26 Nov Mortgage News Review for November
Mortgage and Real Estate News Update for November 26
A big name in the real estate industry has opened a brick-and-mortar space in Charlotte. Elsewhere, a new luxury development will soon be starting to sell home sites. In other real estate news, the market is still growing in Charleston as home sales are slowing nationally. Here is more on the mortgage news stories we are watching:
Another Player Adds Expertise to the Charlotte Real Estate Market
There’s a new kid on the block in the Charlotte real estate market. Zillow, an online real estate database company, is leasing office space in the CoCoTiv coworking space in Montford Park. This is Zillow’s first office in North Carolina, but the company is also planning to join the Raleigh market. Ironically, Zillow started out as an online platform for people to search full home listings from the comforts of their home on their computer or mobile device. Prior to coming to North Carolina, Zillow set up shop in other large cities such as Las Vegas and Phoenix where the company has bought homes directly from owners, renovating and updating homes and working with local real estate companies to resell them. Zillow has now joined fellow real estate disruptors Offerpad, Knock and Opendoor as part of the Charlotte market.
Home Sites are Closer to Being Available in New Wilmington-Area Community
A new high-end development is ready to start selling home sites as soon as the spring of 2019. The neighborhood, Airlie at Wrightsville Sound, will consist of approximately 50 home sites on 11 acres of land along Wrightsville Avenue. This community is incorporating new, smart growth guidelines, including walkability and pedestrian-friendliness. State Street Companies is the developer for this community and plans to develop an additional 19 acres into a mixed-use community once the city has time to review and discuss the plan.
Charleston Region is Still Experiencing Growth in Home Prices
Nationally, there has been a slowdown in price growth over the past several months. Some of this may be a result of higher interest rates. Another potential factor is that the number of homes on the market is growing, with a 1.3% increase from the same time last year. Locally in the Charleston area, the median home price increased 4% in October, up to $259,835. Looking at the year to date, the median home price has risen 6% compared with the same time last year. While the number of available homes rose last month, this is still considered a seller’s market. Prices in the popular Charleston region are continuing to increase even though sales are on par with the first 10 months of last year — an indication that home sales are flattening.
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Dunn, Andrew. “Zillow opening a real estate office in Charlotte.” Web blog post. Charlotte Agenda. 15 November 2018. Web 15 November 2018.
Nunn, Cece. “Airlie At Wrightsville Sound Plans Progress.” Web blog post. WilmingtonBiz. 16 November 2018. Web 16 November 2018
Wise, Warren L. “Home price growth slows nationally, not here.” Web blog post. The Post and Courier. 24 November 2018. Web 24 November 2018.