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
we currently have 1380 residential properties offered for sale. Our inventory
is still on a high side but we are seeing signs of improvement. There are currently
180 residential properties under contract (30 of them are foreclosures) and
this is a very important number that has been showing great improvement. 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.