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Posts Tagged ‘southport nc homes sale’

Low interest rates – Now is a good time to buy

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Mortgage Rates Remain at Historic Lows


The latest report from Freddie Mac shows that the 30-year fixed-rate mortgage averaged 3.61% last week, slightly down from the week before (3.66%), and nearly 20 points lower than a year ago (3.80%).

This is great news for homebuyers who are dealing with rising prices due to a low inventory of homes for sale in many areas of the country. Freddie Mac expressed their optimism for the rates to remain low throughout the spring in a recent blog post:

“We expect mortgage interest rates to stay well under 4% as we head into the heart of the spring homebuying season. We’re predicting it to be the best one in 10 years, which should provide even greater opportunities for first-time homebuyers.”

Below is a chart of the weekly average rates in 2016, according to Freddie Mac.

Mortgage Rates Remain at Historic Lows | Simplifying The Market

Rates have again fallen to historic lows yet many experts still expect them to increase in 2016. One thing we know for sure is that, according to Freddie Mac, current rates are the best they have been since last April.

Sean Becketti, Chief Economist for Freddie Mac recently explained:

“Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates.”

Bottom Line

If you are thinking of buying your first home or moving up to your ultimate dream home, now is a great time to get a sensational rate on your mortgage. Let Coastal Realty Connections put their expertise and excellent customer service to work for you. Contact us today. info@coastalrealtyconnections.com / 910-279-9398.

Sales Price Versus Appraised Value

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Every house on the market has to be sold twice; once to a prospective buyer and then to the bank. With escalating prices, the second sale might be even more difficult than the first.
A recent post on “The Home Story”, a site published by Fannie Mae, explained the difference between the price a seller may get for their home and the value an appraiser might assign the property.

The Sales Price

Of course, most sellers want to maximize the value they get for the house. However, the price they set might not be reflective of the other comparable homes in the neighborhood. As the article stated:

“People tend to view their homes emotionally, and that can become quickly apparent when they decide to sell.”

That doesn’t mean that the home won’t necessarily sell for that price.

A seller can set an asking price and actually have a buyer agree to that price. However, that value may not be necessarily in agreement with what most buyers are willing to pay. For example, one person can view a property, determine it is exactly what they are looking for and well worth the asking price, whereas another person could look at the same property and feel the asking price is too high.

Steven Corbin, Director of Valuation in Fannie Mae’s CPM Real Estate division gives an example:

“Someone may have driven by the property countless times, and they really want to live in that house. So in reality they may overbid for that property. This would be a situation where the actions of a specific buyer do not represent the actions of a typical buyer.”

The Appraised Value (or Market Value)

Fannie Mae explains what they look for when appraising the house:

“When a contract is established on a property, an appraised value is determined by a professional real estate appraiser. The appraiser works on the lender’s behalf to determine that value by taking many factors into consideration, including the neighborhood, the value of properties of similar size and construction, and even such things as the type of fixtures on the premises and layout of the floor plan.”

Corbin adds:

“From a lending perspective, a bank would want to know the probable price a typical buyer would offer for the property. That’s what an appraiser would set as the market value.”

The Challenge when Sales Price and Appraisal Value are Different
If the appraiser comes in with a value that is below the agreed upon sales price, the lending institution might not authorize the mortgage for the full amount a buyer would need to complete the transaction.

Quicken Loans actually releases a Home Price Perception Index (HPPI) that quantifies the difference between what sellers and appraisers believe regarding value. The HPPI represents the difference between appraisers’ and homeowners’ opinions of home values.

Currently, there is approximately a 2% difference between what homeowners believe their home to be worth and what appraisers value that same home. On a $300,000 sale that would be a $6,000 difference. That could be a challenge that might prevent the home sale proceeding to the closing table.

Quicken Loans Chief Economist Bob Walters recently commented on this issue:

“The more homeowners are in line with appraisers, the easier it will be to refinance their mortgage and easier for those looking to buy a home. If the two are aligned, it eliminates one of the top stumbling blocks in the mortgage process.”

Bottom Line

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is the bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate comparable sales (similar houses in the neighborhood that closed recently) to defend the price when performing the appraisal for the bank.

With escalating prices, the second sale might be even more difficult than the first. That is why we suggest that you use an experienced real estate professional to help set your listing price.

Let us help you determine your asking or buying price by contacting us at Coastal Realty Connections.


Source: Reposted from Current Affairs.

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.

Waterfront Home Open House September 30

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Open House Wednesday September 30

11:30 a.m. – 1:30 p.m.

Pizza and pasta lunch will be provided

Also enjoy a tasty treat from the  Side Street Bakery

**Register to win 1 of 2 $50 Visa Gift Cards

5952 Dutchman Creek Road

This beautiful, meticulously maintained marsh front home has panoramic views of Dutchman Creek, tidal marshes, ICW and distant Caswell Beach. Architect designed plan with full living quarters, kitchen, dining and master suite on the first level. Direct access to the open deck, spacious screened porch and a relaxing sunroom completes the spa package. Two further bedrooms and bathroom on the upper level create a totally private family or guest area, complete with a study area and ample storage.

MLS# 686658
Listing Agent: Donald Howarth
Cell: 910-279-9398
Email: Donald@coastalrealtyconnections.com

See more about this  home.