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.