What Do We Mean By Curb Appeal

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Carolina Living Real Estate - Ugly Homes

  • Pressure washing the house, porches/patios/decks and the driveway if it is concrete.
  • Fix cracked driveway’s if possible.
  • Replace gutters if possible. However cleaning out the gutters and downspouts make a noticeable improvement.
  • Clean the windows (inside and out).
  • Trim shrubs and bushes.
  • Paint the front door, trim and windows.
  • Inexpensive updates can make a world of difference. Do things like replacing the mailbox, lights, house numbers and door hardware.
  • Add flowers in the spring and summer.
  • Add outdoor lighting.
  • In NC we get those ugly streaks on our roofs from surrounding trees.  There are companies that clean these and makes the roof look like new. 

Note:  If your home looks like the one in the picture….Tear down an re-build!

Buying New Construction Around Charlotte-What You Should Be Asking

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First and foremost, find out who the developer is. The builder on the sign may not own the development. It is highly likely that the land is owned by a developer who is selling lots to the builder. If this is the case find out who the developer is and verify that they are financially sound?

Charlotte Homes For Sale

Those great looking entrance features, manicured common areas and community amenities are the responsibility of the developer until the majority of the development is completed. You have probably seen the entrance looking beautiful and the rest of the commuinity looks like a dust bow. Don’t be one of the people miserable that no one else is building or worse, a new developer has decided to build less expensive homes. This will kill your homes value!

Ask to see a copy of the Covenants, Conditions and Restrictions. These are the “laws” of the community that dictate everything from changing the color of your home and putting up a fence, to parking certain types of vehicles on your property. A violation of the CCR’s may subject the homeowner to fines or even liens against the property. Read these thoroughly, ask questions and make sure you can do the things you want .

If amenities are planned but are not yet completed, be sure to ask when they will be finished. This comes back to the developer running of money and never getting to this part of the community. In some cases developers are required to post a completion bond on planned amenities, which is like an insurance policy for the homeowners that insure amenities will be completed if the developer does not have the means to do so.

Check the financial condition of the HOA. Did you know you are allowed to ask the community rep for a current copy of the HOA financial statement. This is one that almost no one ever does! The law requires builders to provide this to you when you are ready to sign a contract. You can also check local government web sites to see if there are any liens, lawsuits or judgments filed against the HOA. If any of the above has been filed, your dues could be affected if judgments are filed even if it is prior to you ever living in the development.

Your Carolina Living Real Estate agents can assist you with this entire process and these are some of the reasons we don’t believe you should go it alone.

Why Is My Home Not Selling

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Charlotte Real Estate Sellers

Frustration is abound around the Charlotte area.  Realtors around our area are continually answer questions about the lack of selling, the lack of showings and what to do next.

No agency big or small, nationwide or regional is immune to what we are experiencing around Charlotte.

It used to be that the mantra for real estate was “location, location,location”!  While location is still very important there is a new mantra that good Realtors need to abide by.  This is “internet internet,internet and pictures, pictures pictures”

While strictly following the new rules of the game won’t guarantee results, it can help.  You see more than 80% of buyers are on the interent to find homes.  If the pictures are not good or the main picture does not draw visitors to continue looking, you have lost them forever!

Interestingly we agents are fielding calls about homes but the majority of them are from buyers that we have renamed ‘speculators’.  We are finding the very first question out of a speculators month is “What is the sellers situation?”.  They are essentially trolling for ‘steals’.  

It is very difficult times for the legitimate home seller!  However, the a few rules will always stay the same.  Stage it, price it right and you will eventually get a buyer.  However, if you don’t price it right in this market, you essentially are eliminating your home from consideration!  

Can’t see and need to rent?  This has become a viable option in this market.  Visit our Property Management Division at Charlotte and Lake Norman Property Management.

Charlotte Area Real Estate – Offer To Purchase

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Get Ready…Due Diligence Offers are coming.  Or so they say!!

In reality, we should consider using them BEFORE they become our only option.  Your Carolina Living Real Estate agents are gearing up for a significant change.  Whether you are in Charlotte, Lake Norman, Gastonia, Concord and points between, we are getting prepared.

If you know our NC Offer To Purchase, you are aware that we have an Option 1 and an Option 2 with regard to offering with contingences for things dealing with repairs, inspections etc.  Ernest monies could or would be returned to the buyer for various reasons due to these contingencies.

If you are new to Charlotte area real estate, then this is probably very confusing.  Make sure you hire an agent that can explain all the nuances of our contracts. 

We have been told that there is a chancethat by October the Option 1 portion of our contracts will be eliminated and we will be using only the Option 2 portion.  This option is just like what commercial Realtors have been doing for years.  Basically this is how it works.

For a non-refundable option fee, a buyer can perform his/her due diligence to decide the pruchase.  For ANY reason the buyer may back out of the contract and the end result is the loss of the option fee.  If he/she does buy the house, the option fee goes to the purchase.  Additionally, an ernest money deposit may also be given to display good faith to the seller and will be returned if the buyer ultimately is turned down for lending. 

The latter statement is one area of confusion and through education will be be a mute point.  As agents become more familiar with this contract, they will educate buyers to get the loan approved prior to the offer.  As it stands now, buyers tend to get PRE-approved.  This, in no way is absolute approval.  You see, with an option fee potentially lost, buyers are not going to want to roll the dice with a loan qualification.  SO, the statement above concerning the loan and ernest monies will be mute. 

Lastly, Currently for loan qualification lenders have always needed a contract and property address.  How we get around this remains to be seen considering the fact we will probably need to know what we can buy prior to entering into a contract. 

Stay tuned…

So, What About The Price Of Your Charlotte Area Home

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We paid $300,000 for our Charlotte Home, plus we put in $50,000 worth of upgrades. We need at least $350,000 plus closing costs if we’re going to sell.

Carolina Living Agent: “Mr. and Mrs. Seller, the real estate market is like the stock market. For example, if you purchased stock at $100 per share three years ago and today it is selling at $50 per share, you wouldn’t be able to sell your stock in this market.

“The same is true in our current Charlotte area real estate market. Homes with amenities similar to yours are currently selling between $280,000 and $300,000. Consequently, you have two options: You can price your property where it will sell in this market or you can wait until the real estate market improves. It’s your choice — what would you like to do?”

.Most people understand that stock market prices change. A stock that has a high value now may plummet in price at a future date.

What many don’t realize is that the real estate market is subject to similar fluctuations in price. More importantly, as in the stock market, it is the buyers, not the agents or the sellers, who determine the ultimate price.

You see, sellers in the Charlotte and Lake Norman area have been spoiled in the past with the rapid increase in property values.  However, prices have leveled off and dropped in many of our neighborhoods. 

Your Carolina Living agent can help you with pricing and understanding fully where prices are in your neighborhood.

Lake Norman Waterfront

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Lake Norman Waterfront For Sale

One of a few lakefront properties, on private road, close to amenities but secluded, heavily treed with hardwoods and pine. Western exposure on lake side, 188 ft. of sandy beach waterfront, huge gazebo, deep water floating dock and extensive pier. dwelling is 1200 sq. ft. 3B, 2 Bath livable and updated, sold as is…value is in the land. 14x28ft. dutch colonial storage shed/2 level.
[property_details details=”1″]

Carolina Living Real Estate Mentor Program

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Carolina Living Real Estate announces it’s mentor program for new agents.

The problem new agents have is that all the training they get while obtaining a license or with some of the other programs is in the classroom.

When this is completed, they are told to sell the world on their services and abilities.  Trouble is that they have no idea how to handle the inevitable real world situations. 

Carolina Living has instituted a Mentor program that actually steps agents through the processes of showing, listing, marketing and closing a transaction.

For new agents:

  • You get 90% commission until broker status is made.
  • Your mentor goes with you on your first showings and/or until you feel comfortable on your own.
  • Your mentor steps you through the process of writing your offer to purchase contracts and submitting them.
  • Your mentor steps you through the entire process of contract to close.
  • Your mentor helps you with marketing ideas.
  • Your mentor helps you with listing presentations, measuring homes, preparing comps and dealing with clients during the listing period.
  • You are also training on building your own customized website/blog. 

For Mentors:

  • You get 10% of the total commission generated on transactions from your student.
  • You are responsible for going on at least one showing engagement with your student.
  • You are responsible for going on at least one listing presentation with your student.
  • You are responsible for guiding your student from contract to close.

We are committed to the success of every agent within Carolina Living and our mentor program helps everyone involved benefit from the experience.

Understanding Dual Agency

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Charlotte Area Real EstateDo you understand dual agency when it is explained to you?  Most people don’t.  At Carolina Living Real Estate, we make every effort to train our agents and our clients on what we can and can’t do in the dual agency scenario.  Below is not an explanation of what it is but it IS an explanation of what we can and can’t do in this situation!

What will a Broker who is acting as a standard (non-designated) dual agent be able to do for his/her two principals?

The broker must treat both fairly, equally and impartially and act in good faith with/to each.

A broker acting as a non-designated dual agent has the following duties and May perform the following services:

  • MUST disclose all material facts to both principals
  • May provide standard transactional forms to each, such as ‘Offer to Purchase’ and related addenda, and assist each in completing the various forms, but may not advocate on the behalf of either party or advocate on behalf or advise either in negotiations. 
  • The broker could provide each party with information concerning comparable sales of perform a comparative market analysis (CMA) for each.  In all probability the Broker performed a CMA for the seller prior to marketing the listing, and to treat both parties fairly and impartially, should be permitted to perform similar service for his/her buyer-client.  The CMA may, but need not, be the same CMA previously prepared for the seller, depending on the time elapsed.
  • A broker could inform each party of the availability of resources to answer questions a party might have.
  • The broker must promptly deliver documents between the parties regarding the contract etc., and may remind each party of impending deadlines
  • The broker should attempt to facilitate communication and performance of each party of his/her contractual obligations.
  • The broker may provide a list of various service providers for each party’s consideration, whether attorneys, inspectors, lenders, appraisers, etc.
  • The broker will be accountable to both principals for any trust monies received.
  • A dual agent might assist both parties in determining issues such as whether a requested repair is a ‘necessary repair’ under the terms of the contract or whether the buyer has demonstrated good faith efforts to obtain financing.
  • The broker acting as a ‘standard’ (non-designated) dual agent has the duty not only to disclose material facts to both principals, but to also disclose any information the broker has/knows about either principal to the other unless the parties has relieved the broker from this common law duty to disclose all information by the terms of the agency agreement.  (This is not necessarily true for designated agents).

A broker/dual agent May not:

Suggest to either party an amount to offer or counter offer on a property. (The broker/standard dual agent must refrain from recommending any course of conduct to one principal which might compromise the bargaining position of his/her other principal).

Designated Dual Agency

The difference between Standard dual agency versus designated dual agency is that while the company and most of its affiliated agents remain neutral and impartial, those brokers designated to represent the buyer or seller respectively each retain their advocacy and advisory abilities for their designated client and owe their fiduciary obligations only to that client. 

Thus, the designated brokers may continue to advise, counsel and make recommendations to their respective clients, so long as they did not possess confidential information about the other party at the time of designation.

A Real Estate White Paper

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The following article is made up of various excerpts from websites dedicated to real estate.  Sites like Inman News and Rsimedia have expert writers that study and write about the future of real estate brokerages.

Carolina Living Real Estate serving the Charlotte NC, Lake Norman and surrounding areas was created with these ideas and years of experience in mind.

Where many Charlotte real estate agents fail.

  • Most agents do not treat their business as a business. 
  • They fail to track how marketing dollars are performing. 
  • They fail to track profit and loss as any sound business does. 
  • They fail to analyze the true value their brokerage is providing.

Here are a few examples.  Agents will continue to work for 50% commission with a firm without taking a step and evaluating how much business is directly related to the firm.  Unfortunately fear holds them back.  Amazingly agents will give up much of their money because a firm will advertise in a media that only a small portion of the population actually uses to search for home.

Where Older Established Firms Fail

The concept of bricks and mortar is fast becoming a model of the past.  Firms that have not survived this market are the ones thave have huge rent or mortgage payments.  The only alternative is to charge the agents and agents are leaving many of these firms for more money and technology training.  In the past, agents could take floor time and there was a good chance they could get business from walk-ins or call-ins.  With the growth of the internet, this whole business model is flawed.  Consumers look for presence on the web and gain trust and knowlege before ever calling an agent.  This is another flaw that agents fall into and fail to, again, evaluate value.

Impact to consumers.

A lot of what we hear all the time now is commissions, commissions commissions.  While discounting commissions is not something we are advocates of, it is easier to remain profitable if you get into this situation and need to negotiate with clients when you are keeping your income.  Agents working for 50% or for larger companies do not have this luxury and thus often times lose the business.  In the Charlotte market, there is one firm that dedicates complete training sessions on commission justification.  It takes any discounting out of the agents pocket!  

At Carolina Living Real Estate, we provide the following:

  • 100% commission and a transaction fee
  • Free membership in the enhanced version of Realtor.com
  • We train agents on building their own custom blog and website.

We believe this model creates a successful environment for agents to succeed as well as providing an environment that enables our agents to give the best service in the Charlotte and Lake Norman areas.

Sellers Frequently Asked Questions

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Selling Your Home
Selling your home is a big decision. You probably spent more than a couple of years there, and your family will have created many memories and neighborhood friends. Maybe you expected to stay, but circumstances have changed. It is always a little unsettling to pack, pull up roots, allow potential buyers to scrutinize your home, and manage all of the details of the transaction while still providing for your family financially and emotionally.

Is this the right time to sell my house?
There are several factors to consider when deciding whether or not to sell your home. There are times when you may need to sell, such as when your job location or lifestyle changes, or you have serious money problems.
You may have outgrown your current home or are now able to afford a larger place and are ready to move up. When the economic forecast is good, you may want to sell and take advantage of the strong market.

Additionally, if you have inherited a house, it wouldn’t make sense to continue making payments it if will be empty.

What is the most important factor in deciding to sell?
Be certain! If you are not sure you want to sell, you won’t put forth the required effort or negotiate in good faith.  Beyond being a waste of time, in certain instances a buyer can force you to honor a signed contract even if you change your mind. Save yourself the trouble.

How do I determine the sales potential of my home?
The basic influencing factors include location, appearance of house and neighborhood, size, condition, view, percentage of owners to renters in your neighborhood (owners tend to have a pride in ownership) and crime rate.

What are the steps once I’ve decided to sell?
First, choose your Carolina Living Real Estate REALTOR® and ask for a comparative market analysis. This will help you determine a fair asking price – high enough that you get what your home is worth and realistic enough so that you interest buyers. Secondly, look into the current mortgage interest rates. It will affect what potential buyers can afford, and what you can afford if you move up.

How can I best work with my REALTOR®?
Ask about and understand what marketing steps he or she will take and when they will occur. Define your expectations of the transaction and communicate them. Disclose problems, keep your house in good condition and let your Carolina Living  REALTOR® take the lead with buyers. Keep your house clean, the yard neat, and be ready at any time. Let the real estate agent show the house, but if you are home during a showing, stay inconspicuous. You probably have less experience, may make buyers uncomfortable, and may want to avoid hearing any negative comments buyers may have. Finally, you must allow inspections, fix anything necessary, and follow through on the closing. What should I do to get my home ready for showing?  Start by taking a look from the street. This is the first impression potential buyers will get. Remember what you liked when you first saw the house. Have you improved on it or let anything go? Next, walk slowly through the interior. Eliminate odors, especially pet and smoke. Clean the windows and pull back the drapes to maximize
light, bright rooms.

We’ve found a great house at a good price. Should we buy?
You have three basic options.
• You can wait until you sell your current home. With this option, you risk losing the new home to another buyer, but you may find one later you like even more.

• Secondly, you can add a contingency clause to your offer, stating that you must sell your current house before closing on the new one. Sometimes sellers do not want to sign this type of offer, because it isn’t a strong one.

• Thirdly, if you are having trouble selling your current house, you may consider renting it out or refinancing it for cash to help you buy. The problems associated with this third option including finding and managing tenants, trying to sell the house while it is tenant-occupied, and paying closing costs and higher mortgage payments incurred with a refinance.

What are the important factors when considering an offer?
Consider all of the following: price, terms, clauses, personal property requests, and the amount of the earnest money, if applicable.

What can I do to help get potential buyers financed?
 If the buyers have adequate income but are a little short on cash, you may pay the non-recurring closing costs at the closing.

Are there any special considerations when selling a condo?
The most obvious difference is the maintenance fees. You may want to remind buyers that maintenance fees can often work out to be less money than single-family home maintenance costs because condo fees are shared by all owners of the condo association.

Source: 2007 National Association of Realtors®