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.

The interesting thing is that investors are not selling the homes they have right now. This means that their portion of the marketshare is staying stable. It could also mean fewer homes listed for sale by flippers further reducing the inventory of homes on the market. We will just have to see if this impacts the typically robust spring season.

One trend that we saw in full force during the Covid pandemic was the rise of all-cash offers. There are even many companies that will help you to make an all-cash offer with a financing clause on the back end of the transaction. This has helped many people to be able to compete in the crazy market we saw in 2021 and 2022.

It appears that the trend of all-cash offers winning contracts in multiple-offer situations is going to stay. Sellers really seem to like the flexibility of closing sooner as the process to acquire a new mortgage can be lengthy. Deals can also fall through if the financing conditions are not met. This leaves a seller with the earnest money, but the stigma of relisting their home.

If you are considering an all-cash offer, but you don’t have enough cash on hand, be sure to research your options for a reputable company to help you. We can offer you our advice on companies we have worked with in the past to help you make your decision.

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.

The best way for a buyer to get prepared is to get prequalified for a loan. This helps you to determine how much house you can afford and will help you to narrow down neighborhoods that will work for you. Knowing what kind of house you want and where you want it is the next step to narrow your home search. After that, check available listings and create a custom search so you can know the minute a matching home is listed for sale.

The best way for a seller to get prepared is to get started on the process of staging your home. This means de-cluttering and de-personalizing your home so a buyer can imagine themselves living there. It is also a great idea to fix anything that is wrong with the home for instance leaky faucets or peeling paint. This helps you to get top dollar and can save you lots of money when it comes to repair negotiations in a contract.

If both buyers and sellers are prepared as soon as the ground thaws, we should see the spring season off to a great start. We will have to keep an eye on interest rates to see if there is a slowdown in the market in March or April. This will apply to sellers as well because after they sell their home, they will become the buyers that need to worry about rising rates. This could mean that the spring season will start in February this year.

For more information on buying or selling a home in any neighborhood 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 year end data from the Canopy Realtor Association from their Multiple Listing Service clearly shows that prices are up, inventory is down, and homes are selling quickly and for above list price. This shows tremendous buyer demand is still going strong.

When you look at the Greater Lake Wylie area, you see the same pattern holding true. There were 1,794 homes sold in 2021, up 12.3% from 2020. These homes went under contract in an average of 22 days, down 54.2% from 48 days in 2020.

The median home price rose to $442,003. This is up 17.9% from $375,000 in 2020. You would think this would deter buyers from entering the market, but pending sales and new listings were both up, 5.4% and 4.3% respectively showing strong buyer engagement.

Homes in Lake Wylie sold for 101.4% of list price, showing that buyers are still willing to bring additional money to the table to secure the home they dream of. We are seeing a slowdown in the number of homes getting multiple offers, but that could pick back up in the spring.

If you have been holding off from listing your home, you may be in good company come spring, so it will be more important than ever to have your home stand out from the crowd.

As a buyer, more homes for sale can mean that you are overwhelmed with choice and need guidance helping narrow your search.

We can help you with either scenario. Call us for help with preparing your home for a sale, or for help finding your dream home. Call us at 803-831-8588 to get started. You can view current listings and create custom searches on our website here.

When you look at just the Lake Wylie area, you see that in every metric, we are doing better than last year. Home sales are happening faster and selling for more money than last year. They are selling in an average of 21 days on the market. Sellers are typically getting 101.5% of list price for an average sales price of $493,288, up 16.1% from 2020.

While this is great news for sellers, it can be disheartening for buyers. They have to bring more money to the table, and be willing to offer above list price for a home, and they can’t take any time to think over what can be the largest financial decision in their lives. And sellers typically have to turn around and become buyers so they don’t escape the tough parts of the current market.

New listings are up 11.4% in Lake Wylie when compared to last October. Pending sales were up a fraction at 0.8% gain from last October. Closed sales were down in number compared to last year, but year to date are still up 13.7%.

All of this is to say that the market is still robust, and sellers still have the upper hand in negotiations. There are not many deals to be had currently, and we are still seeing multiple offer situations. Mortgage rates are currently still hovering just above 3% for a 30-year fixed rate which is still a great deal for buyers.

If you are ready to buy or sell a home in the Lake Wylie area, call us at 803-831-8588. We can help you get into the home of your dreams. You can view current listings and create custom searches on our website here.

Brookfield is located off of Bethel Street (Highway 55) near the intersection with Highway 557 on the east side of Clover, South Carolina. Lake Wylie is a few minutes to the east, and Gastonia is just 10 minutes to the North. Residents are also near the quaint town of Clover. This charming town has just over 5,000 residents and is rich in Scots-Irish history.

There are 80 homes in Brookfield , and all were built between 2019 and 2021. They are energy efficient with modern home designs ranging from 2,490 to 4,041 square feet. They have 4 to 6 bedrooms and 2.5 to 4.5 bathrooms. You have your choice of ranch plans or two-story plans, many with a master suite on the first floor. All homes have two car garages, cute front porches, and are fully wired for the internet. Lennar Homes prides itself on the “everything is included” package so all homes have all options Lennar offers.

In the past year, 24 homes sold in Brookfield, but we don’t expect that to be a typical sales figure since it was the closeout year for construction. They sold for an average price of just over $340,000. That puts the average price per square foot between $130 and $137. There are currently no homes on the market in Brookfield showing that once people get into one of these great homes, they are reluctant to leave.

If you would like to learn more about Brookfield, call us at 803-831-8588. We can help make sure you are ready to make an offer the moment one of these spectacular homes comes on the market. You can view current listings and create custom searches on our website here.

You are locked into monthly payments for the student loan debt which can increase your debt-to-income ratio which lenders use to determine how much money they are willing to lend you on a home purchase. This can mean that you qualify for a smaller loan, or you may not qualify at all.

Student loan debt can also affect your credit score which can affect the mortgage interest rate that you qualify for, making it even harder for you to get the home you want. A higher interest rate can dramatically affect the monthly payment on a home. For instance, if you have the same $200,000 home at 3% interest and 5% interest, your payment can change by over $230 per month.

Finally, having student loan debt can make it much harder to save up for a down payment on that first home. Lenders traditionally want you to have 20% of the purchase price. There are many programs where you can have a smaller down payment, but they can be tricky to qualify for, and most still want you to have at least 5% down. On a $200,000 home, that is $10,000 cash up front.

What we are seeing right now, with the competitive real estate market, is many people sitting on the sidelines. This has created opportunity for investment firms who are buying up residential real estate and turning it into rental properties. They have deep pockets and can pay all cash for properties, edging out many individual buyers. Being a renter can have advantages, especially if there are pricey repairs that don’t have to be paid by you, but the American dream is to have your own home with no-one to answer to except maybe a lender.

If you want to see if buying a first home in the Lake Wylie area is right for you, give us a call at 803-831-8588 and we can put together a plan for you and your family. You can view current listings and create custom searches on our website here.

The area is scheduled for a much needed upgrade which will feature RV and tent camping, picnic area, trails, canoe/kayak launch, and ranger station spaces. York County recently rezoned 165 acres as part of the project.

The work is slated to begin in August of 2021 with a reopening planned for late in 2022. In the meantime, you can use access points at Buster Boyd, Ebenezer Park, Nivens Creek, or South Point. All of these areas have boat ramps, but there are many other public access points for the lake that do not have boat ramps.

This project is part of the requirements for Duke Energy as part of their federal license to continue operations of hydropower plants on the Catawba River. They have many other improvements in the area including restrooms at the Buster Boyd Access Area, a new riverfront park in Rock Hill, and the restoration of Great Falls. There are many other improvements that have been completed already, are in the works, or have been planned.

For information about buying and selling homes in the Lake Wylie area, give us a call at 803-831-8588 and we can put together a plan for you and your family. You can view current listings and create custom searches on our website here.

This home is located in the award winning community of Regency at Palisades. This highly desirable neighborhood features amazing amenities including a clubhouse, fitness center, game court, golf, outdoor pool, playground, sports court, tennis courts, and walking trails. It is also right next to Lake Wylie for water sports of all types.

This stunning ranch home offers features rarely found in the neighborhood and shows just like new. There is a private backyard, and upgraded side load garage. Inside the garage is a workshop space but there is still room to park two cars. The full brick exterior has clean architectural details and features mature landscaping.

Interior features include a recently upgraded gourmet kitchen with cast iron farmhouse sink, new quartz counters, Jenn Air gas cooktop, walk-in pantry, and soft close cabinets. The open floor plan allows sightlines from the kitchen to the great room and breakfast room. The generous master suite was extended so it is now a true master retreat with a walk-in-closet and master bath with a generous tub and separate shower.

Two other bedrooms, one and a half other bathrooms, laundry room, dining room, and a home office round out the 2,344 square feet. There is great attention to detail with extensive millwork including trey ceilings, wainscotting, and crown molding. Out back you’ll find a partially covered deck perfect for entertaining. You don’t want to miss out on this home, it will go quickly.

For more information about this home, see the full listing here. To learn more about this or any other neighborhood in the Lake Wylie area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.