Hello Friends, welcome to April!
The weather is warming up, which typically means the housing market is warming up too. However, the supply remains low and buyer demand is still intense, but it’s as simple as "one cannot buy what is not for sale." The rapid increase in mortgage rates is creating another major challenge for buyers as the spring home-buying season kicks in. Over the past few weeks, mortgage rates have risen at the fastest pace in a decade. With home prices already at record highs, the combination is straining households’ budgets.
Let us take a look at the most recent stats from the Triangle MLS for the "entire Triangle" and the "Cary/Apex/Morrisville" areas.
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MARKET UPDATE
(Entire Triangle)
February 2021 vs February 2022
NEW LISTINGS: 3827 vs 3350 -12.5%
CLOSED SALES: 3006 vs 2939 -2.2%
MEDIAN SALE PRICE: $302,590 vs $374,900 +23.9%
PERCENT OF LIST PRICE RECEIVED: 100.3% vs 102.4% +2.1%
DAYS ON MARKET UNTIL SALE: 21 days vs 17 days -19%
INVENTORY OF HOMES FOR SALE: 3151 vs 1766 -44%
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(Cary/Apex/Morrisville only)
February 2021 vs February 2022
NEW LISTINGS:
411 vs 321 -21.9%
CLOSED SALES:
359 vs 249 -30.6%
MEDIAN SALE PRICE:
$420,000 vs $530,000 +26.2%
PERCENT OF LIST PRICE RECEIVED:
100.8% vs 106.5% +5.7%
DAYS ON MARKET UNTIL SALE:
17 vs 9 -47.1%
INVENTORY OF HOMES FOR SALE:
267 vs 103 -61.4%
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More on Rising Mortgage Rates
Rates jumped to an average of 4.42%—the highest they’ve been in more than three years—and they’re expected to keep climbing. The rates were for 30-year fixed-rate loans in the week ending on March 24, according to Freddie Mac. Just a year ago, rates were more than a full percentage point lower, at 3.17%.
While that might not seem like much of an increase, it adds about $375 a month to a buyer’s mortgage payment. Over a 30-year loan, buyers will pay about $135,000 more than they would have just a year ago. This assumes they purchased a median-priced home of $392,000 with 20% down and a 30-year fixed-rate loan. The rate changes will cost buyers who take out larger loans even more.
Rates are expected to keep rising as well. That’s because they typically follow the federal short-term interest rate. And the U.S. Federal Reserve recently raised those rates and is expected to raise them several times more this year to combat soaring inflation.
If you have questions or need guidance, we are here and ready to assist you with all of your real estate needs. For us, going above and beyond is just the beginning. We promise to be caring, accountable, and loyal.
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As of the end of 2021, Compass has now become the largest brokerage company in the United States in terms of closed sales volume. "What is stunning about this is that, for the most part, Compass wasn’t even in business a decade ago." -RealTrends
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Raleigh Area Ranks #3 for cities with highest rate of hires and average open jobs! Source: LinkedIn Economic Graph
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Multibillion-dollar electric vehicle production facility coming!
Vietnamese carmaker selects NC (Chatham County) for its multibillion-dollar US manufacturing site!
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Fenton Retailers (soft open)
Where: Fenton
(
Cary Towne Blvd & Trinity Rd,
Cary, NC 27511
)
This will be your favorite place to play, to gather, to relax, and to celebrate.
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Knightdale Spring Fling Festival
When: Saturday, April 9, 1pm-4pm FREE
Where: Knightdale Station Park
(207 Main St, Knightdale)
Fun for one and all! Bring your Easter baskets and enjoy live music, food trucks, inflatables, and a vendor market. Learn more
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Local Resources and Business Partners!
We value the work ethics of these trusted business partners and have recommended their services to our clients for many years.
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5 Simple Ways To Renovate Your Backyard on a Budget!
Use these clever design tricks to transform your basic yard and make it look like you had it professionally done.
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5 Bed | 6 Bath
Sqft: 7,670 | .5 Acre
$2,285,000
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203 Hickorywood Boulevard
4 Bed | 2.5 Bath
Sqft: 2,520
$575,000
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3 Bed | 3.5 Bath
Sqft: 1,825
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3 Bed | 2 Bath
Sqft: 2,075 | Acre: .80
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3 Bed | 2.5 Bath
Sqft: 1,400
$289,800
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4 Bed | 3 Bath
Sqft: 2,720 | .12 Acre
$585,000
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© Compass 2022 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity.
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