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April Market Report – Greater Lake Wylie Area

May 18, 2023 by lkw_df Leave a Comment

The April numbers were just published by the Canopy Realtor Association. Once again, inventory is down, prices have risen, and time on the market before a sale has increased. The news is not all bad however. For the first time in months, the median home price was down slightly showing that a slowdown has started which is great news for buyers.

When you look at the numbers for the Greater Lake Wylie area, you see a slightly different picture. Inventory is actually up a little bit year over year, from 85 homes for sale up to 87 homes this April. Prices are rising both for average price – up 8.9% to $658,146, and median price – up 1.3% to $550,000.

Homes in Lake Wylie are spending more time on the market before a sale, now 31 cumulative days as opposed to 15 days last April, an increase of 106.7%. This is great news for buyers as they don’t have to rush quite so much. For sellers, it isn’t all bad news as we still are only seeing 31 days on average so some homes are still selling as soon as they are listed.

The bad news for home buyers is that homes are once again selling for over list price on average. It’s not the 102% of list price from last April, but it is still 100.1% meaning that some homes are going for more than that while others can still sell for under list price.

We are seeing a 50% dip in new listings right now which means that inventory could dip in the coming months. Pending sales and closed sales are all down from the frenzy of last year. This should bring the market more into balance and is a mark that the measures to stop inflation could be starting to work.

If you are curious about what your home is worth or if it’s a good time for you to buy, give us a call at 803-831-8588. We would love to share our perspective on Lake Wylie and the Charlotte area. You can view current listings and create custom searches on our website here.

New Project Coming to Lake Wylie

May 11, 2023 by lkw_df Leave a Comment

York County Planning Commission met on May 8th and approved the plat review for a new project. This project is known as Concord Cove and will be coming soon on Concord Road near Handsmill Highway. The new neighborhood will be just down the road from The Estates at Windswept Cove and Glades at Windswept Cove. For anyone looking for a new construction home on a large lot on a cove in Lake Wylie, this could be your chance.

Now that the plat review has been accepted, by a vote of 8 to 1, the next step of the project is to get the civil construction plan done. This will include a wetlands plan. After that, utilities, roads, and sidewalks will be constructed. Once those are in place, homes will start to be erected.

The current plan calls for 34 homes on 46 acres. There are some easements for Duke Power that will take up 19 acres of the project. This means that 19 acres will not be developed so will be green space. The remaining 26.5 acres will have the homes and two new roads leading to a cul-de-sac. The community will share open space on the cove with direct access to the Lake, though not with a boat ramp. Residents will need to use public boat ramps or marina storage for watercraft. Lots should be around a half acre each. Home plans have not been drawn up yet, but could be large as the lots will accommodate larger homes.

Is An All Cash Offer Right For You?

May 10, 2023 by lkw_df Leave a Comment

All cash offers have been on the rise in recent years. According to the Canopy MLS, “In the years before the housing crisis, the portion of residential cash deals hovered around 8%. By 2013, however, cash deals surged to 28.9%. They steadily declined for years after, then surged again amid the pandemic, reaching 25.2% in 2021.” So far in 2023, all cash deals make up an average of 18.7% of all real estate deals in the Charlotte area. So what is an all cash offer, who is making all of these all cash offers, and is an all cash offer right for you and your financial situation?

An all cash offer means that as a buyer, you don’t have to secure a mortgage when you purchase a property. You either have the cash on hand, or can raise the cash from other assets or investments to purchase a home. This can significantly cut down on the time between when you go under contract on a home and when you head to the closing table because you don’t have to wait for a loan package to be created. Since buying a home is typically the single biggest investment you will make, that means having a lot of money that is not tied up in other assets so you can hand it over (or wire transfer it) at the time of closing. This puts all cash offers out of reach for most homebuyers.

Corporate investors make up a large portion of cash offers, with individuals relocating from higher priced markets making up most of the rest. There are now companies you can use to help you make an all cash offer, by giving you cash up front, then after closing, a mortgage is issued on the property. These kinds of transactions can be great, but can also be very stressful, and may incur additional fees or command higher interest rates due to the risks involved.

An all cash offer is typically viewed as being stronger than an offer that is contingent on the buyer securing financing. If you find yourself in a multiple-offer situation, that is the time you would want to have an all cash offer so you can have a stronger position than your competition. This year we are seeing significantly fewer homes with multiple offers so if you don’t have the cash to make an all cash offer, this type of transaction may not be necessary to win the home of your dreams.

Neighborhood Spotlight: Manors at Handsmill

May 8, 2023 by lkw_df Leave a Comment

If you would like to join a large neighborhood with amazing amenities, Handsmill could be the place for you. If you want to be in a smaller neighborhood within a larger one so you have a smaller community, but still have access to the amenities and events of the larger neighborhood, Manors at Handsmill might be just your speed. This great neighborhood is tucked inside Handsmill and features newer construction homes in a private gated community and enjoys the slower pace of life living at the Lake.

Manors at Handsmill is located in the award winning Clover school district. This means lower South Carolina taxes, but stellar schools. To reach the neighborhood, head south on Hands Mill Highway from Highway 49, then turn left on Pinnacle Way. This great location is close to shopping, dining, and is an easy commute if you need to get into Uptown Charlotte.

Homes were built by True Homes between 2019 and 2022. They have one or two stories with between 3 and 6 bedrooms, 2 to 5.5 bathrooms and 2,157 to 3,614 square feet. There were originally 11 floor plans offered, and they include home offices, flex spaces, gourmet kitchens, butler’s pantries, trey ceilings, drop zones, and much more. Community amenities include two community marinas, docks, a sandy beach, park, playground, boat and RV storage, community garden plots, clubhouse, walking trails, pool, and fitness center.

In the past year, seven homes sold in Manors at Handsmill with the average price landing at $515,490. Most of these homes went under contract in less than 10 days on the market. This means that you need to be ready when one of these homes is offered for sale. There are currently two homes for sale, but they are already under contract. We can help you prepare for an offer when one of these amazing homes is ready to list.

Neighborhood Spotlight: Mariners Bluff

May 8, 2023 by lkw_df Leave a Comment

One of the best kept secrets on Lake Wylie is a gem of a neighborhood called Mariners Bluff. There aren’t many homes in this pocket neighborhood, just two roads of homes. This means that you don’t have to worry about a homeowners association. With a York, South Carolina address, residents have lower South Carolina taxes, but are still zoned for award-winning Clover schools.

Mariners Bluff is located on a deep water cove right on the banks of Lake Wylie. This means that residents with waterfront homes have lake access even during drought conditions. For residents with interior lots, the neighborhood is conveniently located just one cove over from the Allison Creek Boat Ramp. Nearby Handsmill Highway will take you into the town of Lake Wylie, or you can head east to Fort Mill for many more choices, and highway access taking you into Uptown Charlotte.

Homes in Mariners Bluff were built starting in 2002, but there were a few lots sold in 2020 and 2021 for custom builds. Homes range from 2,100 to over 4,700 square feet with 3-6 bedrooms and 2.5-5.5 bathrooms. Some of the homes have full basements, finished or not that can provide additional living space or possibly a separate living area. Homes have large lots with old growth trees and fantastic views.

In the past year, only one home sold in the neighborhood. It was a waterfront home on over an acre and a half with a private boat dock and lift. It sold after 89 days on the market for $1,115,000. Homes without lake frontage have typically sold in the $500,000’s. There are currently no homes for sale in the neighborhood. We can help you to be the first to know when one of these amazing homes is offered for sale.

Neighborhood Spotlight: Oakton

April 28, 2023 by lkw_df Leave a Comment

If an estate sized home with a large wooded lot sounds like your idea of paradise, check out Oakton in Lake Wylie. This wonderful neighborhood is on the shores of the lake, close to shops, restaurants, and the Buster Boyd Bridge. This means that your private oasis is near community events, and an easy commute to Uptown Charlotte, has lower South Carolina taxes, and is zoned for award winning Clover schools.

Homes in Oakton were mostly built between 2008 and 2010. They sit on lots that average half of an acre. This gives them plenty of space for outdoor living areas. Many of them have decks, patios, in-ground pools, outdoor kitchens, screened-in porches, and sports courts. The community has boat and RV storage available for residents.

Interiors of these homes typically have 4 or 5 bedrooms, 2.5-4 bathrooms, and between 3,500 to over 5,000 square feet of living space. These well appointed homes have gourmet kitchens, home offices, custom storage solutions, media rooms, and sumptuous primary and guest suites.

In the past year just four homes sold in Oakton, and most of them went under contract in a week or less. They sold for between $695,000 and $770,000 depending on size and features. There are currently no homes for sale in Oakton, but one is coming soon. We can help you to be ready with your best offer so that home can be yours. Give us a call and we can talk about your real estate goals.

Neighborhood Spotlight: Harpers Mill

April 28, 2023 by lkw_df Leave a Comment

Maybe you want to live near the lake but don’t want to worry about doing yard work while there. Maybe you don’t want a huge home, but just a vacation spot. Maybe you are looking for an income property that you can enjoy when you want and rent to vacationers when you aren’t there. If this sounds like you, you need to check out Harpers Mill.

Harpers Mill is located right in the heart of Lake Wylie just off Highway 49 near the Buster Boyd Bridge. This great location is perfect for an Uptown Charlotte commute, is close to Charlotte Douglas International Airport, near to Fort Mill, and close to shopping and dining both in Lake Wylie and in nearby Rivergate. There are public boat ramps just down the road to make full use of the lake. Residents enjoy lower South Carolina taxes, but feed to award winning Clover schools.

Homes in Harpers Mill are townhome style with four to six units in each building. End units typically command a premium price over the interior homes because they only share one wall with a neighbor. These homes have 2-3 bedrooms and 2-2.5 bathrooms in around 1,100 to 2,300 square feet of living space. They have either 1 car garages with additional driveway parking, or assigned parking spaces. The community also features a clubhouse, pool, sidewalks, and streetlights.

In the past year, 17 homes sold in Harpers Mill. Prices ranged from $237,500 to $315,800 depending on location, size, and features. There are currently four homes listed for sale, and all are under contract. They went under contract in as little as 2 days on the market. This means that you have to be ready with an offer as soon as one of these amazing homes is offered for sale.

Neighborhood Spotlight: The Palisades Lake Wylie

April 20, 2023 by lkw_df Leave a Comment

If you are looking for a neighborhood that isn’t cookie cutter, you want to check out The Palisades. This community is a collection of smaller neighborhoods built by many different builders. There are many different price points, floor plans, and styles so there is a perfect home for just about every size family here.

The Palisades is located on the North Carolina side of Lake Wylie. There are many options nearby for shopping, dining, and entertainment. Rivergate is nearby as well with many more options.

Within the neighborhood, there are amazing amenities. You will feel like you live in a resort with a clubhouse, equestrian facilities, equestrian trails, fitness center, golf course, playground, pool, recreation area, security, sidewalks, street lights, tennis courts, and walking trails. The Palisades Country Club is in the neighborhood as well with opportunities for residents to join for a fee.

The neighborhood is so large, in fact, that there is an elementary school within the borders. Palisades Park Elementary is the school for many of the children who live in and around the community. There are also many private school options, as well as daycare centers close by for younger children.

Homes in The Palisades range from 4 bedroom 3 bathroom with just over 2,500 square feet all the way to 6 bedroom, 5 full bath, 3 half-bath with over 7,000 square feet. This diversity in homes leads to a diversity of prices as well. Smaller homes start in the mid-$400,000’s while the larger homes sell for upwards of $1.5 million. In the past year, 130 homes sold in the neighborhood and there are currently 26 homes for sale with another one coming soon. Some of these listings are for new construction homes so there is still an opportunity to be an original owner.