Category: Cotswold

With the repeal of HB2 looking more likely, Charlotte may gain back sporting and entertainment events that pulled out of the state. Various estimates put the financial losses from HB2 between $500 and $750 million. As many as 2,000 jobs have been lost due to the bill. In addition, a few companies that were looking to expand or relocate to the area have decided on alternate locations.

While this news may not be welcome to some people due to their beliefs, it is really welcome from a financial perspective. A repeal of HB2 may even be the last step needed to help secure an expansion team for MLS soccer. This, combined with a return of the NCAA tournament, NBA All-Star game, and ACC Football Championship, would be a boon to the local economy.

Charlotte is becoming one of the most popular destinations for millennials. To stay competitive with other mid-sized cities, Charlotte really needs to have events and destinations catering to millennial desires. Millennials overwhelmingly support same-sex marriage and alternate lifestyles so the repeal of HB2 should continue to attract more millennials to the area. This might even help overcome the slow market analysts are expecting in 2017.

Charlotte is poised for more growth which is a great thing for the Real Estate market. Sellers in the area have consistently gotten higher prices for their homes than in years past. Low inventory has helped drive prices higher as well. Builders have many projects in the works and on the horizon. All in all, it adds up to a healthy sellers market.

Buyers may have a trickier time of it though. Low inventory combined with higher prices mean extra competition. Many buyers are priced out of the market at present. President Elect Trump has vowed to overhaul and re-privatize Fannie Mae and Freddie Mac with unknown consequences to the market.

If you are interested in buying or selling a home in the Charlotte area, give us a call at (704) 525-4045 or visit our website here.

November numbers have been released from the Carolina Regional Realtor Association. We are again looking at a deepening of the trend where inventory continues to be low and prices continue to get higher. This trend has been continuing for the entire year with no end in sight.  

2016 started off in January with 10,350 homes on the market. November has 9,770 homes listed for sale. By themselves, these numbers don’t mean much, but when you compare them year over year, you begin to see the larger picture. In January of 2015 there were 13,607 homes on the market. November of 2015 had 13,004. This is a reduction year over year of 31.8% for January and 31.6% in November.

When you look at home prices, they have continued to go up every month for the entire year as well. In January 2016 the average price for a home sale was $229,766. By November average price for a home sale was $259,205. Last year in January the average sale price was $214,166 and in November it was $239,680.

These trends of inventory going down and prices going up illustrate the main principle of supply and demand. There have been some signs that supply and demand will remain out of balance going forward. New announcements of corporate headquarters in the Charlotte region, and Millennials moving to the area in greater numbers are just two of these signs.

There are predictions saying that things may be changing in 2017. Redfin data scientists are predicting that the housing market will continue to grow, but at a slower pace due to affordability pressures. Affordability will be an issue in part because of a slight rise in interest rates coupled with rising home prices. They also believe new-construction growth will slow. This may be enough to slow the trend, but it will take quite a bit longer if the market is going to even out or become a buyers market again.

If you are interested in buying or selling a home in the Charlotte area, call us at (704) 525-4045 or check out our website with robust search capabilities here.

Predictions are starting to come in for the Real Estate Market for 2017. They all seem to point to good news for the Charlotte area. The Queen City is poised for growth yet again, but maybe not quite as much as 2016.

Standard & Poor’s Case-Shiller home price index report showed a 6.2% rise in prices in September over last year. This exceeds the national average of 5.5%. It puts Charlotte in 7th place among the top 20 metro areas in the US. Seattle leads this group with 11% growth.

Realtor.com is projecting a strong year for Charlotte next year. They forecast a 4.3% rise in home prices and a rise of 6.3% in sales activity. Realtor.com ranks Charlotte #21 out of the top 100 metro areas in the US. Phoenix-Mesa-Scottsdale sits atop their list.

It looks like the growth will be moderate and a little bit slower than last year per Realtor.com. There are a few reasons for this prediction.

The first is that interest rates are unsure at this time. There was a 40 basis point increase in rates after the election. An increase in interest rates would disproportionately affect first time homebuyers and can price some of them out of the market entirely. 95% of first time homebuyers rely on mortgages to finance the purchase of a home.

Second, there is a lack of inventory in the Charlotte area. In October there was a 23.1% decrease in the annual rate. This drives prices higher which can also price many homebuyers out of the market.

Realtor.com is predicting a few additional trends. 1. Millennials and baby-boomers will dominate the market in 2017. 2. A slowing of price appreciation. 3. Lower inventory. 4. Quick turnaround on sales. They also foresee price and sales increases in western states and millennials relocating to midwestern cities.

If you are thinking of buying or selling in the Charlotte area, call us at (704) 525-4045. Or check out our listings in and around the Charlotte community here.

With the wildfires burning in Western North Carolina, smoke has inundated the Charlotte area. This is a great time to change out your filters on your heating and cooling system. This is just one of the small maintenance items you can take care of while living in your home that can make all the difference when it comes time to sell. Here are some of the handyman issues you should keep up with each month or year. Many items are easy and you can take care of yourself. Many are harder and you should get a licensed professional to help you.

Monthly Checklist:

1. Clean the furnace filter to remove dust build-up. This is especially important as the wildfires have caused excess build up right now.
2. If you have one, check the water softener and replenish salt if necessary.
3. Clean faucet aerators and showerheads to remove mineral deposits.
4. Inspect tub and sink drains for debris; unclog.

Fall Seasonal Checklist:

1. Rake leaves and aerate the lawn.
2. Have forced-air heating system inspected by a professional. Tip: schedule an inspection in late summer or early fall before the heating season begins.
3. Check fireplace for damage or hazards.
4. Seal cracks and gaps in windows and doors with caulk or weather stripping; replace if necessary.
5. Swap old, drafty windows for more energy-efficient models.
6. Touch up exterior siding and trim with paint.
7. Inspect roofing for missing, loose, or damaged shingles and leaks.
8. Power-wash windows and siding.
9. Remove leaves and debris from gutters and downspouts.
10. Mend cracks and gaps in the driveway and walkway.
11. Drain and winterize exterior plumbing.
12. Have fireplace professionally inspected.
13. Tune up major home appliances before the holidays.
14. Repair or replace siding.
15. Replace the batteries in smoke and carbon monoxide detectors.
16. Clean the carpets.
17. Clean window and door screens.
18. Vacuum lint from dryer vent.
19. Inspect exterior door hardware; fix squeaky handles and loose locks.
20. Check for frayed cords and wires.

Spring Seasonal Checklist:

1. Inspect roofing for missing, loose, or damaged shingles and leaks.
2. Change the air-conditioner filter.
3. Clean window and door screens.
4. Polish wood furniture, and dust light fixtures.
5. Refinish the deck and/or wooden fence.
6. Power-wash windows and siding.
7. Remove leaves and debris from gutters and downspouts.
8. Replace the batteries in smoke and carbon monoxide detectors.
9. If you have one, have a professional inspect and pump the septic tank.
10. Inspect sink, shower, and bath caulking for deterioration.
11. Vacuum lint from dryer vent.

If you take care of these seasonal items, you have a much better chance of avoiding large maintenance issues coming up during a home sale. You will also have a much better experience living in your home as you are less likely to have surprise costs mess up your budget.

Checklist courtesy of Better Homes and Gardens.

This week, the North Carolina Department of Public Instruction released their list of the best public high schools in the Charlotte area. The schools were ranked on the “college and career readiness standard”.

DPI’s most recent release breaks down the performance of 125 high schools in the Charlotte area — including public and charter high schools in Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan and Union counties.

After end-of-school assessments, students are graded and placed in one of five categories. Levels three and above meet the state proficient standard. Levels four and above meet the college and career readiness standard. The percent in each of the levels is the percent of students that scored at that achievement level.

Based on these rankings, here are the top 10 schools for the 2015-2016 school year:

1. Highland School of Technology – Gastonia – Gaston County Schools
2. Central Academy of Technology and Arts – Monroe – Union County Public Schools
3. Collaborative College of Technology – Statesville – Iredell-Statesville Schools
4. Ardrey Kell High School – Charlotte – Charlotte-Mecklenburg Schools
5. Union County Early College – Monroe – Union County Public Schools
6. Weddington High – Weddington – Union County Public Schools
7. Gaston Early College High School – Dallas – Gaston County Schools
8. Providence High – Charlotte – Charlotte-Mecklenburg Schools
9. Challenger Early College High – Hickory – Catawba County Schools
10. Cuthbertson High – Waxhaw – Union County Public Schools

Union County Public Schools are doing great with four placements in the top ten. Gaston County is doing great as well with two in the top ten including the top ranked school. Charlotte-Mecklenburg Schools have a good showing with two out of the top ten.

It’s no surprise many families want to move into these great school districts. If you or someone you know is looking to relocate to or within the Charlotte area, we can help you choose the home that is right for you. School assignments are just one of the criteria we can help you with to narrow your search to find the home of your dreams.

Low inventory has been pushing prices steadily higher in the Charlotte Metro area, and this month the trend continues. The monthly report from the Carolina Regional Realtor Association pulls data from the Carolina Multiple Listing Services. This month’s report shows 10,570 homes for sale representing 2.8 months of inventory. This is down from last year when 13,742 homes were for sale representing 4 months of inventory.

Home sales across the region rose by 3.4% over last year, but were lower than last month by 421 homes. Home prices on the other hand, were up 7.6% from last year. Average home price last year was $238,518 and this year is $256,736. This rise is even up from last month’s average of $256,377.

The trend is showing short supply at a time when demand is on the rise resulting in higher prices. A balanced market between buyers and sellers is traditionally defined by 6 months of inventory. This means that sellers are still benefiting greatly from this market, while buyers have less power in a transaction.

Homes are selling in less time than last year as well. The average days on market in 2015 was 113 and in 2016 is 104. This is another indication that buyers are jumping on homes as soon as they hit the market.

In 2015, sellers received 94.7% of the list price on average for their home sales. This year, sellers should be very happy as they are getting on average 96.2%.

New listings are up from last year by 2.7% from 4,040 to 4,150. Pending sales are up 26.4% from 3,152 to 3,984.

It remains to be seen what effects if any we might see from the recent presidential election. We are also waiting to see if there are any lingering effects from HB2 and the recent rioting in the Charlotte area. So far, it appears that the real estate market remains largely unchanged by recent events. The strong sellers market appears to be going nowhere and should continue into 2017

With the election finally behind us, it’s time now to figure out how to move forward as a united people. Up and down your street, you probably have neighbors who think and act pretty differently than you do. That’s part of what makes this country great. If everyone did everything the same, this would be a really boring place.

One outcome of this election, is that it has made people focus on their communities and their towns. We have a pretty great one here. Charlotte and surrounding areas have so many great places to play, eat, be outside, watch a game, see a show, peruse a museum and on and on.

Charlotte is now the largest city in the state of North Carolina. It is also the second largest city in the Southeastern United States behind Jacksonville, Florida. Charlotte was listed this year as the 13th fastest growing city in the nation by Forbes.

We have the best weather, four distinct seasons, but rarely bitter winter weather or scorching summer temps. We are located right in the middle between the mountains and the beach for easy weekend trips. World class companies are headquartered here. NFL football, NBA basketball, minor league baseball, and NASCAR all call us home.

Charlotte is also home to amazing water features. Lakes Norman and Wylie are big draws for boaters. The catawba river has hiking, mountain biking, the whitewater training center, and more.

Charlotte is home to many institutions of higher learning. University of North Carolina Charlotte, Queens University, Johnson C. Smith University, Central Piedmont Community College, Johnson and Wales University, Davidson College, Belmont Abbey College, Wingate University and Winthrop University all help draw young people to the region.

Charlotte has a plethora of museums and theaters and a thriving artist community. Fabulous parks can be found throughout the city for exercise and fresh air. We even have quirky little places like the Lazy 5 Ranch drive through zoo.

If you or someone you know is looking to relocate to the Charlotte region, let us know and we will gladly help you on your journey.