Where Will You Go If You Sell? Newly Built Homes Might Be the Answer.

Do you want to sell your house, but hesitate because you’re worried you won’t be able to find your next home in today’s market?

You’re not alone, but there’s some good news that may ease your worries. New home construction is up and is becoming an increasingly significant part of the housing inventory.

That means when you go to put your house on the market this summer, considering newly built homes is crucial for expanding the options you’ll have for your next move.

Near-Record Percentage of New Home Inventory

Newly built homes today make up a near-record percentage of the total number of homes available for sale (see graph below):

In fact, as the data shows, newly built homes now make up 31% of the total for-sale inventory. Over the past couple of decades, newly built homes made up an average of only around 13% of total housing inventory from 1983 to 2019.

That means the percentage of the total available homes that are newly built is over two times higher than the norm.

Why This Matters to You 

Overall, the supply of homes for sale is still low. And when there’s limited supply, it’s crucial to explore all of your available choices. New-home construction has emerged as a game changer with increasing inventory. Not to mention, recent data shows it’s gaining even more momentum as more newly built homes are underway and will be coming to the market in the months ahead.

Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), highlights the importance of newly built homes for those looking to buy in today’s housing market. Dietz states:

“With limited available housing inventory, new construction will continue to be a significant part of prospective buyers’ search in the quarters ahead.”

Don’t overlook this growing market segment and risk missing out on great opportunities to find your ideal home. Since new home construction accounts for roughly 31% of total for sale inventory, you could be cutting nearly one in three options from your search if you don’t consider newly built homes. 

If you’re looking to make a move, a local real estate agent can help you sell your current house and explore newly built options in your area. They have the expertise you need to handle both sides of the process so you can move out of your current house and into your brand-new dream home.

Bottom Line

Now’s the time to sell your house and take advantage of the momentum that’s building in new home construction. Reach out to a trusted real estate agent who can guide you throughout the selling and buying process so you can make your transition to a newly built home a reality.

Get more like this on Keeping Current Matters.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Lending Standards Are Not Like They Were Leading Up to the Crash

You might be worried we’re heading for a housing crash, but there are many reasons why this housing market isn’t like the one we saw in 2008.

One of which is how lending standards are different today. Here’s a look at the data to help prove it. 

Every month, the Mortgage Bankers Association (MBA) releases the Mortgage Credit Availability Index (MCAI). According to their website:

“The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit. The MCAI is . . . a summary measure which indicates the availability of mortgage credit at a point in time.”

Basically, the index determines how easy it is to get a mortgage. Take a look at the graph below of the MCAI since they started keeping track of this data in 2004. It shows how lending standards have changed over time. It works like this: 

• When lending standards are less strict, it’s easier to get a mortgage, and the index (the green line in the graph) is higher.

• When lending standards are stricter, it’s harder to get a mortgage, and the line representing the index is lower.

In 2004, the index was around 400. But, by 2006, it had gone up to over 850. Today, the story is quite different. Since the crash, the index went down because lending standards got tighter, so today it’s harder to get a mortgage.

Loose Lending Standards Contributed to the Housing Bubble

One of the main factors that contributed to the housing bubble was that lending standards were a lot less strict back then. Realtor.com explains it like this: 

“In the early 2000s, it wasn’t exactly hard to snag a home mortgage. . . . plenty of mortgages were doled out to people who lied about their incomes and employment, and couldn’t actually afford homeownership.” 

The tall peak in the graph above indicates that leading up to the housing crisis, it was much easier to get credit, and the requirements for getting a loan were far from strict. Back then, credit was widely available, and the threshold for qualifying for a loan was low.

Lenders were approving loans without always going through a verification process to confirm if the borrower would likely be able to repay the loan. That means creditors were lending to more borrowers who had a higher risk of defaulting on their loans.

Today’s Loans Are Much Tougher To Get than Before

As mentioned, lending standards have changed a lot since then. Bankrate describes the difference: 

“Today, lenders impose tough standards on borrowers – and those who are getting a mortgage overwhelmingly have excellent credit.”

If you look back at the graph, you’ll notice after the peak around the time of the housing crash, the line representing the index went down dramatically and has stayed low since. In fact, the line is far below where standards were even in 2004 – and it’s getting lower. Joel Kan, VP and Deputy Chief Economist at MBA, provides the most recent update from May:

“Mortgage credit availability decreased for the third consecutive month . . . With the decline in availability, the MCAI is now at its lowest level since January 2013.”

The decreasing index suggests standards are getting much tougher – which makes it clear we’re far away from the extreme lending practices that contributed to the crash.

Bottom Line

Leading up to the housing crash, lending standards were much more relaxed with little evaluation done to measure a borrower’s potential to repay their loan. Today, standards are tighter, and the risk is reduced for both lenders and borrowers. This goes to show, these are two very different housing markets, and this market isn’t like the last time.

Keep reading.

Related Links

• This Is the First Decision You Should Make When Decorating a Small Bedroom

• What Homebuyers Need To Know About Credit Scores

• How to Create a Budget for Your Upcoming Bathroom Remodel

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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This Is the First Decision You Should Make When Decorating a Small Bedroom

Most people aren’t blessed with a palatial, Cher Horowitz-sized bedroom à la Clueless (color-coded motorized closet and all, IYKYK)

Luckily, though, there’s no shortage of tried-and-true decorating hacks to help maximize square footage in a compact sleep space, from brightening paint colors (hint: try creams and blues) to furniture layout ideas. Recently, I even learned about a new, expert-approved small-bedroom design tip that should arguably be priority number one when it comes to designing your sleeping quarters.

I asked New York-based designer Kyi Gyaw of Kyi Gyaw Interiors to share a few of her top small-space styling pointers, and she had one particularly notable takeaway. According to Gyaw, the very first decision you should make in decorating any teeny-tiny bedroom is — drum roll, please — determining “if you want to go quiet or loud.” What does that mean, exactly? Essentially, choosing a distinct tone for the space from the get-go, whether that’s more muted and minimalist or bold and packed with personality. Below, Gyaw breaks down how to pull off both ends of the small bedroom spectrum. 

How to Decorate a “Quiet” Small Bedroom

If you’d rather lean into a neutral bedroom design scheme, Gyaw first recommends being intentional with your color palette by honing in on just three to four hues total — specifically soothing, muted shades. “There’s a trend of only using white and beige these days, but it’s OK to add color as long as they are pastel and softer,” she explains. From there, Gyaw also suggests adding “a lot of interest in textures and very subtle patterns” with textiles and decorative accessories, but again, sticking with similar tones throughout the space “to not overwhelm your eyes,” she adds. Consider finishing off the look with linen bedding and window treatments specifically for the ultimate “welcoming, relaxed, and lived-in” feel, Gyaw notes.

Lamp placement is key in any tranquil bedroom as well. “I suggest having different types of lighting in your bedroom so that you can really enhance the mood,” says Gyaw. Think beyond just ceiling lights, as Gyaw notes they have a tendency to create a “cave-like feeling.” Instead, “in order to have that layered lighting effect, you will need table lamps and floor lamps,” Gyaw adds. For a warm, cozy ambience, she advises 2700K temperature bulbs, preferably with dimming capabilities. 

How to Decorate a “Loud” Small Bedroom

“When I think of loud spaces, I think of bold and fun,” says Gyaw. “It’s OK to have a lot of things going on, but I suggest you find a common thread.” She cites playing with different textile patterns and colors, for example, yet keeping them all within the same fabric family, like velvet or satin. Once you’ve landed on a cohesive design scheme, you can then get as creative as possible with vibrant rugs, bedding, throw pillows, and art. For the latter, Gyaw proposes setting up a gallery wall that incorporates mirrors — especially sculptural styles that double as accent pieces — to diversify the setup and help brighten any small bedroom. 

In terms of lighting in a more maximalist environment, Gyaw’s all for making a big statement. “Lighting is such an important aspect of any interior, and people will notice a fun chandelier, table lamp, wall sconce, or floor lamp,” she says. No need to fully reinvent the wheel here, though: You can instantly perk up an existing light with a punchy new shade, notes Gyaw, who references Etsy as a shopping hotspot for unique options. That upcycling mentality even extends to furniture makeovers, too. “I love reupholstering vintage furniture to give it a new life,” she says. “You can find a simple storage ottoman and reupholster it to a really unique fabric.” End-of-the-bed benches and reading chairs are other options you can consider for re-covering, as well.

Of course, there’s always the option to pick and choose elements from both “quiet” and “loud” small bedroom design ideas. Just be deliberate when curating furniture and decor pieces so that the space doesn’t feel overly cluttered or jarringly mismatched — unless, of course, that’s the look you’re going for because it speaks to you.

Get more like this on Apartment Therapy.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Fourth of July celebrations in Carteret County!

JULY 2:

WESTERN CARTERET

On Saturday, July 2, Carteret County Speedway is celebrating Independence Day. The driver meet-and-greet will begin at 6 p.m., followed by race start at 7. Tickets are $15, with children 10 and under getting in free. This event will include Carolina Pro Late Models, Carolina Crate Modifieds, Street Stocks, Legends, Jr. Mini Cup, and fireworks will be incorporated. 

JULY 3:

WESTERN CARTERET (Bogue, Cape Carteret, Cedar Point, Emerald Isle, Peletier)

The towns of Bogue, Cape Carteret, Cedar Point, Emerald Isle and Peletier have come together with Emerald Isle Realty and Mac Daddy's to put on the Western Carteret Fireworks Celebration, a free event on Sunday, July 3. 

The event will begin at 6 p.m. There will be live music by Spare Change at Mac Daddy’s, and food trucks, including Meraki Mediterranean Kafe, Sunshine Girls Lemonade, LaCocina Del Coqui, Funnels of Love, R.L. Street Dogs and Dirty Tacos Mas. Beginning at 7 p.m., Kona Ice will be set up at the White Oak Elementary School viewing site courtesy of the town of Bogue.

At 7:30 p.m., the National Anthem will be played, and the U.S. Marine Corps will conduct a military flyover. 

The National Anthem will be played again preceding the fireworks at 9 p.m. 

JULY 4:

BEAUFORT

Beaufort’s Fourth of July festivities begin in the morning with the Beaufort Fire Department raising a flag at the corner of Pollock and Front streets. Mary Mikels, a former American Idol contestant, will perform the National Anthem. Following the flag raising, there will be a flyover at 10:30 a.m. by Jeff Deaton. 

At 11 a.m., the Beaufort Independence Day parade will begin on Front Street. Anyone wishing to participate in the parade should call the Beaufort Business Association at 252-241-4485 to register. The parade lineup begins at 10 a.m. 

Parking in town-owned lots will be free. 

Fireworks will begin at 9 p.m. and can be viewed from the Maritime Museum’s Gallants Channel location at 293 West Beaufort Road Ext. Gates will open at 6 p.m., and admission is $10 per car. Proceeds will go to support the Maritime Museum. 

MOREHEAD CITY

Morehead City’s Parks and Recreation Department will hold an Independence Day celebration at Jaycee Park, located at 807 Shepard St. The event will begin at 7 p.m. with live music and food trucks, such as Meraki Mediterranean Kafe and Kona Ice. The Main Event Band will play from 7-10 p.m., and fireworks will begin on the waterfront at 9. 

ATLANTIC BEACH

There will be live music by Robert McDuffy from 7-9 p.m. at The Circle. Fireworks will begin at 9 p.m. Fire pits will be placed on the beach, and kits for making s'mores will be available to purchase. 

SWANSBORO

Swansboro will host a concert with music by the Tams at the pavilion from 6-10 p.m. Streets will be closed for the concert from 3 p.m. until approximately 11. The following streets will be affected by the closures:

Front Street – from Main Street to Church Street

Church Street – from Front Street to Water Street.

Water Street – from Church Street to Main Street.

Main Street will be closed at Water Street for eastbound traffic

There will be no fireworks display in Swansboro due to loss of the vendor’s warehouse.

Get all the details on Carteret County News-Times

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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County board approves 2023-24 budget with one-cent property tax increase

Carteret County commissioners voted 4-2 Monday night to approve a 2023-24 budget with a general (operating) fund of a little more than $123 million and a one-cent increase in the property tax rate from 33 cents to 34 cents per $100 of assessed value.

The tax increase will take effect July 1 and increases the county tax bill for a property valued at $200,000 from $660 in the current fiscal year to $680 in 2023-24.

During the commission’s monthly session in the board room in the administration building on Courthouse Square, commissioners Bob Cavanaugh and Chuck Shinn voted against the budget because they opposed the tax increase.

Commissioners Jimmy Farrington, Mark Mansfield, Ed Wheatly and Chris Chadwick voted for the budget, even though each said it was difficult to vote for the tax increase. Commissioner David Quinn was absent, teaching overseas under a long-known commitment. Mansfield made the motion to approve and Wheatly seconded.

The tax increase will take effect July 1 and increase the county tax bill for a property valued at $200,000 from $660 in the current fiscal year to $680 in 2023-24.

Carteret County’s tax rate continues to be the second-lowest tax rate in North Carolina.

The Carteret County Public School System, including charter schools, will get about $27 million under the budget, and Carteret Community College will get about $3 million. Both are slightly more than in the current fiscal year.

The budget includes one-cent increases in the separate fire and emergency services taxes in the Western Carteret Fire and EMS Department (WCFD) District, but the board rejected the town of Newport’s request for a three-cent Fire and EMS district tax increase. Shinn, who represents Newport, made a motion to approve the request but didn’t get a second.

Commissioners were critical of the WCFD Board of Directors’ request for the tax increases, citing a very expensive purchase of an ambulance and some high salaries in the department, but noted the WCFD board is made up of representatives of the towns it serves: Bogue, Cape Carteret, Cedar Point and Peletier.

Commissioners said the WCFD must agree to continue to serve the unincorporated Stella community with its second fire station located there and not ask the county to take over responsibility for serving Stella. The main WCFD station is in Cedar Point.

The Emergency Services Division has the largest increase, $1.39 million with $1.24 million in paramedic services. Of the $1.24 million additional paramedic services, $.88 million is for the county providing services for EMS service districts.

Due to increased service demand, an additional paramedic for the Broad and Gales Creek service area is in the approved budget. Broad and Gales Creek district taxes and fees fund this position.

The budget pays for two additional county-funded paramedics in the western end of the county. In addition, there is one new district-funded paramedic at the Broad and Gales Creek Department, which the county took over in 2022; three district-funded paramedics for the Otway Department; and three district-funded EMT basics for Otway.

The sheriff’s department gets one new detective and a records custodian.

The social services department also gets new employees to help deal with the state’s expansion of the Medicaid program.

Get all the details on Carteret County News-Times

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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