What Does The Coming Year Hold For Housing Market?

What does the coming year hold for the housing market? Mortgage rates are projected to rise, and so are home prices. Experts forecast buyer demand will remain strong as people try to capitalize on rates and prices before they climb. DM Carolina Living Real Estate today if you’re ready to buy or sell so you can make your best move in the new year.

 

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.

Keys To Selling Your Huntersville Home Virtually

Keys to Selling Your House Virtually

In a recent survey by realtor.com, people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. They’re less comfortable, however, hosting an open house. This is understandable, given the health concerns associated with social contact these days. The question is, if you need to sell your house now, what virtual practices should you use to make sure you, your family, and potential buyers stay safe in the process?

In today’s rapidly changing market, it’s more important than ever to make sure you have a digital game plan and an effective online marketing strategy when selling your house. One of the ways your agent can help with this is to make sure your listing photos and virtual tours stand out from the crowd, truly giving buyers a detailed and thorough view of your home.

So, if you’re ready to move forward, virtual practices may help you win big when you’re ready to sell. While abiding by state and local regulations is a top priority, a real estate agent can help make your sale happen. Agents know exactly what today’s buyers need, and how to put the necessary digital steps in place. For example, according to the same survey, when asked to select what technology would be most helpful when deciding on a new home, here’s what today’s homebuyers said, in order of preference:

• Virtual tour of the home
• Accurate and detailed listing information
• Detailed neighborhood information
• High-quality listing photos
• Agent-led video chat

After leveraging technology, if you have serious buyers who still want to see your house in person, keep in mind that according to the National Association of Realtors (NAR), there are ways to proceed safely. Here are a few of the guidelines, understanding that the top priority should always be to obey state and local restrictions first:

• Limit in-person activity
• Require guests to wash their hands or use an alcohol-based sanitizer
• Remove shoes or cover with booties
• Follow CDC guidance on social distancing and wearing face coverings

Getting comfortable with your agent – a true trusted advisor – taking these steps under the new safety standards might be your best plan. This is especially important if you’re in a position where you need to sell your house sooner rather than later.

Nate Johnson, CMO at realtor.com ® notes:

"As real estate agents and consumers seek out ways to safely complete these transactions, we believe that technology will become an even more imperative part of how we search for, buy and sell homes moving forward."

It sounds like some of these new practices might be here to stay.

Bottom Line

In a new era of life, things are shifting quickly, and virtual strategies for sellers may be a great option. Opening your doors up to digital approaches may be game-changing when it comes to selling your house. Let’s connect so you have a trusted real estate professional to help you safely and effectively navigate through all that’s new when it comes to making your next move.

The 2020 Real Estate Projections That May Surprise You

This will be an interesting year for residential real estate. With a presidential election taking place this fall and talk of a possible recession occurring before the end of the year, predicting what will happen in the 2020 U.S. housing market can be challenging. As a result, taking a look at the combined projections from the most trusted entities in the industry when it comes to mortgage rates, home sales, and home prices is incredibly valuable – and they may surprise you.

Mortgage Rates

Projections from the experts at the National Association of Realtors (NAR), the Mortgage Bankers Association (MBA), Fannie Mae, and Freddie Mac all forecast mortgage rates remaining stable throughout 2020:Since rates have remained under 5% for the last decade, we may not fully realize the opportunity we have right now.

Here are the average mortgage interest rates over the last several decades:

• 1970s: 8.86%
• 1980s: 12.70%
• 1990s: 8.12%
• 2000s: 6.29%

Home Sales

Three of the four expert groups noted above also predict an increase in home sales in 2020, and the fourth sees the transaction number remaining stable:With mortgage rates remaining near all-time lows, demand should not be a challenge. The lack of available inventory, however, may moderate the increase in sales.

Home Prices

Below are the projections from six different expert entities that look closely at home values: CoreLogic, Fannie Mae, Ivy Zelman’s “Z Report”, the National Association of Realtors (NAR), Freddie Mac, and the Mortgage Bankers Association (MBA).Each group has home values continuing to improve through 2020, with four of them seeing price appreciation increasing at a greater pace than it did in 2019.

Is a Recession Possible?

In early 2019, a large percentage of economists began predicting a recession may occur in 2020. In addition, a recent survey of potential home purchasers showed that over 50% agreed it would occur this year. The economy, however, remained strong in the fourth quarter, and that has caused many to rethink the possibility.

For example, Goldman Sachs, in their 2020 U.S. Outlook, explained:

“Markets sounded the recession alarm this year, and the average forecaster now sees a 33% chance of recession over the next year. In contrast, our new recession model suggests just a 20% probability. Despite the record age of the expansion, the usual late-cycle problems—inflationary overheating and financial imbalances—do not look threatening.”

Bottom Line

Mortgage rates are projected to remain under 4%, causing sales to increase in 2020. With growing demand and a limited supply of inventory, prices will continue to appreciate, while the threat of an impending recession seems to be softening. It looks like 2020 may be a solid year for the real estate market.

September Real Estate By The Numbers

A little bit of information for my Birkdale and Birkdale Village followers! Whether you're interested in buying a home or selling your house, the current market is full of opportunity. Let's get together to explore your options!

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

Thinking of Selling? Why You Need A Pro!

Thinking of Selling Your Huntersville Home

With home prices on the rise and buyer demand strong, some sellers may be tempted to try and sell their homes on their own (FSBO) without using the services of a real estate professional.

Real estate agents are trained and experienced in negotiation and, in most cases, the seller is not. Sellers must realize that their ability to negotiate will determine whether or not they get the best deal for themselves and their families.

We can help and we can also save you money.  Statistic show that using a professional will net you more money and alleviate stress in the process! 

You can read the entire article here!

Feb 2018 Current Activity for Birkdale and Birkdale Village - You can Save $$

Some Statistics from your Next Huntersville Agent

Currently there are 5 active homes in Birkdale and Birkdale Village.  The average list price is approx. $389,000!   The average days on the market is 67 days.   I believe the reason for the days on the market was that they were listed during the holidays which historically have been slow for real estate sales.

There are currently 6 homes under contract.  The average list price of these homes is approximately $400,000.    The average days on the market is 80 days.   One thing about that number is that one of the homes was on the market 276 days which throw those averages high.  3 of these homes sold in less that a week!

The market is ready for YOUR house if that is your intention.

You may be reading this because it states above, you can Save $$.   I provide full service from professional photos to negotiations and you do not have to pay 6% to get it.   As a matter of fact NEVER pay 6% again.  People ask me how I can afford to do this.   I am happy to explain how in a 1-1 conversation.  It makes logical sense to me and will be to you too!

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: 2018 Housing Forecast

Are you thinking of selling your Huntersville/Birkdale area home in 2018.   You may want to hit the market 1st based on the Realtor.com article recently published.    You can wait to see what happens but the Fed chairman has already stated there could be up to 5 rate increases in 2018.    If you are buying it is a double edge sword and you just keep a close eye.   Inventory is supposed to increase but rates might as well.   We can help!

Here are the main bullet points coming directly from the article:  Realtor.com  always has fantastic up to date information that you should bookmark and check often if you are buying or selling real estate.

Thinking of Selling:  Check out these other articles by Your Next Huntersville Agent.
Thinking of Buying:  See What your Next Huntesville Agent will do for you!

• Inventory expected to begin to increase – In August, the U.S. housing market began to see a higher than normal month-over-month deceleration in inventory that has continued into fall. Based on this pattern, realtor.com® projects U.S. year-over-year inventory growth to tick up into positive territory by fall 2018, for the first time since 2015. Inventory declines are expected to decelerate slowly throughout the year, reaching a 4 percent year-over-year decline in March before increasing in early fall, after the peak home-buying months. Boston; Detroit; Kansas City, Mo.; Nashville; and Philadelphia are predicted to see inventory recover first. The majority of this growth is expected in the mid-to-upper tier price points, which includes U.S. homes priced above $350,000. Recovery for starter homes is expected to take longer because their levels were significantly depleted by first time buyers.
• Price appreciation expected to slow – Home prices are forecasted to slow to 3.2 percent growth year-over-year nationally, from an estimated increase of 5.5 percent in 2017. Most of the slowing will be felt in the higher-priced segment as more available inventory in this price range and a smaller pool of buyers forces sellers to price competitively. Entry-level homes will continue to see price gains due to the larger number of buyers that can afford them and more limited homes available for sale in this price range.
• Millennials anticipated to gain market share in all home price segments – Although millennials will continue to face challenges next year with rising interest rates and home prices, they are on track to gain mortgage market share in all price points, due to the sheer size of the generation. Millennials could reach 43 percent of home buyers taking out a mortgage by the end of 2018, up from an estimated 40 percent in 2017. With the largest cohort of millennial expected to turn 30 in 2020, their homeownership market share is only expected to increase.

Millennials are a driving force in today’s housing market. They already dominate lower price home mortgage and are getting close to overtaking older generations for mid- and upper-tier mortgages. While financially secure in general, their debt to income ratios have started to increase as they compete for higher priced homes.

• Southern markets predicted to lead in sales growth – Southern cities are anticipated to beat the national average in home sales growth in 2018 with Tulsa, Okla.; Little Rock, Ark.; Dallas; and Charlotte, N.C. leading the pack. Sales are expected to grow by 6 percent or more in these markets, compared with 2.5 percent nationally. The majority of this growth can be attributed to healthy building levels combating the housing shortage. With inventory growth just around the corner, these areas are primed for sales gains in years to come.
• Tax reform will be a major wildcard – At the time of this forecast, both the House and Senate had bills up for consideration, but neither had passed and their impact was not included in the forecast for 2018 sales and prices. Since then, the House has passed its tax bill and the Senate bill is likely to be voted on soon. While the ultimate impact of tax reform will depend on the details of the plan that is finally adopted, both versions include provisions that are likely to decrease incentives for mobility and reduce ownership tax benefits. On the flip side, some taxpayers, including renters, are likely to see tax cuts. While more disposable income for buyers is positive for housing, the loss of tax benefits for owners could lead to fewer sales and impact prices negatively over time with the largest impact on markets with higher prices and incomes.

Next year, home prices are anticipated to increase 3.2 percent year-over-year after finishing 2017 up 5.5 percent year-over-year. Existing home sales are forecast to increase 2.5 percent to 5.60 million homes due in-part to inventory increases, compared to 2017’s 0.4 percent increase or 5.47 million homes. Mortgage rates are expected to reach 5.0 percent by the end of 2018 due to stronger economic growth, inflationary pressure, and monetary policy normalization in the year ahead.

Your Next Huntersville Real Estate Agent - Inspections Preparation

Birkdale, Birkdale Village and Huntersville Sellers, Be Prepared for Inspections

Are you thinking of selling your home?  Being prepared for negotiations and setting list price can also involve being prepared for inspection results  I will explain below.  Once the sales price is negotiated the buyer's lender ( if not cash deal ) will have appraisals done and the buyer will have inspections done.  Historically this can be some of the most stressful part of the transaction.   

If you think about it, the buyer highers an inspector to find things wrong.  Even if you feel your home is in fantastic shape, the inspector will find something.  It is inevitable!

There are some things you can do to be prepared.   One thing you have to be cognizant of.   If you know for sure of defects, you need to fix them or you need to disclose them.   This is what the property disclosure is for.  It can have an effect on the sales price.   This is why being proactive on this, as mentioned above, can be an important aspect of the overall process. 

So, what are some things you can do:

Pre-Inspection:  You an have a certified inspector do an inspection.  While it probably not prevent the buyer from doing their own, it can help with knowing about any hidden defects and fixing them.  It can also show the buyer they are buying a sound home!

Windows:  Do windows work correctly.   Are these cloudy that indicates a broken seal?  Inspectors always write these up!

Foundation: Look at the base of the walls and the ceilings in each room. Are there obvious cracks or apparent shifts in the foundation? Do the same around the outside. Are there any trees encroaching on the foundation?

Lot: Does the drainage appear to be away from the house? Are there any obvious soggy areas?  Are gutter down spouts in good shape and funneling water away from home?

Roof: What is the overall condition? When was it last replaced?

Exterior: Does the house look like it will need repairs or repainting soon? Are gutters and downspouts firmly attached? Are there loose boards or dangling wires? 

Attic: How does the interior of the roof structure look? Are there any signs of leaks?

Interior evidence of leaks: Check ceilings and around windows in each room.

Basement: Is there dampness? Adequate insulation? (If there’s a crawlspace instead of a basement, you might want to leave this for the professional home inspection.)  This is an area where inspectors almost always find things.   Is there a vapor barrier in the crawl space.  Does it seem too damp?

Electrical: Do the switches work? Are there any obvious malfunctions? Have the outlets been grounded? Is the panel updated and expandable for additional appliances or a potential remodel?  Are there outlets near sinks etc. that is GFCI protected?

Plumbing: Any unusual noises or malfunctions?  Toilets work right,  no leaks under sinks!

Heating/cooling system: Does it seem to do the job? How old is the furnace? If the system has been converted, are the old systems or tanks still in place?  

Odor: Does the home smell? Can you detect what it might be and whether it could be fixed? Beware of musty odors which could signal a wet basement.

I can assist with negotiating items on an a repair list.  You do not have to fix everything and there are things we can do.  However, a buyers perception on the condition of the house can and will affect the overall sales price and whether they buy the home at all!

Be Prepared!!!

Here is a good article on Realtor.com that are Common Seller Repairs.

Property Management Huntersville, Birkdale and Birkdale Village

Property Management for Your Huntersville Area Home

Normal Wear and Tear

Additional Services that Carolina Living Property Mangagemnt offers is Property Management of residential homes throughout Charlotte with an emphasis on Huntersville and the Birkdale area.

Our property management experience has shown that certain things come up most often. Holes in the walls, carpet condition, and cleanliness are the areas that are hardest to nail down when it comes to defining normal wear and tear. It’s important that everyone understands up front what the rules are and what the expectations will be. If a tenant leaves the house filthy, that’s not normal wear and tear. A few holes in the walls from pictures that were hung will be considered normal wear and tear.

Normal wear on carpet is normal, and the owner’s responsibility. However, if there are stains on the carpet or evidence of pet accidents, that’s not normal, and the tenant will be responsible. if you have specific questions about renting your home, please don't hesitate to call us at: 704-755-5308

Birkdale-Birkdale Village Closed Last 30 Days - 8/23/2017

Below are the closed homes in the last 30 days.   The average days on the market was 42 days which is fantastic and below the Carolina's Region average!   Good New for Sellers!  The average Sold Price to List Price was betwen 97% and 98%

Address                        Beds-Baths    Closed Price  Sq. ft.  Year Built


8520 Brentfield Road 4 2/1 $400,000 2,554 Birkdale 1996

17223 Pennington Drive 4 2/1 $412,000 2,558 Birkdale Village 2002

17002 Carlton Way Road 3 2/1 $320,000 1,879 Birkdale Village 2001

9451 Titus Lane 5 4/1 $609,000 4,759 Birkdale 2001

8208 Ballymore Court 3 2/1 $305,000 1,853 Birkdale 2001

9732 Cockerham Lane 3 2/0 $389,100 2,184 Birkdale 2001

Contact me if you need assistance with any real estate needs.

Birkdale-Birkdale Village-Huntersville-Thinking of Buyer or Selling Real Estate?

Thinking of Buying and/or Selling Real Estate in the Huntersville, Birkdale, Cornelius areas.  Need a property manager?   Watch this video from Roby Robertson and Carolina Living Real Estate.

About Birkdale at Lake Norman

Learn more about Birkdale and Birkdale Village at Lake Norman.  What a wonderful place to live for all members of the family!

New Rental Listing! Birkdale Village Homes Do Not Last Long!

17530 Invermere Ave. has 3 bedrooms 2.5 baths and 2 great porches.  This home is walking distance to shops, restaurants and so much more.  Listed at $1895 a month. Bring you small dog(s)!   Call 704-755-5308 to set up an appointment.  Please list disclose the address if you leave a message.

The Dirty Word Of Real Estate

Roby Robertson - Carolina Living Real Estate talks about selling your home!

Sell your Birkdale or Birkdale Village Home!  Be on the lookout for move videos.

Roby 704 451 7051

Birkdale Village Home Sold By Roby Robertson

8621 Camberly Road in Birkdale Village has SOLD.   Listed by Roby Robertson and Carolina Living Real Estate, this home been  on the market a little longer than desired due to reasons listed below.

The home did go under contract months ago with a lease with option to purchase.  The seller opted to go this route because the buyer was willing to put down a huge amount of non refundable money.
The buyers were hedging their bets that a business windfall was headed their way.  Much to the disappointment of everyone involved, the buyer's business venture did not payoff and they walked away from this money.

Since going back on the market, the seller with advice from Roby, made the wise decision to stage the home.  The reason it was wise is that statistic prove that staging enhances the presentation and with 3 offers from the time of staging, this substantiates the decision.

 With over 5,000,000 in closed volume in January 2016, Roby is proving that working hard for his clients benefits everyone.  You can learn more about him at RobyRobertson.com.

Thinking of Listing Your home for sale?  Read Why List With Roby first.
Thing of Buying a home?  Read Buyer Rebate first.

8621 Camberly Rd. (Birkdale Village) Under Contract

8621 Camberly Road in Birkdale Village has gone under contract.   Listed by Roby Robertson and Carolina Living Real Estate, this home been  on the market a little longer than desired due to reasons listed below.

The home did go under contract months ago with a lease with option to purchase.  The seller opted to go this route because the buyer was willing to put down a huge amount of non refundable money.
The buyers were hedging their bets that a business windfall was headed their way.  Much to the disappointment of everyone involved, the buyer's business venture did not payoff and they walked away from this money.

Since going back on the market, the seller with advice from Roby, made the wise decision to stage the home.  The reason it was wise is that statistic prove that staging enhances the presentation and with 3 offers from the time of staging, this substantiates the decision.

 With over 5,000,000 in closed volume in January 2016, Roby is proving that working hard for his clients benefits everyone.  You can learn more about him at RobyRobertson.com.

Thinking of Listing Your home for sale?  Read Why List With Roby first.
Thing of Buying a home?  Read Buyer Rebate first.

Just Listed - Rare 3 Bedroom Birkdale Village Townhome For Rent

Town Home in Birkdale Village with Master Bedroom Downstairs.   This is a rare find.  No Yard Work, 1 Car Garage, Washer and Dryer Included.  Walk to the awesome restaurants and shops at Birkdale Village or play golf at Birkdale Golf Club.  Either Way, this is a great place to live.  $1400 a month.