Christmas, what a wonderful time of year!  Christmas in Davidson is the place to find the holiday spirit with fun, food and festivities beginning Thursday, December 3, 2009 and continuing until Saturday, December 5 from 6:00 p.m. to 9:00 p.m. each night. 

Christmas in Davidson is a great way to kick off the holiday season.   It is a tradition for many families because it offers a chance to make holiday memories for the young and the young at heart.

Here is a portion of of the list of things to do:

For the entire list and things to do, visit Christmas in Davidson.

As always if you are looking for Davidson homes for sale, check out the right panel of this blog. You will always find the most current list of Davidson homes for sale.

Also, if you want to check out additional Lake Norman area homes, visit Lake Norman Communities.

Come back often and Marry Christmas from Real Living In Style.

Focusing on customer service and family, Real Living In Style has recently created a new website dedicated to Lake Norman Communities.

This website is dedicated to describing the communities and giving you a list of homes for sale in that community.

Attempts have been made to list these Lake Norman Communities by City and whether they are golf course and/or waterfront communities.

The website is still evolving as communities are being added and updated.  If there is a community you can’t find, please feel free to contact us.  We will add this community for you as it is a great way to follow new listings whether you are looking to buy or sell you Lake Norman home.

There is also a link to all the Lake Norman Luxury homes for sale if that is what you are searching for.

Please visit Lake Norman Communities often and let us know what you think.

Time to Buy That Lake Norman Area Home!

Experts are predicting that interest rates will begin to rise in March of 2010. Why?

The first concern is that our government is having trouble selling Treasury’s. This lack of demand will probably force the government to raise the rate of return to attract buyers for our debt. When these costs increase, buyers experience them as an increase in the interest rates. When rates go up, the number of buyers who can afford your home decreases.

According to Mainstreet.com

Next, because the private sector has shied away from buying mortgage-backed securities, the FED provides support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt.

In order to promote a smooth transition in markets, the Committee will gradually slow the pace of its purchases of both agency debt and agency mortgage-backed securities and anticipates that these transactions will be executed by the end of the first quarter of 2010.

If the Fed follows through on its promise to close the program down in March 2010, and lean on the private sector to pick up the slack, that could well leave a huge hole in the mortgage-backed securities marketplace. If the economy doesn’t cooperate, and sends private investors into the mortgage marketplace to plug the gap (a good bet right now), then look for interest rates to rise.

The Fed may not do deadlines, but it’s not above firing a warning shot to the American consumer. If you want to buy a home, do it in the next three or four months. After all, the difference in monthly mortgage payments of 5% or 6% can be measured in tens of thousands of dollars over the life of the loan.

Information taken from an article at Mainstreet.com

With all the inventory in the Lake Norman Area, there is a clear indication your buying power might be at its height now.  You should really take the time to see all the beautiful homes for sale in our area.  From the practical to the luxurious, we have amazing homes to offer at Lake Norman.

What if you have an offer to purchase your Lake Norman or Charlotte, NC area home? What if you really have to sell but the offer is not enough to cover all of your expenses?

Here is some great advice how to handle this Lake Norman transaction.

If you have a preapproved buyer who can definitely close the transaction, it would be very smart to take the offer, even if it’s less than what you need to pay off the loans and closing costs. There is a tremendous amount of commentary from the experts about a new wave of foreclosure properties entering the market in 2010. There could be well over a million properties. A flood of new inventory would have the effect of lowering prices even further.

The other concern is that our government is having trouble selling Treasurys. This lack of demand will probably force the government to raise the rate of return to attract buyers for our debt. When these costs increase, buyers experience them as an increase in the interest rates. When rates go up, the number of buyers who can afford your home decreases.

Thus, you could be facing the double whammy of more foreclosure properties competing with your property, plus a reduced buyer pool if interest rates increase.

If you have money in the bank and enough to purchase another property, a short sale where the lender takes a reduction in their payoff amount is probably not a viable option for you in terms of bridging this gap.  Besides, a very small percentage of short sales actually make it to closing and ultimately end up in foreclosure.

The good news!  When you go to buy your next Lake Norman area home:

An increase in inventory means that you may be able to get a much better home at a lesser price. Even if interest rates increase, however, many people will lower their price to move their property.

Great news for our Lake Norman Customers!  Even more exposure and opportunity to buy or sell your home!

November,11 2009,  Real Living will formally announce that Real Living Network Services, the franchisor subsidiary of Real Living, Inc. is merging with GMAC Real Estate, fulfilling our mission to grow Real Living and increase investment in the people, tools and technology that will assure our success well into the future.

GMAC Real Estate is one of America’s leading residential real estate franchises, and combined with the Real Living Network, we will have over 600 office locations, 10,000 plus agents and more than $20 billion in annual home sales. Together we will become a bigger, bolder company, offering a strong appealing, consumer-focused brand, with a suite of industry leading tools and technology that will power us forward in the years ahead.

The new organization was created after Brookfield Residential Property Services, the owner of GMAC Real Estate, acquired Real Living Network Services, and merged the two companies under the Real Living brand name. As we move forward, the Real Living agent-centric and consumer focused philosophy will continue to drive our decision-making and investment strategies.

We am pleased to let you know that Real Livings, Harley Rouda Jr. will lead the new organization as President. Kaira Sturdivant Rouda, will continue to oversee the brand and provide the marketing leadership she has shown in the past.

As we make the transition, Real Living will focus on excellence in five key areas: technology, sales, marketing, training and business planning. These are areas that we will invest in to make our combined organization into one of the most sought after brands in the business. Our primary goal will continue to be to help our agents, offices and franchisees grow their business.

Contact your Lake Norman Real Living office at 704 746 3937

Here’s a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com’s weekly national survey of large banks and thrifts conducted Nov. 10, 2009.

Mortgages
Rate: 5.19 percent (30-year fixed) Average Points: 0.38

Thirty-year fixed-rate mortgages plunged to their lowest levels since spring while the jumbo rate fell to a multiyear low.

The average 30-year, fixed-rate mortgage slid 16 basis points, to 5.19 percent. A basis point is one-hundredth of a percentage point. Rates are now at their lowest point since mid-April. The all-time record low in the 24-year-old Bankrate survey is 5.13 percent, which occurred April 1.

Meanwhile, this week’s average 15-year fixed-rate — a popular option for refinancing — fell 11 basis points, to 4.61 percent.

The average jumbo, 30-year fixed plunged 26 basis points, to 6.24 percent. The jumbo is now at its lowest level since October 2005.

Adjustable-rate mortgages were split this week. The one-year adjustable-rate mortgage jumped 10 basis points, to 5.37 percent. Meanwhile, the popular 5/1 ARM dipped 6 basis points, to 4.58 percent.

Information courtesy of Bill Kearney with Suntrust Bank.

Congress has extended the first time home buyer tax credit. Please review the First Time Home Buyer Frequently Asked Questions .

This is great news for those thinking of buying and selling a home in 2010.

On November 4, 2009 the FED reiterated its intent on keeping interest rates low, another good sign for home buyers and sellers. However, other financial experts believe that the FED will have to raise interest rates to stave off inflation. For those thinking of selling, this is one area to keep a close look. We will also be watching this closely for you.

Lenders are going to continue to tighten up its underwriting and foreclosures are predicted to continue at a high rate in 2010 because of unemployment.

Some 2009 Statistics for the Lake Norman MLS area:

1. The average days on the market in 2009 for homes that sold are 158 Days.

2. 880 homes had their listings expire in 2009.

3. There are 1305 homes currently listed for sale with average days on the market of 144.

4. 1181 homeowners withdrew their homes from being listed with an average days on the market of 189 days.

What does this mean to you?

1. Choose an agent that will work with you on all facets of the sale. From commissions to staging.

2. Make sure your home shows like a model. Competition is fierce.

3. Realistically price your home and choose an agent that stands by his analysis.

4. Choose an agent that is technology savvy. Blogging is critical in today’s market!

5. If selling be prepared for the long haul, homes are not moving as quickly as we are used to.

6. If buying, be patient and try not get emotionally attached to one home. Negotiations depend on it.

7. Do not take any offer personally. Low offers are the norm in today’s market.

Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit.
Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If  President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a firsttime homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you’re within the phaseout range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is “consecutive.” As long as he lived in that house for 5 years straight what he did since 3 years doesn’t impact eligibility.

Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the  extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

The first time home buyer tax credit extension and expansion is ALMOST done!

 Lawmakers in the Senate moved closer to signing the bill by voting 85-2; this would extend the home buyer tax credit until April 2010 rather than November 30th, 2009.

The new plan will extend the current $8000 tax credit for new home buyers through April 30th and will also offer a $6500 tax credit for move up buyers who have been in their current residence for over five years.

Read the entire article here!

It is still a great market to buy a Lake Norman area home.  If you are thinking about it, please do not wait.  Experts are also saying that interest rates will begin to rise in 2010.  You don’t want to lose the benefits of the tax  credit by paying a much higher interest rate!

Contact you Lake Norman Agent to get a list of homes that fit your criteria.

I have recently had questions about the effective date of our NC Offer To Purchase.

Sadly some of the explaining I have had to do was to agents I have done transactions that should have known better.

In a nutshell, here is what you need to know.

The effective date of the contract is the date in which both parties have signed. However, if any changes are made to the contract, the new effective date is the date both parties initial this change. If you or your agent are not also placing a date next to the initialed changes, then you are setting yourself up for potential disputes.

Lastly, where you or your agent enters a timeframe that something is due and you see TIME IS OF THE ESSENCE, it means the date is not something you can let slip.  Allowing the timeframe to slip by without requesting extensions also means that you are waving any condition that required that time to complete.

For example.

Let say you enter on the contract in the section “Buyers right to terminate” (in the portion of the contract defining loan conditions), 30 days from effective date…  If the buyer does not have loan committment within 30 days and the agent or buyer has not requested, in writing, an extension, the buyer is said to have waved the condition.  Probably NOT GOOD.  Also, be aware that in this case, if changes were made to the contract a new effective date would be in force.

Hope this helps all my current and prospective Lake Norman area clients.