23 Apr Roundup of April Mortgage News
The Charlotte area experienced a decline in year-over-year home sales. An increase in mortgage rates isn’t dampening interest in the housing market in the Wilmington area. Some of the safest cities in South Carolina are found in the Fairway of the Carolinas region. Here’s more on the mortgage news stories that we are watching:
Residential Sales Dropping In The Queen City
The recently released residential real estate report by the Charlotte Regional Realtor Association revealed that the Charlotte real estate market experienced an 11.2% decline in home sales in March, compared to the same time last year. In addition, the 3,866 homes sold in March represented a decline of nearly 500 homes from a year ago. The lack of available inventory continues to plague the Charlotte region as it has for the past three years. Specifically, housing availability dropped 23.5% in just one year.
Rising Rates Not Decreasing Demand For Mortgages In Wilmington Region
Even though mortgage rates are creeping up, interest in obtaining a mortgage has not dwindled in the Cape Fear region. Mortgage experts in the area believe the rise in rates is actually bringing more people to the market because they think rates will soon exceed 6%. Because inventory remains low, homebuyers are competing with multiple offers and know that becoming pre-approved may give them more of an advantage.
Safe Cities In South Carolina
SafeWise, an online safety comparison resource, recently released its 2018 list of the safest locales in South Carolina. All 20 of the locales included in this report came in below the national average for violent crime. Locales were identified based on FBI crime data and population information. Seven of the 20 safest spots fall in the Fairway of the Carolinas region. The locales included on the list were Isle of Palms (No. 1), Tega Cay (No. 2), Mount Pleasant (No. 6), Clover (No. 8), Hanahan (No. 11), Fort Mill (No. 15) and Charleston (No. 20).
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.
Callison, Jenny. “Rates, Mortgage Demand On The Rise.” Web blog post. WilmingtonBiz. 20 April 2018. Web April 2018.
Kemsley, Tamarra. “South Carolina’s 20 Safest Cities of 2018.” Web blog post. SafeWise.com. 12 March 2018. Web 12 March 2018.
Martin, Jenna. “Home sales plunge across Charlotte region amid hot sellers’ market.” Web blog post. Charlotte Business Journal. 11 April 2018. Web 11 April 2018.