Charlotte Real Estate Market Updates
May 28th, 2008 Categories: Ask The Broker-Terry, Charlotte Real Estate Market Reports, Homes for sale, Real Estate News
Charlotte Real Estate Values Hold Up Well
Did you see yesterday’s Case- Shiller Report? For the 3rd month in a row, Charlotte is the ONLY market of 20 leading markets in the country with Rising prices… before we get too excited lets note that it is less than a 1% increase– but still, the national market price index dropped 14% for the same month. Bad news if you have to sell your home to get here.
———————-
Baxter Village in Ft Mill announced it’s 1000 th home closing since it began in 1999 .This “city within a city” is extremely convenient just off I 77 in nearby Ft Mill-
| Currently 1 Comment » |
Inflation Better than Expected- Rates Expected to Rise
May 14th, 2008 Categories: Ask The Broker-Terry, mortgages in Charlotte
Lock that Rate Today?
from RateLink, via Myers Park Mortgage
“Mortgage bond prices have taken a large hit and that is applying upward pressure on mortgage interest rates. Mortgage rates are moving upward as stocks move higher in value.
In the news this morning, consumer prices rose 0.2% while the core rate, which excludes the volatile food and energy costs rose 0.1%. Analysts were expecting CPI to rise 0.3% and 0.2% respectively. The lower than expected inflation data has traders hopeful overall price pressures will decline. Inflation is the erosion of the value of money received in the future (like interest payments on bonds) therefore when inflation is present investors demand a higher yield.”
Time to Lock That Rate? Sure looks that way. tm
| Currently 2 Comments » |
Charlotte NC|For Those of You Considering Renting, Consider This…
May 14th, 2008 Categories: Ask The Broker-Terry, Move To Charlotte
What if you are renting and your landlord goes bust? What happens to you?
from Forbes.com
“It’s not just single-family-homeowners who can’t make their mortgage payments these days–landlords are busting out, too. Approximately 38% of all U.S. properties foreclosed between October 2007 and January 2008 were non-owner-occupied buildings (likely implying that the owner was an off-site landlord), estimates RealtyTrac, an Irvine, Calif.-based foreclosure-tracking service.”
Here for the rest of the When Landlords are Foreclosed from Forbes.com
Here are 7 slimy landlord schemes to watch out for, also from Forbes.com
In Pictures: Seven Slimy Landlord Schemes
Kudos to Forbes on this important topic… As always if you are planning or considering a move to Charlotte, please don’t hesitate to call me direct at 704-351-1519 TerryMcDonald
Related Posts
Charlotte Home Prices up in 2007
Is it Safe To Buy A Home in Charlotte? You Bet…
Search All Charlotte Homes by Area
| Currently 1 Comment » |
Charlotte, NC|Adjustable Rate Mortgages are NOT EVIL! Ask-The-Broker
February 22nd, 2008 Categories: Ask The Broker-Terry, mortgages in Charlotte
Adjustable Loans Are Scary! Not! Fixed or Adjustable? You Decide
by Olan Carder
Have you ever overreacted? I mean really thrown the baby out with the bath water?? I have many times. My business partner Gary and I laugh sometimes about some of the ridiculous ideas we have come up with in the past to solve horrifying problems that didn’t even exist.
The mortgage industry has been turned upside down over the past year, and there has been plenty of overreacting! The news media has been like a pit bull locked onto a juicy new bone. Negative stories are the norm, and they have thrown
several babies out with the proverbial bath water. One of these babies is the Adjustable Rate Mortgage product. These loans have been demonized as a slick gimmick used by unscrupulous lenders to trick people into high priced homes they could not afford. NOT TRUE! (That is not Gary on the right.:))
Although ARM (adjustable rate mortgage) loans can be misused, they are absolutely NOT evil loans. ARM loans were created as a temporary alternative to help make home ownership more affordable in a high interest rate environment, but gained popularity again when people began to realize the truth about home ownership patterns. The truth is that the VAST MAJORITY of homeowners do not keep their first home for 30 years!!!
Today ARM loans save homeowners thousands of dollars when used properly.
Many people only plan on being in a particular 
home for a short period of time…
EXAMPLE: For a mortgage of $200,000, if you took a 5/1 ARM vs a 30 Year Fixed, assuming rates of 5% and 6% respectively, you would save over $6,000 in a 3 year period if you used your monthly savings to pay down the principal. That means when you sold the home after year 3, you would walk away with over $6,000 MORE CASH without spending an extra dime on monthly payments vs the fixed rate option. If you planned on being in this house for only 3 years and your loan officer didn’t mention this option to you, he could have potentially cost you over $6,000!
If you planned on keeping the house over 5 years then this option might be totally inappropriate for you, but the problem would not be the loan itself… the problem would be the bad advice from your loan officer. There are ARM loans that are fixed for periods of 6 months, 1 year, 3 years, 5 years , 7 years, etc… There are caps on these loans that can protect you in case you go past the initial fixed period. The most important aspect of selecting the right loan is to get ALL the information about what options you have. A trustworthy loan officer will take the time to explore and understand your situation before suggesting a certain loan… if you talk to a loan officer that pushes one loan over another without knowing the details of your situation… RUN!! Remember, prescription before diagnosis is malpractice!!!
Olan Carder, Myers Park Mortgage
Thanks Olan. I’ve always used a 5/1 or 7/1 ARM. Interested in homes in Charlotte? Try this Search For Charlotte Homes Page or give me a call direct at 704-351-1519. An interesting post South Charlotte Homes For Sale and Appreciation Report.
| Currently 2 Comments » |
