Q1 Market Update
As of April 3rd, 462 homes in Craven County have sold this year. Currently, only 206 homes are for sale, 82 of which are new construction homes in various stages of completion, leaving 124 resale homes available. This indicates there are more people who want to buy homes than there are homes available. This is good news for people who already own homes because they have gained equity!
As interest rates have increased, however, it has created an affordability problem for some home buyers. Those who were easily qualified to buy 12 months ago have seen their budgets decrease with every interest rate hike. So while the demand is still there, the actual number of buyers at any given price point is decreasing. Where it was not uncommon to see multiple offers in the $300k—$500k range, today, that is less and less the case.
Under $300,000 still seems to be the strongest price point on the market. Again, with interest rates increasing, more buyers are finding themselves looking at that price point, thus making it quite the competitive space to buy in.
If you are considering selling your home, this is still a good time to do it. As your trusted Real Estate experts, our team can help you determine the best price for your home so you gain a competitive position on the market. If you want to buy a home, it’s important to talk to a lender and get approved for a mortgage before you start looking. This will help you know how much money you can spend on a home and make you a competitive buyer. The best homes sell fast, so you need to be ready to move quickly when you find the perfect home!
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