Everybody knows buying a house is a major financial commitment. But you're also committing your time. After all, if you're purchasing a home, you're likely thinking about staying awhile. But how long should you expect to live in the home you buy? Well, according to new numbers from First American, the length of time the average homeowner spends in their house is growing. In fact, it's risen 10 percent in just the past year. Mark Fleming, First American's chief economist, says there are a couple of reasons for this. “Just prior to the housing downturn in 2007, homeowners typically stayed in their homes for four years,” Fleming says. “In the aftermath of the housing market crash (2008-2016), median homeowner tenure increased to approximately seven years. Many people remained in their homes because their mortgage balances exceeded their property values during this time, so they would have lost money by selling their homes.” In the ensuing years, Americans who bought homes did so at a time when mortgage rates were at historic lows, giving them a reason to stay put longer. Combined those factors pushed median tenure length to 10 years by September of last year. That means, if you're buying a house today, you may want to ask yourself whether it'll still be the right house for you in a decade. This is what is being seen in the areas of Eastern, NC, also. There have been many new homes built in this area, which has kept home prices moderate and within reach for many people. Because of lower mortgage rates and better home prices, people are staying in their homes longer than what is typically usual. 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.

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Affordability conditions over the past few years have been largely held in check by low mortgage rates. Potential home buyers could absorb higher home prices, since job market improvement had them feeling confident in their income and rates were still hovering near historic lows. But though the most recent data shows rates have fallen over the past few weeks, last year brought the first significant increase since the housing crash. This has caused new concern about affordability. So how concerned should buyers be? Well one way to put current conditions in perspective is to look at what has been normal historically. The numbers show that, since 1970, mortgage rates have generally been much higher than they are today. In fact, during the '70s, they ranged between 7 and 10 percent. In the early 1980s, they surged to almost 19 percent before settling back down. Since then, they've generally been between 6 and 10 percent until 2009. In other words, today's mortgage rates are still well below historic norms, even with the past year's increase. With rates low, and a strong job market and economic market, many new homes are being built in Eastern, NC, making this a very popular area to live in. There are homes in different styles, sizes and price ranges giving something for almost everyone. 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.

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A recent survey asked 100 real estate economists and experts for their housing market predictions. And though they had varied views on topics like mortgage rates, home values, and who will be most active in the market in years to come, they almost unanimously agreed on just one thing. A full 88 percent of responding panelists said they expect that the homeownership rate would be higher in five years than it is now and an almost equal amount said it will be improved in just two years. Why is this important? Well, following the foreclosure crisis and housing crash, the homeownership rate – which had peaked in 2006 – began to fall. And while it fell just 6 percent from its high, and only 2 percent from its historical average, it was a reflection of growing uncertainty among Americans. In short, buying a house, which had traditionally been seen as part of achieving the American dream, had lost some of its appeal. Since then, however, both the homeownership rate and housing market confidence have begun to rebound. And, according to the survey, an influx of first-time

home buyers over the next five years will help further improvement.

In the area of Eastern, NC, first time buyers have been able to achieve their dream of buying a house much easier than in a lot of other areas. This area has built many new homes in many different sizes and price ranges making it possible for many more people to be able to get into 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/?notif_t=page_admin. More here.

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Demand for mortgage applications saw a dramatic jump last week, according to new numbers from the Mortgage Bankers Association. Overall, application demand was up 23.5 percent from one week earlier. A large share of the rebound was homeowners looking to refinance their loans now that rates have fallen to their lowest level since last February. But, though much of the surge was refinance activity, home purchase loans also had a good week. Joel Kan, MBA's vice president of economic and industry forecasting, said purchase activity rebounded after an end-of-the-year slump. “Purchase applications had their strongest week in a month, finishing over 4 percent higher than a year ago, as both conventional and government purchase activity bounced back with solid gains after a sluggish holiday season,” Kan said. But though the gains were impressive, the week's results follow an unusually slow holiday season and include an adjustment for the New Year's Day holiday. Going forward, there is some concern that the government shutdown and stock market volatility may negatively affect housing market activity but lower rates and surging demand are an encouraging sign to start the year.

If you are looking at buying in Eastern, NC, you will find that the housing market is very strong with many new homes being built in lots of sizes and price ranges. This area has not had much effect from the government shutdown or from the stock market. It has remained a strong, steady market that offers something for just about everyone. 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.

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Having a good idea what your home is worth is important for a couple of reasons. As a homeowner, knowing how much equity you have in your house can be useful when weighing your options with regard to refinancing or home equity loans. As a potential home seller, it's even more important. That's because, setting a fair price for your home will make a big difference in how it's received by potential buyers. It can also save you some disappointment when it's officially appraised. Since appraisers base the value of your home on what similar homes in the area have recently sold for, their estimation is going to reflect market conditions and won't take into account your personal attachment to the property. For homeowners who have an inflated perception of their home's worth, this can lead to disappointment. Fortunately, new numbers show that today's homeowner has a fairly realistic view of home values. In fact, appraisal values in December were just 0.45 percent lower than what homeowners expected. This is an improvement over a couple of years ago, when homeowners believed their homes were worth nearly 1.5 percent more than their appraisal.

For buyers and sellers in Eastern, NC, they are made aware of how much the house they are buying or selling is truly worth. This helps when looking at buying a different house and when trying to figure out what can be borrowed against your 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/?notif_t=page_admin. More here.

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For many years following the housing crash, home buying conditions were excellent. Home prices had plummeted and mortgage rates were at historic lows. It was a buyer's market and a good deal for anyone who could take advantage. Unfortunately though, since prices had fallen so far, many homeowners who may have wanted to make a move couldn't without selling their house for much less than they'd paid for it. But these days, those same homeowners have seen their home's value rebound and maybe even exceed what it was before the crash. That means, though buying conditions aren't what they were then, conditions have improved significantly for homeowners who are looking to sell. According to Fannie Mae's monthly Home Purchase Sentiment Index – which measures Americans' feelings about the housing market, economy, and their personal financial situation – survey respondents have noticed. The most recent results show an increase in the number of respondents who said it was a good time to sell. The flip side, of course, is that a decreasing number also said it was a good time to buy. With more home owners feeling like this is the right time to sell, it is adding much needed inventory to the housing market, making it a better market for buyers. This is what is being seen in Eastern, NC, and this area has had a strong housing market for a while 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/?notif_t=page_admin. More here.

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That mortgage rates moved higher last year isn't news to anyone that's been thinking of buying a home. It seemed, just as home price increases started to slow, mortgage rates heated up. But, according to the Mortgage Bankers Association's final Weekly Applications Survey of 2018, mortgage rates ended the year trending downward. The now weeks-long decline continued over the final two weeks of December and has now dropped rates to their lowest level since September of last year. But, though rates fell, demand for mortgage applications was also down. Joel Kan, MBA's vice president of economic and industry forecasting, says demand for loans may have been affected by the government shutdown. “Even with lower borrowing costs, both purchase and refinance applications decreased over the two-week holiday period, as both conventional and government applications dropped,” Kan said. “Part of the decline in mortgage applications was possibly because of the government shutdown, as concerns over delays in FHA application processing times likely contributed to the weakness in activity.” Whatever the case, the fact that mortgage rate increases have cooled off is encouraging news for prospective buyers.

For an already strong housing market in Eastern, NC, the news of lower rates has heated it up even more. There are many new homes being built in this area though, so this has kept inventory good and prices down, making it possible for 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.

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Living close to family and friends is a priority for most home buyers. It consistently ranks high on the list of things buyers say they want in their next place. For that reason, most of us tend to stay close to home. But that's not to say there aren't Americans looking to make a move that takes them a bit further away. In fact, there are many reasons someone might want to shop for a home outside of their immediate neighborhood, including a new job opportunity or retirement. But where are the most popular destination for out-of-state movers? Well, according to United Van Lines 42^ndAnnual National Movers Study, Vermont is the state with the highest percentage of inbound moves. But though the Northeastern state leads the list, most of the states seeing a high percentage of out-of-state migration are in the South and West. States like Oregon, North Carolina, Nevada, Washington, South Dakota, and Arizona are attracting more Americans than location in the Midwest and Northeast. Michael Stoll, an economist and professor in the Department of Public Policy at the University of California, Los Angeles, says there are reasons these places are more popular. “The data collected by United Van Lines aligns with longer-term migration patterns to southern and western states, trends driven by factors like job growth, lower costs of living, state budgetary challenges, and more temperate climates,” Stoll said. North Carolina, particularly, Eastern, NC, has become a very popular area to live. This area has a good job market and many new homes in different styles and price ranges being offered. It is also in a great location to be able to go to many different places with just a short drive. 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. More here.

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Naturally, home prices are a top topic for anyone buying or selling a home in the coming year. And, with mortgage rates expected to continue trending upward, they are becoming an even more important component of the affordability equation. So what's the forecast for 2019? Well, there's good news and bad. For starters, CoreLogic's most recent Home Price Index says prices are actually expected to have fallen from November to December. But, year-over-year numbers show they've risen by 5.1 percent from 2017. That means, values are moderating in the near term but still increasing overall. Further, they expect that they'll continue to head upward. That's the bad news. The good news is that a rising number of available homes for sale is expected to slow the rate of increase. In fact, CoreLogic expects home prices this year to come in 4.8 percent higher than the year before. And while the improvement may seem slight, the fact that price increases are beginning to slow is good news for interested home buyers this year.

Home buyers in Eastern, NC, are finding many new homes are being built in different price ranges and this is making it possible for more and more people to be able to get into the housing market. To see some of the homes available for 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.

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There are a lot of factors that play a role in the health of the housing market. For example, in order to have an accurate view of where the market is, you have to have an idea about where mortgage rates and prices are headed, how many new homes are being built, how many active listings there are, and how interested buyers may be. Beyond that there things like economic concerns, consumer confidence, and the job market that also have an effect. In other words, it's a complicated mix and, in order to really understand it, you have to look at the bigger picture. Take home sales, for example. They are a commonly cited statistic but, without context, they don't mean much. National Association of Realtors' chief economist, Lawrence Yun, explains one way that today's numbers can be put in better perspective. “Home sales in 2018 look to close out the year with 5.3 million home sales, which would be similar to that experienced in the year 2000,” Yun says. “But given the 17 million more jobs now compared to the turn of the century, home sales are clearly underperforming today. That also means there is steady longer-term growth potential.” In other words, though sales may have disappointed this year, when put in perspective they actually look poised for growth. That is certainly what is being seen in Eastern, NC. This area has continued to build new homes in many price ranges, offering something for most people. This is what has been happening now for several years, making this an area with a strong 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.

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