JUST LISTED – Stunning, updated home in Challis Farm, a gated community with an 18-acre lake in great South Charlotte location. 5,184 square feet, 5 bedrooms including a main level master, 4.5 baths, 2 bonus rooms, formal living room/study, dining room, gourmet kitchen, dual staircases, beautiful new hardwoods on the main level, screened porch, 3-car garage, and much more! Visit 8812LakeChallisLane.com for more information.
8799 Lake Challis Lane, Charlotte, NC -Beautifully situated along the water’s edge, within the prestigious, gated Challis Farm community, this impeccably maintained home features generous living spaces, dramatic ceilings, extensive built-ins, and an abundance of natural light. The open floor plan boasts 6 bedrooms, 5.5 baths, a gourmet kitchen, formal dining room, study, media room, first floor master suite, screened porch with pool bath, oversized 3-car garage, two balconies, and a heated pool and waterfall spa overlooking Lake Challis. Click the link below for more information.
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Lawrence Yun, Chief Economist for the National Association of Realtors, spoke Wednesday to the Charlotte Regional Realtor Association. In his presentation he said the Charlotte area will continue to have a shortage of homes for sale this year and into the next; a trend that is expected nationwide. There is a 13-year low in housing inventory nationally and a 50-year low for new home inventory.
Charlotte home prices have risen about 10 percent from the bottom. A Wall Street Journal panel predicts a 5 percent home price increase in 2014, Yun said.
Yun predicts that mortgage rates could rise to 5.5 percent by fall of 2014. Cash transactions are one-third of all transactions nationwide.
Yun also predicted four of the next five years to be improving markets.
Overall, his forecast for the Charlotte real estate market is promising.
Charlotte area home foreclosures dipped 1.1 percent in May from a year ago, falling below the national rate, according to CoreLogic. CoreLogic says the foreclosure rate was 2.21 percent among outstanding loans in the Charlotte area, down from 3.31 percent a year earlier. The national foreclosure rate for May was 2.61 percent. CoreLogic’s tracking of Charlotte foreclosure figures show the rate has been on a downward slide for several months. The percentage of Charlotte area mortgage loans 90 days or more delinquent also declined from a year ago. In May, the rate fell to 5.3 percent from 6.8 percent.