Real Estate market update for New Bern NC by PRIME Realty
The national housing market continues to recover,
indicated by consistent increases in both home sales and prices. Inventories in
much of the United States are primarily balanced, which favors neither sellers
nor buyers. However, large pockets of the country are experiencing inventory
shortages, which puts pressure on prices. Many of the hardest-hit areas during
the downturn now have some of the tightest inventories. The return of price
appreciation and a stronger market, particularly in those locations, is a
welcome signal of returning market health.
“Some buyers are frustrated with mortgage availability. If most of the financially qualified buyers could obtain financing, sales would be about 10 to 15% stronger, and the related economic activity would create several hundred thousand jobs over the period of a year,” states NAR President Moe Veissi.
Despite difficult mortgage qualifying conditions sidelining some buyers, others are still taking advantage of excellent housing affordability conditions, which is evidence of notable stored-up housing demand that accumulated since 2007. With the housing market coming close to a full recovery and mortgage rates hitting new record lows, the time to buy is now.
As for our local
market here in New Bern
Today we have 63 foreclosures listed for sale
and that number is significantly higher then last this time last year. I am
hoping that we will see this number start to decline soon.
However with this
many foreclosures on the market still dictating the prices and current interest
rates it is definitely time to buy. As we are observing shifts in metropolitan markets
and markets that have been experiencing decline before us I feel confident that
next year in New Bern Real Estate market will look different then this one. I
feel that we are approaching an end of buyer’s market conditions that we have
been experiencing for several years now.
As always PRIME
Realty is right here to provide you any information’s you might need as well as
offer you PRIME services in marketing and buyers agency.
