Just as every other factor in local real estate has been rising— mortgage rates, housing prices, inventories, buyer and seller confidence— so to have new-home sales. These are all great signs of the real estate recovery which is especially promising news for North Carolina homebuyers.
According to the National Association of Home Builders, sales of new single-family homes posted gains in May for the third consecutive month, rising 2.1 percent.
"Builders are reporting increased demand for new homes as buyers seek to take advantage of historically low mortgage rates while they remain so favorable," says Rick Judson, National Association of Home Builders chairman. "Consumers in markets nationwide are definitely becoming more confident about making a home purchase as firming prices and tighter inventories provide further evidence of the ongoing housing recovery."
With inventory also rising, Crystal Coast homebuyers and sellers are becoming increasingly confident that now is the time to take advantage of the real estate market. The economy is improving and economists are predicting more increases ahead as housing likely remains a consistent driver of growth this year.
Although spurring housing price increases, the tight inventories that came to define the housing market in previous months are now lifting and in turn, have urged the construction of more homes. According to Realtor Magazine, builders began work on more than one million homes in March, again highlighting that buyer confidence is on the rise.
Are you ready to count yourself among the Crystal Coast homeowners and purchase a Coastal Carolina property? Let's chat to discuss your wants, needs, and options and move forward to act on your real estate goals.
You've undoubtedly been hearing about rising mortgage rates, increases in housing prices, and the long-awaited recovery of the real estate market. These may not seem like hot button topics for you, but if you're planning to purchase a home on the Crystal Coast, you should take heed.
Rising mortgage rates and housing price upticks are two big indicators that you should not waste time acting on your dream property or wait out the market to see what happens next. Experts say these factors will only continue to rise throughout the rest of the year, making this positive news and a call to action for North Carolina homebuyers.
Another factor that's on the rise is home value appreciation. According to Zillow, "the rate of annual home value appreciation has been near or above 5 percent for several months this year, and May was no exception. Home values were up 5.4 percent year-over-year in May, the second-highest annual rate of national appreciation registered in the past 12 months." Home values have not risen to these levels since July 2004.
But again, like mortgage rates and housing prices, this is something that may not last long. Experts project the pace of home value appreciation nationwide and in local real estate markets to ease as more sellers enter the market and builders begin construction on more new homes. Both of these will give the low inventory statements a rest and allow for more choices when you are choosing your new Coastal Carolina home.
The housing recovery is making improvements, but along with these come factors that are best to act upon now if you wish for the best possible real estate scenario. Ready to act on your Crystal Coast homebuyer dreams? I'm ready to help!
In local real estate markets across the country, buyer demand has outweighed housing inventory— with the strength of the market almost resting with Crystal Coast home sellers. Now that seller confidence is picking up again and more current homeowners are placing their properties up for sale, seller's remorse looms overhead. It is a great time to sell in North Carolina, but how can you know if it's the right time for you to sell?
Seller's remorse does not carry the same luxuries as buyer's remorse. There is no getting out of a contract once you decide to sell your home. You need to be absolutely sure you're ready to sell your home. Keep the following tips in mind to avoid getting yourself into a jam during the summer buying season.
Find the Right Pricing Strategy
The right real estate agent will price your home competitively to ensure a quick and successful sale. This is the most important discussion you can have with your agent on selling your Crystal Coast home, so if you experience a disconnect on pricing, the best thing to do is talk through the options or get a second opinion. Perhaps try listing the home higher at first, if there's no activity, you can always reduce. Either way, you need to feel comfortable with the listing price number.
Be Ready to Negotiate
North Carolina sellers are now in the driver's seat in real estate which means negotiations are in your hands. In an effort to keep the deal together, be ready and willing to negotiate with any buyers who bid on your property. When you have a clear plan for all outcomes, you're more likely to come out of the experience with a sale you feel good about.
In Doubt? Stay Out
Sellers need to plan for the sale of their Coastal Carolina home months in advance. While home selling is picking up in most areas of the country— great news for real estate— you need to be certain you're ready to move. If you have any doubts about your financial situation, hold off on listing the property. Then when you're truly ready to jump in, you're less likely to experience any seller's remorse.
