February 2025 House & Home Real Estate Newsletter Copyright Realtor Kathy Smith

It has been so hard to keep this a secret, but I’ve been quietly working behind the scenes for months now to obtain my North Carolina Broker-in-Charge Eligible status and South Carolina’s Broker equivalent. I’m thrilled to share that in March 2025, I’ll be opening my own brokerage: Homes by Kathy Smith!

Mark your calendar for March 22nd from 12–4 PM and join me at Freedom Park in Charlotte at Pavilion 3 for a launch picnic! There’ll be food, fun, and of course, Loki.

Let’s celebrate this exciting new chapter together—I can’t wait to see you there! Stay tuned for more details via email and in the next newsletter!

HOME FEATURES

What buyers have on their needs list

HOMEBUYER MISTAKES

Avoid These Top Mistakes

MORTGAGE 101

5 Things You Should Not Do

FIRST LOOK

New Brokerage, Fresh Branding

LOKI’S BARKLIGHT

COMMUNITY EVENTS

MARKET UPDATE

5 HOME FEATURES Buyers have on their needs list

Do you wonder what features homebuyers most often have on their home needs list? Sure, a wish list is great. Who wouldn’t want an Olympic-sized swimming pool in their back yard or a butler’s pantry big enough to call it another bedroom (*wink, wink)? I’m talking about what homebuyers feel are most important features. Perhaps you may get some inspiration with this list. Here are the top five most desired features in a home.

2 - Home Office

1 - Laundry Room

It’s not enough to simply have a washer and dryer unit in a home these days. Buyers want a room dedicated to the chore so it’s no surprise that a laundry room made it on the list. After all, if you’re going to (reluctantly) do laundry, it may as well be in a space you love.

5 - Finished Garage

At some time as of late, a garage stopped being simply a room to house cars. Now the modern garage is a home gym, a work station, a place to brew beer, house a ping pong table and karaoke machine and just about anything else that comes to mind. This is the reason a finished garage made the list - buyers consider it a multi-purpose room and would prefer that it is outfitted with dry wall and polished floors.

The pandemic of 2020 has definitely set the stage for a work-from-home environment. Companies are now embracing this concept more than ever and are allowing remote work. With more people bringing home the bacon from the comfort of home, we can expect that homebuyers now insist on a great home office, or at the very least, a dedicated workspace.

4 - Energy Efficient Systems

As more people are becoming aware of green energy, the idea of saving the planet while simultaneously saving on energy costs is the best thing since sliced bread. Buyers now opt for energy-efficient features such as high-efficiency HVAC systems and energyefficient doors, windows, and appliances.

3 - Open Floor Plan

The 1970’s called and they want their traditional floor plan back. Today’s buyers prefer an open concept with no walls between rooms. It’s the best way to connect and interact with the whole family.

HOMEBUYERS: Avoid these Common Mistakes

Buying a home has a lot of moving parts to it and it can get pretty frustrating, especially for a first-time homebuyer. From the pre-approval to move-in day, you will be learning a ton about mortgages, homes, contracts, buying strategies, local markets, etc. As you can see, there are a lot of opportunities for error here. Use this list of top common home buying mistakes to help avoid some of your own.

1 - Don’t wait to start saving.

Saving early and plenty allows you to contribute more money overall to your home purchase. At the very least, you will need to cover the down payment and closing costs.

2 - Don’t buy more home than you can afford.

While your lender’s pre-approval amount is more than you expected, that doesn’t mean you should use that full amount. Remember, lenders will tell you the maximum you qualify for, but only you know how much you can afford.

3 - Don’t skip a personal credit check.

Checking your credit gives you the opportunity to correct mistakes and resolve any negative remarks before you try to get preapproved.

mistakes to avoid

4 - Don’t consult with just one lender.

Don’t assume that lenders all have the same rates, fees, and loan products. Every lender is different so shop around and select the best one. (You have a 45-day window from the first inquiry for all subsequent inquiries to not affect your score. Take advantage of it).

5 - Don’t miss out on assistance programs. Explore local, state, and federal programs for down payment assistance and other benefits.

6 - Don‘t pass on a home inspection

Home inspectors evaluate the integrity of the home. They will check for hidden issues that you may not see, thus protecting you and your investment.

5 mortgage

FIVE THINGS

You Should Not Do During the Closing Process

1 - Payoff existing debt without lender approval. If your lender requires that certain debt be paid off, then follow that advice. For all the other open accounts, it’s best to leave them until escrow closes.

2 - Make large purchases.

Making a large purchase either requires you to tap into your account (verified funds) or swipe your credit card (increased debt) and both options can result in you no longer qualifying for the mortgage loan.

3 - Change your marital status.

Changes to your marital status affects how you hold title. Your loan may be delayed if documents have to be redrawn

4 - Change jobs.

A job change can affect the loan finalization, especially if you are taking a lower-paying position or moving into an entirely different industry. Lenders want to see job stability and a job change may appear as quite the opposite. Wait until after you close as your lender may call your employer to re-verify employment prior to loan funding.

5 - Move money to another financial institution.

Once your lender verifies funds in your account(s), your money should remain untouched until needed for the home purchase. Lenders must follow the paper trail so any movement between accounts may delay the process.

First look

After 11 wonderful years with Berkshire Hathaway HomeServices Carolinas Realty and nearly 22 years as a Realtor, I’m excited to share that in March 2025, I will be launching my own brokerage: Homes by Kathy Smith!

This new journey allows me to provide an even more personalized, client focused real estate experience while staying true to the exceptional service you’ve come to expect.

I’m thrilled to introduce my new firm’s branding and signage, which of course, features Loki!

Featured Community Events

“Captain America: Brave New World” Movie Opens

Dog Days of Winter (Whitewater Center)

Repair Cafe (Innovation Barn)

Fairy House Festival (Latta Nature Preserve)

African American Heritage Festival (Charlotte History Museum)

Poetry with Passion (Zodiac Bar & Grill)

BofA/Merrill Account Holder Free Museum Admission Sensory-Friendly Sunday (Discovery Place Science Museum)

Bolling & Ghannam

One of Loki’s favorite jobs is accompanying Clients to closing. It can be a rather unnerving time, signing mortgage and other legal documents, so having a furry companion to alleviate the stress helps!

Recently, Loki dressed for the occasion and showered everyone with love at Bolling & Ghannam. Loki is pictured here with Attorney Sarah Ghannam. He gives them four paws up for being a great place to close a loan!

The market definitely is feeling the postholiday blues, with Buyers and Sellers taking a break over December’s holidays. In 2025, an additional 15 days were needed for listings to go under Contract this January than it did back in 2024.

I am still seeing multiple Offer situations at various price points, however, simultaneously, some properties are experiencing longer days on market. With more properties and Buyers entering the spring marketplace, that should take down the number of days on market.