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Neighborhood Spotlight: Amberwood

August 20, 2021 by lkw_df Leave a Comment

With summer coming to a close and kids heading back to school, maybe you’ve thought of staying on vacation forever. If this is you, Amberwood in Tega Cay may be the right neighborhood for you. This sweet neighborhood is close to everything you need and is right down the road from Windjammer Park, perfect for extending that vacation.

Amberwood is located just off Tega Cay Drive, walking distance to Trailhead Park and the Trevor Ford Memorial Trail entrance. Also within walking distance is City Hall, and the Tega Cay Police Department. There is an elementary school right down the road in addition to shopping, dining, and outdoor recreation. Tega Cay Marina is close by so you can take full advantage of lake living without the price tag of a waterfront property.

Homes in Amberwood were built in the early 2000’s and many of them have been updated and show like brand new. Most homes have 3-5 bedrooms and 2.5-3.5 bathrooms with around 2,000 square feet in one and two-story plans. Each home has a two car garage, mature trees, and brick accents. Open floorplans are common, and homes have ample storage, and some have home offices.

The community also features a clubhouse, golf course, playground, pool, tennis courts, and walking trails. This is in addition to other great places to visit in the area for hiking, biking, swimming, and all other types of outdoor adventures.

In the past year, just 6 homes sold in Amberwood for between $270,000 and $346,500. There are currently no homes listed for sale. If you would like to be the first to know of a new listing coming in the neighborhood, call us at 803-831-8588.

For information about buying and selling homes in Amberwood or any other neighborhood in the Lake Wylie area, give us a call at 803-831-8588 and we can help you find the perfect home for you and your family. You can view current listings and create custom searches on our website here.

July Market Update – Greater Lake Wylie Area

August 17, 2021 by lkw_df Leave a Comment

Typically the start of the new school year signals a slow down in the real estate market for the year as most families don’t want to uproot their family for a move during the school year. What we are seeing in the Charlotte area is that homes are still being listed and sold at a great pace with an increase in sales year-to-date of 12.4%. New listings for the region are up 6% year-to-date as well, with average prices soaring 18% and homes selling 50% faster than last year in just 20 days on average.

When you look at the Greater Lake Wylie area, you see that the trend is similar. Sales have increased from last year by 13.9% with just over a thousand homes sold in the area. New listings are up 18% year-to-date though monthly, we are showing new listings down just over 15% to 157 new listings in July. Due to the small sample size, percentage differences can seem quite large, or there really could be a dip going forward. We will keep an eye on these numbers to be sure.

Average price in the Lake Wylie area was up to just over $550,000 for the month and yearly up just over $485,000. These increases are great for sellers, but can put a pinch on buyers, especially when they are up against an all cash offer. Homes are selling for 102.2% of list price so we are still seeing above list price sales and multiple offer situations. Homes are going under contract in an average of 17 days and some are even going under contract within 2-3 days after being listed.

All of these numbers come from the Canopy Realtor Association based on the Multiple Listing Service data. If you are thinking about buying or selling a home in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create custom searches on our website here.

Neighborhood Spotlight: Ivy Ridge

August 12, 2021 by lkw_df Leave a Comment

New construction townhomes are still available in Ivy Ridge! These amazing townhomes are currently under construction by builder DR Horton and there is only one unit left for sale. Well, technically there are 26 units for sale, but most of them are already under contract! This vibrant community is located right off Highway 49 right in the Heart of Lake Wylie, close to everything you need.

Ivy Ridge is in closeout mode as the builder completes the last units in the development. This is great news as you don’t have to live through the mess and noise of construction for very long. In fact, these units are mostly if not all completed and ready for you to move in.

Homes in Ivy Ridge have great features including granite counters, wide-plank redwood flooring, open floor plans, irrigation, and full yard maintenance included. These homes typically have three bedrooms, two and a half bathrooms and between 1,500 and 1,800 square feet of living space. All have one car garages and additional parking as well. Community amenities include clubhouse, fitness center, outdoor pool, playground, sidewalks, and street lights.

In the last year, 62 homes sold in Ivy Ridge with prices ranging between $240,000 and $309,000. Currently there are 26 units for sale with only 1 not already under contract. There is also one end unit coming soon and I’ll bet it will go quickly! The units that have not sold yet are currently listed between $273,000 and $320,000. This is a great price point for being so close to the Lake!

If you would like to purchase one of the three units left in Ivy Ridge, give us a call at 803-831-8588. We can also help you buy or sell any home in the Lake Wylie area. We would love the opportunity to help you find the perfect home for you and your family. You can view current listings and create custom searches on our website here.

Neighborhood Spotlight: Hall Park

August 6, 2021 by lkw_df Leave a Comment

With many employers allowing people to work from home for much or all of the time, a trend we are watching is people buying homes a little bit further out from the city center. Commute times don’t bother people as much if they are only doing it a few times per week. This is why we are seeing continuing interest in the further out suburbs of Charlotte, NC like Belmont. A great neighborhood to keep an eye on in Belmont is Hall Park.

Belmont is just 25 minutes away from the city and only 13 minutes away from Charlotte Douglas International Airport. Residents are just a few minutes away from the Catawba River and 15-20 minutes from Lake Wylie proper. This location is also close to Belmont Abbey College, The U.S. National Whitewater Center, Daniel Stowe Botanical Gardens and much more. Downtown Belmont is home to many shops, restaurants, and community events.

Hall Park was originally built in the 1950’s and 1960’s, though many of the homes have gone through cycles of remodeling. Many retain the character of when they were built and have unique features. Homes have large yards with mature trees and plenty of privacy. There is no HOA, which means you can have an RV or boat parked in your driveway.

The neighborhood is located within walking distance to Belmont Abbey College and is also walking distance to restaurants and local businesses. Homes typically have 2 or 3 bedrooms and 1-2.5 bathrooms. Square footage runs between 1,100 and 2,600 square feet, but with lots around half of an acre, additional square footage can be added to accommodate home offices, or larger families.

In the past year, homes in Hall Park sold for between $203,900 and $305,000 and didn’t stay on the market longer than 26 days before a sale. These sought after homes rarely hit the market, but we can help you get into one as soon as it hits the market.

For information about buying and selling homes in the Lake Wylie area, give us a call at 803-831-8588 and we can help you find the perfect home for you and your family. You can view current listings and create custom searches on our website here.

Student Debt Can Be A Hurdle to Homeownership

August 5, 2021 by lkw_df Leave a Comment

If you are like many of us, you have student loan debt that piled up over the course of your education. This made it easier to find the kind of job you wanted once you graduated, but now that you are thinking about buying a home, it has made things more difficult.

You are locked into monthly payments for the student loan debt which can increase your debt-to-income ratio which lenders use to determine how much money they are willing to lend you on a home purchase. This can mean that you qualify for a smaller loan, or you may not qualify at all.

Student loan debt can also affect your credit score which can affect the mortgage interest rate that you qualify for, making it even harder for you to get the home you want. A higher interest rate can dramatically affect the monthly payment on a home. For instance, if you have the same $200,000 home at 3% interest and 5% interest, your payment can change by over $230 per month.

Finally, having student loan debt can make it much harder to save up for a down payment on that first home. Lenders traditionally want you to have 20% of the purchase price. There are many programs where you can have a smaller down payment, but they can be tricky to qualify for, and most still want you to have at least 5% down. On a $200,000 home, that is $10,000 cash up front.

What we are seeing right now, with the competitive real estate market, is many people sitting on the sidelines. This has created opportunity for investment firms who are buying up residential real estate and turning it into rental properties. They have deep pockets and can pay all cash for properties, edging out many individual buyers. Being a renter can have advantages, especially if there are pricey repairs that don’t have to be paid by you, but the American dream is to have your own home with no-one to answer to except maybe a lender.

If you want to see if buying a first home in the Lake Wylie area is right for you, give us a call at 803-831-8588 and we can put together a plan for you and your family. You can view current listings and create custom searches on our website here.

Allison Creek Access Re-Vamp To Begin Soon

July 29, 2021 by lkw_df Leave a Comment

If you are a frequent user of the Allison Creek Access Area and boat ramps, you will need to find an alternate access point starting next month. The two boat ramps and fishing access will be closed for improvements.

The area is scheduled for a much needed upgrade which will feature RV and tent camping, picnic area, trails, canoe/kayak launch, and ranger station spaces. York County recently rezoned 165 acres as part of the project.

The work is slated to begin in August of 2021 with a reopening planned for late in 2022. In the meantime, you can use access points at Buster Boyd, Ebenezer Park, Nivens Creek, or South Point. All of these areas have boat ramps, but there are many other public access points for the lake that do not have boat ramps.

This project is part of the requirements for Duke Energy as part of their federal license to continue operations of hydropower plants on the Catawba River. They have many other improvements in the area including restrooms at the Buster Boyd Access Area, a new riverfront park in Rock Hill, and the restoration of Great Falls. There are many other improvements that have been completed already, are in the works, or have been planned.

For information about buying and selling homes in the Lake Wylie area, give us a call at 803-831-8588 and we can put together a plan for you and your family. You can view current listings and create custom searches on our website here.

Coming Soon: 11727 Waywood Court

July 26, 2021 by lkw_df Leave a Comment

Calling all homebuyers and investors. 11727 Waywood Court is the perfect family home, but could make a great rental property as well. This home is just across the street from Steele Creek in the Twelve Oaks subdivision. It is located near I-485, Steele Creek Road, and Highway 49 which is the perfect location to be near all of the conveniences you need each day. It is also close to Lake Wylie so you can enjoy watersports of all sorts. The driveway is wide and perfect for parking watercraft.

This home is a sweet two bedroom one bath with 960 square feet of living space. This is perfect for anyone just starting out, or looking to downsize. The home has been very well maintained and is located on a desirable cul-de-sac street making it very private. There is a great yard with old growth trees providing plenty of shade.

In the past year, just six homes sold in Twelve Oaks. They sold for a range of $190,000 to $310,000. This home is expected to list for $189,900 though that is subject to change. This puts it at about $198 per square foot.

This home is coming soon which means it is not yet on the market. If you are interested in purchasing this home, give us a call at 803-831-8588 and we can put together a winning plan. You can view current listings and create custom searches on our website here.

To view the full listing for this home, click here.

If You’re Not a Seasoned Buyer, Beware

July 20, 2021 by lkw_df Leave a Comment

There has been a trend recently to eliminate provisions in a standard real estate contract to make a more attractive offer. This can be a good idea if you have deep pockets, or if you know what to look for in a home. For first time buyers, or even seasoned buyers it can be a costly mistake. Provisions in contracts are put there for your protection and they should only be taken out if you are sure of being able to take on the risk. Let’s look at the most common contract provisions and what they do for you.

Financing – Most buyers are going to need a loan in order to purchase a home. This provision makes sure that the buyer can get out of the contract if they can’t get a loan. This can be important if there is an abrupt change of employment or another factor that makes it impossible to secure financing. This is not necessary if you have an all cash offer.
Inspection – this one could cost a buyer a lot of money if waived. This gives the buyer the right to bring in an inspector to look for defects in the home before purchase. There is typically another round of negotiations after inspection to resolve any large issues like HVAC or roof. In this competitive market, many people are waiving this, but big ticket repairs could cost you a lot of money after closing.
Sale of Existing Home – this contingency allows you to get out of a contract if the sale of your existing home falls through. This is a risk to the seller of the home as the deal can fall through, but many people are waiving this provision right now to make a stronger offer. It can be risky to omit, but if you have a well qualified buyer for your home, it can be one of the least risky of the provisions to leave out.
Closing Costs – In a buyers market, the seller may be willing to pay for closing costs for the buyer, but in today’s market, some buyers may be willing to pay their own closing costs or pay for some of the closing costs for the seller as an added incentive.
Closing Date – the closing date is typically around 30-60 days after the contract date so that a buyer has time to line up financing. With an all cash offer, this can be as little as a week out. Quick timing can be attractive to buyers and sellers, though some sellers may want to lease the property back after closing so they have time to find their next home.

These are the most common conditions of a home sale. Omitting any of them from a contract can hurt the buyer or the seller. In this market where you want to stand out, it is important to know the level of risk you are willing to take on to win a multiple offer situation. Give us a call at 803-831-8588 and we can put together a winning plan. You can view current listings and create custom searches on our website here.