The most recent forecast from Fannie Mae's Economic and Strategic Research Group says the housing market may be an economic bright spot going into 2020. While other economic indicators are pointing to uncertainty and downside risk, real estate looks strong and may help contribute to economic growth after nearly two years of being a drag on the economy. But while a strong housing market is a positive for the economy, what does it mean for the average home buyer? Well, Doug Duncan, Fannie Mae's senior vice president and chief economist, says not that much. “While consumer spending, supported by a healthy labor market and gains in household wealth, remains the current expansion's economic engine, the housing sector appears poised to offer meaningful near-term contributions to growth,” Duncan said. “Unfortunately, expectations for a stronger housing market through the early part of next year are unlikely to offer prospective home buyers much respite from the longstanding affordability issues.” In other words, market conditions will see little change for the foreseeable future. Mortgage rates are expected to stay low, prices will likely continue to increase, and available inventory will depend on whether or not there's a significant bump in new home construction.
Fortunately for buyers in Eastern, NC, there is a very good inventory of new homes in many different sizes, styles and price ranges. This along with low interest rates, has made if possible for so many more people to be able to get into the housing market and be in the area they want to be in and have a home that has the features they are looking for. 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.
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