Charlotte Area Real Estate News & Views

The Importance of your Credit Report

2009-03-12T10:41:00.003-04:00

The most important first step in the home buying process is to pull a credit report to see if there are any errors. If so they will need to be resolved prior to making an offer on a home. Errors can lower your credit score and cause you to have a higher interest rate.

Are you considering a purchase? Have you had your credit checked? Did you find any errors?

RISMEDIA, March 12, 2009-Over 70% of consumers identify errors on their credit report. Twenty-five percent of those are serious enough to deny consumers and business owners access to credit, preferred interest rates or even a job. With over 54 billion credit updates occurring each year, it’s very likely you-or your clients-may have errors that are negatively impacting the ability to get credit and/or causing you to pay unnecessary interest expenses.

Identifying a credit report error is only the first step. Most consumers don’t know they have an error on their report because they rarely, if ever, review it until they need to get a loan. By the time this occurs, a consumer typically has less than 45 days before they need their loan funded, and their ability to get a single, valid error corrected within this timeframe is marginal at best.

The need to proactively understand, evaluate and optimize your credit profile has never been greater. So what should a consumer do? Become educated and informed about how credit works. Your clients should continually review and evaluate their credit profile. When a questionable activity is identified, he/she should make sure they understand it and correct any valid errors. In most cases, consumers begin by filing a dispute with the applicable credit agency who is reporting the information. RE

Jeff Mandel is president and CEO of iQual and Marlin Brandt is COO of ApprovalGUARD. For more information, please visit www.iqual.com [2] or ApprovalGUARD.com [3].

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com [4].

How Sellers Value Their Homes

2009-03-08T13:03:00.003-04:00

The latest HomeGain survey, however, underscores that while homeowners may be aware of falling home prices around the country, many believe that the slide doesn’t apply to their homes. Our survey shows that homebuyers and Realtors are telling homeowners their homes are worth considerably less than homeowners think they are.

Do you currently have your home on the market? Do you feel that your listing agent has suggested a price lower than you feel is correct? Did you list it higher anyway? Have you had much activity on your home?

The Plan to Slow Foreclosures - Just another Wall Street Bailout?

2009-02-23T09:58:00.004-05:00

I agree with Mr. Roberts, it is unfair for taxpayers to continue to bail out banks and mortgage lenders who knew what was going on and used greed as their only determination whether to approve loans. How do you feel about the government plan for foreclosures?

RISMEDIA, February 23, 2009-After listening to and reading about President Obama’s plan to cure the foreclosure epidemic, I wish I could say, “It’s about time!” For far too long, the federal government has been focused on bailing out Wall Street rather than Main Street. I was hoping that Obama would reverse the trend. Unfortunately, his plan looks like more of the same to me.

Obama is setting aside $75 billion… of whose money? According to a treasury official, $50 billion will come from the remaining $350 billion in Troubled Asset Relief Program funds, and $25 billion will come from Fannie Mae and Freddie Mac. This is taxpayers’ money-Main Street money.

And where is that money ultimately ending up? To “subsidize” lenders and investors - that’s Wall Street - for doing what they need to be doing anyway - modifying loans.

The fact is that loan modification is a good business decision for lenders and investors. According to various estimates, lenders stand to lose an average of about $50,000 to $80,000 per foreclosure. A loan modification does not wipe out a lender’s profit. To the contrary, it helps lenders avoid taking a huge loss on foreclosure while at the same time allowing them to keep a performing asset on their books. As a result of a loan modification, the lender keeps collecting interest. The loan remains profitable, albeit less profitable than it would have been had the homeowner been able to afford the originally agreed-upon payments, but still profitable. So why are taxpayers going to subsidize lenders?

Last Sunday (February 15, 2009) 60 Minutes ran a segment entitled “World of Trouble,” in which investigative reporter Scott Pelley interviewed Paul Bishop, a former loan originator for World Savings Bank which, at the time, was the second largest savings and loan. Bishop reported witnessing rampant fraud throughout the organization in the origination and approval of mortgage loan. And as I have been reporting over the past two years, what was going on at World Savings Bank was the rule rather than the exception in the mortgage lending industry.

Everyone knew what was going on. The few people who tried to stop it were silenced and either demoted or fired.

Mortgage lenders were well aware that they were approving mortgage loans that never should have been approved in the first place. Loan originators and banks were raking in profits leading up to the mortgage meltdown, and they weren’t exactly spreading the wealth to American taxpayers. Now that the time has come for them to pay the price for irresponsible lending practices, they are calling on the American taxpayer to subsidize their losses? This is absurd.

Don’t get me wrong. I applaud President Obama for focusing efforts on bringing relief to Main Street, but the government shouldn’t be using Main Street money to do it. I think a more prudent move would be in the form of an executive order demanding that banks modify loans on their own and ending foreclosures until they have cleaned up the mess that they themselves have contributed so much to creating.

Ralph R. Roberts is a consumer advocate, spokesperson for Federal Loan Modification Law Center, host of KeepMyHouse.com, and author of numerous books, including Foreclosure Self-Defense For Dummies and Loan Modification For Dummies (Summer, 2009).

Charlotte named best place to live

2008-05-15T14:38:00.002-04:00

Come join all those who are moving here and loving it! Reasonable homes, cheaper property taxes, mild climate what's not to love!! Have you been thinking of relocating?

By Amy Hoak, MarketWatch
CHICAGO (MarketWatch) -- Apparently, there's just something about North Carolina. For the second year in a row, America's best city in which to live lies within its borders, according to Relocate-America.com's annual list.

This year, Charlotte, N.C., is in the top spot, the site announced this week. Last year's winner was Asheville, N.C., which slipped to No. 7 on this year's list.

"North Carolina is very active on our radar," said Steve Nickerson, president and CEO of HomeRoute. "It continues to get a flood of interest from all over."

HomeRoute is the real estate firm that operates Relocate-America.com, a source of community information and real-estate resources for those who are relocating. Each year, the site ranks the top 100 places to live in the country.

Areas need to be nominated on the site in order to be eligible for the list; more than 2,000 were nominated this year, Nickerson said. Special efforts are made to prevent spamming campaigns from influencing the results, he added.

But the site's editorial team also takes into account an area's growth, its educational and employment opportunities, crime rates and housing options before granting it a spot in the top 100. Environmental highlights also play a role, with a city gaining points for good air and water quality or the strength of its recycling efforts, Nickerson said.

Home-price appreciation does get some consideration, however it's only one piece of the analysis, Nickerson said -- explaining why some struggling real estate markets in California and Florida, for example, still made the top 100. Areas that offer a comfortable climate and economic opportunity tend to be the most sought-after communities on the site, he said.

Charlotte's diversity of housing options and home affordability were two of the reasons users nominated the city, Nickerson said. The city's strong economy, boosted largely by the banking industry, was another selling point.

Second on this year's list was San Antonio, Texas, which people praised for its cost of living, recreational opportunities and diversity, he said. Chattanooga, Tenn., came in third place, noted for its vibrant downtown and affordable home prices in the nominations.

Below are the top 10 cities in Relocate-America.com's 2008 list:

1. Charlotte, N.C.

2. San Antonio, Texas

3. Chattanooga, Tenn.

4. Greenville, S.C.

5. Tulsa, Okla.

6. Stevens Point, Wis.

7. Asheville, N.C.

8. Albuquerque, N.M.

9. Huntsville, Ala.

10. Seattle, Wash.

Home Staging

2007-11-13T14:24:00.000-05:00

When you are ready to sell your home, it becomes a product. Think of a product in your favorite store. You may not need it, but when it is marketed at eye level with eye candy colors, you want to put it in your cart. Home staging is similar. Your home must be presented to attract the maximum number of buyers. When priced correctly, and staged for optimal appeal, your home is as good as sold!

If you were to put your home on the market, do you think staging would be worth the cost if your home sold quicker and for more money?

Have you personally experienced identity theft?

2007-11-13T14:19:00.000-05:00

Learn how you can protect yourself from Identity Theft

By PETER J. SAMPSON
STAFF WRITER

A first-ever review of Secret Service files has found that only half of the cases of identity theft involved technological devices, such as computers, scanners and digital cameras, and only 10 percent were done exclusively through the Internet.

In a fifth of the other cases, thieves stole personal data the old-fashioned way.

Low-tech tactics included rerouting mail by sending change of address requests to institutions handling credit card and bank accounts, swiping items right from residents' mailboxes, and "Dumpster diving" -- going through trash for information used to produce counterfeit documents and to open credit accounts.

Researchers from Utica College's Center for Identity Management and Information Protection in New York analyzed 517 closed Secret Service cases of ID theft from 2000 to 2006. It was the first study of such files from the federal agency, which is responsible for investigating identity theft and fraud.

Among their findings:

• A fifth of the time, identity thieves stole personal data at their workplace. Of them, 60 percent were employed in the retail industry -- stores, car dealerships, gas stations, casinos, restaurants, hotels, hospitals and doctors' offices. Another 22 percent worked for financial services, such as banks and credit card companies, and 9 percent were in government.

• People were victimized by a family member or friend 16 percent of the time.

• Personal information was stolen from someone's home, car, wallet or pocketbook 12 percent of the time.

• Most of the thefts occurred in the Northeast and the South.

• The median loss was just over $31,000, although in one case a thief spent millions on luxury vehicles and established shell companies to defraud more victims.

The study follows a recent Consumer Reports poll that found Americans overwhelmingly believe they are more vulnerable to identity theft when a business has their Social Security number. Most respondents said they want companies to stop using the numbers to identify customers.

A Social Security number, coupled with your date of birth and address, is the Holy Grail for identity thieves. You should never give out personal information over the telephone or Internet unless you know whom you're dealing with.

In addition to shredding documents before discarding them, the Secret Service recommends not storing any passwords on your computer's hard drive. Hackers know how to retrieve them, she said.

Consumers have become more savvy to Internet scams meant to trick them into divulging account numbers, passwords and other personal information. They know all about the Nigerian advance-fee scheme.

They may have become less vigilant about other tactics, authorities say.

"What we get a lot are people who work in offices, maybe a doctor's office, or your credit card is getting swiped at the gas station," said Assistant Bergen County Prosecutor Brian Lynch. "[Someone at] that doctor's office picks off your Social Security number and the next thing you know you've become the victim of a terrible identity theft," Lynch said.

Lynch urged people not to give their Social Security numbers when filling out any type of medical forms or applications.

"Just decline," he said. "They don't really need [it]."

Postal Inspector Douglas Bem said residents shouldn't use their home mailboxes for outgoing mail. And by no means, should they raise the flag on the box if they do.

"That's as much an indicator to a thief, as it would be to a letter carrier, that there's mail to be had," he said.

Anyone concerned about incoming mail should try to retrieve it as soon as it's delivered, and make sure to place a hold on it when they're away so it doesn't accumulate, Bem said.

Bem said there were few instances in which identity thieves rerouted mail by submitting a change of address card to the postal service. In the overwhelming majority of cases, he said, "the change of address was actually done directly with the bank or financial institution" that held the victim's personal information.

To prevent fraudulent rerouting of mail, Bem said, the postal service uses a dual verification procedure in which confirmation letters are sent to both the old and new addresses to verify the request is legitimate before any mail is forwarded.

In the FTC's 2003 survey of identity theft victims, 4 percent cited stolen mail as the source of their problems, he noted.

Although manufacturers offer a variety of lockable boxes to secure your mail, the postal service doesn't endorse any, Bem said.

Mail is more likely to be stolen at points along the distribution chain, he added.

"Many times we see mail that is stolen by organized groups who may have infiltrated airlines or private delivery companies or private mail rooms," Bem said. "It even occurs when couriers hired by the banks and financial institutions are picking up mail from post offices.

"It's not all residential mailboxes -- not by any stretch."

With the holiday season approaching, consumers need to be more watchful than ever, said J.R. Reagan, managing director of security and identity management for BearingPoint Inc., a McLean, Va.-based consultant.

"Certainly consumers are much more at risk now for having their information compromised than in the past, either by electronic, online or the low-tech means," said Reagan. "Just as in the real world, when you walk out of your house and you have to be watchful, careful and cognizant of your surroundings, that doesn't differ when it comes to your personal information. "It can become ruinous if it's in the wrong hands."

Do you have a clue about CLUE reports?

2007-05-15T15:36:00.000-04:00

A "clue" report is a report issued by the Comprehensive Loss Underwriting Exchange, or CLUE. It is a clearinghouse of information relating to underwriting factors for issuing insurance policies on homes or other real property.

CLUE reports help an insurance company to decide if they will insure your home. When purchasing a home, contact an insurance agent either before writing an offer or immediately after negotiating a contract. If waiting till the contract is negotiated make sure that the contract is contingent on your being able to get homeowners insurance at an affordable rate.

An insurance company will run 2 CLUE reports before issuing you a policy, one on the property and one on you individually. The one on the property shows every insurance claim made on that property, the amount of the claim and the reason for the claim. The report on the individual shows all the claims that an individual has made over a given period of time.

Have you had any experiences with CLUE reports that have prevented you from getting insurance or either caused you to get insurance quoted at 2 - 3 times the going rate? What were the reasons?

Stop the NC Home Tax!!

2007-05-06T07:59:00.000-04:00

Some state lawmakers want to tax the equity in your home.

Bills are now being considered in the North Carolina General Assembly that would force the sellers of new or existing homes to pay a 1% sales tax.

Go to http://www.itsabadidea.org/ to get all the facts. Make tsure to let your legislator know how you feel.

This tax is every time a property sells begining with a piece of raw land and could be whatever % set by the General Assembly.

What are your thoughts?

Home prices slip in U.S., but not in Charlotte

2007-04-04T14:53:00.000-04:00

Charlotte-area home prices keep climbing while values slide in much of the nation, data released Tuesday show.
Charlotte was the only metro area among 20 surveyed in the Standard & Poor's/Case-Shiller index where prices rose between December and January.

The region's home values inched up 0.4 percent in those months, while the composite of 20 cities fell 0.6 percent. The index tracks prices on existing homes.
Year over year, Charlotte had the third-highest price growth. For all 20 cities, annual values dipped 0.2 percent -- the first drop since 2001.

"There's a good chance we'll see bigger drops (nationally)," Robert Shiller, chief economist at MacroMarkets, told Bloomberg News. "The psychology is changing."
Charlotte has fared better than most because the region's home values did not post annual leaps of 25 percent to 50 percent that Washington, Phoenix and Las Vegas reached during 2004 and 2005.

Charlotte's annual price growth has ranged from 2 percent to 5 percent with healthy employment and migration, S&P's Maureen Maitland said. The region's current home-price growth, 7.9 percent, is the biggest in six years.

Some Rise, Some Fall
The latest annual change in home values among 20 metro areas surveyed in the Standard & Poor's/Case-Shiller index:
1. Seattle: 11.1%
2. Portland: 8.7%
3. Charlotte: 7.9%
4. Miami: 4.2%
5. Atlanta: 2.3%
6. Chicago: 2.2%
7. Los Angeles: 1%
8. Dallas: 0.5%
9. Las Vegas: 0%
10. Tampa: -0.1%
11. Phoenix: -0.7%
12. Minneapolis: -0.9%
12. New York: -0.9%
14. Denver: -1.1%
15. San Fran.: -1.4%
16. Cleveland: -2.7%
17. Wash. D.C.: -3.9%
18. San Diego: -4.2%
19. Boston: -5.6%
20. Detroit: -6.9%
Composite: -0.2%

2006-11-25T22:08:00.000-05:00

Home sale prices continue slow climb
Charlotte steady as other markets decline
ALLEN NORWOOD

The National Association of Realtors says home sale prices in the Charlotte area rose 4.5 percent in the third quarter of the year, continuing the slow but steady climb despite some steep declines in other markets.
The median price of existing single-family homes sold here was $198,300 during the quarter, up from to $189,800 for the same three months in 2005.
The national median was $224,900 in the third quarter, the NAR said in a release this week, down 1.2 percent from a year earlier. The median is the price at which half of homes sold for more and half for less.
There was good news for the state, too. Home sale prices continue slow climb
Across the country, existing home sales were down more than 12 percent during the three-month period. But 10 states showed increases -- including North Carolina. In fact, this state led the nation, with existing home sales rising 9.7 percent from the third quarter of 2005.

Selling Your Home During the Holiday Season

2006-11-09T13:28:00.000-05:00

Winter may be the most wonderful time of the year, but the holiday months can be anything but miraculous for sellers with property on the market. Traditionally the real estate world slows down significantly from early November through the beginning of January, and often sellers are the ones left in the lurch.
Winter Sellers: Disadvantages
Bad weather: Potential homebuyers are only human, so naturally winter’s stormier conditions can convince many consumers to stay indoors.
Shorter days: Most buyers prefer to view homes in the full light of day, even when casually looking at houses and neighborhoods by car. With fewer daylight hours in the winter, homebuyers are usually limited to weekends for in-person showings.
Busy schedules: Time is at an absolute premium during a season of shopping for presents, attending holiday parties and traveling to visit relatives. Most people don’t feel they can spare time during these months to shop for homes or plan the move to a new home.
Winter Sellers: Advantages
Smaller Housing Inventory: Because the holidays are traditionally slower selling season and sellers are just as busy as buyers at this time of year, few homes are put on the market towards the end of the year. In addition, many previously listed properties are taken off the market as a temporary measure. While the number of active buyers is lower during the winter, sellers also face less competition.
Serious Buyers: People who are willing to rearrange their holiday schedule and brave the elements to shop for a home in general tend to be motivated, serious buyers. In many cases buyers at this time of year are invigorated by the promise of impending year-end bonuses. The demands of the season in large part also eliminate false alarms from casual buyers who are “just looking”.
Tips
Target Those Rare Winter Buyers: When buyers are harder to come by, you have to work harder to attract their attention and do more to meet their needs:
Make sure your home is well marketed on the Internet with plenty of photos and virtual tours, as buyers will spend more time browsing properties from the comfort of their own home.
Hold open houses on weekends whenever possible. Consider an evening open house event, providing coffee and light fare to those who attend.
Be flexible with your scheduling and requirements for showing the home to interested buyers
Improve Visibility: Make sure your home is well lit in the evenings and is not obscured by low hanging branches or foliage.
Update your Comparative Market Analysis: Even if you’ve previously obtained a market analysis, you may want updated information that factors in the seasonal slowing of real estate sales.
Presentation: Because it is holiday season, homebuyers may look at your home and try to imagine it as the setting for their own holiday celebrations. Make sure your home is warm and inviting without going overboard (no need to buy the biggest tree and the most lavish decorations available).
Have you bought or sold during this time of the year? Any stories you want to share??

HOUSE PASSES BILL TO MODERNIZE FEDERAL HOUSING ADMINISTRATION

2006-10-14T08:37:00.000-04:00

Legislation Will Increase Access to FHA for Potential Homebuyers
WASHINGTON - The U.S. House of Representatives today passed "The Expanding American Homeownership Act,” which will increase homeownership opportunities for millions of Americans by modernizing the Federal Housing Administration (FHA) and returning it to its traditional role as an important financing option in today’s housing market.
"I applaud the House for passing this far-reaching legislation and express appreciation for the leadership provided by Representatives Bob Ney, Maxine Waters, Gary Miller, and Patrick Tiberi,” said Housing and Urban Development Secretary Alphonso Jackson. "I expect the Senate to take similar action thanks to the efforts of Senator Jim Talent and the support of Senators Mel Martinez, Johnny Isakson, and Saxby Chambliss.”
"When FHA was formed in 1934, it was an historic event that made homeownership possible for people who had nowhere else to turn,” said Assistant Secretary for Housing-Federal Housing Commissioner Brian D. Montgomery. "We are now closer to another landmark - a modernized, flexible FHA that can respond to the needs of today’s low and moderate-income homebuyers who need a helping hand.”
The Expanding American Homeownership Act (H.R. 5121) will enable FHA to reach more prospective borrowers and allow millions more low- and moderate-income families to achieve the American dream of homeownership. Many of these borrowers currently have little choice but to pay subprime rates because FHA lacks the ability to offer an affordable financing option.
FHA was created in 1934 to give homebuyers access to reasonably priced mortgages under fair terms. Over the years, it has been able to help more than 34 million families become homeowners and now it needs to be able to adapt to today’s marketplace. This legislation will bring FHA into the 21st Century and offer hard-working Americans a variety of safe homeownership options at a fair price.
The Expanding American Homeownership Act will:
1) Eliminate the current statutory three percent minimum down payment, reducing a significant barrier to homeownership. FHA’s existing down payment requirement does not meet the demands of today’s marketplace, where most first-time homebuyers put down two percent or less. The "new” FHA would offer a variety of down payment options.
2) Create a new, risk-based insurance premium structure for FHA that would match the premium amount with the credit profile of the borrower. It would replace the current structure, in which there is standard premium amount for all borrowers, while still protecting the soundness of its Insurance Fund. FHA would have the flexibility to charge a lower premium for low-risk borrowers, and to charge higher-risk borrowers a slightly higher premium.
3) Increase and simplify FHA’s loan limits. FHA’s loan limit in high-cost areas would rise from 87 to 100 percent of the GSE conforming loan limit and in lower-cost areas from 48 to 65 percent of the conforming loan limit. This change is crucial in today’s housing market. In many areas of the country, the existing FHA limits are lower than the cost of new construction, eliminating FHA financing as an option for buyers of new homes in those markets. FHA has simply been priced out of the market in other areas, such as California, where FHA insured only about 5,000 home mortgages in all of 2005, down 95 percent from 109,000 in 2000.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and, supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

80,000 Newcomers To Our Region in a Year

2006-10-12T17:04:00.000-04:00

Influx influences all, from demographics to restaurant menus
LEIGH DYER
Ldyer@charlotteobserver.com
There's a new number in town: 80,000.
That's how many newcomers from outside the Carolinas move to the Charlotte region in a year, an Observer analysis of new data from the American Community Survey shows. It's more than the population of Asheville.
It dwarfs the commonly cited annual population growth estimate of 50,000 per year for Mecklenburg and surrounding counties, based on census data. That figure, the net growth, subtracts those who move away.
And the 80,000 figure doesn't include those who move within the Carolinas, so the actual number of newcomers each year is much higher.
The data give new perspective on the influences of newcomers who are transforming everything from the roads we drive to the languages we hear and the food we eat.
The 2005 survey by the U.S. Census Bureau offers an opportunity to see who they are and why they moved here.
"It's a big number," said Wachovia economist Mark Vitner, who tracks the region's population trends. "The influx of newcomers validates the things that Charlotte has been doing right. People have a high quality of life in Charlotte."
That's one of the reasons Jim and Teri Consol moved from Endicott, N.Y., to south Charlotte in 2004. They're from the No. 1 state of origin for newcomers outside the Carolinas, according to the survey.
Last December, they opened Zio Italian Restaurant in Charlotte's Eastover neighborhood and introduced dishes including chicken sofia, bracciole and "hot pie" -- another name for pizza.
But eventually they took the chicken dish, served with a roasted garlic cream sauce and vegetables, and bracciole, a rolled steak braised in tomato sauce, off the menu. They weren't selling as well here as they do at their other restaurant, Consol's, back in New York.
"We were told, you'd better serve sweet tea no matter what," Jim Consol said.
The Consols and their 6-year-old daughter love the city's climate, beauty and people, they said. They've met so many people from their hometown that they're forming a club for Endicott transplants.
They're aware they're part of a transforming wave.
"The diversity is nice," Jim Consol said. "You have some of that Southern hospitality mixed with the influences from different areas."
Higher education
Newcomers are more likely to have a higher education than non-newcomers, the survey statistics show. The percentage of newcomers with Ph.D.s is about twice as high as that of non-newcomers."The best and brightest and most highly motivated folks are the ones most likely to move where the best opportunities are," said Wachovia's Vitner.
Sharon Portwood, 45, moved with her husband and two sons to Charlotte last year from Kansas City, Mo., where she had been an associate professor of psychology at the University of Missouri. She was lured by a newly created job at UNC Charlotte: executive director of the Institute for Social Capital, which works to connect the university with social service agencies in the community.
"I fell in love with it," she said of the city. "There are an amazing number of people who are very prominent nationally in what they do who have moved to Charlotte."
She cited Janet Singerman, who heads Child Care Resources, and Peggy Eagan, who heads the Children & Family Services Center, as national leaders in their fields who work in Charlotte.
She's had to make an adjustment, though: "Coming from Kansas City, things move at a much faster pace in Charlotte."
Young and single
A slightly higher proportion of newcomers are African American than non-movers -- 20 percent versus 18 percent. Movers are more likely to be single than non-movers. They're also likely to be younger -- the median age for newcomers is 29, while the median age of non-movers is 38, the survey found.
Eric Bailey represents all of those trends. Bailey, 29, moved to Charlotte from Denver last October. "I wanted to go to a city that's small, but not sleepy, and it doesn't have the chaotic nature of New York," he said.
His first job was with Denver-based Pulte Mortgage, which opened its first East Coast outpost in Charlotte. In February, he switched to Duke Energy, where he works in information technology. In that respect, he represents another trend -- newcomers are more than twice as likely to work in the IT field than non-movers.
Newcomers are also more likely to work in construction, professional fields and the entertainment/restaurant industries than long-timers.
"A lot of companies are moving (to Charlotte) and I thought, `Hey, it's a great place to start out,' " Bailey said.
Bailey has been a bit confounded by Southern accents and words with unfamiliar meanings -- such as "cut it off" instead of "power it down" for turning off a computer. He has gotten a kick out of learning the meaning of the expression "bless your heart."
He's also aware of the powerful forces changing Charlotte. "You've got a lot of people from the North moving here to spice things up," he said. "(Charlotte) has a large, diverse culture. It's a traditional culture, but it's very diverse."