Housing boom expected to continue in 2020

Posted 1/12/20

Prospective homebuyers faced an uphill battle in 2019 with more demand than in recent years.

“The sales market was interesting in 2019,” said Allyson Moye, a Realtor with Womble Real Estate …

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Housing boom expected to continue in 2020

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Prospective homebuyers faced an uphill battle in 2019 with more demand than in recent years.

“The sales market was interesting in 2019,” said Allyson Moye, a Realtor with Womble Real Estate Co. “Fewer homes for sale made the market much more competitive for buyers and agents. Many properties had multiple offers, which wasn’t the norm in the area in recent years.”

According to Wilson County Register of Deeds Lisa Stith, there were 2,527 deed transfers in 2019, which included 163 foreclosures. In January alone, there were 24 foreclosures filed with the court system. Moye has some advice for Wilsonians considering buying a foreclosure.

“Do your research on the home. A thorough home inspection is a must,” she said. “Be prepared to accept as-is, as most bank-owned properties will not be repaired prior to closing. Also make sure your loan product, if needed, will approve a home with needed repairs.”

While 2010 saw the highest number of foreclosures in recent years at 459, distance from the recession paired with proximity to the Triangle has been beneficial to the housing market in Wilson.

“Buyers are discovering the value of living in a smaller community with easy access to the Raleigh/Greenville areas,” Moye said. “The Wilson Economic Development Council does an excellent job of recruiting high-quality firms to Wilson and the availability of good-paying jobs has increased in the last decade due to those efforts.”

According to the Realtor.com national housing forecast for 2020, officials anticipate the median home price to rise 0.8% despite an expected 1.8% decrease in existing home sales and a bump in the mortgage rate to an estimated 3.88% by year’s end. The report predicts a 0.9% decrease in sales for Durham and Chapel Hill despite a 1.2% anticipated price growth. For Raleigh, the report predicts a 0.2% growth in home sales and a 2.2% increase in sales prices.

“I’m not sure about the rest of the year, but it’s been extremely busy so far. Buyers should understand that if they are interested in a property, they probably won’t have weeks or even days sometimes to think about it,” Moye said. “Properties are selling much faster, and for at or close to full price. Make your best offer right out of the gate to increase chances of your offer being accepted.”

In 2019, developers committed to building 154 townhomes, roughly 100 houses and nearly 500 apartments near the intersection of Airport Boulevard and Raleigh Road Parkway. While many of the residences are not anticipated to be available this year, the added inventory is expected to have a ripple effect on housing availability and market values.

“I don’t see it declining in that area, but time will tell about any significant impact,” Moye said.

Property Transactions in Wilson County

In 2019, there were 2,527 deed transfers, including 163 foreclosures.

In 2018, there were 2,520 deed transfers, including 153 foreclosures.

In 2017, there were 2,406 deed transfers, including 206 foreclosures.

In 2016, there were 2,182 deed transfers, including 184 foreclosures.

In 2015, there were 2,034 deed transfers, including 221 foreclosures.

In 2014, there were 2,033 deed transfers, including 285 foreclosures.

In 2013, there were 2,126 deed transfers, including 317 foreclosures.

In 2012, there were 2,004 deed transfers, including 380 foreclosures.

In 2011, there were 1,803 deed transfers, including 302 foreclosures.

In 2010, there were 1,896 deed transfers, including 459 foreclosures.