Lake Norman Homes and Real Estate

You’ve decided to enlist the help of a professional to help you sell your home. Here are some tips to help you find a real estate agent that will serve your needs best.

1. Find at least three real estate agent’s to interview.Ask friends, family and even neighbor’s for recommendations. Who did they use when sold their home? Would they use that same agent in another real estate transaction? Did they feel safe and trust the agent they used throughout the selling process?

   Use the internet. Buyers are using the internet in increasing numbers to find homes. An agent with a website near the top of a search engine for competitive phrases will likely hold an edge over an agent that doesn’t. Further, it is a great way to evaluate an agent before you even pick up the phone to arrange an interview. Simply go to your favorite search engine and conduct a search. Try different variations like “Your City real estate”, “Your City REALTOR” or even “Your City home for sale”.

   Check out the agent’s web site to see if they include a page that discusses their own achievements, experience and years in the industry. However, it would be wise to not discount an agent simply because they are new and don’t have experience. Generally, new agents have more time to help you and are eager to please.

    

2. Interview the top agents you’ve found yourself or were recommended to you by others. You should be prepared to ask relevant questions to help you determine if the agent will be a good match for you.
   1. Are you a REALTOR®?It is usually in a seller’s best interest to find a REALTOR®, not just a real estate agent. REALTORS® generally work full time, are committed financially to their business and have been extensively trained to serve your needs. They are also members of the National Association of REALTORS®.

       

   2. How long have you worked the real estate market in this area?Experience can certainly play an important role in helping you sell your house. New agents may not know how to deal

      with certain situations that occur during the transaction. An agent capable of handling difficult transactions can be the key to closing the deal.

       

   3. How quickly will you return my phone calls? Do you have a call back policy?Some agents return phone calls during specific times each day while others will call you back as soon as they receive the message. Make sure the agent gives you one good phone number that you’ll be able to reach them with at all times.

       

   4. Don’t conduct your interview as a question/answer interview. Have a real conversation. You need to get a feel for the agent’s personality as well.
   5. Agents that answer your questions stating yes or no are probably not someone you want to deal with. Find an agent that will happily answer your questions extensively so you understand the details of your relationship from the beginning. This will help you avoid any problems down the road.
3. Ask the agent for references and testimonials from past clients. If they’ve been in the business long enough, they are bound to have quite a few. This can help you weed out an agent that may not be well liked. Don’t just look at the testimonials… READ THEM! How enthusiastic do the sellers sound? Were they ecstatic with the agent’s service? Have they used the agent more than once?
4. Compare the agents you interviewed to make the final decision of whom to hire. What do you like and not like about each? Make a list and discuss it with family and friends that have been through the process. They may have valuable tips to help you make the right decision.

Tags: Buying a home in Charlotte NC, Buying a home in Lake Norman NC, Charlotte Real Estate, Charlotte Realtor, Lake Norman Real Estate, Lake Norman Realtor, NC Realtor

As the real estate industry evolves it seemingly becomes easier to market your house without the use of a professional. Knowing whether to use a REALTOR® or sell privately (FSBO) can be difficult to determine. It is important to understand what a good agent will bring to the table. Some of the main advantages of using a professional include: emotional objectivity, knowledge and marketing reach.

Before you decide to take on the job of selling your house privately ask yourself a few key questions:

1. Am I ready to emotionally detach myself from my house?

   Sellers generally become attached to their home. Most consider their home a sanctuary where they create an environment of relaxation and exhibit their own style. It is difficult to let go of something that has become a part of you over the years.

   A home becomes your canvas; a painting of your life. Albums are filled with photos from 10 years of holiday family events: Christmas mornings, Easter egg hunts and 4^th of July barbeques with hamburgers, hotdogs and fireworks. Walking across the floor you instinctively know what boards will creak, how to get the toilet to stop running and how to open the screen door in a second flat when no one else seems to have a clue. While some things may have once seemed like an annoyance they are now a part of what makes a home your own.

   Additionally, it can be difficult to maintain objectivity as buyers critique your home. Something you find endearing, that make it so special to you, may be the opposite for a buyer. It is important to listen to buyer criticisms and to be open to suggestions for improvement. A REALTOR® will serve as an emotional bridge helping you maintain an air of calm during the selling experience.

2. Do I have the proper knowledge to price my house appropriately?

   The first step is reaching a listing price. Some sellers have an unrealistic idea of the price their house may sell. Whether your idea is low or high, your agent will play a crucial role in helping come to a sensible price range. After completing a comparative market analysis (CMA) and examining other data, they will offer their respectful suggestion as to the price range you’ll be able to obtain. Once the listing price has been settled the marketing of your house begins.

3. Am I able to market my home effectively?

   The initial marketing of your house is the most important aspect of the marketing process. You’re not just selling a house, you’re selling the intimacy and peace a home should make one feel. Once your agent has viewed your house, he or she writes engaging ads focused on the key elements of your house that make it saleable. These ads may be placed in newspapers, magazines and the local MLS and are crucial to successfully selling your house. While you may be particularly fond of the 1970’s feel of your rust-colored carpet, a modern REALTOR® understands that today’s home buyer will be less fond of this characteristic. Instead they may focus on the uniquely large size of secondary bedrooms, the proximity of your home to parks and schools or significantly lower taxes. Even if you’re able to detach yourself from your house and market it appropriately, will you be able to tackle problems presented during escrow?

4. Can I anticipate and respond to problems quickly?

   REALTORS® are trained to anticipate and avoid problems or respond to difficult situations quickly. They’ve likely handled countless transactions and run into near deal breakers throughout their careers. The ability to quickly handle problems during escrow can be the difference between a closed deal and one that falls through. Real property vs. personal property can present issues during the closing process. For example, if you are selling your home FSBO and do not stipulate your expensive, antique chandelier will be moving with you, you could run into trouble. An accomplished agent would ensure any questionable items be listed in the Bill of Sale.

5. Do you have time to show your home to buyers and will you make yourself scarce?

   Most often FSBO homes do not offer access to their home via a lockbox. This cripples the ability for agents to show your home to potential buyers while you are at work. Further, home buyers generally feel intimidated by the presence of the seller during their visit. They rush through the house and tell you how wonderful it is even if they hate it. They feel uncomfortable looking through every nook and cranny even though this is one of the most important avenues a buyer must travel to make the decision to purchase your house. Hence, your presence hinders the sale of your house.

These are but a few of the issues sellers can run into during the selling process. Depending on your personal situation, knowledge and availability, it may be in your best interest to enlist the help and expertise of a professional real estate agent. In doing so you should interview multiple agents prior to signing a contract to ensure you find the agent that is best able to serve you.

Tags: Charlotte Realtor, Lake Norman Realtor, Selling Homes in Charlotte, NC, Selling homes in Lake Norman, NC, Selling your home

For whatever reasons, many people are selling their homes every day. Some people are selling because of a job promotion or a new job. Some people are selling because they have new needs for their primary residence. Many of these people are selling their primary homes so that they can purchase a new piece of real estate. Purchasing a new home can be a difficult affair. This is often made worse when the homebuyer does not know the area they are moving to. They must trust someone else’s judgment about where is a good place to live, or must they?

Certainly, they will need to find someone who knows the area where they will be moving. That should be understood, but it frequently is not. Not only is a quality realtor going to be familiar with all of the different aspects of the law in regards to real estate transactions and investments in real property, but they will also usually know all of the neighborhoods and general statistics about those areas as well.

If the potential real estate investor has done their homework and has already checked with loan officers or mortgage brokers, they already know about how much home they can afford. This will keep them from wasting either their time or the time of the realtor looking for housing that is unobtainable for them financially.

That in itself will narrow down the search considerably. Other factors such as crime, conveniences, location and the needs of the potential homebuyer individually all must be factored in. When these ideas are effectively communicate with the real estate agent, the realtor is then able to narrow the search down even further. It is important to look at all of the requirements and needs of the buyer in order to properly decide where to move.

Factors such as crime rates become even more important if there are children or families involved. How close the schools are or how far away they are will be information that has a substantial impact on the everyday life of the new homeowner. How much time is going to be needed to get to the grocery store? Multiply that by two or three times a week times fifteen or more likely, thirty years over the life of the mortgage, and it becomes easy to see why these are deciding factors.

Getting the right and relevant information before purchasing the home will allow the homeowner to avoid any unpleasant surprises after the home purchase. If nothing is known until then, it is too late to do anything about it. If the real estate investor is well informed before purchasing a new property, the whole experience will be greater.

Using a qualified real estate agent, the potential real estate investor can get all of the relevant questions answered before it is too late to do anything about it. While an investment in real property is a major financial affair, it is also about lives and living. Decisions should only be made once all of the information is available for review. Finding a good realtor who can make that happen will make everything a lot better. 

Tags: Buying a home in Charlotte NC, First Time Home Buyers, Home Buyers, Home Buying, Lake Norman Home Buying, Lake Norman Homes, Lake Norman Real Estate

Too much home, too little home, and waiting for the final word on financing can be easily avoided!       

For the first time homeowner, the whole prospect of investing in a home of their very own can be very exciting, and very intimidating. Knowing some of the more common mistakes that real estate investors have made in the past can keep the new homebuyer from repeating these errors. Purchasing a home is the largest investment that over ninety percent of homeowners will ever make in their lives.

A very common mistake made by many real estate investors is actually not so very severe. It will however, cost them valuable time and many headaches which could otherwise be easily avoided. Most potential homeowners want to run right out and find their dream house before they worry about financing. While the emotional effects can be devastating to some people, the actual financial repercussions are not so severe. Still, sleeping in an apartment dreaming of a home that an investor may or may not ever be able to purchase is something many people would prefer to avoid.

When seeking out opportunities for real estate investment, whether for a primary residence or a secondary investment property, the real estate investor should always seek financing before looking for a new home. Unless the investor has a substantial financial holdings at hand and excellent credit, it is not likely that they will be pre-approved for any set amount. However, this will give the potential homeowner a better idea of how much home they can afford and let them seek out the best value for their money.

While the home that you have found may be the home of your dreams, why would you want to set yourself up for failure or disappointment? Knowing the approximate amount that you can feasibly receive financing for will allow you to narrow down your search to homes that will fit into your allotted budget and houses that you can be certain you are able to purchase.

On the other side of the aisle, what if the potential real estate investor is seeking only a modest home, believing that it will be easier to obtain good mortgage rates and financing for a smaller house. After having spent so much money on escrow, closing, appraisals and the other costs of investing in real property, they then discover that they could have purchased the home that they really wanted if only they would have known.

The wise real estate investor will find out at least an approximation of how much they can spend before they do any actual spending or investing. Knowing how much home can be afforded will set the homebuyer up to succeed more easily and be less likely to be faced with harsh, unexpected realities and difficulties in regards to home financing. Real estate investment is a great means of building up personal assets and a viable means to provide additional income. Knowing how to invest your finances properly in the real estate market is going to be a determining factor in the success or failure of your financial portfolio.

Tags: Buying a home in Charlotte NC, Home Buyers, Home Buying, Lake Norman Home Buying, Lake Norman Realtor

When it comes to real estate investments, just as in all aspects of life, there are always going to be people who are comfortable in different positions of life. Many people are very happy as renters and do not wish to have the responsibility of purchasing their own home. Many people have not only a primary residence, but also actively invest in real estate as a secure financial investment and providing much needed housing for the renters. In short, there are good aspects in regards to both renting and purchasing a home.

When renting a home, there is little responsibility to the renter as far as upkeep and maintenance of the investment property. If things go wrong or there is a problem, they are free to call the property owner and the problems will be fixed. For the homeowner, the problem is a little bit more involved. The problem must be diagnosed to discover what the problem was, what caused the problem and then they are still responsible for the repairs and costs associated with that maintenance and upkeep.

For the renter, packing up and moving may still be a difficult task. They still have all of the same possessions as most homeowners, but they do not have a thirty year mortgage keeping them in place. With proper notice being given, the renter is able to move freely wherever and whenever they would like. For the real estate investor, it is a little more difficult, as there is often a mortgage to be considered, as well as other factors which only the homeowner can truly comprehend.

The homeowner also has something else that the renter does not. Whether it is real or imagined, being able to return home to someplace that is actually your very own, is a satisfying experience. When the home is owned, there is nobody who can say what modifications to the real estate can or cannot be made. The freedom that owning your own home allows you to do as you please, within reason of course is a feeling that is very comforting to most people.

While not everyone is going to want to accept the responsibilities that come with home ownership and a real estate investment, most people would agree that the benefits are well worth the cost. Investing wisely in a home is a good idea for anybody who truly wishes to understand what that feeling is. The cash value of a good real estate investment is secondary to the rest of the home ownership experience.

Tags: Buying a home in Charlotte NC, First time home buyer tax credit, First Time Home Buyers, Home Buyers, Lake Norman Home Buying

When someone is considering purchasing a new home, the idea of a real estate transaction may seem simple enough at first. In reality, an investment in real property is much more difficult than it may seem. It is always a good idea to utilize the services of a licensed real estate agent when considering an investment in a home.

Using a licensed real estate agent will allow the buyer to remain informed about exactly what must be done at every step during the home buying process. The question now becomes; how does a homebuyer qualify the real estate agent? What questions should the real estate investor ask to find out about the realtor and their qualifications?

The real estate agent is hired to do a job. Anytime someone is hired, it is necessary to ask certain questions in order to find the best person for the job. A good place to start is by getting references. While the real estate agent will only use satisfied customers as references, those people will still be able to give the real estate investor an idea of what exactly the realtor did or did not do to their complete satisfaction. Careful examination of references will usually provide both the strengths and weaknesses of a real estate agent.

The seller will pay for most of the fees, especially those incurred by the real estate agent. It is still necessary for the homebuyer to ask about any fees that may result in out of pocket expenses. Frequently, the buyer pays for a home appraisal. Asking the realtor about the fees which the buyer will be expected to pay before hand, will give insight as to how much cash on hand must be available to complete the home purchase.

It is very important that the realtor is familiar with the areas where the homes are. Knowledge of the neighborhoods is important to the homebuyer so that they will know that their specific needs can be met with the real estate transaction. This is an especially important qualifying question if the home being purchased will be used as a primary residence for the homebuyer.

Carefully qualifying the real estate agent is an important part of any real estate investment. The effects of a miscommunication or a problem will often be lifelong or a difficulty for at least the fifteen to thirty year life of the mortgage. Finding a qualified realtor can bring about a lifetime of joy and happiness from a new home purchase.

Tags: Buying a home in Charlotte NC, First Time Home Buyers, Home Buyers, Home Buying, Lake Norman Home Buying

Many people use real estate investments as a means to generate income and provide a viable tax shelter while still providing financial benefits to the investor. The first time home purchaser is more likely to be buying a new house for a primary residence rather than for a real estate investment. While the primary residence is still a major investment in real property, the start to finish method is a little different than it is for the investor.

The first time buyer should always start the search for their dream home with a recognized lending agent. Whether this means the loan officer at their personal bank or a more formal mortgage broker in a larger financial institution, this is the place where everything begins in the process of real estate investments.

A good mortgage broker will be able to explain all of the necessary details about the process of real estate investment. They will also be more fully qualified to look at the individual situations of the prospective homeowner and give them a more complete analysis of what financing options are available and which types of loans or mortgages will best suit the individual needs of the real estate investor.

Sometimes an option on a piece of real property will include the ability to lease to own or rent to own the property. This option is often a good idea for people who do not have a substantial amount of capital to invest as a down payment in a real estate venture. Rent to own, or lease to own will also be beneficial to many people who may have very good credit, but for whatever reasons, do have some discerning commentary in their recent financial credit reports.

Other options which may be viable are large down payments for someone who has the capital to invest, but does not have the credit. Some mortgage lenders offer very enticing deals to first time buyers, which include benefits that may not be available to other parties who are purchasing real property as an actual investment instead of buying a primary residence.

Still other mortgage and financing options include the use of zero down loans for real estate investors. These loans will usually cover all of the closing costs when buying a house as a primary residence.

Real estate investment is a major expense, and as such, it is important to know how much the homeowner has to spend before going out and trying to spend it. There are so many loan and mortgage options available to the real estate investor that it is imperative to start any home or property purchase with a lengthy discussion with the loan officer or mortgage broker in order to make sure that all of the proper options can be readily explored.

Tags: Buying a home in Charlotte NC, First Time Home Buyers, Home Buyers, Lake Norman Home Buying

1. Plan to Buy a Home in an Area You Intend to Stay.

Make sure you can commit to remaining in one place for at least a few years. When looking at areas of interest take into consideration your job and commute time, school district, distance from loved ones and any other factors that are important to you.

2. Check Your Credit.                                                     

Since you are likely to need a mortgage to buy a house, make sure your credit history is as clean as possible. Ask for a copy of your credit report and correct any inaccuracies before you begin house hunting.

3. Calculate your Finances.

Aim for a house you can afford. The rule of thumb is that you can pay for a house that is two-and-one-half times your annual salary.

Getting pre-approved by a lender will ensure that you are looking at houses in the right price range.

4. Hire a Professional.

You can use the internet to find real estate agents in your area.

Also, it is best to ask for recommendations from people who have used agents when buying their home. Ask them what their experience was like and if they would use the same agent again. Interview several agents before determining the one you want to work with.

5. Do your Homework.

When making an offer on a house, your opening bid should be based on the sales trend of other homes in the neighborhood. Use a Comparable Market Analysis of homes sold in the last three months. If homes are selling five percent below the asking price, then make your offer five to ten percent below the listing price.

6. Hire an Inspector.

Even though your lender will require a home appraisal in order to determine the worth of the property, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. This will establish if there are any problems that would require costly repairs.

Tags: Buying a home in Charlotte NC, First Time Home Buyers, Home Buying, Lake Norman Home Buying

While most people may consider buying a home simply for the sake of having a personal residence of their own, real estate is a viable alternative to those difficult to understand and costly investment funds and retirement accounts. As with any financial investment, there are things to do and things not to do when making an investment in the real estate market.

Any investment should be examined closely before any money is actually spent. No financial investment comes with a one hundred percent guarantee of a “return of investment” or ROI.  If somebody is promising you a double-digit return on your real estate investment, they are probably lying to you.

While real estate sales persons will usually have good information about the homes, the surrounding neighborhoods and other general information, care should be taken if they are offering you financial advice. While this is not a common practice and is not reflective of all sales people, some people are the proverbial salespeople. Listen closely to what they say. It could very well be that they have sound analysis and are quite correct in their conclusions. However, it is never a good idea to trust the words of one single individual with any financial investment, much less any major investment such as one in real estate.

Knowing what the costs will be on an investment property is something that is often overlooked. Lately, purchasing condominiums as an answer to the dwindling rental market has become a popular real estate investment in many US cities. The assumption upon investment was that the rental market would allow for easily renting the property and creating a self-sustaining investment. Such factors as regular and routine home maintenance, association fees, homeowners insurance and other expensive fees associated with homeownership are not taken into consideration. The end result is an expensive parasite that will slowly deplete the financial resources of the real estate investor.

A very large number of people are commonly approached with offers of full and complete mortgage financing which will even cover pre-purchase expenses such as property appraisals, escrow funds and other pre-investment expenses which may initially seem like a viable investment alternative to the real estate broker. These easy to obtain loans and mortgages are frequently a poor investment however. Most of them are established on variable rate mortgage payment plans. This means that as interest rates fluctuate, so will the house payments required of the real estate investor.

These loans also frequently artificially inflate the value of the home resulting in the real estate investor being “upside down” in their mortgage payments for upwards of twenty years into a thirty-year loan. Not only will this result in a substantial financial loss to the real estate investor, but it will also frequently leave the homeowner with no other choice but to file bankruptcy or allow a foreclosure on the property as the only way out of the real estate investment. The end result of a poorly informed decision in real estate investments will only be to the detriment of the buyer and not help anyone to retire.

Tags: Home Buying, Lake Norman Home Buying

The declining home values that are plaguing homeowners are just one of the factors creating an opportunity for prospective homebuyers, combined with near-record-low mortgage rates and government incentives ( $8,000 first-time homebuyers’ tax credit ) are luring more first-time home buyers into the market. Indeed, a recent survey found that more than three-quarters (78%) of potential first-time homebuyers say now is a good time to buy.

If you agree, be aware that buying a home comes with plenty of potential missteps.

Here are 10 all-too-common mistakes first-timers make.

1. Not knowing how much house you can afford.
Many novice homebuyers spend a lot of time researching homes — comparing kitchen layouts and backyard square footage — but much less time researching their financing options. One of the first things buyers should do is talk to a qualified lender and get preapproved for a mortgage. Without first figuring out how much house you can afford, you risk falling in love with one you can’t.

2. Assuming foreclosures are great deals.
Just because the previous owner owed $450,000 on a house before the bank took it over doesn’t mean it’s worth that much now. Values have slipped significantly, so you may not be getting the bargain you think with a foreclosure. Also, most homes owned by lenders or banks have been sitting vacant for months and may have been vandalized, not to mention that they are sold “as-is” and in real estate that is a scary thing!  It could require extensive renovation or repair. Weigh the costs of fixing up the property against the savings you’ll likely reap by buying a lower-priced foreclosed home.

3. Letting your true feelings show.
No matter how much you’ve fallen in love with a house, don’t let the seller’s agent in on it. Otherwise, he will gain the upper hand in negotiations. And the more leverage you have the better.

4. Failing to find a good buyer’s agent.
Landing a mortgage is tough these days. So buyers should rely heavily on knowledgeable agents to help them get their finances in order. After all, buyer’s agents have a fiduciary responsibility to the buyer exclusively — and should be looking out for his best interests. Consider using an agent recommended by a relative or friend. Interview the candidates about their experience; ask if they’ve worked with first-time buyers before and what kind of service you’ll get from them.

5. Underestimating the costs of owning a home.
Whether it’s a rusty pipe or a leaky roof, things go wrong and need to be fixed. Many homebuyers don’t anticipate the additional costs for repair and maintenance, or for an increase in utility costs. Consider the age of your new home and how well it’s been treated by the previous owners in your budget. Be prepared to set aside a small percentage (1% at most) of the home’s purchase price annually for repairs and upkeep.

6. Failing to budget for property taxes.
Property taxes — and the likelihood that they’ll climb over the course of your time in the house — should be factored into any homebuying budget.  To get an idea of how much you’ll be paying, call the local assessor’s office or talk to people in the neighborhood.

7. Assuming your first offer will get accepted.
As home prices get even more affordable, competition is bound to heat up. These days you can’t assume you’ll walk in there, make the offer and get it. Try not to get discouraged if you lose out on the first — or second — house you make an offer on.

8. Skipping the inspection.
Before signing anything, hire a professional inspector. The seller isn’t likely to tell you there’s mold in the basement or the walls are poorly insulated.

9. Doing too much too fast.
Some buyers want to make the house their own right away. They overextend themselves on credit to do so, and assume the improvement will pay for itself by increasing the home’s value. But that’s not always the case — especially in today’s market. Instead, buyers need to exhibit patience and make changes over time. Plus, what’s better than weekend home improvement projects with the family here and there?

10. Failing to include a contingency clause in the contract.
A mortgage financing contingency clause protects you if, say, you lose your job and the loan falls through or the appraisal price comes in under the purchase price. Should one of these events occur, the buyer gets back the money he used to secure the property, the earnest money deposit. Without the clause, he can lose that “earnest money” and still be obligated to buy the house.