Dogs bite close to 5 million people annually, with one million of them needing medical attention. Many major insurance companies limit coverage to dog owners and there are large breeds that tend to bite, can inflict lots of damage and are often considered “no-insure” dogs by insurance companies. Insurance companies will look at how frequently a particular breed of dog bites and that will influence their willingness to provide insurance and for how much. The American Kennel Club provides an on-line Homeowner’s Insurance Center, which offers lots of great information about how to handle your liability insurance for your dog. Another great resource for information on this subject is from Dog Bite Law.

There are 11 dog breeds that could raise your insurance rates. These are:

• Akita
• Alaskan Malmute
• Chow Chow
• Doberman Pinscher
• German Shepherd
• Pit Bull
• Presa Canario
• Rottweiler
• Siberian Husky
• Stafforshire Bull Terrier
• Wolf Hybrids

If you’d like more information about home insurance contact Carolinas Realty Partners.

During the Labor Day Holiday we celebrate the achievements of American workers and the contributions they’ve made to the strength, prosperity, and well-being of our country. Labor Day weekend also officially marks the end of Summer. Over this Labor Day weekend take a well deserved break, recharge, refresh, and get ready for fall!

Here’s a wonderful video about the history of Labor Day. Enjoy!

TRAVEL TIPS:

With so many people heading out on the roads to travel to their holiday destination, here are some great tips from America’s Road Team Captains to ensure you travel safely:

And don’t forget that it’s always a good idea to plan for extra traffic. Don’t speed to get somewhere faster. And if you’re going to a Labor Day party where alcohol is served, don’t drink and drive… organized a designated driver in advance.

HEALTH & SAFETY TIPS:

• Stay hydrated: this summer has been hotter than ever. Most likely Labor Day weekend will remain hot. It’s easy to dehydrate on a hot day, especially if you are participating in outdoor activities. Take water with you and drink it.
• Water safety: if you plan on water sports, be sure to have plenty of life preservers and life rings available. Have one preserver available for each person on a boat. Have a cell phone handy in case of emergencies. A first-aid kit on board is a must, as well.
• Don’t get burned: keep plenty of  sunscreen on hand and use it! Nothing ruins a weekend holiday more than getting burned the first day out!
• Keep kids safe: always make sure there’s enough adult supervision if young kids are around (especially in and around water).
• Keep food safe: have plenty of ice on hand to keep perishable food cool. Click here for some great barbecue and food safety tips.

Following these few tips will ensure a happy and safe holiday weekend. Happy Labor Day from Carolinas Realty Partners!

Here’s a great video about closing costs and what to expect when you take on a mortgage from Bankrate.com.

See where your state ranks in terms of closing costs.

Here’s a great consumer guide from the Federal Reserve Bank about mortgage closing/settlement costs. And if you like to play with numbers and do some of your own calculations, here’s a great calculator tool.

Want more information about buying a home in Charlotte and what costs may be involved, contact Carolinas Realty Partners.

If you’ve been planning on buying a home and starting or increasing your family (a major reason families buy new homes), you should be aware of this. You should also know that your real estate agent and your mortgage lender cannot, by law, ask you about your pregnancy plans (it’s a violation of the Equal Credit Opportunity Act). You can, however, be asked if you expect your future employment/income situation to be changing for any reason in the near term. It makes good sense to be honest with your lender from the start. You don’t want to go through a mortgage approval process, have your job/income status checked just before closing on a home only to have your loan declined last minute. And keep in mind that most lenders simply want to have some proof that income will go back to pre-maternity/paternity leave levels.

Watch a recent NBC Today Show Story On Pregnancy & Mortgages. You’ll find it enlightening.

Foreclosures have additional serious, negative consequences:

• If you are foreclosed on, your credit score will drop somewhere between 250-300 points.
• The foreclosure will remain on your credit record for seven years.
• You will be unable to qualify for a mortgage to purchase another home for at least 24 months and maybe as long as for 72 months.
• You may be unable to get hired for any job dealing with money.
• In some professions, you might actually lose your job.

And keep in mind that every month you are late with a mortgage payment prior to a foreclosure notice, your credit score is also dropping: by 40-110 points the first 30 days you are late and by 70-135 points by the time you are 90 days late.

And if you are contemplating a short sale, keep in mind that your credit score will drop between 100-200 points once the short sale is completed and you won’t be able to buy a new home for five years financing with a conventional loan. (If you are using a VA loan, you could buy a new home in two years; with an FHA loan in three years.) But these time frames all assume you’ve re-established your credit and payment history in the intervening years.

If you’d like more information about this subject contact Carolinas Realty Partners.

We are now enjoying some of the best interest rates in almost 30 years. It’s a great time to buy a home. And keep in mind that every 1/2% increase in interest rates equals a $5,000 increase in the price of a home on a $200,000 mortgage! Below is a recap of interest rates for 30 year fixed rate mortgages… see for yourself why current rates make NOW a great time to buy a home in Charlotte (or anywhere for that matter). With both interest rates and home prices at their lowest levels in years you’ll save thousands! Need help finding that dream home and getting a mortgage? Contact Carolinas Realty Partners.

30 year Average Fixed Rates

1972    7.38%

1973    8.04%

1974    9.19%

1975    9.04%

1976    8.87%

1977    8.84%

1978    9.64%

1979   11.19%

1980   13.77%

1981   16.63%

1982   16.08%

1983   13.23%

1984   13.87%

1985   12.42%

1986   10.18%

1987   10.20%

1988   10.34%

1989   10.32%

1990   10.13%

1991   9.25%

1992   8.40%

1993   7.33%

1994   8.36%

1995   7.96%

1996   7.81%

1997   7.60%

1998   6.94%

1999   7.43%

2000   8.06%

2001   6.97%

2002   6.54%

2003   5.82%

2004   5.84%

2005   5.87%

2006   6.41%

2007   6.34%

2008   6.04%

2009   5.04%

TODAY’S FIXED 30-YEAR RATE: 4.25%

Another way to look at it… every 1/2% change in interest rates is approximately equal to a 5% change in sales price! Every 1% change in interest rates is equal to a 10% change in sales price. In other words, when interest rates go down by a 1/2%, it’s like buying a house at 5% less. Obviously, the same house “costs” you 5% more with every 1/2% increase in interest rates.

So, with current low, low interest rates, not only do you get to pay less on a monthly mortgage and save money over the life of the loan, you get to buy “more” house than you could afford with higher rates.

If you are planning to buy and planning to do FHA financing, it’s even more critical that you buy now. As of September 7th, FHA’s up-front mortgage insurance and monthly mortgage insurance goes up. Watch this important video: FHA Buyer Tax September 7th to learn more, as very few people have been talking about this issue and September 7th is less than one month away!

With interest rates expected to stay low throughout 2010 (and where they go in 2011 is anyone’s guess right now), it’s the perfect time to think about buying a home. For more information Carolinas Realty Partners are always happy to help.

However, as any responsible real estate agent will tell you, buying a fixer-upper can be a big challenge. Excessive or hidden damage in a home can be both dangerous and costly. Before you make the plunge, make sure you follow a few important fixer-upper guidelines.

1. Always get an inspection. Nothing will give you a better idea of what kind of repairs you’ll come across than a thorough home inspection from a trusted source. Don’t take on more damage than you, your contractor, and your budget can handle.

2. Pay attention to the layout and structural foundation of the house. If you’ve always dreamed of a large kitchen, make sure your potential new home can be adapted in terms of wiring, plumbing, and layout. Sometimes, the skeletal structure of a house prevents certain types of cosmetic changes.

3. Location matters. It doesn’t matter if you’re looking for a single family house in Charlotte or a condo in Waxhaw; a home’s NClue is only as high as the neighborhood in which it’s located. A rundown building in a nice neighborhood has the greatest potential to bring an enormous resale price.

4. Know the difference between “big fixes” and “small fixes.” Things like drywall, painting, floor refinishing, landscaping, and hardware are easy to do yourself. Things like plumbing, electrical work, windows, and roofs can be more expensive and difficult. Stick to changes you can make for certain based on your skill level and budget.

When buying a home in Charlotte or looking at Waxhaw real estate options, a fixer-upper can be one of the best ways to get the home of your dreams for a low overall cost. Just make sure you enter into the transaction with your eyes open, with flexibility in mind, and with Nina Hollander and Carolinas Realty Partners at your side.