In this Cary Spotlight Issue…

💭Spotlight Hook Trivia

☀️ Cary NC Weather

🏡 Cary Real Estate: Properties Sold in Cary Last Week

🔍 FREE Report of the Estimated Selling Price for Your Home

🏡 U.S. Trends in Mortgage & Real Estate

🏡 Mortgage Tip

😀 Viral Meme

This is the Real Estate Edition: local news and events will be back on Tuesday.

Question: Who became the first Black woman judge in America in 1939?

A) Jane Fonda B) Jane Bolin C) Stacey Abrams

(Answer at the bottom of the newsletter.)

Properties Sold in Cary, NC for Week of 4 Feb 2024 (Data source: Redfin)

Property Type: Single Family Residential.

There were 22 properties sold in Cary, NC during the past week. Please note that we exclude land sales and townhouses. Here are a few statistics based on the sales from this past week:

The average price for all properties sold is $804,887

The average size in square feet for houses sold is 2,803.

The average price per square foot for houses that sold is $291.

The properties are listed from highest SOLD PRICE to lowest:

Click on the address to view listing.

7212 Ryehill Dr, Cary, NC 27519 - Sold Price: $2,000,000
Beds: 6, Baths: 5.5, Size: 5125 sqft

107 Tropez Ln, Cary, NC 27511 - Sold Price: $1,400,000
Beds: 4, Baths: 4.0, Size: 4967 sqft

104 Dundee Ct, Cary, NC 27511 - Sold Price: $1,295,000
Beds: 4, Baths: 3.5, Size: 3616 sqft

309 Frenchmans Bluff Ct, Cary, NC 27513 - Sold Price: $1,275,020
Beds: 5, Baths: 4.5, Size: 4445 sqft

302 Otmoor Ln, Cary, NC 27519 - Sold Price: $1,115,000
Beds: 4, Baths: 3.5, Size: 3543 sqft

506 Ferrell St, Cary, NC 27513 - Sold Price: $1,000,000
Beds: 4, Baths: 3.5, Size: 3005 sqft

8408 Rosiere Dr, Cary, NC 27518 - Sold Price: $990,000
Beds: 5, Baths: 5.5, Size: 5073 sqft

318 Whisperwood Dr, Cary, NC 27518 - Sold Price: $910,000
Beds: 5, Baths: 3.5, Size: 3756 sqft

648 Lipford Dr, Cary, NC 27519 - Sold Price: $760,000
Beds: 3, Baths: 3.0, Size: 2938 sqft

102 Robbins Reef Way, Cary, NC 27513 - Sold Price: $750,000
Beds: 3, Baths: 2.5, Size: 2689 sqft

106 Bromfield Way, Cary, NC 27519 - Sold Price: $697,500
Beds: 4, Baths: 2.5, Size: 2363 sqft

10701 E Bridgford Dr, Cary, NC 27518 - Sold Price: $655,000
Beds: 4, Baths: 2.5, Size: 2358 sqft

107 N Drawbridge Ln, Cary, NC 27513 - Sold Price: $569,000
Beds: 4, Baths: 2.5, Size: 2200 sqft

105 Muses Ct, Cary, NC 27513 - Sold Price: $555,000
Beds: 4, Baths: 2.5, Size: 2366 sqft

105 Hunter Park Ct, Cary, NC 27511 - Sold Price: $550,000
Beds: 3, Baths: 2.0, Size: 1189 sqft

312 Boltstone Ct, Cary, NC 27513 - Sold Price: $548,500
Beds: 3, Baths: 2.0, Size: 1558 sqft

500 Heathridge Ln, Cary, NC 27513 - Sold Price: $525,000
Beds: 4, Baths: 2.5, Size: 2492 sqft

110 Drywood Pl, Cary, NC 27513 - Sold Price: $499,500
Beds: 3, Baths: 2.5, Size: 2001 sqft

109 Woodland Dr, Cary, NC 27513 - Sold Price: $465,000
Beds: 3, Baths: 2.5, Size: 1808 sqft

419 Normandy St, Cary, NC 27511 - Sold Price: $405,000
Beds: 3, Baths: 2.0, Size: 1778 sqft

104 Shotts Ct, Cary, NC 27511 - Sold Price: $398,000
Beds: 3, Baths: 2.0, Size: 1080 sqft

298 High Meadow Dr, Cary, NC 27511 - Sold Price: $345,000
Beds: 3, Baths: 2.0, Size: 1312 sqft

FREE Report of the Estimated Selling Price for Your Home!

U.S. Trends in Mortgage & Real Estate

Here's a summary of the latest information on mortgage rates and real estate market trends in the United States, based on national news stories:

1. Mortgage Rate Trends: Forecasters, including those from Fannie Mae and the Mortgage Bankers Association, anticipate a decline in mortgage rates throughout the year. Specifically, the 30-year mortgage rate is expected to average around 6% in the fourth quarter, down from 7.3% in the same period in 2023. This forecast is based on expectations of diminishing inflation and the potential for the Federal Reserve to cut the federal funds rate. However, significant rate changes are not expected until spring, with a more than 50% probability of a rate cut by March and almost certainty by May.
   Read Source
   

2. Current Mortgage Rates and Affordability: Mortgage rates have recently seen a slight decrease, with the rate for a 30-year fixed mortgage dropping to 6.63% from 6.69% last week. Despite these declines, homes remain largely unaffordable for many, as rates are still higher than they were a year ago. Economists note that while mortgage rates are stabilizing, a significant decrease in inflation is needed for further declines in mortgage rates. The economy's solid job and income growth, along with increasing household formation, are expected to provide strong support to the market in the coming months.
   Read Source
   

3. Purchasing Power Increases: Homebuyers with a $3,000 monthly budget have gained nearly $40,000 in purchasing power since mortgage rates peaked last fall. This improvement is attributed to the recent drop in mortgage rates to around 6.7%, down from nearly 8% in October. Despite these changes, economists at Redfin do not anticipate significant rises or declines in rates in the near future.
   Read Source

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