New homes only represent about 11 percent of all home sales. But, though they're a small slice of housing market activity, they do play an important role. That's because, when new homes are selling, builders build more houses. And, since adding new homes to the housing stock can help alleviate upward pressure on home prices, a healthy new home market can make buying conditions better for everyone. These days, though, the market faces some challenges. For example, the increasing cost of land and materials means builders struggle to build new homes in price ranges affordable for first-time and entry level buyers. For example, new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show that the median sales price of new homes sold in June was $310,400. The average price was $368,600. By comparison, at the end of 2018, the average price of homes purchased by first-time buyers was $219,300. Since a significant share of housing demand these days comes from younger buyers, new home sales are held back by the lack of affordable options for this demographic.

However, in the areas of Eastern, NC, builders are able to get materials cheaper than in some parts of the country making it easier to build homes in a better price range for first time buyers. This area has also put in programs and incentives to help with a home purchase and this has given many people a way 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/?notif_t=page_admin. More here.

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week. In fact, 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. The decline follows an increase the previous week but continues an overall downward trend so far this year. Average rates are now 69 basis points lower than they were last year at the same time. Despite favorable rates, though, refinance and purchase activity both fell from the week before. Joel Kan, MBA's associate vice president of economic and industry forecasting, said refinance activity may have stalled because rates have been low for so long. “Refinances last week were 7 percent lower than last month,” Kan said. “This is an indication that as we see rates lower for longer, borrowers need more of a drop in rates to consider refinancing.” Demand for loans to buy homes was also down last week, though it remains 6 percent higher than one year ago.

With rates low, buyers are taking advantage of the good inventory in Eastern, NC. This area has continued to build new homes, giving buyers a good choice of homes. 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.

If you're shopping for a house this summer, you should be prepared to move fast. That's because, homes are selling quickly so far this season and new numbers from the National Association of Realtors show the trend continuing through June. In fact, 56 percent of the homes sold during the month were on the market for less than a month. The typical property lasted just 27 days, which is up from 26 days the month before. Lawrence Yun, NAR's chief economist, says the housing market is imbalanced and it's leading to higher prices and more competition for available homes. “Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices,” Yun said. However, like all things real estate, your location will determine the conditions you encounter when shopping for a house. For example, home sales in the Midwest and Northeast – where inventory isn't quite as tight – increased in

June. The South and West, on the other hand, saw declines.

For buyers in Eastern, NC, the house hunt is a little bit easier than in some areas. This area has been able to build many new homes and that along with existing homes on the market has made it much easier for buyers to find the home that best fits their needs. 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.

When shopping for a house, you're limited to the homes that are on the market at the time you're looking. That means, though the home you're dreaming of may be out there, it also may be owned by a happy homeowner with no plans of selling. This is among the reasons why the number of homes for sale is so important. Not only does higher for-sale inventory keep prices in check, it also boosts buyers' chances of finding something that fits their wish list. In other words, the more homes there are for sale, the better it is for home buyers. And, according to the most recent numbers from the U.S. Department of Housing and Urban Development, there's reason for encouragement. That's because the number of new single-family homes built in June increased 3.5 percent from the month before. Greg Ugalde, chairman of the National Association of Home Builders, says demand from buyers is helping push builders to build more houses. “The monthly pick up from May to June in single-family starts is in line with the slight rise in our latest builder confidence survey, as demand remains solid due to a healthy job market,” Ugalde said. If the trend continues and construction of single-family home keeps climbing, the market will be more balanced and home buyers will have a better chance of finding a home that fits their needs and budget.

This is exactly what buyers are seeing in Eastern, NC. This area has continued to build many new homes with most of them being starting homes. This has given many buyers the opportunity they need in order to be able to get into the housing market. To see some of the homes for sale 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.

Buying a home is a commitment. Part of that commitment is financial; the other part is time. In other words, if you're buying a home, you're likely planning on staying there a while. But how long do buyers typically stay in the home they buy? Well, according to ATTOM Data Solutions' Q2 2019 U.S. Home Sales Report, homeownership tenure is increasing and recently reached a new peak. In fact, the average number of years home sellers lived in their home before selling hit 8.09 during the second quarter. That's up 3 percent from the previous quarter and 4 percent from the same time last year. And, in some areas, it was even longer. In fact, Tucson, Portland, Phoenix, and Tampa-St. Petersburg all had homeownership tenures longer than the national average. In San Francisco, the average amount of time sellers lived in their homes was 10.26 years. There are a number of reasons that Americans are living in their homes longer than they once did. But whatever their reasons, homeowners have benefited from staying put. That's because, they've built up a significant amount of equity over the years. For example, ATTOM's report shows the average home price gain since purchase is now $67,500, which is almost $10,000 more than the previous quarter.

Eastern, NC, is an area where people stay in their homes for a good amount of time. The people in the military areas may not stay in their homes as long as others do, but that is because of the military moving people around. This area has a strong housing market and there are many things that buyers can take advantage of to be able to get into the housing market in 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.

If you're thinking about buying a house, you're probably focused on finding something that fits your lifestyle but doesn't blow a hole in your budget. In short, you want to find the best house for your money. In a market where there are too few homes for sale, though, this can be difficult. That's because a lack of homes for sale means more competition, bidding wars, and fewer choices. Fortunately, though many markets are suffering from a lack of inventory, Fannie Mae's Economic and Strategic Research Group sees change on the horizon. According to their most recent housing market forecast, they expect new and existing home sales to improve through the rest of the year due to increasing inventory. Doug Duncan, Fannie Mae's vice president and chief economist, says too few homes for sale has been the main factor holding sales back. “While home price appreciation has largely moderated – particularly compared to the recent past – and demand for modestly priced homes has proven strong and resilient, the lack of affordable inventory continues to cap sales and limit the potential pool of would-be homeowners,” Duncan said. But as inventory improves and price increases continue to slow, home buyers will have an easier time finding a house that fits their needs and budget.

This is what is being seen in Eastern, NC now. This area has been able to continue to build new homes and that along with existing homes on the market has made for a good inventory of home to choose from. With a good inventory, the prices have stayed moderate and many people that might not be able to get into the market are now able to. 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.

Despite lingering affordability concerns, Americans remain interested in buying a home. In fact, according to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes is now 7 percent higher than at the same time last year. That means, potential home shoppers still see buying opportunities even while for-sale inventory remains low and home prices continue to rise. Joel Kan, MBA's associate vice president of economic and industry forecasting, credits some of that interest to mortgage rates that remain well below this year's average. And though rates did increase last week – rising 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 – their recent downward trend has kept them well below where they were even a few months ago. That has helped affordability and boosted buyer interest. With interest rates still very low, and with a good inventory of new homes available, Eastern, NC is seeing a very busy housing market this summer. Prices are being kept down with the good inventory and this is helping many people to be able to get into the 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.

The new home market isn't only important to new home buyers. After all, the number of homes being built plays a part in meeting buyer demand, moderating competition, and keeping prices in check. In other words, if the market for newly-built homes isn't doing well, there's a good chance the overall housing market isn't either. That's why the National Association of Home Builders' Housing Market Index is a closely followed indicator. The index measures home builder confidence on a scale where any number above 50 indicates more builders view conditions as good than poor. In July, the index scored a 65, with the individual components measuring sales conditions, traffic, and expectations for the next six months all up from the month before. Greg Ugalde, NAHB's chairman, says builders remain optimistic, despite some challenges. “Builders report solid demand for single-family homes,” Ugalde said. “However, they continue to grapple with labor shortages, a dearth of buildable lots, and rising construction costs that are making it increasingly challenging to build homes at affordable price points relative to buyer incomes.”

Although the challenges exist, Eastern, NC seems to be able to over come them very well. This area has been able to continue to build new homes, offering something for just about anyone that wants 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.

If you've never been through the buying process before, you might think you get the keys to your new house right after having your offer accepted. After all, you've been approved to borrow the money and the home seller has agreed to sell you their house. So, what could be the holdup? Well, there are a number of things. First off, there's the paperwork that needs to be done. The details of the home's sale have to be documented before all of the parties involved can be assured that the necessary requirements have been met. Additionally, the home needs to be inspected and appraised to make sure that the house is valued correctly and has no hidden issues. Put simply, your finances, the home, and the specifics of the transaction all have to be thoroughly verified before the loan can be closed. This, of course, takes time. The good news is the amount of time it takes has been declining. In fact, according to one recent analysis, average closing times have fallen from 74 days to just 38 days since 2017. Most of that improvement is due to the digitization of the process. But some other factors that affect closing time are credit scores and the amount of the loan. Higher credit scores and bigger loans are associated with quicker closing times.

No matter how many days closing may take, as a buyer you may feel a bit anxious. Let your agent get everything lined up for you and do most of the work for you. This will make the home buying process much easier. Buyers in Eastern, NC are finding that the agents at First Carolina Realtors, are a very big help to them and are able to move forward in a very timely manner. 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.

There are many steps along the way to buying a house. But qualifying for a mortgage is where it all begins. Until you've been approved to borrow, you can't really start looking for a house and you certainly can't make an offer on one. That's why the most recent Mortgage Credit Availability Index from the Mortgage Bankers Association is good news for hopeful home buyers. According to the index – which measures whether lending standards are tightening or loosening – credit became more available in June. That means, home buyers should have an easier time getting approved for a loan. Joel Kan, MBA's associate vice president of economic and industry forecasting, says credit availability has been increasing this year. “Credit availability has generally increased in 2019 as lenders have worked to meet affordability challenges,” Kan said. “Because mortgage rates have recently fallen and home price growth has decelerated in many markets, credit availability may stabilize at its current levels.” One area that has seen stability in credit availability is in Eastern, NC. This area has put different programs into place to help with down payments as well as loans. It is making it possible for more people to be able to get into the housing market and to be able to find the home that fits their needs. 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.