Charlotte – North Carolina

North Carolina’s economy is expected to grow 1.7 percent in 2012 which is a stronger growth rate of 1.3 percent in 2011.

Here are nine of the state’s fifteen economic sectors that are expected to grow in 2012. The strongest sectors are professional services, with a projected real increase of 5.4 percent; finance, insurance and real estate, up 3.8 percent; wholesale trade, up 2.6 percent; information, with a 2.1 percent gain; and transportation, warehousing and utilities, up 2.1 percent.

North Carolian is expected to gain 38,000 net jobs in 2012, which is up from a projected gain of 22,500 in 2011. The sectors likely to gain the most jobs are hospitality and leisure services, government and education and health services.

Despite some pessimism pertaining to the global and domestic economies, the U.S. housing sector continues to show promising signs of stability and growth. Low levels of new home construction and gaining sales volume fueled by an inventory of affordable housing since Richard Nixon was president have reduced the number of homes on the market. This means home prices may begin to appreciate again.

While there are many factors that can be barriers to buying a home, such as the tightening of mortgage lending rules by banks, consumer confidence in the job market is among one of the top obstacles to home ownership. In the 2011 Housing Pulse Survey conducted by the National Association of Realtors, 80% of respondents cited job security as their primary concern when deciding to buy.

For only the fourth time since the beginning of 2010, home sales in August were up both year-over-year and month-over-month, posting an 18.6% gain from last year, with first-time home buyers accounting for nearly a third of all homes purchased. These indications of strength in the housing market may help to add to consumer confidence, which is an integral part of sustained growth. Even though there is still a long road to recovery ahead of us, there are opportunities to be had for both home buyers and sellers.

The average rate on a 30-year fixed mortgage has fallen below 4 percent for the first time in history.

For the lucky few with good jobs and stable finances, it’s a rare opportunity to save potentially thousands of dollars each year.

This morning, Freddie Mac said the rate on the 30-year fixed mortgage fell to 3.94 percent from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan, a popular refinancing option, dipped to 3.26 percent, also a record.

Mortgage rates are now lower than they were in the early 1950s. The average rate reached 4.08 percent for a few months back then, according to the National Bureau of Economic Research. Although mortgages at that time typically lasted only 20 or 25 years.

If you want to take advantage of this, give me a call!

Home sales are up in Charlotte NC. We’ve seen a trend since the firs of the year with more homes coming onto the market and more buyers buying them. Though the number of active listings still greatly out numbers the number of buyers, buyer confidence appears to be coming back. Jobs in Charlotte appear to be stable and new home construction in Charlotte is on a rise. Over the past three years, new home sales were scarce. Many local builder folded and many had to cut back on how well they outfitted the homes to bring prices low enough to attract buyers. With home prices across Charlotte being down about 20% since 2007, we are seeing a slow tick back up in home sales. Charlotte was one of the last cities to get hit when the housing bubble burst but is also one of the first to make a recovery. That’s all due to our home values not being greatly over inflated. I predict we’ll continue to see slow, steady growth and gain in equity over the next several years in Charlotte.

Who says we’re in a recession?   Who says that the real estate market is in a slump?   There’s a very good inventory of homes out there.   It’s been raining inventory for the last two years!   We just need to get buyers to understand that home prices are at there best…so are interest rates.   For anyone that can qualify to buy a home, this it it!   Real estate has always been one of the best investments that can greatly improve ones financial portfolio.   So, let’s help those buyers who are on the fence or who think the bottom hasn’t hit yet or have fear of first time home ownership, or whatever the hurdle may be.   Let’s help them clear those hurdles with ease and get the home inventory and buyer inventory balanced back out!   We want to say “It’s raining buyers”!

So far this year, I have  $2.5 million of real estate under contract to close and $1.2 million of listing inventory.   I attribute this to simply keeping my nose out of the media.   The good news is that we’re not hearing as much doom and gloom as we have been over the last couple of years.   If  we listen to the negativity the media throws at us, we tend to believe it and it becomes a self fulfilling prophecy.   I simply choose to not take part.   My outlook on the real estate market is bright.   I believe we are on the road to recovery.   I believe this will be one of the best years I experience in my real estate career.   I believe, therefore, it must be!   We don’t need the doom and gloom.   So far,  the numbers I’ve generated have proven  this theory to be true.   So, let’s ALL choose to believe in a better and brighter tomorrow and leave the media behind!  

I’m simply an optimist.   I think that’s part of what has helped propel me through these last three years of a down-turned real estate market.   In times like this, I get excited.   That’s because I’ve been pleased with the amount of business there is out there for the real estate professionals that treats their job as a business and take their careers seriuosly.   When the market turns around, they’ll be even that much more business.   The general consumer will be glad that the the dark days are behind us.   Sellers will appreciate better home prices and buyers will be jockying for the home, knowing that buyer competion will be building.   Rates will be good during the turn around.

My beliefe is that 2011 will be the beginning of the housing market recovery.   I’m ready for it!   Let’s all be smart about our real estate investments as the market improves.   Let’s buy homes that really fit our needs…be smart about making sure the mortgage payment fits our budgets and lets save do a better job about saving for when times head the other direction again.   I think we’ve all learned some valuable lessons over the last year and we’ll all be better for it!

Bring on the New Year!

According to Forbes, Charlotte, NC ranks right up there with one of the best places to shop in the Country.   Out of the 25 topped ranked cities, Charlotte comes in at #11!

When it comes to shopping for real estate or shopping at the mall, everyone has their own style. Some of us are in-and-out. We know what we want, we know where to find it and we™d like to be on our way, thank-you-very-much. Others are in heaven strolling through well-lit retail centers, window shopping to our heart™s delight, even if there™s nothing we œneed. And some of us are on the hunt for a bargain”if it isn™t on sale, it™s not on our list.

Forbes compiled their list of America™s best cities for shopping by taking the interests of all types to heart to find the urban centers with the best combination of options, ease and affordability.

South Park Mall in Charlotte boasts   some of the best shopping in North Carolina.   You’ll find everything from Nordstrom to Neiman Marcus and Tiffany to Tommy Bahama.

Come to Charlotte to shop for a home, but don’t stop there, after making that major investment, you can then really shop til you drop!

Well we’ve survived three years straight in a row of a depressed real estate market.   I’m an optimist though.   I look at this time as a great opportunity to buy homes.   We hit a historic low with interest rates.   The best rate one of my buyer clients got this year was 3.75%.   Why wouldn’t someone want to buy a home with the bank practically giving away free money!   Though rates were low…and still are, and home prices being the lowest we’ll see them go, 2010 proved to be my most challenging year in the real estate market.   Though I sold a higher volume of real estate this year over 2008 and 2009, I’m glad to see this year come to a close.   Buyers really have been taking advantage of the market…and they should, but some of the home owners that have not been in distressed home selling situations, like many are, they have taken a beating on low offers and difficult negotiations.   These sellers would like to sell their home but they don’t want to give them away either.   For buyers that have time and patience, making an offer on a short sale or foreclosure often results in a very good investment, but again…time and patience are key.     Oh, did I mention that “time and patience” are key?    

Looking back, I’ve seen a slight increase in my personal real estate business over the past 3 suppressed years.   I can’t speak for all real estate  practitioners but based on my experience, I’m expecting 2011 to prove to be a promising year of increased home sales, stabilization of home values and an increased movement in the high number of short sales, foreclosures and REO properties.   I’m an optimist, however, so I’m looking at this as if the glass were half full.   If consumers would do the same and not pay any attention to the media, I truly believe that our economy would recover much quicker.   Who’s with me???!!!

On a final note, I’m thankful that I live and work in Charlotte, NC.   The Charlotte real estate market hasn’t been affected nearly as bad as many other major cities across the country.   We should be thankful that our home values are what they are and not what they are in South Florida, California or Las Vegas.   Charlotte is a great place to call home.

For all of you prospective home buyers out there, if you haven’t been watching, mortgage interest rates starting going up last week.   Just seven days ago, they jumped from the low 4% range to 4.67%.   Today they’re sitting at 4.97%.   Rates are expected to make a couple of more sizable leaps this week alone.   So, if you’ve been on the fence about purchasing home a home, now is definitely the time to act.   With rates still very reasonable, you may be able to afford more home than you realize.   Don’t consider a particular price of home but think of what you want your monthly mortgage payment to be.   With rates where they are, you may be able to afford more home than you realized.   As interest rates climb, the amount of home you can afford will go down.   Make since?   Now get to buying!