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.

A Real Estate White Paper

By admin

The following article is made up of various excerpts from websites dedicated to real estate.  Sites like Inman News and Rsimedia have expert writers that study and write about the future of real estate brokerages.

Carolina Living Real Estate serving the Charlotte NC, Lake Norman and surrounding areas was created with these ideas and years of experience in mind.

Where many Charlotte real estate agents fail.

  • Most agents do not treat their business as a business. 
  • They fail to track how marketing dollars are performing. 
  • They fail to track profit and loss as any sound business does. 
  • They fail to analyze the true value their brokerage is providing.

Here are a few examples.  Agents will continue to work for 50% commission with a firm without taking a step and evaluating how much business is directly related to the firm.  Unfortunately fear holds them back.  Amazingly agents will give up much of their money because a firm will advertise in a media that only a small portion of the population actually uses to search for home.

Where Older Established Firms Fail

The concept of bricks and mortar is fast becoming a model of the past.  Firms that have not survived this market are the ones thave have huge rent or mortgage payments.  The only alternative is to charge the agents and agents are leaving many of these firms for more money and technology training.  In the past, agents could take floor time and there was a good chance they could get business from walk-ins or call-ins.  With the growth of the internet, this whole business model is flawed.  Consumers look for presence on the web and gain trust and knowlege before ever calling an agent.  This is another flaw that agents fall into and fail to, again, evaluate value.

Impact to consumers.

A lot of what we hear all the time now is commissions, commissions commissions.  While discounting commissions is not something we are advocates of, it is easier to remain profitable if you get into this situation and need to negotiate with clients when you are keeping your income.  Agents working for 50% or for larger companies do not have this luxury and thus often times lose the business.  In the Charlotte market, there is one firm that dedicates complete training sessions on commission justification.  It takes any discounting out of the agents pocket!  

At Carolina Living Real Estate, we provide the following:

  • 100% commission and a transaction fee
  • Free membership in the enhanced version of Realtor.com
  • We train agents on building their own custom blog and website.

We believe this model creates a successful environment for agents to succeed as well as providing an environment that enables our agents to give the best service in the Charlotte and Lake Norman areas.

Educate Yourself About Charlotte

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The Charlotte North Carolina Region Is Not A Secret Anymore

Charlotte, North Carolina is fast becoming one of the most sought after regions in the U.S. Why? Booming with economic and commercial activity, Charlotte has all the advantages of one of the most rapidly growing metropolitans areas in the nation. “Charlotte ranks 4th, America’s 50 Hottest Cities. With great weather,a great mix of people from all over the country who have relocated, a great economy, easy access to the mountains, North Carolina and South Carolina beaches, and home prices below the national average for a city of it’s size, Charlotte is definitely a great choice. Whatever your lifestyle; urban,suburban, lake livng, or rural settings, there are many choices available.

Charlotte is also known as the “Queen City” and is a dynamic community with warm Southern hospitality.  Having gorgeous tree-lined city streets, stunning lakes, parks and nature preserves, fun attractions, great dining and shopping all make Charlotte a modern, world-class city. Booming with economic activity, Charlotte has all the advantages of being one of the most rapidly growing metropolitan areas in the nation.  Charlotte is first and foremost a banking city. With more than $1.1 trillion in assets, it is the second largest financial center in the entire country, behind only New York.

Charlotte serves as the subsidiary headquarters for many major national and international companies. During the past ten years, 8,869 new firms have invested $8.6 billion in new Charlotte facilities.  Household income levels in the Charotte region averages about $59,000 per year.  Housing costs are affordable with the average two bedroom two bath apartment renting for around $700 a month and the average cost of a house is in the $190,000 range.

Various community links on the right side of this site are there for your convenience as you explore the Charlotte region.

Carolina Living Real Estate is a technology leader in the Charlotte region with agents serving many areas surrounding the area.  We pride ourselves in using technology to the fullest to help you find your next home, sell your existing home.  We also have one of the leading Property Mangement divisions in the area as it relates to vacancy percentage.

Changing Face Of Charlotte Real Estate

By admin

Charlotte Real Estate
Did You Know.

Bricks and Mortar are impacting the Big Name Companies.  Why?  Companies pay for this overhead by charging agents more!  With the Internet now dominating the business, the value agents get from brokers and give to clients is changing!

Millions of dollars of real estate has been sold by real estate brokers NOT working for the Big Names.

Hundreds of brokers have left the Big Name Companies and are STILL successful.

It is still about customer service no matter what company you attach to your name!

What does Carolina Living Offer Agents? Learn More Here

  • Website creating training like NO other brokerage. (The Internet is What Matters)
  • 100% commissions
  • Online Forums to get Real Estate and Technology questions answered.
  • FREE Realtor.com enhanced membership.
  • Weekly training on website creation and Real Estate issues.
  • Lead Generation for all agents via numerous SEO enhanced websites.

How does this impact our clients?

  • Agents are not paying their brokerage so much that they can’t afford to negotiate commissions.
  • Our agents have the best training and technology offerings that enhance your experience.
  • We focus on customer service and getting the deal done, not what we make or how much our broker gets.
  • We have agents surrounding the Lake Norman and Charlotte area to make sure you get an agent that knows the area or has access to someone who does.

Area websites that offer you so much….

Lake Norman Communities

Find Charlotte Area Homes For Sale

Lake Norman and Charlotte Property Management

Contact us to help you with your next move!

Homeowner Options

By admin

The current housing market has caused horrible stress and heartache for many Charlotte area  families. Foreclosure is one of the most devastating financial challenges that a family can face and one that often times can be avoided. The options for foreclosure are many; following is a brief explanation of some of these solutions.

REINSTATEMENT

A reinstatement is the simplest solution for a foreclosure however it is often the most difficult. The houseowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender’s approval and will ‘reinstate’ a mortgage up to the day before the final foreclosure sale.

Requires that a houseowner be able to pay all back payments, fines and fees immediately.

FORBEARANCE OR REPAYMENT PLAN

A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.

Allows the homeowner to make back payments over time.

Requires that a homeowner be in a financial position to pay not only their current mortgage but a portion of the back payments owed. Some mortgage companies will require a homeowner to ‘qualify’ for forbearance.

MORTGAGE MODIFICATION

A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan the term of the loan or all or any of the above. This typically results in a lower payment to the homeowner and a more affordable mortgage.

Reduces the payment a houseowner is required to make on a monthly basis and may reduce the principal balance of the loan.

Requires that a homeowner ‘qualify’ for the new payment and will often require full documentation. Lender has to be actively pursuing modifications.

RENT THE PROPERTY

A homeowner who has a mortgage payment low enough that market rent will allow it to be paid can convert their property to a rental and use the rental income to pay the mortgage.

Allows the homeowner to keep property indefinitely and hopefully gain equity.

The issues that can arise with a rental property are many and rent often does not cover the full cost of property ownership and maintenance. Contact your Carolina Living Property Management agent for guidance.

DEED IN LIEU OF FORECLOSURE

Also known as a ‘friendly foreclosure’ a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Deed in Lieu requires lender approval and requires the houseowner to vacate the property.

Many times in a successful Deed in Lieu the lender will forego their right to a deficiency judgment.

Requires that a homeowner vacate their property and may be reported to credit bureaus as a foreclosure.

BANKRUPTCY

Bankruptcy has been marketed by many as a ‘foreclosure solution’ which in some states and situations it can be. If the homeowner has non-mortgage debts whose payments are causing them to fall short of paying their mortgage payments and a personal bankruptcy will eliminate these debts this may be a viable solution.

Does not require lender approval.

If a homeowner cannot afford their mortgage payment, a bankruptcy will only stall not stop the foreclosure process. Bankruptcy can be costly.

REFINANCE

If a homeowner has sufficient equity in their property and their credit is still in good standing they may be able to refinance their mortgage.

In some cases will lower payments.

In today’s market a refinance will almost always raise mortgage payment and is an expensive process.

SERVICEMEMBERS CIVIL RELIEF ACT (MILITARY PERSONNEL ONLY)

If a member of the military is experiencing financial distress due to deployment and that person can show that their debt was entered into prior to deployment they may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with Servicemembers in relation to qualifying for this relief.

If qualified will lower payments on all consumer debt in addition to mortgage payments.

Must be active military to qualify.

SELL THE PROPERTY

If a homeowner has sufficient equity in their property they can list the property with a qualified agent that understands the foreclosure process in their area and sell their property.

Allows homeowner to avoid foreclosure and harvest some of their equity.

In many cases today homeowners do not have sufficient equity to sell their property without negotiating a short sale (see next solution).

SHORT SALE

If a homeowner owes more on their property than it is currently worth then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of house purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: payment increase, job loss, divorce, excessive debt, forced or unplanned relocation and more.

Allows homeowner to avoid foreclosure and salvage some of their credit rating card. Keep a foreclosure off the public record for an individual. In many cases will allow homeowner to avoid a deficiency judgment. Borrower may qualify for another mortgage in as little as 24 months (5 years for foreclosure).

Short sales can be trying process in which a homeowner is best served by contracting with a qualified real estate agent to guide the way.

This represents only a summary of some of the solutions available to our Charlotte area homeowners. Please call us today for a free confidential evaluation of your individual situation, property value and possible options. Carolina Living Real Estate has the expertise and relationships to help.

4 Things First Time Home Buyers Need To Know About Home Inspections

By admin

The following information comes courtesy of Rismedia.

1. Inspect the Inspector. Only hire a home inspector with an excellent reputation and credentials. Ask how long the company has been in business, ask about specific formal training and ongoing education the inspector has and verify the inspector carries professional liability insurance also known as “Errors & Omissions” (E&O). If the company doesn’t carry this insurance, it could indicate a poor track record or lack of experience.

2. Ask for a sample of a report. The credentials of the inspection company and the quality of the final inspection report will be important. A poorly prepared report without pictures or clear, concise details addressing all the various systems and accessible elements of the home is less likely to be taken seriously by a home seller.

3. Inspect ancillary systems. It’s hard for first-time home buyers to know what they need, so be sure to ask what additional services the company offers. If the home you are considering has a septic system for example, a professional home inspection company may offer septic system inspections or can coordinate that service for you. Generally, the company will offer you a multiple services discount as well as the added convenience of only having to attend one inspection appointment. Other common services offered by home inspectors are termite inspections, mold screening, water testing and radon testing.

4. Go along on the inspection. Ask the inspection company if they encourage buyers to tag along on the inspection. If the inspector discourages you from going along and asking questions, find another inspector. A home inspection is not simply a laundry list of what is wrong with the home. In addition to documenting issues and needed repairs that may exist, a professional home inspector will also show the new buyer how to operate the various systems in the home and provide tips on improving energy efficiency and maintaining the home in general. And being present during the inspection will make the final written report that much more meaningful.

For more information, visit www.housemaster.com.

Looking for a home?  Contact us.  We have experts all over the Charlotte, Lake Norman, Gastonia, Kannapolis, Lake Wylie and other surrounding Charlotte areas.

Are You An Investor Or Impostor

By admin

Thinking of Investing in Real Estate in the Charlotte area?  Are you really…or just an impostor?

Donald Trump has a very interesting book about investing in Real Estate named “The Best Real Estate Advice I have Ever Received”

There is a chapter by Dorothy Herman, President and CEO of Prudential Douglas Elliman, the largest and fastest growing real estate firm in N.Y. city.

She tells a story of her first boss in the business teaching that you can just sell Real Estate.  If you want to build wealth you need to invest in Real Estate.  Most of the self made millionaires in this country made their money investing in Real Estate.  He went on to tell her that she should start now.

Her replay was that it was the 1980’s and that interest rates were 18%. it is not a good time.

He said ‘ There is never a wrong time to buy real estate’.  When times are good, people complain about the deals they missed.  When times are bad, they claim they can’t buy ‘right now’ because prices will fall more…

The lesson to be learned is that the way to build wealth is via real estate, good or bad.  The only constant is change.  Change  brings new opportunities and you have to be on the lookout for those opportunities.  There is never a bad time, just bad strategies.

Twenty Five years later, this advice is still good advice.

So, we ask again.  Are you really ready to invest or are you an impostor.  If you continually say to anyone that will listen “Things are going to fall further”, then you might well be an impostor finding yourself saying ‘I hate I missed that one’.

Finding The Right Realtor For Your Real Estate Needs

By admin

Another Reason To Choose Carolina Living, We understand…

Whether you are looking for a home of your very own or are interested in creating a long term working relationship with a realtor for the purposes of property investment it is very important that you find a realtor who will listen to your needs and wishes and act accordingly.

The right realtor for your needs can mean all the difference in the world between a successful and profitable transaction now as well as many more in the future (if you plan on investing in multiple properties). Below are some important things to notice when selecting a realtor that will meet your needs.

1) Does the realtor you are considering listen to your needs? This is important as it will save you both a lot of time and money in the process of finding the perfect home for your family or for an investment property. If the realtor is constantly presenting properties that do not meet your budget or price requirements it might be a good idea to either lay down the law or find a realtor that is willing to expect your wishes and needs.

2) Does he or she ask questions and provide appropriate feedback? This indicates a direct interest in your needs, which is important-particularly when planning for a long-term investment relationship though some find it even more important when purchasing a home for their family home as this is a personal matter rather than a business matter. We all have a tendency to be more selective when placing the welfare of our family in the hands of another.

3) Do you feel comfortable dealing with the realtor you are considering? As I mentioned above we tend to be a little choosier when selecting professionals to help our families. Why on earth would be any less so when it comes to the realtor that will help our families find a home? Rapport is a good word to describe the sort of relationship you need to develop with your realtor. Do you have a good rapport with a potential realtor? If not, then move along. There are many realtors in most cities and there is absolutely no reason that you should deal with a realtor that doesn’t make you feel comfortable and secure.

4) How well does the realtor in question know the area in which you are seeking a home? There are many things that make a home a ‘good buy’ for residential and investment purposes. You want a realtor that has his or her finger on the pulse of the city and the various areas of interest, growth, and decline within the city. School districts matter more now than at any other time in our history in most cases, he or she should know about the schools, new business developments, and the value of property in the area (as well as the tendencies of property values to rise or fall over the last several years).

5) Does the realtor in question have specific experience dealing with your specific real estate needs? Whether you are planning a residential transaction or if you are seeking investment property you will need a dedicated and experienced professional that can help you meet your goals.

Realtors are a dime for a dozen in most cities and competition is fierce. There is no reason whatsoever that anyone should suffer with an agent that you do not feel is working for you or have your best interests at heart. If you invest a little bit of time and energy shopping around for the right realtor to meet your needs, you will find that your real estate transactions will take much less time and effort for this small sacrifice. It is much better to make the decision based on a few careful interviews in the beginning than after looking at fifty or more homes that do not meet your needs or price range. Then you have wasted a great deal of time and effort and you must still either risk wasting more time and effort or take the time to select another realtor for your real estate needs.

It has been said that you should also select a real estate agent and company with a significant online presence. This means that he or she is making use of the available technology in order to offer more options to you as the consumer.

Carolina Living is the leader in the Charlotte, Gastonia, Lake Norman and surrounding areas when it comes to technology! 

Buying a house can be a mind-boggling process for the average person. Having a good realtor can make the process work so much more smoothly.

Contact your Carolina Living Agent for all your Charlotte NC real estate needs.

Carolina Living Search Engine Analytics

By admin

At Carolina Living Real Estate, we continually strive to enhance our position on the search engines.  This enables us to help both our buyer and seller clients.  We take great care in analysing how our websites are performing.  Below are some example statistics on two of our websites we monitor.  This is just a sampling of what we look at daily to enhance our sites and is also an example of what we teach our agents. NOTE – Statistics have increased greatly since images were captured!

Click on an image to see details.

Home Listing Syndication

Your home can be advertised on websites all across the web, making sure buyers see your home and everything it offers. Here are some of the national sites where your home will appear:

Carolina Living Real Estate Listing Syndication

Contact your Carolina Living Agent for all your Charlotte NC real estate needs.

Top Home Buying Mistakes

By admin

RealEstate.com suggests buyers get to know these common home buying  mistakes.

Doing it alone:  Buying a house is a complex transaction.  You’ll need a real estate agent, lender and an inspector to help get through the transaction.

Getting emotionally attached:   Buy a home that fits your budget and your lifestyle. Be sure the home is in a community and neighborhood you desire. Do your homework with your Realtor and make sure you can afford the home and it fits your needs.

Shopping without being pre-qualified: Being pre-qualified gives you a general idea of how much you can afford to borrow. It gives you some bargaining power and keeps you from getting emotionally attached to a home you can afford. 

Overbuying:  Home buyers buying more than they could truly afford, in part, led to the collapse of the housing market.  Analyze all your monthly costs including debts, food, transportation, entertainment, and savings. Ask about average utility costs and taxes.  Don’t forget to budget closing costs (your lender is rquired to supply a Good Faith Estimate), plus moving, redecorating and maintenance.

Misplaced trust:  Ask family, friends, co-workers, professionals and others you trust for referrals, but don’t take their word for it. Make sure you are comfortable with your Realtor and trust that they have your best interest in mind (not their own)

Get everything in writing. The home inspection, disclosures, the contract. Always. Should a dispute arise, you’ve got the details documented.  Fortonuately with the new lending laws, everytime anything changes your lender must disclose the change!

Read the fine print: Make sure your Realtor explains all the contractual docuements. Don’t sign anything without feeling comfortable with what you are signing.  If you Realtor struggles to explain any parts of the contract, run away!

Ignoring resale potential: Avoid buying a home that costs a lot more than neighboring homes. Reconsider buying the most expensive home on the block. Check on foreclosures in the neighborhood and make sure your Realtor does his/her homework on the market analysis.

Protect yourself with these contingencies:

• Mortgage financing. You may be preapproved but is the house? A formal appraisal confirms — or not — that there is sufficient value in the home to confirm a loan. If the house appraises lower than the sales price, the loan will be declined.

• Inspection. Never buy an existing or new home without a thorough home inspection. Walk through the home with the inspector to learn more about the house and any concerns he or she may have.

Contact your Carolina Living Agent for all your Charlotte NC real estate needs.