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Radio Show Recap: Renting Vs. Buying: Which Is Better For You?

Radio, Show, Rent or Buy, Charlotte NC real estate, Charlotte NC investors, Charlotte NC foreclosures, Charlotte NC homes for sale, Charlotte NC short sales, Showcase Realty, Charlotte NC Short Sale Agents

Renting, Buying, Crossroads, Charlotte NC real estate, Charlotte NC investors, Charlotte NC foreclosures, Charlotte NC homes for sale, Charlotte NC short sales, Showcase Realty, Charlotte NC Short Sale AgentsDid you miss our radio show that aired live last Sunday, November 24, 2013 at 10:30 AM? No worries, if you missed it or want to listen again you can watch the podcast available now on ITunes and coming soon to www.charlottemarketradio.com.

 

Our last episode discussed one common dilemma most homeowners face and this is renting versus buying, which is better? According to Mecktimes and Trulia’s statistics, buying a house is better than renting one; specifically if you live within Charlotte, North Carolina. During the summer of 2013, buying a home was actually cheaper by 44 percent than renting. The difference between both narrowed since summer of 2012, where it was 54 percent cheaper to buy than to rent.

 

Furthermore, by Trulia’s estimate, the mortgage rate tipping point, when renting becomes cheaper than buying, is at 13.3 percent for Charlotte. And according to Bankrate.com, the current mortgage rates are 4.12 to 4.62.

 

The benefits of owning a home were also presented, here are a few:

  • When paying money towards the principal on your loan each month, you increase the percentage of your home that you own.
  • Mortgage payments remain the same with a fixed rate loan. Rent costs, however, inevitably go up.
  • You gain from the appreciation on your home. The whole house appreciates, not just your down payment.

 

On the other hand, the downside of renting was also discussed.

  • In renting, you do not accumulate equity. You are essentially giving away your money each month. Why are you buying your landlords home?
  • The landlord benefits from the appreciation values, not the tenant.
  • The landlord benefits from your work and improvements on a house or apartment that you rent.

 

 

For first time homebuyers, there are special lending programs you can rely on like HUD homes. If you live in Charlotte, be sure to get a certificate first from attending an 8-hour Home Buyer workshop and get up to $7,500 which you can use as down payment and closing costs.

 

For those who have been hurt by the economic downturn by a short sale or foreclosure; good news because you can now purchase a house in much less time because of a recent change in the rules. FHA has loosened their guidelines allowing borrowers to get a home loan in as little as 12 months after a foreclosure or short sale.

 

Last but not the least, the 3 most common myths of buying versus renting were also discussed, which are as follows:

 

Myth #1 A bigger down payment is always better

 

You don’t need to put 20% as down payment..

 

Myth # 2 You get more for your money in the suburbs

 

Savings from lower-cost housing often are wiped out by unexpectedly high transportation costs.

 

Myth #3: Renters escape property taxes

 

Renters don’t pay property taxes directly; any business minded landlord factors in all of their carrying costs into their rental rates so it’s like they’re paying the taxes of the landlord.

 

For more information and elaboration on the topics discussed, listen to our podcast.

On the next episode of our radio show, we will discuss how to get your home ready for the market. If you have any questions or clarifications, please don’t hesitate to call us at 704-440-0007. We’re always happy to answer your queries.

A Brief History of Halloween

Pumpkins, Halloween, fall leaves, autumn, orange, red, leaves, Charlotte NC fall events, Charlotte NC homes for sale, Charlotte NC real estate, Showcase Realty, Nancy Braun

Halloween, costumes, Showcase, Realty, Showcase Realty, Orange, Bats,Charlotte NC fall events, Charlotte NC homes for sale, Charlotte NC real estate, Showcase realty, Nancy Braun

 

Just like other holidays and important events, Halloween has evolved a lot since it started thousands of years ago. As one of the world’s oldest holidays, it has been celebrated today by more individuals from different parts of the world than ever before.

 

The term Halloween was originally spelled as “Hallowe’en,” which is contraction of All Hallows Eve, a term for the day before All Hallows Day, otherwise known as All Saints Day. The latter is a Catholic holiday celebrated on November 1 since the early Middle Ages where Christian saints along with martyrs are commemorated.

 

The history of Halloween originates in the ancient Celtic festival regarded as Samhain, a celebration of the end of the harvest season in the Gaelic culture. The ancient Gaels believed that, on October 31, there is an overlapping of the boundaries between the world of the living and the dead. At the same time, the deceased would come back to life and will cause havoc like sickness. Based on the prehistoric observance, Halloween used to mark the end of summer and the onset of winter where people celebrated it with sacrificial offerings, homage to the dead, feasts, and bonfires.

 

Like the Celts, the European people during that time also believed the same thing; that the spirits of the dead would came to visit the earth during Halloween. However, they feared that the spirits would hurt them or cause problems, which is why during the night they wore costumes to look like ghost and other evil creatures. They believed that by doing such, the spirits would think they’re also dead and they would remain unharmed. As the Europeans migrated to the United States, they brought such tradition with them.

 

“Trick or treat” entered the picture when there was an increasing number of Halloween pranks and mischief during the 1920s and 1930s. Schools and communities want to curb the increasing number of vandalism that’s why they encouraged the “trick or treat” concept. But the practice we do and see today where children wear costumes doing “trick or treat” started only during the mid-1940s.

 

Today, Halloween is the second most commercially successful holiday next to Christmas and is the third biggest party being celebrated yearly behind New Year as well as Super Bowl Sunday. Men and women of every age now celebrates Halloween in different ways like decorating their homes, wearing odd costumes, joining parades, and more. But we all have to remember, as long as we celebrate Halloween in a safe and happy way, then there’s no problem with celebrating it in different ways.

Charlotte Home Prices Continue to Fall

Home prices have continuously fallen in 18 of 20 US States over the past year. This statistic was found by a report made by Standard & Poor’s Case-Schiller Home Price Index released early this month.

The Mecklenburg Times published an article on this data last week. According to that article, home prices in the Charlotte meto area fell 4.8 percent in January from the same month a year ago and the area’s home prices were down 1.1 percent from December to January.

“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future,” David Blitzer, chairman of S&P’s index committee, said of the U.S. housing market.

“These data confirm what we have seen with recent housing starts and sales reports,” he said. “The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs. At worst, the feared double-dip recession may be materializing.”

Full article

For more information on affordable, available homes visit ShowcaseRealty.net

Charlotte’s Unemployment Rate Dropping…

The Charlotte Business Journal published today that according to the N.C. Employment Security Commission unemployment in the Charlotte metro area dropped to 10.7 percent in February from 11.2 percent in January.

The following is an excerpt from this article detailing employment pertentages in the Charlotte Metro & surrounding areas:

“Mecklenburg County’s jobless rate in February was 10.2 percent, unchanged from the January level.

Here are the February unemployment rates for N.C. counties in the Charlotte region, followed by the January rates:

•Alexander: 11.1 percent, down from 12.3 percent.

•Anson: 12.9 percent, down from 13.8 percent.

•Cabarrus: 10.3 percent, down from 10.8 percent.

•Catawba: 12.2 percent, down from 12.6 percent.

•Cleveland: 12 percent, down from 12.4 percent.

•Gaston: 11.4 percent, down from 11.6 percent.

•Iredell: 11.1 percent, down from 11.4 percent.

•Lincoln: 11.5 percent, down from 12 percent.

•Mecklenburg: 10.2 percent, unchanged.

•Rowan: 11.3 percent, down from 12 percent.

•Stanly: 11 percent, down from 11.8 percent.

•Union: 9.2 percent, down from 9.6 percent.

As previously reported, North Carolina’s unemployment rate dipped to 9.7 percent in February from 9.8 percent in January.”

For the full article: Charlotte-area unemployment dips to 10.7% | Charlotte Business Journal

For an easy way to search for affordable and available homes in the Charlotte Metro & surrounding areas, visit ShowcaseRealty.net.

Credit Suisse Reports December Traffic: “Charlotte Buyers Lack Urgency”

According to a report released by Credit Suisse on January 6, 2011 demand in the Charlotte home market remains weak as buyers fear further price declines. Charlotte, NC is the 13th largest market in the country. The following are quotes directly from the December 2010 report for the Charlotte, NC real estate market:

“Buyer traffic remained at weak levels well below agents’ expectations in December, as our traffic index fell slightly to 20 from 21 in December (readings below 50 point to traffic levels below agents expectations). Agents said that there was little change to speak of in December relative to November, as buyers remain fearful and are willing to wait on the sidelines until more concrete signs of a bottom emerge. Another agent also said that the recent spike in mortgage rates has started to hurt.

Prices continue to fall. Home prices fell further in December, as our home price index
improved to 17 from 7 in November, but remained far below a neutral reading of 50 (any
reading below 50 indicates lower home prices over the past 30 days). Prices continue to
come under pressure as a result of the weak demand and elevated inventory levels,
especially as distressed properties continue to come back to market. Inventory appeared
stable in December, as our home listings index improved to 46 from 43 in November,
essentially in-line with a neutral level of 50. However, the length of time needed to sell a
home increased further, reflecting the weakness in demand, as our time to sell index came
in at 18 in December (from 11 in November), with readings below 50 indicating a longer
time needed to sell a home over the past month. The longer time to sell is typically a
negative leading indicator for home prices.”

Click here to see corresponding graphs.

If you or someone you know are looking for a home in the Charlotte Metro and surrounding areas, click here.

For more information on Credit Suisse, click here.

December 20, 2010

“For Sale By Owner” Not as Successful in 2010

Homes sold without the help of a real estate professional dropped to a record low over the past year. According to the 2010 NAR Profile of Home Buyers and Sellers, unrepresented sellers made up only 11 percent of the market, down from 13 percent in
2009.

Owners who sell their home without the help of an agent usually sell to someone they already know. Factoring out those private sales, the actual number of homes sold on the
open market without professional assistance was a record low 5 percent, compared to 10 percent in 2004.

With the higher rate of foreclosed and short sale properties on the market currently, buyers need to use a certified Realtor to help navigate through a sale or purchase. It is not out of the ordinary for many Realtors to be unfamiliar with the process, and this can make the real estate journey a lot harder for the buyer.

Finding a Realtor that can assist you and your needs is the best way to find a home or have your property sold in a timely manner.

For help with this process you can contact Showcase Realty by clicking here to get started on your way to selling or purchasing a property.

Charlotte Home Prices Drop, US Existing Home Sales Jump

According to the Charlotte Business Journal, Charlotte-area home prices drop 3.4% and existing US home sales jump 10%.
The following are two excerpts from articles about each of these subjects:

Charlotte-area home prices drop 3.4%

“Homes prices in the Charlotte market fell 3.4 percent in August from a year earlier, according to the Standard & Poor’s/Case-Shiller Home Price Index. And August’s local prices dipped 0.4 percent from the July level, the report says.

The year-over-year price drop was the third-largest among the 10 U.S. cities that posted declines. The local downward trend runs counter to S&P/Case-Shiller’s overall national index of 20 cities, which saw a 1.7 percent price increase in August from a year ago.”

Read more: Charlotte-area home prices drop 3.4%

Existing-home sales jump 10%
“Sales of existing homes in the United States jumped in September, though they remained lower than year-ago levels.

The National Association of Realtors says sales of existing single-family houses, townhomes, condos and co-ops rose 10 percent from August to September — the biggest monthly gain in nearly 28 years.

But compared with a year ago, existing-home sales nationwide were down 19.1 percent in September.

Still, the Realtors’ group says the housing market is in the early stages of recovery.

“A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium,” says Lawrence Yun, NAR chief economist. “But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions.”

Distressed-home sales accounted for 35 percent of all sales in September, up from 34 percent in August.

Sales in the South rose 10.6 percent in September. That region includes the Carolinas but also stretches from Delaware to Florida, under the association’s reporting system.”

Read more: Existing-home sales jump 10%

For more information regarding buying or selling homes in Charlotte Metro and surrounding areas, click here.