In a room of friends, family and members of the Charlotte community, Mayor Vi Lyles and the entire 11 member squad of the Charlotte City Council were sworn into office on Monday night, December 2nd. Smart real estate investors, home owners, and those looking to purchase a home should read on.
This is great news for our amazing city and real estate in Charlotte. Mayor Lyles was re-elected to a two-year term with returning City Council members Julie Eiselt, James Mitchel, Braxton Winston and Dimple Ajmera.
Other District Members also sworn in are:
- Larken Egleston
- Malcolm Graham
- Victoria Watlington
- Renee Johnson
- Matt Newton
- Tariq Bokhari
- Ed Driggs
What this means for the Charlotte community
Our fair city has been a bit of a boom-town this last decade. With a new one right around the corner, knowing what our government has planned can help us find opportunities to thrive in business, community, and real estate.
Mayor Lyles 7-point plan for a more equitable Charlotte gives us a good look into what the leader of our city has on her priority list for the next few years.
According to her website, Mayor Lyles key proposals are as follows…
- Build upon a culture of trust, respect, and cooperation between CMPD and Charlotte citizens by creating community advisory groups within each Police response area.
- Examine the structure and procedures of the current Citizens Review Board with community members to ensure its purpose and results are building community trust. The analysis should focus on increased visibility of how citizens can become members of the board as well as complaints and board findings. The board must also better reflect the Charlotte citizenry.
- Explore requiring contractors that seek to do business with the City of Charlotte “Ban the Box” on employment applications.
- Establish a program to promote the hiring of low-income residents in projects funded with public dollars.
- Adopt a meaningful apprenticeship program that focuses on training and development for people with multiple barriers to employment, with a focus on a diversion program for adjudicated youth.
- Accelerate the Council goal to provide 5,000 units of affordable housing from five years to three years.
- Continue the policy to progressively increase the minimum wage for City employees to $15 an hour.
The major points to take away from each of these initiatives are that Mayor Lyles is trying to bring the community together, use government funds more appropriately for all citizens of Charlotte, and grow the economy.
Why a healthy economy in Charlotte is good for real estate | home buyers, home sellers, and investment property owners
The healthier Charlotte, NC becomes economically, the better the real estate market.
In our years helping home owners and real estate investors in Charlotte, we’ve seen the ups and downs of the economy have a direct impact on real estate prices, the quality of homes on the market, and the community impact around the city.
The Charlotte Regional Business Alliance reports that home listings and sales have seen steady growth and consistent trends in the past 3 years. Coupled with high employment rates and consistent new, large businesses moving into the Charlotte area, you can see how a strong and healthy local economy supports the real estate industry.
You can see in the graphs below, the unemployment rates in Charlotte have dropped significantly over the past 10 years.
See the report here.
And here you can see how real estate is doing today as compared to the last 2 years.
See the report here.
When you own a home, you own an investment.
As with all investments, there is some level of risk involved. Understanding how the local Charlotte economy plays a part in your investment’s growth should be a priority for all home buyers, sellers, and real estate investors.