Category: Ballantyne

Currently, tax appraisers are visiting homes all over the Mecklenburg County area. They are in process of evaluating homes and formulating current pricing for homes all around the Charlotte Metro area. This is in preparation for the 2019 revaluation process where prices are set for what each property in the county is worth. The prices are then used to formulate tax bills which will be sent out to homeowners in January 2019 and will be due later that year.

County commissioners will spend much time over the summer and fall of 2018 setting policy used to calculate taxes. You currently get charged just under 82 cents for every $100 of value for your home. If you reside in the City of Charlotte, you pay the 82 cents plus 42 cents for each $100 of value.

Tax rates are not guaranteed to go up, but values of homes have been steadily going up and costs for government are always on the rise so it’s a good bet. Higher taxes on homes with high values can be another obstacle for potential homeowners.

The last time the county reevaluated homes was back in 2011. There were numerous issues with that reevaluation. Many suburban areas were assessed too high and there will millions of dollars refunded to the taxpayers after the process was completely done over. When all was said and done, values went up by around 11% from the previous evaluation in 2003.

This time around, we are expecting a much higher increase in valuation. The home price index is up about 50 percent, commercial prices are up 101 percent and retail prices are up 77 percent. This means that there could be many property owners that question the new valuations and will challenge them through a formal appeal process.

The county tax assessor’s office has made a number of changes this time around to be sure they don’t have a repeat of 2011. They have a better online system for appeals and disputes. There will be more staff to deal with issues. There will be better communication with homeowners, including helping them determine what neighborhood they are in. A simpler grading system is in place to identify the quality of buildings.

After this year, Mecklenburg county will move to a four year cycle for reevaluation. This means the next reassessment will be in 2023. After that the plan is to move to two-year cycles.

The county will have the option of lowering the tax rate to compensate for the higher values. Some reduction in tax rate seems likely, but taxes may still rise.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can also view current listings on our website here.

Lennar Corp. and CalAtlantic Group Inc. announced a merger agreement yesterday. This $9.3 billion valued deal would poise the combined company to be one of the country’s leaders. The merger will mean 240,000 homesites in 49 markets across 21 states will all be under one company. The deal has been approved by the boards of directors at both companies. The deal will put the combined company in the top 3 builders in 24 out of the top 30 markets in the country.

Lennar and CalAtlantic expect to execute the merger in the first quarter of 2018 with shareholder approval. The combined companies would have revenues of about $17 billion.

Both companies seem eager for the merger. They are predicting a strong market profitability for years to come. There is a solid homebuilding market with job and wage growth, consumer confidence, low inventory, and a production deficit. These factors make a merger a smart move as they can save on purchasing, land, labor, and overhead if they combine.

Lennar has 21 communities currently under construction ranging from Rock Hill, SC up to Mooresville, NC. Most of these communities have price ranges in the $200,000’s to the $500,000’s. They offer mainly single-family homes with a few multi-family projects.

CalAtlantic has 41 communities under construction in Charlotte and surrounding areas with 142 quick move-in homes. Most of these communities have price ranges in the $200,000’s to the $600,000’s. Most homes are single-family, but they do have a few townhome projects currently in the works.

Both builders have been in the Charlotte area for a long time and are well respected for building quality homes and neighborhoods. Many of these have amazing amenities, fantastic locations, and all of the upgrades that people want for the way we live today.

If you are interested in a home by Lennar or CalAtlantic, give us a call at (704) 525-4045. You can also view current listings on our website here.

Sales across the Charlotte region fell again in September. They dropped 3.9% from last year from 4,121 down to 3,960 sales. These numbers all come from the Charlotte Regional Realtor Association’s monthly report based on data from the Carolina Multiple Listing Services, Inc.

According to the report, inventory was also down. Last year at this time there were 12,297 homes for sale in the region and this year there are only 10,140. This is a 17.5% decline year over year. The region is left with only a 2.5 month supply of homes. A balanced market giving equal power to buyers and sellers in a transaction is generally considered to be a six month supply.

Home prices on the other hand, continue to rise. The average sales price was 6.3% higher at $271,606. Median sales price was up 9.2% to $225,000. This shows that the seller’s market that has been the trend is showing no signs of stopping.

Pending sales were up 16.4% to 4,137 up from 3,555. The strength of pending sales shows that we should have a stable market for a while to come.

New listings are up year over year. They are up 3.3% to 4,700 from 4,550. This shows seller’s confidence in the market continuing to be strong.

Homes are selling quicker than last year as well. The time on the market from list to close was 99 days last year and this year is down to 90 days. Loans still take about the same time to come through so this means that the days on the market until the sale were also down from 47 to 39 days.

The market shows all indications of remaining a strong seller’s market, even with sales in a slump. If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can also view current listings on our website here.

If you are interested in new construction in the Charlotte area but aren’t sure what you want in a home, the Parade of Homes is a great place to start. This showcase highlights model homes in communities all around the area in a wide variety of styles, home builders, and price points. The Parade of Homes is also a great way to learn your way around if you are new to town.

The Parade of Homes began last weekend, and continues this weekend and the next. Dates are October 13-15, and 20-22. Homes are open from 11:00 am to 6:00 pm on Fridays and Saturdays, and from 1:00 pm to 6:00 pm on Sundays. The tour is free of charge and even has an app this year that will help you navigate. You can also check out http://www.paradecharlotte.com/ for the interactive website to plan your tour.

The Parade of Homes is like a huge open house. The best home builders in Charlotte and the surrounding area are all participants. They pull out all of the stops to show you everything they can do for you. Builders show fully furnished model homes and hope to get you to sign on the dotted line for a new home.

Some important things to remember about purchasing a new home. Just like purchasing an existing home, it is important to have your own Realtor represent you in the transaction. All of the sales staff for the builder work for the builder’s interests. You want to make sure you have someone to help guide you through what will probably be the single biggest investment in your life. A Realtor can help you through the process of choosing all of the options, upgrades, and finishes that will make your house a home, but will also make it appreciate and if necessary, get you the best price on resale.

Eighty homes will be a part of the tour this year highlighting 21 builders. Prices range from $240,000 up to $1.4 million. The show is organized by the Home Builders Association of Greater Charlotte. This year the homes are in Fort Mill, Rock Hill, Weddington, Huntersville, Concord, and in Charlotte as well. Builders represented this year are:

• Alan Simonini Homes
• Arthur Rutenberg Homes
• Bonterra Builders
• Century Communities
• Chelsea Building Group
• David Weekley Homes
• Epcon Communities
• Essex Homes
• Fielding Homes
• H & H Homes
• Knotts Builders
• Kolter Homes
• Mattamy Homes
• Meritage Homes
• Niblock Homes
• Saussy Burbank
• Shea Homes
• Smith Douglas Homes
• Taylor Morrison
• Terrata Homes
• Toll Brothers

If you are interested in a new home in the Charlotte area, go tour the Parade of Homes, then give us a call at (704) 525-4045 and we will be happy to help you navigate through the process of purchasing your new home. You can also view current listings on our website here.

The trend continues with no apparent end in sight. Once again, inventory is down in the Charlotte area while prices creep upwards. But the real story is that home sales took another hit in August. These numbers all come from the Charlotte Regional Realtor Association reporting on data from the Carolina Multiple Listing Service.

Inventory is down 18.6% compared to August of last year leaving just a 2.6 month supply. 10,153 homes were on the market for sale, while last year there were 12,477. Last month there were 10,174 for a decrease of 21 listings month over month.

Sales were down 3.8% for the same period. 4,297 homes sold in August as compared to 4,467 last year at this time. This number is up slightly over last month, just 1.2% higher than July.

Median sales price crept up to $230,000 while average sales price inched up to $273,549. This means median sales price is up 5% from this time last year but is down from last month’s $236,000. Average sales price is up 1% from last August, but is down from last month’s $280,696. These numbers can be affected by a few large sales so we will have to wait and see if this is a new trend where prices might be adjusting.

5,394 new listings hit the market in August which represents an increase of 6% over last year.

Industry analysts are predicting that the market will begin to balance over the next couple of years. They expect some relief to the inventory woes as the cooler months typically have a slowdown in the market. This seasonal slowdown should, weather permitting, allow builders to provide more inventory to the market.

The Charlotte area doesn’t seem to be cooling off anytime soon. There is still demand for listings and there is still positive job growth. This means it is still a great place to call home.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can view current listings on our website here.

The housing market in the Charlotte continues to be strong this summer. All indicators are that sales are strong, they are up 3.1% year over year which is a rise of 127 sales. However, total inventory is still down year over year down to a 2.6 month supply of homes.

The monthly report from the Charlotte Regional Realtor Association also shows that sales slowed between June and July. Sales are down 473 homes from one month to the next. This appears to follow a yearly trend. In 2016 there was a dip in sales of 785 homes between June and July.

The 2.6 months of inventory are down 25.7% from June of 2016 when there was a 3.5 month supply of homes. There were only 10,174 homes on the market at the time of the report as compared to 12,685 in July of 2016.

There are a few factors that are keeping a shortage of homes on the market. Sellers are not listing homes the same way. There is a trend of homeowners staying in homes longer, not trading up from a starter home, or just buying their forever home from the beginning. With a lack of supply in the market, it is hard for sellers to sell until they have secured their next home. This leads to a catch-22 where sellers won’t sell because they have nothing to buy.

Builders are not able to make up the gap fast enough to add supply to the market to keep up with buyer demand. There has been a labor shortage for builders so they are relying on a smaller pool of talent and that inevitably slows down building.

New listings are up 5.9% from 5,123 to 5,427. Pending sales are also on the rise from 4,068 to 4,724 representing a rise of 16.1% year over year. This is a strong sign that the market is going to continue on the current trajectory.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can also view current listings on our website here.