Greenville, NC Real Estate Market Trends for November 2014

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Real Estate Agent with RE/MAX Preferred Realty

Posted by Liz Freeman 

In an effort to open up lending to more low-income and first time home buyers—and, we suspect, to spread seasonal goodwill-- Fannie Mae and Freddie Mac has announced they will start backing mortgages with down payments of as little as 3% of the home's price.  Both programs are for fixed-rate loans given to first time homebuyers and those seeking to refinance. Fannie began backing the loans on December 13, while Freddie will start offering them March 23, 2015.


Who can apply?  Fannie Mae will allow new purchasers and borrowers who haven’t owned a primary residence within the last three years to qualify. Freddie Mac’s program will be limited to people who have never owned a home or those with moderate incomes or who are buying in under-served areas.  Borrowers who currently have loans backed by the two companies will be allowed to refinance with as little as 3 percent down. Fannie Mae borrowers will be allowed to take cash out for closing costs; Freddie Mac borrowers will not.  Both programs allow only fixed-rate loans on single-family homes used as a primary residence and require private mortgage insurance.

Greenville NC Real Estate Market Trends and Sales Statistics- November2014

The number of new listings decreased by 25.4% in November 2014 compared to the previous year. Pending sales decreased by 2.6% while the number of homes sold decreased by 14.2% compared from November2013. The average sales price rose 2.6%. Days on the market increased by 25 days.

Date

New Listing

Pending Sales

Sold Listings

Avg Sale Price

DOM

Nov 2014

82

73

66

$158,777

123

Nov 2013

110

75

77

$154,700

98

 
Information courtesy of Liz Freeman, Greenville NC Realtor.

 

 

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Rainmaker
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Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Liz Freeman Thanks for the detailed market report for your area. It appears the market has slowed over last year's numbers.

Dec 18, 2014 11:48 PM #1
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