According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week, with rates for 30-year fixed-rate mortgages with conforming loan balances unchanged from the week before. Rates for loans backed by the Federal Housing Administration were also unmoved from the previous week. Despite the fact that rates remain favorable and much lower than they were at the same time last year, demand for mortgages fell 5 percent. Mike Fratantoni, MBA's senior vice president and chief economist, says falling demand may be due to the approaching holidays. “As we move into the slowest time of the year for home sales, purchase application volume is declining but continues to outperform year-ago levels, when rates were much higher,” Fratantoni said. “2019 was another year of inadequate housing supply in relation to demand. The good news is that the tide could be slowly turning for potential buyers. Housing starts and permits rose strongly in November, and home builder confidence has surged to a level not seen since 1999.”

Buyers in Eastern, NC are finding a good inventory of homes in different sizes and price ranges offering something for just about anyone that wants to get into the housing market. With the rates so low, this has brought the buyers out and made for a busy housing market. 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.

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

Americans want to buy homes. The job market is strong, mortgage rates are low, and people are ready to make a move. However, though conditions are largely favorable for prospective home buyers, there are some remaining challenges. Among them, low inventory tops the list. In many markets, there are too few homes available for sale. And when there are more buyers than homes, finding a house to buy becomes more difficult. It also pushes prices higher. The quickest solution to this problem is building more homes. And, if new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development are any indication, the year is ending on a high note. That's because, their most recent residential construction report shows the number of new homes that began construction in November was 13.6 percent higher than at the same time last year. The data also shows that permits to build new homes moved to a 12-1/2 year high. Both are signs that new home construction is ramping up as the year ends. That's encouraging for next year's market and anyone hoping to buy a home anytime soon.

For buyers in Eastern, NC, there is a good inventory of homes, making it much easier to find the perfect home that fits their needs. This area has seen a good job market this past year and this along with low rates and good inventory has given the housing market in this area quite a boom. Too see what is available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. More here.

A builder's business depends on being able to gauge how interested Americans are in buying a house. After all, no one would go through the labor and expense of building a house without feeling confident that they'd be able to find a buyer once it was finished. That's why the National Association of Home Builders measures builder confidence each month. If builders are optimistic and building homes, there's a good chance the overall housing market is also doing well. In December, the NAHB's Housing Market Index – which is scored on a scale where any number above 50 indicates that more builders view conditions as good than poor – reached 76. That's the highest reading since June 1999. Greg Ugalde, NAHB's chairman, said builders are responding to a rebound that began last spring. “Builders are continuing to see the housing rebound that began in the spring, supported by a low supply of existing homes, low mortgage rates, and a strong labor market,” Ugalde said. Among index components, the one measuring current traffic saw the biggest month-over-month improvement, rising seven points to 84.

This is all good news for those looking to buy a home. In the areas of Eastern, NC, people are finding that there are many new homes being built in different sizes, styles and price ranges. This has made it possible for more people to be able to afford to get into the housing market and to find a home with more of the features they are wanting. 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.

When you're asking to borrow money, your lender has to determine whether or not you'll be able to pay it back. To do this, they'll look at your credit history and financial situation to get a feel for how well you handle your debts and obligations. Whether or not you're approved to borrow will depend on whether you meet current credit standards. But those standards change over time. Sometimes they're tighter and it's harder to get approved than at other times. So what is the current outlook? Well, according to Fannie Mae's Q4 2019 Mortgage Lender Sentiment Survey, standards have been fairly stable over the past three months, with credit easing at around the same pace as the previous quarter. That's good news for potential borrowers. Even better, surveyed mortgage professionals said they don't expect any major changes to credit requirements in the near future. That, combined with mortgage rates that are expected to remain steady in 2020, means the outlook for borrowers next year looks favorable.

This is what buyers in Eastern, NC are seeing also. This area has a very good inventory of homes, which has help to keep prices down and has brought buyers out. This area also has a good job market so loans have been easier to secure. To see some of the homes in this area go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/.

More here.

Home buyers and sellers can have very different views when it comes to housing market conditions. Rising prices, for example, are bad news for buyers but good news for anyone thinking about putting their home up for sale. In other words, your perception of the current market will be determined by your position in it. One thing everyone can agree on, though, is volatility. No one wants to be active in the market when it's unpredictable. That's why Freddie Mac's most recent forecast is encouraging. Because, not only are they calling for a steady market in 2020, they also predict that conditions will remain stable through 2021. Sam Khater, Freddie Mac's chief economist, says housing will remain solid despite potential economic ups-and-downs. “The economy has seen increased volatility in November as hopes for a favorable resolution to the trade dispute have recently waned,” Khater said. “However, given low interest rates, modest inflation, and a solid labor market, the U.S. housing market continues to stand firm, and, our forecast is for the housing market to maintain momentum over the next two years.”

This is what is being seen in Eastern, NC, also. This area has been able to continue to build many new homes in all sizes and price ranges, and with the low rates and a steady, strong job market, it has made it possible for so many people to be able 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/. More here.

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week, with rates seeing little change for 30-year fixed-rate loans with both conforming and jumbo balances. Rates were also flat for 15-year fixed-rate loans, though they fell for mortgages backed by the Federal Housing Administration. Overall, rates are hovering just above historic lows and it's helped boost mortgage demand. In fact, refinance activity is up 146 percent from last year and demand for loans to buy homes is up 5 percent. Joel Kan, MBA's associate vice president of economic and industry forecasting, says favorable conditions should lead to more improvement in the coming months. “The November jobs data showed increased payroll gains and low unemployment, which means conditions remain favorable for steady purchase growth in the coming months,” Kan said.

With rates continuing to stay historically low, Eastern, NC has seen a boost in new homes being built as well as in homes being sold. To see what this area has to offer go to: https://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.

Over the years, American homes have grown larger. In fact, the typical new home is about 1,000 square feet bigger than it was in 1980. But is the decades-long trend toward bigger homes coming to an end? Well, according to recent data, it may already have. That's because, though the median size of a new single-family home built in 2018 was 2,386 square feet – which is, by no means, a small home – square footage has been declining over the past few years. Part of the reason for the decline is growing demand for affordable homes. With the number of homes for sale lower than normal, new home builders are increasingly addressing home buyers' needs by building smaller, more affordable homes. The other factor is generational. Millennials have reached the age of the average first-time home buyer and, naturally, have different preferences than their parents. Spacious homes far from the city aren't as popular with younger buyers, who prefer a smaller, more manageable home closer to work and amenities. Whatever the reason, the trend toward smaller homes is likely to continue in 2020 and beyond.

The smaller home trend has been felt and acted upon in Eastern, NC. This area has continued to build many new homes, especially in the smaller sizes and price ranges. This is making it much easier for more people to find a home with most of the features they are looking for and to be able to afford to buy it. 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/?notif_t=page_admin.  More here.

Each month, Fannie Mae conducts a survey asking respondents for their perception of the housing market, buying and selling a home, mortgage rates, their job, home prices, etc. Their Home Purchase Sentiment Index is meant to gauge Americans' interest in buying a home. In November, the Index improved, with a significant increase in the number of participants who said they thought now was a good time to buy a house. In fact, the percentage of Americans who think it's a good time to buy rose to 61 percent from 57 percent the previous month. That's the highest it's been since March 2018. Doug Duncan, Fannie Mae's senior vice president and chief economist, says low mortgage rates have helped prospective home buyers, but inventory remains an obstacle. “Over the past year, a growing share of consumers say that they expect mortgage rates to remain steady,” Duncan said. “While low rates have helped boost housing affordability compared to last year, the HPSI has increased only moderately in that timeframe. This may be due in part to the ongoing challenge of tight housing supply, especially in the starter home market.” There is one area though that has shown a better purchase market than in a lot of other areas. That is Eastern, NC.  This area has built many new homes in many sizes and price ranges, but mainly in the entry level size. This has brought out the buyers and made it possible for so many more people to be able to get into the housing market. 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.

There are some rooms you'll find in every house. Kitchens, bathrooms, and bedrooms come to mind. Libraries, on the other hand, aren't as common. In short, some rooms are more essential than others. But these days, the list of essential spaces is expanding. And, according to a new survey from the National Association of Home Builders, buyers – and especially younger buyers – have strong feelings about which types of rooms they want in their next house. Among millennials home buyers, laundry rooms lead the list. In fact, 86 percent of millennial respondents said having a laundry room was either desirable or a must have. Other speciality rooms that were popular with large majorities of millennials included dining rooms, home offices, and great rooms. But naturally, millennials aren't the only buyers who have a preference for speciality spaces. After all, older buyers likely also prefer to have a laundry room in the house. However, there are some generational differences in which rooms were deemed most important to which buyers. For example, the survey found younger buyers were much more likely than other generations to say their next house needed to have an exercise, media, or game room.

Buyers in Eastern, NC are finding a large variety of homes that have many different features in them. This is making it much easier for a buyer to find exactly what they are wanting and finding it in a price range they can afford. 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/?notif_t=page_admin. More here.

Home buyers have a lot to consider. They have to think about the size and location of the house they'll buy, how much storage it'll have, the school district, how many bathrooms, the kitchen, mechanical systems, the roof, the neighborhood, etc. It's a lot. But, if that weren't enough, it's also important to consider market conditions and what the financial side of buying looks like. So what can buyers expect to find when shopping for a house in 2020? Well, according to a new forecast from the National Association of Realtors' consumer website, there's good news and bad. More new homes, low mortgage rates, and slower price appreciation are all encouraging signs for hopeful home buyers. Add to that easier access to credit and it sounds like a good time to buy. However, challenges will remain. For example, low inventory remains a big issue for the housing market and, in areas where there are more buyers than homes for sale, it may take longer to find a home. This is especially true for first-time buyers. New home construction has largely been limited to higher-end homes, which means affordable homes in entry-level price ranges may be harder to come by.

There is one place though that buyers are finding a good inventory of homes, ranging from entry level to large and in all different price ranges. Eastern, NC, has become a very popular area to live in with all it has to offer and with the good inventory of homes. To see some of the homes being offered and to take advantage of the different sizes and prices go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. More here.