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The current real estate market suffers the effects of a phenomenon called “Shadow Inventory”. Shadow inventory is comprised of the homes that are not currently on the market but are expected to come on the market. Before the financial quagmire became widespread, the Uptown was facing a large supply of new homes or a,” Fore-Shadow Inventory” from the development of new high-rise condos which were subsequently scuttled. Today, though, we have a different sort of Shadow Inventory from foreclosures that have not been executed. The effects of today’s shadow are far different from the previous shadows seen before.
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2009 is over and a new year has started. 2010 is upon us and the changing of the year brings hope that the market will be different and better than what we’ve experienced. To know where you’re going, it’s important to know where you’ve been. The following is a summary of the market in Charlotte for 2009 as well as the Uptown specifically.
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Congress just extended and expanded the homebuyer tax credit that was set to expire November 30th. The new rules have extended the tax credit timeframe as well as increased the pool of potential tax credit recipients to cover individuals and couples that currently own their homes. Another major shift was the increasing of the income cap that limited how much money a person could make in a year and receive the tax credit. The good news for buyers who weren’t able to find the perfect home in time for the previous deadline is that the tax credit is still available for you. The tax credit is also available now to current home owners who were hoping to move out of their homes. The table below outlines the differences of the two tax credits and the changes that have been made.
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The Uptown real estate market slowed significantly over the last year along with the rest of the market in the country. Consistent with the change in the economy, the real estate market has been impacted by the loss of "wealth" that has occurred in numerous markets. One noticeable difference in the real estate market is the shift that has occurred in how people finance their homes. Since 2006, 371 major lenders have gone out of business for reasons ranging from bankruptcy to governmental take-over(typically due to near bankruptcy conditions). The tightening of the credit markets has resulted in fewer loan programs being available to individuals looking to purchase a home. The result has been a significant shift in how people are purchasing their homes.
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As much as the economy has changed over the last year, not much has changed in regards to people’s interest in finding a “Good deal”. People have always been interested in finding a good deal on a home. Today’s economy is no different. The challenge facing many buyers in today’s market is understanding what makes a good deal. It might be easy to assume that a bank-owned property or foreclosed property is automatically a good deal. That may or may not be true. Hopefully the following advice will help guide you as you search for your “Good Deal”.
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The beginning of the economic recovery may currently be under way. Even though no official reports or numbers have shown this recovery, the first step of the recovery is here. Reports of agents active in the market say that the first time home buyers are out shopping and buying homes. These first time buyers are the essential component of real estate recovery. Their demand for homes creates the possibility for more homes to be purchased by the next category of buyers. Similar to the food chain seen in nature, there is a food chain in the real estate market. Understanding the food-chain of real estate is important to understanding the economic process that is beginning to take effect in the market.
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With nearly 50,000 people moving to the area every year, it is good to know the Charlotte area and the breakdown of who lives here. Since Charlotte has been the focus of some recent positive publicity in the national news for our real estate market, let’s take a look at the greater Charlotte area called Mecklenburg County…statistically.
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So you're thinking about purchasing some real estate, but you don't know what to do. The great debate wages. You think you want a house, but you aren't sure. You think you might want a condo too. Maybe you should buy both...or maybe you should ask yourself these 3.3 questions:
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The home buying process can be scary for those who have never been through the process and have little knowledge about it. Just like all other great tasks, the preparation is important. Getting ready to purchase a home is really the most important step in the whole buying process. If you prepare properly, you can save yourself a lot of stress, time, and money. In your preparation there are 3.3 things to focus in on:
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Once you’ve decided how much you want to afford, where and what you want, and who you want to help, the fun begins. A lot of people don't see the next step as being fun but looking through potential homes is an exciting and adventurous time. Unfortunately, the "Tour Homes" step is one that frequently results in confusment, discouragement, or being just overwhelmed. In order to avoid those pitfalls and make the most of your home tours, follow these 3.3 simple steps:
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So you and your agent have found a home that fits your needs, that is in your budget, and that is in a neighborhood you enjoy...what now? Well there are some things that need to happen so that you can move into your new home. You guessed it, there are 3.3 things that need to happen before you can move into your new home:
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Congratulations! You have purchased your new home. You have moved in and now you are enjoying your new home. Your housewarming party was a blast and your friends love your new home. Owning a home is fun and exciting. There are 3.3 things to remember when you are living in your own home:
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A large percentage of this real estate craze that has gone on is just fear of a bigger problem. The problem that is causing this mix-up in the market is a real problem that is very basic. There are people who are in over their head. Let's not worry about who is to blame for the actual problem that we have. The focus here is how to avoid getting in over your head.
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There is no denying that lenders have put the squeeze on buyers looking for loans. The days of no income, no assets, no credit...no problem are over. The largest and most influential factor a persons ability to get a loan is their credit or FICO (Fair Isaac Corporation) score.
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The greatest value in a home is an unquantifiable unmeasurable factor called Emotional Appeal. Emotional Appeal might sound like an Intervention, but it is about the attractiveness of a home and the degree in which a home makes a person say, "I gotta have it!"
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The largest investment that most people will make is purchasing their own home. Once you are a home owner, you may realize that real estate can be very profitable and decide to become "An Investor". Before you make a commitment to such a title, consider these 3.3 steps:
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If you were to describe 2008 in one word, you wouldn’t get much argument if you described this year as uncertain. Lots of great things have happened this year, but they seem to have been forgotten in most of our minds. if you only paid attention to the news, this year has been filled with job cuts, negative earnings, and that dirty nasty F word (Foreclosure).
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They say that if you aren’t living on the edge you are taking up too much space. I don’t think that anyone will argue that Charlotte has been hoarding space. Life in Charlotte has been…well, uncertain over the last few weeks. While it may feel that Charlotte is turning into Roanoke Colony, don’t carve “Croatoan” into the trees yet. Some good things are happening that impact us all and we haven’t even seen the impact of it yet.
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