LOW LOWS AND HIGH HIGHS: WEEKLY UPDATE 1/24/25

On a personal note…despite the frigid temps, it’s been a week filled with gratitude and warmth.  This past Monday my daughter Sydney turned 11 (as I still shake my head in disbelief), but that’s not the story.

The College Football National Championship fell on Monday as well, and if anyone knows Sydney you’ll know she loves football and specifically Ohio State Football.  Just a few weeks earlier Ohio State lost to their rivals Michigan.  For those not familiar with this rivalry…it was rock bottom for Ohio State.  This was one of those losses that many expected would completely fracture the program…except it didn’t.  They took their worst moment and instead together they forged down the road less traveled…accountability, toughness, and resolve. Then they won! 

The story isn’t about football or even Ohio State really, it’s the life lesson she (and our son Chase) got to learn. This past Monday they didn’t just get to experience an exciting win; they got to see firsthand how our lowest lows can lead to our highest highs…if we let them. Here are the 3 things you need to know this week.

Real Homes of Charlotte: The Charlotte area median sales price increased 3.5% in 2024. 

The region has experienced a 37.8% increase in median sales price since 2020.  So how’s the market?  My answer is the Charlotte region has remained impressively resilient over the past 12-18 months, and in 2024 this couldn’t have been more true.  Despite some of the toughest cumulative headwinds in decades; tough rate environment, election year, political uncertainty, and supply issues…prices on average continued to increase. Taking a close look Mecklenburg County median sales price was up 4.7%, York County + 3.9%, Cabarrus County + 7%, Union County +1.1%, Gaston County +5.3%, and Iredell County +2.4%.  

Open and Closed: Almost 42,000 homes were sold in the Charlotte Area in 2024, and over 8,000 available to be sold. 

To be exact there were 41,866 (up .7% YOY) homes sold in the Charlotte Area, and we entered the year with an inventory of 8,111 (up 24.7% YOY) homes available to be sold. This is inclusive of single family homes, townhomes, and condos.  The top areas that experienced the largest YOY change in closed sales were Statesville (+13.1%), Gastonia (+11.7%), and Fort Mill (+9.6%).  As for available inventory the areas that have the largest YOY increase are Fort Mill (+87%), Huntersville (+58.1%), and Davidson (+57.6%).  

Worst Case Scenario: Do You Still Have to Pay Your Mortgage If Your Home Is Destroyed? Yes

With the recent disasters in WNC and more recently the LA wildfires one might ask what happens to the mortgage?  Even if the home is no longer standing, the obligation to pay the mortgage remains. However, there are relief options available. Homeowners can request forbearance, a temporary suspension or reduction of mortgage payments for up to 12 months. This relief is available for loans backed by Fannie Mae, Freddie Mac, the FHA, and the VA. During forbearance, late fees are waived, and foreclosure proceedings are paused.  However, this relief is not forgiveness. Once forbearance ends, borrowers must repay the deferred payments, either as a lump sum, in installments, or by extending the loan term. For those with private loans, options vary by lender. Many major banks like Wells Fargo, JPMorgan Chase and Bank of America have also implemented disaster forbearance programs. God forbid but if your home is ever destroyed, contact your mortgage servicer immediately to discuss available options.

I hope everyone has 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.

Steve