Organize your finances before you go to the bank. While each bank may require different documentation, at a minimum you will need:
- Pay stubs.
- Tax returns.
- Financial statements (one that is less than 60 days old).
- Copies of additional monthly payments such as car loans, credit cards, student loans, etc.
- Any additional information (such as proof of additional income) that you think will help your banker to positively evaluate your credit request.
(As Reported by Rismedia)
Many people are gaining interest in buying a new home as the summer heats up! The Inventory continues to be full of great deals! BUT where do you start?
Take the Time to Map Out How to Get to Your Destination!
1. Start by learning about the $8000 Tax Credit and how it can help you. There is a ton of information on the internet and here on my blog that can assist.
2. Find a reputable lender. I probably should take one step back here. If you find a GREAT Realtor first, they should be able to assist with the rest. Typically, Buyers only begin to work with Realtors at the point, that they are ready to start touring houses. An experienced Realtor can make this process alot easier. Often the best place to find a great Realtor is through word of mouth. If several of your friends have had great experiences with a certain Realtor, you are likely to as well. Use the Same techniques to find a great lender.
3. Use the Lender to get a PRE APPROVAL, not prequalified. Turn in your paperwork upfront and have a PRE APPROVAL on paper from the lender telling what you can afford. This gets all of the surprises out of the way upfront. A great lender can help you look at any problems on your credit report and correct them. They can also advise you on cash that will be necessary to close on your new home.
Now your ready to look at those new homes!
Although I have seen a smidge of improvement in the market lately, it is only in the lower price ranges in less rural areas. The First Time Home Buyer Tax Credit has obviously rejuvenated the low price range sales. What in the world are we going to do with the abundant inventory of homes in the upper price ranges? In the Denver, NC area, Short Sales and Foreclosures on New Construction are abundant.
I have never been one to want to move out of my incredibly affordable little house, but with the great home prices out there and low interest rates…GEEZ! I see such great houses daily, it even makes me want to buy!
Clouds Rolling In? Or Out?
RISMEDIA, June 12, 2009-Lawmakers are pushing to revive legislation in the Senate that would almost double an $8,000 tax credit for first-time home buyers and expand the program to all borrowers.
Senator Johnny Isakson, a Georgia Republican, plans to introduce a bill this week that increases the tax credit to $15,000 and removes income and other restrictions on who can qualify for the credit, according to his spokesman, Sheridan Watson.
The legislation, which is co-sponsored by Senate Banking Committee Chairman Christopher Dodd of Connecticut and other Democrats, would extend the home buyer credit to multi-family properties that are used as the borrower’s primary residence. It would also eliminate income caps of $75,000 and $150,000 on individuals and couples seeking to claim the credit.
“The housing market continues to be a drag on the economy, said John Castellani, president of the Washington-based Business Roundtable, which represents the interests of more than 100 CEOs including General Electric Co.’s Jeffrey Immelt and Exxon Mobil Corp.’s Rex Tillerson. “We believe that if we don’t stabilize this vital sector, we can’t turn the tide on the recession.”
The Business Roundtable and the National Association of Realtors are both pushing to expand the tax credit and to lower mortgage rates to revive the U.S. housing market.
Isakson’s bill would extend the credit, which expires at the end of 2009, to one year after it’s signed into law, according to Watson. It would also allow borrowers to divide the credit over two years. The bill is co-sponsored by Republican Senators Lamar Alexander of Tennessee, Saxby Chambliss of Georgia, David Vitter of Louisiana and James Risch of Idaho.
Senators Patty Murray, a Washington Democrat, and Joseph Lieberman, a Connecticut independent, have also signed on to the bill, according to Watson.
Mortgage Rates
The roundtable and Realtors groups also recommended the Federal Reserve continue its plans to purchase mortgage securities guaranteed by Fannie Mae, Freddie Mac and the Federal Home Loan Banks to drive down mortgage rates below 5%.
The Fed is about a third of the way through its $1.25 trillion commitment, holding $427.6 billion of mortgage debt backed by the government-sponsored enterprises as of June 3, according to the New York Federal Reserve.
The average rate on a 30-year fixed-rate U.S. mortgage jumped last week to the highest level since November, rising to 5.57% from 5.25% the prior week, according to data released today by the Mortgage Bankers Association.
I am always curious to see how we are doing in comparison to last year. I have attached some information, I think you will find helpful!
This data would include all of the Multiple Listing Services Area, such as Lincoln County, Catawba County, Mecklenburg County, Iredell County, Gaston County and a few more.
Pending Contracts: April 2008 – 2,992 / April 2009 – 2,269
New Listings: April 2008 – 6,583 / April 2009 – 5,050
Closed Homes Reported: March 2008 - 2,659 / March 2009 – 1,671
Mortgage Rates: April 2008 – 6.03% / April 2009 – 4.78%
To See the Exact Information Provided by CMLS, Please CLICK HERE.
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Lincoln County Home Sales Statistics
I decided to take this a step further and look at the stats on our side of the Lake, so take a look at these.
Number of Homes Currently on the Market in Lincoln County: 821 Homes
Number of Homes Currently on the Market in Denver Only: 421 Homes
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7196 Catawba Springs Road - Listed at $135,000 - Available Immediately!
Denver Only Homes $1 – $150,000 Currently on the Market – Total – 30
Number of Homes $1 – $150,000 Currently Under Contract – Total – 6
Number of Homes $1 – $150,000 Sold Since 4/1/2009 – Total – 4
There is 6 Months of Inventory at the Rate these Homes are Selling Currently.
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1978 Clarence Chase lane - Listed at $249,900 - Available Immediately!
Denver Only Homes $150,000 – $250,000 Currently on the Market – Total – 54
Number of Homes $150,000 – $250,000 Currently Under Contract – Total – 13
Number of Homes $150,000 – $250,000 Sold Since 3/7/2009 – Total – 11
There is 4.5 Months of Inventory at the Rate these Homes are Selling Currently.
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7257 Drury Lane - Listed At $340,000 - Available Immediately!
Denver Only Homes $250,000 – $350,000 Currently on the Market – Total – 61
Number of Homes $250,000 – $350,000 Currently Under Contract – Total – 0
Number of Homes $250,000 – $350,000 Sold Since 3/7/2009 – Total – 5
There is 24.4 Months of Inventory at the Rate these Homes are Selling Currently.
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4050 Marydel Lane - Listed at $359,900 - Available Immediately!
Denver Only Homes $350,000 – $450,000 Currently on the Market – Total – 35
Number of Homes $350,000 – $450,000 Currently Under Contract – Total – 7
Number of Homes $350,000 – $450,000 Sold Since 3/7/2009 – Total – 7
There is 5 Months of Inventory at the Rate these Homes are Selling Currently.
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4189 Bordeaux Drive - Listed at $439,900 - Available Immediately!
Denver Only Homes $450,000 – $550,000 Currently on the Market – Total – 45
Number of Homes $450,000 – $550,000 Currently Under Contract – Total – 2
Number of Homes $450,000 – $550,000 Sold Since 3/7/2009 – Total – 2
There is 22.5 Months of Inventory at the Rate these Homes are Selling Currently.
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264 Thistle Glen Court - Listed at $649,900
Denver Only Homes $550,000 – $650,000 Currently on the Market – Total – 48
Number of Homes $550,000 – $650,000 Currently Under Contract – Total – 3
Number of Homes $550,000 – $650,000 Sold Since 3/7/2009 – Total – 1
There is 24 Months of Inventory at the Rate these Homes are Selling Currently.
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3642 Lakeshore Road South - Listed at $699,900 - Available Immediately!
Denver Only Homes $650,000 – $750,000 Currently on the Market – Total – 28
Number of Homes $650,000 – $750,000 Currently Under Contract – Total – 1
Number of Homes $650,000 – $750,000 Sold Since 3/7/2009 – Total – 1
There is 28 Months of Inventory at the Rate these Homes are Selling Currently.
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3746 George Court - Listed at $799,900
Denver Only Homes $750,000 – $850,000 Currently on the Market – Total – 23
Number of Homes $750,000 – $850,000 Currently Under Contract – Total – 0
Number of Homes $750,000 – $850,000 Sold Since 3/7/2009 – Total – 0
We are Unable to Calculate the Months of Inventory in this Price Range with No Solds.
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8011 Blue Water Court - Listed at $849,900
Denver Only Homes $850,000 – $950,000 Currently on the Market – Total – 12
Number of Homes $850,000 – $950,000 Currently Under Contract – Total – 2
Number of Homes $850,000 – $950,000 Sold Since 3/7/2009 – Total – 0
There is 12 Months of Inventory at the Rate these Homes are Selling Currently.
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Denver Only Homes $950,000 – $1,050,000 Currently on the Market – Total – 9
Number of Homes $950,000 – $1,050,000Currently Under Contract – Total – 0
Number of Homes $950,000 – $1,050,000Sold Since 3/7/2009 – Total – 1
There is 18 Months of Inventory at the Rate these Homes are Selling Currently.
1070 Shoreline Drive - Listed at $1,750,000
Number of Homes $1,050,000 and Above Currently Under Contract – Total – 0
Number of Homes $1,050,000 and Above Sold Since 3/7/2009 – Total – 0
We are Unable to Calculate the Months of Inventory in this Price Range with No Solds.
Number of Lots Currently Under Contract – Total – 7
Number of Lots Sold Since 3/7/2009 – Total – 11
There is 123.3 Months of Inventory at the Rate these Homes are Selling Currently.
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Lot 15 Halyard in Norman Pointe - Listed at $109,900 - Available Immediately!
Number of Lots Currently on the Market in Denver Only: 572 Lots
Number of Lots Currently Under Contract in Denver Only – Total – 3
Number of Lots Sold in Denver Since 3/7/2009 – Total – 7
There is 114.4 Months of Inventory at the Rate these Lots are Selling Currently.
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7936 Mariners Pointe Lane - Listed at $159,900
Number of Townhomes/Condos on the Market in Lincoln County: 20
Number of Townhomes/Condos Currently Under Contract – Total – 5
Number Townhomes/Condos Sold Since 3/7/2009 – Total – 2
There is 5.7 Months of Inventory at the Rate these Townhomes/Condos are Selling Currently.
Well That Wraps it Up…I would say that we are still in a Buyer’s Market! Don’t Shoot the Messenger! Great Time to Buy! Spring and Summer will Bring Good Things!
Don’t Forecast the NAR Forecasts a 1% Increase Over Last Year’s Sales!
These stats were recently pulled from the Charlotte MLS regarding home sales in the Denver, NC Market. They were pulled using “28037″ zip code, so it will cover the Denver Homes in Catawba and Lincoln County too.
From 10/1/2008 to 2/16/2009:
3/4 of the Homes Sold in this Time Frame were Under $400,000.
Price Per Square Foot for the Homes Sold in Each price Range:
55.3% of the Active Homes on the Market are priced Over $400,000.
55% of the Homes Sold were 3 years old or Newer.
If you have a Waterfront Home for Sale, you had a 1 in 20 Chance of Selling it since October ’08.
92 Homes have Sold in Denver since October ’08. Six of these were Waterfront. Century 21 – Hecht Realty agents had Four of these Listed.
Century 21 – Hecht Realty, Inc. holds a 19% market share in Denver, which is far higher than any other competitor.
Since October ’08, Only 19% of the Homes on the Market in Denver Sold.
What does this mean to the Homes Seller in Denver….
At C21 we are of the general opinion that home prices in Denver are still significantly too high. The Denver Home Market Grew and Greatly Appreciated over the last few years due to the fact that Mooresville, Cornelius, Huntersville were appreciating and growing leaps and bounds. Denver was a great little town to live in and you could afford a better house here than across the Lake.
As time went on and Market Worsened, those Markets across the Lake began to Reduce their pricing more rapidly, but some how here in Denver we reacted too slow to what was going on around us. Now we find ourselves to be One of the More Expensive Towns to Live in On Lake Norman. Most buyers will find Mooresville, Cornelius, etc. more Marketable due to the close proximity of amenities and would pay more to live closer.
If you were to compare your house to other homes available in your price range in Mooresville, more often than not, you will find the Mooresville Homes Superior to Yours. THIS, my friend, is the reason the Denver Market has slowed virtually to a hault at some points over the last 6 months.
The Agents at Century 21 started coming this realization on Property Tour. We visited a handful of Mooresville Listings and Denver Listings in the Same Day. In a Custom Built Waterfront Neighborhood in Mooresville, you could purchase a Large Custom Home with a Boat Slip and Large Lot for Less Money for Less money than a Water View Home in Westport?!?!
Today’s Buyer is NOT looking for Luxury. They are looking for the best buy for their money. If they CAN get a great buy for their money in Denver, they are willing to Drive to the Amenities. If NOT, they will live in Mooresville.
I am probably the Perfect Example. I moved to Denver 6 years ago. I knew nothing about Denver and I wanted to be closer to shopping and restaurants. After touring tons of homes, that just did not WOW me, my Real Estate Agent urged me to look at a home in Denver. I liked the house very much and it was a great price in comparison to what I could purchase in Mooresville. NOW I love Denver of course and would never move to Mooresville. Do you grow up here? Probably not. What brought you to Denver?
We have to get back to those days if we want our community to continue to thrive and not be plagued by Foreclosures.
Upon further review of the statistics, we found that most people were not losing money when selling their homes in this Market. Chances are that selling your house at a better value will get it sold and allow you to purchase a new home at a better value.
Not here to shoot your selling dreams down…but to diclose the facts! Think about it…
Old Home on Hwy 16 at Mundy Road
CRRA (Charlotte Regional Realtor Association) Just Released Statistics for December 6, 2008 to January 5, 2009. These stats include areas, such as Charlotte, Denver, Gastonia, Lincolnton, Mooresville, Huntersville, Statesville and Cornelius. Needless to say, each little market place is a bit different than the other, but this offers a general idea of what is going on in the Market around Lake Norman and Charlotte.
Average Days on the Market (List to Close): 147.5 Days Days on the market are up 22.2 days December 08 vs. December 07
Average List Price of Sold Homes: $223,746 Average List Price has decreased by 3.5% December 08 vs. December 07
Average Sale Price of Sold Homes: $200,226 Average Sales Price has decreased by 8.3% December 08 vs. December 07
Residential Contracts Reported: 1,285 The number of Residential Contracts Reported has decreased by 38.4% December 08 vs. December 07
Residential Closings Reported: 1,350 The number of Closings Reported has decreased by 47.2% December 08 vs. December 07
The NCAR (North Carolina Association of Realtors) reported that the number of sold homes was down 38% December 08 vs. December 07 in North Carolina and the Average Home Cost was down 8%.
The NAR (National Association of Realtors) reported that across the nation the number of sold homes had decreased 3.5% December 08 vs. December 07 and the Average Home Cost was down 15%. In the South only, sold homes decreased 11.2% December 08 vs. December 07 with the average sales price down 7.9%.
On a positive note, the South’s Home Sales increased November 08 vs. December 08 by 7.4%.
Main Street USA
I personally have negotiated and put 3 homes under contract in the past 7 days, working on number 4 at this moment! When Life throws you Lemons….Make Lemonade! Start by Choosing the Right Realtor and Firm! Best Wishes!
