Lake Norman Real Estate

Second Consecutive Week of Record-Low Fixed Mortgage Rates

admin — Wed, 16 May 2012 20:44:11 +0000

Freddie Mac (OTC: FMCC) recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates hitting new all-time record lows for the second consecutive week as they followed bond yields lower. The 30-year fixed-rate mortgage has averaged below 4 percent all but one week since December 8, 2011, helping to keep homebuyer affordability high.

The 30-year fixed-rate mortgage (FRM) averaged 3.83 percent with an average 0.7 point for the week ending May 10, 2012, down from the last week when it averaged 3.84 percent. Last year at this time, the 30-year FRM averaged 4.63 percent.

Results showed that the 15-year FRM averaged 3.05 percent with an average 0.7 point, down from last week when it averaged 3.07 percent. A year ago at this time, the 15-year FRM averaged 3.82 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent this week, with an average 0.5 point, down from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 3.41 percent.

Additionally, the 1-year Treasury-indexed ARM averaged 2.73 percent this week with an average 0.5 point, up from last week when it averaged 2.70 percent. At this time last year, the 1-year ARM averaged 3.11 percent.

"Following April’s weaker than expected employment report, and the French and Greek election results raising concerns over the stability of the Euro currency zone, long-term Treasury bond yields declined allowing fixed mortgage rates to ease to new all-time record lows this week,” says Frank Nothaft, vice president and chief economist of Freddie Mac. “The economy added just 115,000 jobs, below the market consensus forecast and less than in March. And although the unemployment rate declined, it reflected fewer people actively seeking jobs."

For more information, visit www.FreddieMac.com.

Mike Spruell
Realtor®/Broker/ePRO
The Lake Norman Homes Team
Keller Williams Realty
www.LakeNormanRealEstate.pro
866-LakeNorman
704-907-7907

Guidelines for Purchasing a Home Warranty

admin — Fri, 04 May 2012 15:45:06 +0000

Since 1988, the Service Contract Industry Council (SCIC) has been the leading advocate on behalf of consumers and the home service contract industry, making sure that the legal environment for home service contracts (often referred to as home warranties) is consistent from state to state. "Consistency across all 50 states helps to regulate the industry and ensure customer satisfaction and protection," said Timothy J. Meenan, executive director for the SCIC.

The SCIC offers the following guidelines when purchasing a home service contract for your home this spring.

What is a home service contract?
The typical home service contract is a one-year contract that protects a homebuyer or current homeowner against the cost of unexpected repairs or replacement of major systems and appliances that breakdown due to normal usage or defects in materials or workmanship. A home service contract can:

• lessen the risk of costs and delays if a system, system component or appliance malfunctions during the selling process;
• help to resolve issues discovered during the home inspection stage;
• reduce any after-sale liability by a seller;
• add value and improve marketability of homes; and
• increase a buyer’s confidence in their home investment.

Who sells home service contracts?
Real estate professionals, builders and independent providers sell home service contracts. A home service contract can be purchased at any time, including at the time of purchase, and is usually transferable to a new owner, although a small transfer fee may apply.

What is the difference between a home service contract and homeowner’s insurance?

• Home service contracts typically cover the major systems in your home in the event of breakdown or malfunction including electrical, plumbing, heating and air conditioning systems, and built-in appliances such as ranges, washers and whirlpool baths.
• Homeowner’s insurance covers the structure of a home and personal belongings in case of a fire or natural disaster such as hurricanes and lightning, and provides liability coverage in case someone is injured on the property.
• Home service contracts are optional in real estate transactions.
• Homeowner’s insurance is almost always required, especially if the buyer has a mortgage.
• A home service contract is not a substitute for a homeowner’s insurance policy. A home service contract is a beneficial supplement to a homeowner’s insurance policy as homeowner’s policies generally do not cover items for breakdowns or malfunctions due to normal wear and tear or defects in materials or workmanship.

Do I need to be buying or selling a home to purchase a home service contract?
No. A home service contract provides valuable protection for current homeowners when a system or appliance fails.

Can I transfer my home service contract to the new buyer of my home?
Most home service contracts are transferable and may offer the option to allow the buyer to change or upgrade the service contract. A low-cost transfer fee may apply.

Can I customize the home service contract to meet the needs of my home?
Yes, but fees may apply. You may be able to purchase a home service contract that covers smaller appliances such as ceiling fans and built-in microwaves. Additional fees apply for coverage for private wells and septic systems.

How are contractors screened?
SCIC member companies typically put their contractors through a rigorous screening process that includes state license verification, detailed reference verification, and background checks.

How do I file a claim?
Homeowners are given a toll-free number to call. The home service contract company will verify your coverage and dispatch an independent contractor to assess the problem and replace or repair the item as necessary. A service fee, $50 on average, is charged per service visit.

What Can Cause a Denial of Payment?

• Improper maintenance
• Code violations
• Unusual wear and tear
• Improper installation
What is generally NOT covered?
• Outdoor items such as sprinklers
• Faucet repairs are not covered under all plans
• Garage door openers
• Spas or pools, unless specific coverage is requested
• Permit fees

What are the consumer’s responsibilities?
Home service contract coverage varies from state to state and from policy to policy so the consumer needs to:

• Request a copy of the contract before buying
• Read the provisions carefully and become thoroughly familiar with all coverage, limitations and exclusions
• Carefully fulfill all contract responsibilities, such as regular filter changes for your heating/air conditioning systems
• Keep the service contract paperwork, original receipt(s), and all maintenance records
• Research the service contract company

About the SCIC
The Service Contract Industry Council is a national trade association that has been instrumental in working with state legislators and regulators across the country to develop laws to protect consumers.

For more information, visit www.go-scic.com.

Mike Spruell
Realtor®/Broker/ePRO
The Lake Norman Homes Team
Keller Williams Realty
www.LakeNormanRealEstate.pro
866-LakeNorman
704-907-7907

Home Buying Basics: Why You Need a Home Inspection

admin — Fri, 04 May 2012 14:49:29 +0000

April is National Home Inspection Month, and homeowners across the country are learning about the benefits of having a home inspection—an important step in the home buying and selling process. Whether your home is on the market or you simply want to maintain its condition, enlist the help of a trustworthy home inspector to ensure that your current or potential home is in optimal condition.

When buying a home, a home inspection determines its structural and mechanical condition. If there are any problems, your inspector will make them known and estimate costs for repair. You can then determine if the cost of dealing with these issues is worth the listed price of the home or if more negotiation is required.

If you are selling your home, a potential buyer is likely to enlist a home inspector, but you can arrange your own home inspection to prepare. They will help you identify any issues that need fixing, so that you can present your home as structurally and mechanically sound home.

Even if you’re not in the process of buying or selling, home inspection is important to the upkeep of your property. Prevention is more affordable than treatment—and a home inspector will help you identify issues before they become a serious problem. For example, a home inspector could identify a hole in your roof; left untreated, you may need an expensive new roof, but caught by a home inspector, you may only require an inexpensive patching service.

A home inspector will examine your home for structural and safety issues. They will determine if your foundation has been damaged by renovations or termites, and verify the condition of support beams. They will also check for safety hazards, including rotting steps, loose railings, and faulty locks.
Your home inspector also knows to look for problems with wiring and electrical boxes, as well as plumbing issues. Water damage can be a deal-breaker in the sale of many homes, and a home inspection can identify potentially costly leaks.

Source: AmeriSpec®

Mike Spruell
Realtor®/Broker/ePRO
The Lake Norman Homes Team
Keller Williams Realty
www.LakeNormanRealEstate.pro
866-LakeNorman
704-907-7907

Custom Home Near Statesville Country Club

admin — Thu, 03 May 2012 15:29:52 +0000

For more details click here: www.visualtour.com 455 Westchester Statesville, NC 28625 $650000, 4 bed, 4.5 bath, 5656 SF, MLS# 2047920 Bring all Offers! Previouisly listed at $775000, now $650000 ($127450 under tax value). Outstanding custom home features Chef Kitchen complete w/ stainless steel appliances, Built-in 32″ Commercial Refrigerator/Freezer, granite counters, center island & more! Oversized 3 car garage attached and 2 car detached garage with 1/2 bath & finished bonus room. Located on flat 1.66 ac lot. All bedrooms have full baths & walk-in-closets. Theater roomm with 72″ TV, wetbar and office area. Gorgeous hardwoods. HOA membership optional. Country Club memberships available. Presented By: Karen Spruell, Keller Williams Realty 704-641-9343 lakenormanhomes.com View My Inventory www.visualtour.com

Beautiful home on large lot in Mooresville

admin — Thu, 26 Apr 2012 03:17:01 +0000

For more details click here: www.visualtour.com 265 McCrary Mooresville, NC 28117 $285000, 3 bed, 2.0 bath, 2512 SF, MLS# 2078603 Original owner has kept this home in tip-top shape. Beautiful lot with low country charm of a wrap around porch. Room for the hobbiest or car collector with 2 car garage plus full basement with second garage door access. New Heat Pumps in 2006 & 2007, 2×6 construction, 30 yr roof new in 2009. Remodeled master suite features jetted tub, tiled floors and stall shower. Large secondary bedrooms with new carpet. Huge living room with fireplace. Large rear deck and wrap around porch. Presented By: Karen Spruell, Keller Williams Realty 704-641-9343 lakenormanhomes.com View My Inventory www.visualtour.com

Lake Norman Foreclosure Real Estate Market Update March 2012

admin — Tue, 03 Apr 2012 21:53:05 +0000

Lake Norman Foreclosure Homes
At the end of March 2012 there were 77 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 40% increase from the 55 foreclosure, preforeclosure & short sale properties for sale in February. Prices range from $39,000 to $5,900,000 for a waterfront home in Mooresville.

21 foreclosure/short sale homes closed in March 2012. This was an increase of 50% from the 14 foreclosure and preforeclosure homes sold in February. The average home sold was a 4 bedroom/4 bath with 3,677 square feet and an average sale price of $471,226. The average sales price increased 155.6% from the previous months average sale price of $184,431. The average days on the market were 164, a 54 day increase from February.

31 foreclosure and short sale properties are currently under contract, a 47.6% increase from February.

Lake Norman Foreclosure Condos & Townhomes
At the end of March 2012 there were 8 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 33% decrease from the 12 foreclosure, preforeclosure & short-sale properties listed for sale in February. Prices range from $100,000 to $295,000. The average unit is a 2 bed/2 bath with 1,295 square feet and an average list price of $176,987, down 14.4% from February’s average list price of $206,658.

One foreclosure, preforeclosure or short-sale condos/townhomes sold in March. This was an decrease of 0% from the one foreclosure, preforeclosure or short-sale condos sold in February. The average sales price in March was $92,000, down 17.9% from the February average sales price of $112,000. One foreclosure/preforeclosure units are currently under contract, down 0% from February.

If you would like to be added to the foreclosure properties email notification list and the Lake Norman area “Best Buy” list please visit our Lake Norman foreclosure website LakeNormanForeclosure.com. Or, you can view all the Lake Norman area foreclosures, preforeclosures and short sales.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman.

View all current Lake Norman foreclosure and preforeclosure listings
View all Lake Norman waterfront foreclosure and preforeclosure listings

Lake Norman Waterfront Real Estate Market Update March 2012

admin — Tue, 03 Apr 2012 20:46:10 +0000

Lake Norman Waterfront Homes
In March 2012 25 waterfront homes sold in the Lake Norman area, a 38.9% increase from the 18 waterfront homes sold in February 2012. March 2012 waterfront sales figures decreased 10.7% from March 2011 when 28 waterfront homes sold in the Lake Norman area.

The average sales price increased 21.8% from $756,277 in February to $920,788 in March. March 2012 average sales price increased 21% from the March 2011 average sales price which was $760,741.

Average days on the market increased from 187 in February to 165 in March, a 11.8% decrease in market time. March 2011 average days on the market were 203, a 18.7% decrease in market time.

Currently there are 304 Lake Norman waterfront homes listed in the MLS with 24 of those under contract, up 71.4% from February. The average list price is $998,025, down .2% from February. The lowest priced Lake Norman waterfront home is listed at $139,900 and the highest priced Lake Norman waterfront home is listed at $5,900,000.

Use our free listing service to see the current Lake Norman waterfront homes for sale: Lake Norman waterfront homes for sale

Lake Norman Waterfront Condos & Townhomes
In March 2012 2 Lake Norman waterfront condos or townhomes sold in the Lake Norman area, a 50% decrease from the 4 waterfront condos sold in February. March 2012 sales figures decreased 50% from March 2011 when 4 waterfront condos sold.

The average sales price decreased 56% from $244,250 in February to $107,500 in March. March 2012 average sales price decreased 51.2% from the March 2011 average sales price which was $220,225.

Average days on the market decreased from 169 in February to 97 in March 2011. March 2011 average days on the market were 102.

Currently there are 60 Lake Norman waterfront condos listed in the MLS with 1 of those under contract, a 0% decrease from February. The average list price is $279,974, down .7% from $282,072 last month. The lowest priced Lake Norman waterfront condo is listed at $129,900 and the highest priced Lake Norman waterfront condo is listed at $750,000.

Use our free listing service to see the current Lake Norman waterfront condos for sale: Lake Norman waterfront condos for sale

Lake Norman Waterfront Lots
In March 2012 5 waterfront lots sold in the Lake Norman area, a 0% increase from the 5 waterfront lots sold in February. The averge sales price was $332,600, up 74.6% from the February average sales price which was $190,540.

March 2012 sales figures decreased 28.6% from March 2011 when 7 Lake Norman waterfront lots sold. The average sales price increased 3.2% from the March 2011 average sales price of $322,197.

Currently there are 252 Lake Norman waterfront lots listed in the MLS with 3 of those under contract. The average list price is $323,600 down .5% from last month. The lowest priced Lake Norman waterfront lot is listed at $25,000 and the highest priced Lake Norman waterfront lot is listed at $1,999,999.

If you would like to search for Lake Norman properties for sale please visit our website: Search Lake Norman Listings

Lake Norman Real Estate Market Update For March 2012

admin — Tue, 03 Apr 2012 19:59:49 +0000

Lake Norman Homes
In March 2012 80 homes sold in the Lake Norman area, a 31.1% increase from the 61 homes sold in February. March 2012 sales figures increased 5.3% from March 2011 when 76 homes sold in the Lake Norman area.

The average sales price increased 15.5% from $464,026 in February to $536,068 in March. The March 2012 average sales price increased 10.2% from the March 2011 average sales price which was $486,445.

Average days on the market increased 30.2% from 136 days in February to 177 days on the market in March. March 2011 average days on the market were 212, a 16.5% decrease in market time.

Currently there are 758 homes for sale in the Lake Norman MLS area. The average home is a 3 bed/3 bath with 3,375 square feeet and an average list price of $637,223 down .9% from the February average list price of $643,099. The average days on the market are 167. 92 Lake Norman homes are currently under contract, up 70.4% from February!

Lake Norman Condos & Townhomes
In March 2012 6 condos/townhomes sold in the Lake Norman area, a 40% decrease from the 10 condos or townhomes sold in February 2012. March 2012 sales figures decreased 57.1% from March 2011 when 14 Lake Norman condos sold.

The average sales price decreased 35.2% from $198,450 in February 2012 to $128,667 in March 2012. March 2012 average sales price decreased 33.7% from the March 2011 average sales price which was $193,914.

Average days on the market decreased 22.8% from 189 in February to 146 in March. March 2011 average days on the market were 138.

Currently there are 120 condo/townhomes for sale in the Lake Norman MLS area. The average unit is a 2 bed/2 bath home with 1,409 square feet and an average list price of $226,344, down 1.2% from February’s average list price of $229,081. The average days on the market are 151. 7 Lake Norman condos/townhomes are currently under contract, a 0% increase from February.

Lake Norman Lots
In March 2012 16 lots sold in the Lake Norman area, a 27.3% decrease from the 22 lots sold in February. March 2012 sales figures increased 0% from March 2011 when 16 lots sold.

The average sales price increased 85.3% from $76,497 in February to $141,775 in March. March 2012 average sales price decreased 16.5% from the March 2011 average sales price which was $169,711.

Average days on the market increased 15.4% from 332 in February to 383 in March. March 2011 average days on the market were 393, a 2.5% decrease in market time vesus the same time period last year.

Currently there are 1103 lots for sale in the Lake Norman MLS area. The average list price is $143,023, down 5% from February’s average list price of $150,528. The average days on the market are 338. 36 Lake Norman area lots are currently under contract, a 28.6% increase from February.

If you would like to search for Lake Norman properties for sale please visit our website: Search Lake Norman Real Estate Listings

Own this unique ranch for less than rent!

admin — Mon, 02 Apr 2012 10:36:28 +0000

For more details click here: www.visualtour.com 164 W Meadowview Statesville, NC 28625 $137000, 3 bed, 2.0 bath, 1538 SF, MLS# 2075699 Charmingly unique 3 bedroom, 2 bath ranch on amazing treed lot with woods in the back for privacy. Large great room features a wood vaulted ceiling and wood-burning fireplace. Floor to ceiling windows 3 skylights let in lots of natural light. Master suite with vaulted ceiling and access to private patio. New vanity tops & tile in the bathrooms. Convenient to I-4, I-77 and Davis Regional Hospital. Presented By: Karen Spruell, Keller Williams Realty 704-641-9343 lakenormanhomes.com View My Inventory www.visualtour.com

All Lake Norman Foreclosure Listings

admin — Wed, 28 Mar 2012 03:10:31 +0000

Lake Norman foreclosure properties for sale below are one of the following: Bankruptcy, Estate Sale, HUD, In Foreclosure Process, REO/Lender Owned, Short Sale/Subject to Lender Approval, Subject to Court Approval or VA

Lake Norman homes for sale

Listings 1 - 20 of 182 next →

154 Whitby LN -- 5 BR, 6.3 BA
Price: $5,900,000 (7800 - 9200 sqft)
→ More info
Lake Norman Realty, Inc. | MLS # 2041889 |

18227 Capstan Greens RD -- 5 BR, 6.2 BA
Price: $3,100,000 (8900 - 10500 sqft)
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Carlyle Properties | MLS # 2033192 | Active

15515 Jetton RD -- 7 BR, 6.1 BA
Price: $2,549,000 (7000 - 8200 sqft)
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Carlyle Properties | MLS # 2077533 | Active

203 Milford CIR -- 4 BR, 3.2 BA
Price: $1,599,900 (4800 - 5700 sqft)
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Ivester Jackson Properties | MLS # 2075644 | Conditional

18010 Harbor Light BLVD -- 4 BR, 3.1 BA
Price: $1,599,000 (4600 - 5500 sqft)
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Carlyle Properties | MLS # 849009 | Conditional

125 Quiet Waters DR -- 12 BR, 10.1 BA
Price: $1,500,000 (12600 - 14800 sqft)
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Charlotte Select Properties | MLS # 2083904 | Active

2288 Brawley School RD -- 4 BR, 4.2 BA
Price: $1,499,000 (5300 - 6300 sqft)
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Southern Homes of the Carolina | MLS # 2060138 | Conditional

476 BAY HARBOUR RD -- 5 BR, 5.2 BA
Price: $1,399,000 (7000 - 8300 sqft)
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Advantage Realty of NC, Inc. | MLS # 2058173 | Active

131 Chestnut Bay LN -- 4 BR, 4.1 BA
Price: $1,199,000 (5600 - 6600 sqft)
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Carlyle Properties | MLS # 2014134 | Active

14521 Henry Harrison Stillwell DR -- 4 BR, 4.2 BA
Price: $1,190,000 (6500 - 7700 sqft)
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Allen Tate Company | MLS # 2060052 | Active

101 Brownstone DR -- 4 BR, 4.2 BA
Price: $1,175,000 (5500 - 6600 sqft)
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Keller Williams Mooresville | MLS # 2082715 | Active

188 West Paces RD -- 4 BR, 4.1 BA
Price: $985,000 (5200 - 6200 sqft)
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Lake Norman Realty, Inc. | MLS # 2044984 | Conditional

108 Windy Run LN -- 4 BR, 4.1 BA
Price: $945,000 (5100 - 6000 sqft)
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Wimberly Properties Inc | MLS # 2078378 | Active

141 Swayne DR -- 4 BR, 4.1 BA
Price: $939,000 (5700 - 6800 sqft)
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Online Real Estate Inc. | MLS # 2069800 | Active

146 Parkside LN -- 4 BR, 4.1 BA
Price: $915,000 (5600 - 6600 sqft)
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Keller Williams Mooresville | MLS # 2073490 | Conditional

18232 Peninsula Club DR -- 4 BR, 4.2 BA
Price: $915,000 (4600 - 5500 sqft)
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CLT Residential Real Estate | MLS # 2068707 | Active

1022 Shoreline DR -- 5 BR, 4.1 BA
Price: $899,000 (4200 - 5000 sqft)
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Coldwell Banker United | MLS # 2079278 | Active

108 Teakwood LN -- 4 BR, 3 BA
Price: $895,000 (3400 - 4000 sqft)
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Allen Tate Company | MLS # 2084949 | Active

1420 Astoria PKWY -- 5 BR, 3.2 BA
Price: $850,000 (4100 - 4900 sqft)
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RE/MAX Executive Realty | MLS # 2006294 | Active

135 Winston Way LN -- 4 BR, 4 BA
Price: $848,900 (4900 - 5900 sqft)
→ More info
Coldwell Banker United | MLS # 2072063 | Conditional

The data relating to real estate on this Web site derive in part from the Carolina Multiple Listing Services, Inc. IDX program. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. All properties are subject to prior sale, change or withdrawal. Neither Savvy + Co. Real Estate nor any listing broker shall be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers -- personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing. © 2012 Carolina Multiple Listing Services, Inc.
Data updated May 19, 2012