NC JUST PASSED A NEW BILL: WEEKLY UPDATE 12/13/24

Don't let the subject line fool you...we're simply acknowledging UNC-Chapel Hill's new Head Football Coach. Moving on to this week's report.

One really great feature to the Charlotte area is the access to lake life. Charlotte, NC is sandwiched between two lakes; to the North - Lake Norman and to the South - Lake Wylie.  Created in 1904 by the Catawba Power Company (now Duke Energy) Lake Wylie is a 13,400-acre reservoir resting along the borders of South Carolina and North Carolina.  This lake boasts a 325-mile shoreline, offers endless opportunities for lake living, boating, water sports, and thriving fish populations (largemouth bass, catfish, and crappie) make it an anglers paradise. The lake offers vibrant communities like Tega Cay and Clover (in South Carolina), reaches a maximum depth of approx 94 feet, holds around 175 billion gallons of water (at full pond level), and here are the 3 things you need to know this week.

Don’t Fall, Crystal Ball: Charlotte, NC ranked 14th among the nation's largest 100 metros on expected year-over-year increases in existing-home sales and median sale prices in 2025.

Realtor.com just released their 2025 forecast and are projecting a bounce-back year for the Queen City.  In case you were wondering, last year they ranked Charlotte 97th among the top 100 metros in these same categories.  They predicted a 22.4% year-over-year decline in home sales and a 0.9% drop in prices. As of the most recent MLS data; through November the Charlotte Region is down .6% in home sales and up 3.5% in median home prices. This signals that Charlotte significantly out-performed that forecast while showcasing it’s market demand and overall resilience to a challenging 12-18 month market cycle.  If 2024 was a “down year” for the Charlotte real estate market, there should be optimism that 2025 will be robust as strong demand and many growth indicators still remain. See full report: Realtor.com 2025 Report

Slab in the Face: As of 2023, 72.4% of new single-family homes were built on slab foundations.

This represents a significant rise from 45.8% in 2000, according to the National Association of Home Builders. The trend highlights a growing preference for slab construction in modern housing, and there are a couple main reasons.  The first is cost; typically slab foundations require less excavation, materials, and labor than crawlspaces. Another is suitability to soil and climate. In regions with warm climates or high water tables, slab foundations can help avoid issues like moisture accumulation or pest infestations that can occur in crawl spaces.

Social Proof:  41% of Gen Z and millennials are using social media to learn about real estate.

A recent 2024 RE/MAX Future of Real Estate Report showed that two-thirds of real estate consumers aged 18 to 43 use social media and find it helpful for discovering properties and simplifying the home buying and selling processes. The top 3 places this generation goes to for their needs are; home search portals (i.e. Zillow, Realtor, Homes), Facebook, and agent websites. One in four consumers in these demographics use Facebook to find their real estate agents, while one in five uses Instagram or TikTok. As the market fluctuates, preferences for a home can change, and strategies for achieving homeownership are continuously evolving;  these mediums are a crucial source to meet the consumer(s) where they are at.

I hope you have a safe and fun 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