10 Dec Mortgage News Roundup for December
Here are several mortgage news stories that we are following this week:
In Charlotte, you can buy over 10 times more house than you can in Manhattan. Elsewhere, a resurgence in development is on its way to Highway 211 in the Cape Fear region. Meanwhile, it is becoming hard for homebuyers in the Charleston region to find entry-level homes. Here is more on the mortgage news stories that we are watching:
What Will $200,000 Buy You in Charlotte?
Property Shark, a real estate data provider, released a recent report that showed the type of home you can buy for $200,000 in the biggest U.S. cities. Based on the data, a homebuyer in Charlotte can purchase a 1,696-square-foot home, which is nearly 13 times more than you would be able to buy in Manhattan (126 square feet). To find out how much home could be purchased in each location, the median home price per square foot was calculated by dividing the median home sale price with the median home size in each city. The formula also “used the rounded number of $200,000 of the national median home price of $214,000.”
A Decade After the Financial Downturn, Development Comes Back to NC Highway 211
With a new project, Autumn Trail Townhomes, being proposed, development seems to be reemerging in the unincorporated Brunswick County off Highway 211. The planned development community includes 74 townhomes on 74.3 acres. It is set to be across the road from RiverSea Plantation, which has been around since 2005. This will be the first townhome community built in Brunswick County for Atrium Homes, if approved.
It Is Becoming More Difficult to Find an Entry-Level Home in the Charleston Region
There is a shortage of homes priced at or less than $200,000 in the Charleston area, especially for people who don’t want to be too far from the central area of Charleston. Young professionals and new couples just starting out are typically very interested in homes at this price point. Not only is there a lack of entry-level homes closer in, but the cost of land and regulatory processes also makes it difficult to build a home at the starter home price point. In addition, housing costs in the region continue to rise. Through the first 10 months of 2018, the median home price in the Charleston region increased to $265,000, up 6% year-over-year. The number of available homes on the market had dipped 5%, to almost 5,700, as of October.
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.
Port City Daily staff. “After 2008 bust, development returns to N.C. 211 in Brunswick County.” Web blog post. Port City Daily. 9 December 2018. Web 9 December 2018.
Staff. “How Much Space Can You Buy For $200k in Charlotte vs. Largest US Cities.” Web blog post. Charlotte Stories. 10 December 2018. Web 10 December 2018.
Wise, Warren L. “Few entry-level homes are being built in the Charleston area. Here’s why.” Web blog post. The Post and Courier. 4 December 2018. Web 6 December 2018.