Joe Leland Realtor

Joe Leland Realtor Joe is a Realtor servicing the Greater Charlotte Area. With more than 13 years of business experience. Real Estate sales and Property management .

🏡OPEN HOUSE — Saturday, October 11th | 11AM–1PM📍 4112 Woodgreen Terrace💲 Offered at $369,900Come explore this delightful...
10/02/2025

🏡OPEN HOUSE — Saturday, October 11th | 11AM–1PM
📍 4112 Woodgreen Terrace
💲 Offered at $369,900
Come explore this delightful 3-bedroom, 2-bath brick home in a quiet, convenient neighborhood — the perfect opportunity for first-time buyers or anyone looking for a home to make their own!

Highlights include:
🏡 Spacious family room - perfect for entertaining or cozy nights in
🌳 Large, flat backyard - with two storage sheds, great for pets, play, or outdoor gatherings
🚗 Parking -Spacious parking space
📍 Prime location - close to schools, parks, dining, public transit, and major highways.

🔑 With great bones and unbeatable potential, this home is a blank canvas waiting for your personal touch.
✨Stop by Saturday 11tth and see all it has to offer!✨
Celia Estrada: 980-722-9298

REALTORÂŽ
Celia Estrada Realtors

If you want to work with the best Real Estate Company in the Latino market and want to start generating income, send us ...
01/24/2023

If you want to work with the best Real Estate Company in the Latino market and want to start generating income, send us your resume. Celia Estrada Realtors.

*****SIGNS THE HOUSING MARKET IS TURNING MORE BUYER-FRIENDLY******Sellers are realizing they can't always get what they ...
07/25/2022

*****SIGNS THE HOUSING MARKET IS TURNING MORE BUYER-FRIENDLY******
Sellers are realizing they can't always get what they want.

When Jarvis Claiborne and his wife Renada were pre-approved for a mortgage in February, they were excited to start shopping for their first home in Houston, Texas. But that excitement quickly turned to shock and frustration as they realized they couldn’t compete with all-cash offers that were often tens of thousands of dollars above a home’s listing price.

“We really just weren't willing to pay the prices that people were asking and that people were paying,” Jarvis Claiborne said. “Most of the houses, we didn't even have a chance to bid on. As soon as they were coming on the market, they would just get snatched up.”
Jarvis Claiborne, who works in the oil and gas industry and Renada, a private investigator, decided to walk away from their home search in June, as mortgage rates climbed above 6%.

After two years of housing-hunting and getting outbid, often by all-cash offers, Tinesha Feiton, a single mom from Brooklyn, New York, is in contract to buy a three bedroom home in West Orange, New Jersey.

“It feels a little surreal,” Feiton told ABC News about finally having a seller accept her offer. An information technology consultant, Feiton is paying $46,000 above the asking price of $479,000.
“I still feel kind of worried because I'm just thinking to myself, well, is the house going to appraise for that value. You know, I don't want my first home to actually be a lemon,” she said.

Feiton said it was important that she be settled in a home in time for her 5-year-old son Mason to start kindergarten in his new school this fall.

Record home prices and higher mortgage rates made May the most expensive month to buy a home since 2006, according to the National Association of Realtors’ Housing-Affordability Index. The index incorporates median existing-home prices, median family incomes and average mortgage rates. The median price of a home in the U.S. reached a record $407,600 in May, according to the NAR, as mortgage rates more than doubled since January to the highest level in 13 years.

That pushed the typical monthly mortgage payment to $1,842 in May, up from $1,297 in January, according to the NAR, assuming a 30-year fixed-rate mortgage and a 20% down payment. Despite the rising cost to finance a home, there are fresh signs that the housing market is slowly becoming more buyer-friendly.

Sales of previously owned homes fell in May for the fourth straight month as more buyers give up, pressuring sellers to cut asking prices. More than one in five homeowners dropped their asking price in May, according to the real estate brokerage Redfin, and for the first time in three years, Realtor.com said the number of homes for sale is on the rise, up 21% in June compared to a year ago.
The real estate firm’s chief economist, Danielle Hale, told ABC News there are two reasons for the rise in inventory.

“One, we've got more homeowners deciding that now is the time to sell their home, and the other reason is that buyers are getting a little bit choosier as the cost of housing goes up,” she said.
According to Redfin, bidding wars are slowing down and searches for “homes for sale” on Google are down nearly 14% from a year ago.

“A couple of months ago, it wasn't unusual for a home to get 10 to 20 offers,” said Sarah Drennan, executive vice president at Terrie O’Connor Realtors in Northern New Jersey. “Now, they're still getting a number of offers, but it's less than 10.”

Mortgage applications sank 16% in June and are now less than half what they were a year ago, according to the Mortgage Bankers Association.

Drennan said a growing number of sellers now recognize new limits to their pricing power, as the days of sellers asking -- and getting -- their “make me move price” begin to fade.

“We're not seeing a price reduction, we're seeing just a deceleration of price increases,” said Drennan. “So prices are still increasing, just not at double digit rates like we were seeing just a few months ago.”

While home prices are still trending higher nationally, Realtor.com found that prices have begun falling in many smaller Rust Belt cities. In Toledo, Ohio, home prices plunged 18.7% in May. They sank 15.4% in Detroit and fell 13.4% in Pittsburgh, Pennsylvania.
Demand for second-homes is also showing signs of softening. Patty Magie has been selling homes in Pennsylvania’s lake region of the Pocono Mountains for 30 years. She told ABC News she never saw demand for housing like she did at the height of the pandemic.
“People were buying site unseen, waiving appraisals and home inspections,” she said.

Eager for more space to work and school remotely, Magie remembers giving buyers home tours via FaceTime as they chased a small number of available homes. That scenario is changing.
“The current inventory has doubled from what it was in March and April; however, it is still about a third of what it was three to four months ago. There have been more price reductions and fewer bidding wars,” she added.

Potential buyers who have given up their search in favor of renting aren’t finding much, if any, relief. In fact, in some markets, rental prices are outstripping the monthly cost of financing a home, according to Miller Samuel, Inc. The real estate appraiser reported the average rental price in Manhattan cracked a record $4,000 per month in June.

“It's expensive and getting more expensive in the city,” Jonathan Miller, CEO of Miller Samuel, Inc., told ABC News. “It's interesting because office towers are two-thirds empty in the city, but yet you're still seeing record leasing activity for the residential rental market.”

Still, experts say for some buyers, timing the housing market for that “perfect price” could backfire.

“If you have more flexibility in your timeline, you may be able to wait it out and negotiate with sellers,” said Hale, “but keep in mind that mortgage rates are also still climbing so you may end up with a higher mortgage rate if it takes you longer to find a home.”

Ranch house for RENT!OPEN HOUSE, WEDNESDAY JULY 6th FROM 6-8PM.2421 Dora Dr. Charlotte NC 28215$1,200 monthlyThis house ...
07/01/2022

Ranch house for RENT!
OPEN HOUSE, WEDNESDAY JULY 6th FROM 6-8PM.
2421 Dora Dr.
Charlotte NC 28215
$1,200 monthly
This house offers 3 bedrooms, 1 1/2 baths. Fenced backyard. It is near Eastway Dr. and Shamrock Dr. Send inbox if interested. Celia Estrada Realtors.

***** YOUR MEDICAL DEBT MAY NO LONGER HURT YOUR CREDIT SCORE — HERE’S WHY *****If you have looming medical debts on your...
06/23/2022

***** YOUR MEDICAL DEBT MAY NO LONGER HURT YOUR CREDIT SCORE — HERE’S WHY *****

If you have looming medical debts on your credit report, there’s relief on the way. The three largest credit bureaus, TransUnion, Equifax and Experian are removing cleared medical debts from consumers credit reports beginning in July. This means that if you’ve paid your medical bill in full and the debt is still sitting on your credit report as a negative mark, this negative mark will now be removed.

This is a relief for millions of Americans that are battling an estimated $88 billion in medical debt, according to a report published by the Consumer Financial Protection Bureau last month.

These debts have had significant long-term financial consequences on consumers as these paid debts that were sent to collections remained as a red-mark on their reports, leaving them with fewer options for housing, loans and credit cards. Moreover, studies show that these debts can rollover into further medical issues such as stress and high blood pressure — leading to even more medical debt.

So if you’ve had medical debt in recent years, or are currently dealing with it, there’s change on the way that can potentially benefit your credit score — and overall financial health.

* MEDICAL DEBT ON YOUR CREDIT REPORT MAY SOON DISAPPEAR
It was announced that medical debt remarks will be wiped away from millions of credit reports beginning this summer. The move will wipe away an estimated 70% of negative medical debt remarks, giving many a hopeful jump in their credit score.

* HERE ARE THE DETAILS OF THE NEW CHANGES EFFECTIVE JULY 1:
• Paid medical debt that was in collections will no longer be included on consumer credit reports
• You’ll have more time before unpaid medical debt is reported on your credit report: Unpaid medical debt that is currently in collections for one year will be reported on credit reports. This is an increase from six months that was enacted in 2017.
• Starting in the first half of 2023, Equifax, Experian and TransUnion will no longer include medical debt in collections under $500 on credit reports
Jeff Smedsrud, the co-founder of HealthCare.com and a RIP Medical Debt board member said this is a “tremendous thing” for consumers as medical debt is a financial killer for many — not just the elderly or those with medical conditions. In a recent Healthcare.com survey, all living generations indicated their medical debt has harmed their credit scores, with millennials being the highest at 52%.

And while negative credit score remarks can create long-term financial consequences, medical debt creates a situation where immediate sacrifice is also needed. The same survey indicated one in four Gen Zers and Millennials with medical debt skipped rent or mortgage payments because of their debt. Being late on your mortgage payment can also harm your credit score.

But in recent years, the numbers of Americans with medical insurance has risen dramatically — so where did this mountain of medical debt come from?

* HOW DOES MEDICAL DEBT WORK?
Smedsrud summarized medical debt simply: “It’s complicated, its messy.”

The assumption among many Americans is that if they’re insured, their bills will be taken care of. Unfortunately, that isn’t the case. When you have a medical insurance policy, it’s vital to review the Explanation of Benefits (EOB) provided to you by your insurance company. This will let you know what is and isn’t covered by your insurance policy.

Once your insurance company is billed by the medical provider for services, the provider will bill you for the remaining balance that your insurance company didn’t cover. They’ll attempt to collect the remaining balance through phone calls or letters in the mail. If you don’t pay your bills after several months, the debt is sold to a medical collections agency to try and collect on it. And that’s when your credit score can be negatively impacted.

With the new reporting policy announced, this debt will not appear on your credit score for one entire year. After that one year passes, your credit score will then be dinged if what you owe is over $500.

If you have a large amount of medical debt and don’t pay, the medical provider or debt collector could potentially file a lawsuit to collect on the debt, which could lead to garnished wages. While this only happens in a small amount of cases, it doesn’t mean that it couldn’t happen to you. Between 2018 and 2020, more than a quarter of the nation’s largest hospitals and health systems pursued nearly 39,000 legal actions regarding consumer medical debt, according to a ProPublica report.

So if you’re receiving letters about pending medical debt, Smedsrud suggests the following steps:

• When you get a bill, notify them you’ve received the bill.
• Declare to the provider there are potentially mistakes on the bill. Numbers vary on this, but one study estimates up to 80% of medical bills contain errors.
By doing this, you’re ‘freezing’ the clock on when the provider will label the debt in default, and sell it to a collections agency. This can give you more time to pay what you owe, as well as potentially reduce what you owe if there are real errors on your bill(s).

* HOW TO ELIMINATE MEDICAL DEBT AND IMPROVE YOUR CREDIT SCORE
Smedsrud warns that while this announcement is good news, it “does not eliminate medical debt, and doesn’t eliminate all medical debt on credit reports.” And he’s right.

Regardless if you owe $250 or $50,000 in medical debt, this announcement doesn’t alleviate your responsibility to pay the debt. However, there are several things you can do to start paying down your medical debt today:

• Call the medical provider and negotiate: Smedsrud mentioned that, “providers are more than willing to settle on these things.” They’re willing to get paid something, rather than nothing. So give them a call, review the charges together, and try to negotiate a deal with them. It could be a lower lump-sum payment, or even a payment plan with no interest. He added that, “you’d be surprised, they will take 25 or 50 cents on the dollar.”
• Work with independent advocates and government agencies: Smedsrud urged consumers to be their own advocate when it comes to medical bills and debt. Organizations like RIP Medical Debt, HealthWell Foundation and the Patient Advocate Foundation work with individuals to help pay off medical debts. And if you qualify for Medicaid, you can potentially be eligible to have retroactive medical bills covered as well. So if you’re in a bind, it may be worth reaching out to see what services they could offer you.
• Consider debt consolidation: If you have one or more medical debts and simply would rather pay it off, you may consider debt consolidation through a personal loan from Marcus by Goldman Sachs. This would get the medical provider or collections agency off of your back, eliminate any potential negative credit score remarks and you can pay it off at a more reasonable pace.

Apply for a 0% APR credit card: If you’re credit score hasn’t been severely damaged, you may qualify for a introductory no-interest offer credit card like the Wells Fargo Active Cash® Card. By paying your debt off with a 0% intro APR card, you can pay off the medical provider or collections agency, and pay the credit card issuers at a pace that you may be more comfortable for you. And you may be able to earn some credit card rewards along the way.

Sign up for a credit monitoring service: You may consider signing up for a credit monitoring service such as CreditWise to get a sense of what remarks are on your credit report. By using a credit monitoring service, you can get regular updates on your credit report, and any activity involving it. And since more than one third of credit reports have errors, your score could potentially be weighed down by an incorrect mark. So signing up for a service like this can highlight past remarks, as well as immediately notify you of new credit inquiries.

* BOTTOM LINE
The recent announcement from the credit bureaus is a great sign for consumers who have paid their medical debts back, but are still suffering from negative marks on their credit score. However, for those still dealing with overdue debts, there are resources available for you to tackle a stressful financial situation.

*****HERE’S WHY THIS HOUSING DOWNTURN IS NOTHING LIKE THE LAST ONE*****As quickly as mortgage rates are rising, the once...
06/22/2022

*****HERE’S WHY THIS HOUSING DOWNTURN IS NOTHING LIKE THE LAST ONE*****

As quickly as mortgage rates are rising, the once red-hot housing market is cooling off. Home prices are still historically high, but there is concern now that they will ease up as well.

All of this has people asking: Is today’s housing market in the same predicament that it was over a decade ago, when the 2007-08 crash caused the Great Recession?

The short answer is: NO. America’s housing market is in far better health today. That’s thanks, in part, to new lending regulations that resulted from that meltdown. Those rules put today’s borrowers on far firmer footing.

For the 53.5 million first lien home mortgages in America today, the average borrower FICO credit score is a record high 751. It was 699 in 2010, two years after the financial sector’s meltdown. Lenders have been much more strict about lending, much of that reflected in credit quality.

Home prices have soared, as well, due to pandemic-fueled demand over the past two years. That gives today’s homeowners record amounts of home equity. So-called tappable equity, which is the amount of cash a borrower can take out of their home while still leaving 20% equity on paper, hit a record high of $11 trillion collectively this year, according to Black Knight, a mortgage technology, and data provider. That’s a 34% increase from a year ago.

At the same time, leverage, which is how much debt the homeowner has against the home’s value, has fallen dramatically.

Total mortgage debt in the United States is now less than 43% of current home values, the lowest on record. Negative equity, which is when a borrower owes more on the loan than the home is worth, is virtually nonexistent. Compare that to the more than 1 in 4 borrowers who were under water in 2011. Just 2.5% of borrowers have less than 10% equity in their homes. All of this provides a huge cushion should home prices actually fall.

*NOT AS MANY RISKY LOANS
There are currently 2.5 million adjustable-rate mortgages, or ARMs, outstanding today, or about 8% of active mortgages. That is the lowest volume on record. ARMs can be fixed, usually for terms of five, seven or 10 years.

In 2007, just before the housing market crash, there were 13.1 million ARMs, representing 36% of all mortgages. Back then, the underwriting on those types of loans was sketchy, to say the least, but new regulations following the housing crash changed the rules.

ARMs today are not only underwritten to their fully indexed interest rate, but more than 80% of today’s ARM originations also operate under a fixed rate for the first seven to 10 years.

Today, 1.4 million ARMs are currently facing higher rate resets, so given higher rates, those borrowers will have to make higher monthly payments. That is unquestionably a risk. But, in 2007, about 10 million ARMs were facing higher resets.

*MORTGAGE DELINQUENCIES ARE LOW
Mortgage delinquencies are now at a record low, with just under 3% of mortgages past due. Even with the sharp jump in delinquencies during the first year of the pandemic, there are fewer past-due mortgages than there were before the pandemic. Pandemic-related mortgage forbearance programs helped millions of borrowers recover, but there are still 645,000 borrowers in those programs.

“The mortgage market is on very historically strong footing,” said Andy Walden, vice president of enterprise research at Black Knight. “Even the millions of homeowners who availed themselves of forbearance during the pandemic have by and large been performing well since leaving their plans.”

There are, however, about 300,000 borrowers who have exhausted pandemic-related forbearance programs and are still delinquent. In addition, while mortgage delinquencies are still historically low, they have been trending higher lately, especially for more recent loan originations.

“We’ll want to keep an eye on this population moving forward,” Walden said.

Mortgage credit availability is well below where it was just before the pandemic, according to the Mortgage Bankers Association, suggesting still-tight standards. But lenders have lost about half their business since rates began rising, and that could mean they become more aggressive in lending to less credit-worthy borrowers.

The biggest problem in the housing market now is home affordability, which is at a record low in at least 44 major markets, according to Black Knight.

While inventory is starting to rise, it is still about half of pre-pandemic levels.

“Rising inventory will eventually cool home price growth, but the double-digit pace has shown remarkable sticking power so far,” said Danielle Hale, chief economist at Realtor.com. “As higher housing costs begin to max out some buyers’ budgets, those who remain in the market can look forward to relatively less competitive conditions later in the year.”

*****NEW DRAFT OF CHARLOTTE ORDINANCE CHANGES PROPERTY OWNER DOS AND DON’TS*****The rights of Charlotte property owners ...
06/13/2022

*****NEW DRAFT OF CHARLOTTE ORDINANCE CHANGES PROPERTY OWNER DOS AND DON’TS*****

The rights of Charlotte property owners could be changing as city leaders undertake one of their biggest endeavors.

The Unified Development Ordinance, or UDO, has massive implications for Charlotte residents and developers, from building standards to tree removal rules.

This week, the city of Charlotte presented changes to the UDO made in its second draft. Notable alterations include the fees for removing trees, limitations on short term rentals in the city and building standards within neighborhoods.

• TREES
The first draft of the UDO proposed a permit requirement to remove any heritage trees in the city. These are trees that are larger than 30 inches in diameter that aren’t dying or in danger of falling down.

Property owners would have been required to pay a $1,000 fee for removal, and in some cases, mitigation would’ve been required, and new trees would need to be planted.

In the most recent draft, the city slashed that fee in half and for every tree planted in place of the one removed, another $250 can be taken off the bill.

“This is a brand-new frontier for regulations as for these types of situations, we don’t have any current regulations on trees in these scenarios today,” said Alyson Craig, Charlotte’s interim planning director. “This will allow us to better understand where canopy losses are occurring in our single-family areas.”

The city says property owners will always be allowed to remove a tree, but a permit will still be required.

“There is a balance,” said Julie Eiselt, Charlotte’s mayor pro tem. “For every one person who feels it’s too restrictive, there’s going to be somebody else who feels that it’s not restrictive enough, especially when you’re talking about trees, parking, etc.”

• SHORT-TERM RENTALS
The UDOs first draft called for a mandatory permit to operate any short term rental, like an Airbnb. They also wanted short-term rentals to be spaced at least 400 feet from each other.

A ban on parties and events was also proposed.

All those requests have been removed.

The new draft strips all regulations on the short-term rentals.

The decision was due to a ruling by a court of appeals that declared similar regulations in the city of Wilmington to be invalid.

“We certainly heard a great deal of comments from the community both concerns, that these are really important sources of income for individuals as well as neighborhoods and residents concerned about just the impact that it was having in their community,” Craig said. “t’s something that is important to address, we just don’t have the legal clarity to write the regulations in a way that provides that kind of certainty.”

• SIDEWALL RESTRICTIONS
Under the old order, a maximum height restricted sidewalls of buildings to 12 feet or the average height of sidewalls on adjacent buildings.

Some homebuilders feared those regulations were too restrictive to build new duplexes and triplexes.

To adjust, the city is now extending the maximum height to 20 feet.

“By increasing that sidewall height, it will allow two story duplexes and triplexes and that was really prohibiting those types of structures which is fairly common in Charlotte,” Craig said. “I think this really helps to better balance being able to bring additional housing into our community while also working to maintain the character of the of our neighborhoods.”

*****TIPS ON KEEPING YOUR COOLING COSTS LOW DURING THE HOT WEATHER*****Things as simple as shutting blinds and turning t...
05/27/2022

*****TIPS ON KEEPING YOUR COOLING COSTS LOW DURING THE HOT WEATHER*****

Things as simple as shutting blinds and turning the air conditioner off during the day can help save on energy costs.

As inflation rises and the temperature outside continues to climb, your bank account could feel the pinch.

People are using different methods to save money and keep their house cool this week, and others said it was too hot to think about cost saving measures. That could change once their next energy bill arrives, so Duke Energy talked about saving on your energy bill.

“Of course, electricity is a concern, definitely, just like gas and everything,” Charlotte resident Frankie Sutton said.

Turning off the lights when you leave a room sounds simple, but energy experts say it can make a big difference as you try to keep your bill down during this hot weather.

High temperatures outside generally mean turning up the AC.

“We’re coming into the season here we see energy usage the highest for customers and that translate into higher bills, add to that, like everything in the industry, costs are increasing,” Duke Energy spokesperson Jeff Brooks said.

Everyday people have simple methods they’re using to save.

“At five o’clock, that’s when I turn the AC on,” Sutton said.

His method is turning on the air conditioner when energy demands and the temperatures start to cool off outside, and he turns off the AC early in the morning. This allows his home to stay cool most of the day when the heat is increasing outside.

“Basically, it just stays cool all the way until like three o’clock,” he added.

Duke Energy had these tips for people to help keep their bill low.

“A ceiling fan can actually help to make the room feel up to about four degrees cooler than it actually is, and that can help you save energy because it’s going to use a whole lot less energy than your air conditioner, and that’s a great, great practice,” Brooks said.

According to Duke Energy, your air-conditioning unit and hot-water heater use the most energy in your home.

They advise people to close the blinds on the sunny side of the house, take showers instead of baths, do full loads of laundry, do full loads of dishes when using a dishwasher, and cook using the microwave instead of your stove to save on energy.

“When the temperature gets below say 72, 71, you’re in the 60s that evening, think about opening those windows and letting some of that cooler air into the house, that can kind of give your home a head starts over the night time to get your home more comfortable before the heating of the day comes back the next day,” Brooks said.

Duke Energy said most homes have smart meters, so you can log into your Duke Energy account to see your hourly and daily usage. From there you can set usage alerts to have a better sense of what you’re using so your bill will not be a shock at the end of the month.

*****CHARLOTTE RANKED 30TH BEST PLACE TO LIVE IN THE US*****U.S. News & World Report named multiple Carolina cities in t...
05/24/2022

*****CHARLOTTE RANKED 30TH BEST PLACE TO LIVE IN THE US*****

U.S. News & World Report named multiple Carolina cities in their 150 best places to live in the U.S. for 2022-23. Charlotte was No. 30

We all know Charlotte is a great place to live but now the Queen City has been named one of the top cities in America by a new report.

U.S. News & World Report released its list of the best places to live in America, and Charlotte came in at a respectable No. 30. Right behind the Queen City was Hickory at No. 31 overall.

Each city was scored on factors like good value, a desirable location and quality of life. The Carolinas were well-represented in the top 50.

Raleigh-Durham came in at No. 6, while Myrtle Beach led South Carolina at No. 37 overall. Greenville, South Carolina, was 43, Asheville was 46 and Charleston was 49th overall.

Top 10 places to live in America, according to U.S. News and World Report:
1. Huntsville, Alabama
2. Colorado Springs, Colorado
3. Green Bay, Wisconsin
4. Boulder, Colorado
5. San Jose, California
6. Raleigh-Durham, North Carolina
7. Fayetteville, Arkansas
8. Portland, Maine
9. Sarasota, Florida
10. San Francisco, California

In the report, U.S. News analyzed the 150 most populous metro areas to find the best places to live. They based the rankings on five individually weighted metrics: Job market index, value index, quality of life index, desirability index and net migration.

***** CHARLOTTE HOMEOWNERS ASSOCIATIONS CREATE RENTAL CAPS TO LIMIT CORPORATE INVESTORS *****Homeowners associations acr...
05/11/2022

***** CHARLOTTE HOMEOWNERS ASSOCIATIONS CREATE RENTAL CAPS TO LIMIT CORPORATE INVESTORS *****

Homeowners associations across Charlotte are fighting to keep their neighborhoods free of corporate investors.

It’s a growing issue in some neighborhoods where corporations are buying homes sight unseen and then renting them out.

Some renters say the corporate landlords are not around to help with maintenance requests. It’s also impacting the ability for first time homeowners to buy a home.

Home Owners Association president Gordon Mullings says he and his neighbors in the Reunion/Enclave subdivision of Steele Creek decided to take action last summer.

They put a 10 percent cap on rental properties.

“What we were starting to see was a commonality in regard to the ones that were on our violations,” Mullings said. “What is the common theme in regards to when we’re having violations, and it happened to be rentals.”

Mullings says he was knocking on doors, holding meetings and answering peoples’ questions in order to get 66% of the neighborhood to vote yes.

“It wasn’t against rentals,” he said. “But when you have a homeowner, you have skin in the game, versus a lot of these are remote LLCs as well. They’re not gonna have that level of diligence in regards to maintaining a property like a homeowner or even a small business owner that has a couple of properties.”

According to city of Charlotte data, there are several hundred HOAs and neighborhood organizations scattered across zip codes, but there are also areas without an HOA.

“Those are going to be neighborhoods that don’t have an association, probably don’t have restrictions, and there’s not going to be any limitations to stop an entity from coming in and buying a large block of homes,” attorney James Galvin, who does HOA litigation, he said.

Galvin says if your neighborhood does not have an HOA, you can still check for deed restrictions.

“Sometimes where the developer doesn’t create an association, but there are certain standards that must be kept,” he said. “You can in those neighborhoods still introduce an amendment to your restrictions to prevent leasing short term rentals.”

Mullings believes the steps they took will provide long term benefit.

“They will always win, so how can you protect, or at least have them have to pause when it comes to your community,” he said.

Mullings says they also put a ban on short term rentals in the neighborhood, restricting people from turning their homes into AirBnBs.

He says he did face some opposition, but ultimately 66% of the homeowners chose to move forward with it.

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Charlotte, NC
28205

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