Impact of the Coronavirus on the U.S. Housing Market

Pep Talk. Confidence Is the Key to Success for Young Homebuyers.  

How Your Tax Refund Can Move You Toward Homeownership This Year

New Commercial Property Listing at 7251 Matthews Mint Hill Road

Prime location in Mint Hill right on Hwy 51 (Matthew Mint Hill Road) directly across from multiple business types. More shopping and restaurants are in progress now. Great investment property!

Home present and it would potentially be renovated but owners are selling the property at a land value price. City water is connected to the property. City sewer is available but not connected. Gas is available on the street but not connected to the property. Approximately 80.5 foot of road frontage on Hwy 51. Already zoned commercial.

Palmetto Heroes Program - Starts June 3, 2019

The South Carolina State Housing Finance and Development Authority (SC Housing) is excited to announce our 2019 PALMETTO HEROES PROGRAM.

The heroes selected for the 2019 initiative are:

• Law Enforcement Officers
• Correctional Officers
• Teachers
• Nurses and Certified Nursing Assistants
• Firefighters
• Veterans
• Emergency Medical Services Personnel
• SC National Guard

Qualified applicants will have the opportunity to purchase a home with a:

3.875%, 30 year fixed, mortgage interest rate

Up to $8,000 forgivable* down payment assistance (DPA) (additional $2,000 available from Federal Home Loan Bank Atlanta for public school teachers, law enforcement, firefighters and EMS workers.)

Reservations open on June 3, 2019.

Applicant Qualifications

Borrower(s) must meet SC Housing’s First-Time Homebuyer requirements. The program features a reduced mortgage interest rate and down payment assistance is available. Loans are available on a first-come, first served basis, and borrowers must have an accepted sales contract on a home prior to reserving funds. All SC Housing loan policies and procedures will be in effect for this program. Please see our 2019 Palmetto Heroes Details for more information on eligibility.

For more information, contact Loretta Terranella at 704.907.7613

*forgivable- DPA is forgivable over either 10 or 20 years, depending on your income. In the meantime, there is no interest and no payment due on the DPA amount.

Music on Main in North Myrtle Beach has begun for the 2019 season!

The 2019 Summer Concert Series Presented by the North Myrtle Beach Parks and Recreation

Journey to downtown North Myrtle Beach to delight in the sounds of a live band on Main Street.  Families are encouraged to come downtown after work or after a long day on the beach to experience the many restaurants of Main St., listen to live music, shop, and dance til’ you drop.  Kick back and unwind with us in your beach chair on Main Street.

To accommodate golf cart parking, Main Street will be blocked off from Ocean Boulevard to McMillan Real Estate from 5:00 p.m. to 9:00 p.m.

Concert Location: Horseshoe: 1 WW South Ocean Blvd., North Myrtle Beach, SC 29582

All Concerts are from 7:00 – 9:00 pm

Admission: FREE

Bring a Beach Chair

All Ages

2019 Music on Main Schedule

Sponsored by: Coastal Carolina National Bank

May

Thursday, May 30 – Hip Pocket (Variety)

June

Thursday, June 6 – Painted Man (Variety)

Thursday, June 13 – The Entertainers (Beach)

Thursday, June 20 – Black Glass (70’s & 80’s Arena Rock)

Thursday, June 27 – The Blackwater Rhythm and Blues Band (Beach, Blues)

July

Thursday, July 4 – Tru Sol (Variety, Dance)

Thursday, July 11 – Jim Quick and Coastline (Variety)

Thursday, July 18 – Bullfrog Band (Classic, Modern Rock)

Thursday, July 25 – Too Much Sylvia (Variety)

August

Thursday, August 1 – Craig Sorrells Project (Classic Rock, Variety)

Thursday, August 8 – Silk Groove (Motown, Beach)

Thursday, August 15 – The Tonez (Variety)

Thursday, August  22 –Part Time Party Band (Beach, Variety)

Thursday, August 29 – Chocolate Chip (Top 40)

September

Thursday, September 5 – Chairmen of the Board (Beach)

Thursday, September 12 – Band on Fire (Variety)

Thursday, September 19 – The Embers (Beach)

Thursday, September 26 – NTranze (Variety, Dance)

Prepare To Sell Your House - What To Do Before You List

Are you considering a home sale? Are you ready to list your home? Preparing for a home sale is more than just planting pretty flowers in the front yard.  Not only must you prepare your home for the listing, but you need to prepare yourself as well. There are two essential elements to preparing for a home sale – your home and your lifestyle. 

The Home

Of course, you’ve heard the term “curb appeal.” Curb appeal comes in many forms however and whether you hire a professional stager or not, how your home is presented to buyers is the single biggest factor in how good the offers are. 

First and foremost, before plants and pillows, remove clutter and debris and create a sense of space in both the interior and exterior spaces. Anything unnecessary should be removed; buyers want to imagine themselves in the space. Next, make sure any deferred maintenance is corrected. Check for leaky faucets, squeaky doors, hard to open windows, cracking paint or tile, etc. Show the buyers that you’ve cared for your home. This is more important than the latest paint colors and upgraded countertops. 

Lifestyle

Once your home is prepared, it’s time to take a hard look at how a listing will affect you and your family. It’s important to remember that this is a temporary situation and focus on your ultimate goal – moving. Have a family meeting to discuss the need to keep your home in “showing condition” and what this entails. Talk about showing appointments and open houses and have an honest conversation about the impact this will have on your lifestyle. Will you have showing times, how will you all communicate about showing appointments, will there be a lockbox? If there are concerns, this is the time to speak with your Loretta Realty agent about them and determine a plan which suits your needs. 

Listing your home for sale is an exciting time, but balancing the need to showcase your home in pristine condition as well as maintaining your life might be overwhelming. By spending a little time in advance to consider the best way to offer your home to buyers can make selling your home a stress-free experience and result in great offers. 

Top 6 Reasons Why You Need a Real Estate Agent When Buying a Rental Property

– By Derek Dawson, Property Manager

If you’re thinking about purchasing a home, you are probably asking yourself whether or not you should hire an agent. Buyers have many resources from how-to guides to websites.

However, a real estate Buyer Agent has a wealth of experience. This is something that no buyer, especially a beginner buyer, has. A REALTOR® will do all the advocacy for you and, generally, will get a far much better purchase price than you would otherwise get.

Not all real estate agents are created equal. You’ll need to do your homework first, as it’s important to find a good agent. You will ultimately want an agent who has some of the following qualities and traits:

·         Is up-to-date on the latest topics in real estate

·         Has a vast network of contacts within the market that they serve

·         Understands the local housing market

·         Has access to all available properties

·         Has the negotiating skills necessary to get the deal closed

·         Has problem-solving mindset

The following are top 6 reasons why you need a real estate agent when buying a rental property.

1.   It’s absolutely free to have an agent on the buy-side.

You will not have any additional costs by hiring a real estate agent. Many people mistakenly think that buying a house by themselves will save them money. They are wrong.

When buying a property, the full fee is paid by the seller to the broker of the seller. The seller’s broker, in turn, gives the buyer’s broker a part of the fee.

No part of the fee will go into your pocket by not using a buyer’s agent. The entire commission will get paid to the listing agent if you choose not to have an agent legally represent you.

The rate of commission is generally agreed upon through a contractual agreement before the property is even listed.

2.      Agents will do all the paperwork for you.

There is a lot of paperwork involved in real estate transactions. Have you ever drafted a purchase agreement or done a comparative market analysis (CMA)? Most probably, not as it’s not easy to learn these skills.

Crafting a successful offer or creating and interpreting a CMA report is an art that requires expertise.

Things get even more complicated when drafting an offer. This is because every line of the contract is important. A simple mistake could turn out to be costly down the road.

A real estate agent knows how to ensure your interests are protected when writing an offer.

3.   You’ll have access to real estate service professionals.

With a, REALTOR® you’ll have access to a database of real estate service professionals.

You’ll need a real estate lawyer, an inspector, and a lender in the course of your transaction. These are people who real estate agents work with on a daily basis. They will not only easily find one for you but will also make sure they are a good fit.

You are likely to have a difficult time accessing them if you decide not to use an agent.

Moreover, a competent agent will have recommendations for floorers, general contractors, painters, plumbers, handymen and more. These are the people you will need when it comes to home improvement tasks.

4.      You’ll have an experienced advocate and negotiator.

For many people, buying a home is the single most important thing in their life. As such, it oftentimes becomes an emotional process.

An experienced advocate and negotiator will prevent you from making an emotional decision that you might regret about later.

They will advocate on your behalf and look at the transaction with a more experienced, rational eye.

5.      You’ll have access to homes.

Getting into a home will be difficult without an agent. Sellers are not willing to allow an unlicensed stranger access their homes. The only option you would have is to visit the home during open houses.

However, sellers will be happy to let a buyer’s agent have the code to their lockbox or the agent will have an MLS approved Supra lockbox app to show their home.

6.      You will get local expertise.

Real estate agents have first-hand knowledge of the Charlotte area real estate market.

There are topics that you need to consider such as:

·         What’s the inventory like?

·         What should you expect to pay if you want a three-bedroom detached home?

·         Do you know what it takes to win against other bidders?

·         Can you expect to compete against multiple offers?

·         Are homes generally selling for 97% of asking price?

Your agent will be able to offer wise counsel to you on these crucial topics.

The world of residential real estate has many different players, including mortgage loan officers, bankers, contractors, property managers, home inspectors, appraisers, as well as buyers and sellers.

However, the workhorses of the typical real estate transaction are real estate agents. So, when thinking of buying a rental property, retain the services of a REALTOR®. They will help coordinate the entire process professionally and effortlessly.

For more information regarding rental property management in the Charlotte, NC area, contact Dawson Property Management https://www.dawsonpropertymanagement.com/

The Financial Benefits of Owing a Home

50 years ago, homeownership was one of the primary goals of every adult. Our parents and grandparents worked most of their lives to pay off that 30 year mortgage. Times have changed. Families rarely stay in one place for 30 years any longer. Studies have shown that most people move every 7 years. So if you are unlikely to stay in a home for the duration of a 30 year loan, are there still financial reasons to buy a home in Charlotte rather than rent?

The fact is there are many financial benefits to owning a home. Understanding how a home purchase fits into your financial plans and goals is important.

·        Building Equity and Wealth
Buying a home is a great way to build wealth. Paying a mortgage each month is really paying yourself, whereas paying rent is paying someone else’s mortgage for them, and in our area, it’s more expensive.

In the greater Charlotte, NC area, property values rose 13% in 2017. With an average cost of $200,000, the mortgage payment would be approximately $1225/month (assuming 10% down). By contrast, a monthly rental payment for a similar home averages $1400. Not only is the monthly cost more expensive, but as rents continue to rise (averaging 3%/year), the gap will continue to grow. Additionally, that rental expense does not build wealth as the $200,000 appreciates each year.

·        Tax Benefits *

The tax savings benefits of home ownership has been, in some cases,  diminished by the new 2018 tax law, particularly for higher priced and mortgaged homes. The total property & state income tax deduction has been capped at $10,000 for those filing jointly.  The mortgage interest deduction for married filing jointly has been capped at $750,000.

The IRS tax code allows homeowners to a mortgage deduction from their gross taxes. In addition to this, you can also deduct real estate property taxes and some of the closing costs when you buy the home.

*This article is informational only and is not intended to be used as tax advice. Please consult with your tax professional.

·        Income Producer
A property is an asset which can produce its own income stream. Renting part of the home can allow you to reduce the out of pocket cost of the mortgage. Even if you do decide to move, you might consider using the property as a full-time rental if you choose to buy another home or move to a new city.  A property is an asset which gives you financial flexibility.

·        A Hedge Against Inflation
Most mortgages written today are fixed rate loans. This means that for the duration of the loan, the payment will stay the same. The rental market always keeps pace with inflation and demand. When prices go up, so does the rental rates.

·        Asset Diversification
Real estate is often a steadier investment than the stock market. Demand for housing typically remains solid even during difficult economic times. Adding real estate, as a primary residence or investment property is a great way to diversify your financial portfolio and ensure steady growth regardless of the economic conditions.

Buying a home is often an emotional decision. It’s an opportunity to put down roots and create a home environment for you and your family. As you plan to make this purchase, it’s important to understand how this property can fit into your larger financial plan. Adding to the excitement of the chef’s kitchen and spa-like master suite is the realization that you are building wealth and opportunity which will benefit your financial health.

At Loretta Realty Group, we will work with you and our lenders to help you move from a rental to your own home.  Let’s get started. Register on our website www.lorettarealty.com or call us now at 704.907.7613.

MINT HILL VETERANS MEMORIAL PARK

We wanted to highlight one of our favorite recreation spots in Mecklenburg County – Mint Hill Veterans Memorial Park.  It’s located at 8850 Fairview Road in Mint Hill and has something for almost anyone who wants to enjoy the great outdoors.

The Mint Hill Veterans Memorial Park has been in existence since 1997 and houses something rather unusual – The Korean War Memorial.  We believe it is the only one of its kind in NC.  It was built to memorialize 788 North Carolinians who were killed or missing in action during this war.  It also pays tribute to all others who served in the defense of South Koreans freedom. 

What does the Mill Hill Veterans Memorial Park have to offer?  Natural shaded wooded trails for one.  There are wide trails which allow runners, joggers, and bicyclists to simultaneously enjoy the trails.  And it is very common to see your four-legged visitors from Mint Hill and surrounding areas enjoying the trails as well.  With over 50 acres you can find six tennis courts, volleyball courts, two soccer fields and one softball field.  Also, bring your horseshoes with pits near the children’s playground complete with swings and slides.  If you are looking for disc golf, they have you covered.  They have a nine-hole disc golf course that is sure to provide you with some challenges along the tree-lined course. Restroom facilities, water fountains and three picnic shelters sure come in handy if you plan to spend the day.

The Mint Hill Veterans Memorial Park is open at 7 am and closes no earlier than 10 pm any time of year.  It is also home to the Mint Hill Madness Festival which this year is May 25-27. Mark your Calendar for the Mint Hill Madness Festival now you sure won’t want to miss it.

Loretta Realty located in the Mint Hill Area, if you want to learn more click “More About Mint Hill” http://www.lorettarealty.com/mint-hill/ and we would provide you with more information about the Mint Hill Area.