We end the year with moderate increases in home prices, constricted inventory, and many buyers feeling hesitant in the face of more expensive borrowing. As of November 2023, the median sale price for existing homes in the U.S. reached $387,600, marking the fifth consecutive month of year-over-year price increases and despite October's 8 percent, the average 30-year mortgage rate still stands at 6.88 percent, offering a welcome relief from recent 20-year highs.

Expert Forecasts for 2024: Home Price Projections and Sales

Experts anticipate a 2.8% increase in home prices by the end of 2023, with another rise of 1.5% projected for 2024. Bear in mind when so called "Experts" talk about real estate it's most often very generalized as they are speaking…

410 Views, 0 Comments

Read Full Post

At My NC Homes, we consistently blog about the growth in the Reseach Triangle Park. It is not only an incredible place to live now, but it has an incredibly bright future. In a recent study conducted by UNC's Kenan Institute, the Research Triangle region's economy has surged to become the third fastest-growing in the nation, outpacing its No. 4 ranking in 2022. We are outpacing Seattle and Austin, to name a few. This study defies expectations having outpaced an initial forecast of 1.6% growth this year, due to the boost in activity in the tech sector, education, and healthcare. 


 Dr. Gerald Cohen, Chief Economist at Kenan, attributes this performance to several factors, propelling the Triangle among the nation's largest metros, and we would like…

246 Views, 0 Comments

Read Full Post

Storybook Living is coming to Chatham County. The Disney Company is developing a new home community called Asteria and we are excited to share this groundbreaking community that will is being developed in Pittsboro, along the Haw River between highways 64 and 501. Asteria community will be anchored by "the magic of Walt Disney Imagineering and presented with Disney service that puts you at the center of everything."


 

Asteria will be located on 1500 acres with over 4,000 residential units including single and multifamily homes, in addition to a portion devoted exclusively to 55+ age restricted living. Specific sales details announcements regarding size of homes and their interior amenities have not been announced, but we do know that…

318 Views, 0 Comments

Read Full Post

Wondering what the Inflation Reduction Act is and how it can benefit, you as a homeowner? This might be one of the least aptly named opportunities to save money while increasing the energy efficiency of your home. Enacted last year, this key piece of legislation looks to combat climate change by promoting eco-friendly practices and encouraging clean energy initiatives. The trick is it was initially enacted as an incentive to businesses but has benefits for individuals who adopt green practices. I want to point out that these incentives and credits will be available for at least a few years if not longer; so there is no reason to worry about getting them all done within the next year. Homeowners can plan on updating/upgrading over a 3-5 year schedule…

149 Views, 0 Comments

Read Full Post

Where affordability concerns dominate headlines, potential home sellers, especially baby boomers, find themselves at a crossroads. Conventional wisdom suggests that waiting for mortgage rates to drop or prices to decrease is the prudent approach, but if you are downsizing, you stand to gain more than the conventional buyer who is borrowing. Let's explore some of the ways that baby boomers can win by selling now.

Mortgage Rates

Mortgage rates are hovering between 7-8%, which effectively creates a buyer's market for home buyers, who are not financing. A significant portion of potential buyers have been sidelined, providing a unique opportunity for those willing to navigate the challenges. According to a recent report by NAR, repeat buyers & people…

153 Views, 0 Comments

Read Full Post