Apr 07

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

Apr 06

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.

Apr 01

Showcase Realty’s New Website!

All of the agents and staff here at Showcase Realty are very excited to introduce our brand new website! Same url: www.showcaserealty.net but different layout!

We hope to add to it as we go and continue to supply  all of the viewers with as much information as possible to help make your buying or selling journey a successful and smooth process. Please feel free to check it out and look around.

If you were signed up for a listing alert you will need to sign back up through the new site – and if you weren’t signed up for a listing alert this is the perfect time to do so! You will get email updates on new properties according to your search criteria, you can save your searches and mark favorite listings.

So go ahead and take a look: www.ShowcaseRealty.net

We look forward to sharing our information with you!

Mar 14

Showcase Realty on FOX Charlotte News!

Short Sales Becoming A Cheaper Alternative To Foreclosures

Behind the Scenes Photos!

Feb 16

Still Looking for a Reason to Buy? FHA Raising Annual Mortgage Insurance Premiums

FHA Announcement: Raising Annual Mortgage Insurance Premiums

Are you still in need of one more reason to kickstart the process of buying a home? You could possibly end up saving money if you choose to do so before April 2011.

The Federal Housing Administration (FHA) announced this week that it will be raising its annual mortgage insurance premium (MIP) by a quarter of a percentage point on all 30- and 15-year loans. This increase comes as part of a new premium structure for FHA-insured mortgage loans the FHA is putting in place in response to the Obama administration’s housing finance reforms. The new structure will apply to all new loans insured by the FHA on or after April 18, 2011. Existing and reverse mortgage (HECM) loans insured by FHA are not impacted by the pricing change.

The following is an excerpt from a DSNews article reported on Februay 15, 2011:

“FHA Commissioner David Stevens says the annual payment adjustment will increase borrowers’ costs about $30 per month and will help to strengthen the agency’s depleted coffers.
‘After careful consideration and analysis, we determined it was necessary to increase the annual mortgage insurance premium at this time in order to bolster the FHA’s capital reserves and help private capital return to the housing market,’ Stevens said in a statement.

He continued, ‘This quarter point increase in the annual MIP is a responsible step towards meeting the congressionally mandated two percent reserve threshold, while allowing FHA to remain the most cost effective mortgage insurance option for borrowers with lower incomes and lower down payments.’

The 25 basis point rise was proposed last week as part of the Obama administration’s report to Congress on reforming the nation’s housing finance system, and was detailed in President Obama’s fiscal year 2012 budget released Monday.

According to FHA, this premium change enables the agency to increase revenues at a time when it is critical to safeguard the stability of its Mutual Mortgage Insurance fund, which had capital reserves of approximately $3.6 billion at the end of FY 2010. The new pay structure is estimated to contribute nearly $3 billion annually to the fund.”

Full DSNews Article
Looking for Affordable Housing?

Feb 03

Half of U.S. Families Can Afford Homes on the Market

According to an article published on February 1, 2011 in DSNews, a study done by Movoto.com, a real estate site based in California, more than half of American families can afford to buy a new home based on income levels and listing prices. The following is an excerpt from the article which gives insight on the reasoning behind this statistic:

“While the site’s user search statistics show high interest in affordable price ranges, the company says buyers find it difficult to purchase short sales and foreclosures and banks are still reluctant to lend.

With 2010’s median family income at $64,400, at least 50 percent of families could afford to buy a home priced at $150,000 or higher, according to Movoto.com.

A person with an annual salary of $64,400 could reasonably afford a $215,000 home with a 5 percent down payment, an interest rate of 5 percent on a 30 year mortgage, and property taxes at 1.25 percent, assuming a monthly mortgage payment to monthly income ratio rate of 25 percent, the company explained in a statement.

However, these numbers do not add up to more home sales.

‘According to the numbers, buyer interest, affordability, and home price inventory have aligned,’ said Henry Shao, CEO of Movoto. ‘Median income levels can support mortgages at the most readily available housing prices, but we have yet to see a corresponding jump in sales.'”

For more information on current homes for sale that you could possibly afford, visit www.ShowcaseRealty.net, to speak with a Certified Distressed Property Expert go to www.CharlotteREOExpert.com

Jan 11

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.

Jan 04

The New Real Estate Process – Effective NOW!

Starting January 1st, a new real estate process was enacted in the state of North Carolina. This process deals with a new contract that will now be used to buy and sell homes.

Originally, a potential buyer would make an offer on a property that is for sale and once the buyer and seller reach an agreement, the contract will then be signed by both parties. The buyer will provide earnest money and the house will be changed to “conditional” status, which will make the property essentially off the market unless the sale falls through. The buyer has the responsibility of meeting several different deadlines and if they fail to meet any of these, the seller has the option to cancel the contract and keep the earnest money. The buyer is then able to cancel the contract, as well, and receive a refund of the earnest money at the buyer’s discretion.

However, with the current housing market, this previous contract created some bad situations. Sellers were under the impression that they had their house sold, only to have the buyer cancel the contract after inspections. Buyers were legally entitled to receive the earnest money back, but the Realtors® cannot return it without the seller’s written authorization. If the seller and buyer cannot agree on who receives the earnest money within 90 days, the Realtors® are required to turn it over to the court to decide.

This new contract process’ goal is to alleviate this situation by creating a due diligence period. The new process was summarized by Ballantyne Scoop website below:

“The Potential buyer will make an offer on a house and the buyer and seller begin to negotiate the contract. After both parties agree on the terms, the buyer will provide the seller with a due diligence period, and the Realtors® with an earnest money deposit. During the due diligence period, the buyer needs to complete any work that needs to be done in order to decide whether he/she is willing to able to move forward with this purchase. This includes applying for the mortgage and conducting inspections. During the due diligence period, the buyer can cancel the transaction for any reason. The buyer would receive the earnest money deposit back, but the seller keep the due diligence fee. If the buyer has not canceled the contract by the end of the due diligence period, he/she will be in default if he/she doesn’t go through with the contract. This means that the seller will automatically receive the earnest money deposit if the buyer did not cancel the contract before the end of the due diligence period and then does not close on the house.”

This new contract helps keep equality in these sales, for both the buyer and the seller, but it also makes it easier for buyers and Realtors® to track deadlines and make sure they are completed in a timely manner. Now there is just one deadline to keep track of instead of several.

Dec 23

Happy Holidays from Showcase Realty!

From everyone here at Showcase Realty, we are sending you our warmest wishes during this holiday season!
Have a wonderful and safe time as you finish 2010, and may the start of 2011 be even better.

Thank you for your continuing support and keep following us in the new year. We have bigger and better plans for 2011 so be on the look-out!

And, as always, don’t forget to find us on
Twitter
Facebook
YouTube

Thank you again,
Showcase Realty Staff & Agents

Dec 21

Are You a First-Time Homeseller in Charlotte? Great Opportunity!

HGTV is looking for fun, high-energy, enthusiastic people in Charlotte NC who are selling their first place! Singles, couples and families selling homes of all kinds are all invited and encouraged to apply.

My First Sale is kicking off its THIRD season, focusing on the trials and tribulations of preparing to sell, pricing/marketing, and ultimately selling your first place. We’re looking for fun and interesting people who are willing to share their personal and financial struggles during the home-selling process.

We’ll follow you for approximately 15 shoot days over the course of the process of selling your home. This real estate rollercoaster could include some of the more stressful days of your life, so if this sounds like fun, please apply! A modest thank you check for the featured seller(s) and their agent will be awarded. You’ll also receive a DVD copy of your episode, giving you a lasting memory of the process.

If you are a first-time home seller in the Charlotte, NC are or thinking about selling soon, give Showcase Realty a call or email and we can help you! There is an applicatin process for the show so hurry and contact us before casting is over in a couple weeks!

704.889.5600
info@showcaserealty.net

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