent post). So we are ready and trained to help you in this new area of Charlotte real estate.

I will leave with this thought though…remember that the real estate market is very efficient and there are just as many fairly-priced “normal” properties for sale in Charlotte , ready to move into without all the hassles of foreclosure or short sale uncertainties ~ ask us and whether it’s a short sale or plain old home for sale (Jackie  has a beauty in South Charlotte) the TalkCharlotte team can help find the best home for you!

Authored by Mike Gibbons | Discussion: 1 Comment »