Real Estate Today radio – Get Outside

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Real Estate Today radio – Get Outside

Real Estate Today opens doors for buyers and sellers with critical and credible information on the real estate market. It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.

Here’s the latest show, Get Outside.

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Springtime in the High Country

After one last cold blow from winter, spring finally hit the High Country in mid-April. Temperatures occasionally hovered near the 70s, as the mountain landscapes started to green again. Below are some of the many photos recently shared on social media, showing the beauty of the North Carolina mountains in early bloom.

The birds are singing beautiful songs today.

A post shared by Sophie (@sofagee) on

Come through, spring. Come through. #spring #northcarolina #clouds #weather

A post shared by Justin Ekard (@justin.ekard) on

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Local real estate market growth continued in 1st quarter

Local real estate sales continue to increase, with first quarter activity this year almost surpassing $100 million.

Individual sales remained strong, a longstanding trend as year-over-year sales activity continued to spike. Interest rates, meanwhile, are trending down.

March 2017 sales graphicIn the first three months of 2017, Realtors in Alleghany, Ashe, Avery and Watauga counties sold 394 homes worth $99.82 million. That’s a 12 percent increase in sales compared to the first quarter of 2016 (351), and 30 percent greater than 2015 (302).

The median sold price so far this year is also higher than last, with the mid-point price of all homes sold since January $206,000, according to the High Country Multiple Listing Service. The median price through the first three months of 2016 was $195,000.

Inventory is slowly growing. As of April 19, there were 2,044 active listings within the MLS. There were 2,388 a year ago, and almost 2,500 at this point in early April 2015.

The limited supply is due to an unrelenting demand, as monthly sales figures continue outpacing previous years. In March, local Realtors sold 172 listings. That’s 26 percent higher than March 2016 (136) and 51 percent higher than March 2015 (114).

The total sales value for the month was $41.58 million, with a median sold price of $212,500. It was the fourth time in the past six months the median sold price surpassed $200,000.

Buyers last month encountered interest rates which have yet to stabilize since year’s start. March opened with the average rate on a 30-year mortgage at 4.1 percent. It went to 4.3 percent by mid-month, and has fallen since.

As of April 13, the average 30-year fixed rate was 4.08 percent, the lowest recorded since January 19. A year ago the rate averaged 3.58 percent, according to loan giant Freddie Mac.

The average 15-year fixed rate was 3.34 percent.

Nationally, sales are on the upswing, according to the National Association of Realtors.

“Being the warmest February in decades also played a role in kick-starting prospective buyers’ house hunt,” said Lawrence Yun, NAR chief economist.

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Real Estate Today radio – The Closing

Real Estate Today opens doors for buyers and sellers with critical and credible information on the real estate market. It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.

Here’s the latest show, The Closing.

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Real Estate Today radio – Buy That House

Real Estate Today opens doors for buyers and sellers with critical and credible information on the real estate market. It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.

Here’s the latest show, Buy That House.

ByAdmin

Real estate buyers outnumbering sellers nationally

The local real estate market continues hitting high marks in early 2017.

Sales are up from a year ago. Inventory is increasing. And interest rates are slowly inching up.

All three trends portend another busy year for the High Country Association of Realtors®, which represents real estate professionals in Alleghany, Ashe, Avery and Watauga counties.

Local Realtors® sold 118 listings in February, up 17 percent compared to the same month last year, and the busiest February since 2007. It also extended to 24 the number of consecutive months sales have surpassed 100, according to the High Country Multiple Listing Service (MLS).

The last month to record just double-digit sales was February 2015, when 94 homes were sold in the four-county area.

The total value of the 118 homes sold last month was $30.28 million. The median sold price – the midpoint at which half of all listings sold above or below – was $187,000. That was the lowest median sold price recorded in a month since February 2016 ($175,000, which matched the median price for July 2015, the previous lowest).

Unseasonably warm temperatures are encouraging sellers to slowly enter the market. As of March 16 there were 1,944 active listings within the High Country MLS. That was slightly higher than at the start of January (1,886), but about 361 fewer than this time last year (2,288).

The lack of strong supply is a national trend. According to the National Association of Realtors®, some portions of the country recorded slower sales last month because, for now, buyers are outnumbering sellers.

“Sales (nationally) got off to a fantastic start in January,” said Lawrence Yun, NAR chief economist. “But last month’s retreat in contract signings indicates that activity will likely be choppy in coming months as buyers compete for the meager number of listings in their price range.”

Meanwhile interest rates continue to fluctuate. After hovering around 4.16 percent the first two months of the year, the average fixed-rate on a 30-year mortgage hit 4.3 March 16, according to loan giant Freddie Mac. That’s the highest average this young year. The rate was 3.73 percent a year ago.

The 15-year average was 3.5 percent, up from 2.42 a year ago.

To put the increase in perspective, a $300,000 home purchased a year ago would have cost $498,940 after 30 years, with a monthly payment of $1,386. That same house purchased today would cost an estimated $534,461 with a monthly payment around $1,485.

Bankrate.com’s recently reported that 90 percent of its experts surveyed believe rates will move higher in the coming weeks.