Homebuyer Tax Credit Set to be Extended and Expanded!

Earlier this week, the U.S. Senate unanimously passed an extension and expansion of the homebuyer tax credit. This morning, the House of Representatives approved the agreement reached in the Senate by a vote of 403-12. The bill has now passed both chambers and is awaiting the President’s signature, which could be as early as tomorrow!

Below is a summary of the new modifications in the extension and expansion of the tax credit:

1) The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.

2) A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

3) Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.

4) Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.

The time could not be better to buy your first home now that prices and interest rates are still down. Consult your Realtor for more details on how to take advantage of this golden opportunity.

Chuck Webb, Wilkinson & Associates, www.ChuckWebb.net

The Inspection and The Warranty: A Case Study

Home warranties have become so commonplace in real estate transactions that we sometimes take them for granted. They are a fact of life in just about every contract that is written these days. For example, I advise all of my buyers to write it into their Offer to Purchase regardless of the age of the home. That is because all homes come with the obvious potential of failures and breakdowns that may come into play in the future. Even new homes are prone to have defects which are sometimes overlooked by the builder, as well as, the building inspector.

A recent home sale in which I was involved brings into focus the great importance of having a home warranty for both the buyers and sellers of any home. This particular sale involved a beautiful full brick home built in 1990 in a popular neighborhood in South Charlotte. The home also had the original HVAC system. However, the home was covered by an existing home warranty that the sellers have had in place for some time.

Del Webb’s Sun City Carolina Lakes

Located just five miles from the North Carolina border and only a short distance from The Queen City of Charlotte, Del Webb’s Sun City Carolina Lakes is just minutes away from shopping, dining, entertainment venues, and award-winning medical facilities. Everything you need for your invigorating, active life style, including the Charlotte Douglas International Airport, is within your reach.

Sun City Carolina Lakes offers the best in senior living lifestyle and provides residents with unlimited opportunities to learn something new, be creative, shoot some pool, or sit at The Lake House and enjoy the company of new friends and neighbors.

Hamilton Lakes, Great SW Charlotte Location

This wonderful KB Home community is one of Charlotte’s hottest communities! It features a pool and cabana, lots of common open space, and a beautiful lake on property. In fact, you’re only a short drive to Lake Wylie with all the boating, fishing, and water recreation that it has to offer.

The homes range in size from a 1,400 square foot ranch to a 3,000 square foot 4 bedroom two story home with 2 car attached garage. Pricing ranges from the $150,000’s to the $230,000’s.

Homeowner’s Insurance Primer

Provided courtesy of
Seth Horner, Seth G. Horner Insurance
Charlotte, NC

One of the sometimes confusing and, however, essential aspects of home ownership is your homeowner’s insurance policy. Here is an overview of general information and terminology for first time homeowner, and for anyone who has a question about how coverage is detemined by your insurance company.

Coverage A – Dwelling:

Provides protection for the dwelling on an all risks basis up to the policy limits. The policy limit is set by the policyowner at the time the insurance is purchased. You can choose to insure your home and belongings for either replacement cost or actual cash value. The home should be insured for replacement cost. Replacement cost is the amount it would take to replace or rebuild your home or repair damages with materials of similar kind and quality, without deducting for depreciation. Depreciation is the decrease in home or property value from the time it was first built or purchased because of age or wear. Actual cash value is the amount it would take to repair or replace damage to your home after depreciation. Most insurers require homeowners to insure their homes for at least 80 percent of the replacement cost. If you insure for less than 80 percent of the replacement cost of your home, any loss payment from your insurance company will be subject to a coinsurance penalty. You may wish to insure at 100 percent of replacement cost so you will have sufficient coverage in the event of total loss.

August Real Estate Report

Here are the market statistics for entire Carolina MLS area for single family residential sales covering the period August 6, 2009 through September 5, 2009:

Closings: 2,221; avg. LP $234,504; avg. SP $209,245; %LP/SP 89.23%

New Listings: 4,953; avg. price $257,254

Under Contract: 2,434; avg. price $214,675

Withdrawn: 1,701; avg. price $329,083

Expired Listings: 1,493; avg. price $353,550

Active Listings: 27,878; avg. price $312,179

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Closed transactions for the month of August remained relatively unchanged from July with a dip of 1.7% in average listing price and average sales price, respectively. The resulting percent of listing price to sales price remained unchanged, as well. This month’s sales are down 10%, compared to August a year ago. Whereas July was 18% below 2008 figures, August sales figures show continued improvement from a year ago.

The Club at Longview

The Club at Longview is a private, gated enclave with world class amenities and highly popular location in fashionable South Charlotte. Located in the south Charlotte area, The Club at Longview is only 3 miles from Interstate 485 in fast-growing Union County. The community attracts not only affluent Charlotte residents, but those looking for a second home on the only Jack Nicklaus Signature Course in the area.

The Club at Longview combines a distinct sense of community, customized activity programming for the entire family, and high class amenities. Manor-style estates overlook Charlotte’s lone residential course in Golf Digest’s prestigious “Best in State” rankings, a bold, dramatic layout that has been among North Carolina’s top 20 since its 2003 opening.

Weston Glen in the Heart of Ballantyne

In the heart of Ballantyne lies the community of Weston Glen. Homes in this neighborhood were built by Pulte Homes. Weston Glen is conveniently located in the Community House / Ardrey Kell area, just minutes away from I-485 and upscale shopping. This is a family friendly community, where residents can walk to all levels of public education, the YMCA, the library and public park. Amenities include a pool, baby pool, club house and playground.

Ballantyne is a 2000 acre planned community, which includes a 535 acre Corporate Park, that is located approximately 11 miles South/Southeast of Uptown Charlotte. The combination of beautiful upscale homes and attractive commercial development affords Ballantyne residents a comfortable lifestyle with many options for entertainment, dining, and employment. Ballantyne is located approximately 13 miles Southeast of Charlotte Douglas International Airport making it convenient for air travelers.

Charlotte Chamber Reports Local Economy Improving

Charlotte Business Journal

Expanding and new businesses announced the creation of 7,316 jobs in Mecklenburg County in the first half of the year, a 15 percent increase from the corresponding period last year, the Charlotte Chamber says.

Business investment among the 446 new and expanding firms fell sharply to $564 million from $1.53 billion. The aggregate space requirements of new and expanded operations dropped to 6.7 million square feet from 16.6 million in the first half of 2008.

Charlotte, NC – Queen City of the South

Charlotte is known for its fantastic weather, close proximity to the mountains and beaches, and offers Southern hospitality unlike anywhere else. Known as the “Queen City of the South”, Charlotte manages to maintain a small town atmosphere while quietly offering all the luxuries of a major cosmopolitan area – often at a lower cost of living than comparable cities.

Charlotte’s earliest influences are rooted in its Scotch Irish settlers and German colonists. In fact, the city owes its name to German born Queen Charlotte, wife of England’s King George III, and the county to her birthplace of Mecklenburg .

Convenience of travel continues to propel business and tourism to higher and higher levels in the Queen City . Charlotte is a major distributor hub and is at the center of the largest consolidated rail system in America . Charlotte/Douglas International Airport provides national and international service, acting as the largest hub for USAirways flights.

Are Higher Mortgage Rates Slowing Housing Recovery?

Source: Mortgage News Daily

Mortgage rates once again surged upwards. The Mortgage Bankers Association’s Loan Application survey this week said that demand for home loans in the first week of June fell 7.2% compared to the previous week, as the average rate for a 30-year mortgage shot up 32 basis points to 5.57%. This is only the second consecutive week that average rates have exceeded 5.00%, but already they are at their highest level since November.

Providence Pointe, Ballantyne Area Community

This unique neighborhood, located in convenient south Charlotte, offers something for everyone. A large community, Providence Pointe is located just south of Ballantyne in a country setting, close to restaurants, shopping and quick access to I-485, not to mention great schools.

A centrally located family recreation area features a huge clubhouse. The Jr Olympic pool with walk-in wading area and superslide is the favorite hang out of kids and adults. Play a game on the sport court, enjoy tennis with friends, or take the kids to the playground. Even the four-legged members of your family will love Providence Pointe! Community-wide sidewalks and streetlamps will entice you to take Rover out for evening strolls.

Springfield, A Fort Mill Golf Community

Offering southern-styled, luxury custom homes and highly efficient, charming golf villas, families in this 640-acre community enjoy many outdoor living options.

Nearly half the community is dedicated to open space, including walking trails, sidewalks and parks. Plus, with its 2,300 acres and 32 miles of trails for walking, biking and horseback riding, the adjacent Anne Springs Close Greenway is a big part of life here.

The Vineyards On Lake Wylie

The Vineyards on Lake Wylie is a master planned waterfront community located just ten minutes from downtown Charlotte, The Vineyards on Lake Wylie is the closest waterfront neighborhood with resort style amenities, all convenient to uptown Charlotte.

This magnificent community features 7 different lifestyles in 13 different neighborhoods. You can choose from custom designed ranch homes style homes in Napa, elegant townhomes in Kenwood, waterfront townhomes in Monterey, timeless design of Calistoga or estate homes in Salinas and much more!

Great Starter Home Communities in N. Mecklenburg

Charlotte has a number of affordable home communities in locations throughout Mecklenburg County. With the new tax credit monetization plan in place, this is a good time to take a look at some wonderful neighborhoods that offer pricing for the first time home buyer, empty nester, or those just wishing to downsize. This is the first in a series of blog articles that seeks to highlight areas of the county where you can look for your first home while taking advantage of your tax credit.

AREA 1/3 – OAKBROOKE

Oakbrooke is conveniently located to I-85 and I-77, and the future I-485. This unique family oriented community is only 15 minutes from downtown Charlotte. Also close proximity to University Hospital, University of NC at Charlotte, and Lowe’s Motor Speedway. The community features privacy and some wooded lots. The homes in Oakbrooke have included features that you will not find with other builders which make it the best value around. These features include wood burning fireplaces, powder rooms, Smooth (not textured) Vaulted or Treyed Ceilings, and room finished garages.

View available homes for sale in Oakbrooke