Fall real estate activity can be interesting along the Crystal Coast. October for example is traditionally one of the most active sales month of the year. With the month of September nearly under our belt, how is the end of the year starting to shape up?
Crystal Coast Home Prices
The home market looks in decent shape. The average price of a Crystal Coast home is currently at $219K with a 16 month supply of inventory. The condo market is averaging at $243K per unit with a 20 month supply. Remember, 6 month supply of inventory is considered “normal” so you can see the Crystal Coast is still very much glutted.
Although places like Emerald Isle are averaging homes sales at $623K this month, the vast majority of homes for the area are selling for far less. In fact, 73 percent of all homes sold this month were under $250K.
Mortgage Interest Rates
Cash deals still remain high. The past 30 days has seen a quarter of all homes sold paid for with cash. VA loans come next at just under a third of all sales with conventional loans slightly higher.
Keep an eye on interest rates to see if they start climbing rapidly. Just the fear of the Feds pulling back on their third round of quantitative easing caused the mortgage interest rates to rise an entire point. Quantitative easing is when the feds print money to buy bonds to lower interest rates. At the time of this writing the Feds are expected to pull back on the $80 billion it has been spending each month. If the fear of the pull back raised rates by a point, I can’t imagine what will happen when they actually do it.
Here’s a tip, over the last 30 days 73 percent of all sales the buyer was represented by a Buyer’s Broker. Unlike a Selling Broker, the Buyer Broker doesn’t cost the home buyer anything. Part of the Selling Broker’s commission is earmarked for the Buyer’s Broker. So if you are looking to buy don’t go at it alone. It doesn’t cost you anything to contract a licensed North Carolina Buyer’s Broker.