Whether or not you feel like it's a good time to buy or sell a house depends a lot on your perception of the housing market. That's why Fannie Mae conducts a monthly survey to gauge Americans' feelings about current conditions, their financial situation, mortgage rates, home prices, etc. After all, if people have a positive view of the market, they're more likely to make a move. And, according to the most recent Home Purchase Sentiment Index, Americans are feeling optimistic right now. Fannie Mae's chief economist, Doug Duncan, says the index remains near its all-time high. “The HPSI hit and remained near an all-time high in 2019, driven by the 16-percentage point year-over-year increase in the share of consumers believing it is a good time to buy,” Duncan said. In December, 59 percent of participants said they think now is a good time to buy a house. Additionally, 65 percent said it's a good time to sell. In other words, a majority of survey participants have a positive view of the market and – with mortgage rates low, prices slowing, and home construction increasing – optimism may grow even stronger as we approach the spring season. 

Buyers in Eastern, NC have certainly stayed very active in the housing market. This area has continued to build many new homes, giving something for just about anyone that wants to get into the housing market. There is a strong job market in this area and with rates low and  inventory good, homes area selling. To see what is available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/.

source

Calculating whether or not you can afford to buy a home can be stressful. It's a major financial transaction and it's easy to become overwhelmed when considering all the costs, obligations, and responsibilities. The good news is that many affordability indicators are pointing in the right direction for prospective buyers. For starters, most analysts expect that mortgage rates – already hovering just above historic lows – will remain favorable in 2020. Additionally, Freddie Mac's most recent forecast says home price increases will continue to slow both this year and next. In fact, they're calling for annual home price growth to fall to just 2.1 percent next year. Sam Khater, Freddie Mac's chief economist, says the real estate market is in good shape for the foreseeable future. “A more accommodative monetary policy stance and robust labor market helped the U.S. housing market regain its footing in 2019,” Khater said. “Improved sentiment, lower financial market volatility, and trade headwinds are setting up a favorable economic environment for continued real estate market growth in 2020.”

With a good labor market, and low interest rates, and a good inventory of homes, buyers in Eastern, NC are finding it much easier to secure a loan and get more home for their money. To see why this is such a popular area to buy a home in and to see the inventory of homes go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. 

Source

People move for a number of reasons. Whether it's because they need more storage, better schools, a shorter commute, or a bigger kitchen, there's no shortage of factors that might have someone looking for a new place to live. But, when it comes to moving out of state, the list narrows quite a bit. In fact, out-of-state movers have two primary motivations: Retirement and work. Because of this, it's not that difficult to predict the states that see the most inbound migration. It's no surprise, for example, to see states like Florida, South Carolina, and Arizona on United Van Lines' recently released National Movers Study – which tracks where and why people move. Naturally, retirement destinations are popular

choices, especially since baby boomers were the most likely generation to move out of state. But some choices were less obvious. Would you have guessed that the Northwest would occupy three of the top five states Americans are moving to? Maybe not, but Idaho and Oregon took first and second place on this year's list. On the flip side, the states that see the most residents leaving included places like New Jersey, Illinois, New York, Connecticut, and North Dakota. Another area that gets people from other states is in Eastern, NC. This area has military bases which brings in a lot of people and there is the coast. Anytime there is water, you are going to have people moving in. This is probably mostly retirees looking to get close to the water and the ocean. Eastern, NC, has been able to continue to build many new homes in many different sizes and price ranges making it possible for many people to buy a home when coming to this area. 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. More here.

The S&P CoreLogic Case-Shiller Indices have tracked U.S. home prices for more than 27 years. Considered among the leading measures of home price trends, the Case-Shiller index is a closely watched gauge of where home prices are headed. According to the most recent results, home values continue to increase. In fact, they are up 3.3 percent year-over-year. But, though they're still rising, the rate of increase is actually slower than the historical average. For example, home prices between 1968 and 2004 saw an average yearly increase of 6.4 percent. Still, the Case-Shiller index found price increases have accelerated slightly in recent months. “As was the case last month, after a long period of decelerating price increases, the national, 10-city, and 20-city composites all rose at a modestly faster rate in October compared to September,” Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones, said. “This stability was broad-based, reflecting data in 12 of 20 cities. It is, of course, still too soon to say whether this marks an end to the deceleration or is merely a pause in the longer-term trend.”

Buyers in Eastern, NC are seeing more inventory of new homes in different sizes and price ranges and this has made it possible for more people to be able to get into the housing market. With such a good inventory of homes, prices have really been able to stay moderate in this area also, making it much easier on the buyers. 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/. More here.

The number of Americans who signed contracts to buy homes in November was higher than the month before, according to new numbers from the National Association of Realtors. In fact, the NAR's Pending Home Sales Index – which measures contract signings not closings – saw a 1.2 percent improvement over the previous month. Contract activity is now 7.4 percent higher than it was last year at the same time. Lawrence Yun, NAR's chief economist, says buying conditions are favorable but low inventory remains a challenge. “Despite the insufficient level of inventory, pending home contracts still increased in November,” Yun said. “The favorable conditions are expected throughout 2020 as well, but supply is not yet meeting the healthy demand.” Regionally, pending sales saw the greatest improvement in the West, rising 5.5 percent month-over-month. The Northeast, Midwest, and South were all relatively flat, though they remain elevated over last year's numbers.

Another area that has seen a big improvement has been in Eastern, NC. This area has continued to build many new homes in different sizes and prices ranges, making it possible for many more people to be able to get into the housing market. 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/. More here.

Obviously, the number of homes available for sale is important. After all, it has a big impact on affordability. For example, these days there are too few homes for sale in many markets and the resulting inventory crunch has pushed home prices higher. But many recent housing market forecasts say there should be a significant increase in the number of new homes built in 2020. Will it add enough supply to make homes more affordable for buyers? Fannie Mae's senior vice president and chief economist, Doug Duncan, says there's good news and bad. “We now expect single-family housing starts and sales of new homes to increase substantially, aided by a large uptick in new construction as builders work to replenish inventories drawn down by the recent surge in new home sales activity,” Duncan said. “Despite the expected increase in the pace of construction, the supply of homes for sale remains tight and strong demand for housing is continuing to drive prices higher, particularly in the more entry-level price tiers.” In other words, though new home construction will add inventory – which will help moderate price increases – inventory will likely remain a challenge, especially for buyers looking for an affordable home.

Fortunately for buyers in Eastern, NC, home inventory is better than in a lot of other areas. This area has been able to build many new homes in different sizes and prices, but mainly in the entry level size. This has made it possible for so many more people to be able to get into the housing market that normally would not be able to. To see some of the available inventory go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin. More here.

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were flat last week from the week before. There were slight increases to rates for 30-year fixed-rate mortgages with both conforming and jumbo balances and loans backed by the Federal Housing Administration. Rates for 15-year fixed-rate mortgages were unchanged week-over-week. But despite rates remaining just above historic lows, demand for mortgage applications fell from one week earlier. Michael Fratantoni, MBA's senior vice president and chief economist, said home-buying activity is typically slow at this time of year. “We are in the slowest time of the year for the purchase market,” Fratantoni said. “Purchase application activity declined after the seasonal adjustment, but still remains about 5 percent ahead of last year's pace. The increase in construction activity will bolster housing inventories, which should be a positive for purchase volumes going into 2020.” Refinance activity also fell last week, though it remains 128 percent higher than last year at the same time. Although this is known to be the slowest time of the year in the housing market, buyers in Eastern, NC are out in full stream. This area has a very good inventory of homes and with rates low, job market good, and loans being made, it has made it much easier for so many to be able to buy a home now. 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. More here.

As 2019 comes to a close, there are several signs that the housing market will be strong in the year ahead. Among them, new home sales might top the list. For example, according to the most recent numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of newly built single family homes are now nearly 17 percent higher than they were at the same time last year. Additionally, the past three months have been the best three months since 2007. In short, demand for new homes is high and that's good for the economy, the housing market, and potential home buyers. So what's driving the increased demand for new homes? Well, a large part of it is mortgage rates. Rates fell in 2019 and helped offset home-price increases, keeping affordability levels manageable. Combined with a strong job market and rising wages, lower borrowing costs motivated more Americans to want to make a move. And, with buying conditions expected to remain fairly stable in 2020, more of the same is expected in the year ahead.

This is what buyers are seeing in Eastern, NC as well. This area has been able to continue to build many new homes especially in the entry level size, making it possible for so many people to be able to get into the housing market. 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/.  More here.

Measuring housing-market affordability typically involves making some comparisons. Of course, with any comparison, what you discover depends on what you're comparing. Home prices, after all, could be down from where they were last month but up compared to the same time last year. That's why the best comparison is usually one that takes the broadest and longest view. For ATTOM Data Solutions' fourth-quarter 2019 U.S. Home Affordability Report, they calculated current affordability levels then compared them to their long-term average. What they found was 53 percent of the 486 counties included in the report were more affordable than their historic average. That includes counties in and around Chicago, Washington D.C., and New York, with areas like Middlesex County (outside Boston), Orange County, (outside Los Angeles), and Bay County (Panama City) showing big gains in the past year. Todd Teta, chief product officer with ATTOM, says mortgage rates and wages are key. “Homes were actually a bit more affordable because of declining mortgage rates combined with rising pay to overcome the continued price run-up,” Teta said. “As long as people are earning more money and shelling out less to pay off home loans, the market should remain strong with prices continuing to rise, at least in the near term.”

For buyers in Eastern, NC, the good job market, lower rates, and good inventory of homes has made it possible for so many more people to be able to get into the housing market. 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/?ref=settings. More here.

New numbers from the National Association of Realtors show sales of previously owned homes down in November from the month before. The decline was mostly in the South and West, as the Northeast and Midwest saw gains month-over-month. But despite slowing from October's pace, homes are still selling quickly. In fact, 45 percent of the homes sold in November were purchased less than a month after listing. Lawrence Yun, NAR's chief economist, says low inventory is the primary factor causing unevenness in the market. “Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than 2 million job gains in the past year,” Yun said. Still, too few homes for sale is likely holding sales back. For example, compared to last year, there's been a 16 percent decline in homes sold below $100,000 and a 4 percent decrease in sales between $100,000 and $250,000. With a significant portion of home buying demand coming from first-time and entry-level buyers looking for affordable options, available inventory is an issue. Fortunately, recent data shows new home construction is on the rise, which should help bring some needed supply to the housing market.

For buyers in Eastern, NC, inventory has not been as much of an issue. This area has been able to build many new homes, in so many different sizes and price ranges, making it possible for many people to be able to get into the housing market that might not would have normally 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/.

More here.