The Market is Softer than past years - but the news is NOT all bad! The greater Charlotte market continues to be the bright light of the national housing market; consistently having better-than-average numbers.
Data for July is suspect and probably shouldn't be quoted. The Charlotte Area MLS system went through a major software upgrade that month which resulted in data we don't trust for that month. The most recent (trustworthy) data for June 2010 showed closing up 14.8% over the same month last year. May 2010 was up 32.7% over the previous year. The average selling price in June was down 1.4% from June last year but up over May of this year by 1.5%. Listing prices are also slowly creeping up. All indications are that this market has seen the bottom and that the road back to "normal" will be steady byt very slow.
The market slump started later here and seems to be ending sooner. Statistics vary by community and price point but it’s good to see the market turning in the right direction.
Overall, we have experienced phenomenal growth throughout the greater Charlotte area market for several years. Many, many people are choosing to move to this wonderful region from all parts of the country. That rate of growth has slowed from the peak years but certainly not stopped.
We have certainly felt the impact of the stagnant markets in other parts of the country. Many people eyeing a move to this area have been delayed because of difficulty selling their current homes in other states. This has certainly caused a trickle-down slowing in the market in Charlotte; especially in the luxury price ranges. The number of buyers is down from the crazy pace of 3 or 4 years ago. Homes that would have sold in under 30 days 3 years ago may now take 120 days or more to sell. Some speculation builders have gotten caught with too much inventory. BUT...overall prices here never dropped to the extent they have in other markets. Fortunately, we never had an artificial "bubble" to burst like other parts of the country. Properly priced homes here are still selling for typically 94% to 98% of listed price. However, there are plenty of homes available making this definitely a "buyers' market" in terms of the amount of home inventory available.
There are always some home sellers that are motivated to deal for one reason or another. Buyers who are educated and have cash or loan pre-approvals and are able to close quickly without contingencies will get the best deals. The opportunities are tremendous for home buyers in the Charlotte area.
Mortgage interest rates are unbelievably low! While rates often change daily, our buyers have been routinely getting rates at or under 5.0% on 30-year fixed rate mortgages; many are getting close to 4%! Rates are the lowest ever since they started tracking them in 1971! Contrary to what you might hear, buyers with decent credit scores are having no problems getting mortgages. FHA loans are still available with as little as a 3.5% down-payment & USDA rural area loans with 0% down. We can suggest lenders that can explain all of your options and will compete for your business.
If you have been sitting on the fence in a slower housing market waiting for a "better" time to sell your current home, consider this... It might make more sense to sell now (taking a little less than you'd like) in order to get in on the deals here that we may never see again. You can start growing your equity sooner and faster in this popular market with a newer home and a better interest rate.
Charlotte is a year-round housing market. With over 200 of the Fortune 500 companies having major offices in Charlotte, there are always people being transferred in and out of the area. Buyers can always find a great selection of homes for sale with the greatest peak in inventory falling between mid March and early July.
Depending on where you are moving from, you may or may not find the housing market here different from what you are accustomed to. As your Buyer's Agents, we will guide you through all the options available to you.
How much will a house cost you?
It is hard to get a true feel for how much house you will get for your money until we actually start touring homes with you, but these examples should give you some idea. In the past 6 months, the "average home" (2 or more car garage**, not on water, not on a golf course, any age, any lot size) sold through the multiple listing service was....
*Last Updated: 8-31-10.
**Baths listed as 2 include 2 or 2.5; Baths listed as 3 include 3 or 3.5.
***Garage removed as criteria in Myers Park area as it is more common to have no garage in that older part of town.
Disclaimer: These are very basic statistics for only a handful of the possible areas you might choose to live -- meant only to give you a very rough idea of the market here. Obviously, individual home prices vary greatly based on the value of the lot, desirability of the neighborhood & schools, the quality of upgrades, etc. "Averages" can be skewed by the sample size.
We'll find you the best deal...it's not always a foreclosure
No matter what you are looking for we can help. Your first home? Your dream home? Down-sizing? Bare land to build on? Investment or rental property? No matter what your budget, we will find you the best deals available anywhere in the geater Charlotte or Lake Norman market. Use the guide above to see if your expectations are in line with the market. For instance, if you want a 4bd/3ba home for sale in Huntersville but you can only afford to spend $275,000 (14.7% below the market average), we will show you all of your options (and there will be plenty) but you may need to prioritize your wish-list. Expect there to be trade-offs in every budget. Larger lots, for instance, can greatly increase the cost of a home in this market where land is at a premium.
When we meet to start seeing homes, we will provide you with much more detailed market information specific to your home preferences. We will work with you to ensure you have all the information you need to make an informed buying decision and an investment that will appreciate. No matter how long it takes, we will find the house that is "meant-to-be" yours!
Thinking about Lake Norman Waterfront?
Waterfront homes sell for a premium in all markets and the greater Charlotte market is no exception. However, there are currently more waterfront homes available on the lake than there are buyers for in this soft market. We are seeing some phenomenal deals on waterfront property lately; particularly nicer homes in the $1M and up price range. We monitor this segment very closely. Contact us today if you'd like to be notified when the best waterfront deals hit the market.
For comparison to the non-waterfront homes above, the "typical" waterfront home (excluding mobiles) of any age/size with a pier or dock sold in the past 6 months was:
Lake Norman: 3bd/3.5ba home, 4080 square feet for $909,233. 114 properties sold; range $315,000 to $3,500,000. Bare lot -average: $372,976*** 11 sold; range $130,000 to $560,000.
Lake Wylie: 3bd/3.5ba home, 4086 square feet for $747,117. 26 properties sold; range $380,000 to $1,855,000. Bare lot - average: $269,562*** 8 sold; range $175,000 to $450,000.
***Note: Just because a home/lot has water frontage does not mean it will be allowed to have a pier, dock, or boat slip. This is sometimes not allowed because of environmental conditions. The lower priced lots/homes may not have any lake access, just a view.
Lake Norman or Lake Wylie?
Clients often ask us about the differences between the lakes in this area. Lake Norman is by far the largest, deepest, and cleanest of the all the lakes on the Catawba River chain. With over 32,000 acres and 520 miles of shoreline it has the widest variety of recereational opportunites of all the lakes. For additional information on Lake Norman and the other lakes:
Duke Energy Site- Lakes in the Chain, Maps, and Access Points
