http://katiemooreteam.com/blog/categoryname_wilmington-nc-homes/sort_entrydatetime-desc/ n today’s housing market, it seems harder than ever to find a home to buy. Before the health crisis hit us a year ago, there was already a shortage of homes for sale. When many homeowners delayed their plans to sell at the same time that more buyers aimed to take advantage of record-low mortgage rates and purchase a home, housing inventory dropped even further. Experts consider this to be the biggest challenge facing an otherwise hot market while buyers continue to compete for homes. As Danielle Hale, Chief Economist at realtor.com, explains:“With buyers active in the market and seller participation lagging, homes are selling quickly and the total number available for sale at any point in time continues to drop lower. In January as a whole, the number of for sale homes dropped below 600,000.”Every month, realtor.com releases new data showing the year-over-year change in inventory of existing homes for sale. As you can see in the map below, nationwide, inventory is 42.6% lower than it was at this time last year:Does this mean houses aren’t being put on the market for sale?Not exactly. While there are fewer existing homes being listed right now, many homes are simply selling faster than they’re being counted as current inventory. The market is that competitive! It’s like when everyone was trying to find toilet paper to buy last spring and it was flying off the shelves faster than it could be stocked in the stores. That’s what’s happening in the housing market: homes are being listed for sale, but not at a rate that can keep up with heavy demand from competitive buyers.In the same realtor.com report, Hale explains:“Time on the market was 10 days faster than last year meaning that buyers still have to make decisions quickly in order to be successful. Today’s buyers have many tools to help them do that, including the ability to be notified as soon as homes meeting their search criteria hit the market. By tailoring search and notifications to the homes that are a solid match, buyers can act quickly and compete successfully in this faster-paced housing market.”The Good News for HomeownersThe health crisis has been a major reason why potential sellers have held off this long, but as vaccines become more widely available, homeowners will start making their moves. Ali Wolf, Chief Economist at Zonda, confirms:“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed.”With more homeowners getting ready to sell later this year, putting your house on the market sooner rather than later is the best way to make sure your listing shines brighter than the rest.When you’re ready to sell your house, you’ll likely want it to sell as quickly as possible, for the best price, and with little to no hassle. If you’re looking for these selling conditions, you’ll find them in today’s market. When demand is high and inventory is low, sellers have the ability to create optimal terms and timelines for the sale, making now an exceptional time to move.Bottom LineToday’s housing market is a big win for sellers, but these conditions won’t last forever. If you’re in a position to sell your house now, you may not want to wait for your neighbors to do the same. Contact a local real estate professional for advice on how to sell your house safely so you’re able to benefit from today’s high demand and low inventory.Source: Keeping Current Matters http://katiemooreteam.com/blog/2834/where-have-all-the-houses-gone?/ Sun, 07 Mar 2021 08:22:31 -0500 Basketball legend Michael Jordan has donated $10 million to help open two new medical clinics in New Hanover County.Jordan's donation to Novant Health will improve access to affordable healthcare in his hometown of Wilmington, according to a Novant Health press release.It's official:New Hanover Regional Medical Center enters Novant partnershipThe two new clinics are slated to open in early 2022. The release did not state where the clinics will be located.Jordan previously partnered with Novant Health to open two Michael Jordan Family Clinics in Charlotte. Those clinicsoffered comprehensive primary care, including behavioral health and social support services, to the area’s most vulnerable communities, according to the release.More:When can you get a COVID vaccine in Wilmington? It depends on a few factors.Jordan’s gift will help Novant Health bring this same care model to more rural and rural-adjacent communities in Wilmington, offering services to residents who are uninsured or underinsured, the release stated. Jordan grew up in Wilmington and attended Emsley A. Laney High School.Source: WilmingtonStar News http://katiemooreteam.com/blog/2820/michael-jordan-gives-$10-million-to-open-new-wilmington-area-health-clinics/ Mon, 15 Feb 2021 12:01:57 -0500 According to the latest CoreLogic Home Price Insights Report, nationwide home values increased by 8.2% over the last twelve months. The dramatic rise was brought about as the inventory of homes for sale reached historic lows at the same time buyer demand was buoyed by record-low mortgage rates. As CoreLogic explained:“Home price growth remained consistently elevated throughout 2020. Home sales for the year are expected to register above 2019 levels. Meanwhile, the availability of for-sale homes has dwindled as demand increased and coronavirus (COVID-19) outbreaks continued across the country, which delayed some sellers from putting their homes on the market.While the pandemic left many in positions of financial insecurity, those who maintained employment and income stability are also incentivized to buy given the record-low mortgage rates available; this is increasing buyer demand while for-sale inventory is in short supply.”Where will home values go in 2021?Home price appreciation in 2021 will continue to be determined by this imbalance of supply and demand. If supply remains low and demand is high, prices will continue to increase.Housing SupplyAccording to the National Association of Realtors (NAR), the current number of single-family homes for sale is 1,080,000. At the same time last year, that number stood at 1,450,000. We are entering 2021 with approximately 270,000 fewer homes for sale than there were one year ago.However, there is some speculation that the inventory crush will ease somewhat as we move through the new year for two reasons:1. As the health crisis eases, more homeowners will be comfortable putting their houses on the market.2. Some households impacted financially by the pandemic will be forced to sell.Housing DemandLow mortgage rates have driven buyer demand over the last twelve months. According to Freddie Mac, rates stood at 3.72% at the beginning of 2020. Today, we’re starting 2021 with rates one full percentage point lower than that. Low rates create a great opportunity for homebuyers, which is one reason why demand is expected to remain high throughout the new year.Taking into consideration these projections on housing supply and demand, real estate analysts forecast homes will continue to appreciate in 2021, but that appreciation may be at a steadier pace than last year. Here are their forecasts:Bottom LineThere’s still a very limited number of homes for sale for the great number of purchasers looking to buy them. As a result, the concept of “supply and demand” mandates that home values in the country will continue to appreciate. http://katiemooreteam.com/blog/2796/what-does-2021-have-in-store-for-home-values?/ Mon, 11 Jan 2021 10:37:50 -0500