2013 is going to be a great year in Iredell County and the Lake Norman Region.

harborwatch islands (2)2013 is going to be a great year!  We keep hearing this over and over but is it really true?  Let’s take a look at why we are hearing this in the Lake Norman area in North Carolina. The market area that I want to talk about are the towns of Mooresville, Statesville, Troutman, Cornelius and Davidson areas.  Iredell county is changing and the smell of recovery is in the air. 

For the last couple of years, I have been saying that we were going to come to a time that the housing inventory is depleted and with no new construction, buyers would struggle to find homes.  Well….that time has arrived in full force.  the Lake Norman area was booming in 2007 with new homes and communities popping up everywhere, huge homes priced over $500,000 were the norm, builders were fat with inventory and there weren’t signs of it slowing down, but oh  how it did slow down. 

Today, new home communities sit deserted, there’s limited new construction inventory and banks001 (141) are still holding a tight rein on funds but this area is not to be held down!  As of December 2012, Mooresville has less than4 months of housing inventory and buyers are sitting around wondering what happened.  In just a very short period of time, we have flipped from a buyers market to a hot sellers market.  Now, don’t get me wrong, sellers still need to price their homes for the current market to be competitive but of they are even in the ball park, the homes are getting offers quickly.  Buyers are getting outbid in many cases causing a sense of urgency in their buying patterns.  Foreclosures and short sales are diminishing and new construction cannot keep up with current demand, creating a building frenzy.  

This is such great news for our area and I foresee a quick rebound to better days.  New homes mean new jobs, both of which we have been missing in the last 4 years.  On the downside, the appraisals are still being based off the sales of the last 6 months and in the cases of bidding wars on homes where the buyers are willing to pay a little more to get the home, the appraisal may still come in short.  We are going to see a period of lag with the sale prices format least another 3 to 4 months until the current sale prices catch up.  Buyers are coming to the table with money to get their homes and that eventually will help drive the prices up. 

Here is a recent trend chart showing the change in inventory and sales over the last two years.  This chart shows homes in Mooresville from. $100,000 to $300,000 but the chart is almost identical for the $300,000 to $1,000,000 range.  Take a look:

 

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STATESVILLE is still showing about 9 months of inventory but the trend is the same.  A sellers market is on the way there too.  Buyers, you may have missed the opportunity to "steal" a house but there are still some great prices out there for you.  Don’t overlook new construction either.  With a three to four month build time and builders offering over 3000 s.f for around $225,000, it is hard to pass up. Every day, I see a  new flyer for new construction from Statesville to Charlotte.  If you would like a list of new home communities, sign up on my website for homes that fit your budget.  I am happy to recommend a builder or community to fit your lifestyle. 

If you would like to see all the homes for sale in the Lake Norman area, visit my website at www.SonyaLeonardHomes.com or www.TheHomeStyleTeam.com to sign up for listing alerts.

Statesville NC Community Spotlight on True Homes – Valleybrook

Community Spotlight:

Valleybrook – True Homes

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This month my spotlight is on True Homes and the Valleybrook Community just off Davie Avenue in Statesville NC.  Their June promotion offers 3 bonus items to buyers that purchase before June 30th that include:

1. $5000 Style Package to upgrade your new home

2. 3% in Closing Costs paid by True Homes

3. Move in Package to include a Refrigerator, Washer/Dryer and Blinds for the whole house!

They have prices starting as low as $108,900 (on specific lots) for the Camden Plan (1600 s.f.) and $118,000 for the Hudson (2000 s.f.). Both have a one car garage, two story. 3BR/2BA.  That is a great price! Why search for distressed homes or hassle with short sales when you can have a brand new home for about the same amount of money. Build time is 3 months.

Low credit scores – unable to qualify for financing right now?  True Homes offers a new Buyer Education Plan to help you get back on tract and into a home.  Call me today for all the details or to schedule an appointment to preview their model home. 

Remember:  Always have your buyer’s agent with you when looking at new construction.

Other Area communities by True Homes include:

Martha’s Ridge– Model Home located in this community

Olde Statesville– USDA 100% financing available

View all homes for sale in ValleyBrook, Martha’s Ridge, Olde Statesville.

Seach all homes for Sale in Statesville

America’s Home Builder comes to Statesville NC – DR. Horton Homes

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  D.R. Horton Builders has purchased lots in two communities in the Statesville and Troutman areas.  The first is Martha’s Ridge, located by the Signal Hill Mall in Statesville.  They have 22 lots that are available for buyers and 5 floor plans ranging from 1654 s.f to over 3000 s.f. and prices starting in the low 130’s to high 180’s.   There are only 2 story plans available and annual HOA dues are only $240.  The community does not have amenities on site but the community is located right down the street from the new Statesville Fitness and activity Center and Statesville Soccer complex with entry to the greenway.  There is no model home in the community to preview but there will be one at their other community in Pine Forest that are the same models offered in Martha’s Ridge.  Pre-Grand Opening Specials are now running that offer the first 3 buyers $12,500 in FREE Design Center Options.

This community is conveniently located just off I-77 and I-40 and close to shopping centers and schools.  Schools will be East Iredell Elementary and Middle and Statesville High School.

 

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The second community D.R. Horton is building in is Pine Forest.  This subdivision is located just off I-77 at Exit 45, directly across from the Fox Den Country Club.  They have purchased 48 lots in this community and will build 7 models here including one ranch style model.  Prices start in the low 150’s to the low 200’s.  Annual HOA dues will be $240.  The same Pre-Grand Opening Special also applies to this community.  The model home for both communities will be build here for buyers to preview.  Once buyers have selected a home for purchase, you will go to the design center in Charlotte to select your materials and colors for your home. 

When visiting the community, please be sure to have your buyer’s agent with you before discussing any details with on-site sales representatives. 

 

About DR Horton: Donald R. Horton began his own construction business in 1978 in the Dallas/Fort Worth area.  In 1987, D.R. Horton began expanding its operations by seeking out the nation’s most active homebuilding markets.  Since 1987, the company has geographically diversified into 85 markets and states across the United States.  D.R. Horton also provides mortgage and title insurance services in many of its markets.

Pine_Forest_Flyer The_Holden_Plan The_Franklin_Plan Pine_Forest_Map

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Statesville NC Real Estate Guide –Sonya Leonard, Exit Home Team Realty Agent Sonya Leonard of Exit Home Team Realty is your local real estate expert in Statesville North Carolina.  The Statesville Real Estate Guide provides free access to individualized home searches for all homes in Statesville, Mooresville, Troutman, Lake Norman and the entire Lake Norman Area.  Explore buyer and seller reports, community resources, new home communities, and be sure to sign up for you’re my exclusive FREE Weekly Distressed Sales List.  Let Sonya help you INVEST in Real Estate and your Future! (704) 450-0588. Exit Home Team Realty