Real Estate Market

A Look Ahead

December 5, 2020 by lkw_df Leave a Comment

The real estate market has been booming lately in the Charlotte region. Supply is low and demand is high. Interest rates are low spurring many people to enter the market. The pandemic shifted the market moving the spring surge into the summer and early fall instead. So what comes next?

With interest rates so low, first time homebuyers are driving much of the demand in the market right now. In a typical year first time homebuyers represent around 30% of the market. Right now, they represent 38% of the market. If interest rates remain low, they could keep driving growth, but if they rise, we may see many buyers drop out of the market for now.

Supply remains low, but we are already seeing the first indications of a slow down in the market. Condos are staying on the market a few days longer on average which is typically the first indicator of a slow down. We may next see this trend in townhomes, then eventually to single-family homes.

Many people have stayed in their homes during the first months of Covid and may list their homes next spring. If this happens, we could see a larger than usual spring season with fewer buyers for more homes. This could balance the market somewhat as we have had historically low inventory.

The thing to remember is that people always need homes, and the population in the Charlotte region is still growing so our market is likely to stay healthy for years to come. 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 a custom search on our website here.

October Market Report

November 20, 2020 by lkw_df Leave a Comment

Following the trend of previous months, the Charlotte area is once again facing a shortage of inventory while prices climb higher. The homes that do hit the market are selling quickly so even though there are more new listings than last year at this time, inventory can’t keep up.

These numbers come from the monthly report from the Canopy MLS which is run by the Canopy Association of Realtors. When you look just at Lake Wylie, you see the same trend holding. Inventory is down to just a 1.2 month supply or just 171 homes listed for sale. These homes are going under contract in an average of 30 days and are closing in an average of 90 days.

Prices are on the rise as well with the average list price climbing to $498,510. The average sale price is $485,271. This means that the average home is selling for 97% of list price. New listings are up 7.1% and pending sales are up 3.9% so we expect this trend to continue with strong sales again next month.

The Charlotte Business Journal reported this week that the Lake Wylie market is the 7th largest lake market in the country at $447.2 million with Lake Norman coming in at 3rd largest at $952.5 million. The values were determined by using home listings and land listings from August of this year. When compared to 2019, there was a drop of $62 million. Lake Wylie is still one of the most affordable lakes in the country and as long as economic conditions don’t worsen, then lake homes should continue to sell well.

If you are ready to buy or sell a home in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com

Macintosh Lake Wylie Real Estate Dog

November 11, 2020 by David McCorkle Leave a Comment

Macintosh or Mac as he is known around the Lake loves hanging out on the water reviewing properties, Swimming Boating,playing Ball, Frisbee and greeting customers. Mac has been part of the team for 9 years and knows the Lake like the tip of his nose so call Mac and the team for Professional service 803-831-8588

Neighborhood Spotlight: Glenmoor

October 23, 2020 by lkw_df Leave a Comment

Just South of the city of York, there is a gem of a neighborhood with large lots, custom built homes, and plenty of privacy. This charming spot is Glenmoor, located near the James Ross Wildlife Reservation. The neighborhood is located off of State Route 46-35 for a quick trip into York.

Homes in Glenmoor were built in between 2015 and 2016, but occasionally a new lot is available for a custom built home. Lots are at least an acre with some lots over 2 acres for plenty of privacy and outdoor living. Many of the homes have private pools, decks, patios, and playscapes.

These homes have a variety of floor plans as well as at least 3 bedrooms and 2 bathrooms. Homes typically have at least 2,500 square feet of living space, but some also have rocking chair front porches or screened in porches to add additional living space.

Last year just 3 homes went on the market in Glenmoor. They sold for an average of just under $350,000. There was also one lot that sold last year for $47,500 for over 2 acres. Currently there are two homes for sale in Glenmoor, but they are both already under contract. Both of them went under contract in less than a week, showing the desirability of the neighborhood.

If you are interested in learning more about Glenmoor or would like to learn about any other neighborhood in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com

September Market Report

October 20, 2020 by lkw_df Leave a Comment

The numbers are out once again from the Canopy Realtor Association. They show the trend once again of low inventory, prices inching up higher, and homes selling quickly. When you look at the entire Charlotte Region, you see that despite more homes being listed than at the same time last year, that inventory has hit a historical low of just a 1.1 month supply. That means that just barely over 5,000 homes are on the market down from just under 10,500 last year.

When you look just at the Lake Wylie area, you see that inventory is down to just a 1.3 month supply, this means that 181 homes are on the market versus 430 last September. This typically means that the seller will have the upper hand in negotiations as there is limited supply so they can command a premium when they do sell.

Average Sales Prices are up 5.5% year over year to $440,675. Sellers are receiving on average 99.4% of list price when they sell. This means that most homes are selling at or above list price so buyers can’t expect any discounts right now.

Homes are selling quickly as well. Last year the average home went from listing to the closing table in 106 days, this year they are selling 10 days quicker at 96 days. This shows that there is high demand for the few homes that are listed right now.

New Listings and Pending Sales are both up, but they aren’t able to overcome the low inventory. The pandemic has exacerbated the already low inventory we have been tracking for the last few years. It remains to be seen if the market will recover quickly or slowly once there is a vaccine.

If you are in the market to buy or sell a home in the Lake Wylie area, call us at 803-831-8588. To view current listings and create custom searches for homes, visit LKWRealty.com

Pandemic Organization

October 9, 2020 by lkw_df Leave a Comment

One trend that has emerged out of the Covid-19 pandemic is home organization. There are many books about organization, professionals you can hire, and there are shows on Netflix that will show you amazing before and after transformations. If you are bored in the pandemic, it may be worth a try to make your living space feel better.

Marie Kondo made a splash a few years ago with her KonMari method of home organization. She would have clients take out all of their items in a certain category and only keep the items that “sparked joy”. Her method became so popular that she has two bestselling books and a Netflix show.

A new show to hit the scene is The Home Edit. These two women garnered fame on Instagram for their way of making organization beautiful. They have very famous clients and now a Netflix show that can help you to get started on your space.

Organizing your home is a great thing to do for when you are living there, but it can be equally important when you are getting ready to sell. One of the benefits is making your home feel larger. When you declutter and organize your space feels better and shows better to a potential buyer.

If you are thinking about selling your home, give us a call at 803-831-8588 and we can help you come up with a plan to get your home looking its best so you can get top dollar. Visit our website LKWRealty.com to learn more about Lake Wylie and to view current listings and create custom searches of available homes.

Charlotte Ranked Among Best Places To Live

October 9, 2020 by lkw_df Leave a Comment

Once again, Charlotte has been confirmed to be among the best places to live in America. This newest ranking was put together by Livibility.com, a division of Journal Communications Inc. a publisher based in Franklin, Tennessee. Their ranking is for the Top 100 Best Places to Live in America, and it puts Charlotte at number 13 in the nation.

A few other cities in North and South Carolina make the list with Asheville at number 6, and Durham at number 9. Wilmington came in at 43rd and Winston-Salem came in at number 92. In South Carolina, Charleston was ranked 48th, Greenville was 54th, and Columbia was 87th. This puts Charlotte in very good company. The top ranking city in the ranking was Fort Collins, Colorado.

Livability,com ranked more than 1,000 small to midsize cities for this list. They used cities that had a population between 20,000 and 1 million residents. They used more than 40 metrics including economic stability, safety, community engagement, affordability, outdoor recreation, accessibility to determine the ranking.

Charlotte does have a great number of things going for it when people are looking to relocate including sports teams, outdoor spaces, major employers, cultural events, weather, and much more. There are also the two lakes within commuting distance which make weekend trips or living at the lake a great bonus of the city.

If you are interested in relocating to the Lake Wylie area, call us at 803-831-8588. Visit our website LKWRealty.com to learn more about Lake Wylie and to view current listings and create custom searches of available homes.

Large Homes In Demand

October 1, 2020 by lkw_df Leave a Comment

Many markets across the United States are showing an interesting trend during the time of Covid-19. People are buying larger homes. There had been a trend for a while where people were downsizing and looking at tiny homes. It seemed like such a good idea to have a smaller footprint, and value experiences over things. That time has passed.

With many people now working from home and helping children with virtual school, many families are feeling the pinch of small spaces. Garages are being taken over by learning pods, and finding a quiet corner to take a business call can be a challenge. We are being asked to multitask on a level never seen before. This is where having a larger space can come in really handy.

Many buyers are looking for homes that have separate offices for two adults, as well as a space suitable for virtual school. Outdoor living spaces such as playscapes, pools, or space for lawn games or trampolines are also big selling points.

The place your home is located is not as big of an issue right now either. With work being conducted remotely for most office jobs, your home just has to be connected to speedy internet. This has allowed many people to contemplate moving to a great natural area such as Lake Wylie. The benefits of this are myriad. Not only do you get the fresh air and natural beauty, but you also get to be part of the lake lifestyle now and once this crisis is over.

To learn more about your options for purchasing a larger home in the Lake Wylie area, call us at 803-831-8588. Visit our website LKWRealty.com to learn more about Lake Wylie and to view current listings and create custom searches of available homes.