Hampton Roads Market Update
This month’s market update for Chesapeake, Virginia Beach, Norfolk, and the surrounding areas of Hampton Roads show that the market is continuing to adjust. Available homes for sale are still lower than in August 2015, while pending and sold homes remain strong, as they have since mid 2014. On a good note, distressed vs. active residential sales are at the lowest percentage since being tracked in 2009.
Residential sold properties in March are up, with Suffolk and Newport News having the most notable gains. Hampton was the only major city who noted a marginal decline from last year. The region’s residential median sales price rose 3.73% in March 2017, up to $219,900 from $212,000 in March 2016 according to The Real Estate Information Network.
Median Sales Price
That being said, who do you know that I should know? If you hear of someone who is thinking of selling their home, please call or text me with their name and email/phone number. I’ll be sure to take good care of them.
Home Buyer Advice
Finding an Affordable Neighborhood: Check out by
You might find more affordable options in a nearby neighborhood that have the same benefits. Note the listing and sales price of the neighborhood you’re interested in, then choose a neighborhood close by that costs less to buy.
One neighborhood that comes to mind is Georgetown Commons and Greenbrier . The townhomes were built by the same developer. However, the home price is much lower in Georgetown Commons. The great thing is that you’re still close to the Greenbrier Mall, Walmart and Sam’s Club on nearby Battlefield Blvd.
Check out fixer-uppers
With your current budget you may not be able to buy a move-in ready home. However, don’t discount fixer-upper homes. Why not check out homes with “good bones” such bank-owned homes, foreclosed properties or short sales. These homes need some TLC and there will require some patients while the renovations are done, but the benefits in the long run may be worth it. If you’re obtaining financing, obtaining a property inspection that meets lender guidelines is very important.
Check out this condo in Virginia Beach at The Commons
Other options are condos and townhomes
Condos and townhomes are great opportunities due to people living busy lives who want a place without dealing with exterior maintenance issues that go along with owning a conventional house. One advantage is that property management usually takes care of the exterior maintenance. Condos and townhouses are often less expensive than single-family homes and may have amenities and features such as a pool, club house and community activities.
Home Seller Advice
While home prices have been gradually increasing over the last couple of years,the Federal Reserve has started to increase interest rates from their all-time lows. Many say that interest rates may be as high as 5% by the end of the year. If you’re thinking of selling, now is the best time to cash in on your home. Here’s why the current market makes it a great time to sell your home:
- Low interest rates keep home values up. As interest rates begin to rise, buyer demand begins to drop, and so may your home’s fair market value. Selling your home now while interest rates are low ensures you get the most out of your equity.
- Lower mortgage payments on your next purchase. By selling now, you can take advantage of your increased equity to place a larger down payment on your next purchase and lock in today’s low mortgage rates before they rise.
- The market is full of eager buyers. Demand is high and buyers are plentiful. Even better, buyers are ready and willing to pay more. Once listed, your home is sure to draw in offers and sell quickly.
- Your competition is low. Demand is outpacing the number of homes on the market. This means you won’t need to compete with as many sellers for offers. Sell now while your home stands out and the market is in your favor.
A future increase in interest rates may weigh down your home’s value. Act now before the seller’s market loses its steam and prices dip. If you’re curious about home prices, click here to find out what your home is worth in your neighborhood.
Find your dream home!
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