Jerry Fletcher - Charlotte / Matthews NC

One of the most important steps in the home-buying process is being pre-approved for a home loan. Many buyers apply for a loan and receive approval from a lender BEFORE searching for a home. This is called "pre-approval."

Why is pre-approval important at the beginning of the home-buying process?

1. Pre-approval can cut days or even weeks off the closing, because the lender has already conducted its credit analysis and approved you for a mortgage.
2. Pre-approval strengthens your offer and negotiating position. A home seller will often choose to accept an offer from a buyer who is pre-approved for a mortgage over one whose financial picture is still in question.
3. Pre-approval will determine your price range and narrow your search parameters. Based on your down payment and that pre-approved mortgage amount, you will know how much you can afford before you even start looking for a house.

There is also a significant difference between buyers who are merely "pre-qualified" and those who are pre-approved.

Pre-qualified buyers are those whose lenders have determined how much they can borrow based only on information the buyer has provided to the lender. Nothing has been verified to determine the buyer's true creditworthiness. The buyer still must fill out a loan application and go through the lender's approval process.

For buyers who have been pre-approved, the lender has already done a credit check along with verification of employment and deposit. The lender's pre-approval is a commitment to loan the buyer up to a certain predetermined amount. The only piece missing is the lender's appraisal of the home to confirm its value.

Contact me when you are ready to purchase your next home. And let me know if I can provide any additional information about pre-approval or financing options.

Visit SoldbyJerry.com or call me anytime at 704-804-3550 or 704-814-6206.

Jerry Fletcher - Broker, Allen Tate Realtors®

When you're thinking about making a move, the first steps in the home buying process are:

• Deciding when you want to make your move
• Considering how much money you would like to spend
• Thinking about what type of home you would like
• Deciding where you would like to live

The next step is usually finding out how much you can qualify for and deciding the type of financing that will work best for you.

If you're in the "thinking about it" stage, you will want to speak with a lender about receiving pre-qualification. If you choose to become pre-qualified, the lender will determine how much you can borrow based on financial information you provide to the lender. Pre-qualification is useful for making preliminary decisions about how much home you can afford, but does not assess your creditworthiness. You will need to fill out a loan application and go through the lender's loan approval process at a later date.

When you decide to buy a home, you will want to become pre-approved for a loan prior to beginning your home search. When you are pre-approved, the lender conducts a thorough credit check and verifies your employment and deposit. The lender's pre-approval is a commitment to loan up to a certain pre-determined amount. The only thing missing is the lender's appraisal of the home to confirm its value.

Why is pre-approval important at the beginning of the home buying process?

Pre-approval strengthens your offer and negotiating position. A home seller will often choose an offer that is pre-approved for a mortgage over someone whose financial picture is still in question.

Please don't hesitate to contact me for additional information about the buying process.. My goal is to provide you with practical information as you consider your next move. And, when you're ready to make your move, I'll help you find your dream home and handle all the details of the transaction, so all you need to do is pack!

Visit SoldbyJerry.com or call me anytime at 704-804-3550 or 704-814-6206.

Jerry Fletcher - Broker, Allen Tate Realtors®

Home prices around Charlotte fell last year, but not as much as you might think. On average, prices across the six-county area fell about 4 percent, shedding the modest gains of 2007. No one likes a loss, especially in the value of their home. And the outlook this year is lousy.

But there's hope. The average price of homes sold last year in more than three-fourths of the area was at or above prices from 2003 through 2005. That means most people who have been in their houses a few years are likely still sitting on gains.

Carolina Multiple Listing Services' sales from 2003 to 2008 show the following:

• Last year, 26 of 70 area ZIP codes, or more than one-third, posted their highest prices of the six-year period.
• Only seven ZIP codes posted declines for the period. In Charlotte, the University area's 28262 and northwest Mecklenburg's 28216, both pocked with foreclosures, had the biggest declines.
• The region's biggest gain in the six years came in 28206, which includes part of Charlotte's Arts District, or NoDa, and the fragile Lockwood neighborhood north of uptown.
• Last year, the top Mecklenburg ZIP code was 28204, which includes the new Metropolitan condos and the historic Elizabeth and Cherry communities.

"The market we had in 2006 and into 2007, that was not a normal market," said Donna Anderson, president of the Charlotte Regional Realtor Assoc. "We're finding that we're in a market correction."

Got questions? Visit SoldbyJerry.com or call me anytime at 704-804-3550 or 704-814-6206.

Jerry Fletcher - Broker, Allen Tate Realtors®

If you are considering moving to a new neighborhood, whether it's across the street or across the country, I recommend doing three things:

1. Use the Internet! You can find almost anything on the Internet....population demographics, crime rates, home sale trends, data on schools, satellite pictures of the area, the list is endless. The Internet is a great place to begin your research. For some tips and tricks on using the Internet to research a home or neighborhood, please visit our Real Estate & The Internet page.

2. Ask an agent. A good real estate agent knows the area. We drive around neighborhoods, we read the news, we talk to people. A good agent can tell you a lot about a neighborhood. You should know however, that real estate law prohibits us from discussing certain things. We can't tell you if a neighborhood is "good" or "bad". YOU have to decide that. We can't discuss racial, religious or economic status of a neighborhood. But we can point you to places to find answers and can provide you a lot of great info on potential neighborhoods. We just have to stick to facts, not opinions.

3. Drive around! We strongly encourage our clients to simply drive the neighborhoods they are interested in. (Obviously this may be impossible if you are relocating from a significant distance.) Try to drive the area at different times of day, during the week, and on weekends. Doing this can give you an excellent understanding of what an area is like. Sometimes nothing beats seeing the neighborhood in action...

If you do all three of these things, you find yourself a neighborhood expert in no time!

Got questions? Visit SoldbyJerry.com or call me anytime at 704-804-3550 or 704-814-6206.

Jerry Fletcher - Broker, Allen Tate Realtors®