Matthews NC Real Estate Blog
-
Forget FHA! 100% USDA Mortgages Available in Most Areas Around Charlotte. No M.I.
Written by Jonathan Osman | December 16, 2008 7:38 PM FinancingNo comments | 128 viewsWhen most people think of the USDA, I would imagine they don't think that the USDA can assist you getting into your next home but they can. You see, the USDA has a Rural Housing Development program that is charged with providing 100% mortgages in rural areas of the country. Here in the Charlotte area, the neighboring counties around Mecklenburg are over 50% eligible for the mortgage programs. Even in Mecklenburg County, there are areas where a buyer can take advantage of a USDA mortgage and those areas are not exactly "rural."
According to the USDA eligibility website, The Palisades, an exclusive tennis, golf and resort neighborhood in Southwest Charlotte is eligible for a no down payment, no mortgage insurance 30 year fixed mortgage! I bet the residents had no idea they were in a "rural" area.
Location is just one of the few requirements that exist to take advantage of this incredible opportunity. Combined household income is another requirement but most buyers fall under the guidelines. Also, your credit cannot absolutely dreadful.
My recommendation is buyers looking to purchase a home in Union, Gaston, York, Lancaster, Lincoln, Iredell, and Cabarrus counties and are short on the down payment OR simply do not want to throw your money away in mortgage insurance to contact a lender to see if you qualify for this program. You can also check the USDA eligibility website to see if the property you're interested in qualifies.
Sellers and savy agents can market their "rural" listings as USDA eligible. If the seller is willing, they can even cover the buyer's closing costs! I know most sellers would do that in a heartbeat to sell some of these properties.
So contact a USDA certified lender and if you don't know of one, call me and I'll refer you to one.
Jonathan Osman
-
My Advice for Struggling Agents: Keep Digging!
Written by Jonathan Osman | October 24, 2008 6:39 AM Agent2Agent3 comments | 169 viewsThe next time you watch a race on tv, listen in to when the spotter and the driver communicate with each other over the radio. Frequently, you will hear the spotter say keep digging which means try a little harder to catch the person in front. You will see the driver that is in second, third, or fourth start to run lap times which are faster than the leader and if time does not run out, they will over take the leader. Like racing, in real estate, agents who are struggling need to just keep digging. But enough with the racing analogy, here is what we are doing to and why we are continuing to be successful even today.
1. Treat your business like a business. All too often, I see agents who have no idea how much they have made, how much they are spending, or where the next client is coming from. If they ran a retail shop like they ran their real estate business, they might be out of business at the grand opening. I learned to play Red Light - Green Light with my expenses and only to spend money when there is money to be spent. I watch my marketing dollars very carefully and look for a return on every dollar spent. If that return does not occur in a time I determine as reasonable, I pull funding and move on. Therefore, create a budget, review where you have spent money, and eliminate the things that do not work.
2. Set goals and stick to them. Goal setting is a big part of our business. Without goals, you can go an entire year and not make a dime. Make your annual goals and write down what it will take to achieve those goals on a monthly, weekly, and daily basis. Then, step back and view your goals as a business person investing in you. Would you say your return would be worth the investment? If not, up your goals.
3. Do not depend on your broker for business. Get off your ass and network! Almost three years ago, my wife and I left the Annapolis area and moved here to Charlotte to be closer to her family. I did not know anyone and no one knew me. I had been in real estate for 3 years and desired to build a business here. I could have went the route of signing up with a broker who mandated desk duty, etc but my experience has been you build strongest business by networking. Also, I hate to see those guys take so much of my pay check every sale. So I hit the pavement, got involved in my community, in groups, and built my business. I also started blogging, which has resulted in a huge influx of new clients. Neither of these activities cost a dime yet they are among the highest producing activities you could do daily to build your business even in tough times.
4. Get out the office. That agent you love chatting about Dancing with the stars by the water cooler is not going to buy a house from you. They are licensed to help themselves. Instead, go put yourself in the path of buyers with open houses, working model homes, volunteering, holding workshops, etc.
5. Expand your knowledge. While I have already achieved excellence, I am now working on my awesomeness. You must continuously work towards improving your skills, knowledge, and understanding of the market. The reason I post market stats to my blog is that I am doing that research anyway to find out what the market is doing. As a result when I go and meet with a prospective client, I am more well-equipped to share with them about that housing market in Charlotte than the typical agent who says oh yeah, the market is strong. I recommend getting involved with a training program, possibly hiring a coach, attend seminars, what ever else is holding you back from awesomeness as well.
I am really proud that all of my hard work is finally starting to pay dividends and I am really excited to see where I will be when the real estate market here in Charlotte recovers. I expect my group to be among the top agents in the area because we havve set our goals, work hard daily to meet them, and will have grown our business during the most difficult of times.
Remember, the fastest guy does not always win the race. Usually, the winner is the most consistently smooth driver while the fast guy wrecks himself out. So keep digging!
Jonathan Osman
Charlotte NC Homes -
I don't have assistants, I have partners in my business. Introducing My New Partners
Written by Jonathan Osman | October 22, 2008 8:47 PM Agent2Agent1 comment | 136 viewsI really do not like the term "assistant." All too often, it conjures up someone with very little authority, answering to the chief decision maker, and some possibly less qualified to help with my concerns. Therefore, when it was time for me to find help, I removed "assistant" from my lexicon and started the search for a partner to help me grow our business.
Today, thanks to the popularity of my blog, national notoriety thanks to my many widely-read interviews, and personal referrals, I am stretched a little thin and the high quality service I like to provide for my clients was beginning to suffer. In addition, I have always pride myself on prompt, courteous, correct responses to inquiries as well as having the ability to handle any situation, anytime, anywhere. However, this too was becoming an issue. Therefore, began to search for those whose talents in two critical areas I was weak in and I want to share them with you too.
Joli McMillan is our Home Search Director. While the internet can provide lots of information, it lacks a certain human touch and feel. Joli will provide that to our clients at just a phone call, email, or instant message away. Her role revolves around assisting our clients in setting up a search that will yield the home(s) they are looking for. No longer will buyers have to needlessly waste time searching multiple internet sites, potentially missing out on their dream home. In addition, Joli will assist buyers in qualifying for a mortgage, work with me to answer your questions regarding the real estate transaction process, and a whole lot more. Consider Joli your help desk for all things real estate. Joli is a native of the Carolinas. She grew up in Raeford, NC before moving to the Charlotte area where she graduated from UNC-Charlotte with a degree in Graphic Design.
I asked Tabitha to join with me as a Client Care Coordinator because I know that she shares my mission, vision,and values towards our clients. Before joining up with me in the summer of 2008, Tabitha was a Market Center Coordinator, MCOM (a CFO) for a number of successful Keller Williams Realty offices in Maryland and North Carolina. While there, she was awarded on multiple occasions from KWRI as being outstanding in her field. That same attention to detail is what makes this relationship and our partnership work so well. Before that, Tabitha was a great REALTOR in the Annapolis MD area. Tabitha is also a Liberty University alum with a degree in Business Marketing. Like Jonathan, Tabitha is not a native of Charlotte and is a native of Muncie, Indiana.Tabitha's role is to assist in the follow up with client inquiries, ensure a smooth contract-to-close in the real estate transaction, and manage client communications and marketing. Tabitha also handles the behind-the-scenes work that is critical to ensuring our team and our business can continue to function at a high level.
Over the next couple of weeks, we will be transitioning both Tabitha and Joli into their new roles as partners and I am excited as to what the future holds.
Jonathan Osman
Charlotte NC Homes -
Charlotte's Exclusive Golf Course and Country Club Home Search
Written by Jonathan Osman | October 22, 2008 8:44 PM Parks & Recreation in CharlotteNo comments | 140 views
I receive a lot of requests from clients looking for a very specific type of home. Being that Charlotte is the home of NASCAR and that most of the race teams, I receive calls from buyers looking for homes for their own hobby race team. Charlotte is also home to a lot of golf fanatics who are looking to make their next move to a country club so they can grab 9 at any free moment. Until now, buyers looking for a golf course or country club home would have to turn to a REALTOR for just those homes or rely on a map-search, which occasionally maps homes incorrectly. I have come up with a solution to this problem.Today, I launched Charlotte's only map-based golf and country club home search. What makes our seach different is that it is only for golf course property. I have the other 43,000 active listings on our website as well but we have eliminated the distraction of the other homes for sale to focus in on just the golf course homes listed for sale.
In addition, I am in the process of adding course details, photos of the course, facilities, and displaying the public courses as well.
You can check it out by clicking the link for Charlotte Golf and Country Club Estates
Jonathan Osman
Charlotte NC Homes -
September 2008 Housing Market Update for North Charlotte, Cornelius, Davidson, and Hunterville North Carolina (Area 1)
Written by Jonathan Osman | October 22, 2008 8:42 PM Market Conditions in HuntersvilleNo comments | 133 viewsCharlotte North Carolina Market Update for:
Single Family Homes in Mecklenburg County North Carolina Area 1 including:
Charlotte, Cornelius, Davidson, and Huntersville Neighborhoods East of I-77, North of N. Tryon Street, West of Cabarrus County, and South of Iredell County including the neighborhoods of Highland Creek, Vermillion, Heritage Green, River Run, Skybrook, Northstone, Cambridge Grove, and others.
Data gathered for September 1, 2008 - September 30, 2008
New Active Listings
In September 2008, 322 single family detached homes were added to the existing inventory of homes in Area 1. This was a 1.9% increase month-to-month in the number of new listings from August 2008 to September 2008. Compared to September 2007, there were 23.88% fewer homes listed for sale in September 2008. 11.05% fewer than in 2006. and 15.04% fewer than in 2005.
Pending Units
168 single family homes were placed under contract in September 2008. This was down 7.69% from the month prior when 182 homes went under contract. Compared to September 2007, there were 29.11% fewer homes receiving contract then the year prior and 34.88% fewer than during the same period in 2005. However, during September 2008, 2.44% were placed under contract than during the same period in 2006...and that's when the market was regarded as "good".
Sold Units
In September, 148 single family detached homes were sold in Area 1 through the MLS. This was a decrease of 5.13% when compared to the month prior but 34.8% fewer than in September 2007. The number begin to get staggering when you look back to 2006 and 2005 when the decrease in the sales for this year were 41.96% and 48.07% respectively.
Percentage of the Listing Price Received
Sellers received on average 96.47% of their asking price before concessions in September. This is a slight decline from the previous month when sellers received 97.73%. Last year, sellers received 98.06% of their asking price, which is down from the high set in September 2005 of 99.36%. However, when you remove the new construction sales from the sales data for September 2005, the percentage drops to 98%.
Average Days on Market
The average days on market in September was 86, down 12.24% from the August prior when the average DOM was 98.
Average Sold Price
In September, the average sales price for a single family detached home in Area 1 increased 6.42% to $231,354 from August, +4.68% from September 2007, +7.72% from September 2006, and +8.03% from September 2005
Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate -
September 2008 Housing Market Update for East Charlotte North Carolina (Area 2)
Written by Jonathan Osman | October 22, 2008 8:41 PM Market Conditions in CharlotteNo comments | 146 viewsCharlotte North Carolina Market Update for:
Single Family Homes in Mecklenburg County North Carolina Area 2 including:
Charlotte Neighborhoods East of N. Tryon Street and North of Albermarle Road (24/27) including the neighborhoods of Plaza Midwood, NoDa (The Arts District), Belmont, McCarron, Old Stone Crossing, Buckleigh.
Data gathered for September 1, 2008 - September 30, 2008
New Active Listings
In September, 263 homes were listed for sale in Charlotte's Area 2. This was a increase of 5.2% over August but a 25.28% decrease when compared with September 2007, 24.86% decrease compared with 2006, and 21.495 decrease compared with 2005. September typically averaged around 350 new single family detached units in prior years
Pending Homes
107 single family homes were placed under contract for Area 2 in September 2008. This was down 26.71% from the month prior when 146 homes went under contract. Compared to September 2007, there were 38.51% fewer homes receiving contract than the year prior and 45.69% fewer than during the same period in 2005. However, during September 2008, 19.55% less were placed under contract than during the same period in 2006...and that's when the market was regarded as "good".
Sold Units
In September, 105 single family detached homes were sold in Area 2 through the MLS. This was a decrease of 4.55% when compared to the month prior but 29.05% fewer than in September 2007. The numbers begin to get staggering when you look back to 2006 and 2005 when the decrease in the sales for this year were 47.5% and 41.99% respectively.
Percentage of the Listing Price Received
Sellers received on average 96.28% of their asking price before concessions in September. This is a slight decline from the previous month when sellers received 96.34%. Last year, sellers received 97.29% of their asking price, which is down from the high set in September 2005 of 98.43%. However, when you remove the new construction sales from the sales data for September 2005, the percentage drops to 98%.
Average Days on Market
The average days on market in September was 88, up 18.92% from the August prior when the average DOM was 74.
Average Sold Price
In September, the average sales price for a single family detached home in Area 2 increased 7.4% to $160,074 from August, down 2.26% from September 2007, up 6.39% from September 2006, and up 9.52% from September 2005
Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate -
Charlotte Housing Market Update for Charlotte Area 5 (Olde Providence, Providence Country Club, Myers Park, Ballantyne), 9/2008
Written by Jonathan Osman | October 22, 2008 8:40 PM Market Conditions in CharlotteNo comments | 138 viewsReal Estate Market Update for
Single Family Homes in Mecklenburg County North Carolina Area 5 including:
Charlotte Neighborhoods West of Providence Road and East of Park Road including, Cherry, Dilworth, Myers Park, Barclay Downs, Foxcroft, Beverly Woods, Cameron Wood, South Park, Quail Hollow, Olde Providence, Shadow Lake, Stone Creek Ranch, and Ballantyne.
Data gathered from September 1, 2008 to September 30, 2008
New Active Listings
In September, 272 homes were listed for sale in Charlotte's Area 5. This was a increase of 0% over August but a 13.38% decrease when compared with September 2007, 9.33% decrease compared with 2006, and 4.23% decrease compared with 2005. September typically averaged around 350 new single family detached units in prior years
Pending Homes
101 single family homes were placed under contract for Area 5 in September 2008. This was down 16.53% from the month prior when 121 homes went under contract. Compared to September 2007, there were 37.27% fewer homes receiving contract than the year prior and 53.67% fewer than during the same period in 2005. However, during September 2008, 9.01% less were placed under contract than during the same period in 2006...and that's when the market was regarded as "good".
Sold Units
In September, 104 single family detached homes were sold in Area 5 through the MLS. This was a decrease of 20.61% when compared to the month prior but 30.2% fewer than in September 2007. The numbers begin to get staggering when you look back to 2006 and 2005 when the decrease in the sales for this year were 32.47% and 53.98% respectively.
Percentage of the Listing Price Received
Sellers received on average 95.41% of their asking price before concessions in September. This is a slight decline from the previous month when sellers received 95.95%. Last year, sellers received 97.41% of their asking price, which is down from the high set in September 2005 of 97.92%.
Average Days on Market
The average days on market in September was 90, up 1.12% from the August prior when the average DOM was 89.
Average Sold Price
In September, the average sales price for a single family detached home in Area 5 decreased 14.62% to $417,737 from August, down 12.63% from September 2007, down 1.55% from September 2006, and down 3.15% from September 2005.
Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate
Blog
Fair Housing and Equal Opportunity