Market Outlook for 2016

Coldwell Banker Sea Coast Advantage President, Tim Milam's 

Market Outlook for 2016!

My friends,

January is a time of both reflection and anticipation. 2015 was another successful year for the local real estate industry and 2016 holds even more promise.

We have much to celebrate as the economy continues to strengthen. Home ownership continues to be one of the very best investments individuals and families can make. In 2016, we anticipate that the value of homes will increase by 4 to 5 percent, and the number of homes sold will increase 3 to 4 percent. Although interest rates recently increased for the first time in eight years, rates are still extremely attractive at around 4 percent.

Interest rates will likely creep up this year by an additional .50% to .75%. And though we don’t anticipate these increases will negatively impact home-buying, it does create a sense of urgency to buy NOW while rates are still extremely low.

2016 promises to be an active year in the Southeastern North Carolina real estate market. Here are a few trends we anticipate:

•Lending requirements have eased up somewhat from the stringencies of the recession, which has enabled and motivated more buyers to get back into the market.

•First time homebuyers made up about 30 percent of the market in 2015 and we anticipate that number will increase again this year, edging closer to the average of 35 to 37 percent.

•With interest rates inching up, inventory levels decreasing, rents increasing and the job market strengthening, NOW is the time to buy a home. Waiting could be costly, as procrastination will likely result in a higher interest rate, higher price and fewer homes to choose from.

•Technology is simplifying the home buying experience. With our DotLoop software, our agents now have the ability to conduct the entire transaction online. And our all-new website at SeaCoastRealty.com is easy to navigate and puts all the information you need at your fingertips.

•New home communities continue to offer buyers a broad array of choices in New Hanover, Brunswick and Onslow counties, and the extension of sewer in Pender county will see several new communities come online in 12 to 18 months.

Coldwell Banker Sea Coast Advantage has been the #1 real estate firm in Southeastern North Carolina for each of the past 16 years and we are the #3 Coldwell Banker firm in the United States. We have 11 offices and more than 425 agents serving an area from Morehead City to Myrtle Beach. We are locally owned, yet we have the support – and latest technology -- of the nation’s leading real estate firm in Coldwell Banker.

In 2015, we closed more than 5,800 transactions and more than $1.2 billion in closed sales volume.

For the 2nd year in a row and the 4th time in our history, we closed more than $1 billion in sales and were the only real estate firm in Southeastern NC to have done so.

Often I am asked,“What are you most proud of about your company?”

My response is always,“Our people.” We are a caring group of professionals dedicated to our clients and the communities in which we live and work. Our agents may donate to a local charity with
each closing, and the company matches each donation.Through our agents’ generosity, we contribute more than $100,000 to area non-profits annually.

If you want to learn more about how we can help you buy or sell a home, I hope you will feel free to call me at 910-202-2501 or email me at timmilam@seacoastrealty.com. Our mission is to help buyers and sellers achieve their real estate goals by providing extraordinary customer service and it’s a mission we employ each day. From all of us at Coldwell Banker Sea Coast

Advantage, we wish you a happy and prosperous 2016.

Tim Milam, President

Coldwell Banker Sea Coast Advantage