A few key points to note-
- With single-family homes showing -7.6% less inventory, if you are a buyer, it is extremely important to be READY when the right home hits the market. Think about where you are in the process on a scale of 1 to 10 (1 just starting and a 10 being you would like to find a home today) where would you rate yourself? How can we as your real estate advisors get you to a higher number?
- Median Sales Price and Average Sales Price are huge increases to note especially if you are considering selling your home in this market.
** Data from Cape Fear Realtors **
U.S. Market Recap
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Mortgage application submissions saw a composite decrease. The Labor Department reported a decrease in job openings according to its Job Openings and Labor Turnover Survey (JOLTS) for May. Both continuing and initial jobless claims increased slightly. The employment situation was mostly better than expected.
Bottom Line
Whether you’re a first-time homebuyer or someone looking to sell your current house and buy a home that better fits your needs, waiting to decide what to do will cost you in two ways:
- Mortgage rates are forecasted to continue to rise.
- Home prices should continue to appreciate at double-digit levels for some time.
If you wait, rising mortgage rates and high home price appreciation will continue to grow!