End of Year Market Wrap Up

The Charlotte area had a great year in the Real Estate market. Despite inventory woes, prices were up for both median and average for the entire year of 2019. Median price was up 7.1% over 2018 to $255,000. The average price was up 5.9% to $303,722. This is great news for sellers, but is not as great for buyers who have to bring more money to a purchase.

There is more good news for the entire Charlotte area where new listings, pending sales, and sales of homes were up year over year. Closed sales were up 5.9% with 50,854 homes successfully heading to the closing table. Pending sales were up 8.9% to 52,031 homes. There were 61,069 new listings, up 1.7%.

The numbers for Lake Wylie look good as well. Closed sales were up 19.7% to 1,474 homes sold. There were 1,536 pending sales, a rise of 27.2%. New listings were up to 1,850 which represents an increase of 11.3% year over year.  This looks good for 2020 as the market is robust with sales.

Also interesting is that the average sales price in the area is almost flat year over year. There was a slight increase from $397,844 last year and $399,851 this year. This 0.5% increase could be a sign of a few waterfront properties difference, or could be a trend with more affordable homes sold in the area. The median sale price was actually down year over year, but not by much. The 1.4% decrease took the median sales price from $354,765 to $349,900. It is important to remember that these numbers can be skewed compared to the whole Charlotte region due to small sample size.

Homes spent less time on the market in 2019 vs. 2018. Days on market until sale was down by 8 days from 69 to just 61, a decrease of 11.6%. This shows that the area is very desirable. It looks like Lake Wylie’s real estate market is in position to remain strong in 2020.

If you are interested in 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.

December Market Report

It’s a new year and there is a new name for the Carolina Regional Realtor Association. They have rebranded and are now known as the Canopy Realtor Association. The name means shelter, support, nurturing, growth, and coverage and is fitting since the association encompasses more area than ever before. It spans through 12 counties in North Carolina and 4 counties in South Carolina and now includes separate reporting for Asheville. They still provide the same reporting from the rebranded Canopy MLS previously Carolina MLS.

The big story from the Charlotte Region in December is the same as most of the rest of the year. There is a lack of inventory, and climbing prices in the area. There is now just a 1.7 month supply of homes in December 2019 compared with a 2.4 month supply in December of 2018, that’s a decrease of 29.2%. Average prices were up 9.9% from $281,728 to $309,752. There is hope for change next year as new listings, pending listings, and closed sales were all up over last year at this time. This could signal a very good January.

When you look at the numbers for Lake Wylie, we are starting to feel more of the inventory pinch that the rest of the region has been plagued with for so long. There is now a 2.3 month supply of homes, down 37.8% from a 3.7 month supply last year. Average home price was actually down from last year at this time from $410,735 to $369,221, a decline of 10.1%. Keep in mind that a few waterfront sales can change that number dramatically due to the small sample size. The market does look like it will be strong in January due to new listings, pending sales, and closed sales were all up year over year.

If you are interested in 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.

Trending: Aging in Place

Aging in Place has become a popular term lately. The definition is a person living in the residence of their choice, for as long as they are able, as they age. This includes being able to have any services or support they may need over time as their needs change. As healthcare has gotten better and lifespans have increased, there are many more people who fit the definition of aging in place than ever before.

Moving into an aging facility has many negative connotations and can be stressful for the person and their family if they are contemplating that decision. This is why many people want to stay in their own home surrounded by their belongings, pets, and the people they love. What could be better than that? This could mean staying in your current home with some modifications, or moving into a forever home before you have additional needs.

This is part of the reason for the surge in the number of neighborhoods that are catering to the aging crowd. They have great amenities, as well as community events and gatherings. The homes are built with one story with wide hallways and safety features for the aging populace. They are typically located close to medical facilities, shopping, dining, and entertainment venues.

Many of the neighborhoods have age limits where owners have to be over 55 years old. This ensures that the neighborhood caters to families ageing in place instead of families with young children. The focus is on quality of life for the entire community.

If you are interested in finding the perfect home for you to age in place, give us a call at 803-831-8588. We can help you compare the merits of each community to find the one that best fits your needs, then will help you narrow your search for the perfect home for you. You can view current listings and create custom searches on our website here.

November Market Report

The monthly market report has been published by the Carolina Regional Realtor Association. They collect and analyze the data from the Canopy Multiple Listing Services, Inc. which covers the Charlotte Metro Area as well as 12 counties in North Carolina and 4 counties in South Carolina. The big story this month in the Charlotte area is lack of inventory. Inventory has dipped to a 1.9 month supply of homes. At the same time, sales have increased showing strong demand in the market. This has driven prices higher again with the average sale price up to $306,133.

When you look at the Lake Wylie, the report shows some of the same trends, but some key differences as well. What we are seeing that is the same as the rest of the region is the drop in inventory. Lake Wylie now has just a 2.6 month supply of homes, or 328 homes for sale. This is down 31.6% from the 3.8 month supply last year at this time. A balanced market between buyers and sellers is generally a 6 month supply so sellers currently have the upper hand in price negotiations.

The places where Lake Wylie differs from the rest of the region are mainly in new listings which were up 25.8% from the same time last year. Pending sales were up 41.8% and closed sales were up 14.3%. These indicators are a good sign that the market here will remain strong.

Prices were another place where Lake Wylie differed from the wider region. The median home price was down 7.8% from $376,450 to $346,950. The average sale price was also down 3.6% from $419,637 to $404,344. It is important to remember that due to the small sample size there can be fluctuations in the numbers that can seem extreme, especially if there are a few waterfront homes that sell at a premium.

If you are interested in 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.

October Market Report

The monthly report has been published with data from the Carolina Multiple Listing Services, Inc. The report is compiled by the Charlotte Regional Realtor Association which reports on the entire Charlotte metro area including parts of South Carolina. The report is clear, the trend in the Charlotte area is continuing once again. For yet another month, supply of homes has gone down while prices have risen. This is great news for sellers, as they can expect to receive top dollar for their homes, but it is continuing to be hard on buyers as they have to be ready for a home as soon as it hits the market and be ready to pay top dollar.

When you look at the numbers for Lake Wylie, supply is falling and prices are still on the rise as well. Additionally, there are not many new listings compared to last year at this time so it is unlikely that the supply of homes on the market will recover soon. In fact, the supply of homes is down to just a 2.8 month supply, down from a 4.1 month supply last year. This decline of 31.7% brings the Lake Wylie area more in line with the rest of the Charlotte area. A balanced market between buyers and sellers is typically considered to be about a 4 to 6 month supply of homes so sellers have a distinct advantage at the moment.

Prices have been rising as the supply of homes dips which is a basic rule of supply and demand. The median sales price rose from $346,000 last year to $365,000 this year. The average price for a home sale rose to $438,669 which is getting closer to the average price in Lake Norman which was $498,318, just shy of $60,000 lower.

Closed sales were up from 62 last year to 121 this year, an increase of 95.2%. Pending sales were also up from 98 last year to 133 this year, an increase of 35.7%. New listings were down from 126 last year to just 110 this year, down 12.7%.

If you would like to help bring the new listing number higher by selling your home, give us a call at 803-831-8588. If you are interested in buying a home, first check out our website to view current listings and create a custom search. If you are interested in a particular neighborhood, we can let you know as soon as new listings are placed for sale.

Fed Cuts Rates Again

This Federal Reserve cut interest rates this week, the third such cut this year. The US economy is slowing due to trade disputes so they cut the rate to help spur additional growth. The rate affects the cost of mortgages, credit cards, and other borrowing instruments. This appears to be the last such cut in the foreseeable future as Federal Reserve Chairman Jerome Powell said the current level is “likely to remain appropriate”.

This cut in rates is good for homebuyers as it means that the rates for mortgages should stay low. This means that many people who couldn’t afford a mortgage may be surprised at how much home is in their budget. If you are interested in purchasing a home, getting pre-qualified for a home mortgage is one of the best first steps you can take. This will help you to realize just how big of a mortgage the bank is willing to extend to you. This should be one of the most important factors to steer your home search.

Once you are pre-qualified to purchase a home, give us a call at 803-831-8588 and we can help you to narrow your search to find the perfect home for you. There are so many listings that it can be overwhelming, so call us and we will set up a meeting to define your search terms. Once we have identified potential candidate homes, we will schedule a private tour of homes so you can see if the reality of a home matches the photos you can view online.

The other category of people helped by lower rates is current homeowners. If you are stuck in a mortgage with a high interest rate, refinancing is a great option. There are many different types of refinance products available from reducing the term of years for repayment, to providing cash to the owner from equity to use to remodel your home, to just lowering your rate to reduce your monthly payment.

If you’re ready to purchase a home, be sure to create a custom search on our website here for all current listings. We are ready to help you take advantage of these great low rates so you can be in the home of your dreams.

Return on Investment High Near Lake Wylie

This week the Charlotte Business Journal published their rankings for the zip codes that had the best return on investment over a 10 year period. They used data compiled by Zillow Group ranging from the middle of the recession 10 years ago until this August. The methodology took the median home price from ten years ago assuming a 10% down payment. They compared to the same figures for this year to determine the change.

Sometimes it’s hard to think of your home as an investment, but you never want to think that it’s not a good one. Luckily homes around Lake Wylie fared well in the reporting. They only looked at North Carolina, so we don’t have the figures yet for the South Carolina side of the lake. Here are the zip codes nearest the lake that ranked in the report:

28012 – Belmont in Gaston County came in at number 19, with a median home value of $211,700. The area encompasses the city of Belmont all the way south to Daniel Stowe Botanical Gardens, and the North part of Lake Wylie. This is an increase of 50% or $70,500. This puts the 10 year return-on-investment of 399%.

28214 – This zip code is in west Charlotte, north of the airport and includes the US National Whitewater Center. It came in at number 11. The median home value was $184,300, an increase of 56% or $66,500. This puts the 10 year return-on-investment at 465%.

28273 – This is another west Charlotte zip code that came in at #18. This area is Steele Creek on the eastside of Lake Wylie. The median home value of homes here was $216,300. There was an increase of 51% or $72,600. This translates to a 10 year return-on-investment of 405%.

If you would like to have us help you figure out the return-on-investment for your home, call us at 803-831-8588. We can help with the entire process of buying or selling a home. Be sure to check out our website here for all current listings.

To see the full Business Journal Article click here.

September Market Report

Lake Homes Realty, an Alabama-based firm has ranked Lake Wylie the fifth-largest lake market from the 100-plus Multiple Listing Services they reported on. According to their report, the value of homes listed for sale, based on data for three months ending August 14th, was over $455 million. There were 1,082 homes available, which ranked Lake Wylie number 3. Their report only looked at homes and land that were adjacent to a lake, included a water view, lake access, or were in a lake-focused neighborhood. This could mean that neighborhoods that were not on the lake, but were considered by consumers to be lake listings were included as well.

When you look at the numbers from the most recent report from the Charlotte Regional Realtor Association’s Multiple Listing Service report, you find that the Lake Wylie region is humming along quite nicely. Almost category was up from the year before. Supply of homes was down to just a 3.2 month supply of homes, getting closer to the 2.2 month supply for the entire Charlotte region. This is not surprising given the general trend of lack of supply that has been plaguing the area for some time. New listings have not been able to keep pace, and this in turn has pushed prices even higher.

Lake Wylie is still more affordable than Lake Norman where the average price for a home is $472,444, but the average price for a home sale in Lake Wylie has risen to $423,236. Rising prices may be pushing some buyers to lakes further away from Charlotte when looking for their dream home or second home. However, there are still affordable options in Lake Wylie.

Pending sales were up 96.9% year over year and new listings were up 44.9% showing that for the next few months at least the market will continue to be strong. Closed sales were up 14% year over year and are up 12.8% year-to-date.

If you are interested in buying or selling a home in the Lake Wylie area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

August Market Report

Prices in the Charlotte area are on the rise and inventory is shrinking. If it feels like you’ve read this before, you have. This trend has been going on for a while and there appears to be no end in sight. This means that Charlotte is still a popular spot for people to purchase a home, but it can be hard to find the homes of your dreams due to lack of supply. This has led to homes selling above list price and multiple offer situations which can be stressful.

The monthly report from the Charlotte Regional Realtor Association is based on data from their subsidiary the Carolina Multiple Listing Services, Inc. The data is clear, the average sale price of a home in the Charlotte area was up 5.5% over last August. This was an increase from $294,534 to $310,691. This is an increase of $16,157 in just one year.

The supply of homes went down at the same time from 11,413 down to just 9,412. This is a 17.5% decrease and represents a 2.3 month supply of inventory. A balanced market between buyers and sellers is considered to be a 6 month supply.

When you look just at Lake Wylie in the data, you see that the numbers are headed in the same direction. The average sales price of a home in Lake Wylie went from $386,967 last August to $406,428 this August. This $19,461 difference is 5% higher than last year at this time.

The supply of homes in Lake Wylie decreased from 441 to 385. This leaves us with a 3.3 month supply, a decrease of 12.7% from last year.

The most interesting number for Lake Wylie this month is in pending sales. There was a 97.7% increase in pending sales from 88 last August to 174 this August. This bodes well for our sales numbers for next month as many of these additional sales will head to the closing table.

If you are interested in buying or selling a home in the Lake Wylie area, give us a call at 803-831-8588. You can view current listings and create custom searches on our website here.

Get Top Dollar by Staging Outside

If you want to get top dollar for your home, that starts when people drive up to your home. If you don’t have good curb appeal, it sets the tone for a potential buyer to turn around and not even go inside. If they do come in, it sets them up to think that your home can be had for a bargain price. To make the best first impression on a prospective buyer, you have to stage the outside of your house as well as the inside. Below are some of the best projects you can do to get you top dollar when you sell your home.

The simplest and cheapest upgrade you can do is to clean up your home. Sure, you keep the inside of your home clean, but the exterior probably hasn’t been washed in some time. Pressure washing or just cleaning with a hose to get spider webs, wasp nests, pollen, and dirt away can make a world of difference. Cleaning windows helps let more natural light into your home and can make it sparkle from a distance as well.

If you have a little bit more time and money in your budget, refreshing or replacing part or all of a door or door hardware package is a great next step. Painting or staining an entry door can make it look brand new and replacing hardware can take a dated home and make it look more modern. If there are issues with the door, replacing may be the way to go and will give you a great return on your investment. This goes for garage doors as well because they can be a large percentage of what a buyer will see from the curb. You can also add updated house numbers in a modern font so buyers know they are at the right home.

Landscaping can be a great refresh for your home as well. This can be as involved as hiring a contractor to help you, or just trimming your bushes so people can actually see your home and all of its best features. Planting flowers can add a pop of color or just add a hanging plant or some window boxes to highlight your newly cleaned windows. If you have a larger budget, think of adding lighting, upgrading paths or sidewalks, or refreshing your driveway.

If you have done all of those things and your home still could use more sprucing up, maybe painting the exterior will get you top dollar for your listing. If you have more money in the budget, a contractor can help you clad your exterior with new siding, or improve your facade with stone or brick accents.

If you are thinking about listing your Lake Wylie area home, give us a call at 803-831-8588. To view current listings and create custom searches for your next home, visit our website here.