Homebuyers are getting some relief in 2023, thanks to the Federal Housing Finance Agency (FHFA) raising the conforming loan limits substantially. Commonly referred to as “conventional” loans, these are mortgages that are backed by one of two government agencies, (Fannie Mae and Freddie Mac), and this typically allows for a smoother loan process and lower […]
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Three Key Takeaways from the October 2022 OBAR Statistical Report… The biggest news from the Outer Banks Association of REALTORS® (OBAR) October report is that the Outer Banks set an all-time high for residential median sales price – $600k. Mortgage rates have seen a big drop over the last couple of weeks. The average 30-year […]
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Another month, another rise in mortgage rates. Currently, on Mortgage News Daily, the surveyed mortgage rate is up to 7.29%. That number was 3.59% in January of this year – it has more than doubled and more Federal Reserve rate hikes are forecast for the rest of this year which will likely result in even higher […]
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We have seen lots of changes in the market since the Federal Reserve started rapidly raising their funds rate earlier this year. The average 30-year mortgage has seen an increase from 3.41% in early January to 6.3% as of this writing. This has had a huge impact on sales volume, as buyers are more inclined […]
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Things are moving right along this summer on the Outer Banks. We’ve had some hot weather lately and a great vacation season so far. One question I hear frequently is “When will the housing market cool off?” It’s all about inventory – as long as we are well below historical inventory levels and demand remains […]
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The housing market is hot right now, but which areas are the hottest? Are there any locations where home price appreciation is still lagging behind? Soundfront or Oceanfront? What does the market look like so far in 2022? With all of the changes this year in the national real estate market, (notably skyrocketing interest rates […]
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The US housing market has been on a sustained streak of rising prices, shrinking inventory, and increased demand since the spring of 2020. Hatteras Island actually lagged behind other areas “up the beach” in price increases for most of 2020, but quickly caught up in 2021. Now that we’ve had a good run, as they […]
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I’d like to introduce myself to the fine readers of the Island Free Press. My name is Stephen Smith, and I lived (and worked) in Avon for several years before eventually migrating “up the beach” to Nags Head. I was the IT Director for Hatteras Realty, and worked for the late Stewart Couch for most […]
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