Greater Charlotte Area Real Estate & Community News

Dec. 20, 2021

December Market Update

 

Winter is in full swing in the real estate world! 

 

For the past few months, we’ve talked about the return to a more normal market as far as real estate cycles go. Now that the stats are in for November, we’ve got the data to back it up!

 

Everything is just a little bit slower this time of year, average days on market moved up to 16, median is still at 4 days, and the average list to closed price went from 101.1% down to 100.8%. Meaning sales prices are moving back down towards that listed price rather than thousands over that some of us have seen. So, if you were one of the buyers that was overwhelmed with the spring market, NOW is your chance to find a home without the insane competition this past spring season brought around.

 

Don’t worry though if you’re on the selling side, prices are still up both month over month and year over year. Ending the month with an average sales price of $493,007. Month’s inventory dipped again to .7 months (reminder that a balanced market should be six months of inventory). Selling now you’ll also have less competition, last month saw only 1,191 new listings go up. If you were thinking of selling but didn’t want to deal with the showing chaos you want to consider selling now, while prices are up and days on market are still relatively low. 

 

 

We expect to see an earlier than normal busy season going into 2022 so if you’re thinking of making a move in the next year, let’s make a plan now!

 

Want more data? Below are all of the stats for the past month for Mecklenburg County and

we’re always happy to pull numbers for your specific neighborhood too. Just reach out,

we’re here for you. 

 

 

Nov-21

Number of Closed Sales

1381

Average Price

493,007

% Difference from last month

4.49%

Average price % difference – 1 year

17.8

Median Price

400,000

Average Median % difference - 1 year

21.5

Average days on market

16

Median day on market

4

Pending Homes (Under Contract)

1,261

Housing Supply

0.7

Mortgage Rate

3.07

Average Price per square foot

211

New listings

1,191

 

-       Jackie Mistretta

Posted in Market Stats
Nov. 17, 2021

November Market Update

 

Happy November! We are well into fall and heading towards winter now, and we know that in a normal (non-pandemic) market this means real estate starts to slow a little for a few months. As we’ve seen the past few months, we’re seeing a few trends head that way as well. So what does this month look like? 

 

Jumping right in to the data; Mecklenburg County last month had a total of 1,400 single family home sales, which is less than we had last October. The average sales price held fairly steady at $471,810, an increase of about 2% month over month, don’t worry too much though sellers, that’s still up over 12% year over year. The days on market continued to increase with an average of 15 days, so buyers, you’ve got a little more time making decisions, but the median days are still at 4 so don’t take too long. In addition to this, interest rates have moved up over 3% for the first time in a few months. 

 

All this points to a slight winter slow down! If you’ve been thinking about selling, it’s still an incredible time and for buyers, if you don’t want the rushed decision process, let’s start looking in the winter and give yourself that little extra time.

 

As always if you have questions or want more specific data, reach out. We’re happy to help!

 

 

Oct-21

# of Sales

1400

Avg. Price

471,810

% Diff from last month

2.20%

Avg price % diff from 1 yr

12.4

Median Price

380,000

Avg Median % differ from 1 yr

16.9

Avg. Days on Market

15

Median Days on Market

4

Pending Sales

1,454

Months of House Supply

0.8

Mortgage Rate

3.07

Avg. $/Sqft

205

New listings

1,532

 

- Jackie Mistretta

Posted in Market Stats
Nov. 5, 2021

Our Thoughts on the iBuyers

By now we're sure you've all seen the news about Zillow...
It's a hot topic not just in the real estate world, but everywhere and we wanted to give a few thoughts of our own.
If you know us, you know we're not afraid of the iBuyers. We as your agent, are here because in the end, you cannot value a home without the people. There is an emotion that's tied to a home, it's more than just data and updates. It's everything around the house, it's the area, the layout, is it close to your work or school or friends? These all change a buyer's idea of value; and the value is going to be what a buyer is willing to pay for a home and what a seller is willing to sell for. Algorithms can't comprehend this.
This was proven when Zillow used a fine tuned version of their Zestimate to come up with a purchase price for their iBuyer program, and you know we've been telling you for years that the Zestiamte is NOT a good indicator of value. But, you also know we'll always do what is best for our buyers and sellers. To be clear, this doesn't mean that we as agents are always right and these iBuyers are always wrong. If the iBuyers end profit for out client is better than our end profit for some sellers, we can't argue with that, we want what is best for you and we can help you with the iBuyer process too.
As a side note: one of the rumors about this latest news is that it's going to drastically impact our market, but we don't see that happening either. Nationally the iBuyers (all of them, not just Zillow) only make up about 4% of all closings. In such a hot market like Charlotte, we still have tons of buyers moving to the area every day, keeping demand high and supply low. So if you're thinking of buying and are waiting for a price drop, it's not looking like it's coming. We will have the typical slow down through the holidays but with so many businesses and people relocating to the area, we'll likely just see a steady hold in average prices.
All of this to say, if you want to know your home's value for selling, call us. We'll pull real data for you. We can also help you determine if there is anything you can be doing to help improve your homes value. Something to be happy about on the buy side, there is one less cash investor competing with you for a home, and as these backlogged homes owned by Zillow sit on the market, let's be ready to check them out. We may be able to find some diamonds in the rough as they correct their pricing to be in line with current market conditions.
Have questions about the market, or the iBuyers? Shoot us a message!
-Jackie Mistretta
Posted in Real Estate News
Oct. 27, 2021

It’s The Moment You’ve Been Waiting For…

Have you been “Timing the market” or “Waiting until prices drop?”

 

Well the time has come for us to start your home search. You may remember from previous posts; we typically see a small dip in prices through the winter season. Why? Less people out looking means less competition with means more stable pricing on homes. That being said, in order for those data points to hit their lows in the end of November or December, those buyers would have been going under contract in the end of October/November.

 

In other words, these buyers getting the best deals are going under contract right now.

 

 

Another fact to look at? The price month over month in Mecklenburg county came in over 5% lower this month compared to last. Speaking from the data, that is an over $26,000 difference in price. This is a larger drop than we typically see at this point and if you’ve been waiting for the right time, it’s here.

 

Some other points to look at? The average days on market went from 12 to 14, and the median days on market went from 3 days to 4 days for the first time since March 2021. These don’t seem like huge changes, but even one day more to allow buyers to see a home, and make a decision can make a world of difference.

 

Don’t let this scare you away from selling though, prices are still up 10% from September of last year and with interest rates remaining fairly low we’ve still got plenty of buyers actively looking!

 

If you're more of a numbers person the next section is for you. Here is an overview of the Mecklenburg County market statistics from September 2021. Want your City, or Neighborhood specific data? Just let us know, we’re happy to pull that for you.  

 

Number of Closed Sales

1,485

Avg. Price

$461,648

Price Compared to Last Month 

-5.36 %

Price Compared to Last Year

+ 10.9 %

Median Price

$380,000

Median Price Compared to Last Year

+ 18.8 %

Avg. Days on Market

14

Pending Sales

1,433

House Supply

.8 Months

Avg. Mortgage Rate

2.9 %

Avg. $/Sqft

$203

New Listings

1,556

 

 

- Jackie Mistretta 

Posted in Market Stats
Sept. 15, 2021

Fall Maintenance 2021

 

Anything you'd add to our fall maintenance checklist? 

 

- Jackie Mistretta

 

Posted in Real Estate News
Aug. 20, 2021

Is the market starting to even out?!

It’s a question we hear OFTEN… “When will the market slow down?” And this question is not always easy to answer. The best way to know what’s coming next is to track the data. This month we’re seen some things that we haven't seen in almost a year. There is no guarantee that these changes will last but it’s been a nice break for our buyers being able to see more than one house at a time, and to not have to offer your first born as collateral to obtain a home. 

 

So what exactly are we looking for in market shifts?

 

 

To start, prices to even out – they don’t even always have to drop. This month we saw the average sold price drop by the largest percentage (a little over 3% drop) seen in over a year. 

 

Next, the time on market is a great indication of how current market trends stand. Again, we’ve seen the first increase in average days on market in almost a year. 

 

Last, just watch pricing! On the listing service we have seen a LOT of price reductions in the market to get homes under contract. Prices are still high, but the rate of appreciation is starting to cool off. 

 

 

Now this isn’t to say that every place in the Charlotte metro is trending this way but we’ve seen as a whole in Mecklenburg county, these key indicators showing a VERY slight shift towards a more balanced market. Currently Mecklenburg County has 0.8 months of inventory, the highest inventory we’ve seen since November 2020. 

 

This could be a return to a more “normal” market that we didn’t see last year where we’ve got seasonality throughout the year. This means slower fall/winters than we have in the spring/summer. Again, not a crash since we still have incredibly limited inventory, lots of new businesses moving in, and about 70 people every day moving to the Queen City to help sustain our market for a while. 

 

If you’re looking to buy we still recommend doing it sooner rather than later as prices will continue to rise (just likely at a slower rate) and interest rates are currently still at an all time low, meaning you can afford more house now than you will be able to if rates or prices continue to rise. 

 

We’ll end on this – the market is so versatile and so many things can affect these trends like new businesses moving headquarters here, changes in interest rates, or companies announcing they will be continuing remote positions longer. What we do know is that your home is a place to build wealth and hold equity, as well as be a place of safety and comfort at the end of the day. 

 

Want specific data for your part of Charlotte Metro? Shoot us a message!

 

 

Jackie Mistretta

 

Posted in Market Stats
Aug. 11, 2021

Enjoy It While It Lasts…

Summer that is! 

What are some things you plan to do around Charlotte these last few weeks of summer? If you need some ideas still to fill in the gaps check out some of our favorite places around town! 

1.     The U.S. National White Water Center

This place is full of all things outdoors! They’ve got miles and miles of trails, obstacles, rafting, kayaking, paddle boarding, mountain biking, rock climbing and ziplines. BUT it’s not just for adventure, they also have tons of greenspace where they host yoga or concerts. The best part? They also serve food and beverages so you can go have a beer and catch up with friends. If you haven’t gone yet… GO! It’s amazing. 

2.     Anne Springs Close Greenway

With 2,100 acres of nature you’ll find a little of everything at Anne Springs. Located in Fort Mill, SC they have several trails for hiking, biking and horse rides. If you prefer to be on the water hike over to Lake Haigler where you can fish, kayak or paddle board. Throughout the year they host different events like live music or yoga! The Greenway Stables are a working horse farm where you can take guided trail rides or riding lessons? Last the Greenway offers group camping as well, so grab a group of friends and spend a few days exploring all that Anne Springs has to offer. 

3.     Check out all of the murals around town

Local artists have been pairing with small shops and restaurants and painting gorgeous murals all over Charlotte. Take a walk around South End and you’ll find the “Confetti Heart Wall” outside Jeni’s Ice Cream or the “Magic Carpet” on the Rail Trail. Head up to NoDa and check out “The People Wall” showcasing all the people of Noda and the “Lotus Mural” just as a start. There are tons of murals all over town, we recommend spending the day exploring the city and snapping some great photos along the way.

4.     Watch the Charlotte Knights

Head over to Truist Field (Formerly BB&T Ballpark) and watch our very own minor league baseball team in action! Located in the heart of Third ward you can stroll through Romare Bearden Park, grab dinner or a drink and head in to the stadium to root, root, root for the home team. 

5.     Check out a museum

There are a few museums around town including MINT that offers an Uptown location and a Randolph location. If you want more modern art check out Bechtler Museum of Modern Art which you won’t miss If you just keep an eye out for the Firebird (or as some call it – the disco chicken) sculpture out front.

6.     Head over to Crowders Mountain State Park

Check out this 5,300 acre state park located near Kings Mountain, NC with 1,000’s of miles of trails to explore with trails for every experience group. The park offers camping, fishing and rock climbing all set in a picturesque mountain terrain with a 7 acre lake. 

What places would you add to the list? 

 

Jackie Mistretta

Posted in Community News
June 1, 2021

To FSBO or Not to FSBO....

 

Have you thought about selling lately? Maybe the idea of selling on your own, without an agent, even crossed your mind. The market is definitely heavily in a seller’s favor, which can incentivize you to try it out, and to be honest, you will likely get an offer or two, but that will come with a lot of unknown.

 

We’ll start with why does anyone choose to sell their home without an agent? 

 

Last year only 8% of sellers sold on their own, and 56% of those FSBO sellers already knew their buyer prior to selling.  So, a friend, family member or neighbor purchased the home from these sellers. 

 

About 41% of all FSBO sellers sold on their own because they wanted to save money and not pay a commission, most sold in one to two weeks, and eight out of ten FSBO sellers were “Very Satisfied” with their outcome. Sounds great right? 

 

Let’s take a look at the data. The median FSBO home sold for $217,900 while the median agent assisted home sold at $295,000. That is a whopping $77,100 MORE when using an agent. Every Realtor® can charge their own commission fee, but at least for us, this nets you, the seller, a significant amount more than selling on your own, and I don’t know any seller that would be happy knowing that they left tens of thousands of dollars behind. 

 

 

Moving on… The average FSBO did no marketing. None. This means they weren’t on any websites, no postcards, and no widespread exposure to buyers. As your agent we will aggressively market your home, and in this market, that can often result in multiple offers with more favorable terms for you. Once the offers come in, we’ll vet out the buyers, confirm their financing, and ensure that the terms offered match your goals and ideal time frames and best protect you, our client. A FSBO seller often doesn’t know that a buyer needs to be pre-approved, or what the various levels of pre-approvals mean. 

 

 

 

According to the NAR profile of Home buyers and sellers, the biggest hurdles FSBO sellers had? Preparing for market, understanding the paperwork, and pricing correctly. These are all things that we, as your Realtor® help you with. We come through prior to listing and we’ll give you a detailed list of improvements, and we can even help coordinate getting this work, if needed, done. We also give you a market analysis, suggesting a listing price that can include selling the home in its current condition, or with different levels of preparation. During the sale we stay on top of all the paperwork and keep everyone moving within our contract’s timeframe. 

 

 

Last comes repair negotiations. When a FSBO sellers gets a repair request from a buyer or their agent they don’t often know what to do. We’ve heard from a few people that they had to either repair everything on the list or come down in price to accommodate these concerns. While some of those problems may need immediate attention, some may actually be minor concerns. We walk through each and every inspection report item and come up with an action plan to quote out work and repair as necessary to help keep you moving towards the closing table.

 

Some sellers are absolutely capable of selling on their own, but sometimes, it’s easier to let the professionals handle the details. Our team works full time in real estate. All day, every day, we research the market, talk with buyers and sellers, negotiate offers and audit paperwork. Real Estate is our passion and we hope that we get the chance to talk with you about your selling goals soon! 

 

- Jackie Mistretta

Posted in Selling Your Home
May 18, 2021

Is Charlotte's Market In A Bubble?

 

Often, we hear about buyers waiting for the market to crash or the “bubble to burst,” and every time we cringe. While yes, home prices have skyrocketed in the last year and a half, there are several other factors to consider when talking about the market today and what makes it different from 2007/2008. Below are a few reasons we don’t see the market caving in any time soon. 

 

1.     Quality of buyers – It’s no secret that there are multiple, crazy over asking offers right now in almost every price range here in Charlotte, with terms heavily favoring the seller. But unlike the previous crash, these buyers are more qualified than ever before. According to an article from the Wall Street Journal, 70% of buyers had a credit score above 760. Don’t worry if you’re below that though, there are still 30% of mortgage loans under that threshold. Plus, credit score isn’t everything, part of the reason these buyers are so well qualified is they are able to use the equity in their current home, towards their future one! While they may be paying top dollar for a new home, they are getting more than ever before on their old ones. Combine all of this with historically low interest rates and a lot of these buyers are set up for success. 

 

2.     Charlottes got a lot to offer – In Charlotte we currently have over 90 people each day moving to the city. Why are they coming here? It’s not just for the Cheerwine and Cook-out. Charlotte is home to several major industry headquarters. We’re the second largest banking city in addition to rising opportunities in healthcare, technology, education and hospitality. Which all just means, we’ve got the jobs! We also are a middle ground between the cold, snowy northern weather and the blistering heat and hurricanes of Florida. So a nice place to enjoy the outdoors throughout the entire year! 

 

3.     Simple Supply and Demand – This may sound different, but the supply shortage is helping us by expanding the time that homes will be in high demand, keeping prices up while the market starts to slowly even out. In new construction builders are being more responsible than previous years, building only a few inventory homes at one time rather than several all at once. This in the end helps keep construction in check allowing ample time for inspections, but also ensure that during these builders aren’t at as great of a financial risk. Over time there will be more built and more homes available, slowing down the rate of appreciation, but just the amount of people moving to the area will keep our market afloat for some time. 

 

If you’ve been waiting to buy a home during the next crash, we hate to say it, but you may want to reconsider. It’s likely that you’ll be pricing yourself out of the market as interest rates and home values continue to rise.

 

If you're more of a numbers person this YouTube video and the next section are for you. Here is an overview of the Mecklenburg County market statistics from April 2021. Want your City, or Neighborhood specific data? Just let us know, we’re happy to pull that for you.  

 

Number of Closed Sales

1,401

Avg. Price

$476,257

Price Compared to Last Month 

-.20%

Price Compared to Last Year

+ 18.1 %

Median Price

$365,000

Median Price Compared to Last Year

+ 12.3 %

Avg. Days on Market

16

Pending Sales

1,488

House Supply

.6 Months

Avg. Mortgage Rate

3.06 %

Avg. $/Sqft

$198

New Listings

1,706

 

 

- Jackie Mistretta 

Posted in Market Stats
April 26, 2021

Jackie's Moving Experience!

Hello Downey Properties Family 👋

 

 

Jackie here! I wanted to reach out and share a little of my own experience buying and selling in today’s market. I closed this past Friday and oh boy do I truly appreciate all of our amazing clients. These past few weeks have been an absolute whirlwind of chaos at all hours, on all days. So first, thank you all for trusting us, we truly appreciate you! Below are just my thoughts and tips for selling and buying, hopefully they help you with your own feelings when moving. 

 

Let’s start with selling: Take the current advantages of selling. You're going to make more than ever before and that's pretty amazing. It’s no secret that we are in a heavy seller’s market and that being said, you’re going to have a LOT going on in the first few days on the market. You’ll be asked to be out of your home for all the showings, review offers and choose from what could be several amazing offers. Lean in to your agent for advice! Even though I knew the answers to all of my questions, I still asked Bobby about 4,827 questions a day and I literally do this all day, every day. It’s OK, selling is stressful, we are here for YOU! We will make sure you are comfortable with the entire selling process, talk you through the terms of any offers, and ensure that you get the best deal possible for your needs. 

 

Some selling tips? Take those first few days that your house is on the market and go on a short trip. Allow all of the showings to happen back-to-back when you’re away so that you don’t have to worry about being in and out of the house all day. Once you're under contract, pack up EVERYTHING early. Hire out what you can for both pre-listing work and moving day. This can include Pressure washers, packers, movers, cleaners, etc. If you need someone, let us know, we have tons of tried and true referrals.

 

Let’s move on to buying. As you know, it’s NOT fun. You know that you are paying towards the upper end of current value for a home. You know sellers are going to tell you take it or leave it. You know you will bend over backwards to accommodate. Two-week leaseback? Fine. Cook them 4 course dinners throughout their leaseback? No problem. Hire movers for the sellers? Sure. First born child to be named after the seller? Great! 

 

Ok, Ok. Maybe it’s not THAT bad, but it can certainly feel like it and that can really sour your feelings towards your amazing new home… if you let it. 

 

My advice for buying? Start by writing down a list of all of your reasons for moving and come back to it often. You bought the house for something and we want you to keep that something top of mind. This is not a pros and con’s list; this is all the positives for your new adventure. Focus on the future. Focus on making this house your home. Enjoy all of the new memories you’ll be making and know that you are working towards your goals. Also, look forward, your home will continue to appreciate so keep an eye on your neighbors’ sales (we can set you up on a neighborhood watch) and celebrate when other homes sell at or above your value.

 

Did you end up with a project house? I know the feeling 🥴 Make a Pinterest board, goal board or PowerPoint with your renovation ideas. Then when you realize that inside your kitchen cabinet is a hole that must be where monsters live, literally a true story, you can pull out your vision board and again, focus on the future. 

 

We truly appreciate each and every client we’ve helped and we hope that you loved working with us just as much. We know the process can feel stressful to even the most even-keeled person, so if you need absolutely anything at all, please reach out!