A PERSONAL NOTE

A personal note.

This past week we had the opportunity to watch our daughter Sydney graduate from 5th grade, and out of the elementary school that offered an amazing 5 year experience. It was a reciprocal relationship where she gave that school, as much as it gave her.  As I attended the 90 minute graduation event the word that kept flashing in my mind was “COMMUNITY”…what an amazing community.  

Since then I’ve been thinking about that word and what it means for all of us.  In my 22 years of living in Charlotte I’m convinced more than ever we live in a city that offers many amazing communities that support us, challenge us, can bring out the best in who we are, and allow us to do the same for them.  I would also note that communities aren’t necessarily defined by lines, geography, or boundaries…instead in connection, safety, spirit, and here are the 3 things you need to know this week.  

Spend it Like Beckham: Americans spent over $600 billion last year on home updates.

As buyers are becoming pickier about property conditions, this makes sense. Per the NAR 2025 Remodeling Impact Report these are some top projects for ROI that don't break the bank: Cost recovery for steel front door: 100%, closet reno: 83%, kitchen upgrades: 60%. Home projects can pay off emotionally, too. Here are the top projects that sparked the most joy for homeowners: kitchen: 10/10 Joy Score, primary suite: 10/10, bathroom reno: 9.8/10. These are changes that make your home feel brand new, whether you’re selling or staying.

Not-So Bitter Bidder: In Q1 2025, just 7.7% of buyers identified overbidding as a top concern when purchasing a home.

This is down from last year as 10.4% of home buyers listed overbidding as a top concern.  As concerns for overbidding drop the top 3 concerns prospective buyers are citing include: lack of inventory that fits their needs (44.3%), budget constraints (36%), and credit and financing issues(13.5%).  As real estate is shifting towards a more balanced market, “overbidding” is no longer the norm, and we’re seeing more opportunities for buyers to come in under list price, receive seller concessions, or a combination of both.

Rise and Fall: The typical U.S. luxury home price rose 6.5%, to $1.35 million. Yet, luxury home pending sales hit a decade low in April.

At a national level pending sales in the luxury home market have fallen to their lowest level in more than a decade.  This despite the typical U.S. luxury home selling on average at $1.35 million in April (up 6.5% YOY).  The reason pending sales are down to their lowest point since April 2014?  Even though the upper end of the market has more flexibility to operate than the broader buyer profile there’s a deepening mismatch in the luxury space between the prices home sellers want and the value luxury home buyers are willing to pay. The Charlotte luxury home market is experiencing these dynamics, but this is very situational based on location and available inventory.  In high demand/low supply areas we are still navigating high competition, and in areas with some more supply there are opportunities to be had. 

I wish you all a great weekend and remember; We’re never as great as our best day - We’re never as bad as our worst day; Be Confident - Stay Humble.