Check out some of the news we want to share with you this October. Zillow has added a new helpful search feature! Mortgage rates continue to climb, making people on the hunt to buy a home press pause. Want to know more about the new park opening in downtown Cary? We got you covered with these highlights below.
“Nearly one-third of home shoppers have children younger than 18, making ‘search by school’ an important feature on the Zillow app,” said Nicholas Stevens, vice president of product at Zillow. “We understand the perfect home often extends beyond the property itself, and this feature makes it easy for shoppers to explore homes for sale or for rent in their desired school districts.”
The MBA’s Mortgage Credit Availability Index (MCAI) increased by 0.6% to 97.2 last month; the index was benchmarked to 100 in March 2012. Both the Conventional MCAI and the Government MCAI increased by 0.6%. Of the component indices of the Conventional MCAI, the Jumbo MCAI was up by 0.8%, and the Conforming MCAI saw a 0.2% uptick.
“While most mortgage rates increased last week, rates on ARMs declined, leading to an increase in ARM volume and an increase in overall applications,” said Joel Kan, MBA’s vice president and deputy chief economist. “The level of ARM applications increased by 15% over the week, bringing the ARM share up to 9.2% of all applications, the highest since November 2022. The yield curve has become less inverted in recent weeks and ARM pricing has certainly improved.”
Mortgage rates are soaring and many experts worry what those rate hikes will mean for affordability housing. September data from Zillow shows the median rent for a two-bedroom home in Raleigh is $1,600. Buying can be even harder than renting for many people.
A buyer who purchased at $400,000 in 2021 would pay $1,289 a month for a mortgage compared to a buyer purchasing today, who would pay nearly $1,000 more per month, Lautz says. That type of difference in costs could be used to pay for utilities, food, commuting expenses, student debt payments and many households expenses. “It’s hard to imagine a seller making a move today unless they had a compelling reason to, such as a new, significantly higher-paying job across the country, a divorce or death, or paying in cash for their next home,” Lautz says. “For all other households, carpools and remodeling may be the alternative solutions.”
NAR Realtor Magazine
A seven-acre park under construction in the heart of Downtown Cary continues to catch the attention of many.
Downtown Cary Park, which was expected to open earlier in the summer, is now planned to open this fall. The $68 million project, located near Academy Street and East Park Street, includes a town square, plaza, pavilion, skywalk and much more. Park staff said it will also be a hot spot for classes, special events and about 500 programs a year.
Park General Manager, Joy Ennis, said the Town of Cary has been planning for the park for more than 20 years. It will be the town’s first urban park. During the process, Ennis said they received a lot of public input to make the area for the people. She said Downtown Cary Park has already started to stimulate economic development and revitalize downtown.
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