I’m Kaye Jones, your mortgage resource in the Outer Banks with TowneBank Mortgage. In today’s competitive real estate market, it’s more important now than ever before for your customers to get pre-approved with a trusted local lender. Please reach out to me with any questions. I’m always here to help. Here’s what’s going on the market this month!
Slower Sales: Existing home sales dipped again in April according to the National Association of Realtors (NAR). Sales were down .4% from March and 4.4% year-over-year. NAR Chief Economist Lawrence Yun isn’t discouraged, saying, “We are seeing historically low mortgage rates combined with a pent-up demand to buy.” Adding that inventory has increased, Yun said “…will provide more choices for those looking to buy a home.”
Anxiety Upside: Global trade disputes have sent jitters through the financial markets, stalling rate movement for the 30-year fixed rate mortgage. Rates are down more than a half-percent year-over-year according to Freddie Mac’s Primary Mortgage Market Survey for the week ending May 16. Freddie Mac analysts predict that continued job growth and low unemployment numbers will fuel strong summer home sales.
Vacant Homes: Vacant homes take longer to sell and garner less money according to an analysis by Seattle-based real estate brokerage Redfin. The report found that vacant homes listed and sold in 2018 spent six more days on the market and sold for an average of 3.6% – or $11,306 – less than occupied properties on a national basis. Redfin Chief Economist Daryl Fairweather said that while vacant homes are easy to show, “the fact that the sellers have already moved on is often a signal to buyers that they can take their time making an offer.”
When you partner with me, you can rest easy knowing that you have a team of trusted, local professionals on your side. With over 20 years of experience as a loan officer, I’m available to help walk you through the loan process from start to finish. Even if you just need advice, I’m here to help.