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Warren Buffett: There is No Housing Bubble. House Values to Rise.

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Warren Buffett: There is No Housing Bubble

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With home prices expected to appreciate by over 5% this year, some are beginning to worry about a new housing bubble forming. Warren Buffet addressed this issue last week in an article by Fortune Magazine. He simply explained:

“I don’t see a nationwide bubble in real estate right now at all.”

Later, when questioned whether real estate and/or mortgaging could present the same challenges for the economy as they did in 2008, Buffet said:

“I don’t think we will have a repeat of that.”

What factors are driving home prices up?

It is easily explained by the theory of supply and demand. There is a lack of housing inventory for sale while demand for that inventory is very strong. According to a recent survey of agents by the National Association of Realtors (NAR), buyer traffic was seen as either “strong” or “very strong” in 44 of the 50 states (the exceptions being: Alaska, Wyoming, North Dakota, West Virginia, Connecticut and Delaware).

Also, in NAR’s latest Pending Home Sales Report, it was revealed that the index was the highest it has been in a year.

What does the future bring?

As prices rise, more families will have increased equity in their homes which will enable them to put their home on the market. As more listings come to market, price increases should slow to more normal levels.

Anand Nallathambi, President & CEO of CoreLogic, recently addressed the issue:

“Home price gains have clearly been a driving force in building positive equity for homeowners. Longer term, we anticipate a better balance of supply and demand in many markets which will help sustain healthy & affordable home values into the future.”

Let the agents at Coastal Realty Connections help you buy or sell. Contact us for a free valuation of your property’s worth or for assistance in finding just the right home for you. 910-279-9398.

Could it be a sellers market again?

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Over Half of Americans Planning on Buying in the Next 5 Years

Over Half of Americans Planning on Buying in the Next 5 Years | Simplifying The Market

According to the BMO Harris Bank Home Buying Report, 52% of Americans say they are likely to buy a home in the next five years. Americans surveyed for the report said that they would be willing to pay an average of $296,000 for a home and would average a 21% down payment. The report also included other interesting revelations.

Those Looking to Buy

  • 74% of those looking to buy a new home will consult with a real estate agent
  • 59% said they will visit online real estate websites
  • 37% will seek recommendations from friends and family
  • 78% plan to get pre-approved before seriously searching for a home

 Those Who Already Own

  • 75% of current homeowners set a budget before looking for a home, and 16% ended up spending less while 13% went over their budget.
  • 63% of American homeowners spent under six months looking for a new home before they made a purchase.
  • 8% bought their home without participating in an active real estate search – or even any plan to buy at all – because a specific property caught their attention.

The last point is very interesting: Of those who purchased a home, 8% bought “without any plan to buy at all”.  A property caught their attention and they acted on it.

Why Are More People Not Planning Their Next Move?

Why are people that are considering a move not putting their home search to a plan, and instead, buying only when a property catches their attention? An article by Fannie Mae reveals evidence that a large number of homeowners are dramatically underestimating the equity they have in their current home. The report explains that:

“Homeowners may be underestimating their home equity. In particular, if homeowners believe that large down payments are now required to purchase a home, then widespread, large underestimates of their home equity could be deterring them from applying for mortgages, selling their homes, and buying different homes.”

Bottom Line

Let’s meet up to determine the actual equity you have in your house and to take a look at the opportunities that currently exist in the real estate market. This may be the perfect time to move-up, move-down or buy that vacation home your family has always wanted.

Wilmington NC Home Sales Jump 13 Percent

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Wilmington NC Home Sales Increase 13%

Wilmington NC home sales finished last year with an increase of nearly 13 percent over 2014, according to statistics released Monday by the Wilmington Regional Association of Realtors.

The number of Wilmington NC home sales increased by 849 in 2015, from 6,555 to 7,404 in a nearly 13 percent jump, as buyers took advantage of historically low interest rates in a market where some price points are in shorter supply. The figure is the highest year-end number for units sold since 2006, WRAR’s Multiple Listing Service statistics show.

“We’re gaining ground,” said Don Harris, the 2016 president of WRAR.

He said he expects the direction to continue this year. “Interest rates are still low,” Harris said, noting a recent quote of 4.125 percent.

The rates for Wilmington NC home sales are forecast to increase a little, possibly by the fourth quarter of this year, he said. (more…)

Brunswick County Luxury Home Market Strong

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Brunswick County, North Carolina, Coastal Connection Realty

Brunswick County, North Carolina

According to a recent article in the Wilmington Business Journal, luxury home sales ticked upward as November came to a close.

Six homes in the $1 million range sold in Brunswick County and three in the same category in New Hanover during the month of November, according to a luxury home market report released this week.

As of Nov. 30, there were 164 homes for sale in New Hanover and 84 in Brunswick with asking prices exceeding $1 million, stated the report, compiled from local MLS statistics by Wilmington-based firm Just For Buyers Realty.

In Brunswick, 33 of those listings were on Bald Head Island, while New Hanover’s were also in locations known for higher priced property: 31 in Landfall, 29 in Wrightsville Beach and 23 on Figure Eight Island.

The luxury market in general has been healthy in recent months in the Wilmington area and surrounding communities, Realtors say.

(more…)

Today’s Hottest House Trends May Surprise You

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featuredPropertyWhen most people think about housing trends, they think about wall colors, cabinet styles and materials. As lives become more complicated, priorities shift and the definition of family has changed significantly. In response to these shifts in society, the housing trends change and adapt. The economic situation for many homeowners has also caused adjustment to future housing plans.

Location, Location, Location! Yes this has always been the most important aspect of choosing a home. In the past, people focused on a location because of family, job or cost of living. Now the number one priority in regards to location comes down to the walkability of restaurants, shopping and services.

We are all familiar with “green” building however the shift to “well” building is right around the corner. “Well” building continues the avoidance of harmful materials and the highlight of water and energy conservation with a new focus on design that enhances the life of the occupants. “Biophilic” design involves window and door placement to strive for a seamlessness between the home and the great outdoors. Increasing natural light and adding LEDs with dimmers and colors that can be changed according to time of day or weather. The lighting can simulate circadian rhythms in the body to improve sleep patterns which in turn is a boost to your health. In similar terms, a “well” home is all about being healthy in your body and in your mind.

In one of our early posts, we discussed the ever growing sustainable movement which has thousands of yards adorned with edible landscaping, backyard chickens and even bee hives. Going a few steps farther is a new housing trend called “Agrihood”. These are planned communities with a “nod” to communal living. The idea is to incorporate farming into planned neighborhoods where homesites are larger, community gardens and livestock herds cover the common areas and neighbors work together maintaining the needs of the farm. You may even see community kitchens and dining rooms instead of tennis courts and pools. The shared work and “fruits of labor” create a sense of pride and connection between neighbors. We expect to see more of these communities popping up as the sustainable movement spreads.

Managing power usage continues to be a top concern for home owners. In addition to solar panels there has been a huge boost in the number of “smart homes” which help to manage usage by automatically adjusting heating/cooling settings and lighting to accommodate time of day as well as weather. Most of the “smart home” technology can be accessed and manipulated by a cell phone app.

Consumers are demanding low maintenance features and materials as they no longer want to spend their weekends mowing grass and painting the deck. The focus has shifted to materials and systems with a greater longevity and durability. A good example is hand built brick walls, they will last for centuries rather than just one owner. This goes along with the push to build structures to withstand severe weather. Many builders and homeowners are “opting to go beyond what is required” says Philadelphia developer Nino Cutrufello.

To further to the low maintenance push, folks are choosing to build smaller, more open floorplans. Including creative use of space and smaller bedrooms allow for overall smaller structures. Since the bedroom is typically where we spend the least amount of time it makes sense to make these rooms smaller. This also is the case for families housing multiple generations. Private entrances offer a feeling of separation and independence while still being cost effective and family oriented.

With such a shift in housing trends it will be interesting to see what effect if any these changes have on the resale market. We may start to see more and more renovations to retro fit homes for the “new style” of living.

Brunswick County Real Estate Market Improves

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The Association of Brunswick County Realtors’ President, Bruce Williams, released information today indicating an upswing in the real estate market for Brunswick County. Information shows positive year-over-year changes for key market indicators. See below for a copy of the information.

BCAR Report
February 2015

Last year saw an overall uptick in the single-family residential real estate market in Brunswick, Columbus and Bladen Counties.  The number of single-family units sold increased across the region.  In the Brunswick County MLS the number of single-family units sold but dropped slightly, but the number of listings and the total sales volume increased.  The average sale price increased in the three counties, while the number of distressed sales dropped by a third.

Overall, the single-family residential real estate market is trending upward in Brunswick, Columbus and Bladen Counties.

Brunswick, Columbus & Bladen Counties

Single Family Sales — Units Sold

  • 2013:  2,366
  • 2014:  2,444
  • Change:  3% increase

Single Family Sales — Average Sales Price

  • 2013:  $219,846
  • 2014:  $224,550
  • Change:  2% increase

Single Family Sales — Total Sales Volume

  • 2013:  $519,269,084
  • 2014:  $553,756,244
  • Change:  7% increase

Single Family Sales — Distressed Sales

  • 2013:  533
  • 2014:  359
  • Change:  33% decrease

Brunswick County MLS Only

Single Family Sales — Listings

  • 2013:  4,023
  • 2014:  4,199
  • Change:  4% increase

Single Family Sales — Units Sold

  • 2013:  2,244
  • 2014:  2,228
  • Change:  1% decrease

Single Family Sales — Average Sale Price

  • 2013:  $226,267
  • 2014:  $235,115
  • Change:  4% increase

Single Family Sales — Total Sales Volume

  • 2013:  $508,747,382
  • 2014:  $528,784,962
  • Change:  4% increase

 

Wilmington Shows Signs of Continual Economic Growth

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William “Woody” Hall, senior economist at University of North Carolina Wilmington, predicts the Wilmington area will grow 3.5% this year and 3.8% in 2016. According to an article printed in the Greater Wilmington Business Journal, 3% is a key figure as it is the rate the economy needs to grow to keep the unemployment rate stable. Mr. Hall has been a senior economist for 41 years at UNCW.

The growth prediction is good news for the Wilmington area. His evaluation of the economic condition from the local economic indicators he uses show that with the exception of airport passenger traffic, there is a good outlook for 2015 – unemployment, residential real estate, retail sales, tourism and State Port activity show signs that the sectors have fully recovered or are on their way back from the Great Recession that crippled the economy about seven years ago.

Hall maintains that retail sales and tourism have rebounded completely from what was considered one of the worst economic downturns since The Great Depression. Furthermore in an economic outlook for 2015 released by a Wells Fargo analyst indicate recovery is gradually building with areas such as Raleigh and Charlotte leading the way. Asheville, Wilmington and Durham were specifically mentioned as growing areas. Most other areas in the state will grow at a slower pace than the stars mentioned above, according to the analyst.

A number of factors will contribute to the continual growth one of which is the possibility of increased interest rates. Taking advantage of the growing economy to purchase property now may save buyers increased interest rates and guarantee buyers a better selection of properties. As the economy continues to improve real estate “deals” of the past seven years are disappearing. Let us at Coastal Realty Connections help you take advantage of today’s market!

Steadily Rising Housing Market News

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A recent Reuters article described the single-family housing market enjoying a steady, gradual rise. Permits for single- and multi-family homes are the highest they’ve been since 2008. CLICK HERE to read the article.

Let Coastal Realty Connections help you make the most of the increasing market.  Contact us for your buying or selling needs.

 

 

Top Five Reasons to Buy Coastal North Carolina Property Now

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From the places that draw crowds to the places that help you escape them, when you are in North Carolina you will find it all.  Those of us who call it home experience its beauty daily. For others that #visitnc and wish to return time and time again, consider purchasing this year.

  1.  CNN Money reports home prices are climbing. Wilmington is expected to rise 8% through third quarter 2014.
  2. CBS Money Watch predicts 2014 will be another year of gains for the real estate market.
  3. The National Assoc9225_066iation of Realtors indicated in their March report that a shortage of inventory is proving problematic.
  4. Albeit still low, according to Forbes, the average mortgage rate on a 30-year fixed mortgage is expected to rise the most recent year’s 3’s to 5.5% this year.
  5. The coast of North Carolina is gaining in popularity. New Hanover and #Brunswick Counties in particular continue to get national exposure on film and are experiencing growing awareness through national publications. CNN Money Magazine listed Wilmington, NC real estate as the #7 city to invest in and #Brunswick Forest located in Leland just outside of Wilmington and near Southport, NC has been given the Bliss Award Winner designation, Best North Carolina Community of the Year for the Coastal Southern North Carolina area.

At Coastal Realty Connections we understand buying is often an emotional choice. So more than the statistics, it is about finding the place that matches your natural rhythms, provides activities that bring you joy, and above all brings you peace of mind.

From #golfing  and #sailing in the isles of Brunswick County and #antiquing in New Bern to soaking up the sun’s rays see why the Coast of North Carolina is the place to be.

Read more about locations in Eastern Coastal North Carolina and begin your property search now.

Focus on Brunswick County

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What attracts so many people to the coast of North Carolina? Is it the Southern charm of its residents, the laid-back way of life or simply the beauty of its shorelines? Where we live is as much about an expression of our personalities as it is finding the place that makes us feels “at home”.

Southern Living, Coastal Living, Garden & Gun and a host of publications have written about a special place in North Carolina, Brunswick County. Amanda Hutcheson of StarNews recently shared what most of us who live in the area can sense, Brunswick County represents one of the hottest destination in North Carolina.

9350_107 Developed coastal communities such as St. James Plantation, Brunswick Plantation, Compass Pointe, Indigo Plantation and Marina, Winding River, Lockwood Folly and Bald Head Island have helped make Brunswick County the fastest-growing county in North Carolina and the 47th-fastest growing county in the nation. The population growth rate from 2012 to 2013 was higher than any other county in North Carolina.

Along with Brunswick County’s assets, its proximity to Myrtle Beach and Wilmington provide a host of added benefit for residents. While the latest census reported substantial growth for the Myrtle Beach and Pender County areas, Brunswick County topped the list. Mike Hargett, Director of Planning and Community Development was quoted in the StarNews article, “The figures reflect continued interest in Brunswick County as a desirable location to live, work and visit. Based on the increasing level of development activity, this positive trend is expected to continue.”

It has never been a better time to explore relocation or second-home in Brunswick County. Before you begin your selection process, it is important to refine your “wish list” and work with someone who can assist in narrowing down and matching your search criteria.

Whether you choose Coastal Realty Connections or one of a number of other capable agencies as your buyer’s agent it can be invaluable to have someone experienced in this ever evolving market working on your behalf.

Finding a new home is as much about connecting to a feeling of belonging than it is about a structure. Explore more about North Carolina’s fastest growing county at http://www.ncbrunswick.com/ and start your search for a new home today.