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Toll Brothers Building in Bent Creek

Toll Brothers have announced that they are building 134 single family homes in Bent Creek in Indian Land. These join 138 homes being built by Taylor Morrison to complete the 272 lots for the entire development. They will be building homes from their Carolina and Executive collections which in other projects around town start in the $400’s and $500’s respectively. Toll Brothers has not yet announced the final price points for their portion of Bent Creek.

Rendering of one of the five plans in the Carolina Collection

Bent Creek is a 183 acre community is just south of Ballantyne, across the state line off Jim Wilson Road. They are in Lancaster County with lower South Carolina taxes. Toll Brothers says that Bent Creek allows buyers to have the same luxury, quality and craftsmanship they always provide, but at a more affordable price point.

Homes in the Carolina Collection have 5 plans ranging from 2,225 to around 3,000 square feet. Homes generally have between 2 and 6 bedrooms and 2 and 4.5 bathrooms. They can be customized in hundreds of ways and come in one and two story plans. Features can include open kitchens, luxurious master suites, outdoor living spaces and more.

Rendering of one of the five plans in the Executive Collection

Executive Collection homes are larger ranging from 3,179 to more than 3,800 square feet. Most plans have 4-6 bedrooms and 2.5-4.5 bathrooms. You also have your choice between a 2 or 3 car garage. Other features you can choose from include grand two-story foyers, first floor master suites, large gourmet kitchens, luxurious bathrooms and more.

Amenities for the neighborhood include a clubhouse, pool, indoor and outdoor gathering areas and a fitness center. There will also be a network of walking trails for residents to enjoy.

Homes in Bent Creek are part of the Lancaster County School District. Current zoning is for Indian Land Elementary, Indian Land Middle, and Indian Land High Schools. These award winning schools are a particular draw for families in Bent Creek. There are also many preschool, private school, and daycare options nearby.

If you are interested in a home in Bent Creek, the Toll Brothers homes are expected to go on sale later this summer. Give us a call at (704) 525-4045 and we can help you find the home that is right for you. You can also view current listings on our website here.

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Bent Creek coming to Indian Land

Taylor Morrison Home Group is bringing an exciting new development to Indian Land. This brings another great option to people looking for a home starting in the low $300,000’s. Taylor Morrison has a contract to build 138 lots in the 272-lot community located off Jim Wilson Road in Lancaster County. The full development spans 183 acres and is just a few miles off Highway 521.

The builder is offering eight different floorplans on two different sized lots. Homes range from two to six bedrooms and range from 2,175 to almost 4,300 square feet. Plans include ranch style, master bedroom down, and two-story. Model homes are being built now and the first ones are expected to be complete this fall.

Community amenities are set to include a pool, cabana, and fitness center for residents. There will also be a network of walking trails for residents to enjoy.

Homes in Bent Creek will have spacious open floor plans, and brick elevations. Gourmet kitchens, spacious family rooms, lucurious owner’s suites and lavish master baths make these homes perfect for everyone. If it’s not quite perfect, you can use the design studio to personalize your home with upgrades, options, and bonus rooms to fit your lifestyle.

Homes in Bent Creek will be part of the Lancaster County School District. This means that children here attend Indian Land Elementary, Middle and High Schools. These award winning schools are a great choice for young families. There are also plenty of preschool, private school, and daycare options nearby.

Proximity to Highway 521 means that you are never far from shopping, dining, entertainment, outdoor adventures, and fitness areas. Uptown Charlotte and the Charlotte Douglas International Airport are convenient for commuting and travel.

Taylor Morrison has 14 communities in the Charlotte area. They have a sales office for Bent Creek at the Retreat at Rayfield which is their first community in Indian Land. Once the model homes have been completed, there will be a sales office on-site.

If you are looking for a new construction home in the Indian Land area, give us a call at (704) 525-4045. It costs you nothing to bring your own Realtor to help you build a home. The builder pays the Realtor’s fees. It can be invaluable to you to have representation to help guide you through the endless decisions you need to make and to help you get the most bang for your buck. You can also view current listings on our website here.

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June Market Report

Home sales were down again this June compared to last year. 4,719 homes sold in June compared to 4,904 this time last year. This represents a decline of 3.8%. These numbers all come from the monthly report from the Charlotte Regional Realtor Association. The report is based on data from the Carolina Multiple Listing Services Inc.

The supply issues we have been tracking continue as well. There is a 2.5 month supply of homes on the market as of June. Last year at this time we had a 3.5 month supply. This means just 9,967 homes are on the market compared to 12,592 last year. This represents a decline of 20.8%. It is up from last month when only 9,795 homes were on the market.

As is typical with supply and demand, when there is less supply, demand goes up driving prices higher. Median sales price in the Charlotte area rose from $225,000 to $245,000 in just one year. This is a rise of 8.9% year over year. Average sales price also rose from $279,243 to $290,067 representing a rise of 3.9%. Homes are selling quicker than last year, averaging 99 days from listing to closing.

Pending contracts on homes were up 17.4% year over year. Pending sales show that there is still strong demand for home in the area and is a good sign for sales to be up next month as well as these contracts head to the closing table.

There were 5,658 new homes listed in June, a small increase, just 0.1% year over year. To solve our lack of supply, we will need to see this number increase drastically.

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

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Explore Fort Mill’s Riverchase

Riverchase in Fort Mill, SC is another exciting new construction development by Meritage Homes. This luxury community is separated into three distinct areas, the Village, the Manor, and the Estate. Each of these areas has different thoughtful styling, standard features, and starting price range.

The entire project is located on the Catawba River on 185 acres with 94 acres of common area. These executive style homes take advantage of great Fort Mill schools, lower SC taxes, but are still 30 minutes from Uptown Charlotte.  

  • The Village – homes in the Village range from $314,990 to $391,990. They start at 2,868 square feet and generally have 4-6 bedrooms and 2.5-4 bathrooms. Top end of square footage is over 4,000 square feet. Homes have a 2 or 3 car garage, and flexible living spaces. Luxury owner’s suites with dual vanities and generously sized walk-in closets are standard. There are ranch, master-down and 2 story plans.
  • The Manor – many of these homes have wooded homesites with thoughtful designs. Prices range from $356,990 to $450,990 and plans have 4-6 bedrooms and 3-4.5 baths. Square footage range is generally between 2,865 and 5,306..  Bedrooms are large and many plans have first floor owner’s suites with spa like bathrooms. Flexible living areas include bonus rooms, game/media rooms, and first floor offices. Designer kitchens with oversized islands are standard.
  • The Estate – homes here have 3 sides of exterior brick and large wooded lots. Prices start between $435,990 and $496,990. Homes generally have between 4-6 bedrooms and 3-4.5 bathrooms. Homes have 3 car side-load garages and are one or two stories. Spa-like baths, spacious great rooms, designer kitchens with oversized islands are standard. Flexible living spaces are in large demand and are included in all plans. There are large bedrooms and sumptuous owner’s suites. Game/media rooms, first floor offices and bonus rooms can be added to most plans.

All of the homes, regardless of which section they are located, showcase energy efficient features. These include, but are not limited to, spray foam insulation, programmable thermostats, energy star appliances, low E vinyl windows, energy efficient HVAC, lighting, and plumbing fixtures.

Amenities for the neighborhood include many outdoor activities including walking trails, river access, private community clubhouse, and resort-style swimming pool.

Children in Riverchase attend award winning Fort Mill schools. Current zoning is for Doby’s Bridge Elementary, Fort Mill Middle, and Nation Ford High School. Please verify school assignments as they are subject to change.

If you are interested in a home in Riverchase, give us a call at (704) 525-4045. Remember that bringing an agent with you when you are in the market for a new construction home costs you nothing, but can help you navigate the process and help you get the best upgrades for your money. You can view current listings and quick move in homes on our website here.

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Fed Raises Interest Rates Again

Last week, the Federal Reserve again announced that they are raising the nation’s federal funds rate by one-quarter of one percent. This brings it to a range of 1.00 to 1.25 percent making this the second straight quarterly increase.

At this time, the prediction is that mortgage interest may not see a direct increase from this rate hike. In the short term, car loans and bank fees will probably be the first to show an increase. This could also affect millions of borrowers who have credit card debt as it could push their monthly payments higher. The hike could additionally impact borrower’s ability to qualify for a mortgage.

It is not clear at this time if the Fed needed to raise the rate right now. Unemployment is low at 4.3 percent in May. The economy isn’t growing as fast as the Fed would like, nor are wages. The rate hike is unlikely to help either of those causes. It seems that the Fed found themselves in a bind. They said they would raise the rate earlier in the year and they are following through, even though it might mean slowing the economy further.

The Federal Reserve will reassess the market again in September to be sure the projected additional increase is in line with the market at that time.

If you are in the market for a home right now, the hike is not likely to affect you in terms of interest rate. You may qualify to borrow less money if you have significant credit card or other short term debt.

Borrowers who will feel the rate hike the most are ones with an adjustable rate mortgage that is about to adjust as it will now adjust by half a percent. This could mean hundreds of dollars more per month on a mortgage payment. Other borrowers who will feel the pinch are ones with home equity loans or lines of credit. Repayment on those loans will call for steeper payments due to the rate hike.

If you are in the market for a home, call us at (704) 525-4045. We can help you get started on the process today. You can also view homes currently for sale on our website here.

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May Market Update

Home sales were down slightly in May according to data released by the Carolina Regional Realtor Association. New listings and pending sales were up year over year, up 4.6% and 16.6% respectively. This shows that there are buyers out there and they are willing to purchase when the right home comes on the market.

The Charlotte area is still suffering from a lack of inventory. The supply of homes fell again down to a 2.5 month supply. This is down 26.5% from the same time last year. A balanced market between buyers and sellers is considered to be a 6 month supply.

The supply of homes was up slightly from last month. In April, there were 9,525 homes on the market. In May, there were 9,795. This represents a rise of 270 homes or 2.8% month over month. Last May, by contrast, there were 12,268 homes for sale.

Median sales price was up 7.9% to $226,500, and Average sales price was up 6.6% to $274,957. Low inventory drives prices up and we have seen gains in home prices for the past few years with no end in sight.

Homes are staying on the market for less time as well. Days on market from list until close went from 106 last May to 95 this May.

Buyers are also not getting as much of a discount on list price. Last year, they paid 96.8% of the list price for a home, and this year they are paying 97.3%. This could indicate more instances of multiple-offer situations where the highest and best offer wins the home.

We have not seen widespread evidence of homes selling for more than list price. When this happens, there is often a case of a home selling for more than the appraisal value and the buyer having to come up with the difference in cash. This is happening in some cities such as Austin, TX.

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

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Investigate the four Villages at Brayden

Fort Mill, SC has become a fantastic place to live, especially booming in the last few years. There are so many amazing new neighborhoods that it can be hard to keep up. One of our favorite new developments right now is Brayden. There are four different Villages with different architecture, style, and floorplans. They are called the Villages, the Enclave, the Arbors and the Woodlands.

  • Brayden – the Villages has single-family homes from $321,900. These homes have 3 bedrooms and 2.5 bathrooms and at least 2,167 square feet. Two car garages are standard. There are four different floorplans available all with open floorplans, plenty of storage, and lots of natural light. There are many sites to choose from and many quick move-in homes as well.
  • Brayden – the Enclave has single-family homes starting at $383,900. These homes have between 3 and 5 bedrooms, 2.5 to 4 bathrooms and 2,804 to 3,591 square feet. These homes have generous porches, gourmet kitchens and wooded lots. Many of the homesites have already been claimed, but there are still opportunities to get in on the Enclave.
  • Brayden – the Arbors has single-family homes from $420,900. Four or five bedrooms, 2.5 to 5 bathrooms and 3,288 to 4,205 square feet. Homes here may have brick exteriors, 2 or 3 car garages, large foyers, butler’s pantries, game rooms, and sumptuous owner’s suites. There are still many opportunities to get in on the Arbors.
  • Brayden – the Woodlands has single-family homes from $559,305. There are two quick move in homes and the model home available in the Woodlands. They have between and 7 bedrooms, 5 to 6 bathrooms, and over 4,000 square feet of living space. Some even have full basements. Homes here have more luxury features including heavy mouldings, trey ceilings, hardwood flooring, owner’s suites, guest suites and more.

Homes in The Villages at Brayden are within award winning Fort Mill School District. Children would currently attend Gold Hill Elementary, Gold Hill Middle, and Fort Mill High Schools. Please verify school assignments as they are subject to change. There are also many private school, preschool, and daycare options close by.

Fort Mill has grown so much in recent years that there are plenty of places to shop, dine, and enjoy the outdoors so there is no need to leave. There is however, easy access to I-77 making Uptown Charlotte a quick commute. There are plenty of museums, sporting events, restaurants, nightlife, live music venues, and more in Uptown. This quick highway access also gives you  access to SouthPark Mall with world class dining and shopping.

CalAtlantic Homes is the builder for The Villages at Brayden. They have preserved natural wooded areas and ponds in the neighborhood. Besides the natural features, there is a private resident’s club with competition pool, and pocket parks throughout including fitness and playgrounds.)

It costs you nothing to bring a Realtor with you when you look at new homes, and you have everything to gain having a professional on your side helping you to navigate the process. If you are interested in a home in any of the four Villages of Brayden, give us a call at (704) 525-4045. You can also view listings on our website here.

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Is renting or buying the best bet in Charlotte?

Home prices have been rising in the Charlotte region for the past few years with no apparent end in sight. Case-Shiller’s S&P CoreLogic home price index has prices 6.7% higher in March. This is well above the 4.3% year over year increase they reported in March of 2016. It also far outpaces the national average of 5.8% which represented a nearly three-year high.

Unusually low inventory of homes takes much of the blame for the price hikes. People are staying in their homes rather than selling and moving up. Mortgage interest rates are also on the rise which may deter some sellers as a new mortgage would have higher carrying costs. This could contribute to the current trend as it keeps inventory low and prices going ever higher.

With all of this news, you might be thinking that renting might be a better option, but is it? According to home real estate website Trulia, buying remains a more cost-effective option than renting. Trulia’s study shows that purchasing a home in Charlotte is 39.4% cheaper than renting. This assumes that buyers have a 20% down payment, have a 30 year fixed rate mortgage and stay in the property at least seven years.

However, Trulia’s study shows that renting appears to be making up some ground. Home prices have been escalating faster than rental prices. Rental rates from 2016 to 2017 have dropped 0.4% while home prices increased 7.5%.

For now, buying a home in the Queen City is a pretty safe bet. If you are interested in making the jump into homeownership, give us a call at (704) 525-4045. You can also create custom searches of home listings on our website here.

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Market Update

Last week we showed you the local trends for housing prices. This week, we have national numbers as well, released by the National Association of Realtors. They show that housing prices in metro Charlotte rose at nearly double the rate of the national median in the first quarter of this year. Median sales price of an existing single-family home in Charlotte grew year over year 13.4% to $209,600. Nationally, the median rose 6.9% to $232,100.

Low inventory factors into the high appreciation in Charlotte. There was a more than 20% drop in home supply in the Charlotte area, just a 2.5 month supply. This is well below the balanced market of 6 months supply, giving sellers a distinct edge in transactions.

Housing Analysis firm Metrostudy released figures on new home sales this week. They show that new homebuilding rose 16.4% from last year at this time to total 2,695. Additionally, the number of previously vacant new homes that are now occupied rose 23.5% to 2,725. Annual starts increased 7% to 11,372, and annual closings rose 10.6% to 10,922.

At the same time, the unemployment rate in North Carolina came in below the 5% mark in April according to newly released labor data. While this is still higher than the national rate of 4.4%, it is really encouraging. It also means that more people could be eligible for mortgages once they have enough job history in these new jobs.

There are some glimmers of a market correction on the horizon. Rental rates in the Charlotte area have showed a cooling trend in recent months. Housing markets across the nation are showing the same trend. Trulia published their report showing that 12.5% of rental listings had a price reduction to get tenants in. This could be a prelude to upcoming price cuts in the for sale market as well. We will keep you up to date on all of the market trends.

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

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Charlotte Transit Update

Four firms have submitted applications to become the consultants to analyze building new rail lines in Charlotte. The consultation would involve a transportation study expected to begin in July and take 18 months. Budget for the consultation could be as high as $4.4 million, though cost estimates have not been finalized.

The study will analyze building new lines and how those lines will align with existing stops and stations. This is the latest development for the 20 year old campaign to develop the transit system. Busses remain the main thrust of the system, but as light rail is built out, it will take on more of the load.

The first of the lines they will be studying is a proposed 25-mile northern rail line from Uptown to Iredell County. This proposed Red Line would help ease congestion on I-77 especially for people who live in Lake Norman, Mooresville, and Davidson.

The second line in the study is a western route connecting Uptown to the airport and possibly going to the future master planned community River District. This line would be great for travellers of all sorts, business travellers and tourists most especially.

The third piece of the study will be how the new lines would be integrated into center city. This would include the already proposed 13.5-mile $2.5 billion Silver Line extending from Uptown along Independence Boulevard towards Matthews. It will also include the currently under construction 9 mile $1.2 billion Blue Line extension connecting Uptown with UNC Charlotte.

Much has changed since the original transit plan was adopted and there are now new buildings that need to be accounted for in the plan to connect new rail lines. This could mean tunnels to get lines in and out of Uptown like were recently built in Seattle.

Rail advocates propose building all three additional lines simultaneously for an estimated range of $5 to $7 billion. These numbers are rough and are subject to change. Building out the light rail so robustly would launch Charlotte ahead of many other mid-sized cities and help make it more of a destination that it is currently. Many leaders see these lines as necessary as the population in Charlotte is projected to double from 2.5 million to 5 million in the next 20-30 years.

Real estate along the existing corridors has increased in value tremendously after construction completed. If you are interested in purchasing a home in Charlotte and want to take advantage of existing or future rail lines, give us a call at (704) 525-4045. You can also view homes on our website here.

For more information, read the full article in the Charlotte Business Journal.