Category: South Charlotte

This week the Carolina Regional Realtor Association released their monthly report of housing data in the Charlotte area. These figures are based on Carolina Multiple Listing Services data which includes Charlotte and surrounding areas including two counties in South Carolina. This area also includes 10 counties in North Carolina ranging from Statesville to Fort Mill, and from Gastonia to Salisbury.

Numbers on the report were not surprising. They continued the trend of low inventory and strong sales which has been going on for the entire year. In December, the total MLS area was up 4.5% over last December for total closed sales. If you look at the entire year, 44,386 homes were sold, up 8.4% over 2015.

Sales activity wasn’t the only number on the rise. Both the median and average sales price rose for both the month and the year. This December, median sales price rose 10% to $209,000 and average sales price rose 8.2% to $258,108. For the entire year, median sales price was up 7.5% at $207,000 while the average sales price rose 6.5% to $257,701.

Inventory numbers continued to fall throughout the year. December’s inventory number was down 25.7% from last year at this time. This leaves the Charlotte region with just 2.3 months of inventory which is well below the six months of inventory needed to have a balanced market between buyers and sellers. This leaves sellers with the upper hand in transactions for now.

The rise in prices and lack of options could leave some buyers out of the market entirely. Mortgage rates are expected to rise as well which could be a problem for first time buyers in particular. However, the market is strong, and expected to remain steady for the coming year.

If you are looking to buy or sell in the Charlotte area, call us at (704) 525-4045. You can also see listings on our website here.

As we ring out 2016 and prepare to welcome 2017, it seems like everyone wants to discuss what went right and wrong. We also long for certainty about what is to come. Here are some thoughts and predictions and reflections about the Charlotte real estate market.

North Carolina in general had a great year when it comes to population. The U.S. Census Bureau recently reported an increase in population of 111,602 people over the year. This brings the total state population to more than 10.1 million. This increase was felt in the Charlotte area with much new growth and new housing projects. It has also driven a seller’s market as higher population leaves less inventory.

Home prices in the Charlotte metro area climbed year over year. In fact, the entire region is showing strong home prices. Higher home prices are great for sellers, but they can leave buyers in a bind as they deal with affordability. Many first time homebuyers have to wait longer to purchase a home or can be priced out of the market entirely.

It remains to be seen what if any impacts HB2 has on the real estate market. Many sporting events and businesses have reacted. Reactions have ranged from mild censure, to pulling out of the state entirely. There have already been financial impacts, but we don’t yet know if there will be other long term repercussions.

Basically, the future looks mostly rosy for the Charlotte area. As the region grows, we attract more talent, retail, restaurants, businesses, and tourism. We truly have the best weather, we are close to everything, and people want to be here. This makes it look like we will be a strong real estate market for years to come.

If you are looking to buy or sell in Charlotte or surrounding areas, call us at (704) 525-4045 or search on our website here. Happy New Year everyone!

If you’re like me, you start the year off thinking of all of the projects you can do at your home to make it more comfortable, have less environmental impact, and save money. Well, I’m here to provide you with a list of simple things you can do to make that a reality. Resolutions, and going green doesn’t have to be hard or expensive.

One of the easiest ways to go green in your home is to get a programmable thermostat. There are many on the market now, including some models that you can activate remotely from your phone. These help keep costs low as you can program them to be off when you are away from home or sleeping. It is also a good idea to get regular check-ups for your heating and cooling system to make sure it is running properly.

You can also put on a sweater or blanket before you reach for the thermostat. In the summer, you can add a fan to a room instead of turning down the air conditioning. These small changes in behavior could have big impacts during the hottest and coldest months of the year.

Another easy way to save on energy costs in your home is to change out to compact fluorescent or LED light bulbs. You may not think you will save much by doing this, but over time there can be significant savings as these bulbs draw much less power and last years instead of months.

If you’re in the market for new appliances, consider energy star appliances. These are manufactured to use less energy but still get the same job done. While you are at it, clean any old appliances so they are running properly. You would be amazed how much better your refrigerator will work when you vacuum the coils in back. Also, cleaning out a dryer vent will help efficiency and can help prevent a fire.

Turning off appliances you aren’t using can also save you a bundle. Your computer is a constant draw of power even if it is asleep. Turning it off and any other appliances like your smart toaster, phone chargers and more can lessen your energy drain.

Saving water is another way to go green in your home. Repair leaky faucets. Install water-saving toilets and shower heads. If you have a pool, cover it during times you aren’t using it to prevent evaporation. Additionally try and run the clothes washer and dishwasher with full loads.

If you still feel like you aren’t doing enough, you can start composting. You can recycle, you can repaint your home with low or no VOC paint. You can even purchase green power from your power company or buy vouchers. If you have it in your budget, you can install solar panels on your roof or put in geothermal heating or a solar hot water heater.

There are so many ways to go green in your home, many of them really affordable. No only will you be helping the planet, you will be helping you wallet and potentially making your home more attractive to a future buyer.

If you are looking to buy or sell a home in the Charlotte area, call us at (704) 525-4045. Our agents can help you decide what green upgrades can sell your home faster. You can also browse our listings on our website here.

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.