A quick drive around town will confirm the fact that the Charlotte metro area is one of America’s 20 fastest growing cities. These days it seems as if every vacant piece of land is being developed. With all the new apartments are being built in Charlotte you would think that it would be easy to find a nice home or apartment to rent at a reasonable price. However that is not the case. Rents are high and getting higher, with a 5.7% increase over January of 2015 according to Zillow. Many property managers report that they are receiving multiple applications as soon as properties are put on the market. Most apartment complexes are using market based pricing, where the monthly rent quoted is only good for 24-48 hours. My son is paying way more rent for his small two bedroom apartment in South End then I am paying for my mortgage on a large four bedroom house. I work with many first-time home buyers and they always are amazed at how much less they will pay monthly on their mortgage compared to what they were paying for rent. Why make your landlord rich when you can build equity in your own home? Interest rates are low and there are many programs available for first time home buyers that do not require the traditional 20% down-payment. There are many great rent vs buy calculators on the web, and a good mortgage planner in conjunction with a good Realtor® can help you achieve the American dream of home ownership. Don’t be afraid the reach out for advice. I generally spend 6 months to a year working with my first time buyers, working with a lender to make sure they are on a solid footing financially and helping them find the right home. Have a question? Contact us for more information.
Inventory Down, Prices Up: It’s Not That Simple
Homes sales in January fell by 10.6% in the Charlotte metropolitan area over January 2015 according to the Charlotte Area Realtors Association. The main reason for the drop is the lack of inventory. Inventory of available homes in Mecklenburg county is at a 1.9 month supply, compared to a 3 month supply in January 2015. A stable market is considered to be a 6 month supply, anything below that is considered to be a seller’s market. The median sales price increase of 7.8% over last year support this fact.
But what does mean for the average home seller? Will buyers come beating down the doors once the home is on the market? Some home sellers seem to think so, and are pricing their homes high with little preparation or upgrades. These homes are generally sitting on the market. While inventory may be low, many buyers are willing to wait for the right house at the right price.
Homes in high demand areas that are properly prepped for sale are going under contract very quickly, sometimes with multiple offers. What do we mean by properly prepped? Clean, neutral paint, free of clutter, including rooms with too much furniture, and updating light fixtures. These are things that won’t break the bank but make your home attractive to buyers.
Winter Golf in Charlotte
Are you a golf nut? One of the great things about living here in Charlotte is the fact that you can golf year round. The grass does go dormant, and there will normally be a little more mud than usual, but it’s rarely too cold for the true golf addict. Temperatures in the 50’s make for ideal conditions to walk some of the longer and more challenging courses. Yesterday I walked Springfield golf course, one of my favorites. It’s a challenging course to play, with lots of carries, side hill lies, well placed bunkers, and difficult greens. You must think about every shot, and it is easy to get in trouble. I love a challenge, and it’s a great place to work on your game! Located just over the border in Fort Mill, SC, Springfield is a beautiful course, even in the winter.
For those of you looking to live in a golf course community, Springfield offers many options, with prices ranging from the mid-400’s to over a million dollars.Our Tuesday Preview : Vintage Creek in Weddington
Kristin and I schedule one day per week to preview properties, both resale homes and new construction. Yesterday we checked out Vintage Creek, a new home community built by Standard Pacific Homes in the town of Weddington, North Carolina. Weddington is a nice little community just south of Charlotte. They have two model homes open and both are quite spectacular.
Their home designer has done a wonderful job, both models are chock full of great ideas! Two very different kitchens, one dark, one white, both spectacular. My iPhone photos aren’t the best, but you get the idea. There are so many unique features in the model homes that it’s worth checking out, whether you are thinking of moving, or just want some inspiration for updates in your own home. Just remember, while the onsite agents in the model are very friendly and helpful, they are agents of the seller and working in the seller’s best interest. We highly suggest that you utilize the services of a Realtor® as your buyer’s agent whether you are purchasing a new home or an existing home. (If you don’t already have an agent we’d love to help!)The tough part of doing all the previews is that Kristin and I want that same look for our own homes, but we love our neighborhoods and don’t want to move. What’s the next best thing? Remodeling your current home! I found a great link on Houzz about remodeling the bathroom, check it out!
Trouble Clearing the Clutter? Ideas From the Experts
When Kristen and I consult with clients on preparing their home to go on the market, a big focus is usually on removing the clutter. Almost everyone has some type of clutter in their homes, whether it’s as simple as a pile of magazines to closets bursting with clothes. Many of us know we need to do something, but the task is overwhelming. I might spend a token hour here or there going though my possessions, but soon lose my inspiration. I found this great article on Houzz that discusses different philosophies or methods for clearing clutter.
I particularly like this idea from Mindy Starns Clark, author of The House That Cleans Itself, says: “My technique for clearing clutter is based on the understanding that every possession you own, from the tiniest button to the biggest couch, consumes a piece of your time — time to clean it, store it, move it, fix it, lose it, find it, wash it, wipe it and on and on. The more things we own, the more time we sacrifice to that ownership. Thus, when decluttering, ask yourself, ‘Is this item worth the total time investment that owning it requires?’ If it is, then keep it. If it isn’t, then get rid of it. It’s that simple — unless the item also carries an emotional component.” Check out the full article here:
A New Year’s Resolution for Your Home
It’s a new year and the gyms are packed. Everyone is wanting to get in shape for the spring or just trying to have a healthier lifestyle. That’s great, but why not resolve to get your house in shape as well? One way to do that is to look at your home as if you were a buyer seeing it for the first time. Does your home have curb appeal or is your landscaping overgrown? Is there any rotten wood or does your home need a fresh coat of paint?
What is the first impression when you walk through the front door? Have you changed the décor since you originally moved in? Are your kitchen appliances twenty years old? Do you have too much furniture? Do you have organized closets and decent storage? Be honest and make a list of what you fix or update if you were planning to sell your home and do some of the work now.
For example, I love my house, but a prospective buyer would most likely be disappointed at the relatively small closets and lack of storage. I know that I need to make effective use of every inch of space. My plan for this year is to have closet organizers installed and add shelving in some dead space in one of the bathrooms. I can help free myself from clutter and I will have turned a negative into a positive when I sell my house in the future.
Go online and check out some of the sold homes in your neighborhood. How do they compare to yours? Do they have granite in the baths while you still have the standard white cultured marble? Do they have newer appliances? Do they have a lot of hardwood flooring or new carpet? How is the landscaping?
Almost every seller wants top dollar for their home. They often have to make changes in order to get that price. Many of the changes made are ones that the seller thought about in the past but never got around to making. Why not enjoy the updates now? Ones that will stand the test of time? If you are unsure of what updates make sense then contact us and we will be happy to offer our opinion.
Keep Your Keepsakes From Taking Over Your House
Many times we go on listing appointments and make suggestions for our sellers to get their home prepared to go on the market. By far the number one suggestion we have it to eliminate clutter. This is quite often the most difficult part for the seller. They are overwhelmed with how to start and reluctant to begin the process. Here is some great advice on the subject courtesy of Laura Gaskill from Houzz.
Falling in Love All Over Again
We love seeing the excitement of our buyers as they plan how they are going to live in their new home. Maybe they are putting in new flooring, painting, getting new furniture- it’s a fun process. Many of us remember that feeling of excitement, then life intrudes and before we know it we have too much clutter, too much furniture, perhaps the kids have left the nest, or elderly parents are moving in. Take some time to evaluate your house and what you’d like to change. Renew that romance with your home. Vanessa Brunner of Houzz has written a great blog on the subject. And if you haven’t heard of Houzz, you should check it out- it’s a great website with lots of helpful information and wonderful ideas. Enjoy!
Living with Less
I found a great blog post on Houzz written by Alison Hodgson which addresses the idea of living with less. When my real estate partner Kristin and I are working in the pre-listing phase helping our clients stage their homes, we will always recommend removing furniture and accessories. Most of us, myself included, have way too much stuff. If I had to stage my house for sale I’d have to remove at least half the furniture. The giant entertainment center that has become obsolete, the end tables, the lamps, the bookshelves, the old prints, the old books… It’s so difficult to let these things that we once loved – and paid good money for- go. But I am going to follow Alison’s advice. You should too- check out her blog below. And if you haven’t discovered Houzz- it’s a fantastic site, chock full of the latest decorating ideas and advice.
Making Your House Your Home
The inventory of homes is very low here in Charlotte, NC, and many buyers are frustrated in their search for that perfect house. It’s extremely difficult to find a house with the location, floor plan, features, and updates that many buyers are looking for. Generally you aren’t going to find your dream home, but that doesn’t mean you can’t get most of what you want. You just have to look beyond the decor at the bones of the house, the rest can be fixed.
My neighbor, Debby, is a great example. She bought my listing in Ardrey back in September of 2011. The house had great potential and was fine, but nothing special. Debby has transformed an ordinary home into an amazing home! I’ve posted a few photos here in my blog. See the changes for yourself! You can read Debby’s blog about the transformation for yourself here.