The cost of buying a house gets a lot of attention these days. After all, home prices have been rising for years now and there's plenty of reporting on the lack of available for-sale inventory. So it'd be easy to get the impression that homeownership is now out of reach for most Americans. But, according to one recent study that looked at affordability based on household income and education level, mortgage payments are actually still affordable in the majority of cities. In fact, the typical mortgage payment is within reach for households where at least one person has a high school diploma in 36 of the nation's 50 largest metropolitan areas. But though that seems to buck the conventional wisdom about affordability conditions these days, it doesn't take into account the challenge of coming up with a suitable down payment. And, since nearly 50 percent of first-time home buyers use savings to cover the upfront costs of buying a home, that can be a struggle for many buyers – especially those doings so for the first time. Still, the fact that the typical mortgage payment remains within reach in the majority of markets is encouraging news for anyone thinking of buying a home in the near future. Buyers in Eastern, NC, are finding that there are incentive programs in place and down payment options in place to help with the purchase of a home. This is especially helpful for first time buyers. With these programs in place it has made it possible for many more people to be able to get into the housing market. This area also has a good inventory of new, smaller or entry level homes to give buyers a good choice in a home and to find a home in the area they are wanting to be in. 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.

According to the Mortgage Bankers Association's Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell slightly last week. Rates for jumbo loans increased, while rates for 15-year and FHA loans were steady from the week before. Overall, mortgage rates remain well below where they were at the same time last year. Joel Kan, MBA's associate vice president of economic and industry forecasting, says low rates didn't result in a significant increase in mortgage demand, however. Mostly because refinance applications were down week-over-week. “Mortgage applications were down slightly, even after adjusting for the July 4^thholiday, as we saw opposing moves in purchase and refinance applications over the week,” Kan said. “Purchase applications increased from the previous week and were up 5 percent from a year ago, a continuation of the strong annual growth that we saw in the first half of 2019.” Refinance activity was down 7 percent from the previous week, though it's 88 percent higher than the same week one year ago.

With interest rates this low, buyers in Eastern, NC are out looking and buying. This area has a good number of new homes, with many of them being entry level homes. This has given more people the opportunity to get into the housing market and to find a home that is affordable. 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/?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.

Naturally, for home buyers, affordability is a top concern. That's not a surprise. Anyone thinking about buying a home in the near future is likely going to first try to figure out how much house they can afford. That means, keeping an eye on mortgage-rate fluctuations and where home prices are headed. But there are other, less obvious, factors that can affect the cost of housing in your area. Construction, for example. The amount and type of housing that's being built in the neighborhoods you're interested in can have an impact on affordability. That's because, as the number of homes available for sale increases, it reduces competition and helps relieve pressure on prices. So, if there are a lot of new homes being built in your area, chances are they're helping to keep prices from spiking. That's why there's been a renewed focus on diversifying the housing stock and building smaller, more affordable new homes. Since much of the new residential construction taking place these days is of higher-end, more expensive homes, there's a growing need for homes that will help meet demand from first-time buyers and slow entry-level home prices.

One area that has concentrated on building more starter homes than anything else is in Eastern, NC. This area has built many styles of starter homes giving most first time buyers a nice choice of homes and making it easier to find what they are looking for and it has kept prices down. 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.

Fannie Mae's monthly Home Purchase Sentiment Index surveys Americans about the housing market, buying and selling a home, prices, mortgage rates, etc. According to the most recent release, consumers see stable conditions ahead. In fact, an 8 percent increase in the number of respondents who feel mortgage rates will go down over the next 12 months is an indication that prospective home buyers think affordability conditions are beginning to settle. Doug Duncan, Fannie Mae's senior vice president and chief economist, says optimism about mortgage rates has helped sentiment, though it depends on where you look. “Regional variations in housing optimism appear to be tied to a divergence in housing affordability; for example, home purchase sentiment is higher in the Midwest and South than in the West and, to a lesser extent, the Northeast, where the lack of entry-level inventory and the resultant strong price appreciation has had a more profound impact on affordability,” Duncan said. However, though affordability conditions will vary from location to location, declining mortgage rates have helped take the pressure off buyers everywhere, which is why the index remains near an all-time survey high. Buyers in Eastern, NC, are seeing a much better inventory that includes smaller starter homes and reasonable home prices. This has made for a very busy summer season with many homes being sold. 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/?notif_t=page_admin. More here.

First-time home buyers are important to the health of the housing market. After all, historically, they've accounted for around 40 percent of total home sales. But who is the typical first time home buyer and what do they buy? Well, a recent study from Harvard's Joint Center for Housing Studies, took a look at buyers over the past few years and broke down the profile of the average first timer. According to the study, the typical first-time home buyer is under the age of 35, married, and has children. Not surprisingly, the house they buy tends to be smaller and less expensive than those purchased by repeat buyers. According to the report, “43 percent of first-time buyers in 2017 purchased homes with less than 1,500 square feet of living space, compared with 27 percent of repeat buyers.” They generally buy a detached single-family home and pay less than $200,000 for it - just 12 percent pay $400,000 or more for their house. The report also points out the challenges ahead for younger buyers, specifically the lower-than-normal number of available homes in their price range and the need for more affordable housing options.

When buyers are looking in Eastern, NC, they usually will find that there are a number of smaller homes being built. This is because of the number of first time buyers that are in the housing market. This area has a lot of younger buyers in it and so the housing market here has to cater to them to a certain extent. This is also a strong market for those buyers that are looking to up to the next size house. There are many choices out there for the buyers in this area and most of them are able to find the exact house they are 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.

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for home purchase loans is now 10 percent higher than the same week one year ago. The improvement comes after a 1 percent increase week-over-week. Joel Kan, MBA's associate vice president of economic and industry forecasting, says purchase applications have been gradually increasing since the beginning of the year. “Purchase applications picked up slightly last week, as conventional and government activity were each up around 1 percent. Furthermore, in continuation of the gradual growth trend seen throughout the first half of 2019, purchase activity was almost 10 percent higher than a year ago,” Kan said. “A still-strong job market, improving affordability, and lower mortgage rates continue to support growth.” Also in the report, average mortgage rates were mostly flat last week, showing little change across all loan categories. The 30-year fixed-rate was up slightly but remains just above lows last seen in 2016.

Eastern, NC is an area that has a very good job market and this had made for a good housing market in this area. There are new homes being built and loans are being made. The location is also very popular so this has helped to push the housing market along. 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. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

For most potential buyers, thinking about purchasing a home means thinking about applying for a loan. After all, most of us don't carry around a suitcase full of cash when we're out shopping houses. So before we start looking at listings, we have to look at things like our finances, credit score, requirements, and minimums to get an idea of whether or not we might be qualified to borrow. But, according to a study from Fannie Mae, though we have more access to information these days, we're still unsure about what's required to be approved for a mortgage. The study says, “The lack of mortgage qualification understanding is pervasive, even among current homeowners, those who say they are actively planning to purchase a home in the next three years, and those who successfully answered questions testing general financial literacy.” In other words, a lot of us are mistaken about things like what our credit score needs to be and how much of a down payment is required. Which means, many perfectly qualified buyers may be overestimating the requirements and not pursuing homeownership. If you're interested in buying a home, don't discourage yourself. Talk to your lender about what's required before giving up on buying a house.

This is also a good time to talk to a real estate agent. The agents at First Carolina Realtors in Havelock, NC, work very closely with lenders and can help you with this process as well as all the other steps involved in buying a home. There are also many programs and incentives in place in this area that can be used for down payments. To see 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.

Selling a house can seem daunting. Not only do you have to get your home ready for viewings, you also have to worry about getting a good price and selling it within a timeframe that works for you. Add in all the little details and possibly shopping for a new place at the same time and you have a recipe for stress. One recent survey shows just how much. According to the results, 36 percent of recent home sellers said they cried during the process and, among them, 20 percent cried more than once. Overall, younger sellers were more likely to say they cried – which makes sense since they're also more likely to be going through it for the first time. But, whatever the case, the evidence is clear. Selling a house can be a stressful experience. It doesn't have to be, though. Having a good team of experienced professionals to guide you through the process is key. As is listing at the right time, having appealing photographs to post online, and staying flexible and ready for anything. It can be overwhelming, but with a good team and appropriate expectations, it will be far more manageable.

Buyers in Eastern, NC, are finding that the agents at  First Carolina Realtors in Havelock, NC, are able to serve all of the surrounding area and they know each step in the process of buying and selling a home and are able to help make the process so much easier. Buyers and sellers alike have highly recommended them many times and the results show that. To see some of the homes available here go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin&d=%7B%22u%22%3A1776775887%2C%22f%22%3A207799259245384%2C%22t%22%3A1562068530%2C%22ed%22%3A[]%7D&s=AWXDe1Xx2woxsmfP  More here.

Whether to rent or buy is a common debate for Americans looking for a new place to live. The arguments are well known. Renters say it's cheaper, if only because there are no upfront expenses like a down payment or closing costs. Homeowners, on the other hand, will point to the long-term financial benefits of owning a home, including equity and wealth creation. Ultimately, what you choose will be determined by factors specific to your life, goals, and finances. But, according to a new survey from Freddie Mac, on one key issue, homeownership is clearly winning the debate. The survey results found that “34 percent of renters spend more than one-third of their income on rent, while only 25 percent of homeowners spend that much on their mortgage.” In other words, though renters often view renting as the more affordable option, they are also spending a larger percentage of their monthly income on housing. Additionally, the survey found that 62 percent of renters said they've had to make spending or housing changes to be able to afford their monthly payment, compared to just under half of homeowners.

This is true is many places, including Eastern, NC. There are many choices when wanting to rent in this area, but for the most part it is more expensive than making a house payment. There are usually more up front expenses when buying a home but the long term gains are certainly much better. To see what is available in Eastern, NC, go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin.  More here.

New numbers from the National Association of Realtors show contracts to buy homes were 1.1 percent higher in May than the month before. Improvement was seen in three of the four major regions, with only the West seeing a slight decline. Lawrence Yun, NAR's chief economist, says favorable mortgage rates have motivated home buyers. “Buyers, for good reason, are anxious to purchase and lock in at these rates,” Yun said. “The Federal Reserve may cut interest rates one more time this year, but there is no guarantee mortgage rates will fall from these already historically low points. Job creation and a rise in inventory will nonetheless drive more buyers to enter the market.” In short, many of the factors that help affordability and benefit buyers have improved this year, including mortgage rates, home prices, and the job market. Inventory remains the market's main challenge but, as more homes become available for sale, buyers should see further home price moderation, less competition, and more choices.

Buyers in Eastern, NC are seeing this now. This area has continued to build many new homes and that along with existing homes on the market, has given something for almost everyone that is looking at getting into the housing market. This area also has a good job market and this is helping to motivate buyers and is selling homes quickly. 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.