The Deadly Sins Of Overpricing Your Charlotte Area Home

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Overpriced Homes in Charlotte NC
I am sure you have heard about the drop in prices of homes across the U.S. Here in the Charlotte area, we are not immune to those problems. Luxury homes like those on the waterfront of Lake Norman have especially been hard hit. Agents at Carolina Living Real Estate take pride in doing the research to price a home accurately. It has become a difficult process with each and every Charlotte neighborhood having to deal with foreclosures. If you are selling your home or thinking of selling your home, here are some real reasons why you should pay close attention to the comps your Carolina Living agent provides for you.

1. Appraisal problems. Appraisals are killing deals all over the Charlotte area. You need to know that many appraisers are looking at the same comps that your agent is providing. As a matter of fact, your agent should be contacting the appraiser to ensure that the comps are accurate to how he/she priced the home. If the home does not appraise, most likely the deal will fall through unless the seller will come down on price.

2. No Showings. This speaks for itself but with the Internet buyers will already know that a house is overpriced before their agent even shows them the facts. Overpriced homes are skipped over a majority of the time. The longer the home sits the more likely it becomes stale. This causes any potential buyer to assume desperation resulting in very low offers.

3. Promoting the competition. Think about it. One caveat to overpricing your home is that you are directing the buyer to your neighbor. While they would love to see your home sell for more, it is likely that it won’t and the home priced right will get the traffic.

4. Sending the wrong message. When agents see new listings pop up they immediately see if it is priced realistically. If not, they won’t even bother showing it to their clients. (see number 2). If they do, the stigma of being unrealistic sticks with the listing and the agent will most likely tell the client that negotiations will be pointless.

5. Lost opportunities. Buyers searching online and agents searching online will never see your listing as they enter price parameters in the search!

Homeowners Insurance for Charlotte Homes

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Charlotte NC Area Homeowners Insurance: Time for an Annual Check-Up

Are you a new home buyer in the Charlotte Market?  How much coverage should you get?

Have you owned your home for a while and think it is time to evaluate your coverage? If you are in this category and you think it is time to evaluate your coverage, you are in the real minority.  No one I know ever looks at their policy once they purchase the home.  However maybe you should…

These are questions that are too often glossed over and misunderstood.  Well the National Association of Realtors has created a website to help you with all your housing needs.  Specifically, they answer some of the questions gone unanswered concerning homeowners insurance.

If you are thinking of buying a Charlotte area home or already own a home, you should read the article about evaluation the policy.   Check out this article By: G. M. Filisko at House Logic.

If you are an investor or thinking about renting your home be sure to read about liability insurance in the same article.  This is an area you should think about.  Get other helpful  renter information at Your Charlotte Property Management Company.

Visit Houselogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Beware The Chinese Drywall

By admin

WASHINGTON, D.C.—The U.S. Consumer Product Safety Commission (CPSC) has identified the Chinese drywall manufacturers whose drywall emitted high levels of hydrogen sulfide in testing conducted for the agency by Lawrence Berkeley National Laboratory (LBNL). There is a strong association between hydrogen sulfide and metal corrosion.  Even in the Charlotte NC area we have seen some of these problems.

The following list identifies the top 10 drywall samples tested that had the highest emissions of hydrogen sulfide, along with the identity of the manufacturer of the drywall and the year of manufacture, from highest to lowest.

  • Knauf Plasterboard (Tianjin) Co. Ltd.: (year of manufacture 2005) China
  • Taian Taishan Plasterboard Co. Ltd.: (2006) China
  • Shandong Taihe Dongxin Co.: (2005) China
  • Knauf Plasterboard (Tianjin) Co. Ltd.: (2006) China
  • Taian Taishan Plasterboard Co. Ltd.: (2006) China
  • Taian Taishan Plasterboard Co. Ltd.: (2006) China
  • Shandong Chenxiang GBM Co. Ltd. (C&K Gypsum Board): (2006) China
  • Beijing New Building Materials (BNBM): (2009) China
  • Taian Taishan Plasterboard Co. Ltd.: (2009) China
  • Shandong Taihe Dongxin Co.: (2009) China

Find More helpful information at House Logic brought to you by the National Association of Realtors.

Does your home have Chinese Drywall?

1. One of the first signs of Chinese drywall is a strong sulfur smell, similar to the smell of rotten eggs. Lots of people in new homes pass this off as smell from the paint, or new carpeting, etc. If you smell sulfur in your home, you should consider a method of testing. See the resources section for more. Also, just because your home doesn’t smell like sulfur doesn’t mean you don’t have Chinese drywall. In cooler environments, Chinese drywall contaminated homes have been found not to smell.

2. Check for corrosion on your metal faucets, drains, mirrors, picture frames, jewelery, etc. Anything that contains decorative metal in your home should be checked for pitting, darks spots, or a dark discoloration. These are tell-tale signs of Chinese drywall

3. Also, check the copper in your home. If you see darkening of copper wires, you may have Chinese drywall. A good place to check the copper in your home is at your water heater. There should be a few copper pipes around the top of your water heater.

4. Watch for failing appliances. If your large appliances like TV’s, air conditioning unit or refrigerator have stop working or are working poorly, especially if they are relatively new, you may have Chinese drywall in your home

Information courtesy of Ehow

Visit Houselogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Your Guide To Charlotte Area Outdoor Maintenance

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Garages and outbuildings

Vegetation should be pruned at least 3 feet away from buildings to prevent mold, pest infestation, or damage to siding from high winds. Large tree limbs should be trimmed to prevent them from touching the structure. Cost: $15 for a pruning saw and $10 for pruning shears. Allow 1 to 2 hours for pruning.

Inspect the underside of garage and outbuilding roofs for water damage, which can point the way to a roof leak. Small cracks in the foundation should be filled with the appropriate caulk. Maintain a proper grade around the buildings to ensure sufficient drainage. This may require the addition of soil.

Twice a year, check the automatic reverse safety feature on the garage door to make sure it works properly. Check to see that the door has no bent casters and that it rolls smoothly in the tracks. Perform a visual check of bolts for snugness. In the case of attached garages, proper weather stripping at the base of the door can greatly improve a home’s energy efficiency.

This article courtesy of Douglas Trattner at House Logic (your guide to maintenance and improvements to your home) brought to you by the National Association of Realtors

Visit Houselogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Find Your Charlotte Area Home First

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Be the first to know!

Fill out the form below and a Carolina Living Realtor will contact you to set up your very own search delivered directly to your email address.  As soon as a home that meets your criteria becomes available, you will be the first to know…

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    Why Carolina Living Agent’s Blog

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    Carolina Living Agents BlogBlogging brings traffic. Traffic brings buyers to your home!

    All of the agents that join Carolina Living Real Estate get extensive training on building and creating a roboust website and blog.  Why do we take the time to do this?  While these efforts can be time consuming, they benefit our customers as we market their properties.  Blogs attract more buyers to the Charlotte and surrounding areas.  We all now know that the Internet is king when it comes to buying and selling Real Estate.  Carolina Living agents blog because they are taught and understand this fact. 

    Most agents are very afraid of technology.  We train agent so that they learn to embrace it!  More readers means more clients.  We also embrace things like Youtube, Facebook, Twitter and other social media. 

    What this means to our clients.  They have information at their fingertips that help them make a buying or selling decision.  Our listings get views from many different syndicated websites.  What this means is that lisitngs are sent (kind of like an email) all over the interent. 

    Our agents understand concepts that are related to SEO (search engine optimization). 

    Why we blog?  It helps everyone involved with Carolina Living Real Estate…. That’s why!

    Check out these other websites from our agents.

    Find Charlotte Homes For Sale

    Lake Norman Communities

    Gaston Lincoln Home Finder

    Homes around Lake Norman

    Your Mooresville Homes

    What Do We Mean By Curb Appeal

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    Carolina Living Real Estate - Ugly Homes

    • Pressure washing the house, porches/patios/decks and the driveway if it is concrete.
    • Fix cracked driveway’s if possible.
    • Replace gutters if possible. However cleaning out the gutters and downspouts make a noticeable improvement.
    • Clean the windows (inside and out).
    • Trim shrubs and bushes.
    • Paint the front door, trim and windows.
    • Inexpensive updates can make a world of difference. Do things like replacing the mailbox, lights, house numbers and door hardware.
    • Add flowers in the spring and summer.
    • Add outdoor lighting.
    • In NC we get those ugly streaks on our roofs from surrounding trees.  There are companies that clean these and makes the roof look like new. 

    Note:  If your home looks like the one in the picture….Tear down an re-build!

    Buying New Construction Around Charlotte-What You Should Be Asking

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    First and foremost, find out who the developer is. The builder on the sign may not own the development. It is highly likely that the land is owned by a developer who is selling lots to the builder. If this is the case find out who the developer is and verify that they are financially sound?

    Charlotte Homes For Sale

    Those great looking entrance features, manicured common areas and community amenities are the responsibility of the developer until the majority of the development is completed. You have probably seen the entrance looking beautiful and the rest of the commuinity looks like a dust bow. Don’t be one of the people miserable that no one else is building or worse, a new developer has decided to build less expensive homes. This will kill your homes value!

    Ask to see a copy of the Covenants, Conditions and Restrictions. These are the “laws” of the community that dictate everything from changing the color of your home and putting up a fence, to parking certain types of vehicles on your property. A violation of the CCR’s may subject the homeowner to fines or even liens against the property. Read these thoroughly, ask questions and make sure you can do the things you want .

    If amenities are planned but are not yet completed, be sure to ask when they will be finished. This comes back to the developer running of money and never getting to this part of the community. In some cases developers are required to post a completion bond on planned amenities, which is like an insurance policy for the homeowners that insure amenities will be completed if the developer does not have the means to do so.

    Check the financial condition of the HOA. Did you know you are allowed to ask the community rep for a current copy of the HOA financial statement. This is one that almost no one ever does! The law requires builders to provide this to you when you are ready to sign a contract. You can also check local government web sites to see if there are any liens, lawsuits or judgments filed against the HOA. If any of the above has been filed, your dues could be affected if judgments are filed even if it is prior to you ever living in the development.

    Your Carolina Living Real Estate agents can assist you with this entire process and these are some of the reasons we don’t believe you should go it alone.

    Why Is My Home Not Selling

    By admin

    Charlotte Real Estate Sellers

    Frustration is abound around the Charlotte area.  Realtors around our area are continually answer questions about the lack of selling, the lack of showings and what to do next.

    No agency big or small, nationwide or regional is immune to what we are experiencing around Charlotte.

    It used to be that the mantra for real estate was “location, location,location”!  While location is still very important there is a new mantra that good Realtors need to abide by.  This is “internet internet,internet and pictures, pictures pictures”

    While strictly following the new rules of the game won’t guarantee results, it can help.  You see more than 80% of buyers are on the interent to find homes.  If the pictures are not good or the main picture does not draw visitors to continue looking, you have lost them forever!

    Interestingly we agents are fielding calls about homes but the majority of them are from buyers that we have renamed ‘speculators’.  We are finding the very first question out of a speculators month is “What is the sellers situation?”.  They are essentially trolling for ‘steals’.  

    It is very difficult times for the legitimate home seller!  However, the a few rules will always stay the same.  Stage it, price it right and you will eventually get a buyer.  However, if you don’t price it right in this market, you essentially are eliminating your home from consideration!  

    Can’t see and need to rent?  This has become a viable option in this market.  Visit our Property Management Division at Charlotte and Lake Norman Property Management.

    Charlotte Area Real Estate – Offer To Purchase

    By admin

    Get Ready…Due Diligence Offers are coming.  Or so they say!!

    In reality, we should consider using them BEFORE they become our only option.  Your Carolina Living Real Estate agents are gearing up for a significant change.  Whether you are in Charlotte, Lake Norman, Gastonia, Concord and points between, we are getting prepared.

    If you know our NC Offer To Purchase, you are aware that we have an Option 1 and an Option 2 with regard to offering with contingences for things dealing with repairs, inspections etc.  Ernest monies could or would be returned to the buyer for various reasons due to these contingencies.

    If you are new to Charlotte area real estate, then this is probably very confusing.  Make sure you hire an agent that can explain all the nuances of our contracts. 

    We have been told that there is a chancethat by October the Option 1 portion of our contracts will be eliminated and we will be using only the Option 2 portion.  This option is just like what commercial Realtors have been doing for years.  Basically this is how it works.

    For a non-refundable option fee, a buyer can perform his/her due diligence to decide the pruchase.  For ANY reason the buyer may back out of the contract and the end result is the loss of the option fee.  If he/she does buy the house, the option fee goes to the purchase.  Additionally, an ernest money deposit may also be given to display good faith to the seller and will be returned if the buyer ultimately is turned down for lending. 

    The latter statement is one area of confusion and through education will be be a mute point.  As agents become more familiar with this contract, they will educate buyers to get the loan approved prior to the offer.  As it stands now, buyers tend to get PRE-approved.  This, in no way is absolute approval.  You see, with an option fee potentially lost, buyers are not going to want to roll the dice with a loan qualification.  SO, the statement above concerning the loan and ernest monies will be mute. 

    Lastly, Currently for loan qualification lenders have always needed a contract and property address.  How we get around this remains to be seen considering the fact we will probably need to know what we can buy prior to entering into a contract. 

    Stay tuned…