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ONthe MOve Market Activity and Trends for Charlotte & Surrounding Counties

AUGUST 2010 www.SoldByDebe.com

Compliments of

Debe Maxwell, Realtor速/Broker

Mobile: 704.491.3310

Residential Closings - Entire MLS 2009 - 2010

ASP = Average Sold Price Data Courtesy Carolina MLS.

The average closing price for the Charlotte area in July 2010 was $217,320, up approximately 2% compared to 2009. Average days on market was 142.9 for the month of July, 2010.

There were 1968 total closings in July 2010, down 11.5% compared to 2009. The bulk of home sales continues to be in the lower price ranges, with 72% of sales in the $250,000 and under category.

Current Active Listings by Price Range

July 2010 Closed Sales by Price Range

3%

9%

24%

29%

7%

$120 - $150,000

10%

$150 - $250,000

14% 12%

1%

Under $120,000

$250 - $350,000

Under $120,000

7%

$120 - $150,000

13%

34%

$350 - $500,000 $500K - $1 Million Over $1 Million

$150 - $250,000 $250 - $350,000 $350 - $500,000

25% 13%

$500K - $1 Million Over $1 Million

Total Active Listings = 25,818

Total Sold July 2010 = 1968

Data Courtesy Carolina MLS.

Data Courtesy Carolina MLS.

www.SearchCharlotteHomesForSale.com


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On the Move - Helen Adams Realty

Volume 2, Issue 8

Total Closed Units Residential Single Family, Townhomes & Condos Units

Total

Average

Closed

Closed Volume

Closing Price

MLS Area

01 - Mecklenburg County (N)

167

$ 31,589,775

$ 189,160

02 - Mecklenburg County (E)

110

$ 12,988,108

$ 118,074

03 - Mecklenburg County (SE)

66

$ 8,135,800

$ 123,270

04 - Mecklenburg County (SSE)

99

$ 34,733,727

$ 350,846

05 - Mecklenburg County (S)

176

$ 71,572,457

$ 406,662

06 - Mecklenburg County (SSW)

62

$ 11,810,919

$ 190,499

07 - Mecklenburg County (SW)

56

$ 6,969,315

$ 124,452

08 - Mecklenburg County (W)

67

$ 5,394,177

$ 80,510

09 - Mecklenburg County (NW)

81

$ 12,237,405

$ 151,079

10 - Union County

193

$ 55,933,574

$ 289,811

11 - Cabarrus County

133

$ 22,129,346

$ 166,386

12 - Iredell County

88

$ 11,465,893

$ 130,294

13 - Lake Norman

92

$ 39,645,668

$ 430,931

14 - Lincoln County

32

$ 4,996,626

$ 156,145

15 - Lake Wylie

38

$ 16,345,035

$ 430,132

16 - Gaston County

139

$ 17,017,231

$ 122,426

17 - York County

117

$ 23,285,725

$ 199,023

20 - Alexander County

6

$ 1,507,500

$ 251,250

21 - Rowan County

73

$ 9,287,033

$ 127,220

22 - Cleveland County

26

$ 2,052,608

$ 78,946

23 - Stanly County

20

$ 3,170,017

$ 158,501

24 - Lancaster County

43

$ 10,000,335

$ 232,1566

25 - Anson County

10

$ 969,500

$ 96,950

29 - Catawba County

22

$ 2,744,777

$ 124,763

35 - Chester County

1

$ 10,000

$ 10,2000

42 - Mtn. Island Lake

17

$ 3,924,360

$ 230,845

99 - Uptown Charlotte

14

$ 2,914,900

$ 208,207

TOTAL (for All MLS)

1968

$427,686,411

HPI Annual Appreciation The HPI (Home Price Index) is a broad measure of the change in annual single family home prices in geographic area across the US. 2009 and 2010 show the first signs of home depreciation in the Charlotte metro area in over 30 years. This decline however, coupled with the fact we are seeing some of the lowest mortgage interest rates in decades, also indicates that is it an excellent time to buy.

$217,320

www.SearchCharlotteHomesForSale.com

Charlotte Metro Area

Source: Federal Housing Finance Agency: www.fhfa.gov


On the Move - Helen Adams Realty

Volume 2, Issue 8

Page 3

Source: Freddie Mac, NAR, July, 2010 Data Courtesy Carolina MLS.

www.SearchCharlotteHomesForSale.com


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On the Move - Helen Adams Realty

Volume 2, Issue 8

How To Get a Downpayment to Buy Investment Property

Take Advantage of Falling Interest Rates By Refinancing Your Home With falling interest rates, are you thinking of refinancing your home to lower your monthly payments? Instead, consider this: refinance your home and leave the payment the same. This will allow you to pull cash out of your home and buy and investment property. This is the #1 way most investors find the downpayment to get started owning investment real estate. The graph top the right shows an example of how your home can produce a $33,579 “golden nest egg”.

Strategy

Loan Amount

Term

Original Loan

$150,000

Refinance

$183,579

Cash Out

$33,579

Buy residential properties. Buy single family homes, condos, townhomes. Stay away from land and commercial unless you are an experienced investor.

2.

Buy “mainstream” homes. These are competitively priced properties that would appeal to most buyers. Avoid over priced or unusual properties. Look for single family homes with at least 3 bedrooms and condos with at least 2 bedrooms.

3.

Don’t buy with partners - unless you have to. If you do partner, make sure they have the same goals, values, as well as financial and geographic stability.

Monthly Payment

30 years

8.0%

$1100.65

30 years

6.0%

$1100.65

4.

Work with knowledgeable people. Pick 7. Realtors® who know the neighborhood and market trends, and look for experienced, reputable home inspectors, accountants, attorneys and repair men to aid you in the process.

Know your enough. How much of a nest egg do you need? Make a financial plan to determine how many properties you’d like to accumulate, when you would like to stop investing, and when you want to start paying off all that you have.

5.

Take good care of your property. Hire a 8. reputable property management company to screen potential tenants for credit and crime history, maintain the home, handle repairs, landscaping, etc.

6.

Get started early. Don’t wait to buy real estate. When the time is right and rates are low, buy real estate and wait. If you don’t have the money now, make a plan and commitment to obtain it.

Believe in the long run. Real estate markets are cyclical, but a sound investment will reap profits with time. Keep an eye on dropping interest rates, and look for homes that will offer long-term value to determine the best time to buy.

Tips for Buying Investment Property: 1.

Interest Rate

For more information regarding refinancing and real estate investing, contact Debe at Debe@DebeMaxwell.com

Debe Maxwell, Realtor®/ Broker Platinum Level Quality Service Certified ® Helen adams realty 2301 Randolph Road Charlotte, NC 28207 704.491.3310 / Debe@DebeMaxwell.com www.SearchCharlotteHomesForSale.com www.SearchCharlotteNeighborhoods.com

Charlotte NC Real Estate Market Report 09/2010  

Market statistics from last months real estate sales in Charlotte NC.

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