Timing the Market Right: Some Buyers Still Lingering
DAILY REAL ESTATE NEWS | WEDNESDAY, JULY 03, 2013
Home prices and mortgage rates are rising, but there is still a crop of home buyers out there who are pondering whether now is the right time to buy a home or whether they should continue to wait a few more months.Have they missed the boat completely, or could waiting pay off? Mortgage rates have jumped more than half a percentage point in the last few weeks, with more jumps expected in the coming months. While rates are still low from a historical perspective, any rate increases can impact housing affordability. However, rising interest rates will likely mean the pace at which home prices are rising will slow down, according to economists. Home prices may fall slightly -- up to 1 to 3 percent -- as buyer demand dips seasonally, says Amy Crew Cutts, senior vice president and chief economist for Equifax. “But if interest rates jump another half percentage point, you may lose that price advantage to higher interest rates and monthly payments,” says Ilyce R. Glink, author of several real estate books. While existing and new home sales have risen in recent months, they remain below their pre-recession peaks, says Cutts. She says single-family housing starts are still about 60 percent below their pre-recession peak and existing-home sales are about 38 percent off their peak. “Even with large percentage gains in housing measures, all major indices of housing market vitality point to a long recovery yet to come,” she says.
Waterfront Properties OBX is a privately owned company specializing in sales, leasing and land development of residential and commercial real estate on the Outer Banks of North Carolina (OBX).
Michael P. Nolan, Broker-in-Charge, has been successfully involved in real estate on the OBX since 1989. Mike was involved in the initial and / or development of the following premier communities and businesses located on OBX: Pirates Cove, Corolla Light, The Currituck Club, Pine Island, Old Nags Head Place, The Berkley Manor, Beachside Landing, Ocean Trail Realty and Ocracoke Island Realty to name a few.
Mike was the first resident of Pirates Cove community in 1988. He toured Rees Jones, famed golf course architect, the first time Rees saw the property now known as The Currituck Club on Feb. 18, 1995. Mike managed the sales and marketing while Rees Jones, Inc designed and developed The Currituck Club golf course from a combination of dense woods and sand dunes into one of the top 50 new resort golf courses in North America by Golf Digest magazine in 1997. Mike also developed Old Nags Head Place, a community of homes located within Nags Head with an architectural design reminiscent of the original Nags Head landscape, with cedar siding, exposed rafters and preservation of the indigenous live oakes within the community
From Corolla to Ocracoke Island, Mike's expertise in all facets of real estate sales, development, leasing and investment are available for buyers, sellers and investors to explore the many opportunities the OBX has to offer
"August 24, 2013.....
Subject: Michael P Nolan, NC Real Estate Broker.....
Over the past 10 years I have known Mike as my real estate broker, and then as a family friend. As my broker, Mike made the process of selling my property a very easy process. From start to finish, all details of the transaction were done with complete professionalism. Since then, Mike has continued to be a friend of the family. Rarely do you meet and work with someone that continues to care after the work is done, but Mike is there always with a helping hand. His real estate experience on the Outer Banks for over 20 + years has been very successful, with the main reason, Mike’s determination to help his clients needs and make sure that they are protected in this ever changing real estate industry.
I highly recommend Mike Nolan as a real estate broker to help both buyers and sellers looking for property on the Outer Banks of NC. His knowledge and experience are the mark of a true professional. For the security of your investment, you can trust Mike.
Ms. Janet D. Anderson
Kill Devil Hills, NC