Numbers You Should Know in the Charlotte Real Estate Market

There are a lot of big changes going on in Charlotte’s real estate market. Not only is inventory increasing steadily, homes are selling higher than they were at this point last year.

If you still doubt the real estate market is making a comeback, you’ve got to see the numbers below.
Now’s the time to sell AND buy, a rarity in real estate – contact On the Move today to get started!

 

33

 

From July 2012 to July 2013, the number of closed sales in the CLT market has risen 33%, from 2,651 closes to 3,527 closes.That’s incredible growth.

 

 

8.9

                                                                During that same period, the median sales price of homes in the Charlotte area rose by nearly 9%.

 

 

17.6

In the last year, the number of days homes stayed on the market in Charlotte until they were sold went down by 17.6%. That’s the difference between 12 weeks and 15 weeks on the market until a sale.

 

 

20.7

 

There were 20.7% more listings on the Charlotte market in July 2013 than there were in July 2012. Inventory is on the rise which is creating a current sweet spot for sellers.

 

 

2.4

2.4% is more substantial that it seems. It’s how much more houses are now closing for in Charlotte relative to their asking price than they were in July 2012. The average sale in Charlotte right now gets 94.7% of its listing price.

 

 

 

All this data means that now is the time to sell. There have been few times in Charlotte’s history when it’s been a better market for sellers, but with inventory on the rise a buyer’s market isn’t far behind. If you’ve been considering selling your home, now is the time.

Call On the Move Charlotte today to get started listing your house!

 

 

 

A Handy-Dandy Insurance Terms Glossary

We get a lot of questions about insurance.

Homeowners insurance, renters insurance, and even flood insurance are all on buyers’ and sellers’ minds these days. Real estate brokers can be a great source of information on specific insurance requirements but you should always be prepared to research your options before you buy or sell.

Click through below for a helpful glossary of insurance-industry terms that may answer lingering questions you have (without the hassle of getting through an automated telephone tree!)

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Visit houselogic.com for more articles like this.

Copyright 2013 NATIONAL ASSOCIATION OF REALTORS®

Pulte Homes Introduces “Gardens at Wendover”

The Gardens at Wendover is Charlotte’s newest single-family development!

Pulte_HomesPulte Homes has recently announced plans to develop a new single-family home development surrounding an existing luxury townhome development in south Charlotte.

Located at the intersection of N. Wendover Road and Randolph Road, the Gardens at Wendover will feature at least 3 single-family home floor plan designs. The Fairview, the Grayson, and the Huntley are currently available to view at the Pule Homes Website, each with at least 3 bedrooms and 2.5 bathrooms. All the homes at Gardens at Wendover will feature upgrade options such as granite countertops, hardwood floors throughout, and even expanded closets.

Explore the Gardens of Wendover gallery below:

Randolph Road Park and Cotswold Shopping Center are just a few blocks away from Gardens at Wendover. With shopping, restaurants, and recreation space so closeby this development will take off quickly here in Charlotte. The Gardens at Wendover will have easy access to I-77 and is located just a few miles from Uptown making it a great commuter community.

English Tudor outsideThe area also features a recently luxury townhome development designed by Ryan Homes. Most of the townhomes (like this listing on English Tudor Lane) are exquisitely upgraded and are quite large.

The Gardens at Wendover is sure to become one of the hottest new areas in Charlotte!

Contact the On the Move Charlotte team today if you’d like to learn more about Pulte Homes, The Gardens at Wendover, or available townhomes.

How to Know When It’s Time for a Bigger House

Knowing when to “upgrade” is half the battle in real estate. Over the last few years there’s been a lot of talk about downsizing and living smaller but the fact is, some growing families need more space, not less. The move-up buyer is one of the demographics spurning the real estate market comeback…home prices are currently at 2002/2003 levels but increasing every day. If you’ve been waiting out the market, now’s the perfect time to buy a larger home.

The average first home is around 1,500 square feet and most first-time buyers have a family size of about 2.7 people. Second homes, however, average 2,000+ square feet and are getting larger. Did you know that in 2010, the median size for a new-construction home in the US was almost 2,400 square feet?

So, how do you know when your family is ready for a bigger house? Here are a few signs the On the Move Charlotte team has noticed usually mean it’s time to “move up.”

Your Family is Growing

The number one reason people decide to buy a larger home is an increase in family size. Many people buy their first home before they have children and only realize they need more space once more kids come into the picture. Children aren’t the only way families grow, either. From a new pet to a live-in parent, families expand in all sorts of ways which means a need for more bedrooms, bathrooms, and even parking spaces.

You Want Your Amenities In-House

As cities spread out, more and more families find themselves choosing suburban life over urban dwelling. Larger homes slightly further out from retail and restaurants encourage homeowners to install much of what they need inside their houses. Home gyms are increasingly popular as are gourmet-style kitchens. Why join a neighborhood swim club when you can upgrade to a house that already has a pool in the backyard?

Your Needs Have Changed

Large homes simply aren’t appropriate for every stage of life. A single 27-year old man in Charlotte likely needs less space but more walkability, but his needs may change when he’s 35, married, and has two kids. Perhaps you’ve started an at-home business and you need an extra bedroom to use as an office. Maybe your kids are of an age where you’d like a finished basement for them to spread out. Whatever the case, shifting priorities are a fact of life and they’re often the motivating factor for a move up buyer.

You’ve Recouped Your Equity

If you purchased your current home before the real estate downturn five years ago you’ve likely been waiting to sell until the timing’s right. Well, the timing’s right. Mortgage rates are hitting record lows (some hovering around 2.5%) and in many parts of the country the “seller’s market” is back. The best time to buy a bigger home is when you can sell your current place for close to if not more than you bought it for and upgrade before prices begin to skyrocket. Many Charlotte neighborhoods are experiencing exactly these conditions making 2013 one of the best times to buy a bigger home in years.

You Can Afford It

If Americans learned anything from the real estate crisis of 2008, it’s never to buy a home they can’t afford. Before you know if you’re ready for a bigger home, spend some time researching mortgage rates and talk to a financial adviser to find out if taking on more debt is in your best interest. Real estate is and always has been a solid long-term financial investment and buying a bigger home when your family needs one can often be a savvy money move. If you determine you can comfortably afford the payment, manage the increased utility expenses, and furnish a larger house, you may be ready to upgrade.

 

Call the brokers at On the Move Charlotte today to talk about whether or not it’s time for your family to begin looking for a larger house. Buying a bigger home is an important decision, but one that most families find necessary and even rewarding at some point during home ownership. Leigh Bryant, John Elliott, and Michelle Duyck will work with you to find the best home for your current needs.

704.516.3318

 

Charlotte’s First Quarter Stats for 2013, Featuring Harold!

Harold, On the Move Charlotte’s unofficial mascot, is back to deliver Charlotte’s Q1 real estate stats for 2013. Some interesting data has already emerged this year concerning Charlotte, home sales, and the overall economy.

Take a look!

 

If you have questions about what Charlotte’s current market state means for your property sale or search, call the On the Move Charlotte team today at 704.516.3318.

 

Welcome to the Team, Michelle Duyck!

Michelle Duyck, Buyer’s Agent for On the Move Charlotte

Long overdue, it’s time to formally welcome Michelle Duyck to the On The Move Charlotte team!

Michelle has years of mortgage experience and a keen eye for negotiation. She works primarily with buyers and loves helping Charlotte residents and transplants alike find a first home, a family house, or even an appropriate downsize. Although she’s an active Buyer’s Agent, Michelle also works with sellers and has full knowledge of the Listing Agreement. She recently completed her accreditation through Keller Williams’ Bold training program as well as Ignite.

Michelle is a long-time Charlotte resident where she lives with her loving husband Jim and five wonderful kids. Give her a call today to welcome her to the team and discuss what you’re looking for in a new home!

You can reach Michelle Duyck by phone at 704-451-3135 or by email at MichelleDuyck@kw.com.

 

Working Mom/Realtor Heads to Dallas!

Every year, our real estate company Keller Williams hosts a Family Reunion for all of the agents who wish to attend and for the second year in a row, this working Mom/Realtor made the trip a priority.  This conference is always in February and it is always around Valentine’s Day beginning on a Saturday and going through a Wednesday.  Being gone over a weekend and half a week around Valentine’s Day is no small feat for a Mom of young children and a working husband.  (He is awesome, by the way, encourages me to go and to grow in my business constantly!  He completely “gets” that my drive in my career and my passion for helping people makes me a better Mom).  So, I got Valentine’s Day treats and snacks and cards done, left the groceries NOT shopped for, packed my bags, left a 2 year old self-proclaimed Mommy’s Boy in his Daddy’s capable hands, kissed and hugged my Kindergartner, and boarded my plane with my KW friends.

This conference is full of helpful classes and hands on technology sessions but it is also full of inspiration.  The first speech I went to was a jam packed room with over 8,000 people in it ready to listen to JR Martinez.  He was the Iraq soldier who was burned over 34% of his body and came back fighting for his life and his spirit.  He found both and then some.  His story was awe-inspiring.  Life is to short to let anything get in your way.  Adapt and Overcome.  Sometimes you are placed outside of your comfort zone by your own choosing or by something else (i.e. a bomb that gets in your way driving down the road).  Adapt to your new surroundings and Overcome by making it a choice to do so.  JR thought his path was to work hard, get an education along the way, but ultimately play Pro Football.  Little did he know his actual path was to become an actor on a daytime series, a motivational speaker, and a winner on Dancing With The Stars!

While I was being inspired on a personal and professional level, my husband was winning Dad of the Year at home with my 2 boys.  It snowed which it rarely does in Charlotte and there was a Dinosaur exhibit in town for the weekend.  Here’s a quick visual of what I missed.

Next on my agenda was Gary Keller’s Vision Speech for not only our company, Keller Williams, but the overall industry nationwide.  I’ll save the highlights and stats for another Blog Post.  Long story short, economy is looking good and we are slowly shifting from Buyer’s Market to Seller’s Market.  Time is prime for both Buyers and Sellers as we are still seeing undervalued home prices, rates are lower then EVER, and inventory is LOW!  Gary is a visionary for sure, scary smart, and funny.  He brought a one office real estate company to Number #1 real estate company in the United States in 30 short years.  Slow and steady, he has set the pace and the bar in our industry.  It’s exciting to be a part of.

Along side all of these speeches I was listening to there were classes on Blogging, Pricing Houses, Language of People, Social Media, helping your clients buy investment properties – I soaked in and took feverish notes on my Ipad.  The click click of the Ipad keys were so  loud there were numerous tweets throughout the event politely asking everyone to turn the clicking OFF in your settings.  KW agents are so nice and polite!  🙂

Next on the speaker agenda was Dave Ramsey giving us his rendition of the 5 more important principles in business.  He is a terrific, transparent, funny, no holds barred speaker.  You’ll laugh, your jaw will drop, you’ll nod your head in enthusiastic agreement, you’ll likely be offended, but you’ll be smarter on the other side of one of his speeches.  Long story short here are his 5 Business Principles that will lead to success in whatever business you are in.

1.  People Matter

2.  An Incredible Team and a Culture of Excellence Matter

3.  Slow and Steady Matters

4.  Financial Principles Matter

5.  A Higher Calling Matters

I knew these in concept already, but hearing them laid out in terms of my business brought it all into perspective.  What I do for my clients matters, deeply.  I don’t take that lightly, never have, but know I have a better focus and more detailed outline on what that really means and how I can serve  my clients and customers on an even higher level.

I picked up a new Seller while I was in Dallas as well a new Buyer.  I had tons of fun with my co-workers and my fellow ALC (Associate Leadership Council) members.  We brainstormed ideas on how to grow a better market center.  I was inspired by the Cultural Ambassadors of our company and I saw firsthand all the good our company does, how much KW gives back to the community.  I may save that for another Blog as well.  You can’t beat KW when it comes to the culture of sharing, compassion, unity, spiritual guidance, and teaching.  For the company and for the journey that I am on in the company, I am grateful.

For my supportive husband and crazy, wonderful kids I am grateful.  For you – my customers and friends – I am grateful!  Now, go have a great day, be nice to everybody you see, smile, and help someone in need!  So glad I took the time to travel to the Keller Williams annual Family Reunion.

Most Common Homeowner’s Tax Mistakes

As you calculate your tax returns, consider each home tax deduction and credit you are — and are not — entitled to. Running afoul of any of these 9 home-related tax mistakes — which tax pros say are especially common — can cost you money or draw the IRS to your doorstep.

Sin #1: Deducting the wrong year for property taxes

You take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind — that is, you’re not billed for 2013 property taxes until 2014. But that’s irrelevant to the feds.

Enter on your federal forms whatever amount you actually paid in 2013, no matter what the date is on your tax bill. Dave Hampton, CPA, tax manager at the Cincinnati accounting firm of Burke & Schindler, has seen home owners confuse payments for different years and claim the incorrect amount.

Sin #2: Confusing escrow amount for actual taxes paid

If your lender escrows funds to pay your property taxes, don’t just deduct the amount escrowed, says Bob Meighan, CPA and vice president at TurboTax in San Diego. The regular amount you pay into your escrow account each month to cover property taxes is probably a little more or a little less than your property tax bill. Your lender will adjust the amount every year or so to realign the two.

For example, your tax bill might be $1,200, but your lender may have collected $1,100 or $1,300 in escrow over the year. Deduct only $1,200. Your lender will send you an official statement listing the actual taxes paid. Use that. Don’t just add up 12 months of escrow property tax payments.

Sin #3: Deducting points paid to refinance

Deduct points you paid your lender to secure your mortgage in full for the year you bought your home. However, when you refinance, says Meighan, you must deduct points over the life of your new loan. If you paid $2,000 in points to refinance into a 15-year mortgage, your tax deduction is $133 per year.

Sin #4: Misjudging the home office tax deduction

This deduction may not be as good as it seems. It’s complicated, often doesn’t amount to much of a deduction, has to be recaptured if you turn a profit when you sell your home, and can pique the IRS’s interest in your return. Hampton’s advice: Claim it only if it’s worth those drawbacks. If so, here’s what to  know about what you can write off.

Sin #5: Failing to repay the first-time home buyer tax credit

If you used the original home buyer tax credit in 2008, you must repay 1/15th of the credit over 15 years. If you used the tax credit in 2009, 2010, or 2011 and then sold your house or stopped using it as your primary residence, within 36 months of the purchase date, you also have to pay back the credit.

The IRS has a tool you can use to help figure out what you owe.

Sin #6: Failing to track home-related expenses

If the IRS comes a-knockin’, don’t be scrambling to compile your records. Many people forget to track home office and home maintenance and repair expenses, says Meighan. File away documents as you go. For example, save each manufacturer’s certification statement for energy tax credits and lender or government statements to confirm property taxes paid.

Sin #7: Forgetting to keep track of capital gains

If you sold your main home last year, don’t forget to pay capital gains taxes on any profit. You can exclude $250,000 (or $500,000 if you’re a married couple) of any profits from taxes. So if you bought a home for $100,000 and sold it for $400,000, your capital gains are $300,000. If you’re single, you owe taxes on $50,000 of gains. However, there are minimum time limits for holding property to take advantage of the exclusions, and other details. Consult IRS Publication 523.

Sin #8: Filing incorrectly for energy tax credits

If you made any eligible improvements in 2012 — or will in 2013 — such as installing energy-efficient windows and doors, you may be able to take a 10% tax credit (up to $500). But keep in mind, it’s a lifetime credit. If you claimed the credit in any recent years, you’re done. Fill out Form 5695.

Part II of the form, which covers systems eligible for a larger tax credit through 2016, such as geothermal heat pumps, can be incredibly complex and involves crosschecking with half a dozen other IRS forms. Read the instructions carefully.

Sin #9: Claiming too much for the mortgage interest tax deduction

You can deduct mortgage interest only up to $1 million of mortgage debt, says Meighan. If you have $1.2 million in mortgage debt, for example, deduct only the mortgage interest attributable to the first $1 million.

Article courtesy of houselogic.com – see below for more information.

Read more: http://www.houselogic.com/home-advice/taxes-incentives/common-tax-mistakes/#ixzz2Ja6etO2C

Harold Delivers End of Year Stats for Charlotte Area

 

charlotte end of year stats

Harold Delivers December 2012 Stats and Forecast for 2013