Throughout the pandemic, we’ve been asked about the effects of the pandemic on our local real estate market and the future of real estate for Eastern North Carolina. We wanted to share with you some frequently asked questions, and what we believe is going to happen now and in the near future. In addition, we are including some market numbers for comparison of this year over last year.
Answers to common questions we receive about our local real estate market:
- How has the pandemic affected our real estate market?
- It hasn’t. While the process of showing a home has changed, the results haven’t.
- Are home prices expected to drop?
- Home prices remain strong, even going up in some neighborhoods due to low inventory. With more buyers in the market and fewer homes available to choose from, home prices are not expected to drop.
- Will interest rates go down?
- Interest rates are at record lows. Mortgage Bankers Association expects the 30-year fixed rate mortgage will average around 3.18% through 2020.
- Is now a good time to buy or sell?
- We believe we will continue to see limited inventory, so for those who want to sell, now is an ideal time to attract buyers. Now is a great time to take advantage of the low rates – buying new properties or refinancing your current home if you aren’t planning on moving.
Here are the market trends for New Hanover, Brunswick, Onslow, Craven, and Carteret Counties:
Our area is highly desirable and real estate sales are strong! We’ve seen an increase in relocation by those from the Northeast who’ve been prompted to make a move, and also military PCSing with an expansion of troop assignment to our region from other parts of the country. It’s no surprise we continue to have an incredibly robust real estate market!
As our state has begun to reopen and people have left the quarantine of their homes, many have realized they want a change of scenery. If you’re curious to see what’s on the market, give us a call to start the process. On the flip side, if you’re thinking about selling, we’re here to give you an up-to-date value of your house so you can make an informed decision. Give us a call today at the location nearest you!
Landfall (Wilmington): 910.256.0021
Holden Beach: 910.842.5500
Carolina Beach: 910.458.3739
Downtown Wilmington: 910.342.0155
New Bern: 252.351.3030
Morehead City: 252.240.2100