21 May Carolina May Mortgage News Review
Several newcomers to the Charlotte real estate market are changing how you buy and sell your home. A recent ranking of North Carolina’s top high schools featured six schools in the Charlotte area. Rising mortgage rates and home prices are bringing more people to the buying table in the Cape Fear area. Here is more on the mortgage news stories that we are watching:
New Companies in the Queen City Are Changing how Homes are Bought and Sold
Four companies that approach the real estate market in a non-traditional way recently set up shop in Charlotte. OfferPad, Opendoor, Knock.com and Ribbon offer ways to avoid some of the things people like the least about selling or buying a home, decluttering, staging a home for the market or an open house, missing out on a home up against all-cash bidders, or stressing that a transaction will fall apart before it closes. Funding for these status quo disruptors comes from venture capitalist and private equity firms that all have different business models. Currently, these companies have been in the market between one and four months and are only a small piece of the residential real estate market; however, they are all ready to grow their business quickly.
Top High Schools Located in the Charlotte Area, Rankings Reveal
Six of the top 20 high schools in North Carolina are in the Charlotte region. U.S. News & World Report partnered with NC-based RTI International to rate high schools across the nation. The rankings are based on several key principles, including serving all students well, serving not just those who are furthering their education, and measurable outcomes of how all students are being successfully educated across a variety of performance markers. The schools that made the top 20 in North Carolina are Lake Norman Chapter (No. 7), Marvin Ridge High (No. 14), Ardrey Kell High (No. 15), Providence High (No. 16), Community School of Davidson (No. 17), and Weddington High (No. 18).
The Cape Fear Region Sees Home Sales Continue on Upward Trajectory
Even as the average 30-year fixed mortgage rate of 4.52 continues to rise, home sales in the tri-county region of New Brunswick, Brunswick and Pender counties are growing. From April 2017 to April 2018, sales of single-family homes grew by 16%. The average home price increased to $286,586 in April — an almost 7% gain year-over-year. In addition, lack of inventory is affecting the supply of homes on the market. The 5.3-month supply in April 2017 dropped to a 4.2-month supply a year later.
With so much activity in the Carolinas, isn’t it time that you partnered with the best? Our service and communication are top-notch. At Fairway Independent Mortgage of the Carolinas, we treat your real estate customers like you do — with fairness and with their best interests at heart. They are our priority, as is closing loans quickly with no surprises. Let us change how you think about mortgages.
Nunn, Cece. “Home Sales Heat Up.” Web blog post. WilmingtonBiz. 16 May 2018. 16 May 2018. Web 16 May 2018.
Portillo, Ely. “These companies turned to digital disruption to upend how homes are sold in Charlotte.” Web blog post. The Charlotte Observer. 14 May 2018. Web 14 May 2018.
Staff. “Best High Schools in North Carolina.” Web blog post. U.S. News & World Report. 8 May 2018. Web 8 May 2018.