Monthly Archives: October 2013

Things to Remember when buying a Carolina home in the Offseason

Now that summer has passed and we’re in full swing for fall with the holidays fast approaching, we have passed what is traditionally known as the “homebuying season” – where most buyers are on the hunt, generally in summer, when it’s nicest outside and a move can be done without interrupting the school year. Still, there are plenty of homes being listed and cold weather is not stopping buyers from getting in on the hunt. If you are interested in buying during the offseason, you should check out the tips in the new Equifax article, “

Six Things to Remember When Buying a Home in the Offseason.”

For instance, it’s important for buyers to recognize that very few homes that are on market now are long term listings. There were many homes listed in late spring and midsummer, so there is selection as well as great deals out there. In addition, there are fewer buyers to compete with as many are stuck to the on-season mindset, decided they aren’t going to find the property they are looking for until next year, or are unwilling to move their children mid-school year. With a lesser field, sellers are sometimes more eager to negotiate, as they are getting less foot-traffic and trying to sell their home before the holiday season when buyers reach an annual low as they are focused on spending time with friends and family.

There are more great tips in the full article and while you are there, you can explore a wealth of money management tips on budgets,

credit reports and more!

How the Shutdown Affects the Mortgage Industry

According to industry officials, the mortgage industry isn’t likely to face drastic, immediate repercussions because of the government shutdown. However, if the shutdown were to last longer than two weeks, the industry can expect to see more of an impact.

The vast majority of home loans are processed through Fannie Mae or Freddie Mac, both of which are federally supported, but neither company is diminished by the shutdown. The Federal Housing Administration (FHA), however, is a government agency and while still processing loans, they are working with a substantially reduced staff, which could lead to delays.

The biggest shutdown hiccup for North Carolina mortgages is the IRS, which isn’t currently issuing either tax transcripts or Form 4506-T, a form most lenders use to verify a borrower’s income. This isn’t really an issue for homes closing in the next week or two, as those forms have likely already been ordered. But, should the shutdown last longer than two weeks, home buyers may begin to see the real and lasting effects.

Generally speaking, it’s business as usual for lending companies. Just because the government has shut down doesn’t mean your loan has to. North Carolina home loans continue to be processed, and at Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR #2146), we are continuing to submit paperwork on the borrower’s behalf for standard loans. We do not expect a short government shutdown to have lasting effects on the housing market.

At Starkey Mortgage, we provide in-house processing and underwriting, and pride ourselves on timely closings and competitive rates. Starkey exercises controlled growth and works closely with home buyers and builders to give them an assured experience.

For more information on Starkey’s East Region Builder Services Division, please contact North Carolina’s senior vice president and regional manager, Debra Watt at dwatt@starkeymtg.com, 704-246-0132 or by visiting www.starkeybuilderservices.com.

Equal Housing Lender. 10800 Sikes Place, Suite 110, Charlotte, NC 28277. Branch NMLSR #93518, Branch License #L-112550-102, SC License #MLB-93518. Phone: 704.849.2125.

New Midtown Apartment Complex Construction Underway

Lennar has begun construction on a new apartment complex located in midtown Charlotte. The new mixed-use development will feature 261 units and approximately 7,700 square feet of retail space.

Lennar Multifamily Investors, the apartment division of Lennar Corporation, is constructing the new complex on South Kings Drive across from the Metropolitan development. The 2.5-acre site, which is bounded by South Kings Drive, Charlottetown Avenue, Cherry Street and East Third Street, was purchased last year for $8.25 million.

The complex will wrap around a five-story parking deck and feature five levels of residential living along the East Third Street side. On the Charlottetown Avenue side, there will be six levels with the bottom level consisting of retail shops.

With its location near uptown, two major hospitals and the Metropolitan, Lennar is gearing the floor plans in the complex towards the expected market. One bedroom and studio units will make up 70 percent of the apartments in the new, as-yet unnamed building.

“We think having a grocery and a variety of dining and shopping across the street is one of the most exciting things about the location,” says John Gray, director of Lennar Multifamily Investors in Charlotte.

The luxury apartments will include granite countertops and stainless steel appliances, and the outstanding amenities that will be available to residents will consist of a pool, yoga room, fitness center, spin room, dog spa and a coffee-shop area for residents who work from home.

The first units in the new complex are expected to be delivered in the fourth quarter of 2014.