Welcome to CharlotteBetweenTheLines.com, your source for the latest expert analysis of the Charlotte new home market. Here you’ll find a credible blend of data and knowledgeable perspective from respected economic and real estate experts.

• Pat Riley says "The Time to Buy is NOW"
   and he explains what it takes to sell
   your home

• Emma Littlejohn's latest article
   encourages home buyers to
   get off the fence

• "Despite Challenges, Charlotte Finds
   a Way to Grow" by Mark Vitner,
   Senior Economist, Wachovia

• Pat Riley says "Don't Call it a Housing
   Slump" and he explains why in his
   article in "Why Buy Now"

Increased Affordability Making Homeownership in Charlotte a Reality
By Michael Hinshaw, President, Home Builders Association of Charlotte

Nationwide, housing affordability is at the highest level in at least five years. In fact, the National Association of Home Builders (NAHB) estimates that 55 million American households have the ability to make their dream of homeownership a reality today — up from 38 million two years ago
In Charlotte, 72.2 percent of all homes that were sold in the fourth quarter of 2008 were affordable to families earning the median income of $64,300, compared to only 62.9 percent at the end of 2007.
“This is an unprecedented opportunity for anyone who is considering buying a home,” said Hinshaw. “Interest rates are historically low and there is still a great selection of homes on the market to choose from.”
Another incentive that is driving home buyers back into the marketplace is the $8,000 first-time home buyer tax credit which was included in the recently enacted economic stimulus package. The Treasury Inspector General for Tax Administration, which audits the IRS, reports that nearly 568,000 tax returns claimed a first-time home buyer tax credit as of March 6.
The tax credit is available to first-time home buyers —defined as anyone who has not owned a primary residence in the past three years — who meet the income limit requirements and purchase their home on or after January 1, 2009, but before December 1, 2009. The tax credit is equal to 10 percent of the home price up to a maximum amount of $8,000.
More information about the tax credit, including eligibility requirements and the answers to frequently asked questions, can be found on the National Association of Home Builders’ tax credit consumer Web site www.federalhousingtaxcredit.com.

The choices for home shoppers, however, may start to narrow soon. Sales of both new and resale homes increased in February. This could be an indication that the housing market is reaching a bottom.
“This is the perfect storm of benefits for anyone who is still trying to decide whether or not they want to make the leap from renter to home owner,” said Hinshaw. Don’t lose out and take the chance of looking back years from now regretting that you didn’t take advantage of this great opportunity.”


About the author

Michael Hinshaw is currently the president of the Home Builders Association of Charlotte. A land developer for the past 25 years, he also works in his family business, Hinshaw Properties.

Congress Enacts Bigger and Better Home Buyer Tax Credit

A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

To learn more about this tax credit, visit: federalhousingtaxcredit.com.

Landmark Housing Bill Helps Homebuyers

H.R. 3221, the Housing and Economic Recovery Act of 2008, includes several provisions aimed at ending the current cyclical downturn in the housing industry and strengthening the housing finance system so that it will provide critical support as the marketplace gains strength.

The centerpiece of the housing bill is a temporary, $7,500 first-time home buyer tax credit for the purchase of any home. The tax credit can be used for a home sale closing on or after April 9, 2008 and before July 1, 2009. It is expected to provide a significant financial incentive for home buyers.

In addition to providing a $7,500 tax credit for qualified first-time home buyers, the Housing and Economic Recovery Act of 2008 includes a number of other provisions that will help prevent foreclosures, reinvigorate the housing market and strengthen the nation’s economy.

Federal Housing Administration Modernization

The maximum FHA-insured loan will be increased to 115 percent of an area’s median home price, up to a maximum of $625,500, with a minimum downpayment of 3.5 percent, up from 3.0 percent currently. The legislation will give the agency greater flexibility to respond to the needs of borrowers, enable more working families to become home owners, provide a viable alternative to the volatile subprime market and allow the FHA to play an important role in stabilizing the mortgage markets.

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Association of Charlotte
Established in 1945, the Home Builders Association of Charlotte is a positive presence and resource in the community continuing to protect and promote the American dream of home ownership for all people.