Home and Garden: Higher rates can't stop the Johnston County housing market

Submitted by KS Bank

It’s no secret that Johnston County is a hot spot for population growth. The number of people who call this county home has almost doubled since 2000, and those extra people need places to live.

“We have seen a steady rise in mortgage inquiries in Johnston County,” Tracie B. Worley Mortgage Banking Manager, VP, at KS Bank, said. “Our mortgage market continues to thrive due to easy access to major highways such as I-40 and I-95, strong schools and various job opportunities. We are centrally located for trips to the beach or mountains of NC, and offer a unique blend of rural charm and suburban convenience. People are seeing the potential this area has and are eager to make Johnston County their family’s home!”

Of course, interest rates have risen in recent years, and that’s cooled off the market somewhat.

“Lately, interest rates have been affecting the affordability of homes locally,” Worley said. “Homebuyers are faced with higher interest rates, which is putting a limit on how much they are willing to spend.

This causes new homes on the market to be priced lower, since buyers aren’t willing to pay the higher costs.

“However, if there was a decline in interest rates, it would make the mortgage market a bit more balanced between buyers and sellers.

Buyers could stretch their budgets and consider more expensive homes. Sellers who have been waiting to find a buyer will have more options, as their asking price will become more desirable since interest rates aren’t holding them back.”

There’s plenty of competition for buyers and sellers in the market, and for the mortgages that are often required to buy a new home.

Sure, there are plenty of places online that offer that service, but Worley believes that a personal touch can make all the difference.

“Working with a locallyowned bank offers a multitude of benefits when it comes to getting a mortgage,” she said. “At a local bank you’re not just a transaction — you’re our neighbor! We pride ourselves on providing personalized service and building relationships with our customers.

“You can walk into your local branch and have a face-to-face conversation with our lenders. Since we are local, we have a deep understanding of the local real estate market. This allows us to provide quick and specialized guidance. Our ability to adapt to your specific circumstances and provide local expertise ensures a smoother and more efficient process for you.”

The lending process can be a stressful one, particularly for first-time home buyers. There are things you can do to make the process run more smoothly, however.

“The first step I encourage people to take is getting preapproved for your mortgage,” Worley said. “This gives you a clear picture of what you can afford and is a starting point to narrow down your options. It also shows sellers that you are serious and ready to make an offer. When you do start your home search, be realistic in regards to affordability. You do not want to find yourself restricted financially each month due to a high mortgage payment. And don’t forget about other costs associated with home ownership such as property taxes, insurance, and maintenance.”

KS Bank is locally owned and has five Johnston County branches to serve its customers. They are celebrating their 100th year anniversary in 2024. Visit them online at ksbankinc.com to learn more. Member FDIC and Equal Housing Lender.