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Terry McDonald Real Estate.com LLC
8604 Cliff Cameron Dr ST 110
Charlotte NC 28269
704-393-0048 Office
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Wilkinson and Associates, Broker
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Archive for September, 2008

Wachovia? Stay Steele-Strong Bob!| Congress Pass the Bailout Today!

September 29th, 2008 Categories: Real Estate News

Wachovia in CharlotteIf a bailout deal isn’t reached this weekend, or latest Monday, Wachovia will be taken over or sold, or both by week’s end.

Charlotte NC   WaMu Here we come. If Congress acts, Wachovia may survive, as will many other banks teetering on the edge.

Obviously this is important to the shareholders and bondholders of Wachovia, who stand to lose millions. It is important to the nation to head this crisis off before such a big name bank fails… and it is also important to the City of Charlotte. Wachovia, a Fortune 100 company has been a part of Charlotte’s history and is deeply tied to the area from its First Union days for atleast the last 3 decades.

Competition between Bank of America and Wachovia has been good for the banks, and good for Charlotte as BOA stretched coast to coast Wachovia felt compelled to follow… The takover of sub-prime King Golden West in 2006 shows just how much self delusion very smart people are capable of… This takeover, of a West coast bank that was a huge seller of sub-prime loans in California, is the first reason Wachovia finds itself on the brink this morning.

However, the 2nd reason is the same reason so many banks find themselves on the “Troubled Bank” List: Alan Greenspan’s easy money- no regulation policies earlier in the decade. No “bank style” regulations for Investment Banks? Poof. First it was Bear Stearns, then Lehmann brothers fell, and Merril sold to Bank of America (BOA)… 

5 years of unregulated greed, and the five titans of Wall Street are no more.

Banks have margin requirements that protect them- (and their stockholders and bond holders) not junk “credit-swaps”,  but the White House had drunk the anti-regulation Kool Aide:  investment banks didn’t need “all that regulation.” A few believed otherwise.  Then Treasury Secretary Paul O’Neil and Alan Greenspan argued for “bank style regulations” on investment banks in 2001. The instrument designed to protect investors, the so called “credit-swap” derivative, was called a “weapon of financial mass destruction” by Warren Buffet in 2003. At the end of the week, the last two big men standing, Goldman Sachs and Morgan Stanley “requested” to be put under the bank standards so the could borrow at the Fed window.

Competition and free enterprise are great for creating wealth, but its the regulations that provide the playing field and rules of the game that each team needs- so there is transparency and accountability. Imagine football, another expression of man’s competitive nature, being played with rules negotiated before each game and only one official.  Free markets are an economic theory– this administration bet the house on it, and lost.

Wachovia has been good for Charlotte, and there is a good probability that regardless of ownership, it’s headquarters  will remain here. It has also been good for BOA- it is probably too much to hope BOA is quietly working behind the scenes on their behalf, but they should be.

Lets give Wachovia and Bob Steele a chance… just say no to Wells Fargo and Citibank, go see the Feds, ask for patience, and lets see Congress pass the bailout Wachovia and others so desparately need. Depositors (of which I am one)   sit tight- they are FDIC insured.

Ed: When I began writing this yesterday morning I thought it  newsworthy… what a difference 24 hours make.

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The Big Question About Charlotte Real Estate: Where Would You Want To Live?

September 28th, 2008 Categories: Buy A Charlotte Home, FAQs About Charlotte

a man thinking...Where should we live in charlotte nc?The First BIG Question Once You’ve Decided You Are Moving To Charlotte

Charlotte NC| a New Video FAQ by Terry McDonald

“What are the nice areas?” usually related to the very Big Question, “Where should we live?”

I created this video for those who prefer to hear the answer… for the folks who like to read, the text is begins here and continues below.

The first thing to notice is that this is by definition completely subjective– whats nice to one person may not be “nice” to the next. So what is it you are looking for? continued below

 

YouTube Preview Image

 

Also- if you are coming to Charlotte for a job, where is your job located? In almost every case, if you are working north of Charlotte, for exampe in Huntersville or Mooresville, there really isn’t any reason to spend much time on South Charlotte– and vice versa, if your work is in south Charlotte- say Southpark or Ballantyne, there wouldn’t be a lot of reason to look north of town—there are good choices in both- with lone possible exception might be if you told me you had a big boat and wanted to live on Lake Norman.

If you work Uptown, or work from home, you can live just about anywhere.

What is most important? If its a short commute to Uptown, then perhaps its convenient in town living? The more affluent will prefer Myers Park, Eastover, Dilworth, Southpark… for more affordable options, others may like Belmont, Mt Island Lake, close in Huntersville, or the University area..

If its schools, I would recommend you do some school research- my site offers a good place to start, for both public, private and parochial, then we’ll search for homes in those school districts. School districting is somewhat complex, and varies from jurisdiction to jurisdiction, but suffice to say,

all jurisdictions have good schools, average schools and below average schools, so good research is the right answer. I’d recommend you beware of anyone saying “XYZ” schools are “bad” or “great”… the answer is typically much more complex than that.

The best place to check on public school performance? www.ncereportcards.org, a state funded site that pulls all the information- including size, class size detailed test results and more. Almost too much, I prefer the 2 page summary at the top of each in pdf form. Of course if schools are most important, that just gets you started. You’ll want to walk in and visit- public schools have “open door” policies, you can go at any time, but if you want to speak to a Principal or AP, it is best to make an appointment.

Are you looking for a home in a community with amenities? Good news, you’ll find these throughout the area,Pool and clubhouse at Brookhaven in Weddington generally more on the outter “rings” of Charlotte, but not always, as pools have been popular in the larger communities for a long time. Communities like Brookhaven, (on right) the Palisades, and Skyebrooke have great amenities– as do many others, and then there is the long list of country clubs as well.

If you are totally new to the area, I highly recommend communities with amenities, as these community gathering spots are wonderful to meet other people who most likely are like you– new to Charlotte. If you find a home in a community that doesn’t have the pool, check to see how close it is to the nearest YMCA’s- (these are NOT your northern YMCA!) which all have great outdoor pools with waterslides and are community centers in their own right.

The good news is there are many good community and neighborhood choices in Charlotte, and to help you find the right one for your family you can explore my website, research schools, watch my video, or the fastest way is to just give me a call, and I’ll try to help get you started… so you can begin to narrow down your home search.

I look forward to talking to you about the best real estate market in the US and I hope to see you in Charlotte.

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It is a strong buyers market here in the greater Charlotte area, Lake Wylie, Lake Norman, the whole area for new homes and re-sales.

Moving to Charlotte?

Have Questions? I am a Charlotte broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day. You can quickly compare area prices with the map-based Charlotte home search below. Another good place to start is my fact-filled and well received Introduction to Charlotte Video (nearly 8000 You Tube views, 22 reviews) and don’t miss the FAQ videos in the right column (just under the Introduction to Charlotte Video Screen)

If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry

Related Links

Charlotte Real Estate Home Search- Map & Community Based

Charlotte Photo Gallery- more than 2500 pictures, 45 galleries of different Charlotte neighborhoods

Where to Look for Luxury Homes in Charlotte- Video

Amazing Ryland Homes At The Palisades for Under $400k

Posted by Terry McDonald | Currently No Comments » |

Invest in Charlotte Real Estate| Wholesale Investor Pricing on NEW Homes, Better than Foreclosures?

September 23rd, 2008 Categories: Real Estate Investment, Real Estate News

Real Estate Investors and investment clubs- This is Better than Foreclosures!

Charlotte NC|  A unique opportunity to buy New Homes in Charlotte, built by major builders, at BELOW their Replacement cost… 10-20% Off their Original List…Sold rent ready, great returns for you, and for them it is all about getting the inventory off their balance sheets by year end.

The Charlotte Real Estate Market

Charlotte was ranked as the 2nd in a top ten list of city’s most likely to appreciate in the next 2 years according to Forbes.com. Standard and Poor’s Case-Shiller report has ranked Charlotte real estate as one of the top 3 major markets in the nation for 6 quarters, leading the nation in appreciation in 2007. (one of only 3 in positive territory) Once again of the 20 major markets, Charlotte led the nation in August 2008.

The Houses

All houses/townhouses are new and come with a one year (bumper to bumper) warranty, ready to rent including blinds washer andcharlotte nc 3 investment homes dryers, and we have rental operations in place (for those who need it) to offer a turn-key service.

Here are the 3 key advantages as I see them- you may see more:

1) We have minimized your risk of potential price declines in the short term because we have negotiated prices at or below the Estimated Builder Replacement Cost at today’s cost of construction.

2) The New homes will offer significant positive monthly cash flow, with reasonable financing, see the table below.

3) With an acquisition cost under Replacement, and 10-20% off list, your investment is likely to yield more than 50% over the next few years, and you can easily figure double digit Cash on Cash returns from year one.

These are extraordinary returns, in what’s quite probably the safest market in the US. Charlotte’s historic appreciation rate of 3.5% per year (over 4% last year according to Case-Shiller) makes even larger returns possible…

Buy one or buy 10, investment clubs and bulk buyers welcome. Do the math, and I think you’ll agree that these are safer and better than foreclosures–and maybe an excellent parking space for your capital while Wall Street figures itself out too!

Here is a sample of whats available. Sign up for the email below for a full list, including builder and community, and our FAQ guide.

figures based on 20% DP, 6.25% interest only financing, TMRE/W&A prices 10-20% off retail

  TM/W&A   PRICE/             Mo
LOT PRICE SQ FT SQ FT Br Ba GAR Hoa Ins TAX RENT +Cash
71 188,230 2689 $70.00 4 2.5 2 car 21 40 188 1500 467
53 198,950 2842 $70.00 5 2.5 2 car 21 40 199 1600 411
                       
144 126,279 1559 $81.00 3 3 1 car 22 40 126 1100 386
159 128,500 1583 $81.00 3 2.5 1 car 22 40 128 1100 384
251 139,515 1773 $79.00 3 2.5 1 car 22 40 139 1200 418
95 194,490 2777 $70.00 4 2.5 2 car 15 40 194 1400 341
97 185,425 2823 $66.00 4 2.5 2 car 15 40 185 1400 387
 
 
             
LOT DRHorton  
             
29* 106,000 1227 $86.39 2 2.5 N 20 30 91 900 317
30 84,000 987 $85.11 2 2.5 N 20 30 72 750 278
130* 104,000 1481 $70.22 3 2.5 N 20 30 89 1000 427
135* 106,000 1227 $86.39 3 2.5 N 20 30 91 1000 417
136* 104,000 1481 $70.22 3 2.5 N 20 30 91 1000 426
141* 106,000 1227 $86.39 3 2.5 N 20 30 81 1000 427
* End


             

We also have options available in Atlanta and the Raleigh -Durham area of North Carolina, all strong real estate markets.

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We represent only you the investor on the Buy side of these transactions. I’ve been writing about Charlotte for the last 18 months, you can see the samples below, but the best Introduction to Charlotte, and to me, is the fact-filled and well received Introduction to Charlotte Video below- #1 on the You Tube Search for Charlotte NC with over 8000 views since last November. Please don’t hesitate to call me direct at 704-351-1519.
Related Posts

Charlotte Real Estate Home Search- Map & Community Based

Introduction To Charlotte and Terry McDonald- Video

Hows The Charlotte Market? A Video FAQ by Terry McDonald

Charlotte Real Estate- 2008 and Beyond, More Good Years Ahead


These new homes for sale are presented by TerryMcDonaldRealEstate.com (TMRE) and Wilkinson and Associates, (W & A) Broker, of Charlotte NC. The homes listed are or were available but are subject to change. We are neither an investment company or analyst. Please consult your own advisers before investing.

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Charlotte Real Estate FAQ’s|Hows the Charlotte Real Estate Market? New video…

September 22nd, 2008 Categories: FAQs About Charlotte

I’m often asked “How’s the market in Charlotte?” It’s truly a Frequently Asked Question

Charlotte NC| and I’ve been working on a series of FAQ videos, and the first is below- the answer? Its a strong Buyers market in Charlotte… the text continues below the video, but give the video a look, and let me know what you think

YouTube Preview Image

Every day I am asked, “How is the real estate market in Charlotte? My answer hasn’t changed much in the last 18 months… It is a Buyers market, prices are stable, and our strong local economy keeps creating jobs, so demand remains relatively high. In 2007 as the national housing market reached crisis stage, and the financial sub-prime mess became a crisis, Charlotte real estate carried on, ignoring the national markets.

According to Standard and Poors’s Case Shiller report of the top 20 housing markets in the US, Charlotte home prices rose all 4 quarters of 2007, and in those 20 major markets, led the nation in appreciation for the year. And that has continued through the summer of 2008- though prices rose the first quarter, they’ve fallen ever so slightly the last few months– as in .2% over 2007, barely measurable.

Prices tell one story, sale

cusstom home reflection point belmont nc

s another- Sales in 2008 are way off 2007- we are much slower, about 30 % slower thru the first 6 months of 2008. New Home Sales are worse, approaching 50% off last summer. The sales slow down began in the 3rd quarter of last year… it is a testament to the strength of the Charlotte market fundamentals that even after nearly 10 months of dramatically slower sales, prices have only given back a minute amount of the gain.

Once people hear this, their next question is Why, why haven’t prices fallen and whats to keep them from falling in the future? Excellent Question, I think there are 3 answers. To these questions…

First is that Charlotte remains very affordable– by that I mean, by any index, the average home price is affordable by a large Percentage of the population—if you’ve lived in almost any major city you’ve probably already noticed, but for those of you who like numbers… PMI the large private mortgage insurer rates cities on a 100 points scale, considering anything above 100 affordable. Charlotte’s 114 scale is the most affordable in the south- another firm. Radar Logic, a Wall Street darling, Calls Charlotte the”only objectively affordable city” in the major markets.

Another reason prices haven’t and won’t fall quickly is because home prices here never ran up exorbitantly in the first place. We’ve had steady appreciation in averaging 3-4% annually, so with no “hyper” balloon like appreciation, there is no balloon to pop.

Last, and most important is that our strong local economy is creating jobs at a much greater pace than the national economy– well paying jobs that stimulate increasing housing demand. In 2007, the three cities that appreciated in value- Charlotte, Portland And Seattle, all had strong local economies creating well paying jobs, much faster than the national average. .

That’s it in a nutshell- it’s a strong buyers market here, you’ll find a good selection of homes, prices are stable- and the economy creating jobs makes me believe that Charlotte has a bright future.

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It is a strong buyers market here in the greater Charlotte area, Lake Wylie, Lake Norman, the whole area for new homes and re-sales.

Moving to Charlotte?

Have Questions? I am a Charlotte broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day. You can quickly compare area prices with the map-based Charlotte home search below. Another good place to start is my fact-filled and well received Introduction to Charlotte Video (nearly 8000 You Tube views, 22 reviews) and don’t miss the FAQ videos in the right column (just under the Introduction to Charlotte Video Screen)

If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry

Related Links

Charlotte Real Estate Home Search- Map & Community Based

Charlotte Photo Gallery- more than 2500 pictures, 45 galleries of different Charlotte neighborhoods

Where to Look for Luxury Homes in Charlotte- Video

Amazing Ryland Homes At The Palisades for Under $400k

Posted by Terry McDonald | Currently 1 Comment » |

ImaginOn In Charlotte NC- A Family Adventure!

September 21st, 2008 Categories: Charlotte Schools and Education, Things To Do Charlotte

ImaginOn is a gem in the heart of Charlotte when it comes to finding educational fun and free activities for your children all year.

by Karen Cimino

ImaginOn: The Joe & Joan Martin Center, opened in 2005. It was the brainchild of Bob Cannon, the former Executive Director of the Public Library of Charlotte & Mecklenburg County, and Bruce LaRowe, Executive Director of Children’s Theatre of Charlotte. Both programs were so successful that they needed more space. They came up with the idea for a shared facility that has both a library and a theater combined in one building.

Charlotte’s Children’s Theatre was founded in 1948 and annually serves more than 320,000 young people from preschool age to their late teens with four programs that include MainStage productions, Tarradiddle Players, the Community Involvement Program and classes for the community and schools. Now many of those shows are produced at ImaginOn.

The Public Library of Charlotte & Mecklenburg County was founded in 1903 as a Carnegie Free Library. It received the 2006 National Award for Museum and Library Service for its long-term commitment to public service. The Library sponsors a variety of programs including the award-winning Novello Festival of Reading, which brings authors to the area to discuss their books with local readers. This year the Novello Festival will be from Oct. 2-30.

 

ImaginOn has something for every age with programing for babies, toddlers, preschoolers and teenagers throughout the year.inside Imaginon

Some examples include The Loft, an area of the library reserved exclusively for youth ages 12 to 18. Activities in The Loft include scavenger hunts, theater classes and Free Friday Flicks, a summer activity. Since its a public library, its FREE!

ImaginOn entertained my 7-year-old with an hour of storytelling on “The Death of King Arthur” while my 12-year-old stepdaughter enjoyed a class on making tasty treats. My 6-month-old loves to look up at the massive, three-story mobile and play with the touch screen computers. When a child touches the screen, he or she can color illustrations from some of their favorite stories such as Peter Pan. The computers also contain interactive games.

The Spangler Library portion of ImaginOn features story time for children from birth to age 5. Luke’s sister enjoyed dressing him up and checking out the giant book with pages that actually turn in that portion of ImaginOn. They also boarded a play trolley that children pretend to drive and ride.at Imaginon

ImaginOn also features an animation and movie-making station, which uses Macintosh software including iMovie, I Can Animate, and GarageBand3. Youth and teens can use the station to make videos and music tracks.

Getting There: ImaginOn’s location is an added bonus. ImaginOn is located next to the Charlotte BobCats Arena, sandwiched between 6th and 7th streets near the 7th Street Station parking deck. ImaginOn also has its own (FREE) parking underneath the facility. And for those who like to avoid driving in uptown Charlotte, there’s a light rail stop next to the ImaginOn entrance. A sculpture honoring the written word sits near the entrance and the light rail stop.Imaginon in Charlotte NC
For more information about ImaginOn, visit www.imaginon.org/index.asp. Its Free Every Day- enter free parking on 6th Street.

 

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It is a strong buyers market here in the greater Charlotte area, Lake Wylie, Lake Norman, the whole area for new homes and re-sales.

Moving to Charlotte?

Have Questions? I am a Charlotte broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day. You can quickly compare area prices with the map-based Charlotte home search below. Another good place to start is my fact-filled and well received Introduction to Charlotte Video (nearly 8000 You Tube views, 22 reviews) and don’t miss the FAQ videos in the right column (just under the Introduction to Charlotte Video Screen)

If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry

Related Links

Charlotte Home Search- Map & Community Based

Charlotte Photo Gallery- more than 2500 pictures, 45 galleries of different Charlotte neighborhoods

Where to Look for Luxury Homes in Charlotte- Video

Amazing Ryland Homes At The Palisades for Under $400k

Posted by Terry McDonald | Currently No Comments » |

Economic Winners – Bank of America, Charlotte and Charlotte Real Estate

September 19th, 2008 Categories: Charlotte Business, Charlotte News and Politics, Real Estate News

Bankof America stands tall in CharlotteEconomic Winners? Bank of America, Local Charlotte Economy and Charlotte Real Estate

What’s hapenning in the financial markets is historic- and awful, and it might be too early to tastefully talk about winners… It is easy to see the losers in this, Lehman stockholders, employees,and the many companies that came before them. After a decade of high times and greed, and the unbridled pursuit of power, the barbarians are at the gate–only this time they aren’t Wall Street marauders, but the people themselves with pitchforks demanding their money… and with doors closing quickly, it’s frankly getting hard to watch.

But after the shakeout, there will be winners- some of the winners are already clear.

In stage I of this crisis- when the mortgage companies were falling, Bank of America was able to buy Countrywide, the largest mortgage bank in the country, at a deep discount. Now, a year later, as the runs hit Wall Street, they buy one of the blue chips of Wall Street, Merrill Lynch, at a bargain… now the largest bank and largest mortgage originator, Bank of America will have the largest brokerage operation in the world with more than 20,000 advisers and $2.5 trillion in client assets. Merrill’s investment bank also brings significant business to BOA– Ken Lewis, Chairman of BOA, has stated that it would have taken years to develop BOA’s own business to this level (BOA had minimal investment banking operations and 4000 wealth advisers to Merrill’s 17,000) Merrill’s stock had traded at $99/share as recently as the first quarter of 2007, had fallen last week to $17/share based on the uncertainty surrounding its debt obligations, and BOA bought if for $29/share.

BOA has huge deposits which will satisfy all the liquidity concerns around Merrill, and millions of BOA depositors can expect Merrill to be calling on them…Soon! Charlotte, already the 2nd largest financial center in the US, will move forward again with BOA.
And this is just the latest -

Charlotte’s relative economic position has been improving through out this crisis. I’ve been writing on it all year, and between our very sturdy, job-growing local economy (one of very few in the nation) and the little impact the national housing crisis had had here- plus the world’s largest bank buying and growing in major new directions, it’s bringing a lot of favorable attention to the Queen City, and more investment will surely follow.

I can’t s re-state the whole case here, but this is the summary, and details can be found in the links.

In April, I wrote, Recession or No Recession, Charlotte Moves Forward I summarized Charlotte’s response to the growing bad national economic news- our economic strength and confidence, and strong job creation numbers- even in the face of a nationwide housing slump, mounting manufacturing job losses and the financial meltdown. We have said “No thanks” to the recession, and even Wachovia, hammered by sub-prime losses, made a mega hire in Robert Steele- the exact kind of leader to rebuild the bank and keep it independent, and in Charlotte.

In July, I wrote Charlotte Real Estate- 2008 and Beyond More Good Years Ahead- I write about Charlotte’s fundamentals, its relative affordability, a detailed look at the very low housing risk, and its economic strength in growing good jobs here.

Charlotte is placed firmly on MSN’s Hot Real Estate Markets, and last month Forbes predicted several markets will rise in price in the coming years- Charlotte was 2nd on the list.

Earlier this year, I wrote about the North Carolina Research Campus in Kannapolis- about 30 miles east of Charlotte, and 1.5Billion dollar investment being made by billionaire Dole food owner David Murdock. This week NC State University announced they were the recipient of a research grant at the center- there are now 8 Universities participating, and this grant will help NC Farmers band together with new marketing opportunities.

If we can just find a similar $1.5B investor for “green” technology… and takers? Call me… (no I’m not kidding!)

Now, University of North Carolina Economic Professor John Connaughton, who watches the Charlotte economy predicts strong job growth- more than 24,000 in 2008 as more and more employers relocate here and more well-paying jobs are created… and a better 2009, reported the Charlotte Observer just yesterday.

While there is a lot of uncertainty, and no way of telling the final outcome, the expectation of a “National Resolution Trust” operation for the lending industry (deja vu all over again!) may bring an end to the fear and runs on the largest investment houses in the world. Once that happens, and a new regulatory regime comes into force, we can start our engines once again.

And just one editorial comment. Note to politicians: I no longer want “small government. ” I want “right-sized,” effective government. We wouldn’t try and play the Superbowl, or any NFL game, with fuzzy rules and TWO officials on the field… what made us think you could do that on Wall Street where the financial stakes make the NFL look like a big-boys pick up game?

—————————————————

It is a strong buyers market here in the greater Charlotte area, Lake Wylie, Lake Norman, the whole area for new homes and re-sales.

Moving to Charlotte?

Have Questions? I am a Charlotte broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you. We work with Buyers and Sellers every day. You can quickly compare area prices with the map-based Charlotte home search below. Another good place to start is my fact-filled and well received Introduction to Charlotte Video (nearly 8000 You Tube views, 22 reviews) and don’t miss the FAQ videos in the right column (just under the Introduction to Charlotte Video Screen)

If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry

Related Links

Charlotte Home Search- Map & Community Based

Charlotte Photo Gallery- more than 2500 pictures, 45 galleries of different Charlotte neighborhoods

Where to Look for Luxury Homes in Charlotte- Video

Amazing Ryland Homes At The Palisades for Under $400k


Posted by Terry McDonald | Currently 1 Comment » |

First Time New Home Buyers- Earn up to $7500 Tax Credit

September 17th, 2008 Categories: Real Estate News

3 houses in a rowNew Housing Bill Offers Relief To Many: Tax Credit/Interest Free Loan for 1st Time Buyers, Help for Up To 400,000 Underwater Borrowers and some assistance to the elderly and returning veterans.

The most comprehensive housing bill since the great depression signed July 30 with little fanfare. The election year politics of this Democratic sponsored bill made the President sign it, despite objections, without a lot of celebration or publicity. A 700 page bill, this is the first of atleast two parts about the bill, in outline form only- Get your specifics from the appropriate expert, OK? Still it is quite a bill.

First Time Home owners are eligible for a 10% Tax credit on a new home purchase, up to $7500, for homes purchased after April 9 of this year.

This is credit that will have to be repaid over 15 years, so it amounts to an interest free loan. For example, a first timea big thumbs up home buyer buys his/her first home, as a primary residence in September for $150,000. After figuring their taxes, they are happy to see they are getting a 1500 check back… then they hear about the Tax Credit, and find they can get a 10% Credit, up to $7500, so they fill out the forms and get the credit and now their check is 7500 + 1500, or $9000. That is an economic stimulus! But the credit has to be repaid over 15 years, or 600 per year… here is some of the fine print:

The house must be purchased between April 9, 2008 and July 1, 2009. The credit phases out for those earning above $75,000 per year (150K on a joint return) — the idea is to help get some of the unoccupied homes bought and off the market quickly. The credit amounts to a 15 year interest free loan to the first time home buyer. Not bad.

HOPE For Homeowners- Mortgage Assistance- Both Lenders and Borrowers must agree to this FHA Re-finance- designed to keep more homeowners in their homes… it looks like a win/win for many

Here is some of the fine print on the mortgage assistance-

Who qualifies? Borrowers must live in the home, and the mortgage must have been originated on or before Jan. 1, 2008. Borrowers must demonstrate they can’t afford the mortgage and certify that they have not intentionally defaulted. Monthly mortgage payments, including principal, interest, taxes and insurance, must be at least 31 percent of monthly income, as of March 1, 2008.

And the lenders, their requirements? Lenders must agree to take a loss comprising the difference between the mortgage balance and 90 percent of the home’s current value. Lenders also must make an upfront payment to FHA amounting to 3 percent of the principal, to get out of the loan.

More Details: All loans will be 30-year, fixed-rate mortgages and made through FHA-approved lenders. A borrower can choose to refinance through a different lender. Borrowers’ income must be deemed sufficient to cover the new loan. They must provide verification of income ( a novel approach) and cannot have any additional mortgage debt, such as a home-equity loan. And if you sell or re-fi in the first year at a profit, 100% of the profit goes to the FHA, this transitions to 50% if you sell after 5 years.

How to apply for this? Find an FHA friendly lender, like Olan Carder, and get started.

I’ll post more about this Housing Bill in the next few days– there is help for veterans who may be in default, the elderly to get lower fee reverse mortgages, community block grants to revitalize foreclosed homes and provide affordable housing.

As much as we like to complain about a do-nothing Congress they did Something here– is it enough? Probably not, there are some who need help who won’t qualify… will there be unintended consequences? Probably so. Can we argue about the proper role of government? Yes, in the abstract, but today, housing is in a crisis throughout the nation, and something had to be done. For all its flaws, never the less it is a good start towards solving the housing crisis in America today- and most provisions sunset themselves, a noteworthy advance in government policy.

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It is a strong buyers market here in the greater Charlotte area, Lake Wylie, Lake Norman, the whole area for new homes and re-sales. We work with Buyers and Sellers every day. You can quickly compare area prices with the links below, or just give me, Terry, a call at 704-351-1519. I am a Charlotte broker specializing in relocations, 2nd homes–buying and selling real estate of all kinds- and will represent only you.

Related Links

Charlotte Home Search -Map & Community Based

Ryland Homes At The Palisades for Under $400k

Moving To Charlotte? Like a Good Introduction to the Area?

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