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What’s My Home Value in Uptown Charlotte, NC?

The pandemic is unpredictable, but Charlotte's real estate market is still doing great. It has become one of the hottest seller's markets in the US.

The housing inventory in Uptown Charlotte is low while the demand for housing is rising. Mortgage interest rates are also historically low, further increasing housing demand.

The high demand for housing in North Carolina continues to be fueled. This is from the influx of home buyers from expensive cities. Areas such as New York, Chicago, and California. This drove the housing prices to rise fast between 2020 and 2021.

Home value is determined using valuation tools. These are comparative market analysis, a home appraisal, and evaluation of comparable properties. It can be hard to know how much your home is worth. This is because it depends on the fair market value and appraised market value of your home. But, here are some estimates for the value of homes in Charlotte in 2022:

The median listing price for Uptown Charlotte, NC homes is $390,000.

The median sale price is $455,000 for Uptown Charlotte, NC homes.

The median sale price per square foot in Uptown Charlotte, NC is $404.

Average Uptown Charlotte, NC homes stay on the market for an average of 40 days. Hot homes stay on the market for 21 days.

Uptown Charlotte, NC homes sell for approximately the asking price. In-demand homes sell 3% above the asking price.

Mortgage rates and home prices are expected to increase in 2022. This eases the competition in the Uptown Charlotte housing market. But, don’t expect the Charlotte real estate market to become a buyer’s market anytime soon.

In this article, we’ll help you evaluate how much your Uptown Charlotte, NC home is worth. Do you want to figure out how much your home is worth? It's important to know about the different real estate valuation methods. And what is happening in the Charlotte housing market will help you figure out how much your home is worth.

Uptown Charlotte, NC Real Estate

In this section, we’ll give you an overview of the status of the real estate market in Uptown Charlotte.

What’s It Like to Live In Uptown Charlotte?

Uptown is a neighborhood located in Mecklenburg County in Charlotte. There are many recreational hubs, restaurants, and bars scattered across Uptown. The residents surely enjoy an urban feel.

Uptown Charlotte is one of the hottest housing markets in North Carolina. It ranked as the fifth-best neighborhood to live in Charlotte in Niche.com rankings.

It also got the 4th spot as the Best Neighborhoods to Live in Charlotte. Uptown Charlotte also ranked the 51st spot as the Best Neighborhoods to Raise a Family.

The median household income in Uptown Charlotte is approximately $82,000+. This is higher than the national average of 62,850+.

The area also has above-average public schools and private schools.

How Hot Is the Uptown Charlotte, NC Housing Market?

According to a report by Carolina Realtor® Association, the median sales price in the Charlotte region rose ($349,700) 22.7% year-over-year. The average list price also rose 14.7% to $425,970 in January 2022.

Now, let’s take a closer look at Mecklenburg County (Uptown Charlotte):

Uptown Charlotte’s median sales price rose ($375,000) 21.8% year over year. We can see that the median sales price in Uptown is much higher than the average sales price in Charlotte.

Meanwhile, the average list price is up 10.6% from $434,063 in January 2021 to $479,903 in January 2022. This is also higher than the Charlotte region's January 2022 average listing price of $425,970.

According to the Redfin Compete Score™, Uptown Charlotte ranks 44 out of 100. This score signifies that the Uptown Charlotte housing market is somewhat competitive.

Houses in Uptown Charlotte get multiple offers, further driving up their sale price.

According to a report, the average home in Uptown Charlotte sells in 22 days. This is compared to 25 days in 2021. Hot-selling homes stay on the market for around 21 days and they are sold for 3% above the list price.

Homes that sell above the list price show that sellers earn more than the asking price. All these numbers show us that the Uptown Charlotte market is red hot in 2022.

Is Charlotte a Buyer's or Seller’s Market?

Uptown Charlotte's housing market is hot. Homes only stay on the market for an average of 22 days. Homes are also sold around or above the list price.

Let’s look a bit further into the housing inventory of Uptown Charlotte:

According to the Carolina Realtor® Association, the number of new listings dropped. New listings decreased by 15.9% from 1,740 in January 2021 to 1,464 in January 2022. The inventory of homes for sale also decreased by 53.1% from 1,702 in January 2021 to 796 in January 2022.

There is a shrinking number of homes to meet the increasing demand for housing in Charlotte. This is shown by the drop in new listings and the shortage of inventory.

These data indicate that Uptown Charlotte is a seller’s market.

However, it was also seen that the number of pending contracts dipped 5.3% year-over-year. The number of closed sales also dipped by 0.7% from January 2021 to January 2022.

Increasing mortgage rates and home prices are also expected to ease the competition. The Uptown Charlotte real estate market isn’t expected to turn into a buyer’s market soon.

How to Find the Value of Homes in Charlotte, NC

Multiple factors affect the value of your home. Consider its age, its condition, square footage, renovations, and the neighborhood. Property values also depend on the current local housing market. It also depends on the global economy, mortgage rates, and tax rates.

Are you planning to sell your home? You may be weighing if you should take advantage of the climbing home values and sell your property. But, you may be wondering if you should maximize your home’s equity.

To make a decision, you should first figure out how much your home is worth.

There are various ways to get home value estimates. The types of valuation include fair market value, appraised value, and assessed value.

Fair market value considers how much prospective buyers will be willing to pay for your home. Fair market value requires comparing your home to similar properties in the area. Comparable homes have similar square footage. These are homes with the same number of bedrooms and bathrooms.

Appraised home values are based on the professional inspection of a licensed appraiser. Appraisals consider the condition, size, location, and any renovations done on the home.

The assessed value depends on the dollar value assigned by local tax assessors. The goal is to calculate property taxes. Tax assessors consider factors such as fair market value and appraised value. It can also include income from the property, renovations, and tax exemptions.

Let’s discuss the different ways to find how much your home is worth.

Use online home valuation tools. Sellers and buyers can use automated valuation models (AVMs). This will quickly find the market value of their homes. AVMs are online platforms that use algorithms and publicly available real estate data. These include property sales and tax assessments to get an estimate. These tools also take into account your home’s square footage. And also the number of bedrooms, location, and market demand.

Comparative market analysis from a real estate agent. Most real estate agents are willing to do a free comparative market analysis. This is to ensure that you sell your home at a competitive price. Experienced real estate agents use relevant data from recent sales of comparable properties.

Hire a professional appraiser. To make your home more sellable, you can hire a professional appraiser to back the value of your home. If you get a favorable home appraisal, you’ll have more elbow room to make negotiations.

Use the FHFA house price index calculator. Using the FHA house price calculator is one of the best ways to gauge the value of your home. This is based on the rate of appreciation of all homes in your area over a certain period.

Look up the assessed value of your home. Assessed values of homes are readily available online for property tax purposes. Check your county auditor’s website to check the prices of residential properties.

What’s My Home Value in Uptown Charlotte, NC?

You may not be able to figure out the value of your home without the evaluation tools. It's important to consider the fair market value, appraised value, and assessed value. You will have a better idea of what your home is worth if you understand the current real estate market.

According to Realtor.com, the median sale price of Uptown Charlotte, NC homes is $390,000 as of April 2022.

According to zerodown.com, the median sale price for Uptown Charlotte homes is $455,000. However, demand for housing in Uptown Charlotte is still high. Reports show that the median sale price for Uptown Charlotte homes decreased by 2.18%. This data was in the past 12 weeks and 9.7% in the past 12 months.

The price per square foot in Uptown Charlotte is $404. The median price per square foot in Uptown Charlotte rose by almost 55% in the past 12 weeks.

According to Redfin.com, the median sale price for single-family homes in Uptown Charlotte is down 35.3% year over year at $695,000. Meanwhile, the median sale price of townhouses in Uptown Charlotte is $435,000, up 13.3% year over year in February 2022.

According to the same report by zerodown.com, the median days in which Uptown Charlotte homes stayed on the market decreased by 68.82% from 62.99 days to 19 days. Meanwhile, a study by Redfin reported that homes stay on the market for an average of 48 days. This is compared to the 77 days last year.

Uptown Charlotte, NC Housing Market Trends and Forecasts

The Charlotte real estate market appreciated approximately 80% in the last 10 years. This puts Charlotte in the top 10% of real estate markets with the highest appreciation in the US.

In the last quarter of 2021, Charlotte's real estate appreciation grew 6.54%. This gives Charlotte an annual appreciation rate of 28.85% from 2020 to 2021.

Is Charlotte, NC a Good Place to Invest In?

Charlotte's high appreciation rates make it a good long-term investment. There is a lot of demand for housing and not much supply. So prices are going up, especially in areas like Uptown Charlotte. Remember that areas like Uptown Charlotte don't decrease in value, unlike other places.

Charlotte is a hot real estate market for investors, regardless of what they want to do with the property:

Buy and hold the property

Renovate and flip

Invest in multi-family properties

If mortgage rates continue to fall, home buying activity will increase. This will drive up home prices even further.

However, it’s difficult to decide which is the best choice. Is it better to build equity or sell your property now? Local supply and demand may continue to fluctuate. And future developments will continue to usher the upward trend of home prices.

What to Do if Your Home Value Went Up?

If you are an investor in Uptown Charlotte, you may be thinking that now is the best time to sell your property.

However, you must consider all the different options about what you can do with your property:

Review your home value with your insurance agent. Why? So that you can adjust your homeowner's insurance policy and coverage

Eliminate private mortgage insurance premiums if your home reaches at least 20% equity.

Take advantage of home equity loans or cash-out refinance. This will help you to invest in renovation projects that will further increase the value of the home

Consider putting your home on the market if the value has risen significantly. If it’s a good time to sell your home, consider decluttering and minor repairs. These are cost-effective solutions to increasing home value.

What to Do if Your Home Value Went Down?

While home values in Uptown Charlotte are unlikely to dip in the coming years, due to the unpredictable economic climate, you may want to look into your options just in case home values drop.

If home values drop, it may not be a good idea to sell your home. Home values are determined by various aspects. This includes the economy, real estate supply and demand, and current housing inventory. These factors may change in your favor, so it will be best to postpone the move if you can.

Takeaway

Charlotte is considered to be one of the best places to invest in. This is because of its remarkable appreciation rates. In a hot area like Uptown Charlotte, home values are expected to rise even further.

As of April 2022, the median listing price for Uptown Charlotte, NC homes is $390,000. The median sale price per square foot is $404.

To get a good estimate of your home's value, you need to look at other homes that are like yours. Also, get an appraisal, and check the assessed value of your home. Meanwhile, it's also important to understand local supply and demand.

Lastly, look at the real estate market trends. To help you make the most of your Uptown Charlotte property, call Nancy Braun at 704-997-3794. I’ll be happy to help you find the value of your home to get the most out of the home selling process.

#CharlotteNCRealEstate #UptownCharlotteNCHousingInventory #NancyBraun

Risks of Buying a Charlotte NC Short Sale Home

Buying a short sale home in Charlotte, North Carolina can seem like a good deal because of the reduced price and reduced buyer competition.

However, it’s easy to fall victim to the risks of buying a short sale home, especially since many of these situations are out of the buyer’s control:

More parties are involved

Lenders can counter, reject, or ignore your offer

Opportunity costs associated with short sales

Inaccurate maintenance disclosures

Listing complications

They’re often fixer-uppers

Unpaid liens and mortgages

Lenders prefer cash and large down payments

Because of these risks, the short sale process can drag on for months, and there’s no guarantee that the lender will agree to your offers. If short sale risks aren’t mitigated, you can waste time and thousands of dollars while pursuing the deal.

While short sales can be daunting, they can also be rewarding for buyers who have the guidance of certified short sale real estate agents.

In this article, let’s discuss the risks of buying a short sale home. Take a look at our tips and advice, and you can figure out if a short sale home is right for you.

What Is a Short Sale?

In a short sale, a homeowner in financial distress sells their home for less than what they owe on the mortgage.

In this situation, the original lender gets the entire proceeds of the home sale. According to the deficiency judgment, the difference owed is either forgiven by the lender or paid by the borrower.

Sellers and lenders often prefer this arrangement over a foreclosure to prevent a bigger loss, so it’s often possible for buyers to benefit from the deal. However, buyers should practice caution. There are financial risks that can make short sales a poor investment.

How Does a Short Sale Work in NC?

In North Carolina, all short sale sellers must disclose that the transaction is indeed a short sale. When a buyer negotiates an offer, the buyer and seller must sign a short sale addendum.

If the seller agrees to the offer, the seller’s listing agent must get approval from the lender for sale to push through. Short sale transactions often take several months, and it’s not unusual for the deal to fall through when the lender rejects the offer.

While it is possible to score a good deal on a short sale, the lower the buyer’s offer, the higher chance that the lender will reject the offer. This is because the lender wants to recover as much of the mortgage as possible.

Often, the lengthy process can be frustrating. This is a result of dealing with single or multiple lenders.

What Are the Advantages of a Short Sale?

Before we discuss the risks of a short sale, we’ll get into the advantages of the transaction first.

As mentioned, buyers can find a good short sale deal. If you are prepared to face the risks of a short sale, you can benefit from these advantages:

Lower Home Sale Price

Remember that the lender wants to recover the mortgage owed on the property. Rather than letting the property sit and devalue, there’s a big chance they will accept an offer close to the appraised value.

Compared to conventional home sales, short sale homes typically have a lower price tag. As a short sale buyer, you can make a lower offer than usual, but this shouldn’t give you the green light l to make a lowball offer.

Avoid expecting too much from the transaction since the lender can still reject your offer. However, an experienced local real estate agent can help you determine a fair amount that will benefit you while keeping the lender happy.

Less Buyer Competition

There’s a higher chance that another buyer will outbid your offer with a traditional home sale.

Since short sales are more complicated and have a lengthier process than conventional sales, you’ll have less competition.

Easier Financing

Since the short sale occurs due to failed mortgage payments by the seller, the lender will still prefer it if the payments continue. This means that the lender might offer financing to the buyer if they have a good credit score.

The buyer can benefit from a faster short sale process and lower interest rates if this happens.

What Are the Risks of a Short Sale?

It bears repeating: short sales entail many risks to the buyer. If these difficulties make the process unnecessarily complicated for your situation, you may have to reconsider your involvement in a short sale transaction:

1. More Parties Involved

In a conventional home sale, negotiations occur only between the buyer and seller or their agents. However, in a short sale, the seller’s original lender has the final word in all decisions.

In most cases, financing is managed by a mortgage servicing company that’s entirely separate from the mortgage lender. This means that your servicing company will be the one making negotiations with the mortgage lender, complicating the process even more.

If the property has multiple mortgages, each lienholder needs to allow the short sale. The primary lienholder is entitled to the first payment, but if secondary lien holders don’t agree to the negotiation, the latter can order a foreclosure.

Because more parties are , there is a higher risk that the buyer’s requests will be ignored or rejected altogether. This makes the short sales process unusually long and complicated.

2. Lender Counters or Rejects Your Offer

Remember, the lender orders an appraisal in a short sale to ensure that the property is listed at fair market value.

This means a strict threshold for negotiations makes it even more likely for lienholders to counter or reject your offer. When the lender does counter your offer, you can’t get a guarantee that they’ll offer a price within your budget.

On top of that, it can take lenders several months before they arrive at a decision. There are also instances when lenders don’t respond to offers at all.

And as mentioned, some properties have multiple lien holders. While the primary lender might approve your offer, the secondary lien holders might order a foreclosure.

The slow process of getting a response, coupled with the high probability of a rejected offer is a real risk to short sale home buyers. Not only is it a waste of time, but you might spend hundreds of dollars to get to this point, as well.

3. Opportunity Cost

Opportunity cost refers to the profit lost after choosing one alternative over another. Missed sales opportunities due to the long short sale process is another risk for buyers.

The short sales process will occupy all your time, attention, and resources, so you’ll likely miss a better deal on a home sale deal.

4. Inaccurate Maintenance Disclosures

Sellers are required to list all the essential repairs and maintenance that the short sale home needs. However, desperate sellers might omit some large issues.

This means that short sale home buyers might get an inaccurate account of the home’s true condition. In the end, this will cause a financial headache for buyers.

To avoid this issue, it’s best if you and your real estate agent are present at the home inspection. This will help you understand the full extent of the damage and how much you need to expect for repairs.

Buyers should also look for information about high-risk zones. Is the area prone to flooding or earthquakes?

Lastly, ask the local development planning department if your area is zoned for development projects.

5. Listing Complications

Home sellers need to submit a financial hardship letter to their lender before pushing through with a short sale. However, there are times when an inexperienced or unethical real estate agent lists the home as a short sale before getting approval from the lender.

If the lender rejects the short sale request, buyers end up wasting time and money, especially if they are already a few steps into the short sale process.

There are also instances wherein a lender might list the home with a very low price to get the attention of buyers. However, the actual asking price might be thousands of dollars over the advertised price.

Especially since the North Carolina real estate market is strong, there’s a large probability that the lender will extend the sale for more money.

6. Buying a Fixer-Upper

Remember that the low price tag of short sale homes comes at a price. Homeowners who can’t pay their mortgages aren’t likely to be able to afford repairs and maintenance for their homes.

Short sale homes are sold as-is, meaning that most short sale homes on the market are fixer-uppers.

If you buy a short sale home, there’s a huge probability that you need to shell out a significant amount of cash to make the home livable. Most fixer-upper homes cost $15 to $60 per square foot, but some projects can set you back $250 per square foot.

According to experts, home buyers need to set aside 20% of their renovation budget for any unplanned renovations. A fixer-upper home might not be for you if you can’t meet this condition.

Most fixer-uppers will usually have these minor issues, but you don’t have to worry because these usually require cheap and easy fixes:

Refinishing flooring or fixing tiles or carpets

Fixing trim and baseboards

Replacing doors and fixing broken windows

Patching or repainting walls and cabinets

Installing new light fixtures, outlets, and switches

Inspection for pests, infestations, and contamination

Aside from cosmetic repairs, most fixer-uppers require major structural improvements that can be costly. These contingencies require expensive fixes, so you might need to rethink buying a short sale home if the home has these issues:

HVAC system replacement or central air conditioning installation

Unstable foundation

Plumbing issues and water leaks

Septic and well condition

Faulty electric wiring

Mold, lead, radon, and other toxic substances

Reroofing

Kitchen and bathroom overhauls

As a buyer, make sure that your agent takes a look at the results of your home inspection before closing the sale. This should include an estimate of how much you need to pay for repair costs.

7. Unpaid Liens and Mortgages

There are times when buyers are surprised by unexpected liens and mortgages on the property. This can add thousands of dollars to the total cost of the home.

To avoid this issue, you must ask your real estate agent to do a preliminary title search. This will determine the extent of any unsettled liens on the property.

Additionally, getting an owner’s title insurance policy may be more beneficial to you than a lender’s title insurance policy. The former will protect the insurance older from any undisclosed title liens, while the latter will only protect the lender.

8. Lenders Prefer Cash and Large Down Payments

Banks and lenders prefer to deal with buyers who can pay in cash and put down larger down payments. These buyers are seen as less risky compared to buyers who need to take out a large mortgage to purchase the short sale home.

If you cannot prepare cash or large down payments, the seller’s lender might not prioritize your offer.

Conclusion - Is Buying a Short Sale a Good Idea?

Short sale homes can be advantageous for buyers who can spare the time and the money. There is less competition from other buyers, and you can purchase the home at a reduced price. Some lenders will even offer a good mortgage deal if you have a good credit score.

However, multiple risks outside of the buyer’s control can lead to the transaction falling through:

The lender may back out of the short sale if the seller can’t fulfill the deficiency judgment.

The short sale can be interrupted by a foreclosure deadline or when a seller files for bankruptcy.

A seller’s financial status might improve, and they can back out of the sale.

The short sale process is also lengthier and more complicated than the traditional home sale transaction. More parties are involved, and the lender must approve all requests. This can cause buyers to miss out on better investment opportunities.

Inaccurate maintenance disclosures, unpaid liens, and listing complications can also cost the buyer significant financial losses.

Lastly, buyers who pay in cash or put down large down payments are prioritized by lenders. This means that short sales are very risky for buyers who need to get a mortgage because they can be disqualified without notice.

If these risks put you in financial hardship, then a short sale might not be a good idea for you. However, it is possible to protect yourself from these risks with the guidance of a short sale agent in Charlotte, NC.

To ensure that you benefit from a short sale, get in touch with an experienced short sale agent in North Carolina.

My name is Nancy Braun, a Certified Short Sale Seller Designee (CSSS) and Certified Short Sale Buyer Designee. As the first and only North Carolina CSSS and CSSB designee, I guarantee that you can trust us at Showcase Realty for a successful short sale transaction.

#ShortSaleAdvantages #ShortSaleInCharlotteNC #NancyBraun

The Current Charlotte Housing Inventory

In a recent report by Zillow, Charlotte, North Carolina ranked fifth in its list of the hottest housing markets in 2022. Charlotte was recognized for its impressive economic growth, a strong job market, and a promising quality of life.

Demand for Charlotte housing has far surpassed supply, resulting in soaring home values and overwhelming investor interest. Migration to Queen City continues to rise, but housing inventory stays low, with roughly only 4600 available homes.

Charlotte’s housing inventory was first impacted by the housing market crash in 2008. Then, thanks to the fallout from the COVID-19 pandemic, Charlotte’s housing inventory reached record lows. Charlotte real estate will continue to be a seller’s market in the foreseeable future.

Median listing home values in Charlotte are approximately $370,000, trending 5.7% year-over-year. With the Charlotte housing competition fiercer than ever, more home buyers consider short sale homes in Charlotte, NC. While the short sale process is longer and more complicated, short sales provide an excellent opportunity to score property at a reduced price.

Read on to learn more about the hot Charlotte housing market, inventory trends, and how you can successfully find a property in Charlotte, NC.

Is the Housing Market in Charlotte Slowing Down?

The housing market in Charlotte is not slowing down as Charlotte is currently the most populated city in North Carolina. It’s also recognized as one of the fastest-growing metros in the US regarding job growth and the economy. Charlotte is home to the second-largest financial sector in the country, a climate that’s desirable year-round, and bustling retail and cultural centers.

Zillow named Charlotte, NC one of the hottest housing markets in 2022.

The recovering labor market and the availability of diverse work opportunities have increased local job growth, leading to higher housing demand.

The Queen City continues to be one of the top migration hubs for people and businesses. It’s expected that more than 600,000 people will migrate to the city in the next three decades.

Record-low Housing Inventory

As mentioned, the 2008 housing market crash and then the COVID-19 pandemic caused the housing inventory in Charlotte, NC to reach a record-low in decades.

Homes in Charlotte, NC sell on average for $387,000. This high price is mainly a result of low supply and high demand, compounded by the rising population in the city. Average home prices increased by $100,000 in the past two years, and real estate experts expect home values to increase by 20% in 2022.

According to the Canopy Realtors Association, an average of 50 people move to Charlotte, NC every day. The current housing inventory is already scarce for the current population. There is a need to introduce new housing and properties while considering the rising number of people coming into the market.

Before the Great Recession in 2008, there were approximately 28,000 homes available annually in the Charlotte market. In 2021, available homes sank to less than 5,000. Nationwide foreclosures in the past years have caused small and medium builders to exit the market, exacerbating the low housing supply even further.

This makes the competition even more difficult for home buyers and real estate investors.

Is Charlotte a Buyer’s or Seller’s market?

With the housing inventory at an all-time low, Charlotte housing continues to be a seller’s market. According to Realtor.com, Charlotte homes sell for their asking price and stay on the market for about 41 days.

Despite the skyrocketing housing prices, interest rates continue to stay low, between 2% to 3%. According to mortgage associations, it’s unlikely that interest rates will be this low in the near future.

Buyers who get low-interest rates for the entirety of their loan can potentially gain more favorable returns on their investments despite the high housing prices.

Some people consider renting instead of buying a home in Charlotte, NC, but according to realtors, waiting for the market to cool off is a bad idea. The Charlotte real estate market is only expected to grow, and the only way to get the upper hand in an inflationary market in real estate is to own assets.

Is Charlotte a Good Investment?

Charlotte is actually a good investment. Its current inventory crisis has even encouraged more investors to buy property in the area. As one of the strongest housing markets in the US, many people consider Charlotte to be one of the most lucrative real estate investments today.

Here are a few reasons why investing in properties in Charlotte is a good idea.

1. It Is a Fast-Growing City

Charlotte, North Carolina is the third fastest-growing city in the US. If the migration rate continues at this pace, the World Population Review predicts that its population will grow by almost 50% between 2010 and 2030.

With the increasing availability of work opportunities, even more people choose to migrate to Charlotte in the wake of the COVID-19 pandemic. Millennials are moving into the area due to its booming financial sector. This opens up more opportunities for investors, as millennials are likely to drive up the renter’s market.

Meanwhile, baby boomers and older generations are also moving to Charlotte. This is because of its low cost of living and promise of a better quality of life, thanks to the city’s recreational and cultural hubs.

2. It Has a Strong Job Market and Low Unemployment Rates

Investors should seriously consider Charlotte, NC as it has an impressively stable and growing job market,

The unemployment rate in Charlotte, NC currently stands at 3.4%, almost half of the national unemployment rate of 6.7%. This is extremely attractive to real estate investors who want to avoid lost cash flow, evictions, and high carrying costs due to vacancies.

Investors are attracted to Charlotte because it hosts multiple Fortune 500 companies, such as Bank of America, Wells Fargo, Duke Energy, and Honeywell. It is also home to major employers, including American Airlines, Lowes, and Charlotte Motor Speedway.

3. Mortgage Rates Are Lower

Lower mortgage rates are also fueling the housing demand in Charlotte, NC. More people can now afford homes at lower rates, including investors and first-time homeowners.

The stock market crash is also a significant factor that caused housing demand to soar in 2020. During the pandemic, the volatility of other investments encouraged investors to diversify their assets with real estate.

4. It Is a Renter’s Market

A growing population, scarce inventory, rising housing prices, and a stable job market contribute to the booming Charlotte, NC renter’s market.

Millions of millennials are migrating to Charlotte to expand their career prospects. Again, most millennials are looking to rent properties instead of buying homes. This significantly increases the demand for rental properties in the area, which is excellent news for investors.

According to the US Census Bureau, Charlotte, NC has a homeownership rate of about 53%, lower than the national average of 64%. With soaring housing demand and rising home values, investors can increase their cash flow by charging higher rent.

The median rent in Charlotte, NC today is around $1,730, up 20% compared to 2020. To give you an idea, the median rent in the US is around $1,300, or 29% lower than that of Charlotte.

While it’s hard to predict how much rent in Charlotte will increase, we can assume that as inventory stays low, landlords will have more leeway to set higher rental prices.

Charlotte Housing Market Inventory Trends 2022

For the most part, Charlotte, NC has followed the national housing market trends. Two years into the pandemic, market trends and forecasts for the Charlotte housing market are more apparent than ever:

Rising interest rates: According to real estate experts, mortgage rates will likely increase in 2022. Interest rates are expected to quadruple throughout the year to make up for inflation. Today the average interest rate for a 30-year fixed mortgage is about 3.10%. The year prior, interest rates were well below 2.7%. This means that the cost of financing a home will increase in the next few months. Because of the anticipated interest rate hike, the Charlotte housing market is busier than ever as home buyers scramble to secure a property before interest rates soar.

Increasing rental rates: It can’t be stressed enough: Charlotte, NC is a booming renter’s market. In the previous year, active buyers, interest rate surges, and dwindling inventory in the city caused home prices to climb by 25% and rent by 15.5%. In 2022, expect rent to increase at a much faster pace as more home buyers will be driven out of the market. Landlords and investors will have the upper hand in the current housing market in Charlotte, NC in the foreseeable future.

Appreciation continues to grow: Charlotte, NC will keep its title as one of the hottest housing markets in 2022. In Charlotte, median home prices are only expected to grow as competition becomes fiercer with pent-up buyer demand. However, as prices continue to skyrocket, they will inevitably reach a ceiling that excludes most home buyers. This means that while home prices will increase in 2022, expect a slightly smaller rise (about 21%) than the previous year.

Negative net migration: Though migration in Charlotte continues to rise due to diverse job prospects, adopting flexible working opportunities may cause a slightly negative net migration in Charlotte. More professionals will leave their homes in the metro area for more affordable living spaces in nearby suburbs or secondary cities.

Long-term investor strategies: As home values increase and the renter’s market becomes more attractive, more investors will look to become landlords in Charlotte, NC in 2022. Even though acquisition costs remain high, investors will want to buy a property before interest rates increase. Thanks to high demand and low supply, investors are guaranteed to get significant returns on investments.

Buying a Short Sale in Charlotte, NC

As we’ve discussed in the previous sections, the Charlotte housing market will continue to be a hot seller’s market due to dwindling inventory and soaring demand. As interest rates and home prices are expected to rise in 2022, more residents choose to rent after being driven out of the competition.

However, real estate professionals suggest that buyers capitalize on an inflationary market by growing their assets. If buyers don’t have the budget to afford most of the Charlotte homes on the market, they should consider buying a short sale home in Charlotte, NC. A knowledgeable real estate agent can help with the short sale transaction.

Is It a Good Idea to Buy a Short Sale Home?

Charlotte, NC homebuyers can consider buying a short sale home as an alternative to renting or buying a home at full price.

Short sales are a good idea for buyers who have the time and patience to negotiate a property at a reduced price.

If this sounds like you, and you work with an experienced local real estate agent in Charlotte, NC, like myself, Nancy Braun, there’s a big chance that you’ll score a great deal below the average market value.

While it’s possible for you to look up short sales on your own, a good real estate agent can give special attention to the technicalities of the offer. More importantly, an experienced real estate agent will help you navigate any roadblocks to end up with the best deal.

What Is the Downside of a Short Sale on a Home?

However, short sale buyers need to understand that the transaction is a double-edged sword.

While you may be able to purchase a home at a reduced price, take note that most short sale homes are fixer-uppers that need extensive repairs.

Can You Negotiate on a Short Sale Home?

As long as lenders are convinced that they’re better off selling a property, short sale negotiations work in the buyer’s favor.

The short sale process is longer and more complex than a standard home sale. This is because negotiations aren’t limited to the buyer and seller. The seller’s lender must also approve all short sale negotiations.

If you’re interested in buying a short sale home in a competitive housing market like Charlotte, NC, expect negotiations to be complicated as you’ll have to work with several parties. There is a huge possibility that the initial offer will be declined, and there will be multiple back-and-forth negotiations. A misstep in negotiation can mean losing thousands of dollars.

The key to winning a short sale negotiation is to figure out how much the seller’s lender needs to give up the home. Data is critical to countering the offers made by the seller and lender. Expert negotiation skills from an experienced and assertive real estate agent like myself, Nancy Braun, will remind the bank how much money they’re still owed on the home.

What Is the Buyer Responsible for in a Short Sale?

There are a lot of risks involved in short sales for buyers, because they may have to cover the cost of repairs. Sellers will only be required by law to make repairs for water heaters, smoke detectors, and carbon monoxide detectors.

If the contract doesn’t explicitly state that the seller or lender will pay for repairs, the buyer will have to face a time-consuming and costly fixer-upper.

Get in Touch With a Charlotte Real Estate Agent

Securing a home or an investment property in Charlotte, NC will be difficult due to the low housing inventory and skyrocketing demand. With the help of Showcase Realty (Nancy Braun, 704-997-3794), we can help you secure a spot in the hot housing market, whether it’s your first home, a short sale, or investment property.

#CharlotteHousingInventory #CharlotteNCHomesForSale #NancyBraun

What Are Buyer Advantages in Short Sale?

Short sales can be a unique approach to buying a Charlotte, NC, home for sale. They're also beneficial for both sellers and lenders because short sales allow them to save time, money, and other resources. All three could otherwise be lost in a foreclosure procedure before selling the property altogether.

The short sale process, however, is often tricky and time-consuming. You need to prepare for everything that could come with this type of purchase. It takes even more patience than buying a house in good condition, but the result can be well worth it.

One of the most significant advantages of purchasing a short sale is that you are more likely to get a better deal than you would from a typical home for sale. Most sellers must understand that they need to have the house sold because they can no longer afford it, and if the short sale falls through, they'll be facing foreclosure.

Several banks offer buyers of short-sale properties preferential financing terms to make the sale more appealing. The lender may provide a cheap interest rate or other buyer-friendly terms to get the property sold and avoid additional costs.

A short sale can result in a terrific price on a home, but it usually requires a lot of perseverance, patience, and a lot of luck. Before buying a short sale, make sure you understand what you're getting yourself into. After reading this guide, you'll have the knowledge you need to handle a short sale and evaluate if it's the best option for you.

What Is a Short Sale?

In real estate, the term "short sale" refers to a transaction in which a financially challenged homeowner sells their home for less than the amount owed on their mortgage.

The property is purchased by a third party (not the bank), and all proceeds go to the lender. The lender has two options: forgive the outstanding sum or pursue the homeowner through a deficiency judgment, which forces the homeowner to pay the lender the difference in full or in part.

A short sale is not the same as purchasing a property at a foreclosure auction or one that the bank owns outright, sometimes known as an REO or real estate-owned property.

If a home's value has dropped and the mortgage holder owes more than the home is worth, a short sale is only possible with the lender's agreement. In this case, the homeowner has negative equity and may be forced to sell the property.

Although this may be a less-than-ideal situation for the lender, it is generally a better option than foreclosure, especially if the difference is forgiven. A short sale is a mechanism for a homeowner and their lender to get out of a bad financial situation by suffering a loss; as a result, a buyer can typically profit from the deal.

What Are the Advantages of a Buyer?

Short sales offer tremendous benefits to all parties involved. When a seller owes more than the home's appraised value, they might be able to escape from under an underwater mortgage. There is a benefit for the lender as well. After all, the lender is not required to go through the foreclosure process. There are multiple benefits for buyers of short-sale properties as well.

1. Fair Market Value Purchasing

The homeowner does not have the last say in whether or not a short sale is approved. Their mortgage lender must agree to accept the home's fair market value rather than argue the outstanding debt needs to be paid. The lender will assess the house and compare the appraised value to the buyer's offer. If the sale is near completion, the lender may authorize the deal rather than foreclose or counteroffer for a higher price. Even if the lender counters, the buyer can usually get the house close to market value. If the buyer had to cover the entire amount the owner still owes on the mortgage, they would be overpaying.

2. Price is Discounted.

Even though the short sale property will be priced at market value, the lender is eager to sell to reduce the bank's losses. As a result, purchasers can frequently obtain a better price on a home than in a traditional home transaction.

3. Market with Fewer Competition

Short sales are significantly more challenging to complete than standard sales due to the lender's involvement. Most purchasers are wary of short sales because they are unfamiliar with the process. As a result, there is less competition and a better likelihood of receiving and accepting an offer when there are fewer potential buyers.

4. Lender Financing

If a buyer's credit is good, they may not need to look for a mortgage. The seller's lender may fund the mortgage to speed up the sale. Since the lender often already has all the buyer's financial information, swiftly closing can happen. In addition, the lender may offer enticing financing to help finalize the purchase. This allows them to continue collecting mortgage payments for the property without interruption.

5. Getting a Sales Price Guarantee

A short sale can take a long while the buyer waits for lender approval. However, when a buyer offers a home, the sales price becomes "locked in." The buyer can still buy the house for its appraised worth, even if the real estate prices increase while they're waiting for loan clearance. If the market continues to strengthen, this could result in the buyer having a property they can later sell for a profit.

Common Mistakes Short Sale Buyers Should Avoid

1. Choosing to Skip the Home Inspection

A home inspection can help you spot problems you might overlook, such as essential repairs or maintenance. You may decide to get out of the agreement if you discover a serious flaw. If the inspection reveals a problematic issue, it's better to have a contractor or house engineer on hand. They can provide you with helpful information about the cost of repairs, which will help you make a more informed decision about the sale.

2. Leaving Insufficient Time for Closure

In normal circumstances, closing a property can take time, and closing on a short sale often takes even longer. Make sure to account for the delay in your preparations.

3. Not Paying Attention to Legal and Insurance Information

A typical disclosure statement usually reveals whether a home is located in a flood plain or has undergone any unpermitted renovations.

However, bank-owned properties are frequently sold as-is, with no disclosures, necessitating additional investigation on the buyer's part.

4. Getting Easily Attached to a Bad House

It's easy to fall in love with a home if you begin daydreaming about the life you'd be enjoying there. You must, however, keep in mind that you are conducting a business deal.

How Long Does a Short Sale Take?

The length of time it takes to complete a short sale varies greatly. The time it takes to close also varies depending on where you live. If numerous lenders are involved, the process could take much longer.

That being said, the average time is 60–90 days. However, that is simply an average since some short sales will take less time and some will take longer. By requesting some information from your agent before making an offer, you may be able to shorten the time it takes to be approved.

What's a Good Strategy for a Buyer Making an Offer on a Short Sale?

Although the procedures in a short sale are pretty similar to those in a conventional transaction, the process is more complicated due to the lender's involvement.

A short sale places the deal in the hands of the lender, making the procedure more time-consuming and complicated. The key differences between a short sale and a standard sale can be illustrated in six steps.

Step 1: Get Financing Approval

As with any house purchase, the first step is to get approved for financing. The lender will want to make sure the new buyer is financially capable of purchasing the property. While getting pre-approved before making an offer is generally a good idea, it's especially critical in a short sale.

Step 2: Hire a Real Estate Agent and Start Looking for a Home

Finding a property takes time in any situation, but it's even more difficult when your heart is set on a short sale. Instead of looking through all of the listings in your target area, concentrate your search on pre-foreclosure home listings. You can also conduct a public records search by contacting the local county court.

Short sales can be challenging to navigate, but an experienced real estate agent like Nancy Braun can assist you. Her company, Showcase Realty, can help explain every step of the home-buying process, including finding short sales.

Step 3: Do Your Due Diligence

You will want to learn everything you can about the property before making an offer. To determine the home's true value, start by looking at comparable transactions in the neighborhood.

Before you buy a short sale home, make sure you're aware of anyone or anything who might have a claim on the property (these are called lienholders). This means you should double-check for any other liens on the property. Since short sales are deals in which the seller owes the lender more money than the home is worth, you'll also want to figure out how much the seller owes the lender.

Step 4: Make An Offer

When making an offer on a property, you must consider what the lender will think of your offer based on your knowledge of area home prices. You may be considering a short sale to save money on the house. Bear in mind that the lender is still attempting to reclaim as much of the outstanding mortgage debt as possible. If you want your offer to be accepted, it should be close to the home's market value.

Be wary of fraudulent behavior when looking at houses. If the seller offers you to pay money under the table in exchange for the chance to apply for a short sale, say no and report it.

Step 5: Get Your House Inspected

Short sale homes are offered "as is," which means you won't be able to negotiate a reduced buying price if the house has flaws. However, before you decide to close on a home, you should still know the state of the property. While the vendor is obligated to disclose any known flaws, this information might sometimes slip through the cracks.

Get a home inspection to know what you're getting into. If repairs are required, investigate the costs or obtain estimates to determine whether the home will be financially viable in the long run.

Step 6: Complete the Transaction on the Property

You must ensure that the lender and any other lienholders are prepared to release the collateral even after the accepted short sale. The longer this procedure takes, the more lienholders there are.

The seller must additionally supply the following documentation for the sale to close:

Hardship Letter

Evidence of earnings and assets

Liens are listed below

Analysis of the market in comparison

Assuming the approval letter and documentation are in order, you'll be able to close on the property, receive the keys and move in.

Can You Negotiate a Short Sale?

Negotiating a short sale is possible, but it is a time-consuming process. Rather than the seller, the lender must also approve short sale talks.

The process is made a little more complicated since a third party also needs to be appeased. Buyers will need to know how to interact with homeowners and lenders to negotiate a short sale.

Do FHA Loans Cover Short Sales?

To be authorized for an FHA short sale, the seller must be at least 31 days late on his mortgage payment or default. After a certain number of missing mortgage payments, a borrower is declared default, as stated in the loan papers.

To complete the transaction, the buyer might obtain a new FHA mortgage loan in a short sale. These transactions must be conducted at "arm's length," which means the buyer has no known ties to the seller, removing the possibility of a conflict of interest.

How Can I Speed up a Short Sale?

Make your offer as contingency-free as feasible to expedite the closing of your short sale. Include a copy of your mortgage approval with your offer. Make a big deposit to demonstrate your good intentions.

More so, within five days of closing, do a final walk-through. Doing so confirms that all appliances and fixtures left in the house are still there and the property is in the same condition as when the lender approved the offer.

Who Are the Best Short Sellers?

When picking a Charlotte, NC short sale agent, expertise is the most critical factor to consider. If you use an agent who lacks the essential knowledge, the short sale could result in foreclosure, which you want to avoid. You will be the one who suffers in the long run if the short sale agent lacks experience dealing with loss mitigation and negotiation.

The good news is that our team at Showcase Realty has completed short sale transactions for both sellers and buyers. Our mission is to provide high-quality, innovative, and extraordinary real estate services to our clients. We understand the intricacies of the short sale procedure and the importance of meeting deadlines. We maintain the highest levels of honesty and ethical business practices, and we act with honesty and integrity at all times and in all situations.

Is Buying A Short Sale Right For You?

You must evaluate your needs and the characteristics of the property you're interested in before deciding whether or not a short sale is good for you. Make sure you understand the state of the house and how much it will cost to fix it. Saving money on the purchase price is useless if you spend extra to make the house habitable.

A short sale prevents a homeowner from losing their home to foreclosure. The housing market's fragility also allows a home buyer to purchase a home for less money than it would usually be worth. Let Nancy Braun, the best real estate agent in Charlotte, NC, help you get the best deal possible call her at 704-997-3794!

#BestShortSaleAgentInCharlotteNC #ShortSaleInCharlotteNC #NancyBraun

13 Signs That You're Ready for Homeownership in Charlotte, NC

Buying a home is one of the most significant commitments you'll make in your lifetime.

Becoming a homeowner goes beyond being financially ready to pay your mortgage and down payment. It also means that you've come to terms with what you want for your future and are committed to sticking to your long-term plans.

If you want to have more control over your property and don't want to squander your savings on rent, you've probably thought about buying your first home. So if you're considering buying a home in a seller's housing market like Charlotte, NC, make sure that you're prepared to deal with the tough competition and the steep prices.

Buying a home is a huge decision that will affect your finances and your future.

Having a solid credit score of at least 600 is one of the most important things before buying a home.

Finally, becoming free of debt, having a stable income, and having enough money to pay a substantial down payment are all indicators that you're financially ready to buy a home. You should also have savings set aside for emergencies and house maintenance.

If you have a solid idea of your long-term plans and expenditures, it will be easier for your family to commit to a new home.

When your finances and future favor buying a home, make sure that all your decisions are backed by the solid expertise of real estate professionals.

This article teaches the positive signs that you're ready to buy a home in Charlotte, North Carolina.

What Are the Most Important Things to Be Ready for Before Buying a Home?

As you probably know, the entire process of buying a home isn't always a walk in the park. Before we discuss the top signs that you're ready to buy a house, make sure to research these key points about the buying process:

Your Mortgage Plan: Before buying a home, homebuyers need to compare mortgage lenders. To secure a mortgage, you need a good credit score, a sufficient down payment, and proof of your income and assets.

The Down Payment: To limit your mortgage costs, you must be able to put down an acceptable down payment.

Your Debt-to-Income: According to the Consumer Finance Protection Bureau, home buyers need to have a 43% debt-to-income ratio to qualify for a conventional mortgage.

A Savings Plan: Banks and credit unions will want to see a history of a steady flow of money into your account.

Cash Reserve: After accounting for your down payment, have on-hand emergency funds and living expenses for three to six months.

Get in Touch With Real Estate Experts: You need experts to assist you with the buying process, so find a trusted real estate agent, lenders, builders, and financial advisors.

How Do You Know if You Are Financially Ready to Buy Your First House?

Here are 13 signs that you’re ready for homeownership.

1. You've done your research about the housing market.

Before starting the buying process, make sure that you've done thorough research about market trends and rates. You can move on to the buying process after you've understood Charlotte, NC property values, and how the real estate market works.

Charlotte, NC is one of the hottest housing markets in the US.

In fact, Charlotte ranked as the fifth hottest market in the US in 2022, with the median home priced at approximately $410,000. However, according to a study by Forbes, properties in Charlotte are relatively more affordable than in larger cities.

All this means is you must know exactly what you're getting into: a tough housing competition with low supply and high demand driving up real estate prices.

2. You're done with spending your savings on rent.

The downside of renting is throwing away your monthly savings on rent. If you don't want to lose your hard-earned money on rent, buying a home may be your right decision.

You can build your equity by paying mortgage payments instead of monthly rental payments. You'll be a step closer to owning a home when you build equity.

However, you should still know that renting is cheaper than buying a home due to upfront costs, such as down payment, moving costs, closing costs, maintenance and renovations.

3. You're ready to stay in one place long-term.

Renting doesn't provide you with the stability of staying in one place long-term. Your landlord can suddenly raise your rent, forcing you to look for a new home.

If you're ready to settle down in one neighborhood for the next few years, owning a home may be a good decision.

Homeownership is a long-term investment. So, the longer you stay in the home, the better your chances of breaking even on the purchase. For the first five years of your purchase, your mortgage payments will mostly cover your interest and not the principal.

Ideally, homeowners should stay on the same property for at least 5 to 10 years. Aside from making the most of your mortgage payments, settling down will also allow you to focus on your job, spend more time with your friends and family, and build a strong relationship with your community.

4. You want control over your own space.

When you're renting, there are a lot of restrictions when it comes to making adjustments to your home.

Anything from changing fixtures to painting, and remodeling, you’ll have to ask permission from your landlord. You’re basically living under your landlord's thumb.

The landlord will most likely pay for maintenance and repairs on the plus side.

If you want to have more control over your house and property, homeownership will give you the freedom to do all sorts of renovations and remodeling.

5. You have a stable income.

This may be an obvious point, but finding secure income can be a challenge for most because of the coronavirus pandemic.

If you can get a secure income in the next few years, you can consider buying a home. You can also show a history of stable employment in the past.

It'll be harder to show proof of a steady paycheck if you're self-employed. Ensure that you collect at least two years' worth of bank statements.

Most lenders will also ask borrowers to show at least two years of tax returns or pay stubs as proof of income. Lenders will also want to see proof of down payment deposited into an account at least 60 days before.

6. You're free of debt.

If your debt and credit card bills are clear, you may be a good candidate for homeownership. Having significant debt will pull down your credit score, so you'll have difficulty getting a mortgage.

As a rule of thumb, a borrower's debt-to-income ratio shouldn't exceed 43% for a standard mortgage. However, lenders prefer a debt-to-income ratio lower than 36%, with 28% of that servicing your mortgage or rent payment.

On top of that, lenders for more than just funds you’ve set aside for a down payment. They’ll also check if you have money set aside for necessary expenditures and savings.

7. You can make a substantial down payment.

The down payment is the upfront payment for your home's purchase.

Most homebuyers think that the down payment should be at least 20% of the purchase, but many lenders accept down payments as low as 3% to 5%. According to Rocket Mortgage, in 2020, the average down payment was 6%.

Paying as much as you can upfront will give home buyers a good credit score. In most cases, a down payment of 20% or more will also give you lower interest rates.

However, keep in mind that borrowers who make down payments lower than 20% need to pay private mortgage insurance. Private mortgage insurance (PMI) protects lenders from losing money in case the borrower defaults on payments.

PMI is added to a home buyer's monthly mortgage payment, ranging from 0.5% to 2%. Once you've reached 20% of the loan, your lender will remove the PMI.

However, the right down payment for you will depend on your goals for your home. Suppose you need to do a lot of renovations or repairs, buy new appliances, or make any other expenditures. In that case, a smaller down payment may be necessary to avoid stacking up your debt or taking out another mortgage.

8. You don't plan on making any big expenses in the next few years.

Aside from your income and monthly payments, you should look into your goals and lifestyle for the next few years. Are you planning to make any substantial expenses after buying a home?

Buying a new car, going back to school, or even starting a family are huge life decisions that cost a substantial amount of money.

For example, if you have just enough money for your monthly mortgage right now, getting married or having a baby next year might mean that you need to take out another loan.

Consider if any of your big life decisions will affect your capacity to pay monthly mortgages.

9. You have a good credit score.

The most important thing for homebuyers is to establish a good credit score. If you have a low credit score, it will be difficult for you to find a bank that will lend you money to purchase a home.

If you have a good credit score, there's a better chance that you'll get better interest rates. As a rule of thumb, homebuyers should have a credit score of 600 or more.

If you have a low credit score, then you should probably rethink buying a home. In the meantime, improve your credit score by paying your credit card minimums on time, requesting a higher line of credit, applying for more credit cards, and improving your debt-to-income ratio.

10. You're ready to take care of your home.

Once you've paid the down payment and your monthly mortgage bills, you also need to have disposable income for necessary house maintenance and upkeep.

When you're renting, you can rely on your landlord or building manager to take care of repairs. However, when you're a full-fledged homeowner, you need to manage the day-to-day upkeep of your home. You also need to think about major repairs, including heating, plumbing, and roof repairs.

It would also be a good idea to familiarize yourself with fixing minor to medium issues. However, when larger upkeep issues pop up, you should be ready to call in and pay the necessary fees to the experts.

11. You have emergency savings.

If you have a substantial emergency fund set up, you won't have to worry about paying your monthly mortgage in case an unfortunate life event comes up.

Even though you have a stable income, unexpected financial setbacks can make it difficult for you to pay your monthly mortgage. This is why you should always have an emergency fund set up in case – knock on wood – someone gets sick, gets into an accident, or someone in the household loses their job.

According to financial advisers, you should have at least two or three months of living expenses set aside for emergencies. The best-case scenario is if you have at least a few years' worth of living expenses in your emergency account.

Unlike a one or two-year rental contract, defaulting on your mortgage can negatively affect your credit report.

12. You know what you're looking for

Having a clear picture of what you want in your home is a good sign that the buying process will go smoothly. Whether you're planning to buy a duplex, a townhouse, or a single-family home, you should know what type of house fits your lifestyle and budget.

These are some critical questions that you need to ask yourself:

What does your family value the most?

What type of neighborhood do you want to live in?

How many bedrooms does your family need? Do you need a home that can accommodate a growing family?

What are your options for work? Education?

How far are you willing to commute to school or work?

After narrowing down your choices based on your ideal lifestyle, remember that your budget will play a huge part in matching your criteria with the market of interest.

13. You're in touch with industry professionals.

A vital sign that you're ready to make a home purchase is if industry professionals back your knowledge and decision. Especially in a competitive housing market like Charlotte, North Carolina, you'll need all the help to secure a good deal.

You need the assistance of a professional real estate agent who's willing to listen to all your concerns about your finances and your future. Trusting a local buyer's agent is a wise choice, especially if it's your first home purchase.

Final Thoughts

A local real estate agent in Charlotte like me, Nancy Braun, is the key to having a smooth buying process. I've been in the real estate industry for almost 50 years. After falling in love with North Carolina 20 years ago, I've dedicated my career to becoming Charlotte's #1 real estate choice . From learning about the neighborhood to finding a lender, negotiating deals, and settling down in your new home, you can always rely on us at Showcase Realty.

#HomeBuyingInCharlotteNC #HomeOwnershipInCharlotteNC #ShowcaseRealty

Find Out Why Investors Are Attracted in Charlotte, NC Now

If you're interested in property investment, you should set your sights on Charlotte, NC.

Many investors are attracted to Charlotte, NC, because of its low cost of living and its robust job market. It also boasts an excellent quality of life, good weather, and top-notch education.

These make for a tight property inventory that makes Charlotte attractive to investors.

Areas worth investing in include North Division, Plaza Midwood, and Sunset Road. The suburbs of Myers Park, Ballantyne, SouthPark, and Lake Park are also profitable.

Let's explore why you should invest in Charlotte, NC, right about now.

Why Is Charlotte’s Property Booming?

Investors gravitate towards Charlotte, NC, for a couple of reasons. Of course, the top reason continues to be its booming property market.

Charlotte’s real estate prices have always been on the rise. Despite the pandemic, investors will see favorable returns, both now and in the future.

High demand for properties will continue because of the following factors:

1. High Population Growth

Charlotte, NC, is the third-fastest growing city in the US, and it's no surprise. Research shows that the population is expected to grow by a whopping 47% between 2010 and 2030.

In 2020 alone, it was the fifth-most popular state for relocations in America.

More and more people are moving into the Sunbelt City because of the following reasons:

Low Cost of Living

In Charlotte, NC, the cost of living is 5% lower than the overall national average. Of all the tech hubs, it’s the sixth-lowest.

These numbers are made possible by the following factors. Compared to the national average:

Housing costs are 14% lower

Utilities cost 8% lower

Groceries cost 6% lower

Transportation cost is 3% lower

The only thing higher in Charlotte, NC, is healthcare - which is 3% more than the national average.

Residents looking for a new job will find a strong job market that is predicted to expand over the next 10 years. #NancyBraun #ShowcaseRealty #CharlotteNCHomesForSale #CharlotteNCRealEstatehttps://t.co/JQaaDDJCji pic.twitter.com/4Rhg2m8L93

— Showcase Realty (@ShowcaseRealty) April 4, 2022

Strong Job Market

According to Forbes, Charlotte, NC, is the tenth-most competitive job market in the US. It's home to 12 Fortune 500 companies and 15 Fortune 1000 companies.

As a business hub, and the home of Bank of America, the city continues to attract bankers and investors alike. Charlotte, NC’s banking/finance industry is expected to grow by 28% by 2025.

It’s also a popular spot for healthcare workers. The two biggest employers in the area at the moment are Atrium Health and Novant Health.

Likewise, this industry is expected to grow the biggest by 2025, at a rate of 43%.

Other companies that continue to drive the Charlotte, NC job rush include:

Lowe’s

Duke Energy

Honeywell International

American Airlines

Wells Fargo

Charlotte-Mecklenburg School System

Stellar Educational System

Families are moving to Charlotte, NC, not only because of the job opportunities. They're doing it for their children as well.

The area, after all, is home to some of the best high schools in the state. They include:

Ardley Kell High, ranked 15th in NC

Providence High, ranked 18th in NC

Northwest School of the Arts, ranked 28th in NC

As for higher education, Charlotte, NC, is the location of several post-secondary institutions:

The University of North Carolina in Charlotte

Carolinas College of Health Sciences

Charlotte Christian College and Theological Seminary

Gordon-Conwell Theological Seminary

Johnson C. Smith University

Johnson & Wales University

Charlotte, NC, is also a reasonable drive away from some of the state's best universities:

The University of North Carolina at Chapel Hill

Duke University

North Carolina State University

Great Quality of Life

Charlotte, NC boasts an excellent quality of life - the seventh-best in the US, according to Numbeo.

This ranking is based on multiple factors, such as:

Purchasing power

Safety

Healthcare

Cost of living

Property price to income

Traffic commute time

Pollution

Climate

Good Weather

Speaking of climate, many people aren’t fans of freezing winters. That’s why more and more people are opting for Charlotte’s humid subtropical climate.

This is backed up by Ed Glaeser’s research. According to the Harvard economist, the warmer a state’s average temperatures, the more the state grows.

Winters in Charlotte, NC, are generally mild. Here, the average temperature at 42.1 °F (5.6 °C.) Precipitation is also evenly distributed, with rainfall averaging 4.35 inches.

Summers, as expected, are hot and humid - averaging at about 80.1 °F (26.7 °C.)

Diversity

Charlotte is the ninth-most diverse large city in America, according to WalletHub.

The city is indeed a hodgepodge of ethnicities, as seen in a Data USA report.

To date, Charlotte, NC is home to:

Whites - 40.5%

Black/African American - 34.7%

Hispanic (White/Other) - 13.89%

Asian - 6.19%

Apart from racial diversity, the city also has a good industry diversity ranking of 28 (out of 250.)

2. Tight Property Inventory

According to a report, only 4,100 Charlotte, NC properties are available in the market. This figure cannot meet the current demand, so real estate prices continue to soar.

Further research shows that the median home price has increased to $331,575. Compared to August 2020 prices, this is a staggering 14.3% increase.

But in reality, the average home price in Charlotte, NC is $393,085 - a 12.2% increase compared to last year.

Even with these prices, they are still cheaper than other Sun Belt areas.

In Atlanta, for example, the median price is a staggering $399,000.

In Austin, the median cost has climbed to a whopping $579,000.

Nancy Braun can help you sell your investment property within ninety days. Best of all, she can do so at a rate of 3.59% above the asking price.

Likewise, she can help you find the best investment properties. After all, she has multiple listings in Myers Park, Ballantyne, SouthPark, or Lake Park.

3. Low Mortgage Rates

Charlotte, NC, remains attractive due to low mortgage rates despite the soaring prices.

According to realtor.com, the rates range from 2.48% (15 year fixed) to 3.21% (30 year fixed.) There’s also the 5/1 ARM option, which clocks in at 2.70%.

These figures are comparably low compared to the other ‘hot’ markets, such as:

New York: 4.59%

Hawaii: 4.56%

Alaska: 4.49%

Maine: 3.83%

Wyoming: 3.82%

4. Renter’s Market

Homeownership in Charlotte, NC, is lower than the national average (52.9% vs. 64%.) This makes the city a renter’s market.

As such, it's profitable for homeowners and investors alike.

The average rental price to date is $1,522 for a 942-square foot apartment. It’s higher than the average prices in California ($1,503,) Maryland ($1,392,) and New Jersey ($1,334.)

What Areas in Charlotte are Growing?

Investors who wish to make the most out of their money should focus on these fast-growing areas:

1. North Division

Playfully known as NoDa, the neighborhood used to be home to farmlands and textile mills. As these industries closed, the area became strewn with abandoned buildings.

Fortunately, its longtime residents pulled together to rejuvenate the city. Thanks to their efforts, NoDa has evolved into a place full of art galleries and affordable home rentals.

NoDa has become a good choice for buyers and renters alike, given its proximity to downtown. These factors altogether make NoDa a good place for dedicated investors.

2. Plaza Midwood

Located east of downtown Charlotte is Plaza Midwood. To date, it's one of the area's pricier neighborhoods.

Despite the steep costs (home prices have ballooned by more than $100,000,) more and more people are moving here.

All these are made possible by the Plaza’s hospitality scene, family-friendly spots, and diversity-fueled attitude.

Given these factors, Plaza Midwood is truly one of Charlotte’s best spots for investors.

3. Sunset Road

Located northwest of Downtown, Sunset Road is another great neighborhood for investors.

It's brimming with nature reserves and farm trails that give the area a load of appeal.

Despite having lower home values, investors will enjoy the quick closing time. Properties in this market only stay on listing for 43 days tops.

4. Select Charlotte Suburbs

In addition to the areas above, investors should also focus on Charlotte suburbs.

As mentioned, prices remain high for both buyers and renters, which means profits on the investor’s part.

Here are four suburbs that realtor Nancy Braun recommends:

Myers Park

Myers Park is undoubtedly one of the best places to invest in Charlotte, NC. Here, investors can list a property at $1.2 million - and have it sell for a whopping $1.3 mil!

Because of the steep property prices, Myers Park homes tend to linger on the market longer. The current list time is 116 days on average.

That said, it's a definite payday once you sell one!

Ballantyne

Ballantyne is one of the hottest areas for investors. It's a seller's market, mainly because inventory is tight. In fact, properties are so in-demand that the listing time is only a short 38 days.

This is especially the case for Ballantyne East, which sees home median prices in the $525,000 range. This rate reflects an 11.9% increase in price year over year.

SouthPark

SouthPark is another haven for interested investors. Today, homes here cost a median price of almost $480,000. They’re also sold at the sale-to-list price ratio 100% of the time.

As with most Charlotte, NC neighborhoods, SouthPark is a seller’s market. Here, the listing time is only 45 days, which has slightly increased from the usual 39.

Lake Park

The median listing for Lake Park homes is currently at $370,000. While it seems low, it equates to a 61.3% increase in price year over year.

At its lowest point, Lake Park homes would sell for only $214,000.

Although Lake Park properties stay in the market for about 52 days, they always sell at the asking price.

Given the price increases, investors are sure to get more than their money’s worth over this area. Think of the $100,000+ you stand to earn in the future if you invest in Lake Park homes right now.

Guidelines for Investing in Charlotte, NC Properties

While Nancy Braun and her team will guide you throughout the investment process, it pays for you to determine the following first:

1. Investment Outlook

You’ll want to invest in an area that has a prosperous future. You're sure to get this in Charlotte, NC, among many other things.

As mentioned, the area has a high demand for real estate. This is made possible by the city’s strong job market, low cost of living, and good weather, to name a few.

It’s also good to look at the development projects in the area, since these will affect your investments.

So far, Charlotte, NC proves to be promising because of these economic projects:

16th Street Streetscape

CityLynx Gold Line Phase 2

Cross Charlotte Trail

Little Sugar Creek Greenway

North Tryon Street Gateway

2. Investment Amount

Before you look at Charlotte, NC homes for sale, you first need to know how much you're willing to invest. A plan will help ease the selection process since you know how much money you're open to spending.

You don’t want to waste time shopping around for properties you can barely afford.

3. Taxes

Apart from the property prices, you should also factor in the taxes you need to pay. Presently, the county's tax rate is at 82 cents for every $100 value. You also need to pay the additional 48 cents levied by the city.

All in all, a $200,000 investment property will give you a $2,624 tax bill. While it’s higher than the national average of $2,471, it’s lower than the New Jersey average of $8,300.

4. Investment Team

As an investor, you need to hire a reliable team.

It all starts with your real estate agent. For one, they will help you pick suitable properties according to your portfolio.

Needless to say, Nancy Braun is your best realtor for the Charlotte, NC market. She uses the best strategies, techniques, and systems that yield cutting-edge results.

With the help of Showcase Realty, you can sell your investments faster, and at premium prices, of course.

5. Location

There are many great neighborhoods in Charlotte, NC, though some stand out from the rest. As mentioned, NoDa, Plaza Midwood, and Sunset Plaza are hot markets. The same goes for the suburbs of Myers Park, Ballantyne, SouthPark, and Lake Park.

If you want to make the most out of your money, you should consider buying properties in these areas.

6. Land Usage

Say you’ve bought a parcel of Charlotte, NC land. You just can’t get started with the construction right away. You need to study the zoning laws and restrictions. Then you need to make your application and wait for the results. The application and approval process can take as long as 90 to 180 days.

7. Tenants

If you're thinking of investing in a rental property, you need to study the tenant portfolio. Make sure to study the lease terms, credits, and payment histories, among many other things.

Final Thoughts: Is Charlotte a Good Place to Invest?

Given the factors stated above, the obvious answer is yes!

Charlotte, NC, has always been a seller's (and renter's) market. Thanks to the low mortgage rates, there's a continuous demand for homes and apartments.

Coupled with the cost of living, weather, and robust job market, Charlotte will remain booming in the years to come.

If you’re interested in investing in NC properties, then make sure to call Nancy Braun of Showcase Realty.

With 24 years of experience under her belt, she can help you find the best real estate in the area. She can also help you sell your investment properties faster - and at higher rates!

#BoomingCharlotteProperty #RealEstateAgentInCharlotteNC #ShowcaseRealty

7 Common Reasons Banks Reject Short Sale Offers in Charlotte NC

A short sale is a great way for homeowners to sell their property if they’re lagging on loan payments. With a short sale, a property is sold for a sum less than what is still owed on the mortgage. This is an excellent way to avoid foreclosure. However, there are risks along the way.

Banks will often reject a short sale in Charlotte, NC for several common reasons. Typical reasons include: if you’re missing documents regarding the property, if your buyer doesn’t qualify for the short sale, or if you as the owner don’t qualify. These are the most common reasons for the rejection of a short sale.

While a short sale might sound like a good option, there are situations where a bank will reject a short sale offer, which you should note. It’s a process that comes close to being complicated, but if successful, it helps you solve many financial problems. Continue reading to learn more about why banks reject short sale offers in Charlotte, NC.

Do Banks Approve a Short Sale?

A short sale is generally left unapproved unless the bank receives an offer from a potential buyer. The most common way for short sale approval is for a buyer to submit their offer. After that, the bank’s short sale approval letter is to be sent, depending on the verdict.

Additionally, if a seller can prove to the bank that a short sale will be more beneficial for both sides than a foreclosure, the bank will likely approve it. Here is how the procedure generally transpires:

1. The seller will list the property as a short sale.

2. Any documents regarding the property and the short sale will be communicated. It shall be between the lender or the bank and the seller and/or their agent.

3. A buyer will become interested and submit an offer. The verdict will depend on the lender’s approval of it.

4. The seller will sign the offer of the potential buyer.

5. The agent or the seller will send the offer, the documents, and other necessities to the lender or the bank.

6. There will be a waiting period for the approval letter. At minimum, this will take a few weeks, but it can take months.

7. If the lender approves the short sale, a short sale approval letter will be sent to the seller or their agent.

8. Once received, it will be relayed to the buyer. Unless the buyer has canceled their offer during that waiting period, the sale will be completed.

Once the approval letter from the lender arrives, then comes the approved sale price and the buyer’s funding. These are the most significant components that a short sale depends on. The sale can only move forward with the approval letter and when the buyer hasn’t backed out.

There are times where the buyer walks away or gives up waiting on the short sale after it has been approved. In this case, they still might be interested in buying the home. However, other reasons might be stopping them from buying it.

These are some of the reasons for a buyer’s cancellation:

The home needs repairs that their lender won’t pay for.

The buyer does not qualify for the loan.

The buyer might not satisfy the funding conditions provided by the bank or the lender.

Final terms may not be settled if additional factors affect the sale. Regardless of whatever agreement happens between the seller and buyer, the final approval still depends on the bank. The final say always depends on the bank.

In some cases, after the old buyer backs out, a new one may come along and make an offer. The terms of the new buyer would have to match what is stated by the lender or bank in the approval letter. This is why it is often better for the approval letter to use general statements. Otherwise, a new letter will have to be requested if the previous one specifies the buyer’s name who backed out.

Why Do Banks Prefer Foreclosure to Short Sale?

Short sales mean that a property is sold less than what it or the mortgage debt is worth, which means that a bank loses money on a short sale rather than recouping its losses with a foreclosure. However, short sales in Charlotte, NC are very viable alternatives to foreclosure in some situations.

A bank will most likely approve a short sale if the selling price or the offer is near the original market value of the property. Banks are businesses, which means they seek to earn profit as well. If a foreclosure costs them more to process than a short sale, the latter will be approved.

Banks will take possession of the house in foreclosures and resell it at a mortgage auction to whoever bids the highest. If the bank feels the home won’t receive a bid close to the market value, then the short sale will be chosen.

After a foreclosure, the bank may wish to sell the home. However, it is highly unlikely that the property will receive an offer higher than the initial short sale offer. A foreclosure will become a more profitable option if the bank deems that the real estate market will likely appreciate.

Why Would a Bank Deny a Short Sale?

When executing a short sale, the primary step is to convince the bank or lender to agree to release a mortgage lien in exchange for receiving proceeds from the sale. Depending on the conditions, many lenders will not view a short sale as a viable option.

Here are 7 reasons that banks may deny a short sale offer:

Reason #1: The Short Sale Offer Price is Too Low

The bank or the lenders will have to request an appraisal; at times, more than one. There is an established price before a short sale approval is placed. Sometimes, banks might request broker price opinions in place of the completion of the appraisal.

A buyer will place and name their offer. Then, the listing agent will submit the short sale offer, which should also include a comparative market analysis justifying the offer’s pricing. If the lender sees that they make more money through foreclosures, the offer will most likely be rejected.

A lowball offer will highly likely receive a rejection from the lenders. The rejection might even come a few weeks or months after the offer. It is a very practical move for banks to reject low-priced offers, especially if they don’t come close to the property’s market value.

Reason #2: Missing or Incorrect Documents

A short sale package must be provided to the bank or lender when seeking a short sale approval. This package includes several documents and paperwork revolving around you and the property. Usually, this consists of a statement of income, tax returns, and a letter regarding the financial state you’re in and how it came to that point.

The letter included needs to explain the financial difficulty you’re experiencing, which involves the steps you’ve taken so far to resolve it, before resorting to a short sale. It is essential that all information you provide be labeled clearly to avoid any confusion.

In some scenarios, lenders will lose some of the documents in these packages. It doesn’t matter how many times or when the package was provided. The chance of misplacement might still occur. In that case, resending will need to be done, probably lengthening the process.

The sale will not be granted if any documentation is wrong, incomplete, or not up to date. An excellent solution would be providing digital copies of the documents, though the same issues could still arise.

Reason #3: The Seller Doesn’t Qualify for the Short Sale

Asking for a short sale from a bank means that you ask them to forgive the debt that you’re in. In general terms, this sounds unlikely to get approved. However, it isn’t impossible and is reasonably achievable with complete requirements and satisfying the criteria provided by the lender.

Banks might be willing to agree to short sales if it is clear the borrower can’t pay the difference remaining on the mortgage. If the property you are thinking of putting up for short sale is close to foreclosure, the lenders may reject the short sale. This is especially applicable if the bank has invested in the foreclosure, holding the property and selling it themselves.

As a seller, you have to be wary of everything and make sure that you work with the lenders to avoid proceeding to foreclosure. Ensure that all communication is open and ongoing. Establishing a good relationship with the lender provides higher chances of the short sale approval.

Reason #4: The Buyer Doesn’t Qualify for the Short Sale

A buyer wants to buy the home and has the money to pay for the home in most cases. However, this does not guarantee immediate approval of the short sale or qualifying for it. Banks need to perform in-depth checks on buyers, including their mortgage status, credit history, and other criteria.

This is evidence that the buyers are qualified to purchase the house. Financial capability is crucial. For a buyer to gain credibility, they must submit a loan pre-approval letter along with their offer on the short sale.

Reason #5: The Lender Has Sold the Loan

There are times when the agent or the seller might not be aware that the lender no longer holds the loan’s mortgage. Sometimes, this event occurs weeks after or during the negotiations on the short sale.

Once the bank has sold the mortgage to another lender, the short sale approval no longer depends on them. This is now authorized to the new lender, as the asset has already been released. Even if the agent or seller continuously receives statements from the original bank, they might no longer be servicing the loan.

This is why regular contact and communication between sellers and lenders are essential. Even the simplest miscommunication can lead to lengthening the process or canceling it as a whole, eventually leading to foreclosure.

Reason #6: The Buyer Walks Away From the Home

There are times that buyers get impatient. No short sale is completed in just a few days, as the process is long and requires a lot of patience and waiting. In the process, a buyer often gets impatient, loses their funding, or walks away from the offer due to other issues.

Communication between the buyer and the seller is also important, so a buyer must also be qualified for the short sale purchase before finalizing the offer. Despite doing the most to move forward with the sale, mishaps can still happen.

Reason #7: Multiple Lien Holders Refusing to Settle on Terms

A title with lien holders must reach a mutually beneficial agreement to succeed in a sale, which is more than likely to succeed with just a few lien holders. However, the more lien holders you have, the less likely an agreement might be reached.

If you fall behind on your mortgage loan and you know you can’t catch up, then attempting to make a short sale is a good option. That being said, it needs to be done sooner than later. If you prolong it, there’s a high chance that a foreclosure will be at risk, especially if you have several lien holders. It’s an excellent choice to act before lenders do.

These are the most common reasons why short sales can be rejected. In other instances, a short sale might not be possible at all. The key to success in a short sale is through early action, the right help from an expert, and patience to go through with it completely.

What Happens When A Short Sale is Denied?

If a short sale is initially unapproved or denied, it doesn’t necessarily mean it ends there. However, it is good to check on the terms agreed with on the initial buyer to know if you’re good to contract with someone else for the short sale.

Final Thoughts

The best plan would be to make sure all factors involved in the short sale process are settled with these mentioned reasons. Even if it may be a tiring process, in the end, it will make a huge difference.

A lot of banks have criteria that have to be satisfied, so certain applications, documentation, requirements should be completed within a timeframe provided by them to be prepared as soon as you can. Remember that a short sale gives you more control over what happens over the property, rather than an eventual foreclosure which will be a disadvantage for you.

If you opt for a short sale, you have more opportunities to succeed. The short sale process works similarly to a traditional home sale. In any case, it’s best to be careful and wary of everything and everyone involved in the process.

If you’re looking for help in short sales in Charlotte, NC, Nancy Braun provides the best guidance and help you can ask for. With several years in the industry and expert experience, there’s no one else more qualified for the job.

#ShortSaleApproval #ReasonsBanksRejectsAShortSale #NancyBraun

Everything You Need to Know When Buying a Home as a Short Sale

Maybe you’ve come across Charlotte, NC homes listed as ‘short sales.’ So what are they?

Short sale homes are properties sold at a price lower than what is owed on the mortgage. These sales are initiated by the seller, which makes them different from lender-initiated foreclosures.

Short sale homes are often heavily discounted in price, and the competition from other buyers is often low. However, buying a short sale property takes longer to complete. Homes are sold as-is, which requires more effort on the seller’s part. Before you go ahead and look for short sale homes, it will help to know everything about them first.

What is a Short Sale?

A short sale (or pre-foreclosure sale) home is a property sold at less than the price owed for the mortgage.

It occurs when the homeowner is no longer able to pay their mortgage. Instead of having the home foreclosed, they will apply to the lender to get it short sold. Whether or not this pushes through will depend on two factors:

The home is worth less than what the seller owes.

The seller demonstrates financial hardship.

Unlike a traditional sale, the lender gets all the revenue from the sale. They may forgive the difference.

Likewise, they may also file for deficiency judgment. This lawsuit gives the lender the right to pursue the seller for the remaining money owed.

What is the Difference Between a Short Sale and a Foreclosure?

The difference between the two lies in the seller's control of the situation.

In simpler terms, a short sale is voluntary.

Here, the homeowner initiates the sale by submitting a financial hardship package to their lender. Everything is subject to the lender’s approval, of course. On the other hand, a foreclosure occurs when a lender seizes the property. Usually, it's because the owner is unable to make payments.

It's a more expensive process since the seller (and the lender) may have to file for bankruptcy.

Even with their differences, both processes only occur if the owner is unable to pay the mortgage.

In some cases, sellers may do so because they’re ‘underwater.’ In other words, they owe a lender more than the home is worth.

Both processes affect the seller's credit at the end of the day.

A short sale or a foreclosure will appear as ‘not paid as agreed.’ As such, it will linger on the seller’s credit report for seven years.

Despite this, a short sale can help the seller re-enter the housing market right away. This is possible with an FHA loan, just as long as you meet the following requirements:

There are no late mortgage or installment payments in the year before the short sale.

There are no late payments in the year before applying for a new mortgage.

Who Benefits From a Short Sale?

All parties benefit from a short sale.

In the seller’s case, they get to avoid foreclosure. There’s also a potential for debt forgiveness and absorption.

They also will save money since the lender - and not themselves - will have to pay for agent commissions and other associated sales costs.

As a buyer, you get to enjoy these benefits:

Discounted Sale Price

While a short-sold Charlotte, NC home will be priced according to market value, you may be able to get it at a lower price. The lender might be more than willing to cut their losses, which means they may sell the home at a discounted rate. Add to that, you don’t have to pay for closing costs or broker’s fees, since the lender pays for these.

Less Competition

Charlotte, NC, is one of the hottest housing markets of today, according to Realtor.com. With a sales growth of 13.8%, it’s no surprise that the prices in the area have increased by a whopping 5.2%.

With the offers that abound, it may be harder for you to get your dream home in this market. This is especially the the case if you're looking for a price you can afford.

That's why Nancy Braun recommends looking into short-sale homes. It's a less competitive niche since most buyers tend to stay away from them. Unbeknownst to them, it's easier to make lower offers on these properties!

What is the Downside of a Short Sale on a Home?

As with any other transaction, there are some downsides to buying a short-sale home.

Sub-Par Home Condition

Not all short-sold homes are in disrepair. However, a good number of them are, and it’s mainly because their owners are strapped for cash. They may lack the resources to keep their Charlotte, NC home in good condition.

That said, short-sale homes are often in better condition than foreclosed ones.

Lengthier Process

Compared to a traditional sale, buying a short-sold Charlotte, NC home takes longer. That’s because the lenders (and lienholders, if any) need to be involved in the process.

The more lienholders there are, the slower the sale will be.

As for the seller's part, their doubts (and incomplete documents) may cause further delay.

Higher Risk

Short sale Charlotte, NC homes are sold as-is. They often lack typical disclosures, as you would find in traditional sales. As a result, the home condition or deal quality may not be as clear to an interested buyer.

More Work Involved

While every traditional sale requires research, buying a short-sold home requires more effort. You will need to look up the property's value, liens, and other potential issues. That said, Nancy Braun can help you with this brunt work - among many other things.

What is the Process for a Short Sale?

If you're interested in buying a Charlotte, NC home on a short sale, you will need to undertake these six steps:

1. Apply (and Get Approved) for Financing

Like a traditional deal, the first step is applying for financing. Of course, you need to be approved as well.

After all, the lender wants to see that you, the buyer, can carry payments on the property.

Getting a loan prequalification or a pre-approval letter is sure to come in handy. You’ll need to provide a copy on your offer, after all.

Is it Hard to Get a Loan for a Short Sale?

It's not, but the process can take longer than a traditional sale.

With the help of Nancy Braun and her real estate agents, though, you may reduce the waiting time to a few weeks (or months.)

That said, interest rates may fluctuate during the wait. The changes may benefit you - or they may not.

In most cases, the lender will refuse to lock in the amount for beyond 30 days, unless you pay a fee.

2. Get an Experienced Realtor - Like Nancy Braun

It's challenging to find the perfect Charlotte, NC home, especially ones on a short sale. If you want to get your hands on a great deal, then it's best to hire an experienced realtor like Nancy Braun.

As the owner and broker-in-charge of Showcase Realty, she has 24 years of experience under her belt. She has access to numerous Charlotte, NC listings, so you're sure to find the short-sale home of your dreams.

3. Do Some Research

It’s advisable to learn everything you can about the property.

The good news is you don’t have to struggle with this. Nancy and her agents have access to the Multiple Listing Service (MLS). This is a database of homes on the market, including those recently sold.

With the MLS, you'll get a bird's eye view of sales in the area. This should give you an idea of the value of the Charlotte, NC, short-sale home you’re eyeing.

Likewise, your research should involve:

Checking the amount the seller owes the lender

Knowing every person or entity with a property claim (lienholders)

Determining if there are any liens on the home

Searching the title

Again, Nancy Braun and her team can help you with all of these.

4. Make an Offer

Before placing an offer, make sure you understand the market and the conditions. This is why Nancy Braun recommends doing your research beforehand. Remember, the lender is trying to recoup as much as possible. On top of that, they may have to meet specific investor guidelines.

This is why Nancy Braun recommends making an offer close to the property's market value. If you go too low, there's a big chance that the lender may end up rejecting it.

Tip: A large down payment (preferably in cash) may help increase the chances of your offer getting accepted.

Why Do Short Sells Get Rejected?

The lender may reject your offer if:

You’re an unqualified buyer. The lender will check your credit history, job history, debt ratio, and many other things. Even if you can afford the mortgage, this doesn’t necessarily mean that you can afford a home.

The price is too low. The lender will reject the offer if they believe they’ll make more money with a foreclosure.

The short sale package is incomplete. This is often the case with agent-less transactions. But with Nancy Braun by your side, you’re sure that all the necessary documents are included in the package.

5. Have the Charlotte, NC Property Inspected

Again short sale homes are sold as-is. This means you may get it at a lower price if it has a couple of issues.

Sure, the seller should disclose any issues, but these are often relegated to the wayside.

Even if the low price is a steal, Nancy recommends having the home inspected before closing.

This is essential if you’re applying for an FHA loan. It requires certain home repairs to be made, such as:

Peeled paint

Doors that don’t open and close properly

Leaks and plumbing issues

Leaky or defective roofs

As a short sale buyer, the good news is you have time to do this. There’s a due-diligence contingency period covered in the process, after all.

Inspections will give you an idea of the repairs needed, and the costs that come with them. You don’t want to purchase a home where repairs cost more than the property itself.

6. Close the Deal

Say the lender has accepted your offer. Before closing, you need to make sure that they, and the lienholders, are willing to release the collateral.

Likewise, the seller will need to submit the following documents for you to close the deal:

Hardship letter. This should detail the seller's problems and why they cannot make mortgage payments.

Proof of assets and income. This should include two years’ worth of the seller’s tax documents and bank statements.

List of liens. This should be an updated list of all liens, especially if the seller has racked up multiple debts.

Comparative market analysis. This is a study of similar homes on the market. It also includes recently sold properties. These data help prove that the seller owes more than the property's worth.

Once everything is set, you’ll be able to close on your short-sold Charlotte, NC home.

Who Pays the Closing Costs on a Short Sale?

In contrast to the traditional sale, the lender (and not the seller) pays for the closing costs. That includes agents' commissions and other related fees. Tip: if you want to improve your chances of getting the home, you can offer to pay the closing costs. This will absolutely make you rise above the rest, since the lender is trying to recoup as much money as possible.

What is the Average Time for a Short Sale?

Even if it has ‘short’ in its name, this type of sale is far from quick.

The process often takes longer at 120 days…and upwards of a year.

This is considerably longer compared to a traditional sale. It only takes an average of 45 days.

For one thing, the short sale process is more complex. There is a lot of paperwork needed.

Even if you make a quick offer, the bank will need a few weeks (even months) to review it.

Let’s say the seller accepts your offer. The lender may reject it if they believe they’ll earn more by foreclosing the property.

In other words, the lender is in charge of the overall sale, which is why the process takes more time.

There’s also the issue of liens.

The more lienholders there are, the longer the closing process will be. That's because everyone has to give permission for the deal to proceed.

If any lienholders refuse the sale, the lender has no choice but to go ahead and foreclose the property.

How Often Do Short Sales Fall Through?

According to research, only 40% of short sales close.

While a buyer pulling out is one reason, it’s often due to seller or lender issues. For example, even if the lender decides to release the home's lien, the lienholder is still free to sue the seller later. More often than not, this could prod sellers to back out from the sale.

This low rate is one of the reasons why you should hire Nancy Braun and her team. They can help you get through this major hurdle, among many other steps to acquiring a short sale home.

In Conclusion: Is Buying a Short Sale House a Good Idea?

As you see, there are benefits - and some drawbacks - to buying a short sale Charlotte, NC home.

Yes , it’s cheaper, and there is less market competition.

That said, the property is often sold as-is. The process is longer, and there is a need to pay a bigger down payment amount.

If you don't mind these minor setbacks, then you're good to go. With Nancy Braun by your side, you're sure to get your short-sale home…and at an affordable price.

#CharlotteNCShortSales #HomesInCharlotteNC #NancyBraun

The Top Neighborhoods in Charlotte, NC Perfect for Families

There are plenty of benefits that come with living in North Carolina, especially in Charlotte. There are lots to discover, such as culture, food, the people, and the city itself. Many people might feel hesitant about moving to a big city. Fortunately, its neighborhoods always have something different to offer everyone.

Not all neighborhoods are made the same. There are different ones that will fit your taste and your lifestyle, but there are also a few that are the best choices available for you and your family. Take a look at which would be the one for you among the best neighborhoods, which are South Park, Ballantyne, or Myers Park.

More and more families choose to live in Charlotte each day, but moving to a new city can be complicated. Many people turn to the internet to find out which neighborhoods are the best in a new city, but sometimes information can be conflicting. That’s why we’re here to help.

Is Charlotte North Carolina a good place to raise a family?

Since Charlotte is a thriving urban area, there are never any dull moments living there. This is especially true for families, even those with children of varying ages. There are lots of attractions and activities available for each member of the family.

With the high quality of life present in Charlotte’s surroundings, no matter what you’re interested in, there will always be something for you. Whether it be leisure, job security, or affordable living costs, Charlotte truly is a great choice for families.

The trickiest part of the process is finding the best neighborhood for your family. Like neighborhoods, all families have different tastes and preferences. You might want your children to grow older in an area that’s quiet and peaceful, or you may want a more lively area that’s safe at the same time.

With a great job market and great schools spread all over, Charlotte is truly a popular contender for families. When you consider the affordable living costs and dynamic economy, you can definitely thrive.

No matter what your specific tastes and plans are, there will be a neighborhood that’s perfect for you...and that has everything your family needs.

What is the Nicest Neighborhood in Charlotte, NC?

No neighborhood is perfect. There are only ones where you fit in well and then the ones that you don’t. With over 200 official neighborhoods designated in the city of Charlotte, you stumble upon a neighborhood every 1.5 miles. This wide array of choices can definitely make it hard to choose just one.

The only thing that matters is which one will suit you the best. Of course, everything depends on you and how you want to live. Here are some of the best picks for families.

1. Myers Park

As one of the most premier neighborhoods to live in, Myers Park is also one of the most picturesque. It is 10 minutes away from the city center, filled with stately mansions and known for its oak tree-lined streets. The wealthiest residents of Charlotte reside in this neighborhood, with plenty of families living on each block. Most residents in Myers Park own their own homes. As of May 2021, the typical value of a home in this neighborhood averages at $1.24 million. Despite that, its residents prefer to be homeowners rather than tenants. Plus, the price is worth it, as the homes range from historic mansions to modern designs.

Since Myers Park is located in the more southern part of Charlotte, there is less access to public transportation than in other neighborhoods. The best mode of travel to take in Myers Park would be cars or bikes. Even if the nearest city center is only a few minutes away, the neighborhood itself was intended as a car-oriented subdivision.

it's also the best area for walking and jogging, as Freedom Park is located in Myers Park . It is filled with wonderful scenery and filled with athletic fields, which people of all ages love to spend time in. So while public transportation options are limited, Myers Park has almost everything to offer a young family.

2. Ballantyne

With a population of 25,000 people, Ballantyne has become one of the most desirable areas to live in Charlotte. It is located across 2,000 acres of land that’s just adjacent to the border of South Carolina. As a newer upscale community, it is very welcoming to any newcomers to Charlotte.

Even if Ballantyne is located within the Queen City that is Charlotte, some locals tend to view it as a city on its own. This is because of the amenities and community hubs available for its residents and visitors. Ballantyne has its own country club, a golf course that’s ranked by PGA, and lots of opportunities for working and playing – without even needing to leave the neighborhood.

Ballantyne has one of Charlotte’s most important landmarks. It is home to several Fortune 500 companies, including Premier, Wells Fargo, and TIAA. The job market in Ballantyne is extremely versatile, which is beneficial for families who are just starting out.

The Ballantyne Corporate Park prides itself in being a nationally recognized business community that can offer plenty of endless activities. Despite the business-savvy feel to the neighborhood, the outdoors is very much embraced by its locals. Biking paths and sidewalks make it easy for residents to walk around from shop to shop, restaurant to restaurant, or simply take a stroll without worrying about chaotic hustle and bustle.

3. South Park

The SouthPark neighborhood was once the home area of the world-famous evangelist Billy Graham. It is one of the safest places to live in Charlotte, with very low crime rates. SouthPark takes pride in what it can offer to everyone, and of any age. .

Moving to Charlotte might feel like a big step, but if you want to live luxuriously and feel secure, SouthPark might prove to be the best option. Families can enjoy this area as it has great amenities to offer, both for those who like the outdoors and indoors.

For shopaholics, the neighborhood offers you the SouthPark Mall which clocks in at a massive around 1.8 million square feet. It is the largest mall located in Charlotte, and even in North Carolina itself. The mall has big brand names and distinguished shops such as Macy’s and Nordstrom.

For the people who like being outdoorsy, you can find yourself enjoying what SouthPark has to offer. The well-known Quail Hollow Golf course is located in the area, which annually hosts the Wachovia Golf Tournament. For the quieter people who like peace, the Billy Graham Library is nearby and within walking distance to their homes.

The neighborhood is a great residential area with an established look and feel to it. The streets are lined with large, elegant houses that all have a high-end aura. Despite being near urban areas, SouthPark’s surroundings are very quiet and calming. This makes it one of the best neighborhoods to raise a family when choosing a home in Charlotte, NC.

Is Charlotte, NC Expensive to Live In?

Choosing from the best neighborhoods is difficult. There’s more to moving to a whole new city, though, than just the area you want to live in. You’ll have to get to know Charlotte, NC itself, and learn what it can offer you.

As a homebuyer with a family, here are the best bits of information you’ll want to take note of:

The approximate population of Charlotte, NC as of recent data is 912,096. The average income in Charlotte, NC is $41,923.

The crime rate in Charlotte as a whole is 54 out of 100, with 1 being the lowest.

Over 80,000 people have moved to Charlotte’s metro area. On average, 60 people move to the Charlotte metro area every single day.

The median home price in Charlotte is $252,500.

The median rental price in Charlotte is $1,472.

How Much Does it Cost to Live in Charlotte?

Living in Charlotte is not as expensive as you’d think. Even if there are neighborhoods lined with mansions, big houses, and corporate headquarters - Charlotte is still on the right side of affordability.

Even before real estate boom that’s been going on in Charlotte, there have been instances where housing prices have risen. This means that the overall cost of living has gone up a bit. Nevertheless, Charlotte remains a very affordable city. The typical value of a home in Charlotte, as of August 2021 sits at over $300,000, which is higher by 16.4% from May 2020. However, with rental properties, there has only been a 5% increase since 2020. The average rent in Charlotte, NC is a little over $1,300, which is slightly lower than $1,428 which is the national average. The lower cost of living is comparable to tech hubs such as Seattle and Denver. Even with houses ranging at $500,000 or more, the real estate scene is thriving. It’s one of the telltale signs that communities in Charlotte are great for families.

Employment and the Job Market in Charlotte, NC

There are hundreds of companies that offer jobs in Charlotte, NC. Its economy itself is a large job-producing system. With the amount of Fortune 500 companies that hold their headquarters in Charlotte, there are more than just a few opportunities present for newcomers.

The Bank of America, Wells Fargo, TIAA, and Premier are just a few of the Fortune 500 companies that are headquartered in Charlotte. Whether you’re looking for an entry-level position to a higher-ranking one, Charlotte might have just what you’re looking for.

This is why the city is a big magnet that attracts both families and young adults. No wonder Forbes has referred to Charlotte as one of the happiest cities for young professionals.The longer you are a resident of Charlotte, the more you love the city and what it can offer you.

So, whether you’re a parent or have a young adult with you, there are lots of doors to open. Opportunities are thrown into your face at any given moment. This proves that Charlotte truly has one of the most dynamic economies. Education in Charlotte, NC

Charlotte has over 600 preschools, 200 high schools, and dozens of available options for older students according to GreatSchools. These institutions are spread out across some of the best school districts in the city.

The available options for families are endless. Whether private or public, most schools in Charlotte, NC have very high ratings.

Available Recreational Activities

One third of every year in Charlotte is sunny and warm. While the city does have its share of rain, Charlotte only 41.6 inches each year. This makes outdoor recreational activities fun and very enjoyable, which makes Charlotte ideal for different families.

It only takes a couple of hours to drive to the Blue Ridge Mountains and the Blue Ridge Parkway. Three hours on the road leads you to the coast of North Carolina, rich in history and in beauty.

For those who like indoor activities, there are attractions such as the historical city tour, as well as the comedy tour. Food and wine tours are available for those who prefer peaceful yet vibrant activities. Regular concerts, sports events, and shows are available each season.

Being a resident of Charlotte means there is always something dynamic and exciting to do . With everything available at your disposal and accessible, it makes family bonding more enjoyable and interesting.

What is the Best Area in Charlotte, NC to live in?

All the factors that make Charlotte a great area also make it a very attractive place to live. It has low crime rates and the transition that comes with moving in Charlotte is so comfortable and easy. The three neighborhoods we’ve discussed above are the best Charlotte has to offer. However, that doesn’t mean you should stop exploring and researching other options as well.

With great schooling options, thriving job market, and a great housing market, Charlotte has it all. It’s the ideal place to live in, which makes it great in most people’s eyes. Whether you’re starting out a family, moving with an already established family, or just thinking about it - Charlotte has everything you need.

A city as vibrant as Charlotte is the best option for your living situation. If you’re looking to move in and find the perfect neighborhood as soon as you can, there’s only one person you can trust: Nancy Braun, along with her team.

Nancy Braun has been working in real estate for more than a decade, being a master at the art of home buying and home selling. Her real estate company, Showcase Realty, has been handcrafted by her and enriched with the best people available, all ready to help you adjust to your move to Charlotte, North Carolina.

Get to know more about Nancy Braun and Showcase Realty today.

#FamilyHomesInCharlotteNC #CharlotteNCHomesForSale #NancyBraun

Is Charlotte in a Housing Bubble?

Real estate is selling like hotcakes in Charlotte, NC! Charlotte housing has become so competitive for thousands of buyers that buying a home in the area has been ruled out altogether. So the question on everyone’s mind is: will the Charlotte real estate market ever cool off? Is Charlotte, NC in a housing bubble?

Charlotte is in a housing bubble. The high demand for Charlotte, NC homes for sale, coupled with a shortage of homes and low mortgage prices, is driving real estate at an all-time high. Sellers and investors now have the upper hand over buyers in the red hot market.

Today, we’ll discuss what the housing market in Charlotte is like and what the implications are for buyers and sellers:

Why Charlotte homes are so expensive

If Charlotte is in a housing bubble

Why investors are choosing Charlotte

Charlotte real estate market forecast

Will the Charlotte selling market continue to dominate?

Let’s find out!

Why are Charlotte, North Carolina homes for sale so expensive?

Charlotte, NC is a seller’s market. There is fierce competition in Charlotte amid the growing demand for housing. Coupled with the housing shortage, real estate prices continued to skyrocket despite the COVID-19 pandemic.

In June 2021, the median list price for Charlotte, NC homes for sale was about $360,000. This shows an upward trend of 10.7% year-over-year.

The median listing price was around $193 per square foot. The median sale price was around $350,000.

This means that the sale-to-list price is almost 101.82%. This isn’t ideal for buyers who should be looking for a sale-to-ask price of around 90%.

Is Charlotte NC in a Housing Bubble?

Even amid the coronavirus pandemic, the demand for Charlotte, NC homes for sale far exceeds the supply. Mortgage rates also remain low, driving up real estate prices. Charlotte NC buyers now need to cough up, on average, 1.82% above the asking price.

If mortgage remains low and housing demand stays hot, sellers and investors now have an advantage over buyers in price negotiations. While homes are attractive to sellers in the current climate, Charlotte, NC, investment properties have the potential to bring in some decent cash flow.

Charlotte Real Estate Forecast

According to analysts, though, the housing bubble won’t stay this hot for long. According to Realtor.com, fewer people are applying for mortgages, and the demand for homes is dwindling.

Homes in Charlotte usually sell after 30 days. Median days on the market have gone down by 37.5% since last year. In a balanced market, supply will take about six months to dwindle to zero.

This gives buyers some hope that competition will die down.

While home prices are expected to drop, a market crash is definitely not on the horizon.

Is it a good time to buy or sell a house in Charlotte?

Looking at current trends, home inventory in Charlotte is still at 0.6 months of supply, down by 66.7% year-to-year. New listings are down by 6.5% year-to-year. However, in February 2021, new listings were at 1,525, up by 3.2% year-to-year.

The increase in new listings means that sellers are still willing to put their homes on the market. Buyers should expect to see more homes for sale, especially during the peak buying season.

It is a good time to buy or sell a house in Charlotte. In the current climate, inventory is still tight, and prices will stay high in the coming months.

Charlotte is still indeed a seller’s real estate market. Charlotte will remain to be a hot market for investors who plan to:

Hold and rent out real estate

Renovate or flip homes

Invest in multi-family properties

However, note that the annual appreciation rate for Charlotte real estate is 2.10%. Now is the opportune time for sellers to put their Charlotte home for sale as home prices trend higher:

Metro home values are up 11.9% over the past year.

Home values in the metro are expected to rise 15%

Investors or homeowners who want to sell or cash out their homes should do so in the current phase.

Why are real estate investors choosing Charlotte, NC?

If you are thinking of investing in Charlotte, here’s what you should know:

1. Charlotte is a Fast-Growing City

Charlotte is the largest city in North Carolina. It’s also the third fastest-growing city in the US!

If this trend continues, the population is expected to rise almost 50% between 2010 to 2030. That’s about 600,000 more people.

Investors should note that millennials, baby boomers, seniors, and people from abroad choose Charlotte because of its lower cost of living.

2. Low Mortgage Rates

The low mortgage rates were instrumental in the Charlotte real estate boom. More people can afford to buy homes, including primary homeowners and investors.

With the stock market down, it’s the perfect opportunity to diversify your portfolio and invest in a popular city like Charlotte.

3. Job Opportunities in Charlotte

Charlotte is a bustling city. It boasts of a strong job market with an increase of almost 3% over the last year.

In the next ten years, job growth is predicted to be 45.2% compared to the national average of 33.5%.

The unemployment rate of 4.9% is also lower than the national average of 6%.

Major employers like American Airlines, Bank of America, Wells Fargo, Lowes, and Charlotte Motor Speedway attract employers looking for quality housing.

4. Affordable Real Estate

Home prices in Charlotte are higher compared to the rest of North Carolina. However, you will notice that North Carolina investment properties and homes for sale are lower than the national average.

5. Booming Renter’s Market

With its stable job market, high population, and increasing house prices, investors see a booming renter’s market in Charlotte, NC.

There is a large influx of millennials in the area. Thousands of millennials are still choosing to rent properties, which is great news for investors looking for property in NC.

Homeownership in Charlotte is at 52.9%, lower than the national average of 64%.

Investors can make significant money in Charlotte with such high demand for rental properties and increasing house prices.

Final Thoughts

Finding the right area is overwhelming and time-consuming, with thousands of homes and investment properties to choose from. Thankfully, you can trust property management companies to manage the transaction.

The best real estate agent in Charlotte NC, Showcase Realty, has sold over 1,000 properties in the Charlotte metro since 2008.

Nancy Braun and her team guarantee to sell homes three times faster and with $30,000 more in your pocket than other agents.

Nancy Braun Real Estate is the fastest-growing real estate team in Charlotte, North Carolina. With professional service that’s personally delivered, investors, buyers, and sellers are guaranteed to have all their needs and requests met.

Nancy Braun of Showcase Realty 704-997-3794

In case you cannot view this video here, please click the link below to view Is Charlotte in a Housing Bubble? on my YouTube channel: https://www.youtube.com/watch?v=HwZ2AoJ8fjk

#CharlotteInAHousingBubble #CharlotteNCHomesForSale #NancyBraun

17 Pros and Cons of Living in Uptown Charlotte, NC

Since Charlotte ranks high as one of the most populated cities of North Carolina, many people have begun to consider moving to Charlotte. Since it is a diverse and versatile city, there’s a lot that might make you want to live in Charlotte, NC.

Charlotte, NC is a sports hub, commercial hub, and culturally artistic area. Though it’s a young city, it has grown to become a hotspot for nourishing diversity, creativity, and southern charm. Residents get the best of both worlds: parks and nature trails, as well as metropolitan skyscrapers. This is especially true for Uptown Charlotte, which offers its residents everything and more.

However, living in this area has its cons, such as the crime rates at night and the growing pains of a young city still coming into its own.

Are you considering a move to Uptown Charlotte? Explore the pros that life there has to offer. You’ll experience exciting sports events, a wealth of entertainment and leisure, and gourmet dining. Consider the downside ( or “cons”) that come with it as well. Read on to learn more about living in this wonderful city!

Is Uptown Charlotte a Good Place to Live?

Uptown Charlotte is also known as the Charlotte City Center since it is considered the heartbeat of Charlotte, NC. Despite being called Uptown Charlotte, it is actually located in the downtown area. It was originally the city’s highest point of elevation, but Charlotte slowly grew around it.

Uptown Charlotte is a good place to live as it is home to plenty of attractions to visit and admire. It also offers many opportunities for job seekers who wish to move there. The area has a little bit of everything to offer to every kind of person. From tech startups to endless creative opportunities and many of the biggest banks in the USA.

Not only that but the range of living conditions that Uptown Charlotte offers are wide and versatile. You can choose to live in a high-rise condominium or, the complete opposite, a restored and revitalized Victorian-type home. No matter your preferred type of home, there is something for you in the area.

What Are the Pros and Cons of Living in Uptown Charlotte, NC?

When you’ve chosen to move to a new neighborhood, it can be hard to decide whether or not it is the place for you. So if you’re thinking about moving to Uptown Charlotte, there are a few pros and cons that might help you make a decision.

PRO: The location gives access to an abundance of activities.

It can’t be repeated enough: Uptown Charlotte truly is the center of the city. Split at the intersection of Tryon and Trade streets and made up of four divided wards, Uptown Charlotte is surrounded by the best the city has to offer.

This makes it so that living in Uptown Charlotte means easy access to tech startups, creativity-enriching hotspots, bars and restaurants, museums, and plenty more. Despite the city’s modest size, Uptown Charlotte brings the excitement of much larger cities.

CON: Culture is almost always changing.

Charlotte is a relatively new city that has seen an accelerated jump in growth in the last decade. Its residents are only starting to formulate a stable sense of culture. Since it is a newer city, there hasn’t been enough time to establish its sense of self.

Although there is no direct trace to discrimination cases in terms of economic, social, racial, or ethnic differences, Uptown Charlotte has still had its ups and downs. It hasn’t fully formed its identity or what the population of Uptown Charlotte, and Charlotte itself, needs it to be.

PRO: Diversity in its housing options.

Whether you are a single person, a family, or quite literally anyone, there is a housing option that can be offered to you in Uptown Charlotte. From high-rise condos to Victorian homes, this is what makes the neighborhood a popular choice for people who move to Charlotte, NC.

The residents of Uptown Charlotte range from young professionals to students, making it a very welcoming community. Its popularity is understandable, with the variety of available properties on the housing market and the diversity in options.

CON: The housing market might be priced higher than you think.

Because of Charlotte’s popularity and the appeal of living in Uptown Charlotte, available properties are becoming more and more expensive. As of June 2021, the average cost of rent in Uptown Charlotte exceeds the rest of the city’s average, at $1,697 for each month.

The annual increase of home prices has gone up by 13%, with the median listing of Uptown Charlotte homes at an estimated $395,000. For newly-graduated professionals and families looking to save up on money, Uptown Charlotte’s house market may be a little bit out of reach.

PRO: There are plenty of options for delicious food to try.

Charlotte is famous for its food scene. The city is home to dozens of eateries that offer the best and delicious food. If you’re a foodie, exploring different local restaurants and bars will become an integral part of your life in Uptown Charlotte.

PRO: There are many establishments for leisure and entertainment.

Uptown Charlotte boasts multiple all-day entertainment options that cater to various interests. You can enjoy exciting sports events or visit multiple renowned museums. There are parks and nature trails you can visit every day. Best of all, everything is easily accessible from the neighborhood, with minimal drive time.

The Spectrum Center can offer you NBA games or unique concert experiences. The Knight Theater or the Mint Museum lets you immerse yourself in the rich artistry and culture that Charlotte can offer. Once again, all are accessible within 20 minutes or less on foot or by car.

The nightlife scene in Charlotte is amazing and very lively. There are plenty of bars in Uptown that offer good live entertainment, good food, and great beer and wine. Taking a walk at night can lead you to pubs and places with the best free music to go along with the food.

Whether you love being out at night or not, the Uptown Charlotte nightlife is sure to reel you in.

CON: There’s limited public transit available.

Despite how Uptown Charlotte itself has a lot of walkable venues and establishments, traveling to other neighborhoods or areas in Charlotte itself might be difficult when you don’t have a car.

There are available train and bus lines and plenty of establishments that are made for easy walking. However, Charlotte itself remains a driving city. The available modes of public transit are affordable, but they have limited stops, especially in the Uptown Charlotte area.

PRO: Good and high-quality education is available.

Charlotte, NC has around 175 primary and secondary schools. Better still, many of them are close to Uptown Charlotte or within the area itself.

Uptown offers plenty of options for schooling, especially for students wanting higher education. The Uptown district includes Johnson & Wales, the University of North Carolina, and Central Piedmont Community College, and there are more than just a few good options available.

PRO: The diversity of the commercial scene offers plenty of employment opportunities.

Since Uptown Charlotte is “the heartbeat of the city,” endless commercial companies and organizations are located there. They range from small startups to as big as Fortune 500 companies.

If you’re a bit low on cash or the hunt for a job, no need to worry much! As a growing and newer city, Charlotte offers an abundant supply of employment opportunities. It has one of the lowest rates of unemployment in any city.

You’ll have an effortless time finding employment or job opportunities in Charlotte. Even if it isn’t the dream job that you’ve always wanted, it makes for a good starting point in your career as a Charlotte citizen.

PRO: The banking and work scene in Uptown Charlotte is booming.

Speaking of employment opportunities, plenty of jobs in the financial world have popped up. There are jobs available at Bank of America, Wells Fargo, and many more. The job opportunities in the financial sector of Uptown Charlotte are almost endless.

Even outside of Uptown, the Charlotte job market is a heavyweight in the fields of finance and insurance and the Healthcare and Social Work field. With the rise in technology and the modernity of Charlotte, NC, there are many great opportunities in the corporate workforce popping up everywhere.

For a bit more reassurance, the average salary of Charlotte, NC stands at $54,000 annually. The unemployment rate is at 5%. Charlotte is faring very well despite the aftereffects of the pandemic.

CON: There is very minimal water access.

The nearest ocean is hours away.

PRO: Charlotte, NC is the 6th fastest-growing city in the entire United States and grows.

With so many people moving to Charlotte, NC, it is constantly growing. There are no signs it will be stopping any time soon. Even surrounding towns are growing at fast rates. A growing population means a fast and strong job market for the city. This is not only in one industry, but also in multiple ones such as Automotives, Financial Services, Energy, Biotechnology, and the like.

CON: The population growth may be overwhelming.

This might only be a negative for people who prefer to live in secluded, more quiet places. Even if accepting, diverse, and friendly, a large community can overwhelm people looking for seclusion and calm.

CON: Traffic is one of the biggest problems.

Charlotte itself is a city with accelerated growth in population. As more residents come to the city, more cars arrive, which brings a lot of traffic. Even if Uptown Charlotte is a neighborhood that relies more on walking, traffic is unavoidable mainly because Charlotte is the third-largest city in NC in terms of population.

PRO: The weather is great.

The weather in Charlotte can be one of the main reasons people move to the area. If you’re a fan of the cold, you can go skiing or take a trip to the mountains, with the closest one only being 30 miles away. Taking a refreshing 40-mile drive can offer you a sunny day at the beach to Lake Norman.

There is very little snow in the winter, and the snow that does fall is very manageable. Summers in Charlotte can bring heat and humidity, but its newcomers become used to it quickly.

Aside from temperate weather and climate conditions, Charlotte is full of nature and greenery. People commonly associate cities with street lights and neon signs, but Uptown Charlotte, and the whole of Charlotte, has a great view of the night sky. You can see the stars clearly due to the city’s low level of light pollution. In the morning, the skies are very blue and nearly always bright.

PRO: Charlotte is welcoming and diverse.

The city not only welcomes young people looking for a city to live in, but it is also very open to people from all walks of life. Uptown Charlotte offers everything for everyone, whether your interests lie in sports, building a good career, or even if you want a community filled with great people.

No matter who you are or where you come from, there’s always a place for you to belong in Charlotte, NC.

Is Uptown Charlotte Safe?

When considering a new place to live, the biggest concern that everyone has is how safe their new city might be. As you’re most likely considering moving to Charlotte, NC, you’ll want to know how safe Charlotte is.

While Charlotte does have a higher than average crime rate, it’s only due to the handful of neighborhoods in Uptown that account for 8% of it. These areas are only 2 square miles of the entire city, so it’s very little to worry about. Most of the communities are safe for all ages and kinds of people.

Uptown Charlotte is one of the safest areas in all of Charlotte, NC. Its streets are quiet and well-lit. Whether you’re walking home or going to events, restaurants, and other establishments, you’ll be safe in Uptown Charlotte.

Charlotte, NC’s more violent crimes are concentrated mostly in easily avoidable areas. Even with the seemingly high crime rate, there’s nothing to be afraid of.

Final Thoughts

As a relatively young city, Charlotte is still going through constant changes and reinventions. Hence, you might find a few cons if you are considering moving to Uptown, Charlotte. However, despite these few cons such as the limited public transit available or the minimal water access, Uptown Charlotte is a great place to live with its several pros.

If you are planning to move to this city, contact the best real estate agent, Nancy Braun of Showcase Realty today.

#ProsAndConsOfLivingInUptownCharlotte #RealEstateExpertInUptownCharlotte #NancyBraun

11 Home Features to Consider When Buying Your First Home in Charlotte NC

Before you choose a home in Charlotte, there are a few things that you might want to consider. Any home in Charlotte, NC is a significant investment, but certain investments are much better than others. Nancy Braun and our team at Showcase Realty can help you make sure you end up with the perfect home for you.

There are many options available in Charlotte’s housing market, but how do you know which one is for you? Even if you already have an idea of what you might want, here are some of the things you’ll want to consider when buying your first home in Charlotte, NC:

Price

Condition

Amenities

Location

Amenities

Energy-efficiency

Property age

Space

And many more!

So if you’re willing to know more and find out how to get the best home deal for you, read on to see what you need to consider before choosing your first home!

What Factors Would You Consider When You Are Ready to Purchase Your First Home?

Some of these factors might already be at the top of your list, but you might not have thought entirely of others yet.

To help you with your house-hunting process, here’s a list of the factors you should consider when purchasing a home:

1. The Lot and Size

Most of the time, people treat the actual property the home sits on as an afterthought. Meanwhile, it should be one of the first things to consider. This is because the lot cannot be altered or changed, even if you renovate the house, knock down a few of its parts, or make an addition. The lot will always be your limit and the area you personally own.

When looking at properties, try to consider the lot as well. Make a note of where and how it is located, as well as its size, before you submit an offer. Relate it to your personal situation, whether you live alone, plan to raise a family, or have other plans in mind.

It seems like a minor detail, but sometimes, the size of your lot can be the dealbreaker for specific reasons. If a house fits a large majority of your standards, but the entire property falls short of what you need (size, location, etc.), then you might need to keep hunting for a house that suits you more.

2. Location of the House

You likely already know where you might want to buy a house. Whether this is in Charlotte specifically, in North Carolina, or anywhere else, location is your most important factor to think about. Not only in terms of accessibility or preference, but your home’s value appreciation, convenience, desirability, and more.

You might find a perfect house, but its surroundings might be less than that.

Some neighborhoods will have everything right at your fingertips, such as coffee shops, public spaces, or good local restaurants. Some properties will be better suited to walking, and some will be more suited to cars as transportation. It’s best to do research beforehand and let your real estate agent know what you prefer. Any information on a specific topic like this can narrow your options by a significant portion.

3. Space and How Much There Is

How much are you bringing with you when you move? Space is one of the things that many fail to consider when they’re looking at homes. House hunters may think they’ve sized up a home and how spacious it is. Unless they’ve taken the time to get the exact measurements, though, they can make mistakes.

How much space you need depends on your lifestyle if you’re house hunting. Some people tend to have fewer items than others. Still, it’s better to be on the safe side and ensure that you have more than enough space available.

Take a good walk around the house. Determine if each room has enough space for what you plan to put in it. You might be planning to buy more furniture, a step that can be finalized if you think the house you’re looking at is the best pick for you. Proper storage is a great advantage to any new homeowner.

4. Large Features and Amenities

Most people already know what they want in terms of rooms and amenities. How many bedrooms they’d like, the number of bathrooms, the inclusion of a dining room, and the size of the kitchen. Other preferred amenities could be energy-efficient features, accessible entrances, smart technology, and the like.

These might not matter as much to other people, but the presence of certain features can add more value to a home than most. Even if some amenities can be added later, it can be more expensive than buying a house with the features you want already installed.

5. Energy Efficiency

An energy-efficient home can be one of the main priorities among today’s first-time buyers. Energy efficiency means that utility bills can be limited and maintained at lower prices, as some appliances now strive to achieve complete efficiency.

A house with appliances and less energy-efficient windows might tempt you to remodel in the future. If energy efficiency is not one of your top priorities, this can be disregarded. Just keep in mind it can also be a big change in your budgeting for the future.

Cooling costs can go down with energy-efficient windows, while appliances can decrease billing prices by 10 percent to12 percent. Some energy-star qualified appliances can help you use 25 percent less energy and over 30 percent less water than non-certified ones.

It might not be a requirement, but energy efficiency does save you a fair price in the long run. It’s a feature you might want to think about.

6. Ideal Home Style

We all have a different style or aesthetic that we prefer. Most people want this reflected in their house. However, what you want to embody and think about is: is the house I’m looking at something that I’ll feel comfortable going home to every day?

Your home is one of the things in life that you’ve worked hard to buy. This is why it’s important to choose one that you love. Try to choose a house that reflects your personality to the best of its ability.

7. How Old Is the Property?

Age makes a difference, especially with a place you’re thinking about living in. Some homes thrive as time passes by, and others do not. Both old and new homes have their respective pros and cons. Always be aware of what comes with the house before submitting an offer.

An older house may have a traditional or special charm that catches your attention, but is it enough to sustain how many people will be living in the house? Especially if there are children, you might need to think it over. New constructions, remodeling, and other changes might be things you want to consider as well.

8. Does It Have Potential for Future Changes?

As you grow up, your vision of your ideal home might change. As a child, you might have wished for a mansion with lots of space, but as you grow older, you might want something smaller and manageable. That’s why it’s good to see if a house is viable for any future projects you want to be added and done.

Accessibility and ease of customization bring different prices for future changes. There are houses where you might visualize making immediate changes, and there are houses that you think are perfect as it is - for now. If you know that you’re a person whose taste changes frequently, it might be best to look into a home that can be easily modified.

Renovation does not happen all the time, but the possibility shouldn’t be ruled out. Remember that any big or small project can make a big change out of your perspective.

9. Price

If you can’t change the location and lot of the house, what can you change? As a homebuyer, you have opportunities to take advantage of certain situations where you can change the price of a home. Price determination is one of the most important aspects of the real estate market.

Some people will overpay on a home without realizing it, as it happens more often than not. The homebuying process can get stressful and very emotional for some people, which leads to impulsive decisions.

If you impulsively buy a home for more than it is worth, then it changes a lot for your budget and your life in the long run. Some houses may have issues that should have decreased the price, and some are just not worth it at all. Remember that if you purchase the home by using a loan, the house will need an appraisal first before being approved for sale.

10. Condition of the Home

Houses do not come completely free of issues, especially if someone’s lived in them before. Even though the house may have had surface issues repaired and maintained, the structure, plumbing, foundation, and many more can have their own problems.

However, some properties have noticeable issues that a few simple adjustments can fix. Some of these can even be done by yourself if you want. If you find a house on the market that is fairly priced and has a few fixable issues, it might be good to consider it.

When you plan to buy a home in Charlotte, NC, ensure you don’t overlook its condition and issues! Some are fixable, and some are not. You just have to look closely at what you can and can’t handle.

11. How Much Compromise Can You Handle?

There are some things that you just have to accept, but some things can be negotiated. A dream home can be hard to find, even for those with less specific tastes to fulfill. Take note that it is important to avoid being overly idealistic, but at the same time, never settle on something far from what you hoped for.

Be prepared to compromise and negotiate on certain things. These can be features like pools, number of rooms, specific features and amenities, things that can be added in the future, and more. You’ll need to make compromises on each property you encounter, but choose the one that has the least number of them.

If you spend more time compromising than you do admiring, then you might be settling too much. A home that fulfills your needs and fits your considerations best, with a few compromises here and there, might just be the best choice to go with.

Is It a Good Time to Buy a House in Charlotte, NC?

It is a good time to buy a house in Charlotte, NC as Charlotte ranks as one of the fastest-growing cities in the United States. If this goes on, between the years of 2010 and 2030, World Population Review predicts its growth to be approximately 47 percent.

COVID-19 has definitely brought upon changes that led to this, but even before, Charlotte, NC has been a very popular place to live. Investing in a Charlotte, NC home would be a good choice, whether you’re looking for a rental investment or an investment for yourself.

There are lots of stable job market opportunities in Charlotte, matched with a good real estate market that offers plenty of properties to purchase. Charlotte is one of the best places to consider when looking for your first home.

What Features Are Most Important to Home Buyers?

The features that are most important to home buyers depend on the person. There’s a dream house for every homebuyer that they want to purchase. If it’s not a dream or ideal house, they want to fulfill and achieve a specific list of standards. This matters strongly, especially if that buyer is you, and you’re looking for a home where you’ll spend many years of your life.

House features can also be called amenities. These amenities can be external, such as convenience, transportation methods, shopping centers, and more. Private amenities can be your appliances, the energy efficiency of a home, the size of a lot.

Private amenities can be altered, removed, adjusted, or be included in the initial construction of a home. You can even set certain features as future projects for your chosen home.

Overall, it depends on your preference and personality. Some people want houses that cater to their lifestyle and situation. Some people prefer to buy homes like blank canvases to fill it up as time passes.

Final Thoughts

There is no single amenity that is a must-have for the whole population of homebuyers. It’s up to you, as a homebuyer, to know what you want and what you can negotiate and compromise on. That’s why it’s best to consider all possible factors before making an immediate decision.

Nancy Braun has been in the real estate industry for more than a decade. This has equipped her with the right skills to guide you towards what’s best in the homebuying process. Nancy and her team at Showcase Realty can help you throughout the process and find you the home that suits you the best in Charlotte, NC.

#HomeValuesInCharlotteNC #HomesInCharlotteNC #NancyBraun

Is It Better to Buy or Build a Home in Charlotte, North Carolina?

Most of us will need to acquire a home at some point in our lives. It is always an essential step for any family. What kind of house should you buy? Of course, the answer can vary wildly from person to person.

It could be that your current home no longer matches your station in life. Or you may decide to opt for cheaper housing to cut down costs. Now you might ask, “is it better to buy or build a home in Charlotte, NC?”

Some may opt to buy a home in Charlotte, while others may prefer to build one. Choosing between these two options will depend on several circumstances.

Whatever the reason, you’ll need to ask yourself some big questions.

Is It Cheaper to Buy a House or to Build?

What is the better option? Is it better to buy or build a house in Charlotte, NC?

There are no perfect answers to these questions. It comes to two conditions: your budget and your flexibility regarding owning a home. There are many gorgeous Charlotte, North Carolina homes for sale. There are also many spacious building lots for sale as well. If you network with a top estate agent in Charlotte, NC, the chances are that you will find an excellent area to build your house.

Nevertheless, keep in mind that the cost of purchasing a used home and building a new one will be very different. In the same vein, each option comes with specific benefits. For instance, you are very likely to come across a remodeled, existing home with all the features you want. So, you won’t have to spend extra money on custom finishes and designs, as you would with a new build.

There are other benefits of purchasing a “used” house. However, you need the best real estate agent in Charlotte, NC, to help you to decide whether you should build from scratch or purchase an existing home in NC, Charlotte.

Can I Build My Own Home in Charlotte, NC?

Of course, you can build your house in Charlotte. Before you do, though, it will help if you took note of the current rules that guide home ownership in North Carolina. These laws will decide whether it is feasible for you to build a house in North Carolina.

There are new legal requirements relating to building a house in North Carolina. The requirements are the result of the 2011 General Assembly of North Carolina.

The legislation imposes some prerequisites on building and remodeling projects. It took effect on June 27, 2011, and it now binds all contractors and homeowners. Section 87(1) of the legislation lays down a crucial benchmark for contractors and prospective homeowners in NC.

It says that a licensed contractor in the state must supervise any building project or remodeling project that costs thirty thousand dollars or more. However, you may not need to hire a contractor if there is substantial evidence that you will occupy your newly acquired building.

If you satisfy the criteria above, you can supervise or superintend your building project without a licensed contractor. It means that you can build or remodel your house in North Carolina without governmental oversight. However, you cannot obtain a building authorization and assign it to an unlicensed contractor. It doesn’t work like that. You must hire a licensed contractor to do the work.

Is It Better to Buy or Build a House in Charlotte, NC Right Now?

The best time to build a house in Charlotte is now. If you've found the best real estate agent in Charlotte, NC, to help you decide, don't shy away from the idea. New constructions will flourish even when existing houses dwindle.

Now is an excellent time to build a home in North Carolina for various reasons. First, building a house is a long-term investment. It means that your house can stand the test of time. You won’t lose your investment even if the real estate ecosystem fluctuates. Plus, the value of your home will increase over time.

Second, while you may have to pay more up front for a new build, you’ll likely save money in the long run. Let’s put it this way: you will need to pay for everything relating to the construction of your new home. Once your home is complete, though, you will save thousands on renovations in the near future, since your home is built exactly to your liking.

Finally, building a house now allows you to incorporate all the amenities you need. Purchasing an existing house means assessing the different luxury homes for sale in Charlotte, NC. It may also mean looking for Charlotte, NC condos for sale.

Even with many choices, you may not find a home with everything you want. For instance, you may dislike the layout, bedroom designs, and other things. It's also challenging to purchase a house that’s in top condition. In some cases, you may have to raise your budget and face several bidding wars.

If you choose to build a house, on the other hand, you’ll never have to worry about any of those issues. Once you have your budget and a building lot, you can begin construction any time.

What Are the Pros and Cons of Building Your House?

There are various advantages and disadvantages of building your house in NC Charlotte Let’s look at the benefits first.

Pros

1. Optimum Satisfaction

As I mentioned earlier, the most significant advantage of building your house in Charlotte is that it allows you to get everything you want. This is the biggest benefit of all.

It's enough to make anyone decide against purchasing a house. You will have the opportunity to personalize your home. You will be able to create the ambiance you desire. Perhaps, you might even be able to create a more eco-friendly home. For instance, it will help you set current standards for cooling systems, ventilation, and many other factors.

2. Return on Investment

It costs more to build a house. Nevertheless, homeowners can retain their investment over time. They can gain more profits with a resale.

3. Less Maintenance

A new house requires fewer renovations. The infrastructure of the building is still new and solid therefore, homebuyers can expect to save some extra bucks.

Cons

As much as building a house has its advantages, it also has its disadvantages. Even if the best real estate agent in Charlotte, NC, has helped you decide, you can’t escape these drawbacks.

1. Additional Cost

The most significant disadvantage of constructing a house is the higher cost that comes with it. The price will only increase as the house-building process continues. Keep in mind, though, you can always negotiate with your builder(s) to minimize costs.

2. Prolonged Time

Another disadvantage is that it takes a longer time to build a house. However, you can communicate with your contractor to avoid an extended time frame.

3. Unexpected Expenses

Unexpected expenses may sneak up on you. It’s best to negotiate the base price with your builder before you begin your home construction. You can also verify potential additional expenses.

What are the Pros and Cons of Buying Your House?

In most cases, purchasing a house is more convenient than constructing a home from scratch. You don't have to survey nearly all the plots of land in North Carolina. All you need to do is scout some Charlotte, NC homes for sale.

High-budget homebuyers may also want to look out for luxury homes for sale in Charlotte, NC. Once you’ve sealed the purchasing deal, you are good to go. But does that mean that you can’t get a bang out of a newly built home?

Let’s look at the advantages and drawbacks of purchasing a house.

Pros

1. Shorter Time Frame

House buyers don’t have to wait for an eternity to move in. All they need to do is set up their new place after the deal has closed.

2. Mature Landscaping

There is nothing like a fully landscaped garden on an existing house. It means that you only have to perform basic maintenance on your home’s backyard.

3. Easier Negotiation

While the price of new construction materials is usually fixed, the price of an existing home is flexible, you can always work with a top real estate agent in Charlotte, NC. They can help you to work out an excellent deal. It will help if you choose Showcase Realty to be your agent. They are also known as “Nancy Braun Real Estate.”

Cons

1. More Maintenance

One of the most significant disadvantages of purchasing a home is maintenance problems. You may have figured it out during the house inspection. If the home is older, you may have anywhere from a little to a lot of things to repair and renovate.

2. Dissatisfaction

Purchasing an existing house may seem more convenient. But it may not be the best decision. Sometimes, you may have settled for less because you are exhausted from scouting too many houses. As a result, you might feel unsatisfied with your home. 3. More Expenses

As I mentioned earlier, an existing house often requires more maintenance. This means you could be spending extra money in the long run.

What Is the Average Cost to Build a House in North Carolina?

Realistically, you will have to spend at least 150,000 dollars or more to construct your house. Nevertheless, prices will differ based on region and other factors.

This is because builders can always choose from different square footage and other options.

However, a top real estate agent in Charlotte, NC, like Nancy Brawn Real Estate, can help you. They can assist with whether to select a custom build or a production build. They can help you to choose the best builder. A proactive real estate agent can also help you figure out the right places in Charlotte, NC.

Legal requirements for house-building projects differ by state and city. This is another reason you should collaborate with a great real estate company. They can make the house-building process and the negotiation of the building costs an easy ride.

When Is the Best Time to Buy a House in North Carolina?

The best time to purchase a house in North Carolina depends on your circumstances. For instance, it depends on the part of the city you want. It also depends on your budget. Mortgage expenses and industry trends vary each month and year.

Let’s look at some factors that will enable you to save a few bucks.

1. Excellent House Selection

If your biggest concern is purchasing the best house, I suggest doing that during the spring. April, May, and June always come with fantastic options for houses for sale. The downside is that you will pay more money than at other times of the year.

2. Cheaper Prices

If your budget is low, it will help to wait till early winter or towards the end of fall. At that time, house owners usually sell at the lowest prices. It is because there are fewer people interested in purchasing.

3. Cheaper Price and Excellent House Selection

Opt for late summer if you want to strike a balance between a lower price and a fantastic house. It is because house sellers who couldn't sell during spring or early summer will offer discounts. At the same time, you can find better homes than you would later in the year.

4 Ways to Get the Best Home Deals in Charlotte, NC

1. Look Out for the Best Real Estate Agent in Charlotte NC

It is a crucial step in the purchasing process. It will help if you have an individual or a team of experts who know the traditional market. Real estate agents are professionals that can advise you on the best time to purchase a house.

2. Know Your Priorities

Most things concerning the purchasing process depend on your priorities. Ask yourself: what do I want? Do I care more about house selection or mortgage rates? Some people want a particular location.

Map out your needs. That way, you can have a better understanding of where to live. You can also have an idea of what should be on your budget.

3. Look for a Secure Lending Service

After figuring out your priorities, you will need to source cash to purchase your house. If you don't have sufficient funds, a secured lending service should be able to help you out.

Interest rates are one of the most significant factors to consider when selecting a lending service in North Carolina. So it will help if you did your homework first. It is crucial to seek out a lender with the best rates.

4. Negotiate for the Best Rates

Your agent will help you to secure the best rates after finding the right cash source. Make sure you opt for an agent who knows their onions. It will save you some money on your home buying journey.

Conclusion

Every prospective homeowner has different financial choices, priorities, and preferences. Before you decide whether to buy or build, reach out to the best real estate agent in Charlotte, NC.

You don’t have to solve the puzzle alone. Experienced real estate agents have lessons and insights that can help you to make good choices. If you want to ask questions, it will help reach out to our representatives at Showcase Realty.

#BestRealEstateInCharlotteNC #NorthCarolinaHomesForSale #NancyBraun

Who Is the Best Realtor in Ballantyne South Charlotte?

Whether you’re selling your home in Ballantyne, South Charlotte, or you’re looking for new investment opportunities in the prestigious community, you will need expert help from the best realtor in the area.

The best realtor in Ballantyne, South Charlotte, is experienced, trustworthy, and knowledgeable about the community. They should do whatever it takes to sell your property fast and at a competitive rate. And when you’re buying, they’ll make sure that you find your forever home at the best possible price.

When it comes to real estate trends, the best realtor should always be on top of the market so they can successfully guide you throughout the entire process.

Ballantyne is a trendy and upscale neighborhood highly sought by young professionals, families, and seniors. Ballantyne real estate has always been hot for its beautiful homes and large lots and limitless opportunities for recreation, business, shopping, and entertainment. It is one of Charlotte’s most desirable and exclusive communities.

If you’re wondering how to find the best real estate agent in the prestigious community, you’re one step ahead! Learn all about the Ballantyne real estate market and what it takes to find the top real estate agent in Charlotte, NC.

How do I find the best realtor in Ballantyne, South Carolina?

I always say that finding a good realtor is the first step to finding your dream home! Believe me, whenever you’re dealing with real estate, the best decision you can make is to hire an experienced agent.

Signing with the wrong realtor will end in a huge mess of setbacks! There will be miscommunication, inefficiency, and frustration. Worst of all, you won’t be getting your money’s worth.

Before you sign with a real estate agent, it’s always a good idea to do your research. Ask your friends if they can recommend an agent. You can also read client reviews of Ballantyne NC realtors on various websites. This is the best way to gauge their performance, and you can also see how well they deal with client concerns. You can save time, effort, and money by carefully reading about real estate agents in your area on the internet.

Once you find the realtor that’s the best match for you, finding your dream home will be a breeze. So only consider choosing a real estate agent that is an expert in the field. Otherwise, you’ll only get headaches in return.

After years of searching for the best realtor in Charlotte, NC, I always find my way back to Showcase Realty. If you’re having some doubts, check out Nancy Braun’s sparkling reviews!

Reaching out to the best real estate agent is always required to close real estate deals successfully. To help you achieve your real estate dreams, let’s talk more about the best real estate agent in Ballantyne, Charlotte, NC.

Who is the best real estate agent?

The best real estate agent possesses these qualities:

1. Proven expertise in the field

Showcase Realty has worked with thousands of satisfied clients and has years of experience in the industry. Every time I work with Nancy Braun and her team, I always get a sense that each member is a master of different areas of real estate!

This allows Nancy Braun’s real estate team to work on different services, including Property Management, Foreclosure, Short Sales, and Luxury Homes. You can trust that you’re always in good hands with Showcase Realty.

Nancy Braun started her career by working with a half-century-old real estate brokerage that had established its name in the industry. After learning from the industry experts for 12 years, she decided to use her knowledge to start her own real estate company. Showcase Realty results from Nancy’s vision of incorporating creativity, technology, and innovation into how real estate is handled.

2. Raked in awards and recognitions

There’s no denying that a shelf full of awards will always show how great you are in your craft! The same goes for Showcase Realty, which has constantly impressed the real estate industry since its inception.

What exactly is Showcase Realty known for? The award-winning agency has developed a unique system for selling thousands of homes in Charlotte and beyond.

Showcase Realty is renowned for its innovative digital marketing strategy that assists clients to quickly buy and sell real estate in North Carolina and South Carolina.

Nancy Braun and her team of experts use top marketing strategies, technology, and systems to deliver only cutting-edge results at the best rates and in the shortest amount of time possible.

Here are just some of the awards that Nancy Braun and Showcase Realty received for their innovative methods:

-RealTrends (Wall Street Journal): Top 1% America's Best Agents category for sales and volume -Fortune: Included in the fastest-growing inner city businesses in 2014 -Certified Member of The Institute for Luxury Home Marketing -The Initiative for a Competitive Inner City (ICIC) -Charlotte Business Journal: Woman in Business Award -City of Charlotte Crowns of Enterprise Award -Finalist for Charlotte Athena Leadership Award -Federation of REO Certified Experts (FORCE): Advisory Council Chairperson in 2017 -Charlotte Magazine: Five Star Real Estate Agents in Charlotte, Charlotte's best real estate agents -Mecklenburg Times: 50 Most Influential Women in Charlotte, May 2017

3. Takes a community-centered approach

Aside from receiving prestigious awards, Nancy Braun is also a sought-after expert in all things Charlotte real estate. She is also often featured in news sources to share her expertise and opinions about real estate and the market.

Nancy Braun has spent most of her life in North Carolina, where she fell in love with its vibrant lifestyle, thriving economy, and warm social life.

It’s true. The Showcase Realty team is an expert in Charlotte metro real estate. They know the ins and outs of the Carolinas real estate market, which is why you’re more likely to: sell your property for more money and with less hassle and the least amount of time!

Here’s what else you should know: Showcase Realty sells homes twice as fast and 40 times more than your average NC agent! Here’s another piece of news that you’ll love, Showcase Realty sells homes for 3.59% more in sales price.

Nancy Braun Real Estate has worked with thousands of clients, and she never fails to impress these Charlotte communities:

1. Ballantyne 2. SouthPark 3. Lake Park 4. Myers Park

Final Thoughts

There’s no getting around it –– the best real estate agent in Charlotte, NC is Nancy Braun of Showcase Real Estate!

Nancy Braun and her team have it all: expertise, reputation, and a community-first approach! Aside from that, Showcase Realty takes its real estate service to the next level by staying true to its real estate mission of fostering long-term relationships with clients through mutual respect.

Founder/CEO Nancy Braun leads a team of real estate professionals specializing in residential homes, luxury homes, relocation services, investment properties, short sale and foreclosure services, and property management.

You will find that all Showcase Realty team members are professional, honest, innovative, enthusiastic, solution-oriented, and organized.

If you’re interested in getting to know Nancy Braun and her team of real estate experts, get in touch with Showcase Realty at:

Nancy Braun 704-997-3794

#ShowcaseRealty #BestRealtorInCharlotteNC #HomeSellingInCharlotteNC

How To Sell My Home in Lake Park Union County Charlotte, NC?

Even at the height of the COVID-19 pandemic, North Carolina real estate showed no signs of slowing down. Lake Park Union County, Charlotte, North Carolina, is still hot in the real estate market. So if you’re thinking of selling your Lake Park home, we can vouch that you’ve made the right decision.

If you want to sell your home in Lake Park Union County Charlotte, NC, and take advantage of the booming Charlotte seller’s market, you will need the expert guidance of a local realtor, like Nancy Braun of Showcase Realty. With her proven methods, you are guaranteed to sell your home in less than 30 days!

To help you leap, let’s find out more about the Charlotte real estate market. We’ll also cover the best way to sell your home in Lake Park Union, Charlotte, North Carolina.

Is Charlotte good for real estate?

Deciding to sell your home can feel daunting, but here are some facts about Charlotte that should make you feel better:

Charlotte is good for real estate. In 2021, it was named the best real estate market in the Southeastern US! Realtor.com predicts that Charlotte, NC real estate will have a growth rate of almost 20% for home prices and sales increase. Is Charlotte a buyers or seller’s market?

Charlotte is a seller’s market in 2021. This is because of:

-Elevated median prices: home prices are up 10% across the nation and up 1.8% in Charlotte -Tight home inventory: down 22% compared to 2020 -Low mortgage rates: ranging from the low 3% to 3.5% -Stiff housing competition: 65% of buyers have not been able to buy a home in 2021

With this information, we can say that it is a good decision to put up your Charlotte, NC home for sale.

Should I sell my Lake Park, Union County home?

Now, you may still be debating if selling your Lake Park home will be worth it.

Here’s a few things you should know.

You should sell your Lake Park, Union County home as the place is one of the most sought-after locations in Charlotte, NC. Families, millennials, and seniors have abundant opportunities for social, economic, educational, and financial endeavors.

With a booming economy and a rising population, no wonder this award-winning city has one of the highest median house prices in Charlotte:

Lake Park Charlotte median house price: $224,000

Charlotte median house price: $193,000

With this in mind, Lake Park, NC homeowners who want to sell their property have the potential to earn a huge sum of money with the current seller’s market.

Will the housing market cool down any time soon?

Due to a frustratingly competitive market, analysts predict that the market will soften some time soon. However, sellers don’t have to worry as it’s unlikely that Charlotte will become a true buyer’s market.

Charlotte home buyers are hoping that conditions become favorable for prospective owners.

Here’s what economists have to say:

Real estate price growth is possible in the coming years, but only if demand is steady and new construction increases.

While real estate listings are on the rise, total inventory is still not enough for seller demand. In June 2021, sellers were able to demand 12.7% more on median home prices across the US.

Where do I start when I want to sell my Lake Park Union County house?

If you’re 100% committed to selling your home in Lake Park, NC, you should start by seeking help to sell your home as quickly and painlessly as possible.

Here are the steps to selling your Charlotte home:

Step 1: Find a trustworthy real estate agent

As tempting as trying to sell your house yourself, the best way to give your home justice is to trust a licensed real estate agent.

You need to find the right agent who has a credible Charlotte real estate background. Once you do, building a solid relationship with your agent increases the likelihood that all your needs will be met. Step 2: Home Valuation

Before putting your home on the market, you need to determine its value. This can be difficult for a seller, especially if there’s a lot of sentimentality and nostalgia!

A certified real estate agent can run a comparative analysis (CMA). This is a report that compares your home to other homes in your location, based on: -Size -Features -Demand for similar homes

This will allow you to set a competitive price for your home based on fact and not emotion. In short, it’s an accurate prediction of what buyers are willing to pay for your home.

There’s something you should know:

Since Charlotte is hot in the real estate market, there is a chance that you can sell your home above the asking price.

To sell your home above the asking price, your buyer’s lender might hire the services of a professional appraiser. Your real estate agent can help you coordinate with the parties involved in an appraisal.

Step 3: Home-selling timeline

On average, homes in Charlotte sell in 30 to 90 days.

If you choose to work with trusted real estate agents like Nancy Braun, you can be guaranteed to sell your home in at least 20 days.

Nancy Braun Real Estate will incorporate revolutionary steps in a home-selling timeline that fits your needs and personal schedule.

These include:

-Outlining your priorities -Hiring a home inspector -Managing repairs and renovations -Organizing open houses -Deep cleaning -And more

Step 4: Get a Pre-sale Inspection

Getting a home inspection can cost you hundreds of dollars, but it gives your buyers the confidence to open their wallets during negotiations.

Your real estate agent will make suggestions on what your home inspector should cover. Generally, an ASHI-certified home inspection will include:

Electrical, cooling and heating, plumbing systems

Doors, floors, windows, ceilings, walls

Visible insulation

Roof

Attic

Basement

Foundation and structural elements

Step 5: Listing your Home

After working with your real estate agent to stage your home, the next step is to list your home.

By working with a real estate agent, you can work with their:

-Solid connections -Reliable online presence through the Multiple Listing Service -The best strategy to market your home to buyers and agents

What do these all mean for you as a seller?

A great real estate agent will make up for the commission cost by increasing your pool of buyers.

Step 6: Negotiate and close the contract

Reaching a final purchase agreement isn’t as easy as it seems.

If you are not knowledgeable about all the details and paperwork involved in selling a home, it’ll be best to seek help from a licensed professional.

Real estate agents are trained to make sound negotiations on your behalf.

Conclusion

With the hot seller’s market in Charlotte, North Carolina, now is the perfect time to put your home on the market.

Here’s what you should know, though: Selling your home in Lake Park, Union County is a full-time job. A credible agency will also take the time to personalize solutions according to your needs as a home seller.

You will need the services of an experienced and credible real estate agent, like Nancy Braun of Showcase Realty.

You can rest assured that Showcase Realty will be by your side from the moment you decide to put your home for sale up until the deal is closed.

Nancy Braun of Showcase Realty 704-997-3794

In case you cannot view this video here, please click the link below to view How To Sell My Home in Lake Park Union County Charlotte, NC? on my YouTube channel: https://www.youtube.com/watch?v=--lpUHtFkcs

#SellMyHomeInLakeParkUnionCountyCharlotteNC #BestRealtorsInLakeParkUnionCountyCharlotteNC #ShowcaseRealty

9 Alternatives to Short Sales for Your Home in Charlotte NC

A short sale occurs when a financially distressed homeowner sells their home for less than the outstanding mortgage balance and has approval from their lender. You might notice a short sale in your area during difficult times when unemployment is high. However: is there a better alternative to a short sale?

A new payment plan, loan modification, and, in some situations, foreclosure of the property are the most typical alternatives to a short sale in Charlotte, NC. Short sales are often lengthy and paperwork-intensive deals that might take up to a year to complete. On the other hand, short sales do not negatively impact a homeowner's credit as a foreclosure.

During the recovery from the Great Recession of 2008, the short sale, sometimes known as a short payment, emerged as a trend. Short sales remained a common part of the house selling market as the property market slowly moved through the sluggish stage of recovery during 2009. Short sales are now less common as the economy enters a time of expansion. Nevertheless, financially submerged properties still exist in the housing landscape.

What Is a Short Sale?

A short sale happens when a homeowner sells their property for less than the amount owed on their mortgage. This usually happens when the owner is in financial difficulties and has fallen behind on their mortgage payments.

The owner must sell their property to a third party, with the revenues going to the lender. Before a short sale takes place, the lender must authorize it. Due to the amount of documentation involved, a short sale might take up to a year to complete.

What Is the Difference Between a Short Sale and a Foreclosure?

The lender who holds the mortgage must sign off on the decision to conduct a short sale before the procedure can begin. Furthermore, the lender—usually a bank—requires documents demonstrating why a short sale is appropriate. That's because there's a potential the lending institution will lose a lot of money due to the transaction.

If a short sale is approved, the buyer first negotiates with the homeowner before requesting bank permission for the acquisition. The lender receives the sale funds once the short sale is approved and completed. On the other hand, the homeowner is still responsible for paying the deficiency—whatever balance remains on loan.

Foreclosures, unlike short sales, are initiated solely by lenders. If borrowers fall behind on their payments, their lenders may foreclose on their homes unless they make timely payments.

The types of notices that the lender must provide, and the choices available to the homeowner to bring the loan current, differ by state. The length of time a bank has to sell a property is likewise regulated by law.

To force the home sale, the lender first begins legal proceedings to seize control of the property. Once the lender has access to the property, it orders its evaluation and moves forward with the transaction. Because the lender is concerned with liquidating the asset quickly, foreclosures typically take less time to complete than short sales. When customers bid on homes at a public auction, trustees' sales may also be used to sell foreclosed homes.

What’s the Most Common Alternative to a Short Sale?

Short sales aren't usually the most practical choice. It could take months for a decision to be reached, and the lender may turn you down; furthermore, although both the buyer and the seller have signed the papers, only about 40% of short sales ever close.

You may be having financial issues if you're considering short-selling your home. It's critical to be aware of all of your alternatives if you want to remain in your home. Don't be afraid to contact your lender, and they might be able to work out a new payment plan or a loan modification with you.

Here are some alternatives to short sales for your home in Charlotte, NC.

1. Cure Your Mortgage Default (Bring Your Payments Current)

You are in "default" if you are behind on your mortgage payments. You can "cure the default" by paying the bank for all of the installments you missed. You will need to receive a notice from the bank stating that you have the right to pay the money you owe. The phrase "arrears" may appear in the notice. You can also say you're "in arrears" if you're late on your payments. This type of notice is called a Right to Cure Notice.

2. Attempt a Loan Modification That Adjusts the Terms of Your Existing Loan

When a lender modifies the terms of an existing loan, it is known as a loan modification. This might be in the form of a lower interest rate, a longer payback time, a different form of loan, or any combination of these options. These changes may be made if a borrower is chronically unable to repay the original amount. Furthermore, some borrowers may be qualified for government-backed mortgage loans.

Although a loan modification can be done for any loan, the most popular secured loans like mortgages, during a settlement procedure, or in the event of a prospective foreclosure, a lender may consent to a loan modification. In such cases, the lender has determined that a loan modification will be less expensive to the firm than foreclosure or debt charge-off.

3. Refinance Your Mortgage With Another Lender

If you refinance, you will acquire a new mortgage to pay off your old one. Refinancing operates similarly to obtaining a mortgage to purchase a home. However, you won't have to deal with the stress of home buying and relocating, and there will be less pressure to close by a set date. Furthermore, you have until midnight of the third business day after your loan closes to cancel the transaction if you change your mind.

By lowering your interest rate or lengthening your loan term, refinancing can lower your monthly mortgage payment. Refinancing can also reduce your long-term interest costs by lowering your mortgage rate, shortening your loan term, or both. It may also assist you in eliminating mortgage insurance.

4. Temporary Indulgence

A grace period (typically 30 to 60 days) may be offered to bring the mortgage current. If you ask for a temporary indulgence, you'll have to prove that the grace period is justified and that you'll be able to make payments once it's finished.

In the following scenarios, an indulgence is considered: First, a selling contract is waiting to be approved, and the closing date must be confirmed. The second is if a borrower is waiting on a settlement with an insurance company. Finally, an indulgence will be considered if the borrower has an approved funding pending receipt, such as refinancing.

5. Military Forbearance

While serving on eligible active duty, the Military Service Deferment permits you to defer your student/mortgage loan payments. Under the rules of the Service-members Civil Relief Act, military service members or civilian borrowers who later join the military are also eligible for military forbearance. Interest Rate Reduction: FNMA (Fannie Mae) and Additional Forbearance are two components of military forbearance.

Interest Rate Decrease: FNMA (Fannie Mae) policy requires a reduction in the mortgage interest rate from the time the borrower entered active duty until one year after discharge, at the current rate of 6% as of this publication date. If the borrower notifies the lender after beginning active duty, the benefit is retroactive.

In the case of Additional Forbearance, the service member may request special consideration in the form of a decreased monthly mortgage in certain instances connected to financial difficulty (typically associated with the loss of higher civilian income). "Arrearage" refers to the gap between the initial monthly mortgage payment and the lower payment. The borrower would be responsible for bringing the arrearage current once they were released from active duty.

6. Special Forbearance

Based on your financial condition, your lender may be able to give a temporary decrease or suspension of your payments, as well as set up a repayment plan for the unpaid balance (rather than having to pay it all at once). Regular payments must be resumed and a repayment plan established at the end of the relief period.

If your income has recently decreased or your living expenditures have increased, you may be eligible. You must provide evidence to your lender that you will be able to meet the new plan's obligations.

7. Partial Claim

This only applies to FHA loans. To bring your mortgage current, your lender may be able to work with you to secure a one-time payment from the FHA insurance fund. The US Department of Housing and Urban Development (HUD) will pay your lender the amount needed to bring your mortgage current if your lender makes a partial claim. A promissory note must be signed, and a lien will be put on your property until the debt is paid in full. This interest-free promissory note is payable when the initial mortgage is paid off, or the property is sold.

If your loan is at least four (but not more than twelve) months past due, you can resume making full mortgage payments, and you may be eligible for a partial claim.

8. Attempt to Get Your Lender to Accept a Deed in Lieu of a Foreclosure

A deed in lieu of foreclosure is not the same as a foreclosure. A deed in lieu of foreclosure occurs when you and your lender agree that you will be unable to make your loan installments. When you hand over the property in a friendly manner, the lender pledges not to put you in foreclosure.

In exchange, the lender relieves you from your mortgage responsibilities. Your lender may even provide you with some financial aid as a reward for keeping the property in good condition before you depart. A deed in lieu of foreclosure will appear on your credit record, but it will not have the same negative impact as a foreclosure.

9. File for Bankruptcy

There is usually no reason to continue with a short sale if you have decided to file for bankruptcy and are currently trying to sell a home via short sale. When a home is "underwater" or worth less than what is owed, a short sale relieves the borrower of the need to pay the difference between the sale price and the mortgage amount.

Bankruptcy allows the borrower to return the property to the bank with no further obligation under the mortgage and no tax liability associated with the debt forgiveness (usually a taxable event). In essence, surrendering a home in bankruptcy allows the borrower to hand over the keys and walk away, effectively putting the short sale out of business.

Bonus Tip!

Another option involves private mortgage insurance (PMI). You would be paying PMI with each mortgage payment if you didn't buy your property with a 20% downpayment.

The PMI provider may make a cash advance to your lender to help you catch up on payments. They will, however, only do so if they believe your financial circumstances will improve in the future.

How Can I Avoid a Short Sale?

To avoid a short sale, make sure you're up to date on your payments. Banks want the money you owe them, not to lose money on the sale of your home.

Some mortgage firms want a lump-sum payment of the past-due total to stop the short sale, while others give a variety of options to help you catch up on your payments, such as spreading the past-due balance over several months.

Do You Still Owe Money After a Short Sale?

Your lender may contact you or send you letters after the short sale is completed to inform you that you still owe money. These letters may come from a lawyer's office or a collection agency, and they will demand that you pay the debt.

Your lender or collector may even try to persuade you to make payments. The creditor, however, cannot block your bank accounts, garnish your income, or place judgment liens on other property you possess unless a court has issued a deficiency judgment.

Do You Think Short Sales Are a Good Alternative to Foreclosure?

For a variety of reasons, a short sale is a viable option for foreclosure. When mortgage lenders may foreclose, sellers may consider asking for authorization to complete a short sale.

Although selling your property for less than the remaining mortgage sum is not ideal for either the homeowner or the lender, it is usually preferable to a foreclosure.

Can Short Sales Be Financed?

Your short sale transaction can be financed through a mortgage provider. You can acquire a pre-approval for finance before making an offer on the house, just like any other home.

Are Short Sales Cash-Only?

Short sales do not have to be paid in cash, and you have the option of paying cash or taking out a mortgage to buy the house.

On the other hand, lenders prefer individuals who can put down a substantial down payment or pay cash for a property because it is less risky.

Why Do Short Sales Take So Long?

Short sales take so long as when a homeowner applies for a short sale, the lender will require a large amount of documentation.

In particular, with short sales, the lender often requests more paperwork than when the borrower originally took out the loan. The longer it takes for the lender to process and approve the short sale, the more money it will lose.

What Is the Secret to a Fast Sale of a Property?

To fast-track the approval of a Charlotte NC short sale, the seller's real estate agent must be knowledgeable about the process.

The seller's representative will need to contact the bank seven days a week, 24 hours a day. Expect the procedure to take a long time if the agent is unfamiliar with short sales.

Final Thoughts

Nancy Braun, a seasoned short sale agent of Charlotte, NC, is familiar with how different banks operate and what to expect from them, and effectively managing the legal process. If a short sale is the only option, be sure you choose a professional Charlotte NC Short Sale Realtor. Nancy Braun of Showcase Realty, Charlotte's best real estate professional, can assist you.

If you need assistance with a short sale or more information about the process, call us at 704-997-3794. I will assist you in the sale of your Charlotte, North Carolina house.

#ShortSalesInCharlotteNC #ShortSaleAgentInCharlotteNC #NancyBraun

12 Things to Know When Buying in Charlotte NC Homes

Are you considering a move to North Carolina? Finding a home in one of the most sought-after destinations might be more complicated than you think! Charlotte, NC ranked as one of the top real estate markets in the US in 2021. This should give you an idea of how competitive the stakes are for locking in a home under your name.

To successfully close a deal in a hot seller’s market like Charlotte, NC, there are a few things you should know. To ensure that you find the home of your dreams, you must find a qualified guide –– a Charlotte realtor. Expert real estate agents like Nancy Braun of Showcase Realty will be by your side from the moment you pre-approve your mortgage to inspections, appraisals, and negotiations.

Keep reading to get into the nitty-gritty of the top things to know before buying a home in Charlotte, NC!

12 Things to Know When Buying in Charlotte NC Homes

Here are our top tips for buying a home in Charlotte, NC.

1. Find a trusted and local Realtor

First things first –– find an experienced and trustworthy local Realtor to guide you through the entire process!

Most people think that they’re saving money by choosing not to hire a real estate agent. But here’s the deal: you’ll likely spend more time, energy, and money by skipping this top tip!

Realtors are experts in wading through the entire home buying process. This means that they can connect you with the best attorneys, mortgage providers, and inspectors. What’s more, they know how to look into your local real estate market, which means there’s a higher chance that you’ll score a great deal!

They have a fiduciary responsibility to work in your best interests and protect your finances. When you’re dealing with a competitive seller’s market like the one in Charlotte, here are the top factors you should look for in a realtor:

-Great reputation -Solid connections and references -Extensive knowledge of the local market -Proactive and responsive

If you're looking for a solid reference, Nancy Braun of Showcase Realty is one of the top real estate agents in Charlotte, NC. She’s included in the top 10 Best in the Nation by Wall Street Journal.

2. Determine what you want in a home

There are many factors to consider in your future home, and trying to pinpoint each one can be overwhelming!

A reliable realtor who puts in the effort to understand your personal needs, budget, and goals will bring you one step closer to your dream home.

To start, you can prepare a wish list of what you’d like in the home of your dreams!

Here are just a few questions to ask yourself:

-What is my price range? -Am I looking for a brand new home, foreclosure, or fixer-upper? -How many bedrooms and bathrooms do I want? -Am I looking for a large kitchen? Yard? Garage? Family room? -What amenities and upgrades do I need?

Call up your realtor because your wish list will help you review your finances, depending on the down payment and closing costs you can afford.

3. Understand the local real estate market

This tip is one of the most complex, especially if it’s your first time buying a home. An experienced realtor can help you get your local information straight.

To give you an idea, though, here’s what you should know about the Charlotte, NC real estate market:

Charlotte home prices usually run about 5.5% year-over-year, but in 2020 home prices rose by 12.5%. From this current trend, buyers need to know that waiting for the home prices to drop might kick you off the Charlotte real estate market entirely.

Some homebuyers think that realtors just want to get a sale, but here’s the deal. The Charlotte housing bubble isn’t likely to end in the next few years. In fact, Charlotte’s been in the seller’s market for over five years.

The market will become more aggressive and competitive. All the more reason you should listen to your realtor about the facts of your local market!

4. Get a pre-approved mortgage

The mortgage pre-approval process can be daunting. It will involve getting in touch with your bank or lender, and they will closely review your:

-Credit history -Work history -Current employment -Debt to income ratio -Home loan qualification

Becoming pre-approved for a mortgage will save you time and energy, so you don’t go looking for homes you can barely afford. It will also make it easier for you to find the best deals and interest rates.

A realtor can make you some good references to get a good deal for your home loan. It wouldn’t hurt to do your own research, either. You should start learning about processing fees, junk fees, and hidden costs.

5. Scouting for your home

After getting a pre-approved mortgage, you’ll know exactly how much you can afford. Now onto the exciting part, looking for a new home and neighborhood!

Speak to your realtor regarding your primary concerns about your future home, such as location, amenities, size, home style, and proximity to work and school. They’ll be able to give you some valuable insight on all these factors, even before you start visiting houses and neighborhoods in person.

Your buyer’s agent will schedule appointments for home viewings. It’s vital that you don’t rush the process. You’ll start to notice what you like and what you don’t want in a home. Share your feedback with your realtor so they can help you look for a home that suits your needs.

6. Bidding Secrets

Bidding is one of the most delicate steps to the home buying process.

You shouldn’t make an opening bid that is unreasonable and will offend the seller. Most people think they should lowball their offers off the bat, but a realtor will know that that isn’t the case.

Your opening bid should take into account two factors:

-How much you can afford -How much the property is worth

Take note that understanding both of these requires help from an expert. To determine how well you fare for both considerations, your realtor can help you get expert evaluations with a mortgage provider and a home inspector.

Another thing a realtor will do is check the county clerk’s office if the seller is behind on their property taxes. This will give a good idea of how to navigate the negotiation.

7. Making an offer and dealing with negotiations

After finding the home of your dreams, it’s time to make an offer. Before making a move to begin negotiations, ask your real estate agent for a copy of the offer. They will conduct thorough research on similar homes in the area to understand the conditions and terms to discuss with the seller. This will give you an idea of the best purchase offer to make.

An experienced realtor is an expert negotiator, and they’ll be responsible for making sure that you get your dream home at a great value. You should also know that negotiations can take 30 to 45 days or more until all parties agree.

It will be best to exercise patience during this period and trust your agent. They have your best interests at heart!

8. Dealing with appraisals

Take note that after you’re under contract to purchase the home, your lender will order an appraisal. Your lender can help you look for a trustworthy closing attorney to perform a thorough title search on the house to ensure that it’s free of liens and encumbrances.

You should also know that the closing attorney is in charge of holding your earnest money in escrow. They’ll be helping you close the deal on the transaction.

During this time, your lender will start processing your loan. An experienced realtor will help you stay on top of your loan through constant communication with your lender during the processing period. This step is crucial as it’ll determine that there aren’t any delays so you can close the deal as planned.

9. More on property inspections

While it will cost you more money, we want to emphasize the importance of getting your home inspected. The only exception is if the house is brand new, which means it’s likely under warranty from the builder. In this case, it might not be necessary to order a home inspection. However, it’s still the buyer’s discretion, so make sure to ask your realtor for advice if you’re not sure.

Once your home inspection results come back, your realtor will go over the report with you and suggest what repairs the seller needs to take care of before closing. Your realtor can prepare the repair request on your behalf, which will be presented to the seller.

Another thing to note is that if you’re buying a foreclosure, the home will be sold as-is. This means that the seller is not required to make any repairs on the property.

10. Getting Homeowners Insurance

Homeowners insurance will cover damages and losses to your home and its assets. Generally, it will cover:

-Interior and exterior damage -Loss or damage of personal assets -Bodily injury while on the property

You can ask your realtor to provide a list of homeowner insurance providers for your home. Take note that you’ll usually get a better deal if you combine your homeowner’s insurance with your auto insurance.

11. Avoiding Border Disputes

Nothing can be more stressful than having an enemy next door! Even before you move in, make sure to get a survey done on your property to know exactly what you’re buying. This will give you an idea of where your property lines are, and it will save you from any unnecessary disputes with your neighbors.

It will also help get your realtor involved in the dialogue, as they’re expert negotiators on land disputes. Rest assured that they’ll have your best interests at heart while also listening to your neighbors’ side of the story. They can help you review Land Registry plans alongside title deeds.

If additional support is needed, your realtor may suggest getting expert assistance from a chartered surveyor arbitrator.

12. Considering Homeowners Associations (HOA)

There are pros and cons to buying real estate with a homeowners association. Here’s what you should know off the bat:

Pros

They will take care of your community maintenance. Sometimes, they will even deal with exterior maintenance such as landscaping, general maintenance, roof, and siding

They ensure that the neighborhood abides by rules to maintain security and integrity.

Cons

You’ll have to pay monthly HOA fees

You might disagree with some of the HOA rules and regulations, but you’ll have to accept them

Buying a Home in Charlotte - FAQ

Before giving you our top tips, we’ll answer a few questions most homebuyers in Charlotte want to know.

What is the salary needed to buy a home in Charlotte?

The Charlotte, NC real estate market is expected to have a combined growth rate of 20% by the end of 2021. That’s factoring in the growth of home prices and sales growth.

This means that median home prices in the metro Charlotte area are expected to bump up year after year. To calculate the salaries needed to buy a home in Charlotte, it’s also necessary to look at how much you need to have a comfortable lifestyle in the area.

A study by Finder.com in 2020 factored in:

-Median house prices

-Average 30-year interest rate (20% deposit)

-Average non-mortgage debt in Charlotte

-Average non-housing expenditures

-Mortgage payments with mortgage interest

The median home value in Charlotte is around $260,100, with a required salary of $58,200. This salary is down by 4.10% since 2018, and interest rates are low across the US.

Overall, Charlotte sees significant population growth year-over-year.

Is Charlotte getting expensive?

Charlotte came in as the 25th most expensive city in the nation, with an average of $2,150

Because more millennials and high-income earners are renting in the area, construction of luxury homes for sale in Charlotte, NC has increased. According to a report, homes that rent for $1000 or more increased by about 5 million in recent years. Consequently, homes that rent for $600 or less dropped by 3 million.

This will give you an idea of the huge potential of Charlotte, NC investment properties for the renter’s market.

Competitive Real Estate Market: Is Charlotte, NC good for real estate?

As one of the most populous cities in the state, Charlotte is also one of the fastest-growing metro areas in the nation.

With its unemployment rate steadily dropping at 4.4% as of April 2021, Charlotte is becoming more and more attractive due to its fast-growing sectors and services.

These include:

Financial

Trade

Transportation

Construction

Professional and business

With strong demand for housing and limited supply to go around, homebuyers in Charlotte need all the help they can get amid rising home prices.

Conclusion

Buying a home in a hot seller’s market like Charlotte, NC will require the expert guidance of a local and trusted Realtor.

Realtors make it easier for you to pinpoint your dream home according to your budget, needs, and assets. Aside from that, they’ll connect you with the best references (lenders, closing attorneys, contractors, home inspectors, etc.) to ensure that you get the best service and rates up until you close the deal.

The best real estate agent in Charlotte, NC is Nancy Braun of Showcase Realty. With over 50 agents on their team, Showcase Realty guarantees efficient and top-notch real estate services in the Carolinas.

Charlotte, NC Real Estate 704-997-3794

#CharlotteNCHomesForSale #CharlotteNCTopRealtor #NancyBraunOfShowcaseRealty

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