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.

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.

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.

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.

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 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.

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.

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.

The project is expected to cost $231 million and will also include as part of the 10 gates, three common use gates. The new gates will be numbered A31-40. Currently Charlotte airport is the fifth-busiest in the world for arrivals and departures and the sixth-busiest for passenger traffic. These numbers are from the Airports Council International 2021 preliminary rankings.

In addition to the gates, the project will bring 191,848 square feet of space with automatically tinting windows, high ceilings, and scenic windows. Passengers will delight that they can charge devices at your seat at the gate. A new store, restaurant, and two bars should help fill in the space as well.

The new space will also boast many new works of art to proudly display the culture of the Piedmont. Two of the new pieces of artwork have been commissioned in part with the Arts & Science Council by artists Benjamin Ball and Val Britton.

The new expansion is scheduled to be completed in the fall of 2024 so we will have to deal with the sounds, and dust from construction for a while. It should be a showplace that will signal to travelers what Charlotte is all about.

If you want to know more about any of this upcoming project or want to schedule a showing on 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.

• Carowinds Winterfest – Fort Mill, SC, lights, parade, treats, and activities all for $24.99 per person.
• Charlotte Motor Speedway’s Speedway Christmas – Concord, NC, 3.75 mile drive through event, $30-40 per car with a fast pass option for $70/car.
• Daniel Stowe Botanical Gardens Holidays at the Garden – Belmont, NC, outdoor event with food trucks, beverages, and marshmallow roasting. $14.95 per adult, savings for seniors, and kids, children under 2 are free.
• Festival of Trees in Belmont – Belmont, NC, a free event in historic downtown Belmont.
• McAdenville’s Christmas Town USA, McAdenville, NC. This free event is perfect for driving through, or walking.

We also love many of the holiday markets. Here are just a few:

• Charlotte Christmas Village – Uptown Charlotte. Shopping and European food and drink options. $5/day or season pass for $35.
• Hot Stuff Holiday Market – Plaza Midwood. Crafts, Food, and community. Free.

For more information on 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.