A lot of what you look for in a home has to do with the particulars of your day-to-day life. For example, a home buyer who has young children would be more likely to prioritize living in a good school district than a buyer who doesn't have kids. That makes sense, after all. So you'd probably think that the buying preferences of younger buyers are much different than those of older buyers. And yet, the latest Home Buyer and Seller Generational Trend report from the National Association of Realtors found some surprising results. In fact, it found that buyers between the ages of 22 and 29 had some of the same priorities as buyers between 74 and 94, including living close to loved ones. “The silent generation – older Americans who are typically grandparents and great-grandparents – for years have prioritized living near family and other loved ones,” Lawrence Yun, NAR's chief economist, says. “But it was surprising to see younger millennials with home buying preferences and ideals similar to older segments of the population.” The survey found that 53 percent of buyers between the ages of 22 and 29 said that proximity to friends and family was a high priority when deciding where to live.

Buyers in Eastern, NC are finding that there is a good inventory in most areas so no matter where they are looking for a home at, and no matter what they want or need to have close by, they can usually find a home that will fit their needs. To see some of the homes available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin.  (source)

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell to their lowest level in more than seven years last week. Rates were down across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Michael Fratantoni, MBA's senior vice president and chief economist, said the decline was due to concerns about the coronavirus. “The 30-year fixed-rate mortgage dropped to its lowest level in more than seven years last week, amidst increasing concerns regarding the economic impact from the spread of the coronavirus, as well as the tremendous financial market volatility,” Fratantoni said. “Refinance demand jumped as a result, with conventional refinance applications increasing more than 30 percent.” Refinance activity is now 224 percent higher than it was at the same time last year. Purchase activity is also up from last year, rising 10 percent above year-before levels. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.

With rates being so low, areas of Eastern, NC, have been very busy. This area has a good inventory of homes in different sizes and price ranges and this along with the low rates, has brought the buyers out. Many more people have been able to get into the housing market with homes being so much more affordable now. To see some of the available inventory of homes in this area go to: https://www.firstcarolina.com/listings/

or join social media at: https://www.facebook.com/fcrhavelock/.

 (source)

You don't have to be an economist to understand supply and demand. When there are more buyers than there are sellers, prices rise. This is true for any market, including the housing market. When there are too few home buyers, homeowners have to price their homes low enough to attract the buyers that are active. When there are too many buyers, the opposite is true. This is why prices have been increasing now for several years. Many housing markets across the country are suffering from a lack of homes for sale. But why? Well, according to Freddie Mac, the issue has its roots in the financial crisis and housing crash. After the crash, many small home builders went out of business and have not returned. That's led to fewer new homes being built and especially in the affordable price ranges that are most in demand. Freddie Mac estimates that the market is now 3.3 million homes short of where it should be. Fortunately, recent trends point to an uptick in new residential construction and, as the rate of new home building increases, it should help bring balance to the market and keep prices in check.

Buyers in Eastern, NC, are seeing a large number of new homes being built and this has kept prices down, inventory good and buyers out. The large inventory of homes has made this area a very popular area to work and live in. To see some of the homes available go to: https://www.firstcarolina.com/listings/ or jin social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin.  (source)

The National Association of Realtors' Pending Home Sales Index tracks the number of contracts to buy homes that are signed each month. The index is a good indicator of where home sales are headed because contract signings precede closings by a number of weeks. In January, the PHSI rose 5.2 percent from the month before and is now up 5.7 percent over last year at the same time. Lawrence Yun, NAR's chief economist, says conditions are favorable for home buyers right now and it may lead to an increase in buying activity as we approach the spring sales season. “With housing starts hovering at 1.6 million in December and January, along with the favorable mortgage rates, among other factors, 2020 has so far presented a very positive sales climate,” Yun said. “Moreover, the latest stock market correction could provide exceptional, even lower mortgage rates for a few weeks, and that would help bring about a noticeable upturn in the coming months.”

Buyers in Eastern, NC are taking advantage of the lower rates, and the excellent home inventory in this area and are finding the home that has the features they are looking for and more for less money. To see some of the inventory available in this area go to: https://www.firstcarolina.com/listings/ or join social media: https://www.facebook.com/fcrhavelock/. (source)

Spring is traditionally thought of as the start of home buying season. Harsh winter weather begins to fade and interested buyers become more active. Because of this, homeowners who hope to sell often wait for spring to list their home. But what is the best time to put your home up for sale, if you want to get the best price for it? Well, it depends on where you are in the country. Naturally, in warmer parts of the country, it comes earlier than in others. For example, late March is the best time for selling in San Diego, but Cincinnati homeowners do better in early July. Generally speaking, though, the first two weeks of May brings the highest premium for homeowners with a house for sale. In fact, according to one recent analysis, sellers who list their home during the first half of May get $2,100 more for their house. Of course, the right time for you will likely depend on your particular circumstance but, if you're able to time it, you might want to consider listing your home in early May.

Although May usually does bring out the buyers and makes for the best month to sell a home in, for buyers in Eastern, NC, most anytime seems to be a good time. This area has kept a good inventory of homes and that has kept prices moderate and buyers interested. To see what is available in this area go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. (source)

New home sales are an important barometer for the housing market. When they're selling quickly, home builders build more homes, which helps balance inventory and keeps home prices from spiking. In other words, if you want to know how the housing market is doing, new home sales are a good place to check. That's why new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development are encouraging. Their January New Residential Sales report shows a spike in sales, which are now at their highest level since July 2007. The gains were better than expected. Economists polled by Reuters had predicted a 3.5 percent gain from December, but the report shows sales up 7.9 percent. So what does this mean? Well, it likely means that the recent improvements in new home construction and building permits will continue. And that means added inventory at a time when it's lower than normal in many markets. This could help reverse recent home price trends, which have shown prices beginning to rise more quickly after a period when they were slowing down.  

Eastern, NC is one area that has many new homes being built in different sizes and price ranges making it possible for many people to be able to get into the housing market and to find a home with the features they are looking for. The good inventory has also kept prices down, making it more affordable for more people to get a home. To see some of the inventory available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. (source)

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The drop caused a slight increase in overall mortgage demand, with refinance and purchase activity combining for a 1.5 percent improvement over the week before. Mike Fratantoni, MBA's senior vice president and chief economist, says the coronavirus will have an impact on markets in the coming weeks. “As fears regarding the coronavirus have increased, Treasury yields have dropped to record lows this week amid the ensuing financial market volatility,” Fratantoni said. “Next week's results will show the impact this drop in Treasuries had on mortgage activity.” Also in the report, purchase activity rose 6 percent last week, which puts demand 10 percent higher than last year at the same time.

Home demand has certainly been seen in Eastern, NC. Fortunately this area has been able to build many new homes, making it possible for many people to get into the housing market that might not otherwise been able to.  To see some of the homes available in this area go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/.

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

The latest results from the S&P Case-Shiller Home Price Indices show prices up 3.8 percent year-over-year. And while that's a fairly normal annual increase compared to long-term averages, when compared to the previous month's results, it represents an acceleration. For example, S&P showed annual gains of 3.5 percent in November. Craig J. Lazzara, managing director and global head of index investment strategy at S&P, says prices have now been rising for eight straight years. “The U.S. housing market continued its trend of stable growth in December,” Lazzara said. “This marks eight consecutive years of increasing housing prices (an increase which is echoed in our 10- and 20-city composites). At the national level, home prices are 59 percent above the trough reached in February 2012, and 15 percent above their pre-financial crisis peak.” But while price increases sped up at the end of last year, Lazzara says it's too soon to say whether it represents a new trend upward or is just a bump in the long-term trend.  

Buyers in Eastern, NC, are finding a good inventory of homes available so this is helping to keep prices down. This area also has a good job market and with rates low and prices staying down, it has made it easier for buyers to get more house for their money and to be able to find a home with more of the features they are looking for. To see some of the homes available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/.  (source)

The housing market continues to grow stronger. And, according to Fannie Mae's most recent outlook from their Economic and Strategic Research Group, there are a few factors driving the improvement. Among them, low mortgage rates and a strong labor market are near the top of the list. Americans are feeling more financially secure and, combined with favorable rates, they're increasingly convinced that now's a good time to buy a home. Doug Duncan, Fannie Mae's chief economist, says the improvements will likely continue through next year. “Our updated housing market forecast shows greater strength in essentially every part of the housing market extending through the first half of 2021,” Duncan said. “The limiting factor for home sales, as well as the primary driver of home price appreciation, remains the supply shortage. Barring an uptick in the inventory of existing homes put on the market, in the near term we're forecasting relatively flat home sales until higher construction activity can be sustained, which we foresee will be the case later this year.” In other words, the outlook is good and will likely get better as more new homes are built and listed for sale.  

Buyers in the areas of Eastern, NC are seeing a very good inventory of homes, as more homes have been built and are continuing to be built. The good inventory along with the low rates and good job market has made it possible for most buyers to be able to find the home they have been searching for. To see some of the homes available in this area go to: https://www.firstcarolina.com/listings/ or joi social media at: https://www.facebook.com/fcrhavelock/. (source)

New numbers from the National Association of Realtors show sales of previously owned homes up nearly 10 percent over last year at the same time. The January report also shows inventory, home prices, and time on market up during the month. Lawrence Yun, NAR's chief economist, says the outlook is promising. “Existing-home sales are off to a strong start at 5.46 million,” Yun said. “The trend line for housing starts is increasing and showing steady improvement, which should ultimately lead to more home sales.” But while home sales are up significantly from last year, they were relatively flat from the month before. In fact, most regions showed little or no change from December. Also, home prices have now increased on an annual basis for 95 consecutive months. The median existing-home price for all housing types was $266,300 in January, which is up from $249,400 one year ago. Still, low mortgage rates have helped balance affordability levels and – with new home construction expected to improve this year – inventory gains could help slow additional home-price increases as the year goes on.  

Buyers in Eastern, NC are seeing a good inventory of homes, both existing homes and new construction. This area has been able to keep a good inventory of homes so this has kept prices down and made it possible for buyers to find the home they have been wanting. To see some of the homes available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. (source)