f y i Charlotte

For the past five years Charlottehas seen the restoration of old neighborhoods.   A revitalization of older neighborhoods, with quaint, older homes, have seen such areas as “No Da” (North Davidson often referred to as the Arts District), Chantilly, Wilmore, Sedgefield, Myers Park, Madison, etc.,  become the place to live.   Professionals working in the Charlotte Uptown area have paid premium prices for  smaller homes with great locations.   Most of these homes have had major renovations resulting in major price increases.   This got me to wondering…What of some of the simple considerations for making my old home look “refreshed?”   What follows are some ideas for your own upgrade.

1. Front Door…Choose the best best grade door with heavy, solid hardware.   This first impression will say that this home looks solid.
2. Patterns and Motifs…Repeat details using word carvings, glass etchings, and tiles.
3. Old Windows…Pay attention to the details in the old windows.   When you upgrade to modern windows, be sure not loose the eye appeal of the style of windows.   Pay attention to the interior and exterior casing and  try to match the window pane count.
4. Creating Space…Consider removing interior kithcen, breakfast rooms, and hall doors to create a sense of space.
5. Odd Corners…If you have unusual or small spaces that you do not know what to do with, consider calling your Realtor.   Have them recommend a stager to give you some ideas.
6. Unity of Style…Skilled carpenters can replicate old designs that will maintain the sense of age and style in your older home.
7. Upgrade…When you upgrade, do not reject the more expensive materials.   Compare, the difference may not be great and the labor may be the same, but the look will say quality.
8. The Six “Ps” of Planning…Finally, remember, “Prior, Proper, Planning Prevents Poor Performance.”   Take your time, think it through, establish a budget, and seek professional advice.

Good luck,

Rufus Hutchinson

Charlotte, NC Realtor

The front page of  the Charlotte Observer (issue Friday, 21 Mar 07)  had an article on the Uptown condo market.   The premise of the article is that Charlotte™s once booming uptown condo market is falling on hard times as two projects have been cancelled and work on two others have been slowed or stopped temporarily.   Factors cited are rising construction costs, financial market turmoil, building code problems, and risk-conscious lenders.   Lenders are limiting their exposure these types of residential projects.   Read the entire article at the link below.

Link to Charlotte Observer Article

Short term:  

• Sellers need to price their condo’s correctly for the market conditions.

• Buyers can expect seller  concessions / buyer incentives.

 Long Term:   “With the delays and lack of new project announcements, residential real estate analyst Emma Littlejohn of The Littlejohn Group said, ‘the demand for an uptown residence could outstrip the supply.’ “

Respectfully,

Rufus Hutchinson

Charlotte, NC Area Real Estate

NC and SC Realtor

The Charlotte, NC Real Estate Housing Report for February 2008  As Reported  In The Carolina Multiple Listing Service:  

The trend continues as reported last month…Using the Carolina Multiple Listing Service statistics for February2008 found that overall home sales closings were down as days on market and homes listed for sale continue to rise when compared to the previous February 2007.

• Contracts Pending
  • Down 27.8% from Feb 2007.
  • Numbers  of Pending Contracts remained virtually the same compared to Jan 2008.   Normally we would expect this to be the start of the spring selling season.
• Actual Closings
  • Fell 24.3% from Feb 2007.
  • As we can see  from above that the number of Pending Contracts continues to fall, we can expect Actual Closings to  decrease even further next month.   (Remember, not all pending contracts close.)
•  Average Closing Price
  • The Average Closing Price fell $3,223 when compared to Feb 2007.
  • Additionally when compared to  Jan 2008 (last month) it fell $2,318.
  • Sellers are beginning to lower their prices in response to the market conditions.
  • Average Closing Price was $216,292 for Feb 2008.
•  The List Price VS Sales Price Differential
  • For Feb 2007 it was 3.1%.
  • For Feb 2008 was 5.5%.
  • Sellers are pricing their home too high for current market conditions.
  • Sellers are still having a tough time coming to grips with the realities of the current market.
• Average Days On Market
  • Are up almost 8.8% over last year¦132.7 days in Feb 2008 VS 122 days in Feb 2007.
  • This is an increase of 4 days from Jan 2008.
  • Normally this is when these numbers start to decrease as we enter the spring/summer selling season.
  • This is the highest number for a month in over two years.
• New Listings
  • 5,719 in Feb 07 VS 6,207 in Feb 08.  
  • Home inventory continues to climb as buyers are waiting to see what will happen.
  • Of note, New Listings fell 509 when compared to Jan 2008.

Based on February 2008 review it is important:

• Sellers (that must sell) need to list their home at a competitive price now and not chase the market price.
• Supply continues to increase over the same time 12 months ago.
• Buyers have more choices and slower to commit.
• Buyers are offering less.
• Buyers are expecting seller concessions.
• Sellers need to adjust their expectations accordingly.

“Remember…the opinion of the market may not always be kind, but it is never wrong.”   Or as one Realtor said to me yesterday, “The Market is what it is…you have to learn to  work within the market.”

Respectfully,

Rufus Hutchinson

Charlotte NC Real Estate Broker

The following  will help all new homeowners in the Charlotte, NC  area be sure that they do not face an unexpected emergency or embarrassing surprise.

1. Replace Your Door Locks…The previous homeowner may have given out several keys to your new home.   I always recommend that new homeowner’s replace the exterior door locks.   Hint: Ask the hardware sales person to key the locks all the same…One key works all doors.
2. Change furnace and air conditioning filters…Be sure that during your home inspection that the inspector can tell you the location of all heating and air conditioning filters.   Hint: Before you go to the store, make sure that you have the right size.
3. Learn the location of main water cutoff and if you have gas, the gas shutoff valve…Learn where the other cutoffs are that you might need to operate in a hurry, such as the ice maker and the dishwasher.   Being able to quickly locate and operate these cutoff values can save you extra expense.
4. Learn the location of your circuit breaker box…if the different switches are not labled, take the time to do so.   This will save  time and frustration when you need to cut off electrical supply to a specific area or appliance.

Respectfully,

Rufus Hutchinson

Charlotte NC Real Estate Broker

Little Known Fact:   Most people do not realize it, but Charlotte, NC is the second largest banking center in the United States.  

Faced with the rising number of foreclosures across the United States, two of the largest banks in Charlotte, NC real estate market area, Bank of America and Wachovia, are adding staff to work the expected restructuring of thousands of homeowner’s loans.   Here are some of the statistics:

• Bank of America foreclosed property portfolio increased over 500% in the last 15 months…Wachovia’s dollar value of foreclosed properties increased 295% during the same period.
• Banks across the nation are facing increasing pressure to help homeowners.
• The percentage of US mortgage loans in the foreclosure process is at its highest level ever recorded (reported by Mortgage Bankers Association)
• Banks have a business interest in assisting homeowners through this mortgage crisis.

Six banks, including Bank of America (but not Wachovia), joined the Treasury Department’s “Project Lifeline”…”The lenders will ocntact homeowners who are 90 or more days overdue on monthly payments. These borrowers will be given the option of pausing the foreclosure process for 30 days as the lenders work to make the loan more affordable.   The program doesn’t guarantee a loan modification.”   (Read Charlotte Observer Article)

If you find yourself facing foreclosure call:

• HOPE hot line:   888.995.HOPE
• Bank of America Customers:   800.846.2222
• Wachovia Customers:   800.642.0257

Respectfully,

Rufus Hutchinson

Charlotte NC Real Estate

Charlotte Real Estate Service Performance Guarantee

The Charlotte, NC Real Estate Housing Report for January 2008  As Reported  In The Carolina Multiple Listing Service:  

Using the Carolina Multiple Listing Service statistics for January 2008 found that overall home sales closings were down as days on market and homes listed for sale continue to rise when compared to the previous January 2007.

• Contracts were down 25%
• Actual closings fell 23%
• Of note, the average residential closing price remained virtually unchanged at $218,610 from last year
• Average days on market are up almost 10% over last year…129.8 days…this is a steady overall increase over the past 12 months
• The list price VS sales price differential for Jan 07 was 4%…for Jan 08 was 9.3%.   Sellers continue to ask more for their homes without a cooresponding increase in sale price.   Sellers have not come to grips with the current market realities.
• New listings are way up over last January…5,902 in Jan 07…6,716 in Jan 08.   More people are trying to sell their home resulting in an increase in inventory available to the buyer to buy.

Based on January 2008 review, it is imperative that sellers that must sell need to list their home at a competitive price now and not chase the market price…supply is up…buyers have more choices…sellers need to adjust their expectations accordingly.

Respectfully,

Rufus Hutchinson

Charlotte NC Real Estate Broker

In the Charlotte, NC real estate area, our local hospitals use about 100,000 blood products a year to people like you and me.   Each day patients who suffer from cancer, heart disease, and other major illnesses depend on a readily available supply of blood to save their lives.   As a volunteer blood donor, you are saving lives.   Here are some facts:

• Blood donations tend to decrease during the winter and holiday season.
• Demand for blood products often increases during the winter and summer months.
• No amount of money donated will ever replace the life giving event of a blood donation.
• Donating blood costs you nothing but a little time…approximately an hour.
• Anyone over 17 years of age who is healthy can donate.
• You can call and schedule an appointment to donate.
• ALL BLOOD TYPES ARE NEEDED!

About 4 million people need blood each year — one every 12 seconds. Our local hospitals transfuse more than 100,000 blood components every year. When we think of the need for blood, we often think of emergencies, but for thousands of Americans, transfusions are a way of life. People who suffer from cancer, heart disease, leukemia and other major illnesses need blood on a regular basis to survive.   Blood use varies greatly from patient to patient, depending on whether or not there are complications. The following examples are not uncommon:

Below are links to the locations where you can donate through the American Red Cross or through the Community Blood Center of the Carolinas:

American Red Cross  

Community Blood Center of the Carolinas

If you have donated in the past…thank you.   Won’t you donate again?   If you have never donated…it’s time to take the leap.

Respectfully,

Rufus Hutchinson

Charlotte Realtor

Charlotte NC Real Estate  

While the entire home buying process can be intimidating and overwhelming at times, the best place to start is  with your local Charlotte, NC mortgage consultant.   He or she will help you determine “how much home you can afford.”   My mortgage consultants say there are four things to keep foremost in your mind when going through the home buying process.

1. Work with someone you trust.   Where have we heard this before?   If you do not have a banker, then ask a trusted source for a recommendation.   Remember, your relationship with the mortgage consultant is long term.   It  is critical in determining the home your buy and how smoothly your home closes.
2. Ask questions all through the process…the last thing you want are any “surprises” at the end.
3. Stay within your budget.   It’s not always about what you can qualify for…but it may be more about what you can afford comfortably on a monthly basis.   Remember, your mortgage payment will include PRINCIPLE, INTEREST, TAXES, INSURANCE, and possibly homeowners association dues.   Additionally, you will need to factor into your monthly payment the cost of maintenance and utilities.
4. Remember that there are other expenses.   The last thing you want to do is buy that home you have always wanted but do not have any money left over to enjoy the home.
5. Finally, you want your Realtor and Mortgage Consultant to work together.   While the Realtor is focused on the entire process to include finding you the right home, the mortgage consultant can determine what it is going to cost you to live in your new home.   Be sure that your Realtor is asking for “Good Faith Estimates” on the price of the homes you hope to buy.   The “Good Faith Estimate” or GFE will give the overall costs to close and your monthly payments within several hundred dollars.   When you get into serious negotiations have a GFE to help you understand how much you really can offer for the home.

Respectfully,

Rufus Hutchinson

Charlotte, NC Mortgage Lenders

Real Estate in Charlotte, NC

My wife and I have moved 20 times in 38 years of marriage.   After a 20 year career in the Air Force and after finally landing my dream job, United Airlines Pilot, we moved to the Charlotte, NC area  in August 1992.   Since moving to Charlotte area,  we have owned three homes.   I think that qualifies me to give advice to first time home buyers.  

1. Interview several Realtors.   Find one that engenders trust and reliablity.   Give them a couple of opportunities to communicate with you.   See if they do it in a timely manner.   Ask questions…lots of questions.
2. Go to a lender.   I really recommend that you go to several lenders.   Again evaluate how timely they communicate with you.   a.) Determine the max program you can qualify for allowing you to buy the maximum home.   b.) Now determine what you think your “comfort level” is for monthly payments.   Be sure to include not only PI (principle and interest) but include TI (taxes and insurance).   (Note: After you select the home of your dreams, be sure to ask about homeowner association dues.)   Begin the application process and get prequalified.   This will give you bargaining strength when negotiating for your new home.
3. Take a look a listings.   Time spent in the office with your Realtor reviewing areas, subdivisions, and homes will save you time on the road.
4. Consider the commute.   While you will generally get more home for the dollar the further away from the city you go, you will also spend more time in the car than enjoying your new home.   Take the time to map the commute on the internet.
5. Consider your other interests.   Where is your new home in relation to sport activities, parks, recreation activities, clubs, theaters, etc..
6. Review the schools in the local area.   While this might not be important to you now, you may have children in the furture.   And if you do not have children in the future, you may sell you home to someone who does.   Consider the schools!
7. Rely on your Realtor to help guide you through the process.   And that is why step number one above is so important.

I tell new Realtors that there are  three  secrets to becoming a great Realtor…”LISTEN, LISTEN, LISTEN” to your clients…But don’t be afraid to speak up.   You are responsible to look out after  your client’s best interests over all others…including your own.   Never forget that.

Respectfull,

Rufus Hutchinson

North Carolina  Realtor, South Carolina Realtor

Homes in the Charlotte, NC Real Estate Area  

The following tips to help you select a Realtor work wheather you are looking for a Realtor in Charlotte, NC or Tega Cay, SC.

Here are a list of questions you should consider when looking for your Realtor.

1. Is your Realtor a full-time, professional Realtor?   You want someone who is dedicated to the profession and to serving you.   Who understands all the legal ramifications of the hundreds of decisions you will have to make.
2. How long have they worked full-time?   Longevity can be an indication of level of knowledge.   Longevity also indicates some level of success in the business.
3. Do they specialize in one area or do they have a depth and breath of knowledge of the entire region?   Specialization in one area can be good, but are you going to have to have one Realtor for earch area.   I want the generalist who knows how to find the information I need to buy a home in the Charlotte, NC real estate area.
4. Are they technology smart?   Do they have their own website?   Do they have a lots of information and content about real estate in the Charlotte, NC area?   What you really want to know…can they find the information you want to know and will they communicate that information to me in a timely manner?
5. Do they have search programs for the Charlotte, NC area  that I can utilize on my own time?   Can they build a search program based on my wants, needs, and desires that will email me the information?  
6. How will they communicate with you?   Look for a Realtor that has mulitple ways to communicate with you such as email, office phone, cellular phone, fax, and an 800 number.   Do not hesitate to ask about timeliness in communications.
7. Will you show me properties from other companies’ listings?  
8. Will you represent me exclusively, or will you also represent the seller?   Ask your agent to explain agency law and have him or her review listing agent, buyer agent, and dual agency in detail.   Did your Realtor mention or give a copy of the Working with Real Estate Agents as required by both North and South Carolina Real Estate Commissions?
9. How are your fees structured?   Who pays your commission?
10. What is your negotiating style?  
11. What distinguieshes you from other Realtors?   What Realtor designations do you have?   Do you instruct in your office? at the Board of Realtors?   other offices?
12. Do you have a service performance guarantee?
13. Finally, may I contact some of your recent clients as references?

Do not be afraid to ask the above questions.   Listen to their answers.   Do your homework before you sign up with a Realtor.

Respectfully,

Rufus Hutchinson

NC and SC Realtor, NC and SC Broker

Serving Buyers and Sellers in the Charlotte, NC real estate area