MARKET UPDATE JANUARY 2016
The year 2016 has started out quite well or buyers and sellers alike. A lot of 1st time home buyers have been taking the class at the Urban League of Hampton Roads, and homes are flying on the market. If interested in attending a class in February to qualify for the VHDA's down payment program (FHA Plus) click on the Urban League's link. By the way, they have housing counselors who help you get your "ducks in a row" at no cost so you can qualify for a loan in the near future. Give them a call, and please tell them I sent you.
Hopefully, this is a sign of another good year for real estate. The year 2015 was the best year the industry has had since 2007. The reason for this seems to be employment, which they say will continue to grow. This upward trend will allow buyers to purchase their first home or current homeowners to upgrade to a new one.
However, don't expect to see a lot of "bargains," as in previous years. The real estate market seems to be stabilizing, so growth in home sales and prices will go at a slower pace, creating a more balanced market.
The projected forecast for home buyers are:
Millennials: Young adults (mostly between ages 25 and 34), who are projected to be 1st time home buyers in the coming year expected to be first-time home buyers next year.
Generation X: Adults between 35 and 50 with families who are economically situated and are ready to move up to a better neighborhood or relocate
Baby boomers: Older adults (around ages 50 to 65) approaching retirement who want to downsize and/or obtain lower cost housing. A lot of them will contribute to home sales as they move from large homes to smaller homes and condos.
New construction homes are slated to be more affordable, but rental costs will continue to increase. It makes sense to see if you can purchase a home or start repairing your credit scores, saving money, and obtain stable employment that can be documented in order to buy a home in today's market in the near future.
Show me the money! There is down payment and/or closing cost assistance available through various lenders. Wouldn't you like to know if you can get these funds to help you get your own home this year? Feel free to contact me to introduce you to a local lender who works with me to help my clients obtain these funds.
The greatest compliment I can receive is a referral. I would be honored by your introduction of me to your friends, colleagues and family. Don't keep me a secret! If you know of anyone who wants to buy or sell a home, please call, text or email me and I'll take good care of them.
Stay safe and warm!
HAVE QUESTIONS? If you have any questions feel free to get in touch with me. I'll be sure to get back to you shortly.
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