Its that time in the business world when we do “inventory” and begin to look at the year to come. What can be expected for 2015? Here is my take:
1. The countries economy will grow at a pace (3%) that suggests we are finally shedding the “Great Recession”, thanks to lower energy costs and higher employment.
2. Charlotte will finally keep pace with the rest of the country. We remain one of the fastest growing metropolitan areas. We will continue to recover with increased home building, increased single family mortgage originations, the multi-family “for lease” construction surge will have continued momentum but its acceleration will begin to ease , and the condominium market will reach full recovery.
3. “In-town” home appreciation will be back to a predictable 5%+.
4. Mortgage rates will rise in 2015, from incredibly low sub 4% levels to closer to 5%.
5.Demand for “high end” move down new construction will to be strong, driven by both life style choices and what I’m describing as a new 2008 conservatism.
We are excited about the possibilities! See you in the New Year.