Where are all the Homes? [Charlotte Housing Crisis Explained]

Where are all the Homes? [Charlotte Housing Crisis Explained]

Let’s address the elephant in the room – “Where are all the available homes for sale?” This burning question has been raised time and again by numerous clients eager to find their dream home. 

Just the other day, one of my clients, Sarah, walked into my office, worry lines etched across her face. “Why are there so few homes currently for sale?” she questioned, frustration seeping into her voice.

It was clear that Sarah was not alone in her annoyance – many of my clients, just as eager to find their next home, are grappling with the same question, all victims of the lack of inventory in the current housing market. 

If you’ve found yourself in the trenches of the housing market over the past few years, this sense of frustration is something you can surely relate to.

As I was explaining to Sarah and my other clients why finding a house in Charlotte is so tough, I thought, why not share this with everyone?

So, here at The Finigan Group, we’ve decided it’s high time to tackle the big question at hand: why is there such a drastic dip in the availability of homes, not only here in Charlotte, North Carolina but also across the United States?

Not just that, we’ll also review some innovative solutions that could potentially improve this prevailing housing crisis.

For those of you who regularly follow our Charlotte Housing Market Updates, one key reason why the housing market remains red hot is the exceptionally low levels of housing inventory.

Here in Charlotte, the average home price has shot up by 29% since January, even with mortgage rates sitting at around 7%.  And to answer the big question – why such low housing inventory? The answer lies in a few key reasons.

 

Homes For Sale in Charlotte, NC:

Where are all the Homes? [Charlotte Housing Crisis Explained]

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1. Lack Of New Construction 

The first major reason for the low housing inventory is the lack of new construction homes. This has been an ongoing issue, and to understand it fully, we need to rewind to the period leading up to the Great Recession in 2008.

Back then, construction of single-family homes were booming, with the rate peaking between 1.3 and 1.5 million homes per year. Builders were keen on cashing in on the early 2000s housing boom.

However, when the bubble burst, it left an excess of homes sitting idle on the market, causing a severe overcrowding of inventory. Builders then shifted their focus towards selling their current inventory of homes, rather than constructing new ones. During this time, many new home builders either filed for bankruptcy or went out of business.

Due to economic strains and a flood of housing inventory during this time, home prices fell by over 30%.

When home sales started to recover around 2011, builders were cautious about how many properties they introduced into the market. This led to a lag between the supply of houses and the demand from buyers. While construction rates have increased in recent years, they’re still well below the levels required to resolve the inventory shortage.

lack of housing inventory - Where are all the Homes? [Charlotte Housing Crisis Explained]

2. Demographic Trends/ Changes

The second key factor contributing to our low housing inventory revolves around demographic shifts and a spike in household formations. Currently, millennials are the largest generation in the U.S., and they’re stepping into the housing market in droves. They currently make up a whopping 43% of home buyers, the largest portion compared to any other generation.

Where are all the Homes? [Charlotte Housing Crisis Explained]

This situation is stirring up a perfect storm. On one side, there’s a considerable reduction in home constructions, and on the other, there’s a massive influx of millennial buyers in the housing market.  This combination has led to a significant spike in demand, all while we have steep fall in supply.

Over the span of eight years, from 2012 to 2020, a staggering 15.6 million new households were established. Moreover, in 2022 alone, more than 2 million households were formed – the highest in the past decade.

Meanwhile, only 11.9 million new homes were built during that time. As a result, by the end of 2022, we were faced with a housing deficit of around 6.5 million homes. 

 

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3. Discouraged Homeowners 

The third factor that’s playing into our low housing market inventory is the high mortgage rates are deterring homeowners from making a move.

 We’ve been accustomed to relatively low rates for a long time. However, in recent years, the Federal Reserve slashed their rates so rapidly that mortgage rates hit all-time lows. As a result, many homeowners either bought a new home or refinanced, locking in a 30-year mortgage at a rate of 2.5% to 3%.   According to a recent Redfin study, 82.4% of all current home owners in the United States have locked in a 30 year mortgage rate of below 5%. Nearly 25% have a mortgage rate below 3%. 

These homeowners now face a quandary when they want to sell their home and buy a new one. The current mortgage rate, which is around 7%-7.5%, is essentially double their existing rate. According to a survey by Realtor.com, 82% of potential home sellers feel effectively locked in their current homes because of these high mortgage rates.

Bear in mind that most homebuyers make their decision based on the monthly payment rather than the total price of the house. Typically, a 1% change in the mortgage rate impacts the purchasing power by about 10%. This dynamic adds pressure on potential home sellers.

At the moment, new listings hitting the market have plummeted by 25% across the U.S. and by 36% in the Charlotte area. 

Mortgage rates - Where are all the Homes? [Charlotte Housing Crisis Explained]

4. Institutional Buyers 

The fourth factor playing into our low housing inventory is the influx of institutional investors acquiring available real estate. These institutional investors are generally large corporations or hedge funds, snapping up thousands of homes throughout the United States. Their goal is to purchase a home cash, and hold it as a long-term rental property.  

This phenomenon is no small matter. In 2021, these investors made up 13.2% of all U.S. home purchases. The issue is even more pronounced in the Charlotte area, where these investors have represented over 30% of home purchases in recent years.

This not only reduces local supply but also ramps up demand, as individual home buyers have to compete against cash offers. Moreover, institutional investors, once they own these properties, don’t tend to sell as often as regular homeowners do.

For a more in-depth understanding, we’ve previously recorded a video focusing on institutional investors and how they shape our market. Feel free to check it out if you’re interested: 

5. Restrictive Zoning Laws

The fifth factor that’s contributing to our housing crisis is how local zoning laws can limit the type of home you’re allowed to build. Often times, these zoning laws fail to evolve with emerging needs. 

According to an article published by NPR, the Chief Economist of the National Association of Home Builders cites overly restrictive zoning laws as a contributor to the housing shortage. Zoning restrictions are widespread in all 50 states, according to the National Low Income Housing Coalition, which cites a 2019 analysis that found up to 75% of residential land across major U.S. cities is zoned exclusively for detached single-family homes.  

Many of these single family lots are larger lots and can feasibly hold two or three homes on them. However, due to zoning laws, you’re restricted to what you can build on them. 

Other zoning laws may restrict more dense housing options like town homes, apartments or multi-unit developments. 

6. Potential Solutions To Our Housing Shortage

Are we doomed? Maybe not! While we don’t know what the future holds, there are a number of scenarios and steps that could ease the housing shortage in upcoming years!

1. Zoning “Find the Missing Middle” : A recent zillow survey found broad support for the “missing middle” homes in residential neighborhoods. They found that even modest densification measures, like allowing 2 units on 10% of single family lots in large metro cities could boost housing supply enough to slow home price appreciation.

2. De-Incentive Investment: We could create legislation that restrains institutional investors from purchasing homes.  We could also lower capital gains tax temporarily to incourage mom and pop investors to sell

3. Incentivize New Construction: We could create financial incentives that would encourage builders to build new homes that are within reach of many first-time home buyers.  The possible incentives run the gamut from federal supports and subsidies to better terms on construction loans to fewer local regulations and restrictions that sinificaltnly add to builders costs.

 

If you have a mortgage, your property taxes will be escrowed. Your mortgage lender will take a small amount every month to pay your taxes and homeowners insurance on your behalf once a year. If this is the case you don’t have to budget for these, they will be included in your mortgage.

When you’re shopping for homeowners insurance you should do your homework. The #1 mistake I see homebuyers make is that they don’t talk to a professional insurance agent right from the start. Right when your offer is accepted you should begin talking to homeowners insurance representatives. This will give you time to make sure there are no historical losses or claims that have never been fixed. You’ll also have more time to obtain a better idea of what type of insurance is best for you to cover those emergencies. This is very important in case anything happens, you’ll have the right insurance to cover it.

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The Future Of The Housing Market

Personally, I believe that we’ll be grappling with this inventory shortage in the housing market for the next decade or so. There’s no quick or easy fix to inject more homes into the market—homes take time to build. Therefore, it’s likely we’ll see a gradual shift over time if we start making the right moves now. As long as this inventory shortage persists, the market will likely remain red hot. Essentially, it’s a classic case of supply and demand.

The demand in the greater Charlotte area is strong, and with Generation Z now starting to buy homes, we’re looking at even more demand on the horizon, while supply remains an issue.

I believe the next significant shift we could see in the housing market will come when mortgage rates begin to fall. Although the Federal Reserve has hinted that it may not start reducing rates for another one to two years, once they do, many potential homebuyers and would-be sellers who have been waiting for lower rates will likely enter the market. This will not only boost demand but also increase the supply of homes as homeowners who refrained from selling over the past few years due to high rates will also start to sell.

If you are considering buying, selling, or investing in real estate myself and my team would love to be your real estate resource of choice. Feel free to call, text, or email us today! We would love to discuss your personal goals and identify the best plan of action to help you achieve your goals.

Let’s Connect Today!

Phone:

704-631-3977

Email:

info@thefinigangroup.com

Visit Us:

3440 Toringdon Way, ste 205

Charlotte NC 28277

Home Ownership Education, Home Sellers and Buyers, Moving to Charlotte NC, Selling My House, Uncategorized

How do rich people become wealthy?  How do successful individuals become generationally wealth?

How do rich people become wealthy?  How do successful individuals become generationally wealth? Well, I was recently asked by a wise sage, "do you know how rich people become wealthy?"  Join Adam Kelly & I as we reveal how the wealthy build generational wealth!...

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How do rich people become wealthy?  How do successful individuals become generationally wealth?

How do rich people become wealthy?  How do successful individuals become generationally wealth?

How do rich people become wealthy?  How do successful individuals become generationally wealth? Well, I was recently asked by a wise sage, “do you know how rich people become wealthy?”  Join Adam Kelly & I as we reveal how the wealthy build generational wealth!

Today we will  walk you through the different ways that you’re able to utilize your equity to better your financial position, invest, and pay off debt. They will also discuss the different tools and methods of extracting wealth from your home’s equity. Here’s a few things that we will cover: 

In This Article We’ll Cover:

1. Ways to Use Your Home’s Equity to Build Wealth

2. Ways to Access Your Home’s Equity

3. How to Save Thousands on Your Mortgage

4. Private Mortgage Insurance

5. What’s Your Homes’ TRUE Value?

Homes For Sale in Charlotte, NC:

1. Ways to Use Your Home’s Equity to Build Wealth

 

Home equity is often the largest asset for many American families, yet many are unaware of the incredible opportunities to leverage this asset to build wealth. However, with the right approach, your home equity can work for you and your family to unlock the potential of your property’s value.

One of the most effective ways to increase your overall wealth while still enjoying the benefits of homeownership is by building your home equity. With refinancing, you can access the equity in your home and utilize it to pursue a variety of investment strategies to increase your total wealth. Whether you want to invest in your business, pay off debts, or make home improvements, home equity refinancing can be an excellent option for you.

By unlocking the value of your home equity, you can invest in strategies that align with your financial goals, which could potentially help you build significant wealth over time. With careful planning and expert guidance, you can make the most of your home equity to create a stronger financial future for you and your family. Here’s a few of the ways you can use your equity to better your financial position:

1. Paying off credit card bills: The average credit card APR is now about 16%, so using a home equity loan to pay off high-interest credit card bills can be smart.

After all, some banks offer home equity loans with rates around 6%. If you transfer high-interest credit card bills to a home equity loan with a rate that’s less than a third of what you’re paying on your credit cards, you could save money and pay down debt faster.

2. Consolidate other debt: While credit card debt is one option for debt consolidation, don’t forget you can use home equity to consolidate other types of debts. The key is choosing debts that have a higher interest rate than you could get with a home equity loan.

If you have a high-interest personal loan, auto loan, or private student loan and have a lot of equity in your home, for example, using your home equity could be smart. Consolidate all your debts with a home equity loan with low or no fees and a lower APR, and you could save big over the long haul.

3. Home improvements: Did you know that you can use your home equity to increase the value of your property and build your wealth? Many homeowners are leveraging this opportunity by using home equity loans to make important home improvements or upgrades.

According to Remodeling Magazine, the top three improvements that yield the highest return on investment are garage door replacement (93.8% cost recouped), manufactured stone veneer (92.1%), and a minor kitchen remodel (72.2%). By investing in these upgrades, you can boost the value of your property and enjoy a higher return on your investment.

But it’s not just about the numbers – any remodeling project can pay off if you personally find value in it. If you’ve always wanted a new kitchen and need to borrow to make it happen, a home equity loan is a smart and affordable option. And if you qualify according to IRS rules, you can even deduct the interest on home equity loans when the funds are used to “buy, build, or substantially improve the taxpayer’s home that secures the loan.”

4. Home additions: Are you running out of space in your beloved home? Well, don’t let limited square footage hold you back! With home equity, you can add an addition to your property and increase its value while also avoiding a pricey move.

Whether you need a new family room, bathroom, mudroom, or bedroom, adding some extra space could be just what you need. And the good news is that you don’t have to dip into your personal savings to make it happen. A home equity loan is an affordable and accessible option that can help you fund your dream addition.

By expanding your living space, you’ll not only enhance your daily life but also increase the overall value of your property. And let’s face it – who doesn’t want a little extra room to breathe and relax in their own home?

5. Down payment for investment property: Looking to level up your real estate game and become a landlord or commercial property owner? Well, get ready to dish out a hefty down payment! But before you start dipping into your personal savings, there’s a smarter way to get the cash you need – with home equity.

By tapping into the value of your property, you can secure a home equity loan with a competitive interest rate, allowing you to pursue your real estate dreams without breaking the bank. And let’s be real – who wouldn’t want to make passive income from a rental property or have a commercial space to call their own?

With a home equity loan, you can unlock the value of your property and use the funds to invest in real estate ventures that align with your financial goals. And since home equity loans are secured by your property’s value, you’ll likely qualify for a more affordable interest rate than other types of loans.

6. Starting a business: Ready to turn your entrepreneurial dreams into reality? Look no further than your own home! By tapping into your home equity, you can access the funds you need to start a business – whether that means opening a franchise or starting your own company from scratch.

With a home equity loan, you can get a sizable chunk of money upfront without having to drain your personal savings or take out an expensive small business loan. And let’s be real – every entrepreneur knows that startup costs can quickly add up, so having access to affordable funding is crucial.

And with careful planning and expert guidance, you can use your home equity to start a successful and thriving business. So don’t let a lack of funding hold you back from pursuing your entrepreneurial dreams.

7. Use for an emergency:When life throws you a curveball, having a backup plan can make all the difference. That’s where home equity comes in handy. While home equity loans offer a fixed lump sum, fixed interest rate, and fixed monthly payment, a home equity line of credit (HELOC) works like a credit card, giving you the flexibility to borrow against your equity as needed. 

With a HELOC, you can rest easy knowing that you have a financial safety net to fall back on in case of emergencies. Whether it’s unexpected medical bills, a job loss, or a health scare, a HELOC can provide you with the funds you need to weather the storm.

And the best part? If you don’t use your HELOC, there’s no need to worry about repayment. Plus, since any cash you borrow is secured by the equity in your home, you can enjoy much lower rates than traditional credit cards or loans.

Of course, it’s always best to have an emergency fund in place, but a home equity loan or HELOC can be a reliable backup plan if you don’t yet have one. Just be sure to compare HELOCs and watch out for fees to ensure you get the best deal.

Home equity is a powerful asset that many families underestimate when it comes to building wealth. By refinancing and unlocking the value of your property, you can use your home equity to pursue various investment strategies. Whether it’s paying off credit card bills, consolidating debt, making home improvements or adding an addition to your home, you can use your home equity to increase your wealth and financial stability. You can also tap into your home equity to fund your real estate ventures, start your own business or have a financial safety net in case of emergencies. With careful planning and expert guidance, home equity can be a valuable tool for creating a stronger financial future for you and your family. 

 

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2.  Ways to Access Your Home’s Equity:

Now, how do we access your home’s equity? There’s a few popular methods for tapping into the butt load of cash you’re currently sitting on: cash-out refinancing, refinancing, and Home Equity Lines of Credit (HELOCs). By understanding these options, you can make informed decisions that best suit your financial goals, whether you’re upgrading your living space, managing debt, or embarking on new endeavors. 

 

1. Cash-out Refinancing: Sail Away with Extra Cash Cash-out refinancing is like discovering a hidden island filled with gold. You replace your current mortgage with a new loan for more than you owe on your home, and then pocket the difference. It’s a popular choice for homeowners looking to access their equity while potentially lowering their interest rate or changing their loan term.

Advantages:

1. One loan to manage: By consolidating your mortgage and home equity, you’ll only have one monthly payment to worry about.

2.Tax benefits: In some cases, the interest you pay on a cash-out refinance could be tax-deductible.

Disadvantages:

1. Closing costs: Just like with your original mortgage, you’ll need to cover closing costs, which can be 2-5% of the loan amount.

2. Long-term commitment: If you extend the loan term, you might end up paying more interest over time.

2. Refinancing: Smooth Sailing to a Better Mortgage Refinancing is like swapping your old rowboat for a shiny new yacht. It involves replacing your current mortgage with a new one, typically to secure a lower interest rate, reduce your monthly payments, or change your loan term.

Advantages:

1. Save money: Lowering your interest rate can save you thousands over the life of your loan.

2. Flexibility: You can choose a new loan term that better suits your financial needs.

Disadvantages:

1. Closing costs: Just like with cash-out refinancing, you’ll need to pay closing costs on a new loan.

2. Time-consuming: The refinancing process can take several weeks or even months to complete.

3. HELOCs: Float on a Flexible Line of Credit A Home Equity Line of Credit (HELOC) is like having a trusty life raft on hand. It’s a revolving line of credit that uses your home as collateral. You can borrow against your home’s equity, repay the funds, and borrow again as needed during the draw period, usually 5-10 years.

Advantages:

1. Flexibility: You only borrow what you need, when you need it, making it perfect for ongoing expenses or projects.

2. Interest-only payments: During the draw period, you may have the option to make interest-only payments, keeping monthly costs low.

Disadvantages:

1. Variable interest rates: HELOCs typically have variable interest rates, meaning your payments could rise if rates increase.

2. Risk of foreclosure: Failing to repay your HELOC could result in the loss of your home.

Unlocking your home’s equity can be a fantastic way to achieve your financial goals, but it’s essential to weigh the pros and cons of cash-out refinancing, refinancing, and HELOCs. Consider consulting a financial advisor or mortgage professional to help you decide which option is the best fit for your unique circumstances. With the right strategy, you’ll soon be sailing the high seas of financial freedom!

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3. How to Save Thousands on Your Mortgage:

 

There is a simple yet powerful strategy to save you tens of thousands of dollars: paying a little extra towards your mortgage each month. This small step can save you thousands of dollars over the life of the loan and help you become mortgage-free sooner.

When you pay more than the required monthly payment, the extra amount goes directly towards the principal balance of your loan. This reduces the overall balance and, in turn, the interest accrued on that balance. The benefits are twofold: you’ll pay less interest over time and shorten the term of your mortgage.

Let’s illustrate this with an example. Imagine you have a 30-year mortgage for $250,000 at a 4% fixed interest rate. Your monthly principal and interest payment would be approximately $1,193. If you were to pay an additional $100 per month, you would save over $26,000 in interest and shave off more than four years from your loan term!

If you’re considering this approach, check with your lender to ensure there are no prepayment penalties and confirm that the extra payments will be applied to the principal. You can also use online mortgage calculators to help visualize the long-term savings this strategy offers.

By consistently paying a little extra each month, you’re investing in your financial future. The thousands of dollars saved in interest can be redirected towards other financial goals, such as retirement, education, or home improvements.

 

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4. Private Mortgage Insurance 

Private Mortgage Insurance (PMI) is an insurance policy that protects lenders from potential losses if a borrower defaults on their mortgage. It’s typically required when a borrower puts down less than 20% on a conventional home loan. PMI reassures lenders, making it possible for more people to qualify for mortgages with smaller down payments.

The cost of PMI varies based on the size of your down payment and credit score, and it’s usually added to your monthly mortgage payment. The good news is that PMI isn’t permanent. There are several ways to remove it:

1. Automatic cancellation: Under the Homeowners Protection Act, lenders must automatically cancel PMI when your loan balance reaches 78% of the original property value, provided you’re current on your payments.

2. Request cancellation: Once your loan balance falls to 80% of the original property value, you can request PMI cancellation in writing. Your lender may require a home appraisal to verify the value.

3. Refinancing: If your home has appreciated in value or you’ve made significant improvements, you might be eligible to refinance your mortgage without PMI, provided your new loan balance is 80% or less of the home’s current value.

Keep track of your mortgage payments and home’s value to ensure you’re not paying PMI longer than necessary. Removing PMI can save you money, allowing you to reach your financial goals faster.

Selling A House Shouldn’t be Stressful

There is a pro-active way to sell your home that gets results

5.  What’s Your Homes TRUE Value?

 

If you’re curious on what your home’s TRUE value is? Want to know how much it could be worth on the market? Sign up for a free home evaluation today! Our expert team will provide you with an accurate and comprehensive report, giving you insight into the current market and helping you make informed decisions about your property. Sign up now and take the first step towards unlocking the TRUE potential of your home!

 

 

In conclusion, the secrets of the top 1% are within your grasp. By leveraging your home’s equity and utilizing strategies like cash-out refinancing, HELOCs, and real estate investments, you can create generational wealth for your family. We hope this article has inspired you to take action and explore the possibilities that your home’s equity offers.

As your trusted realtor, I’m here to help you make the most of your assets and guide you on this rewarding journey. If you’re ready to explore the possibilities that your home’s equity offers, don’t hesitate to reach out.

Thank you for taking the time to read this article. I’m excited to assist you in unlocking the full potential of your home’s equity and creating a lasting legacy for your family.

 

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704-631-3977

Email:

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Visit Us:

3440 Toringdon Way, ste 205

Charlotte NC 28277

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Have Good Credit? New Rule Will INCREASE Cost of YOUR Mortgage

Have Good Credit? New Rule Will INCREASE Cost of YOUR Mortgage

Are you ready for some mind boggling news? A groundbreaking new rule is set to hit the scene on May 1st, and it’s turning the status quo on its head. Brace yourself, those with good credit scores and higher down payments will be hit with higher mortgage payments by $40 to $60 a month! Meanwhile, riskier borrowers are set to benefit from reduced fees and more favorable terms. Yes, you heard that right. The system is being flipped on its head, and it’s bound to cause a stir.

This is a big deal, folks. We’re talking about major changes in the way we think about home lending. The implications of this rule are far reaching and could impact millions of Americans across the country. If you’re a prospective home buyer, you need to read up on this new regulation to understand how it could impact your future mortgage payments.

 

Get ready for an eye opening experience! Take a moment to watch the video above and dive into the accompanying article to gain a deeper understanding of what’s happening and how it will impact you. It’s crucial to stay informed and aware of the changes taking place around us. This video and article combo will give you the knowledge you need to stay ahead of the game. So don’t wait, dive right in and equip yourself with the knowledge to navigate the ever changing landscape of our world!

 

 Whats Going On? 

 

The result of this new rule, according to industry leaders is pricier monthly mortgage payments for home buyers with higher credit scores and who plan on putting more money down. This is flipping the norm on its head! 

Under the new rule, higher credit buyers with credit scores ranging from 680 to 780 will see a spike in their mortgage payments and with applicants who place 15-20% own experience the biggest increase in fees. 

The Federal Housing Financing Agency (FHFA) will enact changes to fees known as loan level price adjustments (LLPA) on May 1st that will affect mortgage originating and private banks nation wide – from Wells Fargo to JP Morgan Chase.

Loan level price adjustments (LLPA) are upfront fees based on factors like the borrowers credit score and the size of their down payment.

Homes For Sale in Charlotte, NC:

Under the revised LLPA pricing structure, a home buyer with a 740 FICO credit score and a 15-20% down payment will face a 1% surcharge, an increase of .75% compared to the old fee of just .25% 

When absorbed into a long term mortgage rate, the increase is equivalent to slightly less than a quarter percentage point in the mortgage rate. On a $400,000 loan with a 6% mortgage rate, buyers can expect their monthly payment to rise by about $40 a month. 

Meanwhile buyers with credit scores of 679 or lower will have their fees slashed, resulting in more favorable rates. For example, a buyer with a 620 FICO credit score with a down payment of 5% or less gets a 1.75% fee discount. This is a decrease from the old rate of 3.5% for that bracket. When absorbed into the long term mortgage rate, that equates to a 0.4% to 0.5% discount.  

 

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What To Expect?

 

These new rules, starting May 1st, 2023, will affect home purchases and refinances! But will only affect home loans that have over 15 year term. So, if you’re planning on purchasing a home with at 15 year mortgage, then you’re in the clear! 

 

What they’re really doing is turning things upside down. They are penalizing home buyers with better credit and more money down to subsidize home buyers with lower credit and less money down.  

The fee structure changes are the latest of several moves by the FHFA aimed at boosting affordability for what the agency calls its “Mission Borrowers” : Defined as first time home buyers, low income borrowers, and applicants from underserved communities.  

What The Experts Are Saying:

Ian Wright, a senior loan officer at Bay Equity Home Loans says: “These changes do not make sense. Penalizing borrowers with larger down payments and credit scores will not go over well.” He continues “confusing borrowers is never a good thing.”  New home buyers who were planning on putting more money down, sometimes saving for years, will get penalized. This will entice many to choose to put less money down on a home. 

The President of the National Association of Realtors, Kenny Parcell, says “In the wake of a 3% increase in mortgage rates NOW is not the time to raise fees on home buyers.” FHFA director, Sandra Thomas, says that the changes will increase pricing support for purchasers and borrowers limited by income or by wealth. Sandra says that his overall fee change is minimal.  

In the wake of rampant inflation and housing affordability at its lowest level in history, every dollar counts. It seems they couldn’t have picked a worse time for this change.

 

Charlotte North Carolina Housing Market. Mortgage rates in March 2023

Overall, lower credit buyers will still pay more in LLPA fees than high credit buyers, but the latest change will close the gap. This will also help many low income, low asset, and low credit score buyers obtain mortgages.

I for one think the core of the issue is the lack of financial education, across the board, at a young age. This seems to be more of a band-aid, rather than getting at the root cause of the problem. 

Selling A House Shouldn’t be Stressful

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Email:

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Charlotte NC 28277

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[Is The Worst Behind Us?] Charlotte North Carolina Housing Market Update March 2023

[Is The Worst Behind Us?] Charlotte North Carolina Housing Market Update March 2023

The Charlotte North Carolina Housing Market saw surge in activity. What does this mean for the rest of the year? Mortgage rates decreased in March. How will this affect our local Charlotte North Carolina housing market? Join Josh Finigan as he reviews the most up to date information on the Charlotte North Carolina housing market.

If you’re interested in staying “in the know” about the most up to date information on the Charlotte NC housing market than this video/article’s are for you!

Today we will look at the catalysts and trends that are affecting our Charlotte NC housing market, the leading and lagging indicators that can help us identify the current and future state of the housing market. We also discuss what we can expect from the Charlotte housing market in 2023.

 It seems like everyone has their own take on whats going to happen in this housing market.  Everywhere you look, you’ll find headlines preaching fear, uncertainty, and doubt. Our goal is to help you sift through all of the crazy headlines and focus specifically on the greater Charlotte area. Real estate is very local in nature and not all markets will be affected the same.

1. Housing Market Overview

2. Mortgage Rate & Effect On Housing Market

3. Number of New Listings

4. Number of Pending Listings

5. Number of Closed Homes

6. Average Sales Price

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1. Market Overview

The Charlotte North Carolina housing market saw some interesting trends in March 2023. According to recent data, home prices increased by 10% and the number of new listings hitting the market increased by 50% compared to the previous month. This surge in activity is indicative of a market that is heating up, which is not surprising given the season and the decline in mortgage rates.

Historically, the housing market tends to pick up in the spring and summer months, as families look to move before the start of the new school year. This is why we often see a spike in home sales and prices during this time. The increase in new inventory also suggests that sellers are feeling confident about the market and are putting their homes up for sale.

Another factor contributing to the current state of the housing market in Charlotte is the decline in mortgage rates. Lower rates mean lower monthly payments, which can make buying a home more affordable for many people. This can lead to increased demand for homes, which can drive up prices even further.

It is important to note that while the current trends may be encouraging for sellers, buyers may be faced with more competition for the most desired homes. However, buyers will also benefit from the amount of new inventory coming onto the market. Buyers will also benefit from the declining mortgage rate, helping increase buyers affordability and purchasing power.

Overall, the housing market in Charlotte North Carolina is showing signs of heating up, with increased activity and rising prices. While this may present unique challenges and opportunities for sellers and buyers, there’s still a lot of great opportunities for those of you looking to buy, sell, or invest in real estate. As always, it is important to stay up to date on the latest trends and market conditions in order to make informed decisions when buying or selling a home.

 

2. Mortgage Rate & Effect On Housing Market

The mortgage rates have proven to be one of the most influential factors affecting our local housing market. We saw that rates declined throughout the month of March. The declining mortgage rates coupled with seasonal trends lead to this marketing heating up! In March, the mortgage rate fell by around .5%. Which means home buyers gained 5% in purchasing power throughout the month of March.  

 

 

Charlotte North Carolina Housing Market. Mortgage rates in March 2023

When you combine declining mortgage rates and a strong seasonal push, you can better understand the surge in activity in our local housing market. But, why did we see mortgage rates fall?

The recent collapse of banks like Silicon Valley Bank and Signature Bank has had a significant impact on the mortgage industry, leading to a fall in mortgage rates. Banks are a major source of funding for mortgage loans, and when banks fail, it can disrupt the flow of capital into the market.

As banks struggle, investors seek out safer assets, such as bonds, which can lead to a drop in mortgage rates. This is because mortgage rates are tied to the rates on 10 year Treasury notes, which are themselves influenced by the demand for bonds.

The collapse of these banks has also led to increased scrutiny of the financial industry, with regulators looking closely at how banks are managing risk and ensuring the stability of the market. This increased oversight can lead to tighter lending standards and more conservative underwriting practices, which can in turn lead to lower mortgage rates.

Overall, the collapse of banks like Silicon Valley Bank and Signature Bank has had a significant impact on the mortgage industry, leading to a fall in mortgage rates. While this may present challenges for banks and investors, it represents a great opportunity for home buyers and home sellers out there.

Bank failures and mortgage rates

The Federal Reserve

The Federal Reserve met again on March 21 & 22nd. At this meeting they raised the federal funds rate by 25 basis points, taking the FED prime rate to a targeted range of 4.75% and 5%. This takes the federal funds rate to the highest levels since May 2006. They decided to continue to raise rates, in spite of the recent banking crisis. This shows us how seriously Jerome Powell is taking the inflation crisis. Jerome Powell note’s that inflation is slowing down, which is a good sign. He feels more work needs to be done, so the fight against inflation continues. We may just see a less aggressive fight than before. 

Jerome Powell goes on to say “Inflation remains too high and the labor market continues to be very tight.” He says, “Reducing inflation is likely to require a period of below trends growth and some softening in the labor market.” This means we may not see rate cuts in 2023.

We know that the Federal Reserve’s #1 goal is to bring inflation under the 2% target. While we have a long way to go to get below 2%, we’re moving in the right direction.  

Selling A House Shouldn’t be Stressful

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If we look at the Federal Reserve Dot Plot, it shows the Fed’s prime rate peaking at 5.1%. This means we may only have one rate hike left.   

Currently, no officials are predicting rate cuts this year, although they do see rates coming down to 4.3% in 2024. 

 

Fed Dot Plots Mortgage Rate and hosuing market

What does this mean for mortgage rates?  

We may have seen the highest mortgage rates behind us, however they are unlikely to return to the rock bottom levels we saw in 2020 and 2021. 

We can expect mortgage rates to remain volatile. They will probably yo-yo a bit, at least until there is a firm consensus on when the fed will conclude raising rates. See below for the most recent predictions for mortgage rates to the end of 2023:

 

Mortgage rates through the end of 2023

3. Number of New Listings

In March, 1,530 new listings hit the market, which was an 50% increase from the number of new listings in February 2023. We can expect to see more people list their homes as we move further into Spring due to seasonal trends of the market. This is a strong sign though, buyers will welcome this increased inventory on the market. However, we saw a 6% decrease in the amount of new listings year over year. This shows us that we’re still below trend for the amount of new listings coming onto the market. However, we are getting closer to year over year norms. The number of new listings coming to the market have continuously decreased throughout 2022 and into 2023 and this surge in new inventory shows us that homeowners are now feeling more comfortable putting their home on the market. 

 

 

Selling A House Shouldn’t be Stressful

There is a pro-active way to sell your home that gets results

4. Number of Pending Sales

In March, 1,371 homes in Charlotte NC accepted an offer. This was a 19% increase from February 2023 and a 4% decrease from the amount of homes that accepted an offer in March 2022.  

We can expect the number of pending sales to increase, due to seasonal trends. However, there was a HUGE increase in the number of pending sales from February 2023 to March 2023. One strong reason for this could be the mortgage rates. As we stated before, the mortgage rates fell by around .5% through the month of March, this means that buyers have 5% more in purchasing power. Buyers affordability had a boost, so we saw a boost in the number of pending sales in March 2022. That coupled with strong seasonal trends, lead to a very active month in the Charlotte North Carolina housing market. 

One of the best leading indicators for the housing market is the number of new listings compared to number of pending sales. This helps us determine how to project the inventory levels we can expect in the future.

 

 

Buyers Market | Increase In Inventory

If the number of new listings continuously outpace the number of pending sales, then we can expect the amount of homes for sale will increase. This means that there will be more homes avaliable and buyers will have more homes to choose from. If this trend continues, then you can expect for the market to eventually transition to a buyers market. 

Sellers Market | Decrease In Inventory

If the number of pending sales continuously outpace the number of new listings, then we can expect the amount of homes for sale will decrease. This means that there will be less homes avaliable and buyers will have less homes to choose from. If this trend continues, then you can expect for the market to eventually transition to a sellers market.

March  2023 New Listings: 1,530 

March 2023 Pending Sales: 1,371

This was the first month in the past 4 months that the number of new listings outpaced the number of pending sales. This indicates that the amount of inventory on the market increased by 12% in March. March was very strong for buyers and sellers alike.  

 

1. Home Sellers: Home sellers saw a huge increase in the average sales price and buyer demand.  

2. Home Buyers: Home buyers saw a surge in new inventory, giving them more options to choose from. Home buyers also enjoyed falling mortgage rates, making the homes more affordable. 

 

5. Number of Closed Homes

In March 1,182 homes closed in Charlotte, which was a 37%  increase from February 2023 and a 3% increase from March 2022. 

We have seen the number of closed homes continuously decline throughout 2022. However, we were slightly higher than the year over year trends. Which could be due to a strong 2023 selling season this year. Inventory remains lower, so it will be interesting if this continues. The number of closed homes is a lagging indicator. Since we have seen fewer newer listings and fewer pending homes, we can expect to see the number of closed homes to be lower. 

6. Average Sales Price

March proved to be a very strong month for home sellers here in Charlotte, North Carolina. In March 2023, the average sales price was $513,000. This was a 10% increase from February 2023 and a 6% increase from the average sales price in March 2022. With March’s data, Charlotte home prices are only 3% off the peak of the market (in June 2022). We’ve seen a 13% increase in home prices since January 2023.

The Charlotte North Carolina average sales price is continuing to chart with the mortgage rates. We’ve seen lower rates, which has spurred more activity in the market and helped home prices appreciate. 

For home sellers

With strong seasonal trends and declining mortgage rates, the market has somewhat revitalized in the recent months. We have likely seen the peak of the mortgage rates, and with this a resurgence in homebuyer demand. Many homeowners have started to take advantage of the lower interest rates and started making a move, which has increased the total inventory on the market. However, this has not affected the demand for homes.  

If you are considering selling your home, make sure you choose the best Realtor. Watch this video to make sure you are asking your potential realtor the RIGHT questions:  10 Questions You Must Ask Your Realtor Before Hiring Them. 

For home buyers

Competiton for the best homes are increasing. However, the lower mortgage rates will help with overall affordability.  Also, more and more homeowners are deciding to put their homes on the market, which will allow more options for you to choose from. 

Strong strategies for buyers:

1. Ask for the seller to pay for your closing costs, and use the closing cost concession to “buy down” your mortgage rate.

2. If you have a home to sell, you can make an offer contingent on your home selling. Home sale contingencies have been almost impossible over the past few years, however, with the market softening more sellers are open to accepting a home sale contingency. 

Should you buy a home right now?

It really depends on what you are looking to accomplish, your goals, and your timeline. If you are wondering if NOW is the right time to purchase, visit Is NOW a Good Time to Buy a House in Charlotte? We explore who should be purchasing a home and who should wait a little bit. 

 

Is it a right time for you to buy or sell? 

It really depends on what you are looking to accomplish, your goals, and your timeline. We would love to connect with you, discuss your real estate goals and help you determine if now is a good time to buy/sell or if it is better to wait. Feel free to call us, text us, or email us. We would love to be your real estate resource of choice! 

 

Contact us through:

📱Call/Text Direct (704)-631-3977

📧Email: info@thefinigangroup.com

 

 

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26 Things To Do For Easter Weekend in the Charlotte North Carolina Area

26 Things To Do For Easter Weekend in the Charlotte North Carolina Area

Hello Charlotteans,

Spring is here, and Easter is just around the corner. It’s time to start planning some family-friendly activities that everyone can enjoy. Luckily, Charlotte is filled with exciting events and attractions to make the most of this holiday season.

From traditional egg hunts and festive brunches to outdoor adventures and cultural experiences, there are plenty of things to do with your family in the Charlotte area this Easter. Whether you’re looking for a fun day out with the kids or a memorable date with your partner, this list of 26 activities is sure to inspire you. Get ready to make this Easter one to remember!

 

Happy Easter, Charlotte North Carolina. The best 26 things to do this weekend

Homes For Sale in Charlotte, NC:

FRIDAY, April 7th

 

  • Charlotte SHOUT! at Uptown: Celebrate local art, music and food during the 17-day festival. Free. 11am. Details

  • 90s Movie Series at Camp North End: Grab the homies, a chair and a cozy blanket to watch “The Shinning” during this movie series. Free. 7:30pm. Details

  • R.E.S.P.E.C.T. at Knight Theater at Levine Center for the Arts: R.E.S.P.E.C.T. is a concert tribute to the legendary Queen of Soul, Aretha Franklin. Wear comfortable shoes because you’ll want to get up and dance. 8pm. $25+ Details.

  • Disney’s Aladdin at Belk Theater at Blumenthal Performing Arts Center: Discover a whole new world at Disney’s ALADDIN, the hit Broadway musical, in town through April 9. Show times vary. Ticket prices vary. Details.

  • Charlotte Hornets vs Houston Rockets at Spectrum Center: Cheer on the home team as they take on the Houston Rockets. $16.50+. 7pm. Details

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SATURDAY, April 8th

 

  • Spring Festival at Chosen City Church: There will be live music, bounce houses, games, horseback riding and an Easter egg hunt at 2pm. 12-4pm. Free admission. Details.
  • Spring Fling at HopFly Brewing: Local vendors, craft brews and good times are promised at HopFly this weekend. Shop from over 20 vendors. Free. 2-7pm. Details.
  • Adult easter egg hunt at NoDa Brewing Company: Join SWEAT440 NoDa at NoDa Brewing for an adult Easter egg hunt around the brewery. Prizes will be provided by SWEAT440, NoDa and NoDa Brewing. Free. 12pm. Details.
  • Markets at 11 at Ballantyne’s Backyard Community Park: Shop small businesses, order drinks and snacks from regional food trucks and vibe to music by local performers. Find Ballantyne’s Backyard behind Cabo Fish Taco Ballantyne. Free. 11am-4pm. Details.
  • ‘Pablomonium’ Community Celebration at The Mint Museum Uptown: Commemorate the 50th anniversary of Pablo Picasso’s death with a community celebration. Enjoy free museum admission and free admission to Picasso Landscapes: Out of Bounds, plus live music, a cash bar, food trucks, art activities, door prizes and film screenings throughout the day. Free. 10am-6pm. Details.
  • Empanada Festival at the Ford Building in Camp North End: Taste your way around Latin America’s famous pastry turnovers. There’ll be local vendors and food trucks representing multiple countries, so you’re sure to have a variety to choose from — whether you prefer them baked or fried, meat-filled or vegetarian, made with flour or with corn. Free. 12-6pm. Details.
  • South End Farmer’s Market at Atherton Mill: Shop from local vendors and farmers in South End. Free. 8am-1pm. Details
  • Emo Night at Triple C Brewing CompanyEmo Night is back with an opening set from DJ DroppedOutBeatz followed by all your favorite EMO jams from TrEMOnt band. Free. 7-10pm. Details. 
  • Daylight Disco at Resident Culture South EndListen to live DJ sets, eat some tacos from El Toro Bruto and cheers to the weekend at Resident Culture’s day party. Free. 3-8pm. Details.
  • Mambo Nights! at The Rabbit HoleGet your groove on at the Rabbit Hole every Saturday night. $5-$15. 9pm.  Details.
  • Charlotte Brewery Crawl at multiple locations: Explore three Charlotte microbreweries in South End on this three-hour brewery crawl. Your first beer is on the house. $54.02. 5pm. Details.
  • Trail of History Festival at Elizabeth Park: The first Trail of History Festival celebrates the history, growth and development of Mecklenburg County, featuring local history, art, music and food. Learn about Mecklenburg County’s 260 years of history with activities for children, local historians and museum interpreters, historical art demonstrations, and tours of the bronze sculptures. Free. 10am-4pm. Details.
  • Charlotte FC Away Game Watch Party at Hi-Wire Brewing: Grab a beer and cheer on the home team while they face off against Real Salt Lake. Free. 9:30pm-midnight. Details.
  • Charlotte FC Watch Party at NoDa Brewing Company: Watch the Crown take on Real Salt Lake at NoDa Brewing. Game sound will be on and projected on a 120″ screen. Limone Pizza food truck will be on-site and the Pitchside Pils will be on special for $5. Free. 7-10pm. Details.
  • Spring Fling Fest at the VAPA CENTER: Guests will enjoy a food tasting from 1-3pm, 30+ food and retail vendors, a kids zone and music. Free admission. 1-8pm. Details.
  • Hens & Chicks Workshop at PlantHouse: The PlantHouse crew will provide an overview of succulent care and terrarium assembly. This hour-and-a-half workshop includes your choice of an 8″ ($40) or 6″ ($30) bubble ball terrarium, rocks, soil, sand and a variety of decor. $30-$40. 6:30-8pm. Details. 
  • The Taylor Party: Taylor Swift Night at The Fillmore Charlotte: This Taylor Swift-inspired dance party will feature songs from every era. $18+. 8pm. Details.

Selling A House Shouldn’t be Stressful

There is a pro-active way to sell your home that gets results

Sunday, April 19th

OMB’s Easter Egg Hunt at The Olde Mecklenburg Brewery & BiergartenBYO-basket and hop to it — there are tons of eggs to collect. There’ll be two separate areas for the kids to hunt for eggs. Children 1-4 years old will be in the “Hop Garden” area, and older kids will be hunting in the “Family Zone.” Free. 10am-3pm. Details.

Seedling Drag Brunch at Plant JoyEat vegan dishes and enjoy performances by some of Charlotte’s most talented drag queens. Table seating is limited so get there early to grab a spot. Or bring a chair and make your own space. Free. 11am. Details.

Figure Drawing at Free Range Brewing: All levels are welcome to this figure drawing class. Bring your own supplies and sip on a brew while you create. Free. 11am-1pm. Details.

Easter Weekend at Carowinds: Get a photo with Snoopy the Easter Beagle and take your kids to Camp Snoopy, featuring 14 attractions designed for kids. $39.99+. 10am-8pm. Details.

Let’s Connect Today!

Phone:

704-631-3977

Email:

info@thefinigangroup.com

Visit Us:

3440 Toringdon Way, ste 205

Charlotte NC 28277

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Mecklenburg County Property Tax Revaluation: Tax Relief Options

Mecklenburg County Property Tax Revaluation: Tax Relief Options

Recently, Mecklenburg County announced its property tax revaluation, a process that occurs every eight years to ensure that property values are up-to-date and fair. The revaluation process, which began in 2021, determines the assessed value of every property in the county based on a variety of factors, including recent sales, property improvements, and other market trends.

As a result of the revaluation, some property owners in Mecklenburg County may experience an increase in their property taxes. The county government has taken steps to make this process as transparent as possible, providing property owners with information on how their assessments were calculated and offering opportunities for appeals.

 

Homes For Sale in Charlotte, NC:

However, for those who may experience an increase in their property taxes, the county has also introduced several tax relief options to help alleviate the financial burden. These include property tax exemptions for seniors, the disabled, and veterans, as well as programs that provide assistance to those who are struggling to pay their property taxes. Please see below for a list of the different tax relief options:

 

Mecklenburg County Property Tax Relief Resource

Elderly and disabled residents can receive up to $25,000 or 50%, whichever is greater, off their taxes. Those interested can apply between January and June each year by calling 980-314-4226.

Elderly and disabled tax relief requirements include:

  • The applicant’s name must be on the deed or title to the property.
  • The property must be the applicant’s primary residence.
  • The applicant must live in North Carolina.
  • The applicant must be at least 65 or have a disability that “substantially hinders a person from obtaining gainful employment.”
  • If claiming a disability, the applicant must provide proof of the disability from a North Carolina physician or a government agency.

  • The applicant’s household income must be below $31,900, based on 2021 income. The Mecklenburg Board of County Commissioners is working to make this income restriction higher so more people can qualify, Joyner said.

Disabled veterans in North Carolina can receive up to $45,000 off their property taxes. Those interested in applying must fill out a form on milvets.nc.gov.

Disabled Veterans Homestead Exemption requirements include:

  • The deed or title must be in the applicant’s name as of Jan. 1.
  • The applicant must live in North Carolina
  • The applicant must be a disabled, honorably discharged veteran or receive benefits for specially adapted housing under 38 U.S. Code 2101.

 

Selling A House Shouldn’t be Stressful

There is a pro-active way to sell your home that gets results

The Helping Out Mecklenburg County homeowners with Economic Support (HOMES) program helps low to moderate-income homeowners get up to $340 off their property tax bill. Those interested can apply at mecknc.gov/4Homes.

HOMES program requirements include:

  • The applicant’s name must be on the deed, title or on a life estate of the property. A life estate is a legal way to pass the ownership rights of your home to another person after death.
  • The property must be in Mecklenburg County.
  • The property must be the applicant’s primary residence at the time of application and consistently for the past three years.
  • The applicant’s household must make less than 80% of Mecklenburg County’s area median income, or less than $67,000 for a family of four according to data from local affordable housing developer DreamKey Partners.

    Certainly, it is vital for property owners to stay updated with the property tax revaluation process in Mecklenburg County. The county’s tax relief options, such as property tax exemptions, assistance programs, and deferral programs, provide crucial support for homeowners who may face financial challenges. By taking advantage of these resources and staying informed about the property tax revaluation process, property owners can make informed decisions about their properties and finances. Overall, this process ensures that property values are fair and transparent, benefiting the community as a whole.

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    Phone:

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    Visit Us:

    3440 Toringdon Way, ste 205

    Charlotte NC 28277

    Home Ownership Education, Home Sellers and Buyers, Moving to Charlotte NC, Selling My House, Uncategorized

    How do rich people become wealthy?  How do successful individuals become generationally wealth?

    How do rich people become wealthy?  How do successful individuals become generationally wealth? Well, I was recently asked by a wise sage, "do you know how rich people become wealthy?"  Join Adam Kelly & I as we reveal how the wealthy build generational wealth!...

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