Charlotte Metro Real Estate News

About 15 years ago, I went out to lunch with a few other agents in my office. The restaurant was at the corner of Green St and Roberta Rd in Concord. It's now re-opened and called "Crack of Dawn Diner", and rated really highly on Yelp. 

So I placed my order and the waitress asked what I wanted to drink. Like any self respecting redneck I said, "Diet Sundrop". She said "We don't have Diet Sundrop, but we do have Diet Mountain Dew...What would you like to drink?" Being the comedian I said, "I'd like to have a Diet Sundrop, but Mountain Dew is OK." She goes away for a while and comes back with our drinks. She sat a can of Diet Sundrop on the table with a glass of ice and said, "This is the one I packed for my lunch today." 

Whaaaat? I ate my meal and enjoyed my Diet Sundrop. I left $20 on the table for a $7 lunch and thought, "Wow, that's one really smart waitress!" 

Call us if you are thinking of buying or selling...We'll give you the Diet Sundrop we packed for our lunch. 

In family news, my niece Rachel was recently married and also accepted as a PhD candidate in Biostatistics at the University of Michigan. While I didn't make it to the PhD level, the family was going through some old keepsakes several years ago and found a pre-SAT test I had taken in the eighth grade.  They all took great joy that my score put me in the "slightly above average" range. 

Our granddaughter Hattie took her first steps last week and our grandson Warren finally called me his version of "Pap", which came out as "Ba". I guess that makes me a slightly above average "Ba". 

The struggle is real for first time homebuyers. For example, at the end of 2016 our son and his wife bought a 3BR/2BA home built in 1998 for $130,000. The average per capita income in NC that year was $42,582. That same house would sell for $315,000 today. The average per capita income now is $61,811. The value of the home increased 242%. The average annual income increased 45%. 

Please let us know if we can help with any questions you may have regarding buying or selling your home. Liz and I are always glad to talk with you. 

In the Tucker/Britt households, our daughter Hannah and her husband Owen are closing on a home in Harrisburg this week. Matt and Darian turned 30 earlier this year, and immediately bought a pair of New Balance shoes, a tracksuit, and a bird identification handbook.  

Finally, I am turning 60 in August and can't wait to buy my first pair of jean shorts since the 80's. 

We continue to be in a strong sellers market with almost all of our listings selling the first week with multiple offers.  Here's our showing log for a starter home we put on the market this past Friday.  Showings started Saturday morning with highest and best offers due by noon yesterday (Monday). We had 39 showings and 5 offers in 2.5 days. The home is under contract for over full price. 

Please let us know if we can help with any questions you may have regarding buying or selling your home. Liz and I are always glad to talk with you. 

Hope you are doing well as we approach Memorial Day. Liz and I spent some time in Ocracoke earlier this month and it was nice to get away for a while. In this world of cruises, international travel and all-inclusive resorts, it's easy to forget the beauty in our own state.

If not for the men and women who made the ultimate sacrifice for our country, none of us would be able to sit peacefully on a dock and take pictures of the sunset. They aren't here to thank, but we can continue to honor them by supporting our country, our God, and the principles they fought for in the Constitution.

So how's the Housing Market?

Rapid Increase of Price/SF is Leveling Off

Days On Market Averaged 13 in July

Inventory Is Gradually Increasing

With all of that being said, I've always felt buying or selling a home is more about when it's the right time for you rather than trying to time the market. So please let us know when we can help with any questions you might have regarding buying or selling. Liz and I are always glad to talk with you.

Well the big news in our family (and on our team) is that Matt is hanging up his real estate shoes after 5 1/2 years and moving to Louisville, KY with his family, where he will attend Seminary. It's a big step to go back to school full time for 2 1/2 years with two young children, and requires just as much faith and commitment from his wife (Darian) as it does Matt. Liz and I both thought he'd end up a minister or missionary as far back as high school, and are proud of Matt and his family. However, we'll certainly miss being 15 minutes from the grandkids as opposed to 7 1/2 hrs.

BUYERS OR SELLERS?

Our area continues to have an extremely low inventory of homes with most new listings resulting in multiple offers and selling for over full price. I don't see this changing for 2022 and expect to remain in a strong sellers market.

INTEREST RATES

I asked William Roseberry (our preferred lender) for an uncomplicated interest rate forecast. The short version: they are going up a little. 

The long version:

"Interest rates are going to be on an upward trend this year due to inflation. Initially the Federal Reserve thought inflation was “transitory” and would fix itself once the supply chains returned to normal. Unfortunately a new Covid variant (Omicron), has delayed that from happening. In order to prevent inflation from continuing to run high, the Federal Reserve has started buying less Treasury Bonds & Mortgage Backed Securities. The initial goal of buying Treasury bills and mortgage backed securities was to keep interest rates low. By reversing this course, interest rates have been going up. I would expect this upward trend in rates to continue until we find a way to fix our supply chain problems. We have seen a jump from 2.75% in Oct, to 3.25% in Dec, and now we are at 3.75%. This year we should stay in the high 3’s but could also see low 4% rates depending on whether inflation continues to run hot."

William Roseberry

Branch Manager

NMLS #68916

Office:  704-622-6896

www.RoseberryTeam.com

As always, please contact us if we can help with any questions you might have regarding buying or selling now and in the future. Liz and I are always glad to talk with you.

Liz and I had a blast at our grandson's 1st birthday party last week. Young Luke was a little less enthusiastic about his cake than his older brother George, and way less enthused than his dad back in the day. It's a shame Liz didn't teach the boy better manners.

Luke - October 2021

George – February 2020

Matt – February 1995

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The second most asked question I get is about the direction of interest rates. Like our cake eaters, the expert prognosticators have varying degrees of enthusiasm for the rate trend in 2022. Below are some thoughts from William Roseberry, a local lender who understands the economic influences on interest rates better than anyone I know.

"Over the next several weeks, consumers are going to hear on the news media that rates are going up because the Fed is tapering its bond purchases. Please keep in mind that rates have "already” gone up. The 30 year fixed was @2.75% and is now hovering @3.25%.  

Another thought regarding higher rates is coming from the current spike in inflation. Companies over ordered products and now can’t get those products into their stores.  Low Inventory + Higher Wages = Higher Prices & Higher inflation.

As we enter the Christmas holidays, there will continue to be a spike in prices as people fight to get their Christmas shopping list filled. Keep in mind, the market knows this higher inflation is temporary. Once the American people get back to work, we will see prices go back down which will fix our inflation problem.  Having said that, I think it’s safe to tell clients that rates will stay in the mid 3’s possibly going up into the upper 3’s by next summer."

William Roseberry, Branch Manager

NMLS #68916

Fairway Independent Mortgage Corp.

(704) 622-6896

www.RoseberryTeam.com

As always, please contact us if we can help with any questions you might have regarding buying or selling now and in the future. We are always glad to talk with you.

...And you may find yourself in a hole like young George here.

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Here's the last 5 closed listings for our team. The average sold price is 9.2% over list price ...How'd we do that?

As we start the new year, here's a quick snapshot of the real estate market in our area during the pandemic.  For those who may be concerned about buying or selling this year, the market in 2020 was better than any other year over the last 10+ years.  Number of homes closed, dollar volume closed, and price per square foot all increased significantly. I'm not an economist, but most of the "experts" believe that the market will continue to remain strong over the next several years.

Number of Homes Closed

Dollar Volume Closed

Closed Price Per Square Foot

Liz, Matt and I are here when you need us. And if you are curious about the current value of your home, we will be glad to do a free market analysis for you.  No obligation - just let us know.

Glen