North Carolina is a beautiful state to call home

	Anna Garcia
	Team Leader North Carolina Cell Phone: 910-382-7363 Email:[email protected]	Tweet

North Carolina is a beautiful state to call home. From Eastern Carolina where you can enjoy the gorgeous beaches and warmer weather to Western Carolina where you have the scenic mountain views and outdoor activities. North Carolina is the 10th fastest growing state in the nation. There are real estate markets throughout North Carolina that have managed to remain consistent through our economic down turn over the past few years. Eastern North Carolina in particular has remained strong. In 2009, statistics by The National Association of Realtors reported the national foreclosure rate was .26%, and during the same period North Carolina reported a foreclosure rate of .08%. Onslow County reported a .01% foreclosure in 2009, which shows our market remaining strong and consistent. A small fraction compared to most markets. You could say we may not be the best area to find tons of foreclosed, REO properties (banked owned), and short sale deals. Since there is not a large volume of distressed properties, these properties are not remaining on the market for long periods of time as they are in other areas.


Another recent development to Eastern Carolina is the amount of new construction homes being built. Large national builders are coming to Eastern Carolina because of our strong consistent market. This gives our buyers a range of products to choose from and competition among home builders to provide a quality product to the consumer. Eastern North Carolina has the third largest concentration of defense forces and continues to grow. There is projected growth of 83,000 new residents coming to eight county regions around Marine Corps Base Camp LeJeune, Marine Corps Airstation Cherry Point, Marine Corps Airstation New River, and Seymour Johnson Airbase, by the end of 2011 as stated by The Military Task Force of North Carolina’s Eastern Region. The agricultural workforce contributes and impacts the Eastern Carolina market as well. There are additional industries projected to come to the area due to the favorable tax structures and world class job training. The local population consists of active duty military personnel and their families, federal and civilian employees (professional & labor), and military retirees and their families who are calling Eastern Carolina their permanent home according to Coastal Carolina Community College statistics, which has kept our market solid in the midst of uncertainty.

The median home price in our market is $170,000. The average age of a home buyer is between 24 to 34 years of age, with 83% of buyers using a VA mortgage loan to purchase a home. The VA loan allows 100% financing, with a VA funding fee of 2.867% worked into the loan on your first home purchased. Not to mention the interest rates are at an all time record low. There are many builders and sellers alike who are offering to pay a buyer’s closing cost or part of their closing cost, so many are able to purchase a home with little to no money out of pocket. Due to these current market conditions buyers are eager to find and purchase a home in Eastern Carolina .

The rental market is strong in Eastern Carolina due to new residents moving to the area with homes they are unable to sell in other states, and the transient military personnel that come to our area. There is a wide variety of rental properties to choose from in our area. This gives the consumer the ability to choose the right property to fit their needs, and wants at an affordable price. The average rental rate is around $900 for a three bedroom, two bathroom home. So investors are prominent in the area, buying what is foreclosed, REO, or in short sale to turn into investment properties or flips. The construction of large apartment complexes have also given our renters another option to choose from.

This market is much different than most. There are individuals and families who must relocate from Eastern Carolina when they receive military orders or job transfers after only being in the area for 3 to 4 years. This contributes to the success of home re-sales in the local market. With the average turn around on homes for a majority of our market in the 3 to 4 year range it allows for a fluid market. As personnel are rotating from the area, we are also getting new families and personnel arriving to keep our ever changing market consistent and our communities diverse.

In 2008, we had a shortage of homes and it was a seller’s market. Now with the surrounding areas struggling economy, the amount of new construction homes, new base housing construction for military personnel and their families, and rental communities becoming an option; there has been a slight drop in home sales and values. However, our market and real estate professionals remain strong and resilient to these outside contributing factors that affect our market here in Eastern Carolina . Seller’s have to remain realistic in their pricing and be flexible in offering concessions to a potential buyer. There is a greater amount of inventory to choose from and to remain competitive you must be open to new innovative ideas.

It is important for a seller to hire a Realtor ® that is very familiar with the market, pricing, and must be educated on the competition. Buyers will also benefit from the expertise and knowledge of a local Realtor® to ensure they understand the local market and the atmosphere surrounding their potential home purchase. Buyers coming from other areas are expecting to be able to negotiate down the prices significantly and receive incentives that are not common practice in our market. Unfortunately, for some buyers this is not the case, which may lead a buyer to become frustrated or lose out on an opportunity for a home they absolutely love. They also should make sure they have a Realtor® who can negotiate the contract, explain to the buyer the market, and the strategies used in this area. The realtor should be able to provide them with a market analysis and comparisons to make sure the home is priced accordingly. A buyer would also want to make sure the Realtor® that represents them keeps them informed to prevent any confusion and frustration to all the parties involved in the transaction.

This is a perfect time to find your first home, dream home, or vacation home in North Carolina . With the volume of homes on the market, realistic pricing, great interest rates, and a myriad of loan programs available to assist a potential buyer why would you wait to have your piece of the American dream? In North Carolina buying a home is not just an investment; it is a beginning to a lifestyle full of wonderful panoramic views, experiences, history, culture, and southern hospitality you cannot find anywhere else.