Carol Fox, Real Estate Broker, Union County NC Real Estate

Union County NC Home Sellers—Five Reasons to Get Off the Home Selling Sidelines

Has the thought of selling your Union County NC home crossed your mind? Have negative news stories about unemployment, foreclosures and falling prices kept you on the home selling sidelines? If so, you should reconsider because the next six months may be the best time in a long time to sell your current home and buy another.

Hard to believe? Here are five reasons why it’s a great time to be in the Union County NC real estate market.

1. The federal government is willing to pay you to buy a home. The newly revised and extended Federal Housing Tax Credit program covers not only first-time home buyers but also repeat home buyers. You may qualify for a $6500 tax credit on your next home purchase if you have used your home as a principal residence for at least five consecutive years of the eight years prior to the purchase date.
2. You don’t have to sell your current home to qualify for the tax credit as long as you move into the new home and use it as your principal residence. Second homes and investment property do not qualify for the tax credit.
3. You may have a greater pool of potential buyers for your home. Is your current home in a moderate price range? First-time home buyers can receive an $8000 tax credit for their purchase. The previous tax credit encouraged many of them to purchase in spite of the negative news. If your current home is in a higher price point, up to $800,000, there may be more move-up buyers in the market who want to take advantage of the repeat home buyer tax credit. More buyers in the Union County NC marketplace should add up to an easier time for home selling.
4. Prices of Union County NC homes are more reasonable than in the past. Yes, you may get less for your current home than you could have several years ago but you will also pay less for your next home. If you are a move-up buyer, a ten percent lower price on your next home will be a greater discount than a ten percent reduction on your lower-priced current home.
5. The federal government is keeping interest rates low to stimulate the economy. Mortgage borrowers with the best credit can get interest rates on thirty year mortgages below 5% today. Once the government stops taking these measures, interest rates will rise. Principal and interest on a $200,000 thirty year mortgage at 5% is $1074. The PI payment rises to $1200 at 6% and to $1332 at 7%. Lower interest rates plus lower home prices equal big savings.

Get off the sidelines if you are a Union County NC home seller. Your next home must be under contract by April 30, 2010 and close by June 30, 2010 to qualify for the Repeat Home Buyer Tax Credit. Learn more details about the Home Buyer Tax Credit.

Want to know more about the value of your current Union County NC home? Click here to request a market evalution of your home.

Copyright 2009. Carol Fox. Allen Tate Realtors. *Union County Home Sellers--Five Reasons to Get Off the Home Selling Sidelines*

Farmwood in Mint Hill NC—Homes for Sale and Neighborhood Profile

Farmwood is Mint Hill NC’s classic neighborhood. Construction began in Farmwood in the mid-1970s and continued through the early 1990s. Large wooded lots ranging from a half acre to over an acre on wide streets provide a beautiful setting for Farmwood homes. The earliest Farmwood homes were mostly traditional brick ranches, two-stories and tri-levels. Some were basement homes where the slope of the lots accommodated them. As the years passed and home styles changed, country-style homes with big friendly front porches and wood siding were built. The most recently built Farmwood homes tended to be large two-story colonials with transitional interiors.

Farmwood spreads over a large area of Mint Hill NC from Lawyers Road to the northeast and crossing over Lebanon Road to the west. The neighborhood wraps around the Pine Lake Country Club at Lebanon Road. Some Farmwood homes have beautiful views on the golf course. Although Pine Lake Country Club adjoins Farmwood, the club is not a part of the neighborhood. Farmwood does not have a homeowners association and there are no HOA dues.

Pine Lake Country Club is a private facility. The original golf course at Pine Lake was built in the early 1960s and was renovated in 1988 by John LaFoy, a renowned golf course designer. Five fresh water lakes and manicured grounds occupy the 155-acre club. Pine Lake Country Club also has six clay tennis courts and two hard courts. A range of tennis activities are available for men and women at the club. Swimming and dining facilities are also found at Pine Lake Country Club.

Map of Farmwood in Mint Hill NC

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Farmwood Community Features

Community Amenities: Farmwood does not have a homeowners association nor any neighborhood amenities. Pine Lake Country Club is adjacent to the neighborhood. Shopping and restaurants in downtown Mint Hill are nearby.

Builders: McLemore Construction

Schools: Lebanon Road Elementary, Northeast Middle, Independence High. School assignments are subject to change. Check with the Charlotte-Mecklenburg Public Schools for current school assignments.

Farmwood Real Estate Market Update

January to November 2009

Homes Sold: 13 single family homes

Prices: $160,000 to $325,000 Average Sales Price: $227,876

Average Square Feet: 2483

Average Days on Market: 133

Source: Carolina Multiple Listing Service

Farmwood Homes for Sale

Click here to find Farmwood homes for sale.

Ever wonder what your Farmwood home is worth?

Click here to request a free market evaluation.

Copyright 2009. Carol Fox. Allen Tate Realtors. *Farmwood in Mint Hill NC—Homes for Sale and Neighborhood Profile*

Brightmoor in Matthews NC—Homes for Sale and Neighborhood Profile

Brightmoor in Matthews NC is one of several neighborhoods along Pleasant Plains Road that were built in the mid-1980s to mid-1990s. Two landscaped entrances mark the tree-lined streets leading into the neighborhood. Brightmoor is an ideal neighborhood to find wooded lots with wide frontage giving homes privacy not found in many newer subdivisions. Most of Brightmoor’s homes are colonial in style with big front porches. The later homes built in the neighborhood have a transitional style with two-story rooms and vaulted ceilings in the interiors.

Brightmoor has an active homeowners association that manages several community amenities, including two swimming pools, a playground, tennis courts and walking trails throughout the neighborhood. The neighborhood association also sponsors activities throughout the year such as yard sales and holiday activities. Brightmoor is conveniently located near downtown Matthews NC with its restaurants, shops and many festivals. The Siskey YMCA and two community shopping centers with grocery stores, restaurants and shops are located within a couple of miles of the Brightmoor neighborhood.

Map of Brightmoor in Matthews NC

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Brightmoor Community Features

Community Amenities: Homeowners Association, walking trails, swimming pools, tennis courts, playground, proximity to grocery stores, restaurants and shops

Builders: Squires Homes, Ryland Homes, UDC Homes, other small builders

Schools: Matthews Elementary, Crestdale Middle, Butler High. School assignments are subject to change. Check with the Charlotte-Mecklenburg Public Schools for current school assignments.

Brightmoor Real Estate Market Update

January to November 2009

Homes Sold: 14 single family homes

Prices: $160,000 to $330,000 Average Sales Price: $210,092

Average Square Feet: 2281

Average Days on Market: 87

Source: Carolina Multiple Listing Service

Brightmoor Homes for Sale

Click here to find Brightmoor homes for sale.

Ever wonder what your Brightmoor home is worth?

Click here to request a free market evaluation.

Copyright 2009. Carol Fox. Allen Tate Realtors. *Brightmoor in Matthews NC—Homes for Sale and Neighborhood Profile*

Brighton Park in Mint Hill NC—Homes for Sale and Neighborhood Profile

The Brighton Park neighborhood was designed to answer Mint Hill’s need for a compact development that would provide retail stores and homes in its downtown core. Brighton Park has fulfilled its promise to deliver a variety of homes within walking distance of parks, stores and services. In turn, the activity within Brighton Park has added to the vitality of downtown Mint Hill NC.

Five parks are interspersed among the homes in Brighton Park. All of the streets are laid out on a grid giving the neighborhood with its deep lots and back alleys a traditional feel. Front porches with gingerbread trim welcome families and neighbors. Brighton Park includes opportunities for townhome living in addition to the single family homes.

New homes as well as resale homes are available in Brighton Park. Mattamy Homes and MI Homes still have a few lots left for single family construction. Two new townhome developments have been started recently by Lennar and Market Street Communities. Lennar is building three story townhomes with two-car garages from $155,000 to $175,000. The two-story townhomes offered by Market Street Communities are inspired by classic Virginia brownstone architecture. These townhomes are priced from $160,000 to $200,000.

Learn more about Brighton Park and view more photos: Downtown Mint Hill NC Walkable Neighborhoods: Brighton Park.

Map of Brighton Park in Mint Hill NC

View Brighton Park in Mint Hill NC in a larger map

Brighton Park Community Features

Community Amenities: Homeowners Association, parks, walking trails, proximity to grocery store, restaurants and shops

Builders: David Weekly Homes, Mattamy Homes, MI Homes, Lennar, Market Street Communities

Schools: Bain Elementary, Mint Hill Middle, Butler High (2009-2010), Independence High (2010-2011) School assignments are subject to change. Check with the Charlotte-Mecklenburg Public Schools for current school assignments.

Brighton Park Real Estate Market Update

January to November 2009

Homes Sold: 21 single family homes

Prices: $160,000 to $230,000 Average Sales Price: $198,433

Average Square Feet: 2340

Average Days on Market: 75

Source: Carolina Multiple Listing Service

Brighton Park Homes for Sale

Click here to find Brighton Park homes for sale.

Ever wonder what your Brighton Park home is worth?

Click here to request a free market evaluation.

Copyright 2009. Carol Fox. Allen Tate Realtors. *Brighton Park in Mint Hill NC—Homes for Sale and Neighborhood Profile*

Union County NC Home Buyers—Homebuyer Tax Credit Extended and Expanded

Union County NC home buyers got new options for receiving the Homebuyer Tax Credit when President Obama signed an extension of the tax credit law on November 6, 2009. The $8000 tax credit for first time home buyers was extended until April 30, 2010. A new $6500 tax credit for repeat buyers who have lived in their current residence for five of the last eight years was added to the program.

What should Union County NC home buyers know about these programs?

• A first time home buyer is defined as someone who has not owned a home during the three years prior to the date of purchase.
• A repeat buyer is someone who buys a home after living in their current residence for at least five consecutive years in the past eight years.
• Income restrictions have been raised to $125,00 for single tax filers and $225,000 for joint filers.
• The amount of the tax credit is 10% of the cost of the home up to $8000 for first time home buyers and up to $6500 for repeat buyers.
• The tax credit is for principal residences only, including single family detached homes, condominiums, and townhomes.
• The tax credit applies to homes under contract by April 30, 2010 and must be closed by June 30, 2010.
• The tax credit does not have to be paid back unless the home is sold within three years.
• Home buyers can claim the credit on their federal income tax returns filed for the year they purchase their home. If the credit exceeds the tax bill, the government will issue a payment. Taxpayers purchasing a home in 2009 can amend their 2008 tax return for an immediate refund.

What should be the first step in the process for Union County NC home buyers who want to participate in these programs?

• First time home buyers should contact a real estate broker and a mortgage loan officer for home purchase prequalification. Learn more about buying your first home here.
• Repeat home buyers will want to contact a real estate broker to determine the value of the current residence. Click here to request a comparative market analysis of your home.

Copyright 2009. Carol Fox. Allen Tate Realtors. *Union County NC Home Buyers—Home Buyer Tax Credit Extended and Expanded*