Predicting the housing market's future is always an inexact science. Trying to factor in the effects of a global health crisis makes it even more difficult. But one way to get a feel for where things might be headed is to ask potential home buyers and sellers about their plans, concerns, and perceptions. After all, what happens next is largely determined by what they do. That's why recent surveys showing Americans are still interested in pursuing their plans offer hope for a quick turnaround once stay-at-home orders are lifted. For example, one new survey found that a majority of respondents indicated that they planned to get back into the market within six months, with even more saying they'd be ready to buy or sell a home within a year. Naturally, though, their plans come with some concerns. Among them, job security ranks high, along with possible exposure to the coronavirus. However, market factors seem to be less of a worry, with fewer participants expressing concern about a lack of homes for sale or falling prices. Overall, survey respondents seem eager to resume their plans and willing to adapt to new technology and safety measures. (source)

Buyers and Sellers in Eastern, NC are using technology to their advantage and shopping the housing market. This area has a good inventory of homes, new and existing, giving buyers good choices and keeping prices down. With the help of an agent, like the ones at First Carolina Realtors, buyers and sellers are able to make the move they are wanting and are able to continue on for the most part. 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.

Homeowners who sold their homes during the first quarter of 2020 saw a 33.7 percent return on investment compared to the original purchase price, according to new numbers from ATTOM Data Solutions. The typical home sale resulted in a $67,100 price gain – which is an increase over the fourth quarter of 2019 and up from $59,000 one year earlier. The numbers are evidence that the housing market was strengthening at the start of the year. Todd Teta, ATTOM's chief product officer, says, though its clear the market had some momentum, the impact of the coronavirus will likely cause it to stall. “The national housing market continued at full throttle in the first quarter of 2020, setting new price and profit records as it entered its ninth straight year of gains,” Teta said. “It is extremely important to note that the latest momentum is likely to hit a wall and reverse because of the drastic economic slowdown caused by the coronavirus pandemic.” Still, the fact that the housing market was gaining strength at the beginning of the year should help cushion the impact and help it fare better than other segments of the economy. (source)

Buyers and Sellers in Eastern, NC have felt the effects of the Coronavirus but the housing market has remained strong in this area.  The first part of 2020 was very strong in this area and all of this is still hanging on almost as strong as it was in the earlier part of the year.  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/.

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for mortgage purchase applications rose 12 percent last week from the week before. The increase is a sign that home buyers may be returning to the market, following a steep drop in demand due to the coronavirus. Joel Kan, MBA's associate vice president of economic and industry forecasting, says it could be the start of a turnaround. “The news in this week's release is that purchase applications, still recovering from a five-year low, increased 12 percent last week to the strongest level in almost a month,” Kan said. “The ten largest states had increases in purchase activity, which is potentially a sign of the start of an upturn in the pandemic-delayed spring home buying season, as coronavirus lockdown restrictions slowly ease in various markets.” But while the increase is welcome news, demand for purchase loans remains 20 percent lower than last year at the same time. Also in the report, average mortgage rates were mostly down from the week before, with only FHA-backed loans seeing an increase from the previous week.

Although the Coronavirus has slowed the housing market way down in most areas, Eastern, NC is still seeing a lot of activity and buyers are still buying homes. This area has a good inventory of homes, helping to keep prices down and interest up. 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. (source)

There is growing evidence that home buyer demand is beginning to bounce back. After plunging in March, as coronavirus-related stay-at-home orders were put in place, buyers are coming back to the market and expressing interest in available homes for sale. But they may have some surprises in store. That's because, while the coronavirus has shocked the economy and disrupted the beginning of the spring sales season, it hasn't led to a decline in home prices. In fact, it's caused the already low inventory of homes for sale to fall further, which means there's a chance active buyers could find themselves in competition for the homes that are available. And since competition drives prices higher, as qualified buyers compete to outbid each other, there's no expectation that prices will fall significantly any time soon. In other words, while housing market activity has slowed, the downturn has only amplified the market's existing challenges. That means, there are still more prospective buyers than available homes for sale, which may result in competition for good homes. (source)

So many areas of the country have a shortage of homes on the market, adding to all the challenges of the Coronavirus, but one area that has kept a good inventory of homes is in Eastern, NC.  With a good inventory it has also kept prices down so buyers should not have to compete for a home as much as they would have to in other areas.  To see some of the homes available in Eastern, NC go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/.

According to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of newly built, single-family homes fell in March. The 15.4 percent decline was the biggest month-over-month drop in six and a half years. But while significant, it wasn't unexpected. Stay-at-home orders put in place to help slow the coronavirus' spread affected sales activity for both existing and new homes. After the drop, new home sales are now 9.5 percent lower than they were last year at the same time. Also in the report, the median sales price of new homes sold in March was $321,400. The average sales price was $375,300. Regionally, sales suffered the biggest declines in the Northeast and West. The Midwest saw sales fall 8.1 percent, while the South was relatively flat. At the end of the month, there were 333,000 new homes available for sale. At the current sales pace, that represents a 6.4-month supply. (source)

Although the Coronavirus has taken its toll on everything and everyone, in

Eastern, NC, the housing market is still hanging on and doing good despite all the challenges. The agents at First Carolina Realtors are facing the challenges with new and innovative ways to reach out to buyers and sellers and help anyone looking to get in the housing market. This area has a good inventory of homes to choose from so buyers are able to find what they are wanting in 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/

According to Freddie Mac's newest quarterly forecast, most of the economic damage from the coronavirus will be felt in the first half of the year. This is in line with other recent economic outlooks. But while Freddie Mac's Economic & Housing Research Group sees a recovery beginning during the third quarter of this year, they expect the economy to take a while to get fully back on its feet. So what should we expect from home prices and mortgage rates in the meantime? Well, surprisingly, not that much. For starters, the group doesn't expect much movement from home prices. This is partly due to both the inventory shortage that had already been pushing prices higher and the pent-up demand for homes led by growing numbers of first-time buyers. These factors will help keep prices relatively flat, before they ultimately return to their long-term trend. Similarly, mortgage rates should stay low for the next two years, according to the forecast. “Reduced economic growth will keep inflation in check,” the release says. “Long-term interest rates, including mortgage rates, remain lower over the next two years.” (source)

The Coronavirus has slowed down the housing market everywhere, but buyers in Eastern, NC, are not letting it stop them from being able to buy a home. This area has a good inventory of new homes, getting prices down, and making it possible for many to be able to afford a home. With agents and buyers and sellers using phones and internet, they are able to continue the home buying and selling process. 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/.

It isn't surprising that housing market activity fell in March. Coronavirus mitigation efforts were just beginning mid-month and the normal home buying process quickly became more complicated as shelter-in-place orders went into effect. Since then, however, there have been signs that buyers are still interested and willing to adapt to a new way of doing things. For example, one online real estate database reports that views of for-sale listings have rebounded in April and are now even higher than they were last year at this time. That's after falling almost 20 percent in March. This is encouraging news. It may also be an indication that Americans who were interested in buying a home this spring haven't abandoned their plans. Of course, location matters and activity is higher in some areas than others. In cities like Los Angeles, Houston, Dallas, and Atlanta views of online listings increased more than in other metros. However, nationally they're up 13 percent from last year, which suggests demand is increasing or, at least, stabilizing in much of the country.

Another area that has seen an increase of on-line viewing has been in Eastern, NC. This area has a good number of new homes on the market, which has kept prices moderate and buyers interested. Agents and buyers and sellers are learning new ways of doing things with the housing market and it is proving to work. To see some of the homes available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/.  (source)

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates remained at all-time survey lows last week, with rates virtually unchanged for 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The MBA's survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. But despite historically low mortgage rates, demand continues to be disrupted by coronavirus mitigation efforts. Joel Kan, MBA's associate vice president of economic and industry forecasting, says some buyers and sellers have taken a wait-and-see approach. “The pandemic-related economic stoppage has caused some buyers and sellers to delay their decisions until there are signs of a turnaround,” Kan said. “This has resulted in reduced buyer traffic, less inventory, and March existing-home sales falling to their slowest annual pace in nearly a year.” Still, the refinance index remains 225 percent higher than last year at the same time and, while demand for loans to buy homes has fallen from last year, it did increase 2 percent last week from the previous week.

The Coronavirus has made things much more difficult for everyone, but buyers in Eastern, NC are making use of virtual tours and other tools that they have access to and working with agents to try to find and buy the 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. (source)

New numbers from the National Association of Realtors show sales of previously owned homes down 8.5 percent in March from the month before. The slowdown was expected, due to the impact of coronavirus mitigation efforts. However, despite the decline, sales remain 0.8 percent higher than at the same time last year. Additionally, home prices continued to increase, with the median price for all housing types at $280,600. Vince Malta, NAR's president, says real estate should help lead the way as the economy begins to recover. “We have seen an increase in virtual home tours, e-signings, and other innovative and secure methods that comply with social distancing directives,” Malta said. “I am confident that Realtors and brokerages will adapt, evolve and fight,

ensuring the real estate industry will be at the forefront of our nation's upcoming economic recovery.” As evidence of that, the report shows that 93 percent of home sellers adapted their behavior to help move the home buying process forward while complying with social distancing and other precautions.

That has truly been seen in the areas of Eastern, NC. Social distancing has been practiced and observed in the home buying and selling process, with so many new ways and creative ways of doing things, but they have worked and there are many homes on the market, offering a good inventory to choose from and prices are staying down because people can experience the buying process and find the home they have been looking for. 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/. (source)

The impact of the coronavirus has caused a lot of uncertainty for prospective home buyers and sellers. But while economic concerns and worry about the virus' spread have dominated the news, there are some indications that the housing market may be able to weather the storm better than other segments of the economy. For one, its onset comes after many years of stable economic growth and a strengthening job market. That more than 10-year streak of improvement led to a real-estate market where demand for homes was so great that the supply of available houses for sale couldn't keep up – leading to rising prices and more competition. In short, the strength of the market heading into 2020 provides a cushion to absorb some of the effects of ongoing mitigation efforts. Additionally, demographics offer hope for a brighter future once the virus subsides. Simply put, the large number of Americans now at or approaching the age of the typical first-time home buyer means demand for homes will inevitably return, as those 26-to-32 year olds get back on their feet and look to create households of their own.

In areas of Eastern, NC, buyers are finding a good inventory of new and existing homes and with a strong job market in this area, the housing market has stayed busy even with all the chaos of the Coronavirus. To see some of the home inventory in this area go to: https://www.firstcarolina.com/listings/ or join social media: https://www.facebook.com/fcrhavelock/?notif_t=page_admin.

 (source)