According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week from the week before. Only rates for 30-year fixed-rate loans with jumbo balances and loans backed by the Federal Housing Administration saw much movement, with each seeing slight increases. Despite flat rates, however, the refinance index fell 16 percent and brought overall demand down. Purchase activity, on the other hand, saw a 1 percent increase. Joel Kan, MBA's associate vice president of economic and industry forecasting, said the purchase market looks healthy as the year comes to a close. “The purchase market overall looks healthy as we enter the home stretch of 2019,” Kan said. “The seasonally adjusted purchase index was at its highest level since July, as a combination of wage gains, slower home-price appreciation, and slightly easing inventory conditions continue to support increased activity.”

Areas of Eastern, NC are seeing this as well. There is a good job market in this area and there are many new homes in different sizes and price ranges, which is bringing the buyers out. To see some of the inventory 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.

With the job market strong, mortgage rates low, and buyer demand up, the housing market seems ready for a boom. But because there's been fewer homes for sale than normal, it hasn't happened. Now, according to a new forecast from the National Association of Realtors, things may be starting to change. That's because, the number of single-family homes expected to be built next year should total 1 million, which is the highest number since 2007. And, with more new homes being built and put on the market, buyers will have more choices, affordability will improve, and sales will increase. Lawrence Yun, NAR's chief economist, says inventory has been the primary factor holding housing back. “All the factors that contribute to higher home sales like the job situation are terrific, and of course mortgage rates are critical to buying a home and those are favorable,” Yun said. “All the factors are lined up in a way that means we should be having gangbuster home sales.” Skyrocketing home sales could be just around the corner, though, if new home construction increases as expected.

All of this is what is being seen in the areas of Eastern, NC. This area has continued to build many new homes in all sizes and price ranges and that combined with a good job market and low rates, is making it possible for many people to finally be able to buy a home. 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.

Though spring and summer are the housing market's busiest time, winter may be the best time for buyers. In fact, according to a new analysis from ATTOM Data Solutions, winter buyers have the best chance of buying a home at a price below its estimated market value. The analysis found that December is the best month for buyers and the day after Christmas and New Year's Eve are the days offering the biggest discounts. Todd Teta, chief product officer with ATTOM, says buyers willing to make a deal during the busy holiday season will be financially rewarded. “Closing on a home purchase the day after Christmas or on New Year's Eve can be one of the most financially beneficial holiday-season gifts you can get,” Teta said. “While lots of folks are shopping the day-after Christmas sales or getting ready to ring in the New Year, our data shows that buyers and investors are buying homes on those days at a discount. That's a far cry from buying during June, when they are likely paying about a 7 percent premium.” By comparison, December buyers pay about a 1.2 percent premium.

This is what is experienced in Eastern, NC, year after year. This area has such a good inventory of homes, and the holiday season seems to be the time to gift yourself as a buyer with a good savings on a home. To see some of the homes available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/.

More here.

After a contract to buy a home is signed, that home's sale is considered pending until closing. This period usually last several weeks, while the home and its sale goes through all the necessary steps to confirm, verify, and ensure every part of the transaction. Because of that weeks-long gap between contract signings and closings, tracking the number of signings is a fairly accurate way to forecasting what upcoming sales reports will show. After all, since most contract signings end up as final sales, increasing sales numbers typically follow increasing signings. That's why the National Association of Realtors measures them monthly with their Pending Home Sales report. According to their most recent release, October saw a month-over-month decline but, overall, signings are up over last year's numbers. In fact, contract signings were 4.4 percent higher than year before levels. Lawrence Yun, NAR's chief economist, says there are plenty of buyers right now but still not enough homes for sale. “We still need to address and, more importantly, correct inadequate levels of inventory across the country,” Yun said. “There is no shortage of buyers seeking homes, but a lack of available units continues to drag down the nation's housing market and overall economy.” As inventory levels rise and offer buyers more choices, sales will likely follow.

For buyers in Eastern, NC, inventory has not been as much of an issue. This area has continued to build many new homes in all size and price ranges, making it possible for many more people to be able to get into the housing market. To see some of the inventory 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.

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week, with rates dropping 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. The decline follows a long-term downward trend that has pushed rates 115 basis points lower than they were at the same time last year. That's led to a significant bump in mortgage demand. Joel Kan, MBA's associate vice president of economic and industry forecasting, says, though this week's year-over-year comparison may be skewed, this year has been the best in over a decade. “The annual increase in refinance and purchase activity was even more prominent in this report because Thanksgiving was a week earlier last year,” Kan said. “However, with roughly five weeks of reporting data left in 2019, the mortgage market is on track for its best year for originations since 2007.”

One area that has had amazing results with the housing market is Eastern, NC. This area has continued to build many new homes, in all sizes and price ranges, offering something for most anyone that wants 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/.

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

In October, sales of newly built, single-family homes were relatively flat from the month before, according to a new report from the U.S. Census Bureau and the Department of Housing and Urban Development. But, despite a flat month, they're now up 32 percent from last year at the same time. That's because September's sales estimate was revised upward and, combined with October's results, the two months were the best for new home sales since 2007. So what's driving the sales surge? Well, a couple of things. One is mortgage rates, which are significantly lower than they were last fall. Another is buyer demand. The number of interested home buyers has been elevated for a while now, in large part due to a strong job market. Additionally, new home prices are falling. In fact, according to the report, the median sales price of a new home is down 3.5 percent from last year. When you combine high demand and low borrowing costs with declining prices, it becomes pretty clear why prospective home buyers might be taking a longer look at buying new.

This is what buyers in Eastern, NC are doing. This area has built many new homes, especially in the entry level size and price range, and this along with the low rates and good job market has made this area a very popular area to buy a home in. To see some of the inventory go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. More here.

The economy has many parts. And, naturally, the housing market plays a role. When its strong, it can add to economic growth. When it isn't, it can drag the economy down. According to the latest forecast from Fannie Mae's Economic and Strategic Research Group, it's currently strong and adding to growth for the first time in a year and a half. Doug Duncan, Fannie Mae's senior vice president and chief economist, says buyer demand is responsible and, if not for inventory issues, the market might even be stronger. “As we forecasted, housing supported the larger economy in the third quarter, and we expect it to continue to play a productive role through the first half of 2020,” Duncan said. “Of course, the housing market as a whole remains constrained by the persistent supply and affordability issues, which is particularly unfortunate given the current strength of consumer demand for reasonably priced homes.” Ultimately, how much the housing market contributes to economic growth next year will be determined by how well the number of homes for sale can keep up with demand from buyers.

Fortunately for buyers in Eastern, NC, the housing market has a strong inventory of homes, especially in the entry level size and price range. This has helped get many more people into the housing market and into the kind of home they have been looking for. 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.

Owning a rental property can seem like a great investment and a good way to make additional income. But, if you aren't a professional real estate investor with experience managing properties, it can be more difficult than it looks. You can also quickly find yourself paying multiple mortgages, if you have homes to rent but no interested tenants. Obviously, there are a lot of factors that play into how successful a rental property is but location probably tops the list. After all, some areas are more desirable than others. Some areas are also more likely to attract renters. So where in the country are the best places to own a rental property? Well, according to one recent analysis, cities in Florida are a good bet right now. Places like Orlando, St. Petersburg, and Tampa all ranked among the nation's best places to own a rental. Other cities included Seattle, Denver, Atlanta, Colorado Springs, and Phoenix. The number one city, however, was Arlington, Texas. Wherever you're looking, though, a good indicator is population growth. Buy in a neighborhood that people are moving to and, naturally, you'll have an easier time attracting tenants. For instance, buyers in Eastern, NC typically buy rental property along the coast. With such a beautiful coast line in this area, many people want to be able to enjoy it but can’t afford to buy there yet or retire yet so rental property is very popular. To see some of the homes available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/.  More here.

New numbers from the National Association of Realtors show sales of previously owned homes increased in October from the month before. The nearly 2 percent improvement pushed sales 4.6 percent higher than they were last year at the same time. Lawrence Yun, NAR's chief economist, said favorable conditions are likely to keep buyers coming out as long as there are enough homes to buy. “Historically-low interest rates, continuing job expansion, higher weekly earnings, and low mortgage rates are undoubtedly contributing to these higher numbers,” Yun said. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.” And, although the number of homes available for sale has been declining recently, news of rising new-home construction offers hope that inventory levels will begin to see gains again in the coming months. Regionally, the South saw the biggest bump in sales, with a 4.4 percent increase. The Midwest also saw gains, while the Northeast and West saw slight declines.

Buyers in Eastern, NC are finding a good inventory of homes with many new homes being built in different sizes and price ranges. This is giving something for just about anyone that wants 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.

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 decline keeps rates favorable and just above historic lows. It's one of many current housing trends good for prospective home shoppers. Joel Kan, MBA's associate vice president and economic and industry forecasting, says improving inventory may be another. “Purchase applications were 7 percent higher than a year ago, which adds another solid data point to the recent increases in new home sales and housing starts,” Kan said. “There may be signs that housing inventory is starting to meaningfully rise, which will help with affordability and provide more choices for potential home buyers.” But though demand for loans to buy homes was up from the previous week, refinance activity fell. Still, refinance demand is currently 152 percent higher than last year at the same time.

One area that has become very popular to buy a home in is in Eastern, NC. This area has continued to build many new homes in different sizes, styles and price ranges making it possible for more buyers 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.

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