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 elected to Congress, in America in 1972?

A) Shirley Chisholm B) Shirley Bassey C) Stacey Abrams

(Answer at the bottom of the newsletter.)

Properties Sold in Cary, NC for Week of 11 Feb 2024 (Data source: Redfin)

Property Type: Single Family Residential.

There were 9 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 $800,132

The average size in square feet for houses sold is 2,838.

The average price per square foot for houses that sold is $292.

The properties are listed from highest SOLD PRICE to lowest:

Click on the address to view listing.

301 Webster St, Cary, NC 27511 | Sold Price: $1,500,000 
Beds: 4 | Baths: 3.5 | Size: 3186 sqft

204 Benedetti Ct, Cary, NC 27513 | Sold Price: $1,215,000 
Beds: 4 | Baths: 3.5 | Size: 3755 sqft

1612 Edgerock Cove Ct, Cary, NC 27519 | Sold Price: $1,025,000 
Beds: 6 | Baths: 4.0 | Size: 4509 sqft

409 SE Maynard Rd, Cary, NC 27511 | Sold Price: $737,500 
Beds: 3 | Baths: 3.0 | Size: 3328 sqft

10704 Bexhill Dr, Cary, NC 27518 | Sold Price: $680,000 
Beds: 4 | Baths: 2.5 | Size: 3467 sqft

208 Fern Ridge Dr, Cary, NC 27518 | Sold Price: $601,688 
Beds: 3 | Baths: 2.5 | Size: 2355 sqft

101 Vermel Ct, Cary, NC 27513 | Sold Price: $560,000 
Beds: 4 | Baths: 3.0 | Size: 2411 sqft

107 Leisure Ct, Cary, NC 27511 | Sold Price: $470,000 
Beds: 3 | Baths: 2.0 | Size: 1265 sqft

1214 Old Apex Rd, Cary, NC 27513 | Sold Price: $412,000
Beds: 3 | Baths: 2.0 | Size: 1263 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

Valentine’s Day is Coming
See these
Four hot gift deals of the week

Is Your Business A Hidden Gem?
Increase Your Local Visibility!

Would you like us to spotlight your local business in front of thousands of Cary area residents in an upcoming issue of Cary Spotlight? Click the link below.

✅ Own a local business? Apply to be featured.