Huntersville | Lake Norman | Charlotte Bubble or Burst with Housing Market in 2022

 

Homeowner Equity Increases an Astonishing $1 Trillion

 Carolina Living Real Estate and Roby Robertson believes every family should feel confident when buying and selling a home.

In a year that was financially devastating for many Americans, some good news for most homeowners is the dramatic gain in home equity over the last twelve months. Last week, CoreLogic released its 2020 3rd Quarter Homeowner Equity Insights report, which reveals four major findings:

1. U.S. homeowners with mortgages have seen their equity increase by a total of $1 trillion since the third quarter of 2019.
2. The average homeowner gained approximately $17,000 in equity over the past year.
3. This is a 10.8% increase in equity over last year.
4. The average household with a mortgage now has $194,000 in home equity.

This has given many homeowners the ability to redesign their homes to meet their changing needs. Frank Martell, President and CEO of CoreLogic, explains in the report:

“The housing market has remained a strong pillar in an otherwise tumultuous economic year. A sharp rise in demand, spurred by record-low interest rates, continues to bolster homeowner equity. And with many people now spending more time than ever before at home, some homeowners have tapped into their strengthening equity to fund renovations.”

This build-up in equity also gives more options to homeowners who have been financially impacted by the pandemic. Today, homeowners with substantial equity are in a much better position to work out a deal with their lender if they cannot pay their mortgage. Alternatively, they also have the power to sell and walk away with their equity in the form of cash or as a down payment toward a more affordable house. Frank Nothaft, Chief Economist for CoreLogic, addresses the issue in the report:

"Over the past year, strong home price growth has created a record level of home equity for homeowners…This provides an important buffer to protect families if they experience financial difficulties and is one reason for the generational-low in foreclosure rates reported."

Here’s a map showing equity gains by state:This gain in home equity is a blessing for homeowners in these trying times, and it seems that the next two years will continue to reward those who own a home.

Last week, the National Association of Realtors (NAR) held their 2020 Real Estate Forecast Summit. At the summit, they shared the results of a recent survey of 23 economic and housing market experts. The median forecast among the experts called for home values to increase further by 8% in 2021 and 5.5% in 2022.

Bottom Line

In a year that has many of us reevaluating what “home” really means, those who own their homes have been rewarded with a financial windfall that averages $17,000 individually and totals $1 trillion nationally.

Homes for Sale Are Rapidly Disappearing

 

Need To Sell,  Now is a Great Time.  We Can Help.  Your Huntersville Realtor!

Through all the challenges of 2020, the real estate market has done very well, and purchasers are continuing to take advantage of historically low mortgage rates. Realtor Magazine just explained:

“While winter may be typically a slow season in real estate, economists predict it isn’t likely to happen this year…Low inventories combined with high demand due to record-low mortgage rates is sending buyers to the market in a flurry.”

However, one challenge for the housing industry heading into this winter is the dwindling number of homes available for sale. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), recently said:

"There is no shortage of hopeful, potential buyers, but inventory is historically low.”

In addition, Danielle Hale, Chief Economist for realtor.com, notes:

“Fewer new sellers coming to market while a greater than usual number of buyers continue to search for a home causes inventory to continue to evaporate.”

One major indicator the industry uses to measure housing supply is the months’ supply of inventory. According to NAR:

“Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.”

Historically, six months of supply is considered a normal real estate market. Going into the pandemic, inventory was already well below this mark. As the year progressed, the supply has was reduced even further. Here is a graph showing this measurement over the last year:

What does this mean if you’re a buyer?

Be patient during your home search. It may take time to find a home you love. Once you do, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and understand how the shortage in inventory has led to more bidding wars. Calculate just how far you’re willing to go to secure a home if you truly love it.

What does this mean if you’re a seller?

Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate. Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to ask for more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Do not be unreasonable, but understand you probably have the upper hand.

Bottom Line

The housing market will remain strong throughout the winter and heading into the spring. Know what that means for you, whether you’re buying, selling, or doing both.

Why You Should Consider Buying Your Dream Home

According to Freddie Mac, near-record low interest rates are forecasted to stick around into next year. DM me to learn how this is great news for you if you’re ready to buy a home.   We can send you a comprehensive list of homes for sale in the area and help you analyse which ones may work for you!

A Historic Rebound for the Housing Market

More From Your Huntersville Realtor!

Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?

According to NAR, the Pending Home Sales Index (PHS) is:

“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.”

In real estate, pending home sales is a key indicator in determining the strength of the housing market. As mentioned before, it measures how many existing homes went into contract in a specific month. When a buyer goes through the steps to purchase a home, the final one is the closing. On average, that happens about two months after the contract is signed, depending on how fast or slow the process takes in each state.

Why is this rebound important?

With the COVID-19 pandemic and a shutdown of the economy, we saw a steep two-month decline in the number of houses that went into contract. In May, however, that number increased dramatically (See graph below):This jump means buyers are back in the market and purchasing homes right now. Lawrence Yun, Chief Economist at NAR mentioned:

“This has been a spectacular recovery for contract signings and goes to show the resiliency of American consumers and their evergreen desire for homeownership…This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

But in order to continue with this trend, we need more houses for sale on the market. Yun continues to say:

“More listings are continuously appearing as the economy reopens, helping with inventory choices…Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”

As we move through the year, we’ll see an increase in the number of houses being built. This will help combat a small portion of the inventory deficit. The lack of overall inventory, however, is still a challenge, and it is creating an opportunity for homeowners who are ready to sell. As the graph below shows, during the last 12 months, the supply of homes for sale has been decreasing year-over-year and is not keeping up with the demand from homebuyers.

Bottom Line

If you decided not to sell this spring due to the health crisis, maybe it’s time to jump back into the market while buyers are actively looking for homes. Let’s connect today to determine your best move forward.

Why the Housing Market Is a Powerful Economic Driver

Your Huntersville Realtors for Life

With businesses starting to slowly open back up again in some parts of the country, it’s important to understand how housing can have a major impact on the recovery of the U.S. economy. As we’ve mentioned before, buying a home is a driving financial force in this process. Today, many analysts believe one of the first things we’ll be able to safely bring back is the home building sector, creating more jobs and impacting local neighborhoods in a big way. According to Robert Dietz in The Eye on Housing:

 “The pace of new home sales will post significant declines during the second quarter due to the impacts of higher unemployment and shutdown effects of much of the U.S. economy, including elements of the real estate sector in certain markets. However, given the momentum housing construction held at the start of 2020, the housing industry will help lead the economy in the eventual recovery.”

The National Association of Home Builders (NAHB) notes the impact new construction can have on the job market:

“Building 1,000 average single-family homes creates 2,900 full-time jobs and generates $110.96 million in taxes and fees for all levels of government to support police, firefighters and schools, according to NAHB’s National Impact of Home Building and Remodeling report.”

These employment opportunities, along with the home purchase, drive the economy in a major way. The National Association of Realtors (NAR) recently shared a report that notes the full economic impact of home sales. This report summarizes:

“The total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.”

Here’s the breakdown of how the average home sale boosts the economy:As noted above in the circle on the right, the impact is almost double when you purchase new construction, given the sheer number of workers it requires to design, build, equip, and finalize the sale of the home. The NAHB paints a clear picture of these roles:

“The NAHB model shows that job creation through housing is broad-based. Building new homes and apartments generates jobs in industries that produce lumber, concrete, lighting fixtures, heating equipment and other products that go into a home remodeling project. Other jobs are generated in the process of transporting, storing and selling these products.Additional jobs are generated for professionals such as architects, engineers, real estate agents, lawyers and accountants who provide services to home builders, home buyers and remodelers.”

The same NAR report also breaks down the average economic impact by state:On an emotional level, what’s most important for today’s consumers to feel confident about is the safety component that goes into the process. Mitigating the risk of essential personnel at this moment in time is more crucial than ever as we all aim to reduce the spread of the coronavirus. Fortunately, the NAHB has put immense effort into a plan that prioritizes the health and safety of home builders and contractors:

“This is why NAHB and construction industry partners have developed a Coronavirus Preparedness and Response Plan specifically tailored to construction job sites. The plan is customizable and covers areas that include manager and worker responsibilities, job site protective measures, cleaning and disinfecting, responding to exposure incidents, and OSHA record-keeping requirements.”

Bottom Line

Buying a home is a substantial economic driver today, and when new construction picks back up again, it will be an even stronger recovery force throughout the country. If you’re in a position to buy a home this year, you can have a significant impact on your local neighborhoods and safely make the move you’ve been waiting for. It’s a win-win.

Buying Your Huntersville Home Early Can Significantly Increase Future Wealth

We believe every family should feel confident when buying and selling a home.

According to an Urban Institute study, homeowners who purchase a house before age 35 are better prepared for retirement at age 60.

The good news is, our younger generations are strong believers in homeownership.

According to a Freddie Mac survey,

“The dream of homeownership is alive and well within “Generation Z,” the demographic cohort following Millennials.

Our survey…finds that Gen Z views homeownership as an important goal. They estimate that they will attain this goal by the time they turn 30 years old, three years younger than the current median homebuying age (33).”

If these aspiring homeowners purchase at an early age, the Urban Institute study shows the impact it can have.

Based on this data, those who purchased their first homes when they were younger than 25 had an average of $10,000 left on their mortgage at age 60. The 50% of buyers who purchased in their mid-20s and early-30s had close to $50,000 left, but traditionally purchased more expensive homes.Although the vast majority of Gen Zers want to own a home and are somewhat confident in their future, “In terms of financial awareness, 65% of Gen Z respondents report that they are not confident in their knowledge of the mortgage process.”

Bottom Line

As the numbers show, you’re not alone. If you want to buy this year but you’re not sure where to start the process, let’s get together to help you understand the best steps to take from here.

Your 365-Day Mortgage Rate Forecast

If you plan on buying a home this year, it doesn't make sense to wait! Mortgage interest rates and home prices are both projected to increase significantly throughout 2019. Let's get together to discuss your home buying plans today!

New Listing, Huntersville Home For Sale- 9032 Kerns Rd.

View the Virtual Tour of 9032 Kerns Rd.:

Home is offered at $275,000  by Carolina Living Real Estate and Roby Robertson

Very Charming all brick 3 bedroom Huntersville home with fenced yard and gated entrance.  2 storage buildings for your convenience.  LOOK at what seller has done: New roof on all three buildings - 2011, New HVAC – 2016 with      Air Scrubber added  - 2018.  New hot water heater   - January 2014, New carpet and floors  - 2011. New kitchen cabinets, granite counter tops, stainless steel dishwasher and stove.  This home has all the convenience for shopping and restaurants but also has all the privacy with ZERO HOA!    Rare lot with OVER an acre.

Also see:  The difference having a professional on your side.

Thinking of Buying a Home - Your 365 Day Mortgage Forecast!

If you plan on buying a home this year, it doesn't make sense to wait! Mortgage interest rates and home prices are both projected to increase significantly throughout 2019. Let's get together to discuss your home buying plans today!

Read More Information at Real Estate By Roby Robertson

4 Reasons To Sell Your Huntersville Home This Winter

Some Highlights:

• Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available!
• Housing inventory is still under the 6-month supply needed to sustain a normal housing market.
• Perhaps the time has come for you and your family to move on and start living the life you desire.

You can find much more information at Real Estate With Roby Robertson

Is An Economic Slowdown On the Way?

The experts agree that the next economic slowdown is on its way, but that doesn't mean that the housing market will be affected. Let's get together to go over the differences between an economic slowdown and a housing market crash so that you can make the best real estate decisions for you and your family.

We believe every family should feel confident when buying and selling a home

Cost Across Time - Your Huntersville Market

Are you on the fence or seriously thinking of buying or selling a Huntersville home?  The time may never be better.   As you can see from the graphic above it is still the best investment and interest rates are still great.  This is a a benefit to both buyers and sellers.    If you are a seller,  NEVER pay 6% again with Carolina Living Real Estate.  We keep our commissions instead of giving them to a broker and we pass those savings on to you!   Contact Roby today.

We believe every family should feel confident when buying and selling a home.

Looking For A Home In Huntersville, NC

Are you looking for a centralized place to see homes for sale in Huntersville?  We have a great place for you to start looking!

According to Wikipedia:  Huntersville is a large suburban town in Mecklenburg County, North Carolina, United States. A part of the Charlotte metropolitan area, the population was 46,773 at the 2010 census, and had increased to 52,704 according to the 2015 census annual estimate, making Huntersville the 17th largest municipality in North Carolina. It is located 14 mi (23 km) north of Charlotte.

Huntersville is close to everything!   Lake Norman is a very short drive with lots of boat storage options.  There are golf courses and of course there the awesome area of Birkdale and Birkdale Village.

Look no further if you are interested in any homes in the Huntersville area.  This site shows home for sale and rent in Birkdale, Birkdale Village and Northstone Country Club!

You can also bookmark these Huntersville Listings or refine the search to suit your needs and budget.

Your Next Huntersville Agent - Under Contract in ONE Day!

Are you considering buying or selling a home in the Huntersville/Birkdale/Birkdale Village areas in 2018.  Got some news for you regardless of which side of the transaction you are on.

I have a buyer that has been looking in the area and the good ones get gobbled up so quickly that we have been having a problem.

We just found a great home and scheduled a showing for Saturday 1/13.   Home was listed on 1/11!    I received an email on the 12th stating it was under contract.  ONE DAY!

That is great news for sellers.  Price it right and they will come!
No as good news for buyers.   Have to be ready to move quickly and this can be unsettling form some!   But as the say,  it is what it is.

Keep in mind the home was priced right in the sweet spot and was in great condition!

Another Factor going forward!

The Federal Reserve has stated they will probably raise rates 4 times in 2018. We all should keep an eye on this to see how it impacts buying and selling real estate.

Below are the latest interest rates from Wells Fargo.

Current Mortgage Rates for MECKLENBURG COUNTY, NC

Check out our rates. I've included below a selection of current rates for a few of our many products. I'd be happy to discuss options with you and your client based on their particular needs.

Conforming

Loan Type	MI Type	Interest Rate	APR
30-yr fixed Conforming		4.125%	4.153%
VA 30-yr fixed		4.000%	4.121%
20-yr fixed Conforming		4.000%	4.025%
15-yr fixed Conforming		3.625%	3.657%

Jumbo

Loan Type	MI Type	Interest Rate	APR
7/1 ARM Jumbo		3.625%	4.038%
30-yr fixed Jumbo		4.125%	4.155%
VA 30-yr fixed		4.125%	4.243%
15-yr fixed Jumbo		3.875%	3.927%

Information displayed is accurate as of 1/13/2018 8:12:05 AM (CT) and is subject to change without notice.

For information on the many other loan options we have available, please contact me. I look forward to hearing from you.

SHERRY CONNOR Private Mortgage Banker NMLSR ID 101116 Wells Fargo Home Mortgage | 2115 Rexford Road, Floor 1 | CHARLOTTE, NC 28211 MAC D1051-010 Tel 704-367-7659 | Cell 704-617-9686 | Fax 855-518-1478 Sherry.Connor@wellsfargo.com | www.wfhm.com/sherry-connor

Your Next Huntersville Agent - What We Do For Buyers

According to Realtor.com, a buyers agent performs the duties listed below., HOWEVER there is much more to it than these and we provide these and much more!

1. Find the right property. After determining what clients are looking for and what they can afford, the agent will schedule appointments to tour homes that fit the bill. The agent can also explain the ins and outs of various properties and neighborhoods to help buyers decide which home is right for them by explaining the pros and cons of various options. 
2. Negotiate the offer. The buyer's agent will advise clients on an appropriate price to offer and present it to the seller's agent. "Then they will negotiate on your behalf and write up the contracts for you," says Matt Laricy, a Realtor with Americorp Real Estate in Chicago. This is where the agent's experience in negotiating deals can save you money and help you avoid pitfalls like a fixer-upper that's more trouble than it's worth. 
3. Recommend other professionals. A buyer's agent should also be able to refer you to reliable mortgage brokers, real estate attorneys, home inspectors, movers, and more. This can also help expedite each step of the process and move you to a successful sale all the faster. 
4. Help overcome setbacks. If the home inspector's report or appraisal brings new issues to light, a buyer's agent can advise you on how to proceed, and then act as a buffer between you and the sellers or their agent. If negotiations become heated or hostile, it's extremely helpful to have an experienced professional keeping calm and offering productive solutions.

Your Next Huntersville Agent (Check out other Videos) - Happy Thanksgiving

I hope everyone has a Fantastic Thanksgiving and Holiday Season.  We have dropped off flyers as a reminder to check out this website for good real estate information.  If you are thinking of selling, check out the links under the 'Sellers' Menu option.

Thanks

Roby Robertson

Birkdale and Birkdale Village Real Estate - Homes Sold When!?

Are you wondering what months home have closed  in Birkdale and Birkdale Village during the 1st 9 months of 2017.  Thinking of selling your Birkdale/Birkdale Village/ Huntersville home in the future.  Maybe you will find this information useful.

During 2017, here are the number of homes sold by month through September.   There have been a total of 60 homes closed so far.   As you can tell from the data below, the ideal time to sell are between March and August.    This data coincides with home sales throughout the Huntersville and Cornelius areas!

3 Homes closed in January
5 Homes closed in February
8 Homes closed in March
7 Homes Closed in April
9 Homes Closed in May
8 Homes Closed in June
8 Homes Closed in July
8 Homes Closed in August
4 Homes Closed in September

Lets look at the last quarter of 2016.  6 Homes closed during this period.

2 Homes closed in October
1 Home sold in November
3 Homes sold in December

There are currently 14 homes active for sale.
There are currently 11 homes under contract

We can assume that the 11 homes under contract will close in the last quarter of 2017.

Huntersville Real Estate Statistics Early 2012

According to Trulia.com here are some informative statistics for real estate sales in the Huntersville area from December 2001 through February of this year:

Average price per square foot for Huntersville NC was $96, a decrease of 5.9% compared to the same period last year. The median sales price for homes in Huntersville NC for Dec 11 to Feb 12 was $212,250 based on 42 home sales.

Compared to the same period one year ago, the median home sales price increased 5.7%, or $11,500, and the number of home sales decreased 67.7%.

There are currently 718 resale and new homes in Huntersville on Trulia, including  203 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.

The average listing price for homes for sale in Huntersville NC was $271,578 for the week ending Mar 14, which represents an increase of 1.7%, or $4,547, compared to the prior week.

Another Reason Why Birkdale, Birkdale Village and Huntersville Are Great Places To Live

Birkdale Real Estate Values Since 2007

As we all know, the Charlotte Real Estate market has been very trying for many homeowners. Like the entire country, Charlotte has had it ups and downs since 2007 with most of it being down.

Our IDX partner has recently published data giving more support to the idea that the Birkdale and Huntersville areas have been at the bottom (or top) depending on how you look at it when it comes to drops in values of real estate.

For those that don't know, our IDX partner is the software provider that gives us Charlotte area MLS data for posting on our websites.

Recent statistics showed that since 2007 the average price per square foot drops for Birkdale and Birkdale Village has been  14% and 15% respectively.  Better yet, Birkdale has only seen a 4% drop in prices. 

While some may think those numbers are high, if you look at our entire Charlotte MLS area, these numbers rank in the top 50 of communities in which there are hundreds.

Even more impressive, the Huntersville area (Area 9 in our MLS), has more than 10 communities in the top 100 with respect to holding values.

Check out all the Birkdale, Birkdale Village listings from links on the right side of this blog.