Danielle Edwards

RE/MAX Executive

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How to Prepare for Real Estate Market 2018 in Charlotte

February 16, 2018 by Danielle Edwards

Real Estate market 2018 for Charlotte, NC

A guide for Buyers and Sellers

How do I prepare for the Real Estate Market this year? This is probably the most popular question I get asked by buyers and sellers alike. According to the news, homes are just “flying off the shelves.” This might actually be true if you are a first-time home-buyer looking in the $100-$300k range. So many millennials are entering the Real Estate Market during an extreme shortage of listings, causing the demand for this price-point to be pretty painful for buyers.

Can you guess the average number of days that a house stays on the Real Estate Market? 1 day. That’s right.  GONE.

First, let’s talk to my buyers…

How to win a multiple offer situation or a home under $300k in Charlotte

1. For starters, get yourself a seasoned and EXPERIENCED buyer’s agent. This is vital for a few reasons:

  • Competition. 8-12 hours after a listing has hit Zillow or Realtor.com, your competition has already seen it, and maybe even booked an appointment.  Realtors have access to listings the nano-second it goes live.  You want someone that is available to show you property ASAP.
  • Availability. You’ll have an agent to come to ANY time ANY day of the week with questions and concerns. As a Realtor, I work non-stop.  I have no “off-hours.”  Believe it or not, there are some agents who don’t work Sundays or after 5 pm.
  • Multiple-Offer Situations. The right buyer’s agent will prepare you to win multiple offer situations (stressful bidding wars) and keep a leg-up over your competition well before your perfect home hits the market. To find out what exactly I do to prepare my buyers and make their process as seamless as possible, please contact me and I will ensure you are ready to win your dream home once we find it.  I have an excellent multiple offer track record!

2.  Get to know your area’s school zones.

Have a home in mind? Become familiar with the neighborhood, schools, and area so you are not wasting time deciding on anything BUT the home.  If you think you will have children in 5 years, please look at the schools unless you want to move again (and prepare for a new Real Estate Market later!)  I can’t stress this enough.

3. Show me the Money!

The more money you have available to put towards a down payment, the better and the more flexible you will be with closing the deal in a timely manner; and therefore, the more appealing you will be to the sellers and the seller’s agent.  Often times, you may be up against cash buyers.  Cash buyers can close in 14 days! Talk about a seller’s dream.
Save up for a downpayment so you can get a leg up on your competition!

4. Don’t get caught up in asking for personal property.

Keep it as clean as possible.  You can always ask for that after you have come to contract terms.

Anything and everything else will be shared with my buyer’s when you choose to work with me. I will keep you informed and prepared to buy that perfect home! Contact me and let’s get to work!

When is the best time to contact a Buyer’s Agent? (Danielle Edwards)?
ASAP!  Don’t wait till your lease is up in 30 days.  You should be contacting your agent at least six months in advance.  The sooner the better! Read the Working with Real Estate Agents brochure.  90% of all buyers have representation.

The seller compensates the agent.  In exchange, you get someone who is looking out for you through finding the home, negotiation, problem-solving (trust me, most of what I do is problem-solving), repairs (the most stressful part) and coordination of closing.  Would you really want to do all that yourself?

Alright, sellers. It’s your turn.

Dear Sellers,

Let’s get to the point. If your home is over $300k, it is not part of the mass craze of homes selling in one day.

I am sorry to break this to you.  With new construction going up everywhere, and the majority of Baby Boomers downsizing from their 4,000 sqft+ homes, there is A LOT of competition.  Buyers looking for homes over $400k are most likely NOT first time home buyers.  This crowd has likely already owned a home and are now looking to cross everything off their wishlist with their second or third home.  Most buyers these days spend hours watching HGTV and expect every house to look like the “after” portion of Fixer Upper.  They also have new construction options that are often right around the corner from your well-built 1980s brick home and have all the bells and whistles with a teeny-tiny yard to maintain.

So what can you do?

Wait for it…

Well, contact me of course!  In all seriousness,  there is A LOT of work to be done to get your home ready to sell.  I have the numbers (and the experience) to prove it.  All of my previous listings that underwent some serious hard work (as well as minor adjustments) in preparation to hit the Real Estate Market, sold quicker.  The ones that didn’t, sat on the market.  Those sellers eventually had to cave and make changes that I suggested and guess what? They sold.

Things that make a home take longer to sell:

1. The Lot

If your lot is less than ideal, your price should reflect that. Do you have a sloped or high-pitched driveway? Is it kid-friendly? Does it back up to a highway, road, unsightly or ill-maintained neighboring home?  Most deficiencies can all be overcome by a lower price.  I firmly believe there is a buyer for every home.  You don’t want to waste the first 30-60 days on the market receiving the same feedback about your lot over and over.  Imagine having to keep your home immaculate 24/7 while dealing with the pets and children (if you have any).  Stressful.  The only exception to this is if you don’t actually live in the home you’re selling. Regardless, have your listing price reflect the quality of your lot will allow us to find that buyer that doesn’t mind the EMF tower in the backyard.

2. The Wallpaper

It has got to go… unless it is the new, trendy kind of wallpaper hitting the home-decor stores lately.
Old wall-paper has got to go!

3. Heavy curtains covering transom windows

Dark, drab rooms are not very inviting. In case you haven’t heard, natural lighting is “all the rage” right now. Studies show that living in a home with plenty of natural light is beneficial for your immune system and overall happiness levels.

4. Overimproved home

In today’s Real Estate Market, you might have trouble if your home is recently updated or has new additions while surrounding homes are outdated, small, and poorly maintained.

5. Undesirable schools

Buyers that are hoping to have kids or who already do, will be looking for a home in a top-level school district. Unfortunately, there’s not much we can do when it comes to the school district your home is stuck in. But we can highlight other perks that outweigh the cost of undesirable schools and even get familiar with nearby private schools.

Today's Real Estate Market.

6. Poor maintenance

I have a lot to say when it comes to maintaining your home. In fact, I wrote a book about it. You can find it here. If your home has been poorly maintained over the years, it will take a lot of work to get it in top-selling shape– but together, we can make it work.

As your agent, I will provide you with the average days on Real Estate Market for your community.  You can click here to find out your neighborhoods recent activity to get an idea.  My role as your agent is not just to post your home on The MLS, anyone can do that.  My goal is to effectively market this home and get it sold.  The home is a product.  I will negotiate with your buyer’s agent, manage repairs and problem-solve daily until we close!

Let’s be honest: Interest rates are expected to rise and there is a lot of new inventory entering the market as well. When interest rates rise it affects the buying power that future homeowners have.  You only have one chance to make that first impression to buyers. And Buyers, you only have once chance to make the right offer to a Seller.  Whichever side of the coin you are on, I can assist you.

 

REMAX agent Danielle Edwards

704-604-2999

drivendanielle@gmail.com

www.dedwards.carolinahomesite.com

 

 

 

Contact Danielle Edwards with REMAX Executive Realty for all of your Real Estate needs!

 

Filed Under: Market Conditions, Personal Interest Tagged With: buyers agent, charlotte real estate market 2018, Charlotte realtor, danielle edwards, listing agent, remax executive, tips buying a home, tips selling home

Upside down in your Mortgage

November 20, 2013 by Jason

Upside Down in Your Mortgage?

foreclosure

Option’s for when you owe more than its worth

Let’s face it, you are not alone with the rest of your “under water friends” who bought at the height of the market. Not only do you own this great home, but most have high interest rates. Staying in your home and throwing GOOD MONEY at your bad investment is not helping you grow financially, or save money.
You may be lucky enough to have an Aunt Ida fund to make up the difference, otherwise I have put together 7 options to help you with your upside down mortgage. I would seek legal advice on 2-7, since rules and laws do vary from state to state.

Option One: DEAL WITH IT

Staying in your home is the least stressful option. A great option if you enjoy taking your money and throwing it away every month at an investment you might never see a return on. However, the right thing to do if you care about your credit and accepting the fact that life isn’t always fair. Because of high interest rates, and the limitations on selling it, dealing with it and “sucking it up” leaves you at option one. But, the good news is that one day in the very distant future you will have it paid off.

Option Two: RENT IT

rentIf you are able to rent your upside down home and cover your expenses this may be a great option. Even if you barely cover your expenses, and you can find an other cheaper living arrangement this would be a good scenario. Sometimes you may have homeowner association rules against renting out that make this option less favorable.
Other options, you can rent out a room, or even two. Probably, not the American Dream you imagined, but a good option to make your living expenses less.

Option Three: Short Sale

A Short Sale is when you can prove a financial hardship and you get the bank’s permission to sell the home for less than what it is worth. Most banks require that you have missed payments. Short sales can be a painful and long experience. They will ding your credit for at least 7 years, but you will NOT be responsible for the difference owed to the bank. However, some banks will make payment arrangements with you for the remaining amount owed, but at a low to zero interest rate. Every bank is different. Having an attorney who specializes in SHORT SALES is highly recommended.

Option Four: Modify Your Mortgage

Many homeowners are taking advantage of various loan modification programs. These programs offer lower interest rates, but also restart the term of your loan for 30+ years. The home will have to qualify and in some cases appraise. The upside in doing this is by making the home more affordable you could potentially put yourself in a position where you can sell it sooner.

If this option doesn’t work, see option five.

Option Five: HARP Program

HARP PROGRAM is a great program for those who are upside down in their mortgage, have made on-time payments, have a reasonable good credit score, and falls into the guidelines in this video.

HARP if you meet all of the following criteria:

Option Six: Walk

By no means am I suggesting foreclosing on your home. But, lets face it, people are doing it. In some areas, mortgages are often made on a non-recourse basis — so, the bank can take your house, but can’t come after you for any balance due on your mortgage. (Check with an attorney! This is not true everywhere and in every case)
A better option is to contact your bank regarding a deed-in-lieu, where the bank agrees to take the deed. All you are doing is saving the bank a step from taking you to court to sue you for the keys. However, they can still come after you for the difference owed.

mortTo get started:

Offer the bank a deed-in-lieu.
Stop making payments.
Continue to live in the house and save money, cause let’s face it your credit is about to take a 7 year hit!

Most of the time the bank would want you to try to short sell your home with a Realtor. This shows good faith, however you need to prove financial hardship with a short sale and missed payments.

Option Seven: Bankruptcy

Bankruptcy is forgiveness of all debt. This is the sure way to make sure you are DONE with the collectors calling, and the bank coming after you. When you file bankruptcy you can forgive other debt like credit cards, car loans, and your mortgage loan. There is something calling AFFIRMING your loan in the bankruptcy process. This would be if you want to not put your home in your bankruptcy and still “agree” to pay your mortgage cause you still want to live there. Many bankruptcy attorneys may advise not reaffirming your mortgage loan, even if you want to stay in your home. When you file bankruptcy, even if you decide to keep the home and make payments, the bank no longer reports to the credit bureaus that you are making ON TIME payments, because the loan wasn’t “reaffirmed” in your bankruptcy.

Hope this information was helpful! If you have specific questions on selling your home in Charlotte, or you are upside down on your mortgage please contact me directly I am happy to help.

RE/MAX Executive Realtor Danielle Edwards

Danielle Wasser
www.daniellewasser.com
(704)604-2999
drivendanielle@gmail.com

Filed Under: Advice, Charlotte Real Estate News, Featured, Market Conditions Tagged With: Charlotte Suburbs, condos matthews, Cornelius, deed in lieu, foreclosure, Matthews, realtor, remax executive, short sale, under water ho, upside down, upside down home

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Contact

Danielle Edwards
REMAX Executive
12104 Copper Way Ste. 100
Charlotte, NC 28277
704-276-6882
info@soldondanielle.com

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