What’s Up in Real Estate for April 2014?

Did you know the average home price in April is projected to be about $406,000?

That’s a 10.1% increase over this time last year.

That means it’s still a seller’s market, no bones about it. If you’re a seller thinking of listing your home? Now’s the time. This wave won’t last forever. If you’re a buyer, you should know that in this kind of market, what’s online today may not be there tomorrow – that’s why it’s critical to rely on the up-to-the-minute information and data only a license real estate broker can provide.

Watch the video below for Keller Williams’ full rundown of the April 2014 real estate market.

One Image to Prove that NOW is the Time to Buy

Are you on the fence about buying a home?

It’s no secret interest rates have been historically low as of late and they’re only continuing to rise. While you may see some ups and downs in the rates in the coming months rest assured, the overall trend means significantly higher rates around this time next year. The image below shows what’s predicted by experts as likely to happen if you wait until Q2 of 2015 to buy a home.

SlideCan you afford to lose over $70,000? If you’ve been thinking of buying a home the time to act is NOW. Prices are rising and so are rates.

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Call On the Move Charlotte today to talk about your options as a potential home buyer. We’re here to help!

Charlotte Market Stats to Know – January 2014

The Charlotte real estate market is still on the move and it’s not going anywhere anytime soon.

Here are a couple of stats to illustrate the shape of the market in Charlotte right now. Year-to-date, new listings are up 12.2% from 2012-2013. That’s good growth, to be sure, but what’s really interesting is that sales are actually up over that same period by over 24%. That means there are more people buying than selling in Charlotte right now and low inventory means higher selling price.

Things are starting to level out on a couple of fronts, however, namely in median sales price. What does that mean?

for saleNow is the time to list your home.

The longer you wait to sell, the less this market is likely to bear for your home. No one knows for sure when home prices in the Charlotte area will begin an inevitable decline cycle before heading back up again so the safe bet is to sell now if you’re considering selling at all.

On a somewhat unrelated note, a couple of recent polls show Charlotte is still notable on the relocation market!

Business News Daily recently named Charlotte the #5 best city in the country for job seekers and Forbes named Charlotte the #18 fastest-growing city in the country. Those are stats to Tweet about!

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Speaking of Twitter, are you following @OnTheMoveCLT yet? We’re always Tweeting about Charlotte news, real estate info, and development projects!

 

What’s in Store for Real Estate in 2014?

brick homeIt’s been a banner year for the U.S. real estate market.

There’s no doubt the market’s rebounded from its slump; everything from residential to commercial numbers are on the rise. Maybe you started your first home search in 2013 or perhaps you’ve just started thinking about putting your current home on the market. Whatever the case, here are a few things on the horizon for 2014 to keep in mind…

New Mortgage Fees are on Hold

The Federal Housing Finance Agency had planned an array of new fees for Fannie Mae and Freedie Mac backed mortgages to begin on 4/1/2014. A week ago, however, the new FHFA chief says he plans to postpone and perhaps even cancel the fees once more analysis is done, potentially saving mortgage borrowers thousands of dollars on each new mortgage.

mortgageHome Prices Will Continue to Rise

If you’re thinking of putting your home on the market, 2014 may be your year. Both Zillow and Redfin estimate national home prices will rise between 3-5%, and up to 20% in some areas. The Charlotte market, in particular, has risen about 6% overall since this time last year according to database Trulia.

Commercial Real Estate Will Rebound

The commercial market has lagged behind the residential market for a couple of years but 2014 will be year of rebound. With millennial tenants demanding more urban leased commercial properties both rental and owned commercial spaces are on the move. In general, the uptick in housing sales has spurred on the commercial market in manufacturing and construction.

Fewer People Will Buy

Another reason now’s the time to sell: experts are predicting that residential leasing will be up and purchasing down by the end of 2014. As the inventory on the market stabilizes and mortgage rates top 5% (it’s when, not if…) potential buyers will put off home buying for longer than in the past couple of years.

movingAnother Wave of Migration

More and more, people are moving away from historically expensive parts of the country to more affordable areas, particularly as the national job market picks back up. Mid- to large-sized cities such as Charlotte, Portland, Denver, and Austin will continue to become hot spots for growth as young families and Baby Boomers seek out less expensive homes with higher quality of life.

Change in Home Buyer Desires

Experts predict more and more changes in what homeowners are looking for. Large suburban McMansions have been on a slight decline for years as buyers search for smaller, more centrally-located homes. Additionally, a rise in two-master bedroom homes has also been noted nationwide as families increasingly dwell as a multi-generational unit.

 

Charlotte, NCAs for Charlotte specifically, 2014 is looking good. Employment is up (the Mecklenburg county region had a 3.3% gain in employment this year, the highest in the state), home sales and home prices are up, and big businesses like Electrolux and MetLife are increasingly calling Charlotte home. Things are continuing to look up for Crown Town!

 

Questions about what 2014’s real estate market means for you? 
Call Leigh Bryant at On the Move Charlotte to talk about your options and strategy for the coming year.

And Happy New Year from the On the Move Team!

 

The Most Eye-Poppingly Expensive U.S. Home Sales of 2013

Real estate is a great investment.

Everyone knows that! But some investors have deeper pockets than others and 2013 has been a banner year for this select group of wealthy consumers. Ever wanted to know how the other half lives? Check out this quick snapshot of the most expensive homes sold in 2013…and one that’s still on the market!

mountain home road1. $117,500,000 – Mountain Home Road

This Woodside, CA home sold back in January to Japan’s 2nd richest man. It was actually the most expensive U.S. home sale in history and includes a multitude of buildings, an astounding pool, and of course, a formal garden.

one572. $90,000,000 – One57 Penthouse

New York City is home to some of the most expensive real estate in the U.S. and the One57 Penthouses sold for nearly 100 million earlier this year to a group of investors. Located on the 75th and 76th floors with sweeping views of Central Park, this 14,000 square foot bohemith is one for the ages.

marks mansion3. $75,000,000 – Howard Marks’ Mansion

Located on the famed Pacific Coast Highway, this palatial Malibu estate was sold to a Russian investor in January. It has 300 feet of beach frontage and a whopping 14 bathrooms in case you have a big party.

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Well bummer, is it too late? Have all the fabulously pricey homes been snapped up? Not to fear! America has a new number one most expensive home for sale and it’s still available!

copper beech farmCopper Beech Farm – $190,000,000

Located in Greenwich, CT, Copper Beach Farm has 50 acres and includes two off-shore islands in the sound. The main house, a French Revival style mansion, has over 13,000 square feet of living space and tons of antique charm. What a steal! When it sells it will be the most expensive residential home sale in U.S. history.

Real Estate Market Update: November 2013

The seasonal slow begins as 2013 starts winding down.

The latest stats (pulled from September 2013) show that home prices continued a 10-month long climb while interest rates stayed low creating an unusually desirable market for both sellers and buyers. Here are a couple of charts the On the Move team thinks are important to see this month.

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November 2013

Interest rates are still at historical lows in the wake of the gov’t shutdown.

 

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November 2013

 Inventory levels are still lower-than-average and should remain so
throughout the traditional seasonal slow down.

 

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KW November 2013 Real Estate Market

Click on the logo above to see a short video by Keller Williams
on the state of the current market.

Contact On the Move Charlotte today to talk about how these statistics will affect your home!

 

Owning vs. Renting: Some Quick Statistics

federal reserveThe Federal Reserve weighs in on the owning vs. renting debate.

According to our friends at Fairway Mortgage of NC, a 2012 study performed by the Federal Reserve found the following:

 

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Homeowners have an average of 30 times  the net worth of renters.

 

 

equity

 

The average family’s net worth is $77,000

 $47,500 of that average net worth is attributed to home equity

That’s nearly 66%

 

 

Those statistics are hard to argue with.

If you’re ready to build some equity and stop spending money on rent, call the On the Move Charlotte team now to start your search!

 

This Month in Real Estate from Keller Williams

A recap of the September 2013 real estate market from the Keller Williams team.

If you have question about what these numbers mean for you and your home, call On the Move Charlotte today!

Numbers You Should Know in the Charlotte Real Estate Market

There are a lot of big changes going on in Charlotte’s real estate market. Not only is inventory increasing steadily, homes are selling higher than they were at this point last year.

If you still doubt the real estate market is making a comeback, you’ve got to see the numbers below.
Now’s the time to sell AND buy, a rarity in real estate – contact On the Move today to get started!

 

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From July 2012 to July 2013, the number of closed sales in the CLT market has risen 33%, from 2,651 closes to 3,527 closes.That’s incredible growth.

 

 

8.9

                                                                During that same period, the median sales price of homes in the Charlotte area rose by nearly 9%.

 

 

17.6

In the last year, the number of days homes stayed on the market in Charlotte until they were sold went down by 17.6%. That’s the difference between 12 weeks and 15 weeks on the market until a sale.

 

 

20.7

 

There were 20.7% more listings on the Charlotte market in July 2013 than there were in July 2012. Inventory is on the rise which is creating a current sweet spot for sellers.

 

 

2.4

2.4% is more substantial that it seems. It’s how much more houses are now closing for in Charlotte relative to their asking price than they were in July 2012. The average sale in Charlotte right now gets 94.7% of its listing price.

 

 

 

All this data means that now is the time to sell. There have been few times in Charlotte’s history when it’s been a better market for sellers, but with inventory on the rise a buyer’s market isn’t far behind. If you’ve been considering selling your home, now is the time.

Call On the Move Charlotte today to get started listing your house!