Real Estate Tips: Buying new construction? Yes, you need a Realtor®.

New Home for 2.25.14
With new home sales in 2013 up 16.4 percent over 2012, it’s clear that many homebuyers are considering new construction homes again.

And, since most new developments have an agent on-site, new construction homebuyers may wonder why or if they need a Realtor®. Let’s take a moment here to examine the question more closely.

Buying a home is likely the biggest investment you will ever make, so it’s generally a good idea to have a Realtor on your team.

A Realtor will help you learn about buying a new home, find a builder in your target location and budget, help you explore the latest building trends and become a more educated consumer. When looking at new construction developments, a Realtor can help you find and compare different communities, builders and floor plans.

If you make the decision to go with a particular builder, it is the on-site sales agent, who works for the builder, who will help you make flooring and lighting selections and write your sales contract. Your Realtor will help you negotiate the contract, explain the process and be your advocate throughout the transaction.

Using a Realtor as your representative in this transaction won’t increase the price of the home, nor will not using a Realtor reduce the price of the home.

Before you close on your purchase of a newly constructed home, you, your Realtor and the builder will do a final “walk-through”, providing an opportunity to spot items that may need to be corrected or adjusted. During the inspection, your Realtor can advocate for you and ask the right questions about:

  • The operation of the house’s components
  • The buyer’s responsibilities for maintenance and upkeep
  • Warranty coverage and procedures

Buying a newly constructed home can be more complicated than it first appears. Representation by a Realtor gives you peace of mind, and an expert set of eyes to make sure that you get the home you expect and deserve.

Tony Jarrett
Allen Tate 
Regional Vice President, Triad

Posted 2/25/2014

Real Estate: 16948 Summers Walk Blvd in Davidson, NC

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   Click on the address for more information & pictures 
16948 Summers Walk Blvd – Davidson 28036

 

   Bedrooms:  2          Full Bathrooms:  2           Half Bathrooms:  1 
                      Square Feet:  1,000-1,300                            Lot Size:                                        

All brick townhome located in the Summers Walk community with Davidson location and schools. Beautiful hand scraped hardwood floors on main, fireplace in great room, kitchen that opens to dining area and a single car garage that leads to fenced courtyard. Great community amenities as well with swimming pool, clubhouse, walking trails & dog park! Close to schools, shopping, upscale shopping, restaurants & major roads. Too Late! SOLD

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Some properties that appear for sale on this website may subsequently have been sold and may no longer be available. 

Real Estate: 3363 LakeShore Road S – Denver,NC

  

Click on link for more information & pictures – http://www.allentate.com/leeannmiller/2096590

3363 Lake Shore Road S – Denver, NC 28037

   Bedrooms:  4                           Full Bathrooms:    2                    Half Bathrooms:  1 Square Feet:  2,400-2,900                                                                 Lot Size:   .43 of Acre Great price for this full brick home in the treasured Westport area! Home updated w/granite, oil rubbed bronze hardware, marble & hardwoods. Large room sizes, elegant two-story foyer, home office on main w/half bath, level lot, circle driveway &16×22 deck. Nice open kitchen with room for breakfast area & a pantry. 4BR could be used as a bonus rm, if needed. Great home, price and location!! Too Late! SOLD


Some properties that appear for sale on this website may subsequently have been sold and may no longer be available.
 
 

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Real Estate: 5120 Windward Point Lane – Denver,NC

  

Click on link for more information & pictures – http://www.allentate.com/leeannmiller/998907  

5120 Windward Point Lane – Denver, NC 28037

   Bedrooms:  3                           Full Bathrooms:    2                    Half Bathrooms:  0 Square Feet:  1,900-2,400                                                                 Lot Size:   .67 Special, main channel, waterfront home on a peninsula lot. Enjoy water views from front and rear of home. Large living room, dining room and gathering room off kitchen. Sunroom off kitchen with great lake views. Kitchen with lots of cabinet and counter space.Wood burning fireplace. Split bedroom plan for extra privacy. Good open water, main channel views. You can see the sunrise and sunset at this home. Now is the best time to buy!   Some properties that appear for sale on this website may subsequently have been sold and may no longer be available.
 
 

Real Estate: 6232 Old Plank Road – Charlotte,NC

  

Click on link for more information & pictures – http://www.allentate.com/leeannmiller/992996 

6232 Old Plank Road – Charlotte, NC 28216

   Bedrooms:  3                           Full Bathrooms:    2                    Half Bathrooms:  0 Square Feet:  1,700-2,000                                                                 Lot Size:   6.68 Fabulous find with almost 7 acres! Older home but in good condition with a detached garage and small apartment above. Currently being leased for about $450 a month. Various outbuildings on property plus a small 1+/- acre, spring fed pond. Home and apartment being sold “as is”. Would also be a great place to keep horses! Additional acre and small home adjacent to this property could be purchased as well. Great investment property with acreage!   Some properties that appear for sale on this website may subsequently have been sold and may no longer be available.
 
 

Real Estate Market: WHAT IMPACT DO FORECLOSURES HAVE ON MY HOME’S VALUE?

 

We are often asked this question by homeowners – those considering a sale as well as those curious about their neighborhood values.  The answer is … “It depends”.

 

If you live in a community with few to no foreclosure activity, the chances are you will be minimally affected by this situation.  Unless other sales in the neighborhood were distressed (such as short sales) the history of activity and pricing will be represented by transactions between traditional sellers and buyers and the values will mirror the overall market.  This does not necessarily mean your values have or will remain the same, it simply means the values will be in line with the overall market in the region.

 

If you live in a community where foreclosure activity is present, there could be an effect on values in your neighborhood.  Typically, appraisers (and buyers) will discount a single foreclosure in determining values for other active homes on the market.  However, if there are several recent foreclosures, the appraiser (and buyers) will typically use those sales as “comps” in the market.  Those comps are typically lower than traditional sales and will impact the prices accordingly.

 

To put this foreclosure matter into perspective, consider the following.  Nearly one-third of all homes in the U.S. carry no mortgage.  So, when you hear that the foreclosure rate is nearing five percent of all mortgages, that number excludes homes without mortgages and the actual rate of all homes is lower.  Also remember, more than 90% of all borrowers remain current on their mortgage payments.

 

Are you interested in knowing whether your neighborhood prices are affected by foreclosure activity, please call or e-mail us.  We will be happy to do an analysis of the market and report back with specific details.

 

Lastly, if you are interested in knowing about real estate activity in your neighborhood, we have a great new tool called, “Market Report” that summarizes all active, pending and sold properties with links to detail pages, mapping tools and other statistics.  This e-mail report can be sent monthly and the feedback from our clients has been awesome.  If you are interested in receiving this valuable tool, please give us a call or email.

 Sincerely, The Lee Ann Miller Team

  

Real Estate Market: Where Does the Price of Your Home Rank?

In today’s market, the listing price is one of the most important factors to consider when placing your home on the market. The price of anything in the world is based on the ratio between how many people want to purchase the item and how many of the items are available. Real estate is no different. With demand remaining relatively flat  and inventory skyrocketing, prices will continue to soften. The Lee Ann Miller Team can help you determine the month’s supply of inventory in your marketplace.
A good guideline to use:
  • 1-4 months inventory = a sellers’ market with home prices appreciating
  • 5-6 months = a normal market with stable home prices
  • 7+ months = a buyers’ market with home prices depreciating
Another factor that can alter the listing price is the ‘shadow’ inventory. This is the distressed properties which will be hitting the market in the near future.
The second most important factor, is the condition of your home inside and out. Cannot stress enough how important this is. With 90% of people starting their home searches on the internet, your home needs to look pristine and uncluttered. The Lee Ann Miller Team can also assist you with this.
If you take both factors to heart and have your home in tip-top shape when it hits the market, chances are it will not last long! Even in this market.
Contact us to today to review the supply & demand for your neighborhood.
 

Real Estate Market: Don’t Pay Attention To the Scary Headlines Coming

by The KCM Crew – September 2010

There are going to be some tough headlines written about the housing market over the next several months. They may create apprehension and in some cases outright fear. The good news is these headlines will not reflect what is actually taking place in real estate. Some in the industry say we should just ignore this media blitz of problematic stories. That would be similar to trying to ignore a growling creature lurking in the shadows in the corner of the room. Instead, we want to shine a bright light into that corner to honestly evaluate how dangerous the creature actually is. PROBABLE HEADLINE: Sales Plummeting. Housing Market Crashing THE FACTS: The National Association of Realtors’ Pending Sales Report is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed. The pending sales reports covering September, October and November will be UGLY. The reason is that the houses going into contract in those months this year will be compared to the same months last year. In 2009, sales were skyrocketing as we headed toward the original termination of the Homebuyers’ Tax Credit on November 30. It will appear as though this year’s sales fell off a cliff in comparison. The headlines will be brutal. Actually, the tax credit just pulled sales forward. Last fall and winter, pending sales dropped dramatically after November 30. Over the next six months, approximately the same number of homes will go into contract as did last year during this period. They will just be spread more evenly over the six months. The National Association of Realtors’ Existing Home Sales Report is based on home closings. The extended tax credit expired on April 30 this year. Like last year, the tax credit pulled demand forward, this time from the summer months. That left a vacuum of homes going into contract during this past summer. That vacuum will create a lack of closed sales throughout the next few months. Actual sales will be approximately the same as last year. However, because the tax credit moved sales into different time periods, both the pending sales reports and the existing sales reports will appear very weak over the next few months. The Bottom Line The headlines will be reporting ‘doom & gloom’. In reality, the market will be no worse than last year. There will be no reason to fear the creature in the corner. It will be a figment of a misinformed media’s imagination. The Lee Ann Miller Team has seen an increase in buyer activity compared to last year and listings are still moving. Contact us to today to start searching for your dream home or to sell your current home to take advantage of the lower prices and interest rates. 

Real Estate Market: Charlotte, NC’s Rebound to Outpace Nation

MOORESVILLE, N.C. – The Charlotte region, including the Lake Norman area, will rebound faster than the nation as a whole from the economic downturn – although Charlotte area home prices will continue to drop until March, a leading economic forecaster predicts. “The employment base is more diverse, and this is an area people and businesses want to move to,” said Mark Vitner, senior economist with Wells Fargo in Charlotte. “We are the best alternative to Atlanta in the Southeast and, for some, the only alternative” because of proximity to Charlotte/Douglas International Airport. “This is still a desirable place for people to do business,” Vitner said, after a construction and real estate financing symposium at the Charles Mack Citizen Center on Thursday. Vitner was the keynote speaker at the Lake Norman Home Builders Association event. Vitner cited various major corporations that call the area home, including Ingersoll-Rand in Davidson, Lowe’s Companies Inc. in Mooresville and such new arrivals as Electrolux Major Appliances North America, which began a move in July to bring nearly 750 jobs to the University City area. The region offers a high quality of life at comparatively low-cost, he said. Its roads aren’t as congested as other metropolitan areas, he added. It may just take until next spring for the national economy to get back on track and the housing and commercial sectors to improve, said Vitner and other panelists at the forum. Panelists also included Lake Norman-area bankers, William Nurney of the Federal Reserve Bank in Richmond, Va., and Jim Felds, managing principal at Focustar Capital Group LLC, which manages about $975 million in projects in North Carolina and four other states. Vitner cautioned the 100 or so builders, real estate professionals and others in attendance that “the era of cheap and abundant credit is over. We’ll never see it priced the way it was.” He said housing prices won’t improve until the traditional spring buying season. “We’re expecting a very sluggish recovery for housing,” he said. And while the Charlotte area will have added at least 16,000 jobs this year, 71,000 jobs were lost during the recession and many of the new jobs don’t pay as well, he said. Still, he said after his talk, the region is better positioned economically than many other areas. “People and companies are still moving here,” he said. “We’ve seen positive industrial announcements this year.” (Report by Joe Marusak of Charlotte Observer 8/2010)