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!
Gena Gilbert
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