lake wylie information

Lake Wylie Homeowner’s Insurance Price Hikes

June 19, 2023 by lkw_df Leave a Comment

If you are currently a homeowner, you may be in for some sticker shock with your homeowner’s insurance this year. Many insurance companies are seeing higher costs and are passing the costs along to their customers. There are a few different reasons for the changes, but we are unlikely to see these changes reverse themselves, so you need to be ready for higher carrying costs on your home which can make a difference in what home you can afford.

Climate change is one of the major reasons for hikes in rates. Insurance companies have had to pay out big settlements in places like Florida due to more and worse hurricanes. Homeowners there are paying up to 4 times higher premiums if they can get coverage at all. Wildfires are making premiums rise in California and Colorado as well with some of the major carriers like State Farm and Allstate not writing new policies in those areas.

Reinsurance rate hikes, the type of insurance used by insurance companies to limit their risks has risen by up to 40%. They have been losing money for the past five years so they have to raise rates to cover their losses. These costs have to be shared among the pool of customers causing rates to rise as well.

The increase in frequency and severity of natural disasters means that these costs are not just temporary. Rates are expected to stay high with no reprieve. If you have an escrow account set up as part of your mortgage, you will see your monthly payment go up if your insurance rates rise. If you pay your insurance separately, you should call your agent to make sure you aren’t going to be hit with a much higher bill that you aren’t ready for.

Luckily, the Charlotte region has not had many natural disasters lately. It is rare for a hurricane to hit this far inland, but it has happened before as in the case of Hurricane Hugo. This means that we should see much less significant rate hikes than if we were in a coastal area or wildfire prone area. It is still a good idea to check with your insurance agent to review your policy.

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.

December Market Report – Greater Lake Wylie Area

January 11, 2023 by lkw_df Leave a Comment

The numbers are in, published by the Canopy Realtor Association. Once again, the Charlotte Region is seeing prices continue to climb as we are finally getting more inventory back on the market. The average home price was up 7.3% in December to $436,920. Inventory was up a staggering 54% from 4,206 homes for sale last December to 6,479 this December. This means that buyers have more choices, but they will still pay more as prices don’t seem like they are going to fall anytime soon. There are still discounts to be had however as the average home is now selling for 94.7% of list price instead of 100.2% of list price like last December.

When you look at the numbers for the Lake Wylie area, you see that there is definitely more inventory, 148 homes for sale compared to 126 last December, an increase of 17.5%. Prices however have gone down slightly from $568,701 last December to $548,539 this December. This decrease of just over $20,000 could be caused by just a waterfront property or two due to the small sample size. We’ll need to see the numbers going forward before we declare a price decrease trend.

One trend we can state for sure is that homes are spending more time on the market than last year before a sale. 52 days on average this year as opposed to 32 days last year during the height of the frenzy. This 62.5% increase is largely due to higher interest rates and the rise in prices. This has provided many more options for buyers and helped them so they don’t have to rush into such a big decision.

Buyers are paying on average 95.3% of list price so they are not having to make the types of concessions we were seeing last year. Buyers need no longer offer to skip inspections or appraisals. This brings more equality to contracts so buyers have more power and sellers don’t hold all the cards.

For information about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

Clover Schools Move to Modified Calendar

December 21, 2022 by lkw_df Leave a Comment

Students in Clover Schools will have a different school calendar next year. They will officially start the school year earlier in August, the 8th 2023, and will be on a year-round modified calendar. This means additional breaks and a few early release dates. This was adopted last week by the Clover School District Board of Trustees.

In addition to the school year starting earlier, there will be days that students head home for early release. These days are so teachers can have additional planning time. These early release dates are all on Fridays, September 1st, November 17th in 2023, and February 9th and April 26th in 2024.

In addition to the current breaks for Thanksgiving and winter holidays, there will be two “inter-session” breaks. These “inter-session” breaks will each be for a week, one October 9-13 and one February 19-23. The end date for the school calendar and graduation will be May 30, 2024.

State law enacted in 2006 states that the school year for public schools in South Carolina can’t begin before the third Monday in August. The only way around that law is if a school operates on a year-round modified calendar. Clover School District had a lot of community conversations before making this change. They sent out surveys and found that most of the respondents agreed with the change.

There will be some concerns that will have to be dealt with before the change occurs. Many parents were concerned about sports schedules, and most importantly, childcare during breaks and early release days. The school system is already planning to provide childcare for the early release days so one worry is already taken care of. District leaders are working on the other concerns and plan to release more information in January.

For more information about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

New Tax Values Coming for Mecklenburg County

November 2, 2022 by lkw_df Leave a Comment

For those of you at the lake that are within Mecklenburg County, you need to be aware that another tax valuation is in the works. The last time this happened was in 2019, so you can bet that values will go up again since the market has been robust in the last few years.

In 2019, the median home price in Mecklenburg County was $270,000. As of September 2022, the median home price is $349,150. This is an increase of $79,150. This means that we could probably expect the valuation for the median priced home to rise almost $80,000 when your tax bill arrives.

In 2019, the median home price in Lake Wylie was $349,900. As of September 2022, the median home price is $427,678. This is an increase of $77,778. Keep in mind that the Lake Wylie numbers also include homes not in Mecklenburg County, but they do show that homes near the lake have values typically higher than the whole of Mecklenburg County, but that prices have risen around the same amount.

The real thing we need to know is what will the tax rate be? Mecklenburg County could keep the tax rate the same. The effect of this could be that your property taxes will go up since the valuation is expected to go up. Another option is that the rate would go up, this is unlikely since the property valuations will be going up and the county budget is not expected to rise dramatically. The last option is probably the most likely that the tax rate would go down. Values for homes have gone up significantly, but costs for government goods and services have not gone up dramatically so the tax rate will most likely go down.

Even if the tax rate goes down, that doesn’t mean that you will see a smaller tax bill. Costs have gone up, so you will probably see just enough reduction in your tax rate that taxes will go up, but not dramatically.

If you want to know more about the tax valuations or about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

September Market Report – Greater Lake Wylie Area

October 19, 2022 by lkw_df Leave a Comment

This time of year when we are headed into the holiday season, we expect to see fewer new listings hit the market. What we don’t typically see is the amount of inventory increasing at the same time. This shows just how different our market conditions have gotten this year.

The new monthly numbers from the Canopy Realtor Association show that inventory is up to a 1.6 month supply with 7,104 homes for sale. Homes are going under contract in an average of 22 days, up 37.5% from 16 days at this time last year. So, more homes are available and they are staying on the market longer. Prices however have continued to rise with the median home price now up to $380,000, up 13.4% from last September.

When we look at the numbers for just Lake Wylie, you see the same trend. There are now 176 homes for sale, up 19.7% from 147 homes for sale last September. These homes are going under contract in an average of 23 days up 15% from the 20 days last year. This shows stronger demand for homes at the lake than in the entire Charlotte region.

Prices in Lake Wylie are going up with the median price rising 19.6% to $549,990. Last September the median price was $460,000. This is a rise of just under $90,000 in just one year.

Between prices rising and interest rates being hiked, and the time of year, we are seeing fewer homes listed for sale than last year when we were in a frenzy of real estate transactions. New listings are down 19.7%, pending sales are down 27.1%, and closed sales are down 21.8% from last September.

All of these trends mean that buyers are finally gaining some leverage in transactions. Gone are the days when sellers got everything they wanted. Sellers are starting to offer to pay closing costs and/or buy down interest rates. Buyers are no longer waiving inspection clauses or appraisal clauses in contracts. Buyers are also not in as big of a rush to grab the last good deal so they can be much more discerning.

If you want to know more about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

Catawba Riversweep Canceled Lake Wylie

September 29, 2022 by lkw_df Leave a Comment

If you live in or around the Lake Wylie area, you know that occasionally it seems like the debris in the lake starts to get out of control. What you may not know is that it takes a tremendous effort from the community as well as the Catawba Riverkeeper to keep the lake in pristine condition. The annual event called The Catawba Riversweep has been canceled this year due to conditions expected due to Hurricane Ian.

Catawba Riverkeeper announced on their website that “Out of concern for the well-being and safety of our volunteers, site captains, and staff around the uncertainty of the weather impacts of Hurricane Ian across the entire region, we have decided to CANCEL The Catawba Riversweep on October 1st, 2022.”

The Catawba Riversweep event brings together many different organizations, partners, and volunteers for community-wide stewardship. Many of these efforts will still happen, though in smaller ways. There are still many other ways you can also help to keep Lake Wylie and the surrounding waterways litter-free. There are additional monthly events listed on the Catawba Riverkeepers website, one as early as October 22nd. In addition, you can host your own cleanup. Catawba Riverkeeper will provide supplies if you can supply the people-power. Volunteers will also receive Riversweep t-shirts.

This annual Catawba Riversweep event will return on October 7, 2023. Anyone who has a vested interest in the Catawba-Wateree River Basin should come and help out so be sure to save the date.

If you want to know more about buying and selling homes 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

September 12, 2022 by lkw_df Leave a Comment

This month, we are starting to see some more signs of the Real Estate market slowing down somewhat. For the first time in months, we are starting to see homes sell for a little bit less than list price. The average home sold for 98.5% of list price. These prices are still higher than last year by 16.3% representing $62,315 more this year than last. We are also starting to see homes stay on the market for longer with the average home going under after 19 days on the market. Inventory has also gone up with a 1.5 month supply of homes on the market which is 1,381 more homes than last August.

When you look at this data, from the Canopy Realtor Association, just for the Lake Wylie area, you see that the numbers reflect the same trend that the Charlotte Region shows. The average sales price is up to $613,732, up 17.5% year over year. These homes are selling for an average of 99% of list price and are going under contract in an average of 17 days after listing. Lake Wylie now has a 1.5 month supply of homes or 181 homes on the market, up 7.1% from 169 homes last August.

New listings, pending sales, and closed sales are all down from last August. This is likely a result of inflation and rising interest rates. The full effects of which we will likely see over the next few months. We will likely see inventory rising still higher, but prices could take a long time to come down if they do at all.

If you want to know more about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

Carolina Thread Trail Expanding

June 27, 2022 by lkw_df Leave a Comment

For all of you outdoors enthusiasts, the Carolina Thread Trail is about to expand. The governing board announced 16 new partner grant recipients including the Abbey Creek Greenway in Belmont, and the Jack White Trail in Rock Hill. The expansions total $752,500 which will provide infrastructure for expanding trails throughout the region.

The Abbey Creek Greenway is located near Wilkinson Boulevard and will ultimately connect the Catawba River to Loftin Park. The Carolina Thread Trail approved $30,000 for the purpose of acquisition of land for the construction of the greenway trail.

The Jack White Trail is located along Dave Lyle Boulevard in Rock Hill. It will connect the Manchester Creek Trail from downtown Rock Hill to the Catawba River. $30,000 was approved to design the extension.

In addition, there will be more extensions built by Catawba Lands Conservancy, Cramerton’s Rocky Branch Trail, and more in surrounding counties. In all, there are currently 350 miles of greenways and trails, and 170 miles of blueways already open to the public, with many more in the plan. There are many access points so you can enjoy exercising in nature from lots of locations near Lake Wylie.

If you want to know more about any of these upcoming projects or want to schedule a showing on a home in the Lake Wylie area, call us at 803-831-8588. We can help you with anything you need to buy or sell a home. You can view current listings and create custom searches on our website here.