Naturally, the coronavirus has made buying and selling a home more complicated this spring. Social distancing and other mitigation efforts have changed the way we think about nearly everything, including the buying process. But according to a new survey from the National Association of Realtors' consumer website, Americans are adapting, embracing technology, and not changing their plans. In fact, the survey found that 68 percent of respondents said their plans to move, or not, haven't changed. Just 9 percent said they weren't planning to move but now are and 14 percent said they'd canceled a plan to move. Furthermore, a growing number of buyers say they'd be comfortable buying a home they didn't see in person, provided they had access to a virtual tour, photos, and detailed listing and neighborhood information. The largest share of participants said they'd still prefer to see a home with their buyer's agent but 24 percent said they'd be willing to buy a home they didn't see in person. And, when it comes to younger buyers, that number is closer to 30 percent. In short, the survey is good news for the housing market, as it indicates that Americans still want to buy and are open to new ways of getting it done.

This is being seen in Eastern, NC also. The agents at First Carolina Realtors say they are still getting many interested buyers and showing pictures and tours and talking to them on line to show them homes and brief them on all the specifics. There is a good inventory of homes in this area and homes are still selling. To see some of the inventory available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. (source)

New home construction plays an important role in the overall economy. That's why the National Association of Home Builders' Housing Market Index is a closely watched barometer for the health of the housing market. The index asks home builders how confident they are in the market, how much buyer traffic they're seeing, and what their expectations are for the next six months. According to the most recent results, confidence plunged in April to its lowest level since 2012. Robert Dietz, NAHB's chief economist, says the impact of the coronavirus has disrupted building activity but he believes the effects will be temporary. “While the virus is severely disrupting residential construction and the overall economy, the need and demand for housing remains acute,” Dietz said. “As social distancing and other mitigation efforts show signs of easing this health crisis, we expect that housing will play its traditional role of helping lead the economy out of recession later in 2020.” Prior to the outbreak, new home sales were at their highest pace in years and residential construction was improving. The strength of the new home market before the virus hit offers hope that it can rebound quickly once mitigation efforts begin to ease.

Buyers in Eastern, NC are seeing a good inventory of new homes being built and prices are moderate so agents are seeing and feeling the interest of the buyers. Once the Coronavirus is over this area should see a quick rebound in the housing market. To see some of the inventory of homes available go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin.  (source)

The Mortgage Bankers Association has been tracking mortgage rates and application demand since 1990. Their Weekly Applications Survey covers 75 percent of all retail residential mortgage applications. Last week's results show average mortgage rates at an all-time survey low. 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. Joel Kan, MBA's associate vice president of economic and industry forecasting, said the decline is a sign that the market is stabilizing. “The decline in rates – despite Treasury yields rising – is a sign that the mortgage-backed securities market is stabilizing and lenders are successfully working through their lending pipelines,” Kan said. Also in the report, mortgage application demand rose 7.3 percent from the week before, primarily due to a 10 percent increase in the refinance index. Demand for loans to buy homes was down less than 2 percent, but is now 35 percent below where it was at the same time last year.

With interest rates so low, and a good inventory of new homes, buyers in Eastern, NC are looking at homes and talking with agents in order to be able to purchase a home at this time. The market in this area has remained strong despite the Coronavirus and home prices have stayed moderate. 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.  (source)

Typically, economic forecasts rely on a mix of current and historical data. After all, if you understand where things are today and what's happened in the past, you can make an educated guess about what the future might look like. This becomes harder, though, when there aren't obvious historical precedents to use for comparison. Despite this, Freddie Mac's most recent quarterly forecast attempts to predict how well the housing market will endure the economic impact of the coronavirus. So what do they see? Well, according to Sam Khater, Freddie Mac's chief economist, we may begin to see a rebound during the second half of the year. “Undoubtedly, the housing market is facing its greatest challenge in over a decade as our nation weathers this unprecedented economic event,” Khater said. “Although the uncertainty of the crisis means forecasts of economic activity are more unclear than usual, we expect that most of the economic damage from the virus will be contained to the first half of the year. Going forward, we should see a recovery starting in the second half of 2020, though it will take some time for the economy to fully bounce back.” Specifically, Freddie Mac sees home sales and price increases slowing this year before rebounding in 2021.

This is what is forecast for Eastern, NC too. The housing market in this area has many new homes and prices are staying moderate so buyers are just waiting for the coronavirus to be over with so that things can get back to normal and people can be out and looking for their perfect home again. 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)

The standards lenders use to evaluate whether or not a borrower is qualified for a mortgage aren't fixed. Sometimes it's easier to get a loan and other times you're going to need a higher credit score and steadier income. The Mortgage Bankers Association measures where standards are with their monthly Mortgage Credit Availability Index. Any increase in the index indicates credit standards are loosening while declines mean they're tightening. According to the most recent release, availability tightened in March. This, however, is to be expected, as the impact of the coronavirus has led to uncertainty in the economy. And naturally, during economic uncertainty, lenders will become more conservative and take on fewer risks. “Mortgage credit supply decreased 16 percent in March to the lowest level since June 2015, with declines in availability across all loan types,” Joel Kan, MBA's associate vice president of economic and industry forecasting, said. “There was a reduction in the availability of loans with lower credit scores and higher LTV ratios, and the largest pullback came from the jumbo and non-QM space.” In short, prospective buyers should be prepared and have their finances in order, if they want to give themselves the best chance to qualify for a loan.

Unfortunately the Coronavirus has slowed down the housing market everywhere. But, for buyers in Eastern, NC, the slowdown has not had as much of an effect. This area has continued to build many new homes and with existing homes on the market too, it has kept buyers interested and shopping on-line with an on-line agent, like the ones at First Carolina Realtors. To see some of the inventory 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)

First-time home buyers are an important demographic for the housing market. Historically speaking, they represent about 40 percent of buyers in any given year. Naturally, that means their wants and needs are important to anyone selling a home, including builders. So what type of home are first-time buyers looking for? Well, according to a recent presentation at the 2020 International Builders' Show, there are some features and amenities large majorities of first-time home shoppers say they'd like in a house. For starters, 77 percent say they'd prefer to buy a single-family detached home, with nearly 60 percent saying they'd like it to be in the suburbs. An open floor plan, stainless steel appliances, and a laundry room on the first floor were among the other features that made the list. But though you might expect the needs of first-time buyers to be different from older house hunters, that isn't necessarily the case. In fact, there were some items on their wish list that are popular with all buyers. For example, younger buyers said they wanted more storage, energy-star windows, and hardwood floors, which are perennial must haves for buyers of all ages. 

For buyers in Eastern, NC, they are wanting basically the same thing that is popular with other buyers. This area has many new homes and these new homes are offering all the latest features that buyers are looking for and with the good inventory of homes, prices are able to stay moderate. 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)

When thinking about the costs of homeownership, there are some big-ticket items that get most of the attention. But while prospective buyers focus on their potential mortgage payment, the price of the home, and possible renovations and maintenance projects, they're less likely to think about property taxes. That's a mistake, especially since taxes aren't fixed and can vary depending on where you buy. In other words, it's a good idea to investigate what the taxes will be on the home you're thinking about purchasing. So what should home buyers expect to pay? Well, according to a new report from ATTOM Data Solutions, there were $306.4 billion levied on single-family homes in 2019. That's up 1 percent from the year before and an average amount of $3,561 per home. Todd Teta, says though taxes went up, they rose less than usual last year. “Property taxes levied on homeowners rose again in 2019 across most of the country,” Teta said. “But the nationwide increase was the smallest in the last three years, a sign that cities, towns, and counties are taking stronger steps to clamp down on how much they hit up property owners to support schools and local government services.” The report found taxes highest in Illinois, New Jersey, Texas, Vermont, and Connecticut. Hawaii, Alabama, Colorado, Utah, and Nevada had the lowest effective property tax rates.

This is one of the many reasons why an agent can be so important in the home buying process. The agents at First Carolina Realtors in Eastern, NC help their buyers set up all the necessary things needed for taxes and help them to understand what to expect in the coming years. This area has a good inventory of homes and is a popular area to live and work in so this is very important. 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 were up last week for 30-year fixed-rate loans with both conforming and jumbo balances. Loans backed by the Federal Housing Administration and 15-year loans both saw rates decline. Combined with the impact of the coronavirus, the rate increases helped dampen demand for home purchase loans and led to a drop in refinance activity. Joel Kan, MBA's associate vice president of economic and industry forecasting, said things will likely remain volatile for awhile. “Mortgage applications fell last week, as economic weakness and the surge in unemployment continues to weigh heavily on the housing market,” Kan said. “Refinance applications dropped 19 percent, reversing a 25 percent increase the week before. Given the ongoing rate volatility, along with the persistent lack of liquidity in certain sectors of the MBS market, we expect to see continued weekly swings in refinance activity.”

There are many things going on in the housing market right now, but one thing that has stayed consistent in Eastern, NC is the inventory and lower prices of homes. This has kept buyers busy and homes are selling. To see some of the inventory available 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)

Fannie Mae's monthly Home Purchase Sentiment Index measures Americans' perceptions of the housing market, buying and selling a home, prices, mortgage rates, and their personal financial situation. According to the March survey – conducted during the first three weeks of the month – Americans have become more cautious about their prospects. In fact, the impact of the coronavirus has caused housing-market sentiment to decline significantly from where it was in February, when it was near an all-time high. “In March, the HPSI dropped to its lowest level since December 2016, with Americans reporting greater concern about their job security than at any point in the last six years,” Doug Duncan, Fannie Mae's senior vice president and chief economist, said. But while concerns about job security jumped, the number of respondents who say it's a good time to buy a house fell only 3 percent from the month before. Duncan believes this is due, in part, to low mortgage rates. The percentage of participants who said it was a good time to sell, on the other hand, took a bigger hit, falling from 67 percent to 52 percent month-over-month.

Although sellers are not quite as optimistic as buyers are at this time, with the home inventory in Eastern,NC, the housing market is staying busy. There are many ways for buyers to be able to look at homes and communicate with sellers and agents to help with seeing homes and starting the buying process. 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.  (source)

In times of economic uncertainty, the housing market has traditionally played a significant role in helping the country get back on its feet. There are many reasons for this, including the fact that real estate – unlike stocks and bonds – is a hard asset with intrinsic value. It also has the added benefit of helping to create jobs, taxes, and revenue. In fact, according to the National Association of Home Builders' recent National Impact of Home Building and Remodeling report, building 1,000 average single-family homes creates 2,900 full-time jobs and generates $110 million in taxes and fees. NAHB chairman, Dean Mon, says he expects the housing market to help lead the economic rebound after the coronavirus crisis subsides. “Before the coronavirus pummeled the U.S. economy, housing was on the rise, with January and February new home sales numbers posting their highest reading since the Great Recession,” Mon said. “The demand is clearly there, and as this study shows, we expect housing will play its traditional role of helping to lead the economy out of recession later in 2020 when the pandemic subsides.”

Fortunately for Eastern, NC, the housing market has not taken quite as bad a hit as some of the other areas of the country. There are many new homes in this area and buyers are shopping in other ways other than in person. This is helping to keep prices down and interest up. 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.  (source)