Home Sales Improve in Charlotte

The Charlotte Observer just published a new story saying that Charlotte home sales were on the rise.

Charlotte-area home sales improved in May over the month before, new data from the Charlotte Regional Realtor Association show.

About 2,190 houses, townhouses and condos sold in the Charlotte region last month, up nearly 17 percent from April, according to the report released Thursday. That was down about 12 percent from May 2010, when sales surged in response to the government's homebuyer tax credits.

Despite the uptick in sales, home prices remain weak, signaling continued challenges in the housing market. Foreclosures, tight lending standards and lingering economic uncertainty are among the factors fueling the slow rebound, and experts say it could take a year or more for prices to begin climbing again.

The average selling price in the Charlotte region in May was $208,999, up about 3 percent from April and up 0.6 percent from the year before, the MLS data show. But that's still down about 7 percent from May 2008, shortly after the recession began.

This is good news for the real estate market, since it shows that the economy is on the rise slowly but surely.

HOA Responsibilities

Once you have purchased a home in a community with an incorporated homeowner association, it is important that you understand both your responsibilities as well as those of the association. These responsibilities are sometimes guaranteed by federal and state laws in addition to the association’s governing documents. Some of the most important are:

Homeowner Responsibilities

• Understand and comply with the restrictive covenants, by-laws, and other rules and regulations.
• Pay your assessments on time.
• Stay informed and participate in the business of your homeowner association by reading the meeting minutes, attending the annual meeting, understanding the budget, and volunteering to serve on a committee or the board.
• Maintain a current address with your homeowner association. This is critical if you are a member of a homeowner association but do not live in the community. Examples include rental property, second homes, homes used by children in college or retired parents, or investment property intended for future construction.
• If your home is rental property or occupied by others, ensure that tenants/occupants understand that they must also comply with certain restrictive covenants such as parking, pets, architectural changes, and other requirements. This may also include association rules regarding use of playgrounds, pools, tennis courts, and other common areas.
• Maintain contact information for an association representative. This may be an on-site employee, a management company, a board member, or the builder/developer.

Association Responsibilities

• Maintain, protect, and enhance the value of the community.
• Govern the association in accordance with federal and state laws.
• Provide an information package to new home buyers.
• Publish the names and addresses of all association officers and directors within 30 days of their election.
• Hold regular board meetings and an annual meeting.
• Provide an opportunity for resident participation in a ‘homeowner’s forum’ at each board meeting.
• Inform residents of annual assessments and special assessments.
• Provide an annual income statement and balance sheet to all owners within 75 days of the end of each fiscal year.
• Provide a statement upon request by a resident within 10 days of the request.
• Enforce the restrictive covenants and other governing documents in a fair and consistent manner.

Taken from The Homeowners Associations of North Carolina- http://www.hoa-nc.com/Homeowners.aspx

Housing Market Overview

Trulia, a real estate site for home buyers, sellers, renters and real estate professionals, just release a survey about American Adult's views on the housing market. The verdict is most America's are still pretty pessimistic about the housing market. 

This chart shows that half of the American's surveyed in April 2011 don't foresee the market rebounding until 2014 or later. This is a 20% increase in negative views since the original survey taken in November of 2010.

In both November 2010 and April 2011, most people believed that a housing market recovery was still at least three years off. That might just mean that they aren't going to express any optimism until things begin to improve or at least stabilize. In that sense, sentiment is consistent.

The housing market is making a slow come back, but Greenway Realty, is dedicated to bring the very best service to our clients, and make homeownership an easy and convenient process that will help both our customers and the market.

Bill 165

On Wednesday May 25, 2011, a bill that would limit the foreclosure powers of homeowners' associations passed through a NC state House committee and is now expected to be heard by the full house.

A House Judiciary Subcommittee endorsed House Bill 165, which would require dues or assessments to remain unpaid for at least 90 days before an association could begin foreclosure proceedings against the property owner. Right now as it stands the association only has to wait 30 days to file against a property.

The bill would also require the association's executive board to vote to begin any foreclosure proceedings against an owner.

Rep. Jennifer Weiss, D-Wake, a primary sponsor of the bill, said any foreclosure can affect the entire neighborhood through declining property values, so the elected bodies of homeowners' associations should have to vote to foreclose on properties. The 90-day provision, would give the owner and the association more time to work out a solution.

The bill would also require more disclosure to potential home buyers about HOAs, but if approved, the bill will increase expenses of homeowners associations and the fees that all association members have to pay.

If it passes the full House, it will move on to the Senate for another vote.

Benefits of Homeowner Associations

Here at Greenway Realty we strive to give the best to our clients and their communities. We want to make you proud to live in one of our neighborhoods, and while there are monthly dues associated with living in this type of community it creates the type of atmosphere that makes residents happy to be a part of our community. Home Owners Associations (HOA) have many benefits attached to them, and Greenway tries to exemplify these and provide everything and more for our customers.

• HOA's foster a sense of community, and we do this by creating community events that bring you closer with your neighbors and community at large. We provide a place where dialogue can be heard and concerns can be voiced.
• HOA's provide information and regulations to help the surrounding community. Greenway is no exception to this, we provide all residents with the pertinent information about all the covenants, conditions, restrictions, bylaws, and rules and regulations. This helps so that the community can grow and thrive while staying safe, secure, and looking good.
• HOA's maintain the grounds and surrounding areas around the complex and with spring upon us Greenway is landscaping and beautifying the areas around the grounds. This not only improves looks, but also improves the value of the property. Greenway wants to provide the best service we can for our clients and give them the opportunity to grow and develop their community. We provide many convenient services that will help both the clients and their residents lead happier less stress filled lives.