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ake Norman's real estate market remains one of the most vibrant in the nation, despite industry challenges. At a recent Newsmakers Breakfast, industry executives Champ Claris and Gary Scott highlighted the region's strong demand for housing, outperforming national averages.

    While there has been some cooling in recent months, demand around Lake Norman remains robust, with about 50% more properties listed now than in 2023. Notably, a quarter of homes priced above $1 million have seen price reductions. The average time to sell a home in the area is approximately 10 weeks, significantly shorter than the national average of four months.

    The region's luxury sales are also on the rise, with waterfront properties being considered a bargain by international buyers. Scott attributed this trend to Lake Norman's unique appeal, saying "Everyone wants to be here."

    Industry changes are underway following a settlement between the National Association of Realtors and the government. The agreement has altered policies on agent compensation, requiring buyers to sign exclusive contracts before touring homes and allowing sellers to negotiate commission fees beforehand. This shift is expected to lower sales prices in the short term but may ultimately improve services and values.

    Scott believes this change will raise industry standards and make agents more transparent about their services. However, it also poses challenges, such as ensuring that deposits are sent to the correct recipient to avoid wire fraud. Claris warned of the risk of hackers inserting themselves into transactions, citing instances where up to $1 million has been lost.

    To mitigate this risk, Claris recommends creating a new email box for transaction communications. Scott advised homeowners to prioritize property upgrades and maintenance, suggesting that annual projects can have long-term benefits and increase the property's value over time.