GOOOAAAALLLL: WEEKLY UPDATE 2/28/25
It’s an exciting week in the Queen City as we finally enjoy some spring type weather and Charlotte FC hosts their first game of the season!
Charlotte FC is entering its 4th season in the MLS, they currently hold the MLS single-game attendance record with 74,479 fans (inaugural 2022 home opener) in Bank of America Stadium, they are a globally diverse team with players hailing from over 15 countries across Europe, Africa, and South America, and here are the 3 things you need to know this week.?
If You Fix It They Will Come: Buyers are willing to pay nearly 4% more than expected for a home that is already remodeled.
Zillow analyzed 359 listing keywords over the 2 million homes that were listed for sale in 2024 and found “remodeled” had the highest sale price premium of all the keywords.? For a typical U.S. home; buyers paid 3.7% or an additional?$13,194?more than expected for remodeled homes in 2024. Remodeled homes get 26% more daily saves and 30% more daily shares on Zillow than similar homes. Fixer-uppers sold for 7.3% less than other similar homes, the largest discount in three years.
No Way Jose: Almost 25% of buyers think a 2008-level Housing Crash is coming, and 3 reasons it won’t be anytime soon.
1- Foreclosures Are Still Below Pre-Pandemic Levels. Today, it’s a completely different story. Foreclosures are still 28% lower than they were in 2019, before the pandemic housing boom started. That’s a huge difference from 2008, when people were walking away from their homes left and right. 2- Mortgage lending standards are much stronger. In the early 2000s, banks were handing out mortgages to people with shaky credit and no proof they could afford them. The lending rules are much stricter, which means fewer risky loans, fewer defaults, and way less chance of a market collapse. 3- Homeowners Have Way More Equity. In 2008, a lot of buyers put almost nothing down and then took out home equity loans like it was free money. When prices dropped, they had nothing to fall back on. Fast forward to today, and homeowners are sitting on record amounts of equity. Even if prices adjust, the vast majority of people have enough equity to avoid foreclosure.
New Kids on the Block: New listing activity at its highest January level since 2021 as newly listed homes jumped 37.5% month-over-month and 10.8% year-over-year.
Within the past week the Charlotte region saw new listings increase 6.5%, pending sales increased 13.3%, and inventory increased to 34.8%. Meanwhile median sales price continued to increase (2.0%) even as the percent of original list price received decreased 1.0%. The monthly supply of homes for sale is currently at 2.4 months with 6 months of supply considered the benchmark for a balanced market.
Have a great weekend enjoying some beautiful Charlotte weather and hopefully a Charlotte FC win!? Just remember; We’re never as great as our best day - We’re never as bad as our worst day; Be Confident - Stay Humble.