Decrease in home sales predicted nationwide but NC housing market remains hot.

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The latest weekly report from the Mortgage Bankers Association found that mortgage applications decreased 11% last week for the first time in weeks. The news partially signals home sales may finally be slowing. Zillow predicted home sales will be down 6.4% in 2022 compared to 2021. The report cited “spiking mortgage rates, inventory gains, and lower-than-expected pending home sales and mortgage applications” as contributing factors to the predicted outlook.

However, the number of interested in buyers in some parts of North Carolina are not slowing down and inventory is increasing each week.  In Ashe County North Carolina Regency Properties is working with buyers and sellers in a hybrid approach.  Many sellers are nervous about selling their home in fear they will not be able to find a replacement home.  The Regency Properties team works with those who list their home to secure their next home or piece of land to build on ahead of the listing.  This way, the seller can be sure they can time out the listing of their home and know exactly what their next move is and how much they should budget.

Yes, the mortgage rates have increased however, for those looking to purchase their second home and/or retirement home in the mountains of Ashe County now might be the best time to find premium inventory to secure the exact home they’re looking for and you can always refinance later.

Land sales have increased in Ashe County as listings begin to increase.  Prices on land are very competitive right now, and sellers are motivated to negotiate.  Many are liquidating so they can open up cash flow for themselves.  If you’re thinking of buying land now is the time.  Many are purchasing now and planning their builds for the next couple of years.  Get the piece of land you really want while listings are high and take your time working with a builder to get exactly what you want in a year or two.