he number of home sales closed in Murphy North Carolina and Cherokee County in October is down from last month and last year, however buyer interest remains strong. The month of October saw 20 closed home sales countywide, with 37 more going under contract.
Inventory of homes for sale in Murphy North Carolina and Cherokee County continues to decline month after month. In August, there were 831 homes for sale. As of November 1, there are 781 active listings countywide.
Foreclosures for sale in the Murphy area are down as well. Only 22 of the active listings in Cherokee County are bank foreclosures.
Here's how the market activity looked in October:
- New listings 65
- Homes Sold 20
- Pending sales 37
- Expired/withdrawn 83
The average price of a home sold in Cherokee County this year remains at around $150,000.
One reason why pending sales numbers are high but closed sales are down may be that with tighter requirements by lenders, buyers are making more offers that are accepted by the sellers but do not make it to the closing table. I've had several buyers in the last 3 months who were prequalified by the bank, entered into purchase agreements and then found out just before the scheduled closing date that final approval of their loan was denied.
Here are today's interest rates from Macon Bank:
30 Year Fixed Rate
- 4.0% with 1.0 discount point
- 4.125% with 0.5 discount point
- 4.25% with 0 discount points
20 Year Fixed Rate
- 3.875% with 1.0 discount point
- 4.0% with 0.5 discount point
- 4.125% with 0 discount points
10 Year Fixed Rate
- 3.125% with 1.0 discount point
- 3.25% with 0.5 discount point
- 3.375 with 0 discount points
1 Year Adjustable Rate Loan
- 3.0 with 0 discount points
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