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Charlotte Real Estate Market in 2020

January 15, 2020 by Danielle Edwards

Charlotte Real Estate Market in 2020

Buying or selling? Here’s how the Charlotte Real Estate market may affect you

Perhaps the number one question Realtors get is “how is the Charlotte real estate market ?” Followed by: “when is the best time to sell or buy?” Whether you are looking to buy a new home or sell your current home this year, the best place to start is by diving into as much information as you can get your hands on, so you can create an effective game plan for your journey. Let’s start by discussing the state of the Charlotte real estate market in 2020.

 

 

Charlotte Skyline

Photo by Daniel Weiss

Charlotte, NC ranked 2nd fastest-growing city

According to the Charlotte Observer, everyone from big business owners to small families around the country have their eye on Charlotte as a possible relocation destination. Our little southern banking town isn’t so little anymore, and it’s certainly not just a banking hub these days. The north side of South Boulevard was merely warehouses and old mills over a decade ago; but now, it’s a bustling metropolitan hot spot full of activity. If you were seeing it for the first time in 10 years, you wouldn’t recognize it at all.

Charlotte Real Estate statistics

According to the MLS, 2019 ended with a flurry of housing activity. From December 2018 to December 2019, home sales grew by 17.2%.  During the year of 2019, 50,854 properties sold in the Charlotte region, which was a 5.9% increase from 2018.

The Canopy Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte region based on data from Canopy MLS. The Charlotte region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.

Demand still increasing

Pending sales, which continue to show tremendous demand from buyers, increased by 8.9% from 2018 to 2019. December figures showed demand soared upwards by 22.3% compared to last December as buyers continue to seek homes across the region.

Still a “seller’s market”

Prices continued to respond to strong seller’s market conditions, with the average list price in 2019 ($333,290) rising 4.6% over 2018’s average list price. The original list price to sales price measure for the year was 96.7%. The average sales price in 2019 rose 5.9 % compared to 2018 to $303,722, while the median sales price, a better measure of prices over time, rose 7.1% to $255,000.

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Inventory steadily decreasing

“Despite the slower activity during the first half of 2019, it’s truly turned out to be a record-breaking year of sales,” said 2020 Association/Canopy MLS president John Kindbom. “With sales in 2019 up nearly six percent over 2018, and with the phenomenal activity we saw during the month of December, it looks like the spring market has started early.” John Kindbom 2020 MLS President.

The new listing activity has been challenged for some time now, with offers being placed almost as soon as a listing is published. Listing activity for all of 2019 was essentially unchanged compared to 2018, rising 1.7% with 61,069 total new listings at year’s end. This will continue to impact inventory, which declined 23.9% in December and left the Charlotte region with 7,416 properties for sale at report time, or 1.7 months of supply. A year ago, in December 2018 the region had 9,747 properties for sale, or 2.4 months of supply.

Days on the market: holding steady

For all of 2019, the average number of days a property was on the market from the time it was listed until it closed (list to close) was 93 days, which is unchanged compared to December 2018. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, averaged 43 days in 2019.

This excerpt was from Canopy Realtor® Association, which is a trade association that provides its more than 12,200 Realtor® members with the resources and services they need to conduct ethical, professional, successful and profitable businesses. The Association is dedicated to being the region’s primary resource for residential real estate information. The Association operates Canopy MLS, which has more than 17,800 subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a 24-county service area, including Charlotte, the mountains area of North Carolina, South Carolina, and beyond.

Realtor Danielle Edwards: Thoughts on the market

This time last year was really slow for many Charlotte Realtors. This year proves to be different as just one week into the new year, I have one listing and 3 pending buyer transactions.  I would say 2020 is off to a great start.  Interest rates are at a great place for buyers and many sellers are taking advantage of that to sell and relocate.  In the Charlotte real estate market we see a lot of homeowners downsizing into senior living, townhomes, or opting to move to the mountains or beach.

Buying vs. Selling in Charlotte

A realtor most often wears two hats, listing agent and buyers agent. Here is a link to the working agents brochure if you want to familiarize yourself with how that works.

Why do I need a buyers agent?

Excellent question! Did you know that buyers’ agency wasn’t created until the 1980s? Prior to that, all agents represented the seller.  I can’t imagine!  Here are a few quick reasons you need a buyers agent:

  1. They are experts in the home buying process and guide you through each step
  2. Good agents can point out the negatives or any potential red flags in a home for resale
  3. They are highly knowledgeable on what’s legal and what’s not
  4. They negotiate repairs by leveraging their contacts when needed to provide “expert advice” on certain issues
  5. A good agent has your back while you’re busy. They’ll be hard at work problem solving and getting all documents lined up for you when your day-to-day life needs your attention
  6. They have YEARS and hundreds of hours of training behind them to handle the craziness of unexpected scenarios you have no idea exist.
  7. They are paid by the seller. Yep, buyers agents are at NO cost to you!

Why do I need a listing agent?

With a slew of online firms entering a market, it stands to reason that a seller will want to check out their options when it comes to listing their home. I think it comes down to one word. Service.  Do you want a one-size-fits-all approach to selling your home? Or do you want to try to sell your home for top dollar and leverage your property?  It amazes me how often small upgrades can truly change the appeal of a home. Do you want to do all the work? Or do you want someone to do it for you? It’s as simple as that.

There are so many factors to consider.  If you are considering interviewing Realtors, I would be happy to meet with you to discuss the role of a Realtor and what sets me apart.  Visit Soldondanielle.com for video testimonials from my clients.

Danielle Edwards
DrivenDanielle@gmail.com
704.604.2999

Danielle Edwards, Realtor Charlotte

 

 

 

 

Thank you for CMLS for the data used in this blog.  Canopy Realtor® Association is a trade association that provides its more than 12,200 Realtor® members with the resources and services they need to conduct ethical, professional, successful and profitable businesses. The Association is dedicated to being the region’s primary resource for residential real estate information. The Association operates Canopy MLS, which has more than 17,800 subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a 24-county service area, including Charlotte, the mountains area of North Carolina, South Carolina, and beyond.

Filed Under: Advice, Charlotte News and Information, Charlotte Real Estate News Tagged With: ABR, ballantyne nc, buyers agent charlote, buying a home in ballantyne nc, Charlotte, charlotte real estate market, Charlotte realtor, CLHMS, five star agent, listing agent charlotte, realtor ballantyne nc, remax, remax 100% club, remax agent, remax agent ballantyne nc, remax agent matthews nc, remax agent southpark nc, remax broker ballantyne nc, remax broker matthews nc, remax broker southpark nc, remax platinum, remax real estate agent, remax real estate agent southpark nc, remax realtor, remax realtor ballantyne nc, remax realtor charlotte, remax realtor matthews nc, remax realtor southpark nc, selling a home in ballantyne nc, sps

HOME BUYING PROCESS

August 4, 2015 by Danielle Edwards

HOME BUYING PROCESS IN CHARLOTTE, NC

BY REALTOR, DANIELLE EDWARDS /REMAX EXECUTIVE

NC real estate process.

YOUR CHARLOTTE REALTOR

 

 

 

 

On the surface, buying a home may seem like a relatively straightforward process. However there are dozens of variables in any transaction that can make home-buying quite complex.

Choosing an Agent — Choosing an advisor to guide you through a transaction as important as buying a home is serious business. So homebuyers should give just as much consideration to hiring a buyer’s representative as sellers give to hiring a listing agent. Experience in your preferred neighborhood and/or style of home is important, but so is the comfort level between agent and client, because buying a home is a highly personal experience. Ultimately, you only work with one agent, so it should be someone you like, trust and respect and who feels the same way about you.

Assessing your Financial Situation — For starters, use an online mortgage calculator to get a sense of your buying power and monthly mortgage payments. As a general rule, most experts say that your housing expenses should not exceed 28 percent of your gross monthly income, but a variety of factors – from your credit score to other debt – can open this ratio up to a pretty wide range. Remember that there are other costs involved in buying a home, such as moving, decorating and remodeling expenses. You should also consult with your accountant or financial advisor to talk about how real estate affects your financial goals. Knowing where you will come out of the transaction will give you a lot more confidence going in.

 

Getting Pre-Approved — In today’s home-buying environment, a mortgage pre-approval is not only essential; it is also incredibly easy to obtain – whether online, over the phone or in-person. A mortgage pre-approval lets you know exactly what you can afford to buy. It also demonstrates to a seller that you are a willing and able buyer. And it gives you a head start in getting an actual loan commitment. Learn more about pre-approvals by visiting with one of our preferred lenders online or in person.

 

Creating a Wish List — Almost every home purchase involves some degree of compromise, which is why it is important to prioritize your wants and needs before you begin your search. There are many variables to think about depending on your prioritize your wants and needs before you begin your search. There are many variables to think about depending on your lifestyle, budget and future plans, but some universal considerations include: location, features, amenties, age of home, pool?, hoa.

 

Master down!

CHARLOTTE ,NC HOME

FINDING YOUR HOME

Once you have obtained a mortgage pre-approval and selected a real estate agent, you are ready to begin your home search in earnest. Today, approximately 80 percent of home searches begin on the Internet, and if you’re searching for a home in Charlotte, there’s only one web address you need to know: www.soldondanielle.com My web site includes tools, tips and access to all of the Charlotte properties listed in the MLS. Best of all, you’re in control. Sign up for me to manage and customize your search, receive e-mail updates on new listings as they become available, conduct several searches at once and save and compare properties.

 

Review Listings — Using the guidelines you set forth, Danielle will present you with available listings. In addition to price and property attributes, pay close attention to data like property taxes, market time and monthly assessments for condos and town homes.

 

View Properties — Danielle will schedule showings and accompany you on each appointment. When you walk through a home, some things to consider are: how the space functions for your lifestyle; what’s included in the total square footage (balcony, basement or garage); and, in new construction, which features are standard and which are upgrades. According to the U.S. Department of Housing and Urban Development, the average buyer will view 15 homes before buying one. But that is just an average. Some buyers will purchase the very first home they see. Others will look at more homes.

 

Open Houses — Remember, if you are attending Open Houses without your agent, be sure to mention that you are being represented by a Realtor, Danielle Edwards. This will save you from being bombarded with calls from other agents trying to represent you. We will supply you with some business cards to make the Open House sign-in process even easier.

 

Compare Properties — Discuss each home you see with your agent, and provide candid feedback. Your expectations and the marketplace will begin to converge, and your agent will be able to adjust certain parameters such as location and features in order to present you with alternatives.

 

Use Danielle Edwards Property Comparison Sheet to track and compare each listing. When you find a home and are ready to make an offer, your agent will perform a Comparative Market Analysis or CMA.

 

It’s Time to Make an Offer

 

Put yourself in the seller’s shoes and imagine how they may react to everything you’re about to put in your offer. Oral promises are not legally enforceable when it comes to sale of real estate. Please be sure you have communicated everything you want in the offer to your agent.

Price

Have your realtor do a comparative market analysis for you. It will show you the fair market value of the property. The following factors could affect price.

  • Condition of home
  • New home improvements
  • Market conditions
  • Seller’s motivation
  • Seller concessions
  • do you want them to pay closing costs? Expect to pay a little more

 

Due diligence period– Negotiated time frame and $ amount. For example $400 for 30 days to do your inspections, get your loan “approved”, and property appraised. You can back out of the home for ANY reason or NO reason by 5pm on the day due diligence ends. This check is made out to the seller and delivered within 3 days of accepted contract. *

Earnest Money — Earnest money is a deposit, given by the buyer to the seller, which secures the contract until the closing. Earnest money is typically held in an escrow account until the closing, when it may be applied to the down payment and/or closing costs. If the sale does not go through due to contingencies covered within the contract, then the earnest money may be returned to the buyer. However, if a buyer is in breach of contract, then a seller may be entitled to keep all or a portion of the earnest money. This amount shows the seller how serious you are. Normally, 1% of sale price is a good starting point. This money is deposited day one of accepted offer. It goes “solid” at 5:01pm of the day of due diligence ends. If you back out of your home for ANY reason during due diligence, then your earnest money will be refunded within 3 day business days.*

 

*You get both the due diligence & earnest money back at closing as a credit towards closing costs/purchase price.

 

Financing Contingency

You will probably need a mortgage. Even if you are preapproved the lender will still need time to get the appraisal done, order title, etc. Your agent can advise you on how much time to allow for.

Home Inspection

Don’t skip this. It’s money well spent in the long run. If the home has major issues, you’ll want to know before buying it, not when you’re stuck with it after closing.

Disclosures

Make sure you receive all proper seller disclosures. Federal law requires the seller to disclose all material defects that they are aware of.

Multiple offers

It doesn’t have to be a ‘hot’ market for a seller to have the luxury of choosing between multiple offers. If you find yourself in a multiple offer situation, don’t panic and don’t withdraw your offer –you could be the highest bidder. Go through at least one round of negotiations before you decide to withdraw. Have a price in mind of where you want to go and stay in the game until the price is reached. Many buyers lose the property by pulling out too soon.

 

Closing Date — One of the most important terms of a real estate contract is the closing date – the date when ownership changes hands. This is usually, but not always, the date that the seller must vacate and the buyer may occupy the property. Flexibility on the closing date can give a buyer a big advantage over other potential buyers. Occasionally, it can also allow you to negotiate a lower price or other, more favorable terms.

 

From Offer to Closing

Once your offer has been presented to the seller the negotiating process begins. There are liable to be numerous counter-offers going back and forth between you and the seller. There are a few important things to remember :Your offer is just that-an offer-until it has been accepted and agreed to by both you and the seller. At any time during the negotiating process another offer could come in and cause you to be in a multiple offer

–

or worse

–

lose the house completely. A wise buyer will try to come to an agreement with the seller in a reasonably short period of time. Many contracts have stipulations on when the buyer must make his mortgage application. Please be sure to check your contract and abide by its requirements.

 

1)Get all documents to your lender ASAP. Be sure to comply with all requests of your lender after the mortgage application has been done. Not producing the documents or information they need can jeopardize your getting your mortgage on time.

2) Schedule home inspection. Your agent will handle this. Decide if you want radon, termite, separate AC, or structural inspections done.

 

Generally, the buyer accompanies the home inspector at the inspection. Please allow at least 2 to 3 hours for an average inspection. More time may be necessary for a large home. Your agent will act as coordinator for all activities from this point and will keep everyone in the loop as far as what is going on. The lender, home inspector, both attorneys, the other REALTOR, the title company (or escrow agent) will all be performing necessary duties during this time. If necessary your agent will work together to negotiate any repairs that were noted during the home inspection. Remember, routine maintenance items are not the type of thing that should be noted and negotiated.

 

3) Walk thru-Your walk thru will be scheduled as per your sales contract. Your agent will schedule this with you, the seller and the listing agent. It should happen just prior to the closing. If all of this sounds a little overwhelming–don’t worry –you’re in good hands. Your agent has been through this many times and will be there for you during the entire process. Relax and enjoy the experience.

 

4)Utilities- have set to turn on for the day of closing.

 

5)Show me the money- All funds will need to be wired the day before closing.

 

If you are new to buying a home, or a veteran and would like expert guidance and representation I would be honored to work with you.

Please contact me directly so we can start your home buying process on the right track!

NC Real Estate requires that all buyers/sellers review the Working with Real Estate agents brochure.

You can access that here.

CONTACT:

RE/MAX Executive Realtor Danielle Edwards

Danielle Edwards, ABR, SPS, CLHMS

REMAX EXECUTIVE

704-604-2999

danielleedwards@remax.net

www.soldodanielle.com

Filed Under: Charlotte News and Information, Featured, Uncategorized Tagged With: ABR, buyers agent, buying a home 101, buying home process, buying process, charlotte buyers agent, Charlotte realtor, danielle edwards, first time home buyer guide, how to buy a home in charlotte, remax executive, what to expect buy a home

Danielle Edwards Achieves ABR Designation

April 17, 2015 by Danielle Edwards

Charlotte Realtor

REMAX EXECUTIVE REALTOR

 

 

 

 

 

Accredited Buyers Representative

Accredited Buyers Representative

CHARLOTTE REALTOR – DANIELLE EDWARDS-ACHIEVES NATIONAL RECOGNITION

 

 

CHARLOTTE,NC – DANIELLE EDWARDS with REMAX EXECUTIVE has been awarded the Accredited Buyer’s Representation ABR designation by the Real Estate Buyer’s Agent Council. (REBAC) of the NATIONAL ASSOCIATION OF REALTORS (NAR).

 

DANIELLE EDWARDS joins more than 30,000 real estate professionals in North America who have earned the ABR designation. All were required to successfully complete a comprehensive course in buyer representation and an elective course focusing on a buyer representation specialty, both in addition to submitting documentation verifying professional experience.

 

REBAC, founded in 1988, is the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer. There are more than 40,000 active members of the organization world-wide. THE NATIONAL ASSOCIATION OF REALTORS, “The Voice for Real Estate,” is the world’s largest professional association, representing over 1,000,000 members involved in all aspects of the real estate industry.

Watch her video on why having a Buyers agent is vital to your journey in buying a home in Charlotte.

RE/MAX Executive Realtor Danielle Edwards

Contact Charlotte Realtor Danielle Edwards to be your buyers representative or buyers agent:

704-604-2999

danielleedwards@remax.net

www.soldondanielle.com

 

 

*ABR and REALTORS are trademarked.

Filed Under: Charlotte News and Information Tagged With: ABR, ballantyne realtor, buyers agency, buyers agent, Charlotte, charlotte referral agent, how to buy a home in charlotte, realtor, remax executive, southpark realtor, top charlottes buyers agent, working with real estate agents

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Danielle Edwards
RE/MAX Executive
12104 Copper Way Ste. 100
Charlotte, NC 28277
704-276-6882
info@soldondanielle.com

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