2011 Real Estate Forecast Event for Charlotte

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Posted By Scott Farrell on October 26th, 2010
In Charlotte Homes,Charlotte Market Data,Charlotte Real Estate

Helen Adams Realty presented it 2011 Real Estate Forecast Event for the Charlotte North Carolina Metropolitan area this past Wednesday night at the Charlotte Country Club.  In talking with estimated audience of 300, all said it was a very informative and a great event.  The presentation started with Bob Morgan of the Charlotte Chamber of Commerce giving a detailed presentation on the Charlotte Economic Outlook.

Bob Morgan of the Charlotte Chamber of Commerce Presenting at the Helen Adams Realty 2011 Real Estate Forecast event.

Bob Morgan of the Charlotte Chamber of Commerce

Bob detailed  Charlotte’s growth and how we stand in comparison to other cities for future growth. Charlotte continues to be one of the nations fastest growing regions by adding 59,000 new reside. By 2030 the Charlotte Metro area (MSA) is estimated to 4.8 million people.  That is larger than Boston or Seattle today and nearing the size of Atlanta.

Other key points of Bob Morgan’s Presentation are:

  • Charlotte Job Growth. We currently have just over 40,000 businesses in the region.  That number will expand significantly to 142,000 businesses by 2030.
  • The greater Charlotte Metro area continues to attract businesses.  Both Foreign investment and internal US transfers.  The Charlotte MSA has 850 foreign owned firms in the area and that number is expected to continue to grow as our population and infrastructure do.
  • Companies like Electrolux, Husqvarna and Siemens have all relocated to Charlotte from around the country. In 2008 and 2009 2366 new and expanded companies brought 27,707 new jobs to the Charlotte MSA.

For more on Bob Morgan’s briefing please visit our website.

Jeff Adams President and CEO of Helen Adams Realty at the 2011 Charlotte Real Estate Forecast Event

Jeff Adams, President and CEO

Bob Morgan was followed Jeff Adams, President and CEO of Helen Adams Realty giving a deep statistical analysis of the national and Charlotte Metro area housing market.  Jeff Adams started off with some very inaccurate quotes of housing experts given in 2006 and 2007 benchmarking the difficulties in forecasting housing trends.  Detailing the direct impact on the housing market the formation of new households or the lack there of and population growth from one region to another and how this relates to the Charlotte Metro area.  Jeff went into explaining risk factors for housing prices followed by detailed breakdown of the greater Charlotte Market.  In summary Jeff Adams expects to see a 1.7% increase in the number of homes sold and a 1% increase in the average home price.  As with all housing statistics hyperlocal markets will vary in both number of sales and average home prices.  Major trends that will continue to impact the Charlotte housing market in 2011 and for years to come is the growth in population, Charlotte’s improvement in infrastructure such as the expansion of Charlotte Douglas Airport ( a major hub for US Airways) and continual growth in higher education.  The growth in human capital is Charlotte’s most valuable asset.

Please visit our website for the full presentation.

Search Charlotte Neighborhoods – DILWORTH – Market Report 09/13/2010

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Posted By Debe Maxwell on September 15th, 2010
In Charlotte Market Data,Dilworth,Neighborhood News

Dilworth, one of the most historical neighborhoods in Charlotte was known the “streetcar suburb,” built around Uptown to accommodate trolley commuting.  Other  ‘suburb’ areas of Charlotte that were formed along the streetcar lines, extending out from the city, include Elizabeth, Myers Park and Plaza Midwood.

Sitting just outside the city limits, the area known as Dilworth became home to a showplace residence built by streetcar owner, Edward Dilworth Latta.  His home, built in 1891 was the showplace of turn-of-the-century Charlotte, an expansive mansion surrounded by inviting bungalows and was in what was considered Charlotte’s first “suburban” development.

Dilworth is a true ‘neighborhood’ with front porches leading to traditional sidewalks, leading to eclectic shops, offices, and restaurants, all within walking distance.  One gets a true sense of community when simply driving through Dilworth.

How has Dilworth been faring in the real estate market?   There has been very little change in the Dilworth market as reflected below.  The list to sales price is maintaining at about 94% and the sales prices are stable. There is nearly a one-year supply on the market but, again homes are moving in this popular, historic community.

Dilworth Neighborhood Market statistic chart Dilworth Charlotte NC

Search Charlotte Neighborhoods – Old Charlotte – Dilworth
Search Charlotte Homes for Sale – Dilworth

New Home Listings in Charlotte, NC – week of May 1

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Posted By Holly on May 6th, 2010
In Charlotte Homes,Charlotte Market Data,Charlotte Real Estate,New Listings in Charlotte

Click on the brochure below to see our new listings for the week of May 1, 2010.  Did you know that on our website you can search for all new listings in the Charlotte metro area and surrounding counties?  Visit the New Listings page on our website to see all new listings in the Charlotte metro area:  http://www.helenadamsrealty.com/new_listing_search/.

Do you go out of your way to support your local businesses?

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Posted By roshawn ross- hampton on January 29th, 2010
In Charlotte Market Data,Charlotte Real Estate

My answer is yes. I always visit retailers that are in the closest proximity to my home first (even if the price is higher). I will admit that I do have cost limitations on certain goods and services, but for the most part, I choose local. Here’s an example: I needed to purchase 6 navy blue blazers for children at a local school. (These were donations to an underserved community, but that’s an entirely different story that I will tell at a later time). Anyway, I could have simply ordered the items online at Target.com with free shipping, loaded the box in my car and delivered items to the school. That sounds convenient right? Well, I started thinking. How about I just drive to my nearest Target and purchase the blazers at that location. Better yet, I decided to call. Did you know that Target will take an order by phone! To my amazement, the salesperson retrieved 3 of the 6 blazers that I needed and put them on “hold” for me to purchase at the service desk the following day. My total time for going this route: 20 minutes. For some, this might be troubling or too much work. As I see it, I just pumped several hundred dollars into my local economy. Think about it…I want all my local merchants to thrive in this and any economy. No one wants empty commercial property near their home. It’s an eye sore and can we talk about reduced property values of homes. Now I know you are probably wondering, what I am going to do about the other 3 blazers that were not available at the Stonecrest Target. Well, I am still searching the other Target’s in town. I was told that the Blakeney Target is expecting a shipment in a few days. I am willing to wait.

Top Selling Neighborhoods in Huntersville, NC Area

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Posted By Holly on January 21st, 2010
In Charlotte Market Data,Neighborhood News

In this strong buyer’s market, it is interesting to see what neighborhoods in the Charlotte metro area had the highest number of sales in 2009. Real estate is local, so you really must focus in on stats for pocket Sub Areas to see sales trends.  Often we look at numbers on a larger scale, but what homeowners  really want to know is…what is selling in my local community?

Let’s take single family homes in Birkdale / Huntersville, NC  area for example (which is located in the 28078 zip code, and subarea 9-5 ).  For 2009, here are the top selling neighborhoods:

Top Selling Single Family Neighborhoods in Area 9-5 in 2009:

1.  Birkdale / Birkdale Village: 53 sold, $195-$527K price range

2.  Macaulay: 30 sold, $190 – $435K price range

3.  Cedarfield: 26 sold, $155 -278K price range

4.  Henderson Park: 17 sold, $150- 231K price range

5.  Tanners Creek: 15 sold, $150 – $231K price range

 

Top Selling Single Family Neighborhoods in 28078 in 2009:

1.  Birkdale / Birkdale Village: 53 sold, $195-$527K price range

2.  Monteith Park / Monteith Place: 46 sold, $145 – $360K price range

3.  Macaulay: 30 sold, $190 – $435K price range

4.  Cedarfield: 26 sold, $155 -278K price range

5.  Centennial: 21 sold, $212 – $305K price range

 

The majority of home sales in the Carolina Multiple Listing Service are in the $250,000 and under category, which has been hovering at approximately 75% of all sales for the past several months.  In contrast, homes priced above $350,000 to $500,000 account for 7% of home sales, and homes priced $500,000 to $1 million account for 5% of home sales, and homes priced over $1 million make up 0.8% of home sales.

 
Absorption rate pricing is the best way to price your home to sell in this competitive market.  This kind of analysis takes into consideration the month’s supply of  inventory on the market in your neighborhood (i.e. home listings that compete with your home).  There are only a certain number of homes that will sell in any market at any given time.

  • A 6 month supply of homes for sale is a balanced market.
  • Less than 6 months supply of homes is a Seller’s market (not enough homes to fill demand).
  • More than 6 month supply of home inventory for sale is a Buyer’s market (not enough Buyers to purchase the supply).

 

Helen Adams agents are versed in Absorption Rate pricing.  Ask your agent to conduct an Absorption Rate pricing analysis on your neighborhood, so that you can determine the saleability of your home.  AND if you are a BUYER, why utilize an Absorption rate study to discover the hottest-selling neighborhoods in town, so that you can ensure a sound investment?

Charlotte Real Estate Market Activity

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Posted By Holly on January 17th, 2010
In Charlotte Market Data,Charlotte Real Estate,Real Estate News

The Charlotte real estate market saw 1527 total closings in December 2009, up 12% compared to 2008.  The average closing price for the Charlotte metro area in December 2009 was $211,705, up approximately 5.4% compared to 2008.  The bulk of home sales continues to be in the lower price ranges, with 87% of sales in the $350,000 and under category.  Average days on market from listing date to closing date was 143.8 for the month of December.

See the full monthly Charlotte Real Estate Market activity report here:

Recessions are Temporary

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Posted By Jeff Adams on December 3rd, 2009
In Charlotte Market Data,Real Estate News

If you look at the cycle of our economic ups and downs, the recession we have just gone through has clearly outstayed its welcome. This current recession has lasted around 19 months, far and away the recession-graphiclongest economic slowdown in our history.

The following is an excerpt from the July edition of Moody’s economy.com, and if you would like to read the entire report it is posted on our website, click here.

“Although house prices are not expected to stop falling before mid-2010, the pace of decline will be slower than the national average. Unlike the worst hit housing markets in the nation, Charlotte’s housing market is not oversupplied. Rather, rapidly rising unemployment and income losses are the main culprits behind the area’s weak housing market. Despite the persistence of these negative fundamentals, foreclosures have edged down recently, according to data from Realty Trac.

Median house prices also fell less than at the national level. Although these developments provide some hope that Charlotte’s housing market is headed toward stabilization, the above-average unemployment rate will come in the way of faster progress. The lack of improvement in home sales despite lower interest rates earlier this year illustrates this point.

Although job losses have abated somewhat, the recovery of the Charlotte economy will be weaker than had been expected earlier this year. Restructuring in the banking industry will result in a below-average short-term performance. The fallout from housing and global credit issues is adding stress to financial firms and the business service companies that support them. Nevertheless, Charlotte still has advantages in its highly educated workforce, mix of industries, and comparatively low living and business costs. In the long term, Charlotte is expected to outperform the U.S. Economy.”

Returning Strength in Charlotte Real Estate Market

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Posted By Helen Adams Realty on November 18th, 2009
In Charlotte Market Data,Charlotte Real Estate,Real Estate News

The market did a stutter step on us with the home buyer tax credit deadline; first, a rush to close on contracts by November 30, then a pause in the market for the first 7 days of the month as the market waited for news on whether the tax credit deadline would be extended.

 

On November 6, 2009, the $8000 First Time Home Buyer Tax Credit deadline was extended until June, 2010 (along with a new tax credit offer of $6,500 to existing homeowners), and now the market has begun to move forward again. Please see the document below for details on how these tax credits may be applied.

 

The general thinking is that the returning strength in the market is at entry price levels and as this price level firms up the next higher price level will begin to strengthen in sequence too.

 

National real estate coach, Zan Monroe (www.zanmonroe.com), reported in this month’s monthly Ninja coaching session that, according to statistics furnished by the National Association of Realtors, when a seller sells their home they “buy up” by 50%. This means that a homeowner who sells their home for $300,000 will buy their next home for $450,000. Zan also noted that most sellers select a new home which is less than 4 miles form the home they previously sold.

 

 


Bill Has Passed to Renew $8000 Tax Credit

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Posted By Helen Adams Realty on November 17th, 2009
In Belmont NC News and Real Estate,Charlotte Market Data,Charlotte Real Estate,Money Rates and Investing,Press Releases,Real Estate News

On Friday, November 6, President Obama signed  a bill to extend the $8000 tax credit for first-time home buyers until June 2010.   First-time home buyers will receive the $8000 tax credit if they sign a contract by April 30, 2010 and close on the home by June 30, 2010.  The new bill also will provide a $6500 credit  for homeowners who purchase a new primary residence, and have lived in their current home for at least five of the previous 8 years.

 

The bill has a few provisions including:

* Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

* Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

 

The bill also introduced 20 weeks of unemployment benefits in states with jobless rates above 8.5%.  States with unemployment rates below 8.5% would provide 14 weeks of unemployment benefits.

 

 

The bill also provides refunds on profit taxes for businesses that had operating losses in 2008 and 2009.

 

Click below for the First Time Home Buyer Tax Credit Form:


First Time Home-buyers lead the Market back

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Posted By Scott Farrell on November 16th, 2009
In Charlotte Market Data,Charlotte Real Estate,Real Estate News

CNBC, along with many other financial news services report that “First Time Home Buyers” are rescuing the housing market.  CNBC reports that given the success of the first time home buyer credit to date and the need for qualified buyers to absorb the inventory coming from additional foreclosures next year that the extension of the credit will help stabilize the market.

To read the full aritcle visit click here, CNBC.