Your Charlotte Real Estate Blog

Thousands of homeowners across the country (including those in our own Charlotte neighborhoods) are losing their homes to foreclosure.  Thousands more find themselves underwater (owing more on their home than it is worth) and have had trouble refinancing their loan to a lower, more affordable payment because of it.  However, the Obama administration recently announced changes to HARP (Homes Affordable Refinance Program), the program put into place a few years ago to help homeowners lower their monthly payments so that they could continue living in their current home instead of losing it to foreclosure.  These changes include:

• Discontinuing the 125% loan-to-value ceiling for Fannie Mae and Freddie Mac loans.
• Eliminating fees for converting a homeowners’ mortgage into a shorter 20 or 15 year term and reducing other risk-based fees for mortgages.
• Eliminating the requirement for an appraisal whenever Fannie Mae or Freddie Mac has a reliable automated valuation model (AVM) in place.
• Extending the end date for HARP from June 2012 to December 2013.
• Allowing Charlotte homeowners who bought their property as their primary residence originally but are now using it as an investment property to refinance through HARP.

To qualify for HARP under the current changes, Charlotte homeowners:

• Must have their current mortgage through Fannie Mae or Freddie Mac.
• Must have purchased their home through Fannie Mae or Freddie Mac as their primary residence before May 31, 2009.
• Must never had refinanced their home under HARP at anytime previously.  The only exception would be if you refinanced your Fannie Mae loan under HARP between March and May 2009.
• Must have a loan-to-value ratio of at least 80%.
• Must be up to date on their current mortgage with no more than one late payment in the last 12 months (none of which can be within the last six months).

If you have questions about HARP and changes to it in the Charlotte real estate market, please contact me now.  Don’t lose your home to foreclosure if you don’t absolutely have to.  I’m always here to help.

Robin Husney, Your Charlotte NC Real Estate Specialist

Originally posted on my North Carolina Real Estate Blog here: http://charlottehomesblog.wordpress.com/2011/10/31/changes-to-harp-program/.

It’s summer in Charlotte.  Kids are beginning to get out of school and the weather is turning warmer.  So, it’s time to enjoy what Charlotte has to offer.  Here are a few things to do in Charlotte NC during the summertime:

Discovery Place (301 N Tryon St, Charlotte, NC) – Kids get a real hands-on experience at the Discovery Place.  Science is fun and entertaining here.  The Explore More labs allow kids to conduct their very own science experiments in a completely safe, informative environment.  You can even put yourself and the kids in a movie in the Discovery Place’s IMAX Dome Theatre.

Charlotte Nature Museum – Located next to Freedom Park and operating in conjunction with the Discovery Place, visitors can walk amongst the butterflies, see live animals, watch puppet shows and engage in a number of hands-on activities every single day.

US National Whitewater Center (5000 Whitewater Center Parkway, Charlotte, NC) – The Catawba River can be your playground.  You can go whitewater rafting, zip line, mountain bike, kayak, paddle board and much more at the US National Whitewater Center. The latest attraction, the Canopy Tour, takes you up amongst the trees, where you zip line from platform to platform high above the ground.  The River’s Edge Bar and Grill is a great place to have dinner after a day of fun in the sun.  Every Thursday during the summer, you can enjoy live music at the Whitewater River Jam concert series.

Daniel Stowe Botanical Garden (6500 S New Hope Rd, Belmont, NC) – Named one of the country’s 20 Great Gardens by HGTV, the Daniel Stowe Botanical Garden offers more than a stroll amongst the flowers.  Learn about photography, floral design, local wildlife and more. The Orchid Conservatory showcases orchids and other tropical plants inside its glasshouse, the only one of its kind in the area.

NASCAR Hall of Fame (440 E Martin Luther King Jr Blvd, Charlotte, NC) – Since Charlotte is home base for most of the teams in NASCAR, it’s only fitting that the NASCAR Hall of Fame calls Charlotte home as well.  Learn about the history of the sport, the pioneers and the legends, enjoy interactive exhibits, view cars from races past and even get a bite to eat at the Buffalo Wild Wings restaurant located on-site.

Carowinds (I77 & 14523 Carowinds Blvd, Charlotte, NC) – Charlotte’s premier theme park, Carowinds offers 122 acres of family fun.  In addition to the thrilling roller coaster rides, attendees can get soaked in the Boomerang Bay water park, watch live stage shows and eat at any of over 30 restaurants. It’s a full day of fun you won’t want to miss.

As you can see, there are many things to do in Charlotte NC this summer.  These are just a few ideas to keep you busy.  If you want more information on what else Charlotte has to offer, feel free to contact me. Have a great summer!

Robin Husney, Your Charlotte NC Real Estate Specialist

This Monday, May 30, 2011, is Memorial Day, a day set aside each year to remember those men and women who have lost their lives in service of our country.  If you’re looking for a way to celebrate the occassion, here are a few Memorial Day events happening in Charlotte NC:

Sunday, May 29, 2011
US National Whitewater Center (5000 Whitewater Center Parkway) – Begins at 3pm.  This free event features live music from Trampled by Turtles (a combo of bluegrass and folk music), The Apache Relay (indie music sensation) and American Aquarium (Raleigh’s own alt-country band with a bit of rock & roll thrown in).

Monday, May 30, 2011
Patriot Festival, Symphony Park at SouthPark (4400 Sharon Rd) – From 9am to 5pm.  For just $10 per person ages 6 and older, $5 per military service member (with ID) and free to kids under 6, enjoy live music, military exhibitions, a rib competition and picnic, a 5K run in honor of wounded military members and a special tribute to our troops that ends with an honor salute and playing of Taps.

Forest Lawn Cemetery (4601 Freedom Dr) - At 11am, there will be a salute and tribute to veterans we lost as well as others in attendance.

Huntersville Memorial Day Celebration (Birkdale Village, 8712 Lindholm, Huntersville, NC) - At 6:30pm, the North Mecklenberg High School Junior ROTC Cadets will hold a special flag folding presentation.  Additionally, special guest speaker retired USMC Captain Lee Sargent a Vietnam Veteran will be on hand along with Mayor Jill Swain, the Huntersville Police Department’s Honor Guard, local boy scouts and American Legion Post 321.  This event is free to the public.

No matter which Memorial Day event in Charlotte NC you choose to attend, make sure to thank any military service member you see for all they do to serve our country.  They are real American heroes and should be treated as such.  Happy Memorial Day, everyone!

Robin Husney, Your Charlotte NC Real Estate Specialist

The April 2011 Market Report for Charlotte NC real estate is in. It’s important to keep in mind that April 2010 experienced a higher-than-normal boom in Charlotte home sales thanks to the tax incentive program in effect at that time ($8000 First Time Home Buyer Tax Credit and $6500 Existing Home Buyer Tax Credit).  April 30, 2010 was the last time a home buyer could take advantage of either one of these tax credits, so there was a rush to purchase homes in Charlotte NC and across the country.  Even so, the housing numbers for the Charlotte NC real estate market were pretty good.

Inventory levels have gone down an average of 16.5% throughout the Charlotte NC region, indicating that the area may be experiencing a slight rebound. Lower inventory means that supply and demand levels are starting to climb back into a better balance.  As of April 2011, Union County’s inventory was 19.4% lower than the previous year, with the median sales price at $171,000 (a 10% decrease from April 2010).  The south-southeast area of Mecklenburg County saw their inventory decrease by 20.8% while the median sales price for a home in the area increased to $283,328 (a 15.2% increase from the same time last year).  The southern area of Mecklenburg County experienced a 22.3% decrease in inventory while the median sales price decreased 8.8% to $255,000.

Another bit of good news for the Charlotte NC real estate market is that the number of foreclosures and short sales on the market have decreased as well. In fact, foreclosure sales were down 28.3% in Union County, 29.5% in the SSE Mecklenburg County and a whopping 43.6% in the southern section of Mecklenburg County.  Newer foreclosure and short sale listings continue to come on the market.  However, they are beginning to show up at a slower pace than in the past, which is another indicator of a market that is possibly beginning to come around.

It is still a great time to buy or sell your Charlotte NC home. While inventory is lower than last year, there are still plenty of Charlotte homes to choose from that will fit your needs.  And springtime continues to be one of the best times of the year to sell your home.  Please contact me if you need help buying or selling a Charlotte NC property.

Robin Husney, Your Charlotte NC Real Estate Specialist

Jump start your weekend in style by attending Alive After Five at Charlotte’s Piedmont Town Center (4725 Piedmont Row Dr).  This is how Charlotte residents kick off their weekends in style.  There will be plenty of free live music, fun and, of course, cocktails for all adults to enjoy.  Get together with friends for the Alive After Five Block Party on Friday, May 6th from 5pm to 10pm.  The regular Alive After Five season will officially launch the following Wednesday, May 11th from 5pm to 10pm every week.

The featured entertainment at Alive After Five’s Block Party will be Party on the Moon.  Named the #1 corporate and private party band in America, Party on the Moon plays music ranging from classic rock to current dance, 80s music, disco/funk, Motown, swing and even today’s country hits.  Their high energy show is sure to get everyone on their feet.  So, make sure to strap on your dancing shoes and get your voice ready to sing along.

The featured act for the first official Alive After Five event on Wednesday, May 11th, will be Skate Rink Jukebox, a local Charlotte band that offers music “from Willie to Prince and everything in between”.  Comprised of musicians Donnie Marshall (on drums), Carey Sims (vocals and guitar), Joe Lindsay (on guitar and vocals) and Rick Blackwell (on bass and vocals), Skate Rink Jukebox tailors their performances to the listeners.  They are sure to please.

There will be a free valet service available at the Piedmont Town Center Parking Garage. However, if you and your group don’t have a designated driver, you may want to consider using the LYNX Blue Line Light Rail to get to and from the event.  Remember that you can have fun, but please act responsibly as well.

Come to Charlotte’s Piedmont Town Center to celebrate Alive After Five with their Block Party on Friday, May 6, 2011. Enjoy live entertainment, tasty beverages and fun with friends.  Follow them on Twitter or check out their Facebook page to keep up with the latest news.

Robin Husney, Your Charlotte NC Real Estate Specialist

You have been watching the Charlotte real estate market over the last several years and realize that you really want to buy a home.  Interest rates are still very low, inventory levels are plentiful and prices remain reasonable.  It’s the perfect time to buy a Charlotte NC home. But, what is your credit score like?  Before you scan through the MLS, you should learn more about how your credit score affects your ability to purchase a home.

Your credit score is what mortgage companies look at to determine whether you are a good candidate to lend money to. If you have a high credit score and have used your credit responsibly, you are a good “risk” (you are more likely to pay back the loan, something the loan companies want to hear).  However, if your score is not optimal, you are a less desirable risk and will have to pay the penalty for this with a higher interest rate.  If your credit score is really low, you may not be approved for a home loan at all.

When you decide that you want to purchase a new Charlotte home, contact all three of the credit reporting agencies (Equifax, Experian and TransUnion) to obtain a credit report. According to law, you are allowed one free report per year from each agency.  Go through your credit report meticulously to spot any errors that may occur.  This happens more often than you would expect.

Each credit reporting agency uses their own algorithm to determine your credit score. So, while you have excellent credit with one agency, the other two may put you in a slightly lower category.  Contact the credit reporting agency about any and all errors you find.  Provide any proof you have that these particular discrepancies are erroneous.  This can take time and require a bit of patience on your part.  However, if you really do want to get the best possible rate for your next Charlotte home, it is worth the effort to clean up your credit where you can.

Beware of scams. Unfortunately, there are credit repair companies out there looking to take advantage of people who want to clean up their credit.  You can protect yourself by learning what to look for.  The Federal Trade Commission has an information page that gives you guidelines on what to watch out for in a scam. You can view this information here.

Purchasing a new home doesn’t just involve the search.  You also need to know how your credit score affects the home buying process. Make sure to get a copy of your current credit report from each of the three credit reporting agencies, search for errors and contact the appropriate agency about any mistakes.  Clearing up issues on your credit can mean the difference between getting a prime interest rate on your new Charlotte home and paying several thousands of dollars in extra interest over the life of your loan. If you ever need help with any Charlotte real estate, please feel free to contact me.

Robin Husney, Service, Experience, Results – Charlotte NC Real Estate

Now that Spring is officially here, it is about time to start planning your garden.  Before you even start preparing your soil to plant, you should sit down, plan out what you are going to plant, how your plants are going to look once they bloom and which plants you would prefer to see next to each other.  Here are some gardening tips for the Piedmont region of North Carolina:

Flowers

While roses and gardenias are beautiful, they are also very high maintenance.  Now that many local North Carolina governments are enforcing water limitations for their residents, flowers like these may not be best.  The Piedmont’s clay soil helps maintain moisture levels, so consider utilizing more drought-resistant native flowers, like the beautiful orange-colored Butterfly Milkweed or the white perennial Spiked Wild Indigo.

Shrubs

There are many shrubs you can use that are both low maintenance and tolerant to drought conditions in Charlotte, North Carolina.  The Compact Holly, Nandinas, Indian Hawthorn and any of the Burning Bush varieties will spread easily and don’t need a lot of maintenance.  For more info on other drought-resistant shrubs, contact your local garden center.  Make sure to plant taller shrubs near your home and place shorter shrubs out front.  They are a great way to fill up garden space without adding extra work.

Taking Care of Your Garden

Be sure to plant your flowers or shrubs either in the spring or the fall.  This will give the plants time to establish their roots before the hotter weather kicks in.  Mulch is your plant’s best friend.  It keeps roots cool and retains water better than leaving the soil bare.  Apply over a damp soil bed.

The optimum time for water absorption is when the sun has just come up or as it is setting.  By watering at these times instead of during the hot day, you reduce the amount of water loss due to evaporation.  Watering by hand is better for plants than using a sprinkler system.  Plants need to be watered deeply so that the roots receive what they need.  Using sprinklers tends to mostly hit just the surfaces of plants.

Try to find ways to water that don’t include using the garden hose.  For example, rain barrels can be used to capture and store rainwater for use in your Piedmont region garden.  Other nontraditional ways to gather water include running water into a portable tub while waiting for it to warm up before a shower or transferring your dish water into a bucket after hand washing dishes.  This may sound funny, but think of how much water you can save by just making these little changes.

The North Carolina Botanical Garden has put together a list of native North Carolina trees, shrubs, wildflowers, ferns and grasses to use in your Piedmont gardens and landscaping.  You can download these lists on their website.  With a little careful planning using these gardening tips, your Piedmont gardens will thrive without wasting valuable water.  Gardening can be a very relaxing, hands on way to enjoy the great outdoors.  It’s also a wonderful way to bring beauty to your Charlotte home.

Robin Husney, Service, Experience, Results – Charlotte NC Real Estate

When looking for a Charlotte home, it is easy to stop by a builder’s site that advertises their beautiful brand new homes going up in a wonderful new neighborhood. You go in, look at the nice model of the community, get your list of each plan available along with how much they cost and are sent on your way to look at the model homes in person. The on-site salesperson will sit down and talk numbers with you, no problem. How convenient, right? So, why would you need a Buyer’s Agent for new construction?

Someone to Represent You – The salesperson you are talking to works for the builder. By law, they have to get the best deal for the builder, not for you. If the builder is represented by this on-site agent, it follows that you should also have representation. You need a Buyer’s Agent to work for you. They’re not in the business to “sell” you anything. They’re in the business to help.

Knowledge and Expertise - REALTORS® spend a majority of their time looking at listings available, learning about the local Charlotte real estate market and finding out as much about a community or neighborhood as they can. They know the neighborhoods and builders and can help with such things as lot selection and cost-effective upgrades.

Saving Money – A Buyer’s Agent is always looking out for the best deal for their client. This includes new construction. An experienced agent also knows what special incentives builders may have that aren’t advertised to the general public as well as when the best time to get the best deal is. They can also analyze previous closed transactions to determine whether or not the builder might accept less than full price. And remember that the seller (builder) will pay the agent’s commission, so this expertise does not cost you a dime.

Savvy Negotiator - A good REALTOR® is a professional negotiator. Even when there is “no room to negotiate”, your agent can usually find a little wiggle room. They know how to get down to the bottom line when negotiating on your behalf.

Explaining the Contract – Sales contracts can be long and hard to understand. A Buyer’s Agent can go through the contract with you to answer any questions you may have. Remember, the builder’s salesman is there for the builder and not you.

Maybe “New” Isn’t For You After All - Why limit yourself strictly to new construction? A builder’s salesperson is an expert only on the builder they work for. Your REALTOR®, however, has access to much more inventory in a larger area. This gives you options. There are plenty of wonderful Charlotte homes on the market now that have a lot of life in them!

Why use a Buyer’s Agent for new construction? You need someone to look after your best interests when purchasing a new Charlotte home and I am just the person for the job. Whether you’re buying a Charlotte NC home or want to sell your Charlotte property, feel free to contact me.

Robin Husney, Service, Experience, Results – Charlotte NC Real Estate