As summer vacations end and interest rates continue to climb, the Carteret County market remains unpredictable.
The average sales price in July for single family homes in Carteret County was $497,921, the average days on market was 47.
Would-be buyers and sellers are weighing their dilemmas. They love their historically low interest rates on their home, but no longer love their home. 91.8 percent of mortgages in the U.S. are under six per-cent. To showcase this current issue, new listings were down 27 percent month over month.
Inventory aside, many would-be buyers are in a position where they need to sell their home first before purchasing a new one. As a result, contingent sales are on the rise. In a landscape with market uncertainty, contingencies allow buyers some confidence purchasing a new home. Sellers are more willing to accept contingent offers today as they realize the market is shifting, and ultimately, want to sell their homes.
Buyers who do not need to sell to purchase their next home are looking at 2-1, or other temporary buy-down programs, to help alleviate interest rates. The general prediction is that rates will go down within the next year, allowing these borrowers to refinance to a lower rate which helps buyers purchase now as opposed to waiting.
This may be the best time to buy in recent history as buyers can finally negotiate after enduring years of a strong seller's market. The biggest tip for those shopping for homes? Look at homes that have been on the market for 30 to 60+ days. These sellers want to sell and have very likely dropped the list price at least once.
There may be some light at the end of the tunnel for those of us who thrive on a predictable market. Historically, July and August are slower months with a rebound occurring in September. Let’s hope for a strong fall!
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. I’m here to help.
