The National Association of Home Builders released a report this week indicating 99 housing markets are showing measurable improvements. The Charlotte Metro, which includes the York County SC area, was one of the 99 markets on the March improved Index list. The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months.

6 North Carolina housing markets made the March improved housing index along with 2 South Carolina housing markets shown below.

Read the NAHB March Improved Housing Index Press Release Below:

March 15, 2012 – The tally of housing markets showing measurable improvement reached 99 in March, according to the National Association of Home Builders/First American Improving Markets Index (IMI), released today. Currently 33 states (including the District of Columbia) are represented by at least one market on the list.

The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. The 99 markets on the March IMI represent a net gain of one from February, with 31 metros being added and 30 markets slipping from the list, due primarily to incremental softening in house prices. Notable new entrants on the IMI in March include Orlando, Fla.; Rochester, N.Y.; Columbus, Ohio; and Austin and San Antonio, Texas. Meanwhile, Anchorage; Iowa City; Washington, D.C.; and Jackson, Miss. all returned to the list as a result of recent revisions in their employment data.

“In March, 68 metros retained their status as improving housing markets, while 31 new markets joined the list and 33 states had at least one entry on it,” said NAHB Chairman Barry Rutenberg. “Meanwhile, 10 states now have four or more metros on the improving markets list, with Texas’s 12 entries topping all others. The point is that economic conditions have been consistently strengthening in a diverse array of individual markets nationwide.”

“After five consecutive months of solid gains, the March IMI held virtually flat this month at just under 100 metros, while showing a significant amount of transition in terms of markets represented on the list,” said NAHB Chief Economist David Crowe. “This is consistent with NAHB’s projections for a gradual but patchy recovery in which some month-to-month softening is likely, particularly in places where the measurable gains have been very small. The bottom line is that roughly one quarter of all U.S. metropolitan areas are showing signs that their housing markets have turned the corner, which is a very positive development.”

“With nearly 100 metros showing consistent improvement in local economic and housing conditions, more consumers are feeling confident enough to take advantage of the buyer’s market this spring,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.

The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health. The index measures three sets of independent monthly data to get a mark on the top improving Metropolitan Statistical Areas. The three indicators that are analyzed are employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac, and single-family housing permit growth from the U.S. Census Bureau. NAHB uses the latest available data from these sources to generate a list of improving markets. A metropolitan area must see improvement in all three areas for at least six months following their respective troughs before being included on the improving markets list.

A complete list of all 99 metropolitan areas currently on the IMI, and separate breakouts of metros newly added to or dropped from the list in March, is available at: www.nahb.org/imi.

Above is a summary of  Tega Cay single family homes sales for 2011. The information was prepared using data from Carolina (Charlotte metro) MLS. Homes.

According to CMLS data, 25 more homes sold in Tega Cay in 2011 compared to 2010. The number of days on the market reduced 15%. Average homes sold prices were down 2% from last year but the list price to sold price ratio was flat holding near 96%.

Overall , selling more homes than the year before is a positive trend.   One thing to watch in the coming months is the trend that there are  less homes for sale now than last year. The reduced inventory trend during early fall 2011 was down almost 40% from last year and ended closer to 20% down in December. If the reduced inventory trend continues, this may signal better news for home sellers if the home buyer demand increases.

A note about the numbers – Tega Cay is on the border of NC and SC and included in the Charlotte Metro. We have two overlapping Multiple Listing Services that serve our area. The services are the Piedmont MLS and Carolina MLS. Not all homes for sale in our area are added to both MLS services. So homes sold reports can vary depending upon which service is used. I choose to use CMLS data for this report but I am a member of both services and would be happy to share your neighborhood results with you. Just give me a call or send me an email.

Information Deemed Reliable But Not Guaranteed.

Call me for questions or showings.

National home sale contracts off 30 percent in May 2010 compared to April 2010 as reported by the National Realtor Association. Not a big surprise based on the fact that the home buyer tax credit deadline was April 30th. So how did Tega Cay home sales do for the first half of 2010?

I broke home sales out by two periods. The first period is January thru April 2010 compared to the same period in 2009. The number of Tega Cay SC homes sold was up 27% or 19 homes sold compared to 15 in 2009. The sales price to list price was up one point from 95% to 96%.

The second period comparisons are Tega Cay homes sales May to June 2010 compared to 2009. The period experienced a nice increase compared to last year at 47% or 25 homes sold compared to 17 in 2009.

This is not a surprise and primarily driven by the home buyers tax credit that ended in April. The numbers are actual closings so the increase in home sale closing volume was expected since the closing deadline was June 30th for the home buyers credit.

Tega Cay’s July home sales forecast? Charlotte MLS reports 15 pending contracts for June in Tega Cay. There are 4 pending contracts for the first week for July. Based on this pace, home sales in Tega Cay seem to be similar to the May and June home sales results. Economist say IF job starts increase the later part of this year, homes sales will follow even without incentives.

Information Deemed Reliable But Not Guaranteed.

Call me with your home sales questions.

I meet with Liz Ciardi,  Home Mortgage Consultant with Wells Fargo Home Mortgage, this past week . She past on timely information about the Home Buyer Tax Credit that expires in April. The following is a summary of the Wells Fargo Home Mortgage Tax Credit information brochure:

Seize This Opportunity

Little time remains for you to take advantage of the Federal Home Buyer Tax Credit. Along with high affordability and low mortgage rates, tax incentives make now a great time for first-time and repeat buyers to purchase real estate. It also presents a good opportunity for sellers. Now is the time to make sure your home appeals to motivated buyers.

First-time Buyers

If you have not owned a home within the last three years, you may be eligible for a tax credit of 10% of the purchase price of your first home, up to $8,000.

Repeat Buyers

The tax credit program has some additional incentives for those who purchase another home. You may be eligible for a tax credit up to $6,500 if you have owned and occupied your current residence for five consecutive years during the last eight years.

There are limits on the highest income you can earn and still be able to qualify for the full amount of the tax credit. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this, but less than $145,000 can receive a partial credit. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap, but less than $245,000 can also receive a partial credit. Qualifying buyers may receive the tax credit for properties with a maximum purchase price of $800,000.

Tax Credit vs.Tax Deduction

It’s important to consider that a tax credit is a dollar-for-dollar tax reduction, rather than a decrease in taxable income that would only save you a percentage of your deduction based on your tax rate. Better still, the tax credit is refundable, which means you can receive a check for the credit if you have little or no tax liability to offset.

To qualify for either of these tax credits, you need to act now! All contracts need to be in effect no later than April 30 and close no later than June 30, 2010.

Keep in mind the tax credit program includes a number of details and qualification guidelines; please consult your tax advisor for advice. Also, you may be able to benefit from other available housing-related provisions, such as funding for energy-efficient improvements. For more information or answers to specific questions, contact your trusted real estate professional today.

Click to see and download the Wells Fargo Home Mortgage Tax Credit Brochure Resource1[1]-1

Liz’s contact ifo:

Since we are coming to the close of the 2009 year, I prepared an analysis of home sales in Tega Cay SC comparing total home sales in 2009 to home sales in 2008. Although there are a couple weeks left in 2009, there will not be many closings occurring before the new year to significantly impact the 2009 sales numbers.

I have split Tega Cay homes sales into two categories. The first split is homes sales under $400,000. The second split is home sales over $400,000. I split the analysis in these two groups because the majority of the activity in Tega Cay and in the Fort Mill area is occurring with home sale transactions below $400,000.

Tega Cay Homes Sold Under $400,000

77 homes sold in Tega Cay 2009 under $400,000 compared to 97 homes in 2008. This represents approximately 21 percent fewer homes sold in 2009. The days on the market increased 8 percent to 111 days. Homes are selling 96 percent lower than asking or listing price. The average homes sales price is $232,000 which is down approx 9 percent from last year. There are currently 59 homes on the market listed under $400,000 in Tega Cay. See more info on the chart below.

Tega Cay Homes Sold Over $400,000

12 homes sold in Tega Cay 2009 over $400,000 compared to 20 homes last year which is a 40% decrease. Homes took an average of 152 days to sell which is a 34% increase from 113 days on the market last year. The average homes sold sales price is $514,000 compared to $525,000 in 2008. Homes sold at 95% lower than asking or listing price which is down only 1% from last year. There are currently 35 homes for sale listed in Tega Cay over $400,000. See the over $400,000 sales comparsion below.

9 Waterfront homes sold in 2008 compared to 11 in 2009. Out of the 11 sold this year, 4 were under $400,000. There are currently 17 waterfront homes listed for sale in Tega Cay and one of the 17 is under $400,000.

To sum up the total homes sold in Tega Cay, a total of 89 homes sold this year compared to 117 in 2008. These results are not a surprising based on the market conditions the last 18 months. The good news is homes are selling. There are currently 94 homes listed for sale Tega cay according to the Carolina MLS.

Information Deemed Reliable But Not Guaranteed.

Call me for questions.

Its time for your May 2009 Tega Cay SC home sales report.

The data is for May 2009 single family home sales with a comparison to May 2008. The data is from the Charlotte MLS and the area is Tega Cay only which does not include communities like Baxter Village, Springfield, Knigthsbridge, and other Fort Mill communities.

May Tega Cay home sales increased in May from April. The number of homes sold in May 2009 was 7 compared to 4 homes sold in April.  Comparing May 2009 to May 2008, the quantity of homes sold was the same at 7. The average days a home is on the market has increased 139% from 51 days last year May to 122 days this year. The list price to sales price ratio is 95% of listed price. The average price of a home sold is $299,217.

There are currently 119 single family homes for sale in Tega Cay listed on the Charlotte MLS service.

Below is a spreadsheet summarizing the May 2009 to May 2008 Tega Cay homes sales comparison.

Information Deemed Reliable But Not Guaranteed.

To discuss or for more information please contact me.

Carmen S Miller

Tega Cay Entrance Sign

Here is a single family homes sales report for the Tega Cay SC area.

The data is for April 2009 single family home sales with a comparison to April 2008. The data is from the Charlotte MLS and the area is Tega Cay not including Fort Mill, SC which includes communities like Baxter Village, Springfield, Knigthsbridge, and other Fort Mill communities.

In April 2009, 4 single family homes sold in Tega Cay compared to 9 sold in April 2008 which is an approx decrease of 56% from last year.  The average days a home is on the market has drastically decreased 64% to 56 days from 156 days. The sale price to listing price percent is at 94% of listing price. The average price of a home sold decreased 50% with average home price of $189,750.

There are currently 111 single family homes for sale listings in Tega Cay on the Charlotte MLS service.

Below is a spreadsheet summarizing the April 2009 to April 2008 Tega Cay homes sales comparison.

With the drastic reduction in the number of homes sold in Tega Cay I did more research on the home sold trends for Tega Cay. The highest amount of homes sold over the last 11 years in Tega Cay is 19 which occurred in April 2006. April 2009 is the lowest at 4 homes sold. The next lowest amount of homes sold in April was 2002 at 6 Tega Cay Homes.

Information Deemed Reliable But Not Guaranteed.

To discuss or for more information please contact me.

Carmen S Miller

The term short sale is being used frequently in today’s real estate articles and discussions. A short sale is a strategy to stop the foreclosure of a home if all parties agree to this type of real estate transaction.  So here is more information on what a short sale is and why it’s become a widely used real estate transaction.

What is a short sale?
Wikipedia says …”When the proceeds of a real estate sale fall short of the balance owed on the property. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. A short sale typically is executed to prevent a home foreclosure.”

For example – If a borrower owes $200,000 on a mortgage and is in default. The lender may be willing to accept $170,000 for full payment of the $200000 mortgage. Why would a bank agree to this type of sale? The bank/lender can save money by accepting less money now compared to possibly losing more money using the foreclosure process.

So why is a short sale transaction happening more often?

• 1 out of 5 Properties are in distress.
• No market level is immune. The $1 Million + price range is the fastest growing segment for foreclosures.
• Defaults for sub-prime loans issued in 2007 hit 11% (and this
  was before the first reset).
• One out of two mortgages that reset (ARMS) are going into
  default.
• 7% of prime mortgages are not making payments.
• 6.35% of sub-prime loans are in foreclosure nationally and 1 in 5 are not making payments.
• Nationally, 2.2 million homeowners are in foreclosure and 8.8 million are in default (30 days late with a payment) adding up to 11 million distressed properties.
• Potential payment increase on an “Option ARM”will be 63%.
• 7 out of 10 homeowners go into foreclosure without visible intervention (i.e. they don’t try and sell their home).

Foreclosure vs. Short Sale

• A homeowner who loses a home to foreclosure is ineligible for a Freddie Mac/Fannie Mae backed mortgage for 5 years.
• A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.
• On any future 1003 loan application a prospective buyer will have to answer YES to the question “have you had a property foreclosed on.?” This will affect future rates of the borrower.
• There is no similar disclosure or question regarding a short sale.
• A foreclosure will lower a credit score any where from 250 to over 300 points, typical affecting the score for over 3 years.
• Only late payments on the mortgage will show after the sale. Mortgage will be reported as paid or negotiated. This will lower a score as little as 50 points if all other payments are being made.
• A short sale effect can be as brief as 12 to 18 months.
• Foreclosure will remain as a public record on a credit history for 10 years or more.
• Short sale is not reported on a credit history. The loan is typically reported “paid in full”.
• An employer has the right to and is actively checking the credit history of employees in sensitive positions. A foreclosure can be grounds for termination or reassignment.
• A short sale is not reported on a credit report.
• In 100% of foreclosures (exception some states) the bank has the right to pursue a deficiency judgment.
• In a successful short sale, it is possible to convince a lender to give up the right to pursue a deficiency judgment.

(data from Distressed Property Institute, LLC)

If you want more information about a short sale or want to discuss a possible short sale type transaction for your home, please contact me.

Carmen S Miller

Looking for foreclosures? Many investors and individual home buyers are taking advantage of the increasing number of foreclosures hitting the market. And there are other advantages to finding and buying a foreclosed home.

The York County SC area including Fort Mill, Tega Cay, Lake Wylie, Rock Hill has not had many foreclosures in the past but that trend looks like it might be changing. Now might be the best time to look for and buy a foreclosed home.

How do you find foreclosed homes? Foreclosed homes are marketed in many different ways. Some are sold by Realtors® and listed on the local MLS service. Some foreclosed homes are directly sold by banks, mortgage companies, government agencies, and other institutions. Homes in the form of a distress sale or foreclosures are not always listed on the MLS system or found on internet home search websites.

Carmen Miller can help you in your home foreclosure search. Carmen has two options to help you in your foreclosure search.

Carmen has added links on her website to one of the top foreclosure listing database companies (Foreclosure.com) which will allow you to search on your own for all types of foreclosure listings. If you want detailed information from Foreclosure.com, you will have to sign up for either a free 7 day trail or pay for membership with foreclosure.com.

Or Carmen can provide you with a free custom list of available foreclosures in your area.

Click here to search foreclosure listings with Foreclosure.com.

Click here to contact Carmen Miller for a free custom search.

Carmen S Miller

One of the many services Carmen can offer her home sellers is a Obeo virtual tour program. Obeo’s home tour program is full of viewing features for potential home buyers.

If the Obeo program is selected, Carmen stages your home, she hires a professional photographer from Obeo to take high quality pictures of your home. Obeo then uploads the pictures to their virtual tour viewer.

Obeo’s virtual tour viewer offers; 360 panoramas room views, a movie version of the photographs, many high quality photo views, print brochures, and much more.

Obeo’s viewer of your home is available through many home listing internet sites like Realtor.com, Century21.com, and many more.

Obeo now offers the ability to insert the viewer of your home directly into Carmen’s websites too. So instead of clicking a link to the viewer, you can select and watch the virtual tours directly from Homesfortmill.com or CarmenSMiller.com.

Here is an example:

Baxter Village Homes For Sale

Here is an updated post July 2009 about changes at Lake Ridge Tega Cay.

If you like Toll Brothers built new construction homes and you are looking to live in the Fort Mill or Tega Cay SC area you have come to the right place.

Toll Brothers, a quality award winning home builder for 40 plus years, is building new homes in the new community of Tega Cay called Lake Ridge at Tega Cay.

Carmen has at the permission of Toll Brothers pulled together on her website HomesFortMill.com quality information about Lake Ridge at Tega Cay and the home designs Toll Brothers is building and selling at Lake Ridge.

See one of the HomesFortMill.com articles about Lake Ridge by clicking here.

But that’s not all, you’ll find dedicated pages on HomesfortMill.com about Toll Brothers homes in Lake Ridge. You’ll find Toll Brothers homes in Lake Ridge site plans, home floor plans, home elevation pictures, other home design details , and prices.

Click the icon below to go the Toll Brothers Homes at Lake Ridge information page

Click here to see information about the Carolinas Village portion of Lake Ridge

Click here to see information about the Executive Village portion of Lake Ridge

If you need assistance with any information about Lake Ridge at Tega Cay or Toll Brothers homes offered at Lake Ridge, please contact her.

Carmen S Miller

It’s time for another home sales report for Tega Cay SC. I pulled numbers together for home sales August 1 through October 1, 2007 and the same time period 2008 to make the year to year comparison.

I decided to use data from the two MLS systems representing our area. I pulled data from the Charlotte and Piedmont MLS (both have properties listed that are unique to only their system so to get true numbers I had to combine them).

Tega Cay Home Sales Report Oct 1 2008

Tega Cay Market Snapshot (text version)

Aug 1^st to Oct. 1 2007

# of homes sold 37

Average Original List Price 328K

Average Sold Price 315K

% List to Sold Ratio 96%

Days On Market 87

Home sold price categories

Under 350K— 26

350-400— 4

401-500— 1

500+– 6 Three water front, one anchorage water view, two lake shore regular lots.

Aug 1^st to Oct. 1 2008

#of homes sold 25

Average Original List Price $337K

Average Sold Price $308K

% List to Sold 91.5%

Days On Market 139

Home sold price categories

Under 350K — 20

350- 400 —- 2

401- 500 —- 0

500+— 3 One custom new construction, others water front

Observation- During the two month period average original list price has increased by less than 2.8% while the actual average sold price has decreased by 2.2%. Days on market have increased by 60% and the number of homes sold has decreased by 33%. There are currently 132 listed homes for sale in Tega Cay SC.

For more information or to discuss the market analysis further please contact me.

If you would like to seach available homes for sale or rent in Tega Cay click here to go to my free home search tool.

If you would like to sign up for free automated email alerts for specific home search criteria you can customize click here.

Carmen S Miller

While our resale market has slowed down the rental market seems to be growing on a daily basis. For homeowners who have been unable or unwilling to sell their homes in this market leasing may be the next best option. I have been receiving calls on a daily basis from persons interested in leasing homes in the Tega Cay/Fort Mill areas. For families that have already relocated to our area who are at this time unable to purchase yet need to find a home with a Fort Mill School District address leasing a home is the next best option to apartment living. This could be the perfect solution for sellers who are unwilling to lower their asking price to meet the buyer driven market.

Century 21 First Choice is now offering a full service Property Management Division. Please contact me for more information on the services offered to you through this new program.

To search rental properties in the Fort Mill, Tega Cay, Lake Wylie area click here.

I created a home sales comparison report for Tega Cay South Carolina. The report compares 2007 homes sales in Tega Cay to the current year 2008 for the first two quarters. I also gave you a peek at how August home sales stack up against last year. Here is my sales report:

MARKET SNAPSHOT 2007 Vs. 2008

First Quarter Sales Comparisons

JANUARY-MARCH 2008——–JANUARY-MARCH 2007

SOLD- 27 Homes…………………………. SOLD- 52 Homes

AVERAGE LIST PRICE- $272,469 ……. AVERAGE LIST PRICE- $339,565

AVERAGE SOLD PRICE- $268,359 ….. AVERAGE SOLD PRICE- $336,220

AVERAGE DAYS ON MKT- 114 ………..AVERAGE DAYS ON MKT- 78

% LIST TO SOLD- 98% ………………….. % LIST TO SOLD- 99%

DECLINE IN SALES PRICE- 20%
DECLIEN IN # OF HOMES SOLD – 41%

Second Quarter Sales Comparisons

APRIL- JULY 2008 ————APRIL- JULY 2007

SOLD- 41 Homes ………………………….SOLD- 69 Homes

AVERAGE LIST PRICE- $323,977 ……..AVERAGE LIST PRICE- $340,272

AVERAGE SOLD PRICE- $312,553…….AVERAGE SOLD PRICE- $334,384

AVERAGE DAYS ON MKT- 99…………..AVERAGE DAYS ON MKT- 79

%LIST TO SOLD- 97% …………………….%LIST TO SOLD- 98%

DECLINE IN SALES PRICE- 6%
DECLINE IN # OF HOMES SOLD- 27%

Here is a look at the trend in August so far:

AUG. 1- AUG. 23 2008 ——- AUG.1 – AUG. 23 2007

SOLD- 7 Homes …………………………. SOLD- 9 Homes

AVERAGE LIST PRICE- $327,928 …… AVERAGE LIST PRICE- $325,355

AVERAGE SOLD PRICE- $315,300 …..AVERAGE SOLD PRICE- $318,752

AVERAGE DAYS ON MKT- 101………. AVERAGE DAYS ON MKT- 70

%LIST TO SOLD- 96% ………………….. %LIST TO SOLD- 98%

DECLINE IN SALES PRICE- 1%
DECLINE IN # OF HOMES SOLD- 23%

THERE ARE CURRENTLY 132 SINGLE FAMILY HOMES FOR SALE IN TEGA CAY THAT ARE LISTED WITH AN AGENT IN MLS.

For more information or to discuss the market analysis further please contact me.

If you would like to seach available homes for sakle or rent in Tega Cay click here to go to my free home search tool.

If you would like to sign up for free automated email alerts for specific home search criteria you can customize click here.

Carmen S Miller

What is one of the most important things to do when buying a home? Visualize were your furniture will go in each room. Well… yes that is part of the processes but more importantly hire a professional to do a home inspection.

So even if you manage to find the perfect home a good home inspection can help you understand exactly what’s not so perfect about the home you’re going to buy. That’s a good thing. Because when you’re buying a home you’re also buying all of the home’s problems too.

You’re making a large investment in the property and it’s nice to understand exactly what you’re buying. A structural problem or a heating and air condition system that isn’t functioning properly can be expensive to fix. So conducting a series of thorough inspections is a lot like buying an insurance policy against future expenses or knowing more about what you are buying into. Keep in mind, however, that home inspections are not a warranty or guarantee of the home.

What is a typical home inspection like? A home inspection typically includes an examination of the heating and central air conditioning systems, interior plumbing, electrical systems, the roof, attic, visible insulation, walls, ceilings, floors, windows, foundations, and basements.

A typical home inspection will take about 2 to 4 hours depending on the type of home; an unoccupied one story home on a concrete slab will take about 2 hours, where an occupied two story home on a crawlspace foundation will take about 4 hours to complete.

Although the home inspection report should include detailed descriptions and color digital pictures of any defects in the home, it is best if you are able to attend the inspection for a review and discussion of the findings. You, your agent, the owner/sellers, etc. should attend the entire inspection. Once the inspection is complete, you should walk through the home with the inspector to discuss any concerns or defects that may be present.

Some things that are not included in the general inspection are:

• Appliances that are not installed
• Building Code Compliance
• Environmental issues such as Radon, Mold, Lead, etc. (unless specifically requested) I would recommend including a least a radon test for the Fort Mill/York County area.
• Systems/components/areas that are not readily accessible or readily visible or shut down.
• Cosmetic issues (Acceptability is subjective and should be determined by the client)
• Exterior features such as retaining walls, storage buildings, pools, etc. (Unless their condition may affect the building)
• Low voltage systems/components such as: intercom, security systems, antennas, etc.

You will most likely have to hire a separate professional to do a termite inspection.

If you are selling your home, have an inspection done before you put your home on the market and you may avoid any surprises when potential buyers have a home inspector check it out. You may choose to have any repairs made using a contractor of your choice without having to satisfy a potential buyer or you may choose to disclose the conditions you are not going to repair and protect yourself from liability of nondisclosure claims.

Should you hire a home inspector when buying a new home? Absolutely. Just because the home is new doesn’t mean there aren’t problems. The contractors building a new home are human and make mistakes. There is no better time to catch and fix mistakes or problems than before you close and move in.

Make sure the home inspector is at least a member of the American Society of Home Inspectors and other local associations and accreditations. Carmen can recommend local home inspectors. Contact Carmen for more information or questions about the home inspection process.

There is good news mixed with bad. The 12 month through March 2008 S&P/Case-Shiller Home Price Index report released yesterday showed national home values are still in a decline. The national average decline is 14%.

The good news is Charlotte is one of the 20 urban metro market areas showing increases. The Charlotte metro market includes Fort Mill, Tega Cay, Lake Wylie and other outline areas or suburbs.

Our home values in the area have shown modest growth in the last few years which maybe the reason for positive home value growth instead of decreases in todays economy. Charlotte area home prices rose less than one percent but at least it is on the plus side.

More good new, home sales have increased slightly in the the northeast. So why is this good news for us southerners? Our area has seen significant migration of home owners from the the northeast to our humble area in the past years. So this is good news for Fort Mill, Tega Cay, Lake Wylie home sellers.

Keep smiling and don’t listen to all of the bad news. Don’t forget to contact Carmen if you are thinking of buying or selling a home.

What features help sell your home faster? What features are more desirable to a buyer and bring you more bang for the buck?

The National Association of Realtors® gathered information from over 2500 home buyers nationally that purchased a home in 2007. Repeat buyers placed more importance than first-time buyers on almost all home features.

Here are some of the highlights of the survey:

• The most important feature was central air-conditioning. 74% of the respondents listed central air as very important.  A very important feature surviving the summers in Tega Cay, SC.    
• Next in line was a garage with 2 or more spaces.  This was the most significant change between the NAR’s 2004 survey to the 2007.

Other important features were:

• Walk-in closets in the master bedroom which was ranked higher by older buyers
• Backyard or play area which was more important to younger buyers
• Hardwood floors
• Granite countertops.
• Cable or satellite TV readiness.
• High-speed Internet access.

Respondents said they would pay more for a home that has:

• waterfront property, a no brainer for our area in my opinion.
• Oversized garages.
• Central Air.

 90 percent of the respondents said energy efficiency was important in a buying decision. I bet energy efficiency will now rank higher in future surveys.  

The typical home purchased during the survey period was 12 years old, 1,840

square feet in size, and had three bedrooms and two bathrooms. The national median price was $205,000.

Other changes between the 2004 survey and 2007 are:

• The size of the typical home purchased increased by about 100 square feet.
• Over four-fifths are detached, single-family homes
• More than half are in the suburbs

 And what did buyers do once they moved in? Nearly half of home buyers remodeled or made improvements to their kitchen, and close to half remodeled or improved a bathroom.

Source: NAR’s Profile of Buyers’ Home Feature Preferences (2007)

I have had many request to see the change in home sales data for Tega Cay from this year to last.  So here is the latest info. 

Single Family homes had a 37.5 % drop in the number of home sold to last year. It is now taking on the average 153 days to sell a home which is approximately a 34% increase in days. The good news is the selling price to listing price ratio only changed 4% and is still in the 90′s.

I think the number of homes sold drop is higher than expected. There are more homes on the market compared to last year. There are definitely less buyers than last year. Be careful comparing the homes sold data with national reports. The national reports normally compare only a month. The analysis above included the period January through April. If you have any questions or would like to see more information please contact me.

The Fort Mill School District is rated 9 out of a high score of 10 by greatschools.net. See the ranking of each school on my Fort Mill Info page . One of the reasons those of us who have school age kids picked the Fort Mill or Tega Cay area to live is because of the great public school system.

Rumor has hit with a handful of neighboring Realtors® all Fort Mill Schools are now on a new enrollment freeze. This is absolutely not true!

Yes two elementary schools which are Gold Hill and Orchard Park are currently in a new enrollment freeze. New students will be enrolled in Riverview Elementary. The distirct will fill any available seats that may open over the summer.

New to the freeze list is Springfield Elementary. Any new students after June 2008 will be enrolled to Fort Mill Elemenrary.

I count only 3 schools in a freeze out of 10. That is hardly an all school district freeze. Two new elementary schools will open in the fall of 2009. In addition Nations Ford High School opened this last fall to relive the bulging enrollment at Fort Mill High School.

So those of you considering relocating to Fort Mill or Tega Cay rest assured your son or daughter will attend one of the highly rated schools in the Fort Mill District.

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Making a decision to buy or sell a home is full of challenges. So it’s important to be well educated with quality information to make the process successful.

HGTV is airing a special episode this month called The “25 Biggest Real Estate Mistakes”. Carmen and I watched the first showing of the episode and found the show and tips to be accurate and timely.

The 25 tips are for both home sellers and buyers. We would recommend watching the show or reading all 25 tips. Here is the link to the show and article. HGTV’s special presenation episode

Here are the top 5 biggest mistakes of the top 25:

5. Buying a Home Without a Professional Inspection.

4. Overlooking the Extra and Hidden Costs.

3. Buying What You Want, Not What You Need.

2. Setting Too High of a Sale Price.

1. Failing to Showcase Your Home and Make Small Cosmetic Changes.