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May 25, 2018

Homes Sell Quickly Even As Inventory Improves

New data from the National Association of Realtors shows the typical for-sale property was on the market for just 26 days in April. And, though sales were down during the month, the speed with which homes are selling is evidence that buyers are interested and active in the market. Lawrence Yun, NAR's chief economist, says homes are selling at a record pace. “What is available for sale is going under contract at a rapid pace,” Yun said. “Since NAR began tracking this data in May 2011, the median days a listing was on the market was at an all-time low in April, and the share of homes sold in less than a month was at an all-time high.” In fact, 57 percent of homes were sold in less than 30 days in April. Among the reasons homes are selling so quickly this spring is a lower-than-normal number of homes available for sale. Since buyer demand is high and the number of homes available to buy is low, homes are being sold very quickly. However, April's numbers also show inventory was up 9.8 percent from the month before, which is an encouraging sign for hopeful home buyers.

This is what is being seen in Eastern, NC. There are many new homes being built in this area and that has kept a good inventory and kept prices moderate. Homes sell quickly in this area but with many choices it has not be a problem maker. To see some of the homes available go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin. More here.

 

Homes Sell Quickly Even As Inventory Improves

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Posted in Buying
May 24, 2018

Economic Data Drives Mortgage Rates Upward

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week across all loan categories. Rates were up for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Joel Kan, an MBA economist, told CNBC higher rates are the result of improved economic data. “Treasury rates increased 10 basis points last week, driven largely by favorable news on retail sales data and industrial production in April, which more than offset data showing still-slow new residential construction,” Kan said. In short, the more the economy improves, the more likely it is that mortgage rates will continue to climb. But though mortgage rates were higher last week, demand for loans to buy homes still edged above last year's level, with the purchase index 3 percent higher than the same week last year. The refinance, index, on the other hand, fell 4 percent and is now at its lowest level since 2000.

Eastern, NC, has continued to build many new homes and this has kept prices moderate and within reach for many people. Homes are selling in this area and because of such a good selection of homes many loans are being made. To see homes available go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Economic Data Drives Mortgage Rates Upward 

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Posted in Survey
May 23, 2018

What Is The Most Prosperous City In The US?

Prosperous is defined as “successful in material terms; flourishing financially.” And, while money isn't everything, it's safe to say we all want to be successful and wouldn't mind flourishing financially. So where in the country is the best place to live if you want some prosperity? Well, the answer might surprise you. That's because a new study – looking at factors such as population, median income, home values, share of inhabitants holding higher education degrees, poverty rate, and unemployment – determined that Odessa, Texas was the the top city for prosperity, beating out heavy hitters like Washington DC, New York, Los Angeles, Atlanta, and Charleston. So what about Odessa makes it the most prosperous city in America? Well, from 2000 to 2016, the city experienced a 38 percent spike in income growth, home values rose 91 percent, and the poverty rate dropped by 36 percent. Those are some impressive numbers but the story behind the story is that Odessa benefited from a surge in crude oil production, which boosted the city's fortunes and lifted it to the top spot on the list.

Since not everyone lives or wants to live in Odessa, Texas, we have to look at other places. For buyers and sellers in Eastern, NC, they are finding a strong job market, a good economy, and many other very inviting features that have made this a very popular area to live in. There are many new homes being built in this area so home prices have stayed moderate and within reach for many people. To see some of the homes being offered go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin More here.

 

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Posted in National Data
May 22, 2018

Housing Outlook Sees Gradual Gains Ahead

The housing market has been in a bit of a holding pattern lately. While there is a high level of home buyer demand, there are a lower-than-normal number of homes for sale. That means, though sales should be booming right now, they are only making modest gains. But things can change. And, if more houses become available for sale, it could begin to reverse home price trends, making it easier for interested buyers to find and buy homes. So what is likely to happen in the coming months? Well, according to Fannie Mae's most recent Economic and Housing Outlook, things will grind forward, but we shouldn't expect major changes in market fundamentals anytime soon. “Housing's upward grind should continue, despite a lackluster first quarter,” Fannie Mae's chief economist, Doug Duncan, says. “We expect home sales to post modest gains both this year and next, as prices rise and affordability declines amid low for-sale inventory.” For buyers and sellers who may be waiting for conditions to change before making a move, this means the market isn't likely to be significantly different in the coming months. For buyers and sellers in Eastern, NC, the market has been much easier. This area has seen many new homes being built and this has kept prices moderate with a very nice inventory for buyers to choose from. To see what is available in this area go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/notif_t=page_admin. More here.

Housing Outlook Sees Gradual Gains Ahead

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Posted in Report
May 21, 2018

Generation Z May Become Homeowners Earlier

Generation Z – which is defined as people born between the mid-1990s and early 2000s – is quickly approaching adulthood and will soon face the decision of where to live and whether to rent or buy. But, according to a recent analysis, they may be facing challenges past generations didn't. For example, the results of one study show that they will spend less time renting but will pay more than young people have in the past. With current median rent at $1,418 per month and rising, generation Z is expected to spend $226,000 on rent in their lifetime. That's a lot. And it's more than baby boomers or millennials spent. But despite that, generation Z is expected to become homeowners earlier than millennials have. One reason is the cyclical nature of the economy. Another is the fact that more than half say they considered buying before renting their current place. Also, they are just as likely as older generations to say they consider owning a home to be part of achieving the American Dream. In other words, if long-term economic trends hold up, the next generation of home buyers will have a better economy and job market to help fuel their dreams of homeownership.

For buyers in Eastern, NC, there has been a better job market plus there are new homes being built constantly so that has kept prices moderate and affordable for many people. This has enable many more people to be able to get into the market than normally would have been able to do so. To see some of the homes available in this area go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin. More here.

Generation Z May Become Homeowners Earlier 

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Posted in Report
May 18, 2018

Changes Come To The Luxury Home Market

The high end of the real estate market has followed a different path since the financial crisis and housing crash. But while the luxury home market was able to avoid some of the ups-and-downs the rest of the market has endured, things are beginning to change. In fact, one recent analysis shows the number of homes for sale priced at or above $1 million dollars fell significantly during the first quarter of this year, as compared to the year before. And, if inventory continues to drop, the luxury home market could see some of the spiking prices and competition for available homes that buyers have found in more affordable price ranges. However, those this may be true, the effects have, so far, been far more muted than in the overall market. For example, the average luxury home was on the market for 82 days during the last quarter. That's faster than the same time last year but much longer than the overall average. For comparison, the National Association of Realtors' most recent numbers show the typical existing home was on the market for just 30 days, with 50 percent of homes sold in less than a month.

Although the more expensive homes take a bit longer to sale, they still sale very quickly in Eastern, NC, where the market has stayed strong for a long time now. To see some of the homes available in this area go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin.  More here.

Changes Come To The Luxury Home Market 

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Posted in Report
May 17, 2018

Mortgage Rates Little Changed From Week Before

According to the Mortgage Bankers Association's Weekly Applications Survey, mortgage rates showed little movement last week and were virtually unchanged from the week before. Rates for 30-year fixed-rate mortgages with conforming loan balances and FHA loans fell slightly, while rates for 15-year loans were flat from the previous week. Jumbo loans saw an increase from one week earlier. But though rates were steady, demand for mortgage applications fell. In fact, both refinance and purchase activity were down from the week before. The week-over-week drop puts demand for loans to buy homes 4 percent higher than at the same time last year. But, despite the improvement, analysts say application demand should be much higher, as the number of interested home buyers has grown. One explanation is that, though there are many buyers active in the market, they are having a harder time finding homes to buy, which has depressed demand for loans. As more homes become available to buy, the numbers will begin to catch up with the current level of interest in buying a home. Although mortgage rates have not changed much, buyers in Eastern, NC, have been out and looking and buying. This area has continued to build homes and that along with existing homes on the market has kept prices moderate and has given buyers choices. To see some of the homes available in this area go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin.

The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

 

Mortgage Rates Little Changed From Week Before

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Posted in Survey
May 16, 2018

How Builder Confidence Affects Home Prices

If you're considering becoming a buyer in today's housing market, you're likely wondering what's happening with home prices. Well, the primary factor driving values upward is a lack of available homes for sale. Simply put, there are more buyers than homes in many markets. This, of course, means home sellers can get a higher price for their house but it also means buyers can expect competition for the best available properties. So will this dynamic ever change? Well, one good indicator of where home prices are heading is new home construction. If new homes are being added to the stock of homes for sale, home prices will begin to moderate. That's why the National Association of Home Builders tracks builder confidence each month. If builders are optimistic about the market for new homes, they will build more, which will help boost inventory. According to the most recent results of the NAHB's Housing Market Index, there is reason for encouragement. That's because, builder confidence rose in May and is now at 70 on a scale where any number above 50 indicates more builders view conditions as good than poor. In short, home builders are feeling positive about their prospects, which could mean a more balanced market.

That is what is being seen in Eastern, NC. This area is building many new homes and that along with the homes that are already for sale, the inventory is good and prices are moderate. This makes Eastern, NC a very popular area to buy a home in. To see some of the homes available go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin.  More here

How Builder Confidence Affects Home Prices 

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Posted in Buying, Selling
May 14, 2018

Rising Incomes Help To Offset Affordability Challenges

After the financial crisis and housing crash, there were plenty of homes for sale but very few interested buyers. Americans were financially unstable and worried about keeping their jobs. And while they may've liked to buy a home, it wasn't the right time. Gradually, though, Americans became more secure in their jobs and more interested in buying a home. But, at the same time, the housing market also began bouncing back. And with prices higher and mortgage rates beginning to rise, Americans wanted to buy but began to worry about whether or not they could afford it. This year, with inventory low, prices rising, and mortgage rates creeping up, buyers face some challenges. Fortunately, though, new research shows incomes are also on the rise. The National Association of Home Builders' Housing Opportunity Index, for example, shows Americans are making more money, which is helping to offset declining affordability. In fact, median family income is up from $68,000 last year to $71,900. And, at that income, 61.6 percent of recently sold homes were affordable. For buyers in Eastern, NC, affordability has not been as much of an issue. The market here has kept many new homes available with options available to help with the loan process. The job market is good in this area and that along with a good selection of homes has made it much easier for buyers to be able to get the home they are wanting. To see some of the homes available in this area go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin. More here.

Rising Incomes Help To Offset Affordability Challenges 

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Posted in Buying
May 11, 2018

The Feature Millennials Are Most Willing To Go Without

Unless you're having a house built to your exact specifications, the house you end up buying will likely be a feature or two short of what you'd been fantasizing about. That's because, you're going to be choosing only from the homes that are on the market during the time you're shopping. So the odds of finding each and every thing on your wish list in one home are pretty slim. In other words, you're going to have to compromise. But how willing you are to compromise may have something to do with your age. In fact, according to one new study, millennial home shoppers are more willing to compromise on home and neighborhood features than Gen X buyers or baby boomers. Among respondents, 89 percent of millennials said they'd be willing to give up a neighborhood feature for their ideal home and 84 percent said they'd be willing to sacrifice a home feature to live in their preferred neighborhood. So what is the feature young home buyers are most willing to forgo? Well, garages top the list, with 34 percent saying they'd be willing to give up having one to live in the right neighborhood.

Buyers in Eastern, NC, are not quite to the point of giving up very much. This area has built many new homes, in different price ranges that are in very desirable areas and this has given most people the opportunity to buy more of the kind of home they have been wanting. This has also made this a popular area to live in. To see some of the homes available go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin. More here.

The Feature Millennials Are Most Willing To Go Without 

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Posted in Report