broker Archives - Alford Realty Group

What higher rates means to you

March 16, 2017 by lisaalford Leave a Comment

The Feds raised rates yesterday by .25%. According to my sources we are quite possibly looking at rates being 5.5% by the end of the year. If you are considering buying or selling, do it now! Inventory is extremely tight, prices are up and rates are headed up. Get in while the getting is good folks!

Perhaps you are a seller and wondering how this affects you. It’s simple, inventory is already tight which means there’s not enough homes for buyers to choose from and multiple offers are everywhere. With rates going up that means that the buyer that CAN afford your house today might not be able to afford it tomorrow.

If you are a buyer you understand just from looking at the chart why it’s important to get going quickly. One could argue to wait and let the market calm down but who knows how high the rates will be then. Are you willing to take that gamble?

This picture shows how rates can affect your buying power. Current rates are no longer this low but it gives a good example.

Give me a call and lets make your real estate goals happen! 704-408-2834

To find out what your home is worth in today’s market, click here.

To get started finding your new home either call me or click here.

Memorial Day Weekend 2015 Events for Lake Norman and Charlotte area

May 15, 2015 by lisaalford Leave a Comment

Memorial Day weekend is traditionally a weekend of fun and activities for many families across America and of course, remembering those who died while serving in the U.S. Military. It is also traditionally the unofficial start of summer here in the South. We all know there’s a lot going on during Memorial Day weekend but sometimes it can be difficult to find all of the activities in the area, so we are providing a list of weekend activities for your reference.

Have a happy and safe Memorial Day weekend and thank you for allowing Alford Realty Group to serve as your real estate experts.

Little 600 – The 2nd annual “Little 600” race is at the GoPro Motorplex in Mooresville on May 19th. This is a really fun event and is free for the whole family! Kasey Kahne, Ricky Stenhouse, Jr., AJ Allmendinger, Kyle Larson and more of your favorite drivers will be participating!

Charlotte tour to NC Wine Festival – May 23rd 12:00 to 5:00. Come aboard for a fun trip to enjoy NC wine tasting from over 25 NC wineries from across the state during the NC Wine Festival in Clemmons, NC. Enjoy live music, food vendors and plenty of fun with fellow wine lovers! Departs from midtown Target in Charlotte.

Speed Street 600 Festival – May 21st to May 23rd the Speed Street 600 Festival takes place in Uptown Charlotte. Speed Street 600 features appearances, autograph sessions and demonstrations from some of NASCAR’S drivers and pit crews. There will be lots of great live entertainment and hundreds of food and merchandise vendors. Don’t forget the Nathan’s Famous Hot Dog Eating Contest! If you can’t make the race, this is your next best option. If you can make the race, come to this too and get all geared up for it!

NASCAR Coca-Cola 600 – May is NASCAR month in Charlotte, and a favorite event comes to Charlotte around Memoral Day. Sunday, May 24th is the NASCAR Coca-Cola 600 at Charlotte Motor Speedway with a pre-race tribute to the military.

Cornelius Veterans Monument May 25th at 11:00 a.m. Memorial Day Program

Charlotte Knights vs Columbus Clippers – May 25th BB&T Ballpark 324 South mint St., Charlotte, NC 28202

Birkdale Village May 25th at 7:00 p.m. Huntersville Memorial Day Ceremony

Spring 2015 Real Estate Market Trends

May 11, 2015 by lisaalford Leave a Comment

It’s always good to keep up with the real estate market trends in your area. Here in the North Charlotte and Lake Norman area we were told it was going to be a great spring in the real estate market this year. Boy were the experts right! We are having an amazing year! We are still seeing good gains in value and we are still suffering from not having enough homes for buyers to choose from. The basic laws of supply and demand are in full force in our real estate market. In fact, I have spoken with several agents in different locations in the Southeast and it seems that most of the major towns in the Southeast are experiencing the same type of market.

What type of market is it? It’s a seller’s market! If you aren’t really sure what a seller’s market is (most of us haven’t seen one in quite some time), it can be explained by simply stating that sellers are more in the driver’s seat of transactions. There are fewer homes for buyers to pick from and the demand from buyers is high, very high in fact. Seller’s who are ready to sell are finding that they are able to sell very quickly and are getting more for their homes than they were just a year ago. In fact, the overall transaction is better for the sellers as buyers are not able to put as many demands on sellers.

For the buyer, it’s game on time! Buyers are having to be far more competitive in their actions to be able to purchase a home. They have to be ready before they ever go out looking (pre-qualified with a lender and no home to sell). A buyer must be ready to act quickly in this market too or risk loosing the home they like. If they find the home they want, they really need to go ahead and make an offer on it and have it be a good offer or they can risk loosing the home to another buyer. We are seeing multiple offer situations which can be much worse for the buyer than if the buyer just made a good strong offer right from the get go. If they try to get a better deal out of it, those negotiations take time. During that time, other buyers may very well come along and quickly turn it into a bidding war.

Let’s take a look at the overall Charlotte market from April 2014 to April 2015. We see that the median sales price has jumped in one year from $170,000 to $181,000. That’s a rise of 5.5% which is very good and would make any seller jump for joy!

Now let’s take a look at the Mooresville area market from the same time period of April 2014 to April of 2015. We see that the median sales price has jumped in one year from $215,000 to $236,000. That’s a rise of 8.0%!! One can see that our Lake Norman market is just on fire right now!

Whether you are a buyer or a seller you need to be aware of the market conditions and what that means to you as a buyer or seller. Lisa Alford with Alford Realty Group stands ready to help you understand the market and navigate your way to the best deal possible. Lisa truly believes in treating each of her clients like she would want her family member treated. Any of her former clients will confirm that, see her reviews here. She also puts a high priority on client education. She believes that educating the client is the best way to help them make smart decisions. Contact Lisa today to get started!

What is a due diligence deposit?

May 4, 2015 by lisaalford 1 Comment

When you purchase or sell a home in the Lake Norman area or anywhere in the state of North Carolina, you will see that there is a space for a “Due Diligence deposit”. What is that, you might ask yourself. Traditionally we know that there is an Earnest Money deposit that is paid at the time of contract signing. Several years ago, North Carolina started using Due Diligence in its residential contracts and sales process. Prior to that time, it was only used in commercial deals.

Due Diligence is a time period wherein the home is basically off the market (under contract) while the buyer is getting their due diligence items taken care of. This would include doing things like getting the inspections done, appraisal, repairs negotiated, survey done, loan in order, etc. In other words, they are getting everything ready for the closing to occur.

The Due Diligence time period is a part of the contract and is a negotiated time period. Typically, the buyer wants as long of a due diligence period as possible and the seller wants as short of a due diligence period as possible.

During the Due Diligence time period, the buyer may back out of the contract for any reason or no reason according to North Carolina law and be refunded back their entire Earnest Money deposit. They do not however get back the Due Diligence deposit. Once the Due Diligence deposit is paid, it belongs to the seller and they may do whatever they like with it.

The Due Diligence amount is again a negotiable item between the buyer and seller. Typically, the buyer wants to put down nothing or very little for the due diligence period and the seller wants as much as possible. This is because the buyer knows they will be looking at paying for inspections, appraisals, surveys, etc. and this is just more money they stand to lose if it doesn’t work out. On the other hand, the sellers want more because they know the buyer can back out and if they do all the seller gets is the Due Diligence deposit. Sellers go through quite a few hoops as well during this process. They are essentially taking the home off the market while this process is going on but they are also making the home available, making repairs and they are usually starting to pack and get moved too.

The Due Diligence process coming upon the scene in North Carolina also pretty well ushered out the contingency clauses. Most sellers in our state will no longer accept contingency clauses. You can read more about that in an upcoming post.

In any event, if the buyer decides to terminate the contract after 5:00 on the due diligence date, they will not be entitled to receive their earnest money refunded to them. That money will then be released to the seller. So if you are a buyer and you are considering terminating your contract, be sure to do so before the Due Diligence date.

Lisa Alford of Alford Realty Group with Southern Homes of the Carolinas is a very experienced agent and has been in the real estate business since 1990. You can see her background here. If you are looking for a top notch agent to help you purchase or sell a home in the Lake Norman or North Charlotte area, contact her here.

Here are her featured properties for sale.

Other Lake Norman area properties:

Most recent homes on the market

Lake Norman waterfront homes

Homes in Davidson

Homes in Cornelius

Homes in Mooresville

How to handle lowball offers on your home

March 26, 2015 by lisaalford Leave a Comment

This is a great article that shows how to handle low ball offers and what you can do to avoid them in the first place.

Fielding a Lowball Purchase Offer on Your Home

Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale. Read

Visit houselogic.com for more articles like this.

Mooresville is #6 best town to live in North Carolina

March 4, 2015 by lisaalford Leave a Comment

Alford Realty Group specializes in real estate the Mooresville and Lake Norman areas. We recently learned that according to a new study by NerdWallet which is a personal finance site that our very own town of Mooresville has been rated the sixth best town in North Carolina to live in. Mooresville has been rated so highly due to its good schools, friendly neighbors and affordable living to young families.

In choosing Mooresville “as one of the best NC cities for young families,” NerdWallet said: “While Mooresville earned the nickname ‘Race City USA’ because it is the home of a number of NASCAR teams, the city has also created one of the more dynamic economies in the top 10. It is the corporate headquarters of Lowe’s, and combined with the town’s location only 25 miles north of Charlotte, is one of the fastest-growing financial and business centers in the country.

“As a testament to Mooresville’s success: median family incomes have increased 82% since 1999. Word of the town’s rise has spread, and Mooresville now expects the population to double in the next 20 years. With median home values of $186,500 and a GreatSchools rating of 9, much of the town’s expected growth will likely come from young families.”

Mooresville has two zip codes 28115 and 28117. A current look at the overall Mooresville real estate picture shows that in the 28115 zip code, the median sales price for a home in February, 2015 was $176,000 with only 5.9 months of inventory for homes. In the 28117 zip code of Mooresville, the median sales price for a home in February of 2015 was $303,588 with 9.0 months of inventory.

Mooresville also has two public school systems providing education for the children. Mooresville Graded School District (MGSD) typically covers the 28115 area of Mooresville. Iredell School System typically covers the 28117 area of Mooresville. They are both excellent school systems and our Mooresville area overall has some of the top rankings in the state. The President of the United States visited MGSD in 2012 to recognize the school system for it’s technological advances. MGSD is a system that is modeled throughout the world. MGSD puts a laptop in the hands of every school age child from grades 4 through 12. All materials are taught using the laptops, virtually no books are used. Assignments are turned in online, homework and class assignments are provided through an online educational portal.

For more information on living in Mooresville, please visit our Mooresville page. It’s full of great information on the community and has links with homes available for sale as well.

If you are considering a move to Mooresville, contact us today. We’ll be happy to send a newcomer’s packet to you and help you find a new home here in Mooresville.

excerpts for this blog post were taken from:

Statesville Record & Landmark article dated Feb 13, 2015

SOLD home in Linwood Farms in a few hours! Mooresville

February 3, 2015 by lisaalford Leave a Comment

Lisa Alford of Alford Realty Group with Southern Homes of the Carolinas took another great listing in Linwood Farms subdivision in Mooresville, NC and sold it in only a few hours! This was the perfect home the buyer had been looking for and the seller was all too happy to not have to have their home on the market for very long. The seller is accepting back up offers of course, we always encourage that. The buyer of this home had been looking since early November. There have been so few choices out there to pick from that they were eager to jump on this one as soon as it came available.

A few weeks ago we posted a blog entitled Why Winter May be the Best Time to Sell your Home. Well, this seller listened and was glad they did! In that article it spoke about how inventory of homes available is so low and buyers are out there looking for homes and can’t find what they want. This is a prime example of what that article was referring to.

The market is doing great right now. In fact, it’s on fire! If you are a homeowner who is thinking of selling your home, THIS IS THE TIME. Below are the current market statistics for Charlotte, Mooresville and Cornelius. As you can see, the numbers are great. I’ve been tracking them for several months now and the prices are going up, months of supply keeps going down, the days on market is going down and the average list to sale price is going up. Now, as spring approaches, more homes will be going on the market. That means more competition for you the seller. Get in now while the competition is low and the demand is high. Basic laws of supply and demand definitely apply here. Contact us today to get started. Our consultation is free and no obligation. We’ll even give you a free home seller’s guide with valuable information.

Charlotte avg. sales price = $258,943
Charlotte months of supply = 3.8 months
Charlotte avg days on market = 63
Charlotte avg list to sales price = 94.9%
Mooresville avg. sales price = $351,633
Mooresville months of supply = 6.1 months
Mooresville avg days on market = 84
Mooresville avg list to sales price = 94.2%
Cornelius avg. sales price = $486,222
Cornelius months of supply = 5.0 months
Cornelius avg days on market = 73
Cornelius avg list to sales price = 95.1%

If you would like a free home valuation, please fill out the form here and we’ll be in touch shortly with your home valuation.

Wonderful all brick ranch in Mooresville

January 28, 2015 by lisaalford Leave a Comment

So many people are looking for an all brick, ranch home in Mooresville and the Lake Norman area. Here is one that has 3 bedrooms, an office, formal dining room and breakfast area. The entire house has brand new hardwood floors and the spacious back yard has a brand new fence. This home also has a 2 car attached garage and a darling screened in back porch to relax on. This home is situated on quiet street and a flat lot in Franklin Grove subdivision which is in Mooresville Graded School District. Franklin Grove is a wonderful neighborhood with larger lots (space between the houses), a catch and release pond and adjoins Bellingham Park. Bellingham Park offers tennis course, softball fields, soccer field, playground and great walking trails. Living in Franklin Grove is like having all those amenities in your neighborhood – without the high HOA dues! In fact, Franklin Grove has some of the lowest HOA dues in the Mooresville area.

This home is located at 140 Woodfern Pl., Mooresville, NC 28115

Take a closer look by clicking on the image:

Or view the video here:

Why winter may be the best time to sell your home

January 9, 2015 by lisaalford Leave a Comment

For many people thinking of selling their home in the Lake Norman and Charlotte area they wonder when is the best time to sell your home? Most people tend to think the only correct answer is spring or early summer but that is not necessarily true. Winter is actually a great time to sell your home! There may be higher numbers of buyers out looking at homes in the spring and summer, but one should not overlook the possibility of selling in the winter. During the winter months, the real estate inventory or number of homes on the market is much lower and the buyers do not have as much to choose from. We find that typically, the buyers in the winter months are more serious, more focused buyers and are quicker to make a decision to purchase. Part of the reason for that is that the competition from other buyers is so much higher because of the low inventory of homes to choose from. Another factor is that buyers are not as busy in the winter months with other activities like sports, trips, events and other things that take away from their ability to go and see homes.

First, let’s take a look at some statistics to see what happens in our real estate market in December. Alford Realty Group works the Lake Norman and North Charlotte area real estate market so we will take a look at those numbers. Looking at the single family residence statistics in our market there there has been a 11.5% decrease in the number of homes available for sale during the month of December over the last two years. During that same time period the number of closed sales has increased by 25.7%. Also, during that same time period the average sales price has climbed by $24,368. This is a result of the basic laws of supply and demand along with the improving health of the real estate market. The total number of months of supply on the market has dropped by 32.3% for December during last two years as well. The average number of days on market is now only 50 days, down 35.3% from two years ago during this same time period!

These are some pretty interesting statistics. We need to think about what does all of this data tell. For starters it’s showing us that the real estate market is doing great! For anyone who owns real estate, they know that’s great news! However, if you are looking to sell your home anytime soon, it also tell us that winter is a great time to sell your home! By looking at these facts one can easily tell that selling in the spring or summer may not actually be the best time to sell your home. There are buyers are out there and they want to buy your home. Not only that, but because of the low inventory, you may wind up getting more for your home now then you would if you waited until spring. Again, it’s simple supply and demand. In the spring, the supply of homes available on the market goes significantly higher.

If you are considering selling your home, it’s a good idea to at least go ahead and speak with a real estate agent now. Ask them about how home sales are doing this winter in your local market and what your home is worth in today’s market. If you live in the Charlotte or Lake Norman area, we at Alford Realty Group would love to be of assistance to you, contact us today! If you don’t live in our area, contact us anyway. We have a very large network of agents across the country and we’ll be happy to find a great real estate agent to help you out, and it won’t cost you anything.

The Home Selling Process

November 12, 2014 by lisaalford Leave a Comment

Home Selling Process & Chart Many sellers as unsure of the process of selling a house. It can seem very daunting and challenging especially with new rules and regulations always coming into play. The home selling process typically occurs in 6 distinct phases here North Carolina. This post only relates to the greater Charlotte and Lake Norman area in North Carolina. Each state and indeed each area may have slightly different “typical” processes. The chart to the left may also help with the explanation of the home selling process.

Initial Phase: This is where you the seller must decide on a great real estate broker to get your home sold, like Lisa Alford with Alford Realty Group. You may find out more on how to choose the right agent here. You and your agent will discuss you goals and set a marketing plan that works best for your individual needs.

Preparations Phase: This phase actually has two components, your agent has one component and you (the seller) have the other. During this phase, your agent will be comparing other properties in the area that are currently for sale and have sold within the last 6 months, study the absorption rate for your area and recommend a good price for you to list your home for sale. If your home is unique your agent may recommend that you get an appraisal in order to ensure the price is being set properly. Similarly, your agent may also recommend that you get an inspection of your home before you sell. This is done for several reasons that aid in the sale of your home, more is explained here. This is not always done and it is completely up to the seller as to whether or not they wish to do this as it does have some cost associated with it, however it can save lots of time and money in the long run and help make your home more attractive to buyers.

For your part during this phase of the home selling process, you will be getting your home ready for the market. Your home must shine like a new penny and look like a model home in order to attract the highest paying buyer in a short period of time. This includes the possible inspections mentioned above, making any necessary repairs, staging, de-cluttering, de-personalizing as well as cosmetically enhancing the interior and exterior of the home. More on this subject is explained here.

Then we move into the Marketing Phase: During this phase your agent/broker is trying to attract potential buyers to your home. This generally includes things like putting the home in the MLS, print advertising, internet advertising, virtual tour, open houses, direct marketing and property showings. Depending on your agent/broker’s sales strategy, these things can look very different. One agent may only do one or two of these things while other agents may do all and even more than what is listed here. It is very important to understand what your agent’s sales strategy is before you list your home. At Alford Realty Group, we typically do a 20 step process that includes all of these things and a few more. Be clear what is expected of your agent/broker before you enter into a listing agreement with them.

Contract Phase: YAY! You have received an offer! This is a very exciting phase in the process of selling your home. Was it what you hoped for? Does the buyer want you to pay closing costs or other expenses? What other things is the buyer asking for? Discuss the offer with your agent/broker and decide if the offer is acceptable as is or if you need to negotiate it to a better place before you can accept. It is important to remember that in North Carolina, once you reject that initial offer (by countering or rejection) the offer is no longer on the table, the buyer is free to walk away. If you decide you need to make a counter offer, your agent/broker will help you decide the best way to handle the situation. Some negotiations only take one offer and it’s accepted, others can take 5-6 times of going back and forth before a final agreement is reached. Regardless of your situation, your agent/broker is there for you and should help you get an amicable deal worked out for the sale of your home. Once a deal has been struck and all parties have signed, you are under contract! Congratulations!

It should also be noted that during the contract phase two deposits are also negotiated, a due diligence deposit and an earnest money deposit. They both count toward the purchase price of the home. The due diligence money is paid directly to the seller and is non-refundable. The earnest money is made payable to which ever entity will be holding the escrow deposit and is refundable up until 5:00 on the due diligence deadline date.

Due Diligence Phase: This is where we in North Carolina (not just Lake Norman and Charlotte) are pretty unique in the home selling process. Due Diligence started a few years ago and it’s still a hard concept for many buyers and sellers to understand. The short explanation is that it is the time that the buyer is buying the home off the market to do their inspections, negotiate any repairs needed, appraisal, surveys, taking care of any contingencies and getting their loan in order and ready for the sale (closing). Your agent/broker can explain this in further detail to you but this is the quick explanation.

Closing Phase: This is the final phase in the process. The closing attorney pulls together the title search, reviews it to make sure the title is clear and can be exchanged. He/she reviews the survey (if any) to make sure there are no encroachments. He/she also pulls together all the numbers for each side including payoffs, taxes, HOA dues, commissions, recording fees, loan fees and his/her fees and puts it all together in a document called the HUD-1 or closing statement. This form is a standard, federal form that sets forth all the monies being exchanged in a clear format and shows the bottom line for each party. The closing attorney will go over all of the closing and loan documents with each party and explain it all to them. The seller signs their portion, the buyer signs their portion. The closing attorney then verifies that all monies are received, this includes loan money, cash from buyer, cash from seller (if any). It should be noted that most attorneys require bank certified funds or even wired funds. This is due to fraudulent activities and for the protection of all parties. The attorney must then record the documents and update the title. This usually takes a few hours. After all of that is completed, the attorney then disburses the funds and the seller gets paid! At that point, the sale is complete and final.

Lisa Alford