New Listings in the Charlotte region increased 1.5 percent to 4,526.

Pending Sales were up 7.8 percent to 2,317.

Inventory levels shrank 18.7 percent to 19,633 units.

Prices enjoyed a boost. The Median Sales Price increased 4.6 percent to $159,995.

List to Close was down 5.8 percent to 145 days.

The supply-demand balance stabilized as Months Supply of Inventory was down 29.3 percent to 9.7 months.

What does this mean for you if you are a buyer? It’s time to get off the fence! Prices are increasing in our market and inventory is down. Competition from other buyers, including investors, is heating up. We are getting multiple offers on our listings that are priced right! Don’t miss your opportunity at low prices and interest rates! We work with some great lenders and would be happy to refer you to one to get pre-approved. Call us today at 800 977 7042.

Based on information from the Carolina Multiple Listing Services, Inc. for the period April 1 through April 30, 2012. 

New Listings in the Charlotte region decreased 9.1 percent to 4,736.

Pending Sales were up 5.3 percent to 2,309.

Inventory levels shrank 20.8 percent to 18,783 units.

Home prices are slowly starting to turn a corner. The Median Sales Price increased 3.5 percent to $154,000 from a year ago.

List to Close was down 3.6 percent to 150 days. Absorption rates improved as Months Supply of Inventory was down 28.0 percent to 9.4 months.

What does this mean if you are selling a Charlotte, NC home? With new listings and inventory on the decrease, and pending sales and home prices on the rise, this may be the perfect time to put your home on the market! Not to mention a Spring market has historically brought higher prices! Call Giving Tree Realty today at 1 800 977 7042 for a no cost evaluation of your home.

 All data from Carolina Multiple Listing Services, Inc. Report provided by the Charlotte Regional REALTOR® Association

Eligibility Requirements for a New Loan After a Short Sale or Foreclosure

For FHA, Fannie Mae, Freddie Mac, and VA loans, a sufficient amount of time, known as a “waiting period,” has to have passed since the short sale or foreclosure was completed before you will be eligible. The waiting periods for each type of situation, short sale or foreclosure, are dependent upon the type of loan you pursue. The chart below outlines the waiting periods by situation and type of loan:

Waiting Requirements for a New Loan After a Short Sale or Foreclosure

*For FHA loans borrowers can buy a home again right away if the borrower was current on their mortgage payments at the time of the preceding short sale, or if the borrower was in default on the mortgage for reasons beyond the borrower’s control. 

The lender will have to verify that you have re-established your credit as well as consider other factors, such as your current salary, your debt-to-income ratio, and your savings.

How to Prepare to Buy Again After a Short Sale or Foreclosure

The first thing you need to do is get your credit back in shape. Here are some of the basics:

• Establish credit at least one year before you apply for loan
• Pay down or, if you can, pay off any credit cards you have
• Obtain a secured credit card from your bank/credit union
• Have documentation for income, expenses, credit history
• Identify unnecessary expenses, cut back on spending

Figuring Out How Much You Can Afford

The next thing you will need to do is figure out how much you can comfortably afford each month in order to own a home. Calculate monthly expenses such as car and credit card payments to get an idea of what you’ll be able to afford. We have some great Mortgage Lenders we can refer you to to get pre-approved for a loan, or at least get an idea of what you need to do to prepare yourself to buy in the near future.

For the month ending February 2012:

New Listings in the Charlotte region decreased 5.0 percent to 3,958.

Pending Sales were up 21.8 percent to 1,969.

Inventory levels shrank 22.6 percent to 17,811 units.

Prices were fairly stable.

The Median Sales Price increased 0.5 percent to $145,450.

List to Close was down 2.4 percent to 150 days.

Absorption rates improved as Months Supply of Inventory was down 28.3 percent to 8.9 months

All data from Carolina Multiple Listing Services, Inc. Report provided by the Charlotte Regional REALTOR® Association.

Payment history-35% of your score is based on your timely payments of your credit cards, installment loans, mortgage, etc. Any adverse information such as bankruptcy, judgements, suits and liens is also included here.

Amount owed-30% is based on the amounts you currently owe, the number of accounts with balances, and how much credit you’ve used in proportion to your total credit limits.

Length of credit history-15% is based on how long you’ve had credit accounts open and the elapsed time since your recent activity.

New credit-10% is based on the number of new accounts or recent credit inquiries. Your credit report will tell you who has been inquiring about your credit.

Types of credit-10% is based on the number of various types of accounts you have.

AnnualCreditReport.com allows you to request a free credit report, once every 12 months from each of the nationwide consumer credit reporting agencies: Equifax, Experian and TransUnion. I suggest you pull a copy of your credit to determine if there are any mistakes before applying for a home mortgage, a car loan or even a new job. There is a small charge to obtain your credit score but in my opinion is worth it to know if you need to make improvements to get your score up.

1. Open up the floor plan by removing doors from rooms that don’t need them. If your budget allows then consider removing interior walls to permanently open the floor plan. Just make sure it’s not a load bearing wall!

2. Multitask a room:

Your dining room is probably only used on special occasions. Why only use it on holidays when you can use it everyday as an office or homework room without giving up holiday dinners? Install French doors, add an armoire or side board to store a wi-fi printer and supplies, and invest in a fitted pad to protect the tabletop. Or try a piece of furniture that does double duty like homedecorator.com’s Mission Table Cabinet for $629. This side cabinet expands into a full size dining room table.

A guest room is another room that can do double duty as a home office or media room. By replacing the bed with a pull-out couch or futon and adding a flat screen tv to the wall, space is freed up for a desk. A Murphy bed may be another option for tight spaces, they’ve come a long way!

3. Convert a laundry room into a bathroom. By getting rid of the old side by side machines and replacing them with a full-size high-efficiency stackable you may be able to create enough room for a powder or full bathroom. Hide the washer and dryer behind a bi-fold door or even a shower curtain to create the look of a full bathroom.

4. Build a home office closet if a guest or dining room isn’t available. You can build a desk with shelving above into the closet. Add decorative bins for storage on the shelves, a cork board to the back wall for notes and a pull-out drawer for the keyboard. Set the lowest shelf at 30 inches high so you can pull up a chair.

5. Create an outdoor living or dining room on your patio or deck with all weather furniture. In Charlotte we can enjoy our outdoor rooms 3 seasons out of the year! Add a fireplace or fire pit and you can enjoy your outdoor room 4 seasons out of the year!

6. Adding built-ins around a fireplace may sound like you are taking up more space but it will actually free up floor space from other areas. Building shelving to display picture frames, books or art collections and cabinetry to hide electrical equipment or toys allows you to remove furniture from other areas of the house.

7. Buy furniture that multi tasks for you. A storage ottoman can hide blankets and games and doubles as a coffee table in the living room. You can create seating in a breakfast room/nook with cushions placed over storage trunks. There are beautiful armoires available that house bars or desks. A bunk bed with a desk underneath frees up a lot of space in small children’s bedrooms.  

The home ownership rate continues to fall, and rental demand, occupancies and rates continue to rise. So why not buy when everyone else is selling? Why not buy when home prices are down 33% (nationally) from their bubble peak? Why not buy when mortgage rates are hovering near record lows? Why not buy when there is ample housing supply; including bank foreclosures, government homes (HUD and VA) and short sales?

Your answer to the title of this post will depend on whether you want to be a renter or a landlord. Maybe you already own a home that you have taken a loss on but are considering reinvesting at today’s rates and prices to recoup some of your loses. Whether you are looking to buy your 1st or 15th home, an investment property that you can rent out or your future retirement home, it’s more of a buyer’s market than it’s ever been!

Giving Tree Realty works closely with national banks, Hedge Funds and HUD to sell their properties. If you are looking for a great deal on your next home you have come to the right place! To view foreclosures and government homes go to www.GivingTreeRealty.com. We have plenty of great mortgage lenders we can recommend. You would be surprised at how much more home you can buy now with the super low interest rates and home prices. If you are concerned about future job loss ask us about “Job Loss Protection”. If your fear is a decline in home values then you have to weigh the current low interest rates and home prices with the possibility of higher rates and home prices a few years from now. Email or call us today at 800 977 7042 to discuss your current situation and plans for your future.