The Assessorâ€s office has spent two years determining the market value of all properties and county assessors will visit all properties to verify the accuracy of record for the property, compare similar property sales and consider improvements or changes that have been made to the property. 

Fowler said the assessorâ€s office has seen so far a 50% increase in property values countywide: 57% average increase in residential and 39% average increase in commercial. In Matthews, theyâ€ve noticed so far a 56% average increase for residential and 30% increase for commercial. 

The increase in values partially due to homes being built or flipped across the county which changes the neighborhood landscape each year. Ashley Park in West Charlotte for example has eight houses listed on Zillow.com. A newly built home is going for $700,000 while homes next door are worth less than half.

CEO of The Buildery, Hunter Moll told WCNC News that a hot market means good business for people in his industry. 

Higher property values, however lead to higher property taxes.

“Higher interest rates, higher values, thatâ€s higher payments and now you throw higher property taxes in there, itâ€s definitely going to squeeze affordability,” said Moll.

In a city council meeting last month, Charlotte Mayor Pro tempore Braxton Winston said that lower income families that bought their homes decades ago will be some of those most affected by the property revaluations.

“Itâ€s a time period a lot of our folks have certain fears over, you know, when they see the tax value of their home can change 60%,” Winston said.

Many residents are happy to see value added to their homes, but others fear theyâ€re being priced out. 

“Gentrification doesnâ€t occur because the assessor is raising values,” County Assessor Ken Joyner said. “All it does is bring it to the forefront where everybody sees what is happening in those neighborhoods.”  

Property owners will be notified of their new property values in March. If there is an error or if the property owner disagrees with the value, they can file a review by mail, in person or online. The form to request the review will be live once property values are sent out. It may take the county up to four weeks to respond. If owners disagree with the informal review, they can file a formal appeal to the Board of Equalization and Review. The deadline is May 25.

Once the new values are mailed out, the property tax bills based on the new numbers will be sent out in July. 

The post Home Values Could Increase in Mecklenburg County appeared first on Charlotte Real Estate.

Looser credit score requirements along with no down payments are some of the benefits of a USDA mortgage however there are some downsides. The property must be located in a USDA-approved location, typically in rural areas rather than urban and there are income limits for borrowers.

There are three types of USDA loan programs. The USDA guaranteed program allows borrowers within certain income thresholds in specific eligible locations be provided a 30-year fixed rate loan. The USDA direct program offers low-rate loans to people in need of adequate housing and the USDA repair program offers loans up to $20,000 to improve or repair a home.

There are property requirements for USDA home loans. The home must be located in an eligible rural area. The USDA defines a rural area as “open country or any town, village, city, or place, including the immediate adjacent densely settled area, which is not part of or associated with an urban area.” There are also population requirements for the loan—35,000 and cannot be within a metropolitan statistical area.

While downtown Charlotte areas wouldnâ€t satisfy the requirements for a USDA loan, many neighborhoods in Charlotte would such as Berewick, Creekshire Estates, Graystone, Riverwood and Sherwood Forest. Areas in surrounding counties meet the rural component of the loan as well like Gaston county, Lincoln county and Cabarrus county.

There are two fees that come with the program in 2022: an upfront guarantee fee and an annual fee. Both of these fees are charged to the lender who then generally passes the costs on to the buyer. Depending on the needs of the program, the fees can change annually. The upfront guarantee fee this year is 1% of the loan amount and can be rolled into the mortgage rather than paying out of pocket while the annual fee is .35% of the loan amount. If for example a $100,000 mortgage has a $1,000 on-time payment while also having a $350 per year payment for the life of the loan. Other fees could include loan applications, underwriting fees, credit report fees and appraisal fees.

Along with location requirements, there are also income limits. The limits vary by area and family size. The USDA sets limits at 115% or below of the median household income for each region and those limits are updated annually.

Why USDA over other government-insured options like an FHA will depend on the homeâ€s location, your income credit score and debt-to-income ratio.

You can find USDA-eligible homes in your area here.

And you can the income limits for your household size in your area here.

The post Are you eligible for a USDA home loan? appeared first on Charlotte Real Estate.

According to a recent Zonda survey, around a quarter of baby boomers plan to retire near their grandchildren, earning them the moniker “baby chasers.” The third annual Zonda Baby Chaser Index examines migration trends, which are vital to understand since they feed housing demand.

For both demographic cohorts, the Zonda Baby Chaser Index considers both long-term migratory patterns and present tendencies. While the index’s most recent migration data reflects tendencies prior to COVID-19, itâ€s thought that the virus†impact could amplify those patterns.

“Iâ€m not surprised to see Charlotte, Austin, and Phoenix top the list as all three are great relocation markets for millennials,” says Tim Sullivan, Zonda’s senior managing principal of advisory, who travels across the country working on new-home projects. “These markets also allow many baby boomers to live a classic retirement consisting of downsizing their home, saving some money, being near their family, and, in some cases, having a better quality of life.”

The Southeast and Southwest, like in previous years, remain the most popular destinations for baby chasers. Many of the top areas have characteristics such as diversified economies, a strong or increasing tech presence, pleasant weather, and reasonably priced new housing. Charlotte, this year’s top metro, meets all of those boxes.

Charlotte is home to a variety of companies, including Bank of America, Truist, Belk, Lowe’s, and Honeywell, to name a few. Furthermore, Charlotte is a magnet for new expansion because of an advantageous tax environment, expanding entertainment offerings, and its geographic proximity to both the mountains and the beaches.

The Queen City is a hot spot for baby chasers because of all the aforementioned reasons plus the diversity of the housing stock” says Shaun McCutcheon, Zondaâ€s vice president of advisory in the Southeast. He notes that Charlotte has a variety of low- and high-end conventional homes, as well as low-end and high-end active adult communities, allowing folks migrating from the Midwest and California to be satisfied with their choices. “There are housing options that range from starter homes in the $200,000s to lakefront properties that can be found for around $1 million, the latter of which would be five times that price in other markets.”

It’s possible the covid-19 pandemic only exaggerated these moving trends. Zondaâ€s top baby chaser markets have gained steam as the work-from-anywhere trend gave people more flexibility in where they live. The main concern going forward will be how builders will keep up with demand given how frequently it shifts and the concerns over rising lumber prices.

The post Charlotte #1 Destination for Millennials and Their Baby Boomer Parents appeared first on Charlotte Real Estate.

Whether you are looking for beaches, the mountains, unique breweries or a game of golf, each destination is less than four hours away.

Visit Hilton Head Island, South Carolina to play a round of golf. Driving time to this coastal getaway is three hours and 45 minutes. Hilton Head Island is home to around a few dozen golf courses for you to improve your swing. However, there is more to do than just golf. There are family-friendly parks, beaches and playgrounds. You can also explore the island by renting bikes and kayaks.

Speaking of beaches, Wrightsville Beach is three and a half hour drive from Charlotte.  The water is cleaner, and the beach is generally less crowded than the popular Myrtle Beach, which is a plus for social distancing. If you want to spend the night or weekend, Wilmington is just a few miles away.

Enjoy the water but prefer lakes to ocean? Lake Lure, North Carolina is for you and is only an hour and a half away from Charlotte. If you didnâ€t know already, Lake Lure is famous as a key setting for the movie Dirty Dancing. This quiet mountain destination is perfect for some R&R, “beach” time, and nearby attractions like Chimney Rock.

Are you a fan of breweries? Asheville has the most breweries per capita in the United States. Not a fan of beer? The 8,000-acre historic family home of the Vanderbilts, Biltmore Estate, has a winery, gardens and a spa and village to explore. If you are into art, the River Arts District has artist studios in former factory buildings. Downtown Asheville has plenty of galleries to visit along with beautiful architecture. Asheville is just two hours and 15 minutes from Charlotte.

If youâ€re the outdoorsy type, try a mountain escape in Boone, North Carolina. The drive time is only two hours. Boone is an excellent choice for a quiet getaway. Right now is the perfect time to go hiking, kayaking or fishing. If you would rather visit in the winter, the Blue Ridge Mountains are perfect for skiing or snowbarding and is much closer than Vail, Colorado. A fun fact about Boone, itâ€s home to the Mile High Swinging Bridge- the highest suspension footbridge in America.

Road trips are a great way to alleviate the quarantine boredom especially if you are hesitant to fly right now.

The post 5 Road Trips You Can Take from The Queen City appeared first on Charlotte Real Estate.

The Charlotte Museum of History will host virtual Independence Day festivities starting on June 29th and every day through July 4th. The museum is offering videos, a Lunch and Learn via Zoom, firecracker craft instructions and the ringing of the American Freedom Bell.

On Friday, July 3rd in Gastonia, the Grizzlies will take on the Forest City Owls with a fireworks show following the game. It will be the first fireworks display of the season.

The U.S. National Whitewater Center is hosting a two-day celebration with Fireworks starting at 9:30 p.m. on both Friday and Saturday night. During the day there will be recreational activities, live music and yoga.

In Kings Mountain, the city is hosting the Revolutionary Fourth: Red White & Boom fireworks show at 9:45 p.m. The show will also be streamed live on the City of Kings Mountainâ€s Special Events Facebook page. Prior to the fireworks show there will be at video tribute to the class of 2020 starting at 9:00 p.m. The live music and festival portion of the event has been canceled due to the covid-19 restrictions.

The city of Mount Holly will stream a fireworks show on its Facebook page on Saturday, July 4th at 9:15 p.m. The fireworks will shoot from Mount Holly Middle Schoolâ€s field. Viewing areas around the school may be restricted.

The city of Belmont will host Al Fresco Dining on Main Street Friday, July 3rd and Saturday, July 4th from 5 p.m. to 10 p.m. The city will close Main Street to vehicular traffic and restaurants will bring tables outside. The event has been ongoing since May 22 to assist struggling businesses during the coronavirus outbreak. The fireworks show will start at 9:30 p.m. on Saturday night.

Charlotte Motor Speedway is hosting a drive-in movie. The Goonies will start at 7 p.m. with fireworks to follow at 9 p.m. The cost is $40 per car.

The annual Fourth of July fireworks display at Truist Field in Uptown Charlotte have been canceled due to the covid-19 pandemic. The Charlotte Knights baseball team announced the cancellation on Saturday. The fireworks were scheduled to take place Friday and Saturday nights.

If running, not fireworks, is your preferred celebration, The Charlotte Firecracker 5K can be run virtually. You can submit a picture of your time and distance and race organizers will ship a shirt and medal to you. Registration for the in-person run have sold out. The cost is $30.

Fourth of July celebrations will look quite different this year due to the covid-19 restrictions, but many event organizers are looking forward resuming Fourth of July traditions in 2021.

The post Fourth of July Celebrations in the Charlotte Area appeared first on Charlotte Real Estate.

To determine these rankings, SmartAsset pulled data from the Census Bureauâ€s 2018 American Community Survey. The ACS covers a broad range of topics about social, economic, demographic, and housing characteristics of the U.S. population on a yearly basis. According to the Bureauâ€s website, the data for 2019 is not available.

The study found that there was a net migration of more than 5,000 millennials to the city of Charlotte in 2017. Those numbers fell slightly in 2018 to 3,808 but Charlotte still ranks as the fifth highest according to the findings. Seattle, Washington; Denver, Colorado; Austin, Texas; and San Antonio, Texas took the top four slots ahead of Charlotte in 2018. The rankings considered 205 of the largest cities in the U.S. In 2017, when SmartAsset completed the same survey, Charlotte ranked sixth.

Among the top 25 cities where millennials are moving, no other city in North Carolina was featured. But the state as a whole ranks seventh with a net migration of 12,408. While North Carolina may have a city and state in the top 10, the migration data suggests Texas as the most popular moving destination for Gen Y. Two Texas cities rank in the top five, three in the top 10 (Houston ranks sixth) and the state saw a net migration of about 53,600, the most of any state. More than 192,000 people ages 25-39 moves to the Lone Star state in 2018 while less than 139,000 moved out.

The study also looked at cities millennials are leaving. New York, New York; Chicago, Illinois; Washington, DC; St. Louis, Missouri; and Miami, Florida round out the top five. No cities in North Carolina made that list.

The full report can be found here.

The post Charlotte Ranks in Top 10 Cities for Millennial Net Migration appeared first on Charlotte Real Estate.

According to Diorio, the group is not able to dictate plans, they are serving in an advisory role. “Their input and their guidance is going to be critically important and will weigh heavily on the decisions that we make.” Diorio said.  She went on to say the group will likely hold another meeting sometime this week and that they will likely continue meeting until there is a full reopening of the economy.

“The focus is how do you balance reopening things while also keeping people safe?” said Huntersville Town Manager Anthony Roberts. He said he will serve on the committee as the North Mecklenburg County representative. “The group will be looking to determine how we can open businesses back up.”

An agenda for the first meeting obtained by the Charlotte Observer, showed that the roundtable planned to start by discussing the purpose of the group, then moved to discussing the stateâ€s reopening plan. Last week, Governor Roy Cooper extended North Carolinaâ€s stay at home order through May 8. The orders extending closure of restaurants for dine-in service and bars and closure of other close-contact businesses are also extended through May 8.

“One thing we want to discuss is how we can do a safe soft launch,” said Matthews Mayor John Higdon. He cited federal adviser Dr. Anthony Fauciâ€s advice about not flipping a switch and saying things are normal. “How can we slowly open businesses deemed nonessential, and how can we open them in a safe manner?” Matthews will be represented on the roundtable by Town Manager Hazen Blodgett according to Mayor Higdon.

County health officials shared a forecast that coronavirus cases will peak in Mecklenburg in June and strain hospital resources. Mecklenburg Public Health Director Gibbie Harris previously said a surge would hit the region between mid-April and mid-May. Last week, Harris announced a June 8 peak was more likely. This is based on modeling that shows social distancing practices and public restrictions had begun to flatten the curve.

“The good news is, although weâ€re watching these models very closely, the surge that we had anticipated, weâ€re not quite seeing,” said Jesse Cureton. He is the chief consumer officer for Novant Health and a member of the roundtable. “But weâ€re still operating from a standpoint that we may very well see a surge.”

The Covid-19 Business Leaders Roundtable meetings are not open to the public or media. For a list of roundtable members click here.

The post Mecklenburg County officials assemble panel of business leaders to discuss reopening Charlotte economy appeared first on Charlotte Real Estate.

In addition to state money, once federal benefits start getting processed, there should be millions more dollars pouring into North Carolina for financial assistance. The federal benefits include an extra $600 per week which is more than double the stateâ€s weekly payments. President Donald Trump recently signed the CARES act into law which expanded on unemployment benefits for Americans out of work. The benefits of $600 a week are for up to four months. According to the stateâ€s unemployment website, they are currently testing their system and anticipate making the first payments by April 17.

On Thursday, Governor Cooper announced an executive order that allows changes to the unemployment process. He said the order will make it easier for employers to file a batch of claims on behalf of their employees known as “attached claims.” State officials believe this will help eliminate the issues that are keeping people from getting approved.

Independent contractors, freelancers, and those self-employed are usually not eligible for unemployment benefits. However, workers who fall into this category may qualify for Pandemic Unemployment Assistance (PUA) which is available as a result of coronavirus. The Division of Employment Services received guidelines from the federal government on how to implement the PUA benefits on Sunday and hopes to have the system ready to accept those claims for financial assistance “around April 25.” Thatâ€s according to the DES website.

Complaints about the long wait times have been widely reported. Lockhart Taylor says there have been complaints about people calling and being hung up on due to the high number of calls. On a recent day, he says the office received more than a quarter of a million phone calls. Taylor hopes providing information on the website will alleviate the frustrations of callers.

To apply for unemployment benefits or to find out more information about qualifications you can go to des.nc.gov

As of this writing, Mecklenburg County has more than 860 coronavirus cases with 10 deaths. You can stay up-to-date with the county by county numbers here.

The post North Carolina On Track To Surpass 500,000 Unemployment Claims appeared first on Charlotte Real Estate.

A new Metro Monitor 2020 report released by The Brookings Institution reveals the United States has achieved a record-long economic expansion over the past decade. The report is an annual analysis that tracks various communities†economic growth, prosperity and inclusiveness. The data was collected over two time periods: 2008-2018, the decade following the 2007 global financial crisis and 2017-2018, the latest year of data available across all indicators.

With an expanded set of metro areas, the 2020 report categorized metro areas into three classes based on size. With size becoming an important element in determining economic growth, The Bookings Institution decided this approach promoted a more relevant benchmark among other metropolitan areas. 53 metro areas total fall into their “very large metro area” which includes populations over 1 million.  The Charlotte-Concord-Gastonia Metropolitan Statistical Area falls into this category with a population of almost 2.6 million.

Charlotte ranked 12^th in overall growth in the 2008-2018 while gaining 2.3% and rising to number 9 for the 2017-2018 period. There was also a 4.8% increase in Gross Metropolitan Product and a 5.7% increase in jobs at young firms. The region also showed a 7^th ranking for Prosperity in the 2017-2018 time period– a 2.4% increase in change in productivity with marginal increases in average annual wage (+1%) and change in standard of living (+3%)

The Metro Monitor report ranked Charlotte at 28 out of the 53 very large metro areas for racial inclusion in the 2008-2018 time period with a 31 ranking for the 2017-2018 year. The very large metro areas’ success did not extend to this category but the midsize areas such as our neighbors in the Hickory-Lenoir-Morganton metro made better  progress in reducing the economic gaps. The racial inclusion category relates to comparisons between white citizens and people of color. There were poor rankings across the board in this category which included poverty rate gap (36), median earnings (31), and the employment rate gap (32).

The Overall Inclusion category however paints a different picture with a ranking of 24 out of 53 for the 2017-2018 time period, a big jump from 43 for the decade proceeding. Helping that increase was a strong change in the employment rate (+1.7%), earning Charlotte a number 6 ranking.

While the covid-19 virus pandemic may be prompting fears of a worldwide economic downturn, the past decade has shown that the nationâ€s GDP has grown in every quarter since the middle of 2009 and the labor market has added jobs in every month since September 2010. All things to consider in the coming weeks of uncertainty.

The full Metro Monitor 2020 report from the Brookings Institute can be found here.

And you can explore their interactive map data for the Charlotte area as well as other U.S. cities  here.

The post Amid Coronavirus Outbreak Charlotte Shows Economic Strength appeared first on Charlotte Real Estate.

The cityâ€s “Vision for Eastland” rezoning petition was filed early last week. Plans for the site which has been vacant since the mall was demolished in 2013, is the result of a multi-phase, extensive community outreach, and engagement process to see the area be redeveloped into a multi-use residential and commercial building. Rezoning details for square footage or number of housing units for development were not included in the documents. Included in the plans for the site include a 29 acre adjacent facility that is set to host the headquarters and training facilities for a recently announced  30^th expansion team in Major League Soccer coming to Charlotte in 2021. The team has yet to be named. Plans also call for a public park but no details are available about the size or design.

Charlotte City Councilman Matt Newton told WSOC TV News that the project “will be transformational for the cityâ€s future.” Said Newton, “The Eastland site is the linchpin for our future here in east Charlotte, there is no doubt about it. If we get Eastland right, we have a brighter future.”

Major infrastructure work will be needed for the Eastland site. This includes removing the asphalt of the mallâ€s leftover parking lot, building new roads and adding traffic signals. Rerunning the siteâ€s water and sewer lines will also be needed. The work canâ€t begin until the rezoning petitions are approved by Charlotteâ€s city council though work is expected to begin before the end of this year. Construction on apartments and housing, as well as retail and dining space, could begin mid-2021 with future consideration for a hotel and office space.

Built in 1975 as the then-largest mall in North Carolina, the former Eastland Mall was situated on 90 acres located approximately five miles east of Charlotteâ€s City Center. Eastland Mall closed its doors in June of 2010 and has seen multiple attempts of redevelopment since its demolition in October of 2013 but all have been unsuccessful. The City, who owns 69 acres of the property, purchased the entire mall as well as some outlying properties for $13.2 million in August of 2012. A portion of the site is used as an outside market on weekends along with the Charlotte Area Transit System transit center. The site previously saw plans calling for projects such as a movie studio and film school, but the property hasnâ€t been rezoned since the mall was first built 45 years ago.

Selected as the Master Developer in 2018, Crosland Southeastâ€s development resume includes Bellevue Mall in Nashville, Tennessee and the Cloverleaf Mall in Richmond, Virginia. Both projects were custom designed for their specific community needs.

A community meeting will likely be held next month to include input from city and county departments. A vote on the petition isnâ€t expected until May or later during a council zoning meeting.

You can click here to sign up for updates on the site plans.

The post Plans detailed in new documents for Eastland Mall site appeared first on Charlotte Real Estate.