Waxhaw, NC

WASHINGTON (Reuters) - Fannie Mae plans to raise minimum credit score requirements next month and limit the amount of overall debt that borrowers can carry relative to their incomes, The Washington Post reported on Thursday.
Starting December 12, the automated system that the government-controlled mortgage finance company uses to approve loans will reject borrowers who have at least a 20 percent down payment but whose credit scores fall below 620 out of 850, the newspaper reported. Previously, the cut-off was 580.
Also, for borrowers with a 20 percent down payment, no more than 45 percent of their gross monthly income can go toward paying debts, the newspaper said.
A Fannie Mae spokesman told the newspaper that the limits reflect the company's recent experience.
Loans to people with credit scores below 620 fell seriously behind at a rate approximately nine times higher than other loans purchased in the same period, Fannie Mae spokesman Brian Faith said. Loans taken out by borrowers with lots of debt also suffer higher levels of serious delinquency, he said.
"It's not enough to help borrowers buy a home -- we must also ensure that they can stay in the home over the long term," Faith said in a statement to The Washington Post.

Charlotte NC

Union County Real Estate Market Report- October 1-October 31,2009

Waxhaw, NC Homes for Sale- Homes Sold

There were 51 Homes sold in Waxhaw, at an average price of $395,148, on an average 3639 sf, or an average of $108/sf at a reported average of 98 Days on Market. In 2008, there were 38 home sales, at an average of $366,874, at an average sf of3373, at not quite $109/sf. So the market is holding steady '08 to '09.

Waxhaw Homes for Sale

At the end of October there were 572 homes for sale in Waxhaw. The average monthly Waxhaw home sales is 57 (Since June) which equates to about a rought 10 month supply of homes. certainly a strong buyers market, but not grotesque!

Weddington Homes For Sale

There were 7 homes sold in Weddington, at an average price of $713,214 on 5,118 sf, or an average of $139.00/sf, at a reported average of 187 Days on market. In 2008, there were 6 Weddington homes sold, at an average of $574,221, on 3,964 square feet, or $144/sf, and a reported Days on market of 94.

For the Full report and to see how home sales were affected by First Home Buyer Credit at Waxhaw Real Estate

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Terry McDonald

704-351-1519

The McDonald Team
Wilkinson and Associates, Broker

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The good news is that home sales, pending contracts, and closings are on the rise. As I said before we hope this is a light at the end of the tunnel, and I don't mean a freight train. Our Market Center has had two very good months, for both gross commissions earned and profitability.

One of the things I have become aware of is the increased building activity among homebuilders in the Waxhaw, NC and Weddington, NC areas, as well as the areas of Lancaster and York Counties just next door to Charlotte. This is going to be a key factor in getting the economy rolling again, and some relief to the unemployment numbers.

One area that you, if you are a near future buyer, should be investgating is Waxhaw NC. Waxhwaw is located at the south end of Hwy 16, due south of Charlotte. It is 6 miles south of Weddington, at Hwy 84, and just 9 miles south of the I-485 loop. Check you map for reference.

Waxhaw is an old, historic, little railroad communtity with an original landmark footbridge over the rails, in between N. Main and S. Main Streets. There are several antique shops in Waxhaw, and it is becoming home to artist and craftsmen of all sorts, and has several small festivals every year to celebrate its heritage, and put its wares on display. There is even an annual Highland Games, with a gathering of the Clans.

Some of the most attractive land positions in Union County are located around Waxhaw, featuring planned communities with wonderful amenities, and surrounded by the best schools in the State of North Carolina. I know because I live down there, and my wife is an education professional in the Union County School System.

If you are surfing the internet and you come across neighborhoods in Waxhaw, Weddington, Marvin and Wesley Chapel, take pause. You may be home. Communties like Lawson, Millbridge, Edenmoor, Skyecroft, Weddington Chase are those you will want to visit.

All of this quaint, near-country living is within 10 miles of I-485 and 15 miles of some of the most desired shopping venues in the Charlotte and Ballantyne Area. There are also several equestrian and golf communities if those activities have special appeal to your family. And because the area is growing, so are the entertainment venues, like excellent restaurants and food finds of all kinds.

You owe it to yourself to meet this area personally, and I am one of its own.

Charlotte NC

Union County Real Estate Market Report- October 1-October 31,2009

Waxhaw, NC Homes for Sale- Homes Sold

There were 51 Homes sold in Waxhaw, at an average price of $395,148, on an average 3639 sf, or an average of $108/sf at a reported average of 98 Days on Market. In 2008, there were 38 home sales, at an average of $366,874, at an average sf of3373, at not quite $109/sf. So the market is holding steady '08 to '09.

Waxhaw Homes for Sale

At the end of October there were 572 homes for sale in Waxhaw. The average monthly Waxhaw home sales is 57 (Since June) which equates to about a rought 10 month supply of homes. certainly a strong buyers market, but not grotesque!

Weddington Homes For Sale

There were 7 homes sold in Weddington, at an average price of $713,214 on 5,118 sf, or an average of $139.00/sf, at a reported average of 187 Days on market. In 2008, there were 6 Weddington homes sold, at an average of $574,221, on 3,964 square feet, or $144/sf, and a reported Days on market of 94.

There were 122 Weddington Homes for Sale as of 10/31/2009. The average monthly sales- based on monthly sales since June, is 6.6, reflecting an 18 month supply of homes- bascially a buyers dream.

What accounts for this turn around--for decades Weddington led the way, now there is a strong bias in favor of Waxhaw, why?

The main artery to Weddington is Providence Road, and the expansion is nearing completion, but for the last 3 years Weddington has been nearly inaccessible.

First Home Buyers Tax Credits Affects Union County Homes For Sale Under $200,000

In the areas of 10-1, 10-2 and 10-3- the Weddington-Waxhaw-Marvin-Wesley Chapel area, there were a total of 131 homes sold.

Assuming a "First home balance"* sales price of $230,000- , there were 58 first home buyers in 2009, or 44% of the market. This compares with 34 home sales a year earlier, suggesting a dominant role in first home buyers in 2009- the tax credits at work .

*First Home Balance" sales price is an assumption based on the reality that there is no way to determine in real time who is a first time home buyer- but we know it is some percentage of our market. The "balance" works this way: take a home sales price number and assume that the number of homes sold, that were Not first home buyers, is offset by the people Above the sales price who WERE first home buyers. So when we "balance" the price at $230,000 for statistical analysis, we aren't saying all first home buyers bought below $230,0000 but that this quantity of sales is the balanced number we will uses to compare year to year, in this geographic area.

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