November 24th, 2008 categories: Charlotte Lifestyle, Fun for Grown Ups, Fun for Kids, Good stuff we find
Are you looking for a hidden treasure in this tough economic time? The South Charlotte community of Ballantyne has a bevy of budget-friendly and fun activities during this holiday season.
Thus, you can enjoy the holiday season despite living with this tough economic time. Who knows maybe you'll opt to change the way that you navigate the entire year by seeking activities that are both fun and easy on your budget.
The very fact that those are the words of an eleven year old young man should cut us to the bone and inspire each of us to do something to end the scourge of cancer. Brenden Foster age eleven is dying of leukemia and yet you'd be amazed to hear what is on HIS mind.
It will be very hard to watch this video and not cry ~ so it's OK ~ but Brenden would want that to be the end of the tears. Brenden is spending his last days doing some good for others - what will we do with our days?
Buy Now in Charlotte! Prices are down, interest rates are still great!
November 8th, 2008 categories: Market Snap
How are our sales comparing to last year?
According to the Case Shiller Price Index , Charlotte is the 2nd to lowest in price decline on homes compared to the rest of the US over last year. We averaged 2.8% overall decline for our area, while Phoenix, AR is the highest at 30.7% decline.
So we decided to do a random check of price comparisons in neighborhoods in South Charlotte and came up with very interesting results. The only common denominator was the average days on market. In each area we are seeing a significantly longer time on market over the same time as last year. For our comparison we checked homes sold from July 1 to November 1, 2007 versus 2008.
Madison Park, (in town zip codes 28210, 28211)
Year # of Properties Sold AVG SF AVG Sale Price AVG DOM
'07 24 1685 $256,095 33
'08 18 1655 $249,119 77
Comparing these sales, Madison Park is averaging 4% decline in sales over the same period as last year.
Mountainbrook (Southpark area)
Year # of Properties Sold AVG SF AVG Sale Price AVG DOM
'07 5 3195 $420,800 67
'08 4 2873 $414,500 107
Comparing these sales, Moutainbrook is averaging 9.5% increase in sales over the same period as last year.
Ballantyne Country Club
Year # of Properties Sold AVG SF AVG Sale Price AVG DOM
'07 38 4397 $844,975 59
'08 16 4669 $817,640 84
Comparing these sales, Ballantyne Country Club is averaging 8% decline in sales over the same period as last year.
Longview Country Club
Year # of Properties Sold AVG SF AVG Sale Price AVG DOM
'07 5 6715 $2,061,029 340
'08 6 6085 $1,637,647 555
Comparing these sales, Longview Country Club is averaging 12% decline in sales over the same period as last year.
How is your neighborhood sales compared to last year? Contact me at betsy@talkcharlotte and mention this blog. We will search your neighborhood and send you an email with the results.
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I'm ready to retire, aren't I?
November 11th, 2008 categories: Real Estate Grind
We are all too well aware of the challenges facing our personal finances whether we are saving for retirement or buying our first home here in Charlotte. Jeff Karp has helped Rhonda with her finances for several years becoming a trusted adviser... and a friend! We have asked Jeff and his colleague Jeffrey Kendall to give us some insight on personal financial issues ~ and we hope Jeff will soon share his recent experience renovating a historic preservation home in Mooresville. Please feel free to contact Jeff directly to see if his style is suitable to your needs ~ and of course enjoy his thoughts on everything financial.
Prepare for the Realities of Retirement | Jeff Karp and Jeffrey Kendall
Make sure you consider the changes your retirement will bring before you retire.
We are all bombarded with messages encouraging us to save money for retirement-and that is certainly important-however, we are rarely told that we need to prepare mentally for the changes retirement will bring. After you retire, your role in life will be quite different than it is today. In fact, professionals suggest that people who are nearing or in retirement will pass through several stages. These include:
The Honeymoon: You'll enjoy the pleasure of doing what you want to do when you want to do it. Perhaps you'll sleep in, catch up on reading, and spend time with family and friends. It's important to realize, however, that for many people, the novelty of free time wears off. That's when they begin to feel dissatisfied with retirement.
The Retirement Blues: Don't be surprised if you begin to feel bored or even depressed. You may feel like your life no longer has purpose. You may worry about whether you've saved enough to support yourself and your spouse throughout your lifetimes. The retirement blues may be similar to intense buyer's remorse. In fact, a significant number of people return to work, often taking part-time positions.
Reorientation: Once you decide how you want to spend your time during retirement, you'll begin to enjoy it. You may find purpose helping family members and friends, volunteering for a worthy organization, or traveling. You may pursue hobbies or take classes. Before you retire, make sure you've thought about what you would like to do with all of your free time. You may want to make a list and keep it handy.
Stability: Gradually, new routines and activities will become your normal everyday life, and you'll be launched into retirement!
As your retirement approaches, ask yourself some tough questions. How much of your sense of self-worth comes from your work? What will replace work during your retirement? Which of your hobbies would you like to pursue more actively? Retirement gives you an opportunity to reinvent your life-if you're prepared to do it.
Jeffrey R. Karp, CLU, ChFC, CASLTM
Jeffrey P. Kendall
Karp Financial Strategies
704-658-1929
Long tailed cats, rockers & mortgage bankers...Oh My!
November 13th, 2008 categories: Real Estate Grind
Sometimes I think Terry Stutts of Myers Park Mortgage must feel like a long tailed cat in a room full of rocking chairs ~ things are moving, changing position and his (our) tail is constantly trying to avoid the pinch! While all the news may seem bad the truth is their are some real opportunities for savvy and first time Charlotte home buyers alike. And YES you can get a mortgage ~ in fact in some cases you're better off than before the mortgage meltdown!
Here is Terry with some very interesting and timely information on changing FHA requirements...
"There are some changes (what a surprise in today's mortgage industry) coming to FHA loans that you should know about. These changes will go into effect on January 1, 2009. Currently, an FHA borrower is required to put a minimum investment of 3% of the sales price into the transaction. This could be a down payment of 2.25% (plus .75% contributed to closing costs/prepaids). Effective January 1, the minimum down payment on an FHA loan will increase to 3.5% and closing costs/prepaids can not be included as a part of this. This basically means that as of January 1, the borrower for an FHA loan will need to come up with an additional 1.25% of the sales price. This is an additional $2,500. on a $200,000. purchase price.
Sellers are still permitted to contribute financing concessions up to 6% of the sales price of the home. This 6% can be used to cover all or some of the closing costs and prepaids associated with the loan. FHA does still allow the down payment to be from either the borrower's own funds or it can be a gift from a blood relative.
If you are considering an FHA loan and might be waiting to buy a home, this is a good time to consider the upcoming changes and how they might affect you."
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