How's The Real Estate Market In Lake Norman?

WHAT YOU NEED TO KNOW!

RECENTLY, A DEAR FRIEND

and past client texted me a picture of a for-sale sign that said “$250 IN FREE TACOS WITH THE PURCHASE OF THIS HOME!” After we shared a laugh, he asked me, “How’s the market in Lake Norman?” Like so many of us, I have read news about the housing market changes across the country. e for-sale sign, in my opinion, implied the total desperation of sellers. I wondered if my friend wrongly assumed our local market was su ering the same fate.

During the beginning of the pandemic, the market seemed to go dormant overnight. Sellers were on the fence about selling because they didn’t want to risk being exposed. After a long year of staying at home, buyers in 2021 were growing weary of living in a house they didn’t love. An in ux of buyers entered the market to take advantage of historically low interest rates; unfortunately, there was also historically low inventory. e market became a classic case of supply and demand. In this competitive market, buyers had no choice but to raise the stakes on their o ers—such as waiving the appraisal and home inspection and o ering an extremely high amount of due diligence money, often so large it was most of their down-payment. As 2022 rolled in, the market continued to see steady growth in our area. Interest rates were still low then … buyers who were previously holding out because they thought the prices would drop found themselves in a market with extreme price appreciation and low inventory. By mid-spring, the market started to experience a historically high peak, and buyers were willing to compete and o er over the list price to “win” their home.

Now in the last quarter of 2022, there is indeed a shift happening. Interest rates are rising causing buyers to pause. Sellers once on the fence decided to see if they could sell their home for what their neighbor did six months ago. Because of this, home prices became in ated while the demand began to slow. is natural correction is a healthy shift. w

LKNEXPERT

Erin Ficenec is a broker at Ivester Jackson Distinctive Properties, located at 350 Morrison Plantation Parkway, Suite C-1 in Mooresville. You can reach Erin at 704.728.5657, or ErinF@IvesterJackson.com. A healthy market is now on the rise. Save your calories, Lake Norman. No taco incentives are needed! Here’s why it is still an excellent time to buy and sell in Lake Norman:

FOR BUYERS:

Although interest rates are on the rise, due diligence fees are decreasing. Use the savings to buy down your rate with your lender. This could be a huge cost saver! Less competition reduces the risk of overpaying, which is another benefi t of buying currently.

FOR SELLERS:

Pricing your home at the current market will help your home sell quickly. Homes that are staying on the market for an extended period of time are usually priced assuming the market is still at its peak. Price improvements are happening to stabilize pricing to the current market value. Your ROI will still be very desirable, even though we are no longer at the market’s peak.