17 Dec Mortgage News Review for December
Mortgage news stories that we are following this week:
A new but familiar company has entered the residential home sales market in Charlotte. Despite the Wilmington region finishing the year with flat sales, industry experts are calling it a strong year for real estate in the region. Meanwhile, the Charleston area experienced a lull in home sales last month. Here is more on the mortgage news stories we are watching:
Zillow Enters the Charlotte Market
Zillow, an online real estate database company, opened its first Zillow Offers location for North Carolina last week — in Charlotte. Zillow Offers works to remove the stress and complications of showings, listings or deciding on multiple offers. The homeowner/seller will receive a cash offer from Zillow and, if accepted, choose the closing date. The seller typically receives 6-9% less than in a traditional market, because of what is known as a “convenience fee.” Zillow Offers is active in almost 20 ZIP codes and plans to expand its reach throughout the entire Charlotte market over the next year.
Home Sales Update for the Cape Fear Region
The year 2018 was initially on pace to surpass various records for the Cape Fear region’s residential real estate market. Then came September and Hurricane Florence, which put an immediate brake on all transactions. The hurricane and a few other factors altered this year’s projected outcome for home sales, and experts now believe the number of residential transactions will be flat by the end of 2018. Even though the sales boom seen in the first six months of the year has slowed, the average home sale price has increased 3% year-over-year. Many in the industry, therefore, believe the Cape Fear real estate market enjoyed an overall healthy 2018.
Residential Home Sales Slip in the Charleston Area
Even though the pace of residential home transactions slowed in November, the Charleston region is still on track to meet last year’s record-setting numbers. According to early data from the Charleston Trident Association of REALTORS, home sales in November cooled 6.4% compared with the same time in 2017. October brought about a 3% gain, year-over-year after September saw a 13% decline as a result of Hurricane Florence. A total of 1,284 homes sold in November as the median home price increased $19,900 and rose to $269,900 in only one year.
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. “Top Stories No. 2: Realtors: Housing Market Still Strong.” Web blog post. WilmingtonBiz. 14 December 2018. Web 14 December 2018.
Spears, Tim. “’Zillow Offers’ Launches in Charlotte.” Web blog post. Spectrum News Charlotte. 12 December 2018. Web 12 December 2018.
Wise, Warren L. “Charleston-area home sales dropped 6.4 percent in November.” Web blog post. The Post and Courier. 11 December 2018. Web 11 December 2018.