End of Mecklenburg County "Stay-at-Home" Order Should Increase Activity in SCCL

In a previous posting, I discussed the dilemma facing REALTORS® who are licensed in SC, but live in Mecklenburg County and, therefore, are under both NC and the more restrictive Mecklenburg County "Stay-at-Home" orders. The Meck County order, which prevents agents from leaving their homes to conduct business, expires today and this could mean an increase in activity here in Sun City Carolina Lakes. While South Carolina agents who live in South Carolina have been allowed to show properties, following strict CDC protocol, those who are licensed here but live in Mecklenburg County, were unable to conduct live showings here.  If you or someone you know is interested in listing a home or looking for a home here, please contact me.

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Article Courtesy of Charlotte Stories
I have marked some important information in red.

Mecklenburg County Manager Dena R. Diorio has just announced that our local ‘Stay at Home Order‘ will officially end on Wednesday, April 29th, and we will transition into following our state’s less restrictive ‘State at Home Order’.
“The unified coalition of the County, the City, and the towns that began working together when this crisis started will stay together,” Diorio noted. “We have agreed to proceed like the rest of the state as the phased reopening proceeds.”


The follow closed businesses will now be allowed to open up under the state’s ordinance:

• Car Dealerships
• Real estate brokerages, appraisers, and title companies
• Insurance companies
• Religious facilities, entities, groups, gatherings, including funerals. Also, services, counseling, pastoral care, and other activities provided by religious organizations to the members of their faith community. Gatherings may not exceed 10 people.
• Defense and military contractors that develop products, processes, equipment, technology, and related services that serve the United States military, national defense, and national security interests.
• Electronic retailers that sell or service cell phones, computers, tablets, and other communications technology.
• Lawn and garden equipment retailers.
• Book stores that sell educational material.

All Essential Businesses must still follow the Social Distancing Requirements that are in line with our counties order, including:

• • Maintaining at least six (6) feet distancing from other individuals.
  • Washing hands using soap and water for at least twenty (20) seconds as frequently as possible or the use of hand sanitizer.
  • Regularly cleaning high-touch surfaces.
  • Facilitating online or remote access by customers if possible.

North Carolina’s statewide stay home order was recently extended until May 8th.
Mecklenburg County’s stay home order began on March 26th and was set to expire tomorrow.

Helen Adams Realty COVID-19 Update

Helen Adams Realty was founded over forty-five years ago in the growing city of Charlotte. Since its inception, the com­pany has established a reputation for providing the highest level of personal service and real estate expertise and has become one of the most respected real estate brokerages in the region, with office locations in Central, North and South Charlotte, and Ft. Mill, SC.

My personal focus is on our amazing SCCL community.  As a resident, I love this community and am passionate about sharing my knowledge and expertise with both Buyers and Sellers.  While I do service other nearby South Carolina communities and have helped clients find wonderful homes in other locations, the stats that I provide here on my website are devoted to Sun City Carolina Lakes.  

Since we have been faced with the COVID-19 pandemic, I have added stats about the number of daily showings in SCCL by price range to the other stats that I update regularly, so you can follow the activity of our unique market. Click HERE for my posting regarding showing stats.  Click on tabs above for up-to-date stats and information about our current market.

Today, I would like to share stats for the entire Helen Adams Realty company for the month of April.  Despite real estate being considered a non-essential business in North Carolina, to date this month, HAR agents have taken 48 new listings and written 96 new contracts!                  Way to go Helen Adams Realty!

Mortgage Update

Thanks to Melissa Messick, Senior Loan Officer with Movement Mortgage, and Ashleigh Clark, Senior Loan Officer with Highlands Mortgage, for sharing the following information.

BREAKING MORTGAGE NEWS

Movement Mortgage CEO Casey Crawford announced that going forward we will be servicing our own loans and min credit score for FHA, VA, USDA has been lowered to 620

We are also rolling back credit overlays that had been instituted as a result of Covid 19

🤷🏻‍♂️ What does this mean for you? 🤷🏻‍♂️

✅ if you are a consumer who was declined at another lender because of credit score requirements, give us a call we may be able to help

✅ More consumers will be able to access credit to restructure their loans for better payments

️ Bottom line: if you have been declined with another lender, please reach out to me.

Melissa Messick| SENIOR LOAN OFFICER
NMLS 97916

6832 Morrison Blvd Suite 130
Charlotte, NC 28211
movement.com/Melissa.Messick
Office (980) 777-1042 
Mobile (704) 905-4009

Fax (704) 512-0826 

NOW is the time to get the mortgage plan established. Please call me for a preapproval on a primary, 2nd home or investment purchase.

CREDIT SCORE REQUIREMENTS
While many lenders are making sweeping changes in credit score requirements, I’m happy to report that -for now- we have minor changes that still allow us to support as many qualified borrowers as possible
-Conventional loans require minimum 620+
-FHA/VA loans have gone up to minimum 640+

*Debt to income qualifying- if we receive Approve/Eligible as we run it through our automated system AND we can support these findings with the proper documentation, then we should be able to move forward. No company guideline overlays.

EMPLOYMENT VERIFICATION
As unemployment numbers continue to increase, Highlands must have affirmation at the closing table that borrower(s) employment, income, and financial condition has not been adversely impacted. Highlands requires a final Verbal Verification Of Employment on all transactions 1 business day prior to closing.

CONTINUITY OF INCOME
In addition to Verbal Verifications Of Employment, agencies and investors are re-emphasizing the lender’s responsibility to ensure any disruption in the borrower’s employment and/or income will not negatively impact their ability to repay. States and communities are continuing to place additional restrictions on many types of businesses that may impact the borrower’s income. Additional documentation may be required in known impacted lines of employment and self-employment such as auto, airline, schoolteachers, retail, restaurant/bar server, etc.

PROGRAM SUSPENSIONS
- (NCHFA and SCHFA) New Bond Loan Originations suspended until further notice - This includes any bond loan not registered and locked currently with the bond authority.
- Highlands Purchase Plus, Fannie Renovation and 203K (all RENOVATION LOANS) suspended until further notice

APPRAISAL WAIVERS
Fannie Mae Property Inspection Waiver (PIW - Highlands will continue to accept PIW’s on eligible Fannie Mae DU APPROVE/ELIGIBLE loans only. (DU=Desktop underwriter- the automated underwriting computer program we run files through as a first pass to know whether loan is possibly acceptable and what documents are needed for underwriting.)

DU PIW finding must be received on the final DU run at time of Clear To Close and not be one of the following Fannie Mae ineligible transaction types: properties in declared disaster areas; new construction; 2-4 unit; leasehold; properties with resale restrictions; manufactured homes; non arm’s length; gifts of equity; or Texas Equity 50(a)(6) loans.

APPRAISAL turn times have increased slightly as the demand increased and at the same time access to properties have become more of a challenge. I would expect to plan on minimum 10 days to 2 weeks for completion in urban areas and a little longer for some of the more rural areas/counties.

SELF EMPLOYED BORROWERS
- Must document business is open and operating within 10 days of closing.
- Examples of methods to confirm the Borrower's business is currently operating:
- Evidence of current work (e.g., executed contracts or signed invoices that indicate the business is operating on the day the Seller verifies self-employment)
- Document current business receipts within 10 Business Days of closing (e.g., payment for services performed)
- Processor verbally calls to confirm business is open and operating with or without restrictions.
- Processor confirms business website demonstrating activity supporting current business operations (e.g., timely appointments for estimates or service can be scheduled)

JUMBO LOANS
Warehouse lenders are tightening the requirements on jumbo loans. Until further notice, Highlands’ maximum loan amount will be $1.5 million and we are limited to our bank investors as outlets for the loans we originate. This is not surprising considering the liquidity concerns for the investors that aren’t banks.

So there is no confusion: our warehouse banks love us, but they hate illiquid jumbos.
(Illiquid = No funding- no buyer of the bonds that usually fund them. It’s a lack of the initial bond purchases that decrease the funds available.)
**Reminder that we are taking full advantage of the recent cuts in the Federal lending rate to utilize “piggy back” loans so we can safely enter the JUMBO purchase space. We can combine our awesome 1st mortgage rates up to a loan amount of $510,400 and work with our community banking partners to offer a 2nd mortgage (HELOC) to get us into the $600,000 and up price ranges. This also creates an opportunity to put as little as 5% down on a JUMBO purchase and avoid any private mortgage insurance

PRIVATE MORTGAGE INSURANCE
PMI companies raised their rates, which can impact buying power. Folks already preapproved at a certain price point may be affected by the resulting increase to debt to income ratio. I am reviewing all preapproved buyers in my pipeline and made note of those that are at the top end of their qualifying range so we can navigate through these industry adjustments accordingly.

HIGHLANDS FOCUS ON DEADLINES
Our underwriting and processing teams continue to work remotely and overtime to keep us on track for hitting our deadlines. (Due Diligence and Closing dates). We are averaging slightly under 30 days for closings.

Highlands “slim close” option for borrowers who want to limit the face time needed for closing is working very well! Eligible borrowers who choose this option e-sign the documents that do not require a notary at home, which leaves them with only 7-8 documents to sign in the presence of attorney or notary.

Ashleigh Clark, NMLS #92328
Sr Loan Officer
Highlands Residential Mortgage, NMLS #134871
15235J John J Delaney Dr, Charlotte, NC 28277
Office 704-366-7711 |Cell 704-307-9908 |Fax 704-943-0532
Ashleighclark@highlandsmortgage.com
www.HighlandsMortgage.com
 

The Pain of Unemployment: It Will Be Deep, But Not for Long

Article Courtesy of Keeping Current Matters/The KCM Blog

The financial pain so many families are facing right now is deep.

How deep will the pain cut?

 

Major institutions are forecasting unemployment rates last seen during the Great Depression. Here are a few projections:

• Goldman Sachs – 15%
• Merrill Lynch – 10.6%
• JP Morgan – 8.5%
• Wells Fargo – 7.3%

How long will the pain last?

As horrific as those numbers are, there is some good news. The pain will be deep, but it won’t last as long as it did after previous crises. Taking the direst projection from Goldman Sachs, we can see that 15% unemployment quickly drops to 6-8% as we head into next year, continues to drop, and then returns to about 4% in 2023.

When we compare that to the length of time it took to get back to work during both the Great Recession (9 years long) and the Great Depression (12 years long), we can see how the current timetable is much more favorable.

Bottom Line

It’s devastating to think about how the financial heartache families are going through right now is adding to the uncertainty surrounding their health as well. Hopefully, we will soon have the virus contained and then we will, slowly and safely, return to work.

Showings in SCCL During the COVID-19 Emergency

Because we live so close to the North Carolina border, many SC REALTORS® (meaning they are licensed in South Carolina) belong to companies that have offices in North Carolina, and belong to the NC Association of REALTORS®, Canopy REALTOR® Association (formerly the Charlotte Regional REALTOR® Association) and Canopy (formerly Carolinas) MLS.  Some SC REALTORS® live in North Carolina and some live in South Carolina.  As a result, there has been confusion as to whether SC residents (REALTORS® and clients) are able to view properties at this time, since the restrictions in SC are different than in NC.  In order to help us all understand this situation better, the South Carolina REALTORS® Association has put out the following information.

As noted, it is not business as usual.  While properties can be shown (following strict CDC guidelines), the buying process can take much longer than in the past.  The mortgage process, inspections, and closings have all be affected by COVID restrictions.

Showings really slowed down around mid-March, but began picking up somewhat around mid-April.  

That being said, here in Sun City Carolina Lakes properties continue to go UNDER CONTRACT and CLOSE.  Check the UP-TO-DATE STATS FOR SCCL tab above for the most current activity.

The chart below was last updated on 4/22/2020.  As of 4/24/2020, daily showing stats can now be found at the SHOWING STATS BY PRICE RANGE tab above.

I have started showing some occupied homes again, but do so with strict adherence to CDC protocol by myself and my clients.  I ask that anyone interested in viewing property start with careful review of virtual tours/photos before actually requesting a showing.  This is not a time for "Just checking things out," but, rather a time for only serious "I really need to find a home now" Buyers.  In order to assure Sellers that those who visit their homes are serious Buyers, it is essential that Buyers get themselves pre-approved (or, at minimum, pre-qualified) by a lender before viewing homes.  While this is always the routine, it is extremely important to do so now.  I'd be happy to share the names of several lenders who can assist you. 

Please remember that I am ALWAYS available to talk to you! Don't hesitate to call, email, or text me. I would be happy to conduct conversations by FaceTime. Anyone considering listing or purchasing a home, know that we can use all the great technology available to take care of your needs.

Think This Is a Housing Crisis? Think Again.

Article Courtesy of Keeping Current Matters/The KCM Blog

With all of the unanswered questions caused by COVID-19 and the economic slowdown we’re experiencing across the country today, many are asking if the housing market is in trouble. For those who remember 2008, it’s logical to ask that question.

Many of us experienced financial hardships, lost homes, and were out of work during the Great Recession – the recession that started with a housing and mortgage crisis. Today, we face a very different challenge: an external health crisis that has caused a pause in much of the economy and a major shutdown of many parts of the country.

Let’s look at five things we know about today’s housing market that were different in 2008. 

1. Appreciation

When we look at appreciation in the visual below, there’s a big difference between the 6 years prior to the housing crash and the most recent 6-year period of time. Leading up to the crash, we had much higher appreciation in this country than we see today. In fact, the highest level of appreciation most recently is below the lowest level we saw leading up to the crash. Prices have been rising lately, but not at the rate they were climbing back when we had runaway appreciation. 

2. Mortgage Credit

The Mortgage Credit Availability Index is a monthly measure by the Mortgage Bankers Association that gauges the level of difficulty to secure a loan. The higher the index, the easier it is to get a loan; the lower the index, the harder. Today we’re nowhere near the levels seen before the housing crash when it was very easy to get approved for a mortgage. After the crash, however, lending standards tightened and have remained that way leading up to today.

3. Number of Homes for Sale

One of the causes of the housing crash in 2008 was an oversupply of homes for sale. Today, as shown in the next image, we see a much different picture. We don’t have enough homes on the market for the number of people who want to buy them. Across the country, we have less than 6 months of inventory, an undersupply of homes available for interested buyers.

 
4. Use of Home Equity

The chart below shows the difference in how people are accessing the equity in their homes today as compared to 2008. In 2008, consumers were harvesting equity from their homes (through cash-out refinances) and using it to finance their lifestyles. Today, consumers are treating the equity in their homes much more cautiously.

5. Home Equity Today

Today, 53.8% of homes across the country have at least 50% equity. In 2008, homeowners walked away when they owed more than what their homes were worth. With the equity homeowners have now, they’re much less likely to walk away from their homes.

Bottom Line

The COVID-19 crisis is causing different challenges across the country than the ones we faced in 2008. Back then, we had a housing crisis; today, we face a health crisis. What we know now is that housing is in a much stronger position today than it was in 2008. It is no longer the center of the economic slowdown. Rather, it could be just what helps pull us out of the downturn.

What If I Need to Sell My Home Now? What Can I Do?

Article Courtesy of Keeping Current Matters/The KCM Blog

Every day that passes, people have a need to buy and sell homes. That doesn’t stop during the current pandemic. If you’ve had a major life change recently, whether with your job or your family situation, you may be in a position where you need to sell your home – and fast. While you probably feel like timing with the current pandemic isn’t on your side, making a move is still possible. Rest assured, with technology at your side and fewer sellers on the market in most areas, you can list your house and make it happen safely and effectively, especially when following the current COVID-19 guidelines set forth by the National Association of Realtors (NAR) and the Centers for Disease Control and Prevention (CDC).

You may have a new baby, a new employment situation, a parent who moved in with you, you just built a home that’s finally ready to move into, or some other major part of your life that has changed in recent weeks. Buyers have those needs too, so rest assured that someone is likely looking for a home just like yours.

According to the NAR Flash Survey: Economic Pulse taken April 5 – 6, real estate agents indicate, not surprisingly, that there’s a noticeable decline in current homebuyer interest. That said, 10% of agents said in the same survey that they saw no change or even an increase in buyer activity. So, while buyer interest is low compared to normal spring markets, there are still buyers in the market. Don’t forget, you only need one buyer – the right one for your home.
Here’s the other thing – people are spending a lot of time on the Internet right now, given the stay-at-home orders implemented across the country. Buyers are actively looking at homes for sale online. Some of them are reaching out to real estate professionals for virtual tours and getting ready to make offers too. Homes are being sold in many markets.

There Is Less Competition Right Now

The same survey indicates that 56% of NAR members said sellers are removing their homes from the market right now. This can definitely work in your favor. If other sellers are removing their listings, your home has a better chance of rising to the top of a buyer’s search list and being seen. Keep in mind, listings will pick up again soon, as 57% of the respondents note that sellers are only planning to delay the process by a couple of months. If you need to sell right now, don’t wait for the competition to get back into the market again.

This year, delayed listings from the typically busy spring season will push into the summer months, so more competition will be coming to the market as the pandemic passes. Getting ahead of that wave now might be your biggest opportunity.

Your Trusted Real Estate Advisor Can Help

Real estate agents are working hard every single day under untraditional circumstances, utilizing technology to help both buyers and sellers who need to continue with their plans. We’re using virtual tours to show homes currently on the market, staying connected with the buyers and sellers through video chats, and leveraging resources to complete transactions electronically. We’re making sure the families we support remain safe and can keep their real estate needs on track, especially as life is changing so rapidly.

Bottom Line

Homes are still being bought and sold in the midst of this pandemic. If you need to sell your house and would like to know the current status in your local market, contact a local real estate professional to create a safe and effective plan that works for you and your family.

Recession? Yes. Housing Crash? No.

Article Coutesy of Keeping Current Matters/The KCM Blog

 With over 90% of Americans now under a shelter-in-place order, many experts are warning that the American economy is heading toward a recession, if it’s not in one already. What does that mean to the residential real estate market?

What is a recession?

According to the National Bureau of Economic Research:

“A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”

COVID-19 hit the pause button on the American economy in the middle of March. Goldman Sachs, JP Morgan, and Morgan Stanley are all calling for a deep dive in the economy in the second quarter of this year. Though we may not yet be in a recession by the technical definition of the word today, most believe history will show we were in one from April to June.

Does that mean we’re headed for another housing crash?

Many fear a recession will mean a repeat of the housing crash that occurred during the Great Recession of 2006-2008. The past, however, shows us that most recessions do not adversely impact home values. Doug Brien, CEO of Mynd Property Management, explains:

“With the exception of two recessions, the Great Recession from 2007-2009, & the Gulf War recession from 1990-1991, no other recessions have impacted the U.S. housing market, according to Freddie Mac Home Price Index data collected from 1975 to 2018.”

CoreLogic, in a second study of the last five recessions, found the same. Here’s a graph of their findings:

What are the experts saying this time?

This is what three economic leaders are saying about the housing connection to this recession:

Robert Dietz, Chief Economist with NAHB

“The housing sector enters this recession underbuilt rather than overbuilt…That means as the economy rebounds – which it will at some stage – housing is set to help lead the way out.”

Ali Wolf, Chief Economist with Meyers Research

“Last time housing led the recession…This time it’s poised to bring us out. This is the Great Recession for leisure, hospitality, trade and transportation in that this recession will feel as bad as the Great Recession did to housing.”

John Burns, founder of John Burns Consulting, also revealed that his firm’s research concluded that recessions caused by a pandemic usually do not significantly impact home values:

“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices).”

Bottom Line

If we’re not in a recession yet, we’re about to be in one. This time, however, housing will be the sector that leads the economic recovery.

What You Can Do to Get Your House Ready to Sell During COVID-19 Emergency [INFOGRAPHIC]

Infographic Courtesy of Keeping Current Matters/The KCM Blog

Some Highlights:

• Believe it or not, there are lots of things you can do to prep your house for a sale without even going to the store.
• Your real estate plans don’t have to be completely on hold even while we’ve hit the pause button on other parts of daily life.
• Tackling small projects from cleaning the corners you may normally skip to tidying up your yard are easy and necessary wins if you’re thinking of listing your house and making a move.

How Technology Is Enabling the Real Estate Process

Article Courtesy of Keeping Current Matters/The KCM Blog

Today’s everyday reality is pretty different than it looked just a few weeks ago. We’re learning how to do a lot of things in new ways, from how we work remotely to how we engage with our friends and neighbors. Almost everything right now is shifting to a virtual format. One of the big changes we’re adapting to is the revisions to the common real estate transaction, which all vary by state and locality. Technology, however, is making it possible for many of us to continue on the quest for homeownership, an essential need for all.

Here’s a look at some of the elements of the process that are changing (at least in the near-term), due to stay-at-home orders and social distancing, and what you may need to know about each one if you’re thinking of buying or selling a home sooner rather than later.

1. Virtual Consultations – Instead of heading into an office, you can meet with real estate and lending professionals through video chat. Whether it’s your first initial needs analysis as a buyer or your listing appointment as a seller, you can still get the process started remotely and create a plan together. Your trusted advisor is still on your side.

2. Home Searches & Virtual Showings – According to theNational Association of Realtors (NAR), the Internet is one of the three most popular information sources buyers use when searching for homes. Your real estate agent can send you listing information and help you request a virtual showing when you’re ready to start looking. This means you can virtually walk through the homes on your wish list while keeping your family safe. As a seller, you can still have virtual open houses and virtual tours too, so as not to miss those buyers looking to find a home right now.

3. Document Signing – Although this is another area that varies by state, today more portions of the transaction are being done digitally. In many areas, your agent or loan officer can set up an account where you can upload all of the required documents and sign electronically right from your computer.

4. Sending Money – Whether you need to pay for an appraisal or submit closing costs, there are options available. Depending on the transaction and local regulations, you may be able to pay by credit card, and most banks will also allow you to wire funds from your account. Sometimes you can send a check by mail, and in some states, a mobile escrow agent will pick up a check from your home.

5. Closing Process – Again, depending on your area, a mobile notary may be able to bring the required documents to your home before the closing. If your state requires an attorney to be present, check with your legal counsel to see what options are available. Also, depending on the title company, some are allowing drive-thru closings, which is similar to doing a transaction at a bank window.

Although these virtual processes are starting to become more widely accepted, it does not mean that this is the way things are going to get done from now on. Under the current circumstances, however, technology is making it possible to continue much of the real estate transaction today.

 

Bottom Line

If you need to move today, technology can help make it happen; there are options available. To learn about the specific regulations in your area, contact a local real estate professional to discuss your situation, so you don’t have to put your real estate plans on hold.

COVID-19 REAL ESTATE UPDATES

4/7/2020

South Carolina has finally put "stay-at-home"into affect... 

I am ALWAYS available to talk to you! Don't hesitate to call, email, or text me. I would be happy to conduct conversations by FaceTime. Anyone considering listing or purchasing a home, know that we can use all the great technology available to take care of your needs.

4/3/2020
The latest Mecklenburg County Amendment to Stay at Home Order Regarding Residential Brokerage says, "In-person showings of homes for sale or rentals on the market are restricted to vacant property only."

3/30/2020
While these orders are for Mecklenburg County, Helen Adams Realty is following these orders for all offices.  Remember, as noted previously (scroll down for earlier postings), I am ALWAYS available to talk to you! Don't hesitate to call, email, or text me. I would be happy to conduct conversations by FaceTime. Anyone considering listing or purchasing a home, know that we can use all the great technology available to take care of your needs.

Please scroll down for the latest data on showings here in Sun City Carolina Lakes.  Also, use tab above for UP-TO-DATE STATS FOR SCCL.  I update this information daily. 

The following are amendments to the proposed Detailed Plan of Action, originally included in the April 1, 2020, correspondence from the Canopy Realtor® Association and Canopy MLS and expand on the Clarification and Guidance issued on March 28, 2020 regarding Allowable and Prohibited Transactions with respect to Real Estate Transactions.
Allowable and Prohibited Transactions

• Real Estate Transactions
  
  Prohibited Unless Virtual: Anyone looking to purchase real estate, but who has not "vested" money into a house, which could be forfeited or lost, should do it virtually only and avoid any face to face interaction with a realtor during this period. Any communication regarding the transaction should be done electronically.
  
  Allowed with Conditions: Those who have vested money (either by way of earnest money or mortgage loan commitments) which they could wind up losing and closing is imminent or soon to be scheduled, in order to complete the purchase and effect the closing, the following guidance should be used when completing that transaction:
  
  Walk-through prior to closing:

• No more than three people may be in the residence at any given time. This allows for the realtor and up to two of the buyers.
• Each person present must maintain Centers for Disease Control (CDC) compliance at all times in all applicable areas.
• Practice social/physical distancing: stay at least six feet apart from other people.
• Do not participate if you have any symptoms or fever.
• Avoid touching your eyes, nose, and mouth with unwashed hands.
• Cover your cough in your sleeve or sneeze with a tissue, then throw the tissue in the trash.
• Clean and disinfect any objects or surfaces touched using a regular household cleaning product.
• Wash your hands often with soap and water for at least 20 seconds on entering and leaving the dwelling with soap and water or an alcohol-based hand sanitizer that contains 60%-95% alcohol.
• The realtor is responsible for supplying cleaning products and hand washing products.
• Owners/sellers should not be in the residence at the time if the subject property is owner occupied.
• Closing
• To the extent electronic signatures may be lawfully obtained and used, choose this option to close the transaction.
• For all face to face closings, CDC recommendations (as outlined above) should be followed.

 
3/27/2020 Update
One of my Helen Adams Realty colleagues just shared that she had a closing yesterday and everyone stayed in their cars to sign documents.  The attorney came out wearing a mask and gloves, and carrying a clipboard.  Everyone is finding ways to make things happen!

3/26/2020 Update
Starting today, all non-essential businesses in Mecklenburg County are under a "Stay at Home Order." In a message to REALTORS®, Canopy MLS CEO Anne Marie DeCatsye stated that the NC Realtors Association initial interpretation of the Stay at Home Order is that,"Real estate brokerage is NOT included as an essential business or activity. That means REALTORS® will not be allowed to conduct most business activity outside of their homes within Mecklenburg County." While SC has not yet made a similar order, best practices would suggest that REALTORS® in SC follow the same protocol. That being said, while I will not be showing property or meeting personally with current or potential clients until further notice, I am ALWAYS available to talk to you! Don't hesitate to call, email, or text me. I would be happy to conduct conversations by FaceTime. Anyone considering listing or purchasing a home, know that we can use all the great technology available to take care of your needs. 
----------------
3/22/2020
While we are currently facing great challenges as a nation and within our local communities due to the Coronavirus Pandemic (COVID-19), this is not a time to panic, but rather a time to carefully assess everything that we do and make sure we take precautions to keep ourselves, our loved ones, our neighbors, and all who we come in contact with safe.  We are bombarded by news reports and FaceBook and Twitter posts with instructions on what we need to do.  We just need to do it.  Bottom line: Stay home, except for essential shopping and a healthy walk.  Keep your distance from others.  Wash your hands with soap and water for 20 seconds.  You know the drill.  Just do it.

At the time of this writing (updates will be posted above), there are no restrictions on our Real Estate market, except for limiting exposure by not holding open houses.  We are able to continue listing and showing properties, with careful precautions being taken.  To this end, Helen Adams Realty is asking Buyer's agents and their clients to be responsible guests in a Seller's home. Personally, I am comfortable allowing showings on vacant listings, but will, for the time being, hold off showings where someone resides in the home.  While walking through a home is ideal, excellent photos and virtual tours are a great way to view a home. Take advantage of this great technology and check out the photos found on MLS.

While in some areas, the Real Estate market has come to a screeching halt, there are some areas that are continuing to have activity.  Jeff Adams, President of Helen Adams Realty, shared that this past week "our firm (which has 4 offices in the greater Charlotte area, including nearby South Carolina) has taken 45 new listings and 62 new contracts." That being said, as we continue down this unknown path, Real Estate sales may be affected by the precautionary actions of inspection companies, appraisers, lenders, attorneys, counties, and municipalities. Here in Lancaster County, the Register of Deeds office was still open on Friday, but they have now posted the following at their website:
 
Please be advised that the Lancaster County Register of Deeds Office will be closed to the public effective Monday, March 23, 2020 until further notice. The only exception to this closure will be for Attorneys, Abstractors and Surveyors who must spend limited time in the office between the hours of 9 a.m. - 12 p.m. Our Office will still be able to assist you with any questions by phone or email from 8:30 a.m. - 5 p.m. Monday through Friday.
 
At the time of this writing, showings have slowed down significantly in Sun City Carolina Lakes and I would assume that those people who are looking at homes right now are serious Buyers.  As of March 25, 14 properties (including single family, Carriage Homes and Villas) have gone under contract in SCCL this month, the most recent being March 24.  Click HERE for the most current stats.

Below you can see the number of showings, day-by-day, here in SCCL.  Note that typically a Buyer looks at several homes in a day, so it is possible that the numbers could be reflecting the activity of just one or two potential Buyers.  Although this is a static posting, I will update the chart below regularly.  

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The chart below was last updated on 4/12/2020.  As of 4/24/2020, daily showing stats can now be found at the SHOWING STATS BY PRICE RANGE tab above.

 4/12/2020

Each day brings new information and new challenges for each of us.  But, if we all do our part, we will hopefully discover just how capable we are and how much we can do by working together for a mutual cause.  So, let's all take this time to discover our own best selves and find many wonderful things to do as we patiently wait for this coronavirus pandemic to pass. 

Stay safe and stay healthy!

COVID-19 and HOME MORTGAGES

Thanks to HIGHLANDS MORTGAGE (an affiliate of Helen Adams Realty) for sharing the following information.  Senior Loan Officer Ashleigh Clark works out of the HAR Ballantyne office and Loan Officer Kevin Barbee works out of the HAR Randolph Road office.


The Covid-19 Coronavirus has led to some challenging times for all of us.

The Government has created the CARE Act, to assist homeowners whose income may have been adversely impacted by the coronavirus. One of the components of the CARE Act is the possibility of mortgage forbearance.

Forbearance is often misinterpreted. And while it is intended to help, it can have some dangerous repercussions. Many people are mistakenly thinking that forbearance equals forgiveness. It does not.

Forbearance means that the payments will be suspended for a short period of time, initially up to 6 months, but will need to be caught up when the forbearance period is over.

Think about when you buy something at a furniture store that offers “no payments” for 3 months. You still must pay for the furniture…the payments are just deferred.

But mortgage forbearance is even worse if the borrower has dug themselves in a deep hole and can’t catch up. Should this happen, the lender will enforce their right to be paid, which may cause the borrower to be foreclosed upon. They could lose all the equity in their home in the process.

Forbearance is designed to help those as a measure of last resort. It is not a free pass and may have serious consequences.

Depending on your situation, a refinance could help by eliminating your high interest debts, lowering your monthly mortgage payment, or giving you a cash cushion during these turbulent times.
Reach out today and let's talk through your scenario!
Please be advised: Highlands Residential Mortgage is NOT a debt management company and mortgage payments should not be skipped.

Sincerely,

Kevin Barbee Loan Officer | 645363 Office: (704) 904-8836    |    Mobile: kbarbee@highlandsmortgage.com  2301 Randolph Rd.  | Charlotte, NC 28207 highlandsmortgage.com/agents/kevin-barbee/

Ashleigh ClarkSenior Loan Officer | NMLS No. 92328 Office: (704) 307-9908    |    Mobile: (704) 307-9908 Ashleighclark@highlandsmortgage.com 15235 John Delaney Drive  | Charlotte, NC 28277 www.highlandsmortgage.com