Good News for House Hunters

For the first time since 2011, incomes rose faster than home prices in the U.S., according to a new report from Zillow.

The median home price climbed to $188,100 in August, a 5% increase from the same time a year ago.

And last week, the Census Bureau reported that median household income increased to $56,516 in 2015, up 5.2% from 2014.

"People will have a chance to see more money coming in on a monthly basis in their paychecks, allowing them to save more for a down payment or afford more in a mortgage payment," said Svenja Gudell, Zillow's chief economist.

While the rise in income -- which was the first increase since 2007 -- is good news for wanna-be home buyers, incomes still have a long way to go to catch up with home values.

Home prices have shot up since 2012, as strong demand and limited supply created an affordability issue in markets throughout the country.

In the wake of the 2008 housing crisis, banks also stiffened their lending standards, including down payment requirements. Higher prices mean larger down payments, which are a major obstacle for many potential buyers.

Mortgage rates hovering near record lows have helped ease some of the price pain. The average rate of a 30-year fixed mortgage is 3.48%, according to Freddie Mac. A year ago, the rate was 3.86%.

While home appreciation is slowing nationwide, some markets are still on fire.

Prices in Portland, Oregon; Seattle and Denver experienced double-digit annual growth. For instance, in Portland, home prices are up nearly 15% year over year to hit $338,900.

Renters are also starting to see some relief.

Rising home prices had pushed more people into the rental market, which in turn caused rental prices to soar.

Right now, rents are growing 1.7% nationally, according to Zillow. A year ago, rents were rising by more than 6%.

Original Article from CNN

Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Mewww.KenKeegan.com Click here for more information on Brunswick, County Real Estate St. James Plantation

New Listing: 2814 Fairway Village Drive

2814 Fairway Village Drive

St. James Plantation

3 Bedrooms

2.5 Bathrooms

$299,900

 

This house has many ''favorite'' places. In summer, a corner of the backyard offers breezes surrounded by the delicate leaves of a river birch. In winter, the kitchen table is in the warmth of a setting sun. It's the anticipation of spring with bright green leaves outside the master bath window. It's also the porch swing, the landscaped terrace (with views of the turtles, herons and golfers), and watching TV in the evening in the bonus room. The interplay of patterns, textures and colors offer exciting decorating options. The orientation and window placements connect one to the rhythm of nature, and the amenities enhance the pleasure of it. St. James Plantation is a gated community offering golf, tennis, full service marina on the ICW, beach club and more. Club membership is inactive.

 

Ken Keegan

Real Estate Broker

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St. James Plantation

New Listing: 4302 Finley Court

4302 Finley Court

St. James Plantation

3 Bedrooms

3 Bathrooms

$399,900

This lovely home features an open floor plan with many upgrades to the original building design. In addition to the master suite, there is one bedroom and an office/den downstairs. The kitchen/dining area/great room all flow into each other for easy entertaining. Walls and flooring are all very neutral, countertops are granite and kitchen appliances are stainless steel. The bonus room/bedroom upstairs has a full bath, a wet bar and plenty of storage. The four season room and patio overlook a beautiful pond. St. James Plantation is a gated community with many amenities including 81 holes of golf, tennis, full service marina on the ICW, private oceanfront beach club, biking/walking trails, indoor/outdoor pools and athletic facilities. Club membership is active.

Ken Keegan Real Estate Broker

(910) 523-0903 mobile

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St. James Plantation

Why Brexit is great news for U.S. homebuyers

It's now even cheaper to get a mortgage.

The average rate of a 30-year fixed mortgage dropped to 3.48% -- the lowest level since May 2013, according to Freddie Mac. A year ago, the rate was 4.08%.

The drop comes in the wake of the U.K.'s decision to leave the European Union. The historic vote sent the yield on the U.S. 10-year Treasury, which serves as benchmark for consumer loans, tumbling to 1.45% this week.

The rate on the 15-year fixed mortgage also dropped to 2.78% from 2.83% last week.

"Obviously it's a good time for anyone who is the market for a home purchase or had been on the proverbial fence about refinancing," said Mark Hamrick, senior economic analyst at Bankrate.

The U.K.'s decision to separate from the European Union on Friday triggered a massive selloff that erased a record $3 trillion from the global stock market on Friday and Monday.

Some experts expect the fallout from the vote to be a boon for the U.S. real estate market as more foreign buyers seek out a safe haven to park their cash.

The drop in home loan rates can provide some breathing room for wanna-be buyers in the U.S. who have been facing rising home prices and tighter lending requirements.

Low inventory and high demand have pushed up home prices throughout the country, creating an affordability issue.

Home prices increased 5% in April from the year prior, according to the latest S&P/Case-Shiller National Home Price Index released earlier this week.

"When you are seeing this continuous 5% increase year over year in home prices without an accompanying increase in either wages or incomes, what can't go on forever does not," Hamrick noted.

CNN Real Estate Article

Ken Keegan Real Estate Broker
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www.KenKeegan.com
Click here for more information on Brunswick, County Real Estate
St. James Plantation

Connector between old, new Long Beach roads is now open to traffic

More than three years and $22-million in the making, the Long Beach Road Extension project has reached another milestone with the opening of the road connecting the old and new sections of the highway.

Expanded lanes on the new bridge at Jump and Run Creek and the connector road just east of the new Food Lion opened Wednesday morning.

Although it’s shorter than a football field, the connector road at Coldwell Banker Sea Coast Realty is a significant part of the project and is expected to help relieve congestion along N.C. 211 at the intersections of old Long Beach Road and at the new Long Beach Road Extension (N.C. 133).

The connector gives drivers going between Southport and Oak Island an alternative route. It also makes it easier to access Surf Cinemas and nearby businesses, particularly when traveling from Oak Island.

Engineers with the N.C. Department of Transportation will continue tweaking the timing of traffic signals in the area, which are monitored with cameras and connected by fiber-optic cable.

David Byrd, a DOT inspector, said state officials insisted that contractor Balfour Beatty open the roadway by Memorial Day.

The newest section of roadway has opened but is not finished and is marked with paint. After crews apply the final layer of asphalt, the road will be permanently marked with highly reflective thermoplastic fog and center lines. The final layers of asphalt will be applied at night during the next month, Byrd said.

Except for a few turn lanes, the last layers of asphalt are finished along N.C. 211, Byrd said.

The project includes 2.2 miles of new roadway that ties Long Beach Road to N.C. 87/N.C. 133 between Southport and Boiling Spring Lakes. For drivers going between Oak Island and Boiling Spring Lakes, the new road eliminates a series of turns and traffic signals that are often congested even during the off-season.

Byrd said the contractor intends to finish paving, striping, landscaping and all other aspects of the job before Independence Day.

Original Article from S

Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
www.KenKeegan.com
Click here for more information on Brunswick, County Real Estate
St. James Plantation

New Listing: 3204 St. James Drive

3204 St. James Drive

St. James Plantation

Build-Able Lot

$45,000

This is a wonderful homesite backed up to woods and within walking distance to the Founders Club. The homesite is centrally located between the Founders Club and the Members Club. Please check the additional documents to see a plan of a home that will fit on the homesite. Club membership is active. St. James Plantation is a gated community with many amenities including 81 holes of golf, tennis, full service marina on the ICW, private oceanfront beach club, over 15 miles of biking/walking trails, indoor and outdoor pools, and athletic facilities.

Ken Keegan Real Estate Broker

(910) 523-0903 mobile

Email Me

www.KenKeegan.com

Click here for more information on Brunswick, County Real Estate

St. James Plantation

Connector between old, new Long Beach roads is now open to traffic

More than three years and $22-million in the making, the Long Beach Road Extension project has reached another milestone with the opening of the road connecting the old and new sections of the highway.

Expanded lanes on the new bridge at Jump and Run Creek and the connector road just east of the new Food Lion opened Wednesday morning.

Although it’s shorter than a football field, the connector road at Coldwell Banker Sea Coast Realty is a significant part of the project and is expected to help relieve congestion along N.C. 211 at the intersections of old Long Beach Road and at the new Long Beach Road Extension (N.C. 133).

The connector gives drivers going between Southport and Oak Island an alternative route. It also makes it easier to access Surf Cinemas and nearby businesses, particularly when traveling from Oak Island.

Engineers with the N.C. Department of Transportation will continue tweaking the timing of traffic signals in the area, which are monitored with cameras and connected by fiber-optic cable.

David Byrd, a DOT inspector, said state officials insisted that contractor Balfour Beatty open the roadway by Memorial Day.

The newest section of roadway has opened but is not finished and is marked with paint. After crews apply the final layer of asphalt, the road will be permanently marked with highly reflective thermoplastic fog and center lines. The final layers of asphalt will be applied at night during the next month, Byrd said.

Except for a few turn lanes, the last layers of asphalt are finished along N.C. 211, Byrd said.

The project includes 2.2 miles of new roadway that ties Long Beach Road to N.C. 87/N.C. 133 between Southport and Boiling Spring Lakes. For drivers going between Oak Island and Boiling Spring Lakes, the new road eliminates a series of turns and traffic signals that are often congested even during the off-season.

Byrd said the contractor intends to finish paving, striping, landscaping and all other aspects of the job before Independence Day.

Original Article from State Port Pilot

Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Email Me
www.KenKeegan.com
Click here for more information on Brunswick, County Real Estate
St. James Plantation