These Charlotte Neighborhoods To See Highest Value Growth in 2017

Just this month, Zillow released their findings for the 10 Hottest Housing Markets for 2017.  While Charlotte somehow missed the list (really?), Charlotte's home value growth is still outpacing the national average.  The median value is expected to rise 3% while Charlotte is continuing its impressive growth at 3.8%!

There is hope still for buyers, however! The incredible growth we experienced from Nov 2015-Nov 2016 has cooled (it was a scorching 8.1% increase) and sellers continue to put their homes on the market, so supply is low but still existent.

Much to sellers' delight, Zillow has noted our market as "very hot" with sellers still holding the advantage over buyers.  In fact, some of the areas in Charlotte are expected to see value growth more than double that of the national or Charlotte average!

Here's a glimpse at the top 10 in growth, plus their median home values:
1) Yorkmount, 10% projected growth. $114,600 median value
2) Thomasboro-Hoskins, 8.6%; $75,600
3) Oaklawn, 8.5%; $81,000
4) Belmont, 8.4%. $117,500
5) Lincoln Heights, 7.8%; $80,100
6) Wilmore, 7.8%; $224,000
7) Country Club Heights, 7.2%; $207,200
8) Collingwood, 7.1%; $240,700
9) Washington Heights, 6.9%; $65,200
10) Derita-Statesville, 6.8%; $117,400

What to Expect in 2017 from Charlotte's Housing Market

If you've were looking to buy a home in 2016 in Charlotte, you know how much of a seller's market it was! Homes were flying off the market, often before they even officially hit.  In fact, the Charlotte inventory was down 25.7% in December, as compared to December of 2015.  Overall, we had a 2.5 months supply of inventory--well below the 6 month supply that is considered balanced for both buyers and sellers.  Despite all of this, we still ended up growing 8% in sales year-to-date!

Not only did sellers see an increase in sales, there was an increase in median and average sales price year over year, as well as an increase in the median and average sales price for all of 2016!

Although it doesn't look like 2017 holds much change in terms of supply (read: homes still being sold super fast!) and mortgage rates are likely to increase, there is hope yet! According to the president of the Carolina Regional Realtors Association Roger Parham, "Positive job growth over the last year and a healthy local economy continue to boos consumer spending and housing demand, which should help sales remain steady throughout 2017."

So, what does all of this mean for us?

Sellers: you're pretty set for 2017.  You still have the likelihood of having your home sell quickly and possibly entering into multiple offer situations, if you play your cards right (this doesn't mean you get to be greedy! People still have their whits about them, even in this fast moving market).

Buyers:  You need to make sure that you have all of your ducks in a row, especially when it comes to your financing.  This means you need to have a pre-qualification letter (NOT just a pre-approval letter!) ready and be able to respond to homes that are new to the market quickly.  Have a good idea of what your limits are, so that you can respond to sellers in a timely manner. Remember: if you don't someone else will!

Does the Type of Road Your House is On Matter?

When you're looking at a home, what are some of the first things that you notice? Maybe the front yard, maybe the front door, maybe the paint color, but how many of us pay attention to the ROAD that the home is on?

"Aren't all roads the same?" "I thought we were buying a house- what's the road got to do with it?" The answers are NO! and EVERYTHING!

When you are looking at buying a home, you already need to think about selling it.  It sounds crazy, I know, but you're probably never going to buy your "forever home" (sorry to burst any bubbles). The fact is, you're probably going to end up selling your home anywhere from 5-10 years, so you need to plan ahead: what sort of challenges could you see if you were on the selling end?  

While many things may be in your control, such as the age of the room, landscaping, renovations, etc. some aren't.  One of the biggest factors that you need to consider is the type of road your house is on.

Consider this: you see a home in the afternoon when everyone is at work, so traffic is minimal.  However, there's a solid double line--this is a red flag! This means that this road can get seriously busy-so much so, they don't want you passing anyone on it.  

How about a corner lot? While it may seem like fun to have such visibility for your landscaping, holiday decorations, or that fresh coat of paint you have planned, this lot position is bad news bears! Often, these homes are positioned on the lot to have a small backyard and large sideyards-not the easiest thing to sell.  You've also got double the road to worry about, so clients with small children will avoid these homes, out of fear of an accident.

Of course, the classic cul-de-sac is still a favorite amongst today's buyers.  It's inviting shape is perfect for kids to play in, avoids through traffic, and is often on the interior of the neighborhood so traffic noise is less. 

Whenever you're out looking at homes, don't forget that's what's on the outside of the house is JUST as important as what's on the inside!

What Makes Charlotte, North Carolina So Special?

Having lived in North Carolina for over a decade, I can confidently tell you that Charlotte is my favorite city in the state, if not the best place I've ever lived in the country.  For me, it's the beautiful weather, the close proximity to the mountains AND beaches, as well as the culture that seems to never stop growing.  As many Charlotteans know, it is an easy task to take in some of the best art, food, and entertainment on the east coast--and we're gaining national recognition for it!

Just last year, Charlotte was named one of the top 20 places to live in the country by US News!  For those that haven't visited our beautiful city, it's known for being a city on the rise but still maintaining it's southern charm, where you will still hear "y'all" in conversation.  Not only that, we have still managed to avoid the costly price tag that often comes with the status of "up and coming" city.  Our housing market is still much lower priced than that of Atlanta, New York City, or Charleston and you can still afford to take your family out to eat at a number of amazing restaurants.

If you're thinking of making the move to Charlotte or just want to move within the city, I'd love to show you some of my new favorite hot spots!

Buzz Words That Turn Buyers Off!

Hello, everyone! I am ecstatic to be using this forum again to reach you and help educate everyone on some important real estate matters.

As we enter the spring months, a lot of homeowners think about selling.  While this is a great time to put your home on the market, this also means you'll be competing against lots of other homes and sellers.  While professional photography and videography are paramount to marketing your home, one of the most important factors may be the very words you use to describe your home.

Check out this article about some of the most overused and misleading real estate phrases, so you can avoid turning buyers away before they even see your home!  And when you're ready to find out how we are able to market our homes to average 1 sale every 2 weeks, give me a call!