Charlotte Information - Living in North Carolina

Lawmakers are pushing to revive legislation in the Senate that would almost double an $8,000 tax credit for first-time homebuyers and expand the program to all borrowers. A group introduced a bill today that would increase the tax credit to $15,000 and remove income and other restrictions on who can qualify.

The legislation would extend the homebuyer credit to multifamily properties used as the borrower's primary residence. It would also eliminate income caps of $75,000 and $150,000 on individuals and couples seeking to claim the credit.

The Business Roundtable and the National Association of Realtors are pushing to expand the tax credit and to lower mortgage rates to revive the U.S. housing market. The proposed bill would extend the credit, which now applies to homes purchased from Jan. 1 to Dec. 1, 2009, to one year after the new measure is signed into law. It would make the credit available to all borrowers, not only borrowers who haven't owned a home in the previous three years as is the case under current law. It would also let borrowers divide the credit over two years. The legislation wouldn't be applied retroactively to purchases completed before the date of enactment.

First-time Charlotte home buyers can now use the federal tax credit of up to $8000 to help cover a down payment and other upfront closing costs if they are taking out a loan backed by the Federal Housing Administration or FHA. The tax credit was made available as part of the Obama administration's efforts to motivate first-time buyers and jump-start the housing market.

Instead of requiring first-time buyers to wait for weeks, possibly months, after filing their tax returns to receive the money, FHA is allowing private lenders, state housing agencies and some nonprofit groups to offer loans secured by the tax credit. This new twist should help real estate markets all around the country clear their supplies of homes for sale, including foreclosures and bank-owned properties.

The tax credit is available only for purchases made this year before December 1. Eligibility is limited to people who have not owned a home in the previous 3-years. Those buyers may be able to collect up to $8000, depending on their incomes.

Under HUD's plan, buyers cannot use the tax credit advance to pay the 3.5% down payment FHA mortgages require if they get the advance from a private lender. They can use it to add to that down payment or help defray closing costs. But buyers who turn to housing agencies can put the tax credit advance toward the 3.5% down payment as well as other purchasing costs.

Although buyers can only qualify for a tax credit once they close on a house, they can determine in advance how large a credit they will receive by providing tax documents to their lenders or local housing agencies.

Home buyers qualifying for FHA-insured mortgages may soon be allowed to use the new first-time home buyer $8,000 tax credit as a down payment. The process of applying the tax credit toward down payment, called monetization in the mortgage industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.

The tax credit arrived as part of the American Recovery and Reinvestment Act of 2009 for qualifying taxpayers that buy homes in 2009. The law states that qualifying home buyers may claim up to $8,000, or $4,000 for married individuals filing separately, on either their 2008 or 2009 tax returns. Unlike the previous law which required recipients of the tax credit to repay the funds over a number of years without interest, the new home buyer credit effective with the passage of the act does not have to be repaid.

Yes, this new listing of ours went under contract in less than two weeks. And, no, the seller did not "give the house away" or accept a below-market price. The home went under contract within a couple thousand dollars of where the owner hoped to sell.

How? The owner did a great job of prepping the home to show by doing repairs, upgrades and moving out extra items before the first showing. That is so important as it was one of the first viewers of the home that bought it. Use our seller resources to help you get your home ready to list.

It was also priced fairly with careful inspection of recently sold comparables. The comments from the buyer's agent during the whole process validated that we had correctly valued the home as their valuation work overlapped ours closely. Proper home valuation with respect to what the market will bear is critical.

The home was also marketed online aggressively which is where most buyers are looking for listings and where our marketing expertise really pays off. Our Charlotte Homes website has grown its traffic and search engine exposure to the point where having your home listed with us and on this website will greatly increase your chances that buyers will see it in it's best light.

To help identify and purchase your next home after we sell your present one, use our Charlotte Home Search tool and get the latest information on listings as they enter the market and stay ahead of other buyers for the best homes for sale in our markets.

Pulte Homes has agreed to buy Centex Corp. for $1.3 billion to create the largest U.S. homebuilder by revenue. Both companies have a large presence in the market for Charlotte homes, Pulte listing 13 neighborhoods where they are actively building and selling while Centex has 20.

Pulte agreed to pay 0.975 of a share for each Centex share, valuing Centex stock at $10.50 per share, 38% more than yesterday's closing price of $7.62. The transaction, approved unanimously by both companies' boards, includes $1.8 billion in net debt.

The two companies are betting that by combining they will be better able to survive the soft housing market for new construction. The deal also will give Pulte access to states with stronger new home sales, including Texas and the Carolinas, especially the Charlotte NC region. The combined company we will have considerable presence in more than 59 markets across America.

To see listings actively marketed for sale in the Charlotte area by these two builders and others, visit our Charlotte Homes for Sale website and request a search be setup for you for new construction, the price range you require, the bed and bath configuration you desire, as well as many other variables.

Our efforts were recognized in a Charlotte Observer article by Nancy Stancill, Home Editor on Friday, Mar. 13, 2009. An excerpt from that article is below:

The best in the neighborhood

John C. Walker, a Charlotte Realtor with Wilkinson & Associates, listed his house in Commonwealth Park near uptown for $195,000 last July. No takers.

Walker, who had lived in the house for 20 years before moving to Mint Hill earlier, knew the three-bedroom, two-bath home was in good condition. But it needed to stand out.

He took it off the market and went to work pressure-washing the vinyl siding, walkways, decks and garage floor. He and some relatives painted it one neutral color throughout and added plants and fresh mulch to the landscape.

Then he put it back on the market at $175,000 – $20,000 less this time.

Within 10 days, he was talking to the couple who eventually bought the house at the new price. The deal closed in December.

“I wanted and needed to sell the house,” he said. “I knew we needed to offer the best deal and the best-looking house in the neighborhood.

Indian Trail is one of the top ten towns in America to raise a family, according to Family Circle magazine. Each year, Family Circle selects the top five places to raise a family and this year Indian Trail is one of the finalists. A total of 1,700 municipalities were examined. Currently, Family Circle reporters are interviewing residents and collecting information about the ten finalists. The final five will be announced later this year. To read more about Indian Trail and other fine Union County towns and villages, visit our area resource and find out why national publications recognize the merits of the area.

Aviation Career Education Academies: Teens entering seventh to 12th grades can turn a fascination with flying into a lifelong passion at the Monroe Airport, where they’ll tour aviation companies and Air Traffic Control facilities, do minicourses on aviation topics, hear guest speakers, take field trips and learn career opportunities. Charlotte-Monroe Executive Airport, 3900 Paul J. Helms Drive, Monroe Dates/Time: Middle school – July 13-17, High school – July 20-24; 8:30 a.m.-6 p.m. Cost: $100, includes lunch. Application deadline is April 1. For more information, visit www.ncaviationedu cation.aero

Charlotte Academy Music Camps, June 15-Aug. 7: The Charlotte Academy of Music offers instruction at summer music camps and a music technology lab with guest composers and performance opportunities. Professional music teachers create custom curricula for campers. Private and small-group instruction in piano, rock guitar, voice and musical theater; Musikgarten for kids from birth to age 5; and ensembles such as the Academy Children’s Choir and Chamber Ensemble are offered. 15040 Idlewild Road, Suite C, Matthews Call 704-545-7400 or visit www.charlotteacademyof music.com for dates and prices.

Equestrian Camp: Beginner through advanced riding instruction for kids ages 6-14 at Providence Equestrian Center. Camps include English riding, beginner position and technique, show prep, intermediate and advanced hunt seat and jumping. Providence Equestrian Center, 424 Waxhaw-Indian Trail Road, Waxhaw Cost: $325 per week. Extended care available for extra charge. For more information, visit www.providenceequestrian. com or call 704-843-5215.

Central Piedmont Community College’s Summer Theatre program is preparing to hold auditions March 30-31 for children ages 6-12 from 5:00-7:00pm in the lobby of Halton Theater, 1201 Elizabeth Avenue in Charlotte. Roles are available for planned productions of “Camelot” and “Willy Wonka.”

Interested children need a prepared song, should be dressed to dance, and an accompanist will be provided. No appointments necessary. For more details on working and auditioning for Summer Theatre, visit http://arts.cpcc.edu.