"A sustainable housing market typically includes a more balanced share of first-times, move-up buyers, and inventors, and that's how the housing recovery is beginning to shake out," reported Realty Times.
Now in first place in the local market are current homeowners— whether they be move-up, move-down, or simply move-over North Carolina homebuyers—who accounted for nearly 45 percent of the real estate market in June's home sales. This number was up from 43.8 the month before, according to the Campbell/Inside Mortgage Finance HousingPulse.
What's causing more homeowners to once again buy a home on the Crystal Coast? The recent rise in housing prices and return of equity is planting the seed for homeowners to make a move, especially as rising mortgage rates push further into housing affordability.
But it's not all homeowners. First-time homebuyers are being held back and, in many cases, facing serious obstacles in purchasing real estate in North Carolina. Lending standards have become more strict on account of the rising rates and housing prices, thus shutting out many first-time buyers.
Homeowners have been able to come out ahead of investors due to rising prices and fewer foreclosures and distressed homes— investors have been purchasing large quantities of these distressed properties up until recently. According to HousingPulse, the investor share in home purchases dropped to 19.7 percent in June, from 23.1 in February. And now that they're slowly moving away from purchasing properties, current homeowners are able to step in.
Are you looking to purchase a new home along the Crystal Coast, NC? We will be happy to provide all the information you need to buy or sell real estate in Atlantic Beach, Beaufort, Morehead City, Havelock, Newport and surrounding areas.
Gena Gilbert
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