Category Archives for "Real Estate News"

All Charlotte NC Real Estate News including, Charlotte Homes for Sale, and Charlotte NC Real Estate Market Reports, and trends

August 22, 2013

7 Best Strategies to Prevail in a Bidding War

hands reaching up to grab a house key in a multiple offer situation of charlotte nc real estate and charlotte nc homes for sale by showcase realty
 
 

“Will I get

a second chance?

Will the seller

counter my offer?”

hands reaching up to grab a house key in a multiple offer situation of charlotte nc real estate and charlotte nc homes for sale by showcase realty

Many real estate markets are experiencing higher buyer demand than supply. In Charlotte, N.C., we currently have a 5 ½ month supply of homes; less than a 6 month supply is considered a Sellers’ Market. A good house in this market will likely receive multiple offers. Follow these strategies to prevail in a bidding war.

 

1.     Submit your highest and best offer as soon as possible. I am often asked, “Will I get a second chance or will the seller counter my offer?” Probably not, the Seller will likely negotiate with the best offer and reject all others. So, if you really want the home, submit your best offer up front.

2.  Keep your offer clean and simple. If you don’t need closing costs paid by seller then don’t include that in your offer. Don’t ask for personal property. You can always ask for small things later, and wait for the home inspection to ask for repairs. Pay for the home warranty yourself; they are inexpensive (typically under $500) and not worth losing the house.

3.     Have your agent call the Seller’s agent to ask why they are selling. Price may not be the priority; it may be speed, flexibility or a certain closing date. Unless you ask, you won’t know what the seller will consider the most acceptable offer.

4.     If you are able, submit the offer not subject to it appraising. This is a volatile market and appraisals are subjective, not scientific. Without this, there is a better chance the deal won’t fall out and the seller won’t have to worry about negotiating the purchase price later.  However if you plan to finance, make sure you can pay the difference of the appraised value and what you agreed to pay for the home, since your lender will only give you a loan up to the appraised amount.

5.     Write a personal letter to the seller, unless the property is bank or business owned. Tell the seller why you want the home and how you will enjoy certain features.

6.     Submit complete paperwork. This includes the contract, pre-approval letter and earnest money check. If possible, include a preapproval letter from a reputable lender with the property address on it.  A certified check is better than a personal check for the Earnest Money Deposit, and it should be higher than the standard for your area. This shows good faith and your commitment to buy the property.

7.     Your offer should be higher than the list price.  It should be as much as you think the home is worth plus a few dollars. Or you can offer to pay $1,000 more than the highest offer up to a certain amount. Interest rates are low right now so this additional amount over 30 years won’t amount to much.

Use these strategies to put your best foot forward.

Good luck!

                                      

Nancy Braun of Showcase Realty Ranked Best Real Estate Agent in NC!

best agentREAL Trends released its newest ranking called the Best Real Estate Agents in America which ranks the most productive agents by state and by metropolitan area.  Nancy Braun and Showcase Realty ranked in both categories at the state and regional levels:

  • 1st in N.C by Transactions
  • 3rd in N.C. by Volume
  • 1st in Charlotte-Concord-Gastonia by Transactions
  • 1st in Charlotte-Concord-Gastonia by Volume

The report, the first of its kind ever produced, ranks real estate agents in several categories for their 2012 calendar year: individual agents by closed transaction sides and by closed volume and the same rankings for agent teams. Over 6,500 real estate agents from every state in the U.S. are featured.

This new report is an outgrowth of the REAL Trends/The Wall Street Journal report called The Thousand, which ranks the most productive 1,000 real estate agents in America. This year, REAL Trends extended the report to include all sales agents who exceeded certain minimum levels of closed transaction sides or closed sales volume during calendar year 2012. Many of the real estate agents qualified to be ranked in both closed transactions and closed sales volume.

We are so proud of Nancy and are elated to receive this award.

To see how we stacked up against the competition, view the full ranking here:

http://www.realtrends.com/best-real-estate-agents-north-carolina#.UearRI2kr9Y

To see what sets us apart, making us the best in N.C. visit our website here:

http://www.showcaserealty.net/about-us/

July 8, 2013

An Easy Way to Improve Your Credit

average-credit-scoreRevolving Debt is Sizable Factor of Your Credit Score That All Too Often Goes Unnoticed

 

In the credit game, you are supposed to lose. If you lose, THEY win. “They” of course, refers to the big Banks and Credit Bureaus. Both of whom benefit greatly when your credit score is lower. The Banks charge you a higher rate of interest and the Credit Bureaus look good to their #1 customer…The Banks!

 

One of the most complicated aspects of your credit score is what we call “revolving debt ratio”. It’s worth 30% of your score and almost no one knows about it! Keep in mind, your payment history is worth 35% of the score, just to give some perspective on the importance of this component. Your revolving debt ratio is simply the amount of money you owe on your revolving accounts divided by the limits on those accounts. A revolving account is an account where you don’t have a set payment amount with a set amount of payments to make to pay off the loan. A credit card is the most common example. You make payments based on your balance, which could be as little as zero. So, if you have a credit card with a $10,000 limit, and your balance is $5,000, then your revolving debt ratio is 50%. The credit scoring model measures this on an account-by-account basis and an overall basis.

 

Here’s the problem: By the time you get your statement in the mail, the credit card company has already sent your balance to the credit bureaus. They do so the day after your statement ending date. So, if you use your card throughout the month, like many of us have been told to do, then pay it off when you get the bill, you are never getting credit for it!!! The bureaus are never getting the information that the account is paid off!

 

Here’s the solution: Pay your credit card bills before the statement ending date. If you do this, then they will reflect their lowest balance of the month, instead of their highest balance of the month like the Banks and Bureaus prefer. With this component making up such a huge part of your score, it’s likely you’ll see an increase right away without spending more money than you already allocated.

 

This article originally appeared on mr.credit.org

Renters May Grow by 6 Million in Next Decade

 Since the housing crash in 2008moving-tips

The number of renting households has soared. Within the next decade,  5 to 6 million new renter households are expected to be formed, according to the National Association of REALTORS®.

Much of that increase may occur in the next two years.  Within that time, the U.S. Census Bureau predicts that renter households will grow from 38 million to 41 million.

“In general, across the country there are more renters now than there were two or three years ago,” says Wally Charnoff, CEO of RentRange.

Property management companies are booming, too. Officials with Real Property Management say the company has doubled in size over the past two years. The company has 230 offices in 47 states and adds an average of eight new franchises per month.

“Profound changes in the housing market have created significant demand for property management companies like ours,” Kirk McGary, CEO of Real Property Management, told HousingWire. “And it doesn’t look like that’s changing anytime soon.”

Charnoff adds that location may be a big driver for renters. With a shortage of for-sale homes nowadays, some families are being driven to rent in order to be able to live in a specific neighborhood with good schools, he notes. “Institutional investors have provided a lot of readily available property,” he says.

However, he adds that rising mortgage rates may prompt more on-the-fence renters to jump into home ownership before housing affordability moves lower.

Source: “Are renters here to stay? Spoiler alert: Experts say yes,” HousingWire

Real Estate – Simple Buying Tips!

Everyone needs a little bit of friendly advice from time to time, and that’s especially true when dealing with real estate. It’s a tough world out there for a buyer. It’s doubly tough in a market like the one we have had over the past several years. So here are a few buyer-oriented real estate tips that may help you as you approach this market. The goal of these tips is simply to provide current and helpful items to consider so you can make the best possible buying decisions.

First, when you decide it is time to purchase a home, start by making a list of what you are looking for with your real estate purchase and stick to it. Put your most important items on the top of the list and work down in order of what is less important. Decide on what would be deal breakers from the start, and you won’t be confused and unsatisfied later.

Be sure to keep all aspects of the home you are thinking about purchasing in mind. While the physical aspects … size of rooms, the kitchen and so on are important factors, avoid focusing solely on a few things. Other considerations such as traffic patterns, distance from work, noise levels, do you feel safe, the quality of the neighborhood, have you met the neighbors? These and other issues hugely impact your experience once you are living in the home.

Buying a home with a great view might be what you are looking for, but remember it may have disadvantages, too. Usually, it costs significantly more than the rest of the houses in the neighborhood. Its resale value can also be negatively affected, as the potential buyers might not appreciate the view as much as the original buyer did. There is also a good possibility that over time new structures will be erected, significantly altering the original panoramic view; be sure you know what is going to happen to the land … and views you are looking … at in the future. So, yes, having a great view may be nice, but do your due diligence and always try to pay as little extra as possible for the view.

For those of you real estate investors or first-time hom owners seeking to purchase properties at courthouse auctions, it is always wise to conduct a thorough title review before bidding. In this way, successful buyers avoid getting stuck with a house that remains subject to unpaid taxes, contractor’s liens or other mortgage obligations that were not cleared up. Don’t take it for granted that these issues were all eliminated at the foreclosure; check for yourself and be certain that you will not have clouds on the title. This could be a costly problem.

As an investor, you must look past the cosmetic aspects of the house you are looking to purchase. If the walls are dingy, it only takes a few dollars to buy a can of paint and freshen up the look. Conversely, the previous owner may have covered up the ills of the past with that same few dollars of paint. Look at location and major repairs and do not overlook the small things, as small things can become big things fast. Do an in-depth inspection, bring a contractor with you when you are looking at a home you may be interested in bidding on. Be sure you have a good estimate of what the repair and improvement costs are going to be and what the market value after repairs (ARV) will be. The ARV is important to know, you do not want to be overpriced for the market area, or if you plan to flip the home, if there is enough profit potential in the deal.

Charlotte… the most sought after city in the country!?

Showcase Realty is one of the fastest growing real estate offices in the city, so why not put it in the fastest growing city in the country!? Recent studies show that Charlotte, North Carolina is the fastest growing metro area in the U.S. with more than a 64% increase in population from 2000-2010!

Charlotte is the largest city in N.C. and the 17th largest in the U.S. Residents of Charlotte, N.C. are not the only ones who realize what a wonderful place it is to live! In the recent article “Best Cities for Housing Values, 2011 by Yahoo! Real Estate, Charlotte was ranked 2nd in the country as the Best City to live, based on its vibrant economy, reasonable living costs, and great amenities!

Still need convincing?
CLICK HERE for more of what Charlotte has to offer and properties available in Charlotte and surrounding areas!