What’s My Opinion on the Current Housing Market? 

Many buyers are concerned about the nationwide news that the market is in a slump.  However, most buyers are comparing our market to the nation’s average.  To me, it’s like comparing apples with oranges.  A Buyer coming to the Onslow County area needs to compare our market with other military based markets. With that said, our market is VERY strong and is continually in demand of homes for military retirees, rapid deployment schedules and troops constantly transferring.

North Carolina, as a state, had one of the highest percentage of people moving into it last year than other states for relocation.  Onlsow County alone has the luxury of supporting 2 military bases within 10 miles apart.  When comparing our market to Pendleton, Quantico, D.C, Florida, etc. (near the installations), our homes cost quite a bit LESS per square foot.  Military personnel, civilian contractors and retirees are consistently trying to relocate to Onslow County due to the lower cost of living and the more affordable homes. 

Bear in mind that within the last several months, Onlsow County has announced an ADDITIONAL 11,500 troops inbound (New River, Camp Lejeune & Cherry Point) within the next few years. They are estimating the total amount coming into our area as 25,000 to include: contractors, family members, and resource support. 

Of course, all of this is just my opinion based off my experience.  When Lejeune stood up the new battalion last year, our market went crazy and most are now discouraged that they had not listened to the advice to buy sooner. With the newest influx, I believe that buying is a very strong investment at this time.  As with any investment, it’s hard to predict the future, but it sure looks good with the expected increase in our county’s population.

In addition, it’s even more to a buyer’s advantage that we are in a buyer’s market right now.  Due to a large inventory of new homes today, many builders may offer more closing cost assistance or incentives to a buyer.  Of course, that is subject to change when the additional personnel begin moving into this area and we have less inventory.  You just never know until you find the right home and write the offer!

I don’t see our market going flat or homes going down in price.  Our market has continually moved forward for years and years, and it is far from being the prices of that in Quantico or Pendleton, and therefore, AGAIN, people keep coming to Onslow County.   Interest rates have changed recently;  we are finding programs out there as low as 5.9% for first time homebuyers.  Rates could go lower or higher. Buyers run that risk on a daily basis until they contract a home.

I think that all too often, buyers are intimidated by the news they see on a day to day basis.  It’s important in every market to view statisitcs and market trends for that particular area.  Otherwise, the media oftentimes is the very cause of a slow market out of fear and not facts.  Weighing the pros and cons of buying off of nationwide media and trends is not a true picture of how one should or should not proceed with real estate.