Where are we right now in Ballantyne Residential Real Estate?

Well, what do you think? If you saw the paper, turned on the radio or caught the 6 o’clock news last week, you knew about May homes sales…down…by a significant number. The overall feeling was “doom and gloom.”

It’s not a huge surprise to me. The federal government’s tax incentives in essence pulled sales that would have probably happened in May and June forward into April before the tax credit expired. At the beginning of the year, if you had asked me, “David, what will May home sales be like?” I would have replied…”they will be off.” Even in January, I could have told you March and April would be great and May would be down due primarily to the tax breaks.

OK…May is behind us…now what about June, July, and beyond and how will this affect you?

I think June sales WILL NOT beat April sales but they will be better than May.

The swing is/was not as big in Ballantyne and south Charlotte because the $8,000 tax credit was primarily geared toward first-time home buyers and we don’t have as many in 28277 as, let’s say, University City or Steele Creek.

However, in our community, sales have been increasing every month…not spectacularly…but the climb has been steady. April was better than March, May was better than April and I’m betting that June will close out better than May. My sales have been better each month as well.

We have a market that’s not terrible but not great. If you’re selling, here’s what to expect in the Ballantyne area. If your location, price, and condition are good, I can probably show your home two to three times a week. If there’s an issue with price, condition, or location, it’s realistic to expect your home will only get a look once every two to three weeks.

If you’re a buyer, the market remains great. Yes…for the most attractive homes, you will find some competition but if you’re flexible, there are some tremendous bargains in the Ballantyne home market.

Are you thinking of selling very soon?  Click here and get my FREE brochure titled “Making Your Property Stand Out and Get Sold!”

Are you ready to buy?  There has never been a better time. Interest rates at their lowest levels ever!  Click here now and I’ll send you a FREE brochure titled “What Makes You a Strong Buyer.”

What is your house worth today? Looking to buy a dream home?  Call me at (704) 634-9682 or email me at david.huss@allentate.com

Not ready, but are curious to keep up with your home’s value?  Then go to www.charlottehousevalues.com and sign up for my free monthly value report. My web site is here. www.davidhuss.com

I was working out at the Morrison YMCA recently and was struck by the number of families taking advantage of the facility. At 3 p.m. on a Sunday afternoon, the cardio and strength training floors were about 75% full. I looked out the window a saw a swimming pool that was absolutely jam-packed. When I looked to my left, I saw high school kids playing volleyball in the sand pit. Up on the track, people are running, stretching, and kids are playing soccer on the fields.

All weekend, people were gathering at Ballantyne Village for dinner and music. People were also enjoying the great weather and music at Stonecrest.

Flash forward 24 hours. Ballantyne Country Club is the scene for the Morrison YMCA’s annual golf fundraiser for Project Starfish. About 100 people participated!  Through entry fees, contests and generous donations, the Y raised over $100,000. Plus, each team got professional golfer Fred Couples hit a shot for them. What a great surprise!

At each location in this blog, people were talking; people were getting to know each other; people were having a good time. People were doing things to make a difference in our Charlotte community. People truly love living here! Everything is right at your doorstep.

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What is your house worth today? Looking to buy a dream home?  Call me at (704) 634-9682 or email me at david.huss@allentate.com

Not ready, but are curious to keep up with your home’s value?  Then go to www.charlottehousevalues.com and sign up for my free monthly value report. My web site is here. www.davidhuss.com

In the last two weeks, I’ve helped to put four houses under contract. Yes, it appears buyers are no longer “just looking” and are making decisions.

Why?

There is a lot of pent up demand.

People are becoming accustomed to the “new norm” of the economy.

They’re ready to make decisions and get on with life.

Some buyers were looking to get out of an apartment.

Some buyers had the ability to take advantage of a good opportunity.

Does it mean that sellers in the Ballantyne area residential real estate market can pop the champagne and throw a party? Yes and no.

Your house is not worth what it was worth three years ago. Get used to it…it’s reality. And realize too that the house you are going to purchase isn’t worth as much either.  If you’re a move up buyer, that million dollar house may only be worth $800K today.

If you looked at a $300,000 house a couple years ago, you can buy that house now for $270,000.  Yes, some sellers will hold out, but they are being delusional.

What is your house worth today?  Looking to buy a dream home?  Call me at (704) 634-9682 or email me at david.huss@allentate.com

Not ready, but are curious to keep up with your home’s value?  Then go to www.charlottehousevalues.com and sign up for my free monthly value report. My web site is here. www.davidhuss.com

Here’s a teaser!  Next blog…the luxury market is heating up.  Yes, the well-to-do are snapping up properties.

I had a “pre-drywall” walk through with a client yesterday. They are so excited about living in the Ballantyne community: their son will attend a fabulous elementary school and they will be close to work. They had spent almost three years in a neighborhood apartment; three years ago, in their price range, good new home options were just not there. Things have changed. Options today are abundant: the prices of almost new homes (resales) are attractive AND there are several new home options. Yes…builders are building.

You may remember that Beazer Homes left the market due to various issues; they left some communities unfinished and one of these was Ardrey Woods. MI Homes has been building there for the last couple of months and have been selling homes like crazy! Prices range from $230s to $320s. Great homes, great lots and great location! Adjacent to Ardrey Woods, we have Ballanmoor by Ryan Homes; this neighborhood is on the corner of Ardrey Kell Road and Community House Road. Ballanmoor is selling homes from the $330s to $410s. Centex is building in Ardrey Chase at the corner of Marvin Road and Wade Ardrey Road. Homes start at $260,000. Lastly, we have Ardrey Crest being built by Saussy Burbank. Prices start in the $290’s and go to the low $400’s.

Pools and excellent amenities are fairly common in these neighborhoods. These neighborhoods are a little smaller than the much larger neighborhoods we saw being developed several years ago. The smaller neighborhoods are better for resales down the road; you have something a little more special with not as many neighbors to compete with when selling your home.

Want to know more about any of these neighborhoods? Contact me at 704-634-9682 or send me an email at david.huss@allentate.com and I’ll be happy to provide you with details about these attractive communities and how you can make one of these your new home!

Thanks to all have signed up for my free monthly home value report. I hope that you find it very helpful in keeping up with your local real estate market. Haven’t signed up yet? You can do so by clicking here now.

My website is here.

Golf is a very vital part of our community. You may not be a golfer, but the game affects and impacts everyone in Ballantyne. How? Why? The answer is housing.

First, an event like the Quail Hollow Championship brings national exposure to our city through media coverage around the world. For the week of the event, people in Scotland, Iceland, New Zealand, Fiji, and Russia learn something about Charlotte. And we know that the event was popular in the United Kingdom and Ireland with Rory McIlroy’s victory. He’s officially from Northern Ireland.

Did you know that we have a number of tour professionals who live in south Charlotte and Ballantyne? If you watched the broadcast on CBS or listened on the PGA Tour Radio Network, the announcers brought up the Charlotte connection many times.

Why would a touring golf professional choose to live in Charlotte when Florida, Arizona, or Southern California are more traditional homes for touring professionals? Major winner Retief Goosen said that Charlotte reminded him of his home in South Africa. Phil Mickelson said that if he wasn’t a west coast native, Charlotte would be his home. They love coming to Charlotte for the southern hospitality, great climate and the wonderful amenities we have in the community. And the airport is a huge plus for someone who travels every week.

In addition to Quail Hollow, we have some fantastic courses in the area: Ballantyne Country Club, Ballantyne Hotel, Firethorne, Piper Glen, Carmel, Providence Country Club, Cedarwood, and Raintree to name just a few in the area. There are ample opportunities for every golf enthusiast. There’s a course or club for everyone.

I get this phone call a lot: “Yes, our kids live in the Ballantyne community and we want to live near them. We like to have easy access to great restaurants and shopping and we would really love to have a golf course in the neighborhood or close by.”  Sons, daughters and parents move to Charlotte to be near other family members who live here. They find it an attractive and easy place to live–just like the professional golfers.

Golf is a wonderful complement to our community and creates a desire among people from outside of the area to consider it as a place to live. This ultimately helps the housing market. More demand drives appreciation and new growth both in housing and lifestyle features. Give me an hour with someone and I can have them hooked on Ballantyne–whether they play golf or not. And yes, I can get them hooked, even if they slice a lot.

Do you have a friend or family member who is considering moving to our area? Send me an email with their name, address, and email and I will provide them with free information about the area plus the top 10 things that make Ballantyne a great place to live. Go to my website here.

www.davidhuss.com

If people are buying it means they have likely sold THEIR home. This backs up what I wrote in a previous blog about the number of sales going up and being the highest for a year.

My phone (704-543-5892) has also been ringing with sellers who want to get their home on the market. They sense the activity in the market and want to make a move now.

THE SPRING REAL ESTATE MARKET IS BACK and it’s good news for everyone.

Here are two things I’d like to recommend.

1.  Are you familiar with Seth Godin?  He is an author and marketing genius.  I would encourage you to read his blog about housing here. In the new economic world, being practical about a home purchase is paramount. People who were not sensible in the past several years are the ones who are in trouble now.

2.  Sign up today to receive a free monthly report via email on what is happening in real estate in your neighborhood. Click here to sign up.

Make it a great day!

Please call me directly at 704-543-5892 or visit www.davidhuss.com for listings and additional information.

I follow a number of real estate gurus. I read the newspaper. I listen to the radio and watch television looking for real estate news. Depending on the source, the housing market is either recovering or really bad. From my perspective, some of it’s good and some of it’s bad. But, this week I want to share only the good news.

Carolina Regional Realtors reports that new sales contracts for February were up 14 per cent at 1,954 versus February 2009.  February was an increase of 6.6 per cent versus January.

The NC Association of Realtors reports that there were 1,397 homes closed in the Charlotte area in February. An increase of 4 per cent versus February 2009. This represents a 2 per cent increase over January.  Statewide home sales were flat from 1 year ago. Charlotte continues to lead the market.

Pat Riley, president of Allen Tate Realtors just sent an update to all the Tate agents that we are averaging 58 SALES A DAY so far in March with just a few days to go. That is a 60 per cent increase over the same month last year and a 27 per cent increase year to date. March has been hot!

Ballantyne is not missing the train. The Allen Tate Ballantyne Office is poised to sell 100 homes this month. That is the first time since last August we’ve topped the 100 mark.

What are people buying in the Ballantyne area? Everything!

Probably the hottest properties are in the lower price ranges due to the tax incentives for first time home buyers; these incentives expire in April. If you would qualify as a first time home buyer or know someone who could be, then you need to read this article.

We are also seeing some new activity in the higher end homes because sellers are getting realistic about the market and adjusting their prices.

What does April hold? Hopefully, more of the same. As sellers get adjusted to the world of reduced prices and buyers scurry to take advantage of the tax breaks, it sets the stage for a great month.

For my listings on my site, go here or the link below.

http://www.davidhuss.com/home.asp

It’s good to have some good news!

Would you like to get a monthly update on home values in your neighborhood? I gather up to the minute sales information as it is reported by the Charlotte Regional Realtor Association. It is easy to sign up. Go here now.

“What’s the most difficult part of a real estate transaction?”

The reply will almost always be:

“The home inspection process.”

Why?

The buyer buys the home based on the floor plan, the great neighborhood, the nearby wonderful schools, the shopping or something that makes them feel good. The inspection peels back the shiny layer and exposes the buyer to all that is not right with the house. After the inspection, the buyer begins to have doubts about the decision they have made.

And the seller? They dread it! They know the inspector will find some small thing that needs to be repaired. The seller also worries about something much larger. Typically, if there are big items, they are in the attic and the crawl space.  Two places the homeowner rarely visits.

You’ve heard the horror stories from friends who have a deal only to have the inspection kill the deal. Sometimes it is justified. Maybe they have not cared for the home or did not have a home inspection done when they purchased the house.  Sometimes it is not justified. There are home inspectors who are what I call “deal busters.”

A home inspector should report what he or she finds but not recommend or suggest fixes and changes. Sometimes, an inspector’s personality, attitude, or out-of-bounds comments can strike undue fear in the mind of the buyer.

Should it be that way? No. My idea for this article came from an inspection I completed just this morning with a buyer. We spent almost 4 hours at the house. We had numerous inspections done…mechanical, structural, termite, septic, and water.   At the end, we invited the seller to join us to learn about the findings plus answer a few questions. The seller had lived in the home for 43 years and was able to tell the buyer about most of what was going on with the home.

The findings were objectively done and stated. The seller said that he would be happy to make the repairs because he could understand and see the deficiencies and would expect the home delivered to him in good shape if he were the buyer.

This particular case is not the norm. Repairs are typically negotiated. But, it sure does make the experience much more pleasant when the home inspector is professional and the buyer and seller check their emotions at the door.

I should add that the home inspectors association has done a wonderful job of establishing a higher level of professionalism for its members through licensing and better education. Today’s home inspectors are tremendously better than those of 10 years ago. Learn more about home inspection at the NC Real Estate Commissions webpage on Home Inspections.

Understand that no home is perfect!  There are going to be issues.  It was not a widget made in a factory.

First, I met with a lady for the second time in as many weeks about selling her beautiful Ballantyne home. Let’s call her Jane for this posting. Very little of our time was spent actually talking about staging the house, painting rooms, replacing carpet, etc. No, Jane and I talked about how was she was going to be able to sell the property and pay off the mortgage. Unfortunately, she bought her home at the peak of the real estate market and did not put very much money down towards the purchase. Today, Jane’s home is worth about 18% less than she purchased it for, but she owes a lot more on the mortgage. I actually felt more like a counselor than a real estate agent. Tears, strong emotions, and sadness. It was heart breaking!

Second, I follow real estate consultant Steve Harney’s daily blog postings. Steve does a great job of crystallizing the news reporting, market statistics, and salient data into information I can use in my career. On Friday, Steve varied from his usual postings and wrote an open letter to his followers. In that letter, Steve wrote about his financial problems which occurred in 1990.  Steve wrote, “I couldn’t afford to pay my bills. I was married and had two young sons. My home was approaching foreclosure. I didn’t know what to do and I was afraid to talk to anyone about my troubles. I was too embarrassed. I was depressed and ready to give up. Foreclosure seemed to be the only option.”

Now what? For Steve, help came in the form of a peer named Michael. Michael and Steve sat down and formulated a plan for getting Steve and his family out of debt. First, it involved selling the house. It was simply more than he could afford. The plan also included paying off his other debts, re-establishing his credit, and funding his kids’ college education. Steve says those were two tough years.

Back to Jane’s story. Jane is a proud homeowner. Prior to this home, she had never owned a home. She had to clean up some credit issues in order to purchase the home and did not want to let this new dilemma to destroy all that she had worked so hard for.

Jane did not know what to do. Her career was taking her to a new city so was being forced to face the issue. We looked at all the options…foreclosure, short sale, renting, taking money from retirement, etc. None of the choices would be particularly pleasant. But, up to that moment, the struggle with what to do was greater than anything to come. What Jane needed was exactly what Steve had in the early 1990s. Jane needed a person to talk to who could help her understand the options and make a plan to move forward. Worrying was killing her, but dealing with it is going to save her life!

Ballantyne is a very vibrant and highly sought after community…still. We are all proud to members of the Ballantyne community. However, Ballantyne has not been exempt from the housing downturn. Swallow your pride and reach out to someone to provide you with the knowledge you need make a solid real estate decision if you are confused and worried.

Need to sell your house? Are you worried you might never be able to sell your home? Do you owe more on your home than it is worth? Does it seem like there is no way to turn that is going to provide relief? Giving up is the worst thing you can do. Discuss the options and make a plan. The banks, home lenders and government are all working to ramp up efforts to help out distressed homeowners. If you want to start with a plan that starts with your home, contact a real estate agent today—real estate agents have pretty much seen everything and know how to help.

Want to learn more about the different options you have available?  Please don’t hesitate to send me an email at david.huss@allentate.com.   Also, I have a guide titled “Making a Plan to Get Out of Debt.” Just request this and I will forward this to you.

You can read Steve’s Letter by clicking on the link.

I have a beautiful home listed in a popular Ballantyne neighborhood. The home is in exceptional condition and only a couple of years old. After about three weeks on the market with good showings, we received an offer to purchase from a buyer. SALE!!!

Well, not exactly. The offer was about 15 per cent less than the list price of the home. The seller was willing to negotiate, but in the end, we were unable to bridge the price differences. If you want to negotiate, it helps to know the answer to this question: “what is the mindset of buyers and sellers?”

The news media, talking heads and others have portrayed the market as a huge buyers market in which the sellers are willing to GIVE you their property if you will just make them an offer. It’s here that the disconnect between buyers and sellers occurs. Most sellers have gotten the message that their home is not worth as much today as it was previously. And most have priced their property to reflect the decline in order to be competitive with other homes on the market.

Knowing the four current types of buyer will help you understand how aggressive you can be in negotiations.

Right now, there are four “types” of selling scenario.

1.  The  Foreclosure – These are properties owned by a bank. Typically, these homes are priced at a discount to the local market. There are potential pitfalls in these type of homes because you are purchasing them “as is” with no repairs being made by the bank. Don’t just think “paint and carpet.” Some of these homes have been stripped of appliances, fixtures, heating units, etc. The previous owners may have been disgruntled when they were foreclosed on and decided to take pieces of the house with them. From a negotiating standpoint, the banks know they are priced very aggressively but most are still willing to make a deal to get the property off their books.

2.  The Pre-Foreclosure—these people have the bank knocking on the door. Desperation has set in. But the seller still needs an offer that will let them pay off the mortgage. Some owners had bad luck; others made their bad luck with poor financial decisions. In order to get a good deal on a pre-foreclosure, you have to find someone who has a lot of cash in the bank who can sell the house at market value and then bring the difference of what is owed to the closing table.

3.  The Corporate Relocation. There are two types of corporate relocation seller. The first is a seller who remains in the house and is trying to sell it while also taking on new job responsibilities in another city. This type of seller still has their money tied up in the house and is going to be a little more sensitive about selling their house at a discount. The second type is where the corporation has moved the employee to the new city and the company has purchased the house.  You can get a great deal on this type of house. The company does not want the liability of owning a home and is motivated get their cash out of the property.

4.  The In-Town Relocation. These are people who are looking to sell their home in one Charlotte neighborhood in order to move to another neighborhood. They aren’t as motivated as the other sellers and will be patient. They don’t necessarily HAVE to move. They just WANT to move. Don’t expect a huge discount off the list price.

So…back to the original property.  The potential buyer was looking for a steal of a deal. Unfortunately, they came to the wrong place. The property was owned by an individual who had priced his property aggressively but is not desperate. The seller wants the children to finish the school year in Charlotte. The house had only been on the market a short period plus there were numerous showings.

The agent representing the buyers should have educated the buyers about the different types of sellers and how this affects negotiations. It’s clear this was not a foreclosure or a corporate-owned property. At minimum, the agent should have done a market analysis to show the buyer that the property was a good deal at the list price and definitely a good deal at the price the seller was willing to negotiate to in order to move the property.

It makes a big difference when you know the motivation and background of the seller.

For my listings and other information, visit my website here.

Call me at 704-543-5892 or email David at david.huss@allentate.com.