According to statistical trends, we are currently in a seller's market. In Virginia Beach, Chesapeake, Norfolk and other areas of Hampton Roads the amount of active listings rose, but the amount of inventory has steadily declined.
Virginia Beach has seen the most in active inventory, and Norfolk saw its least amount of Inventory during the month of January.
Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Hampton, and Newport News had drops in the number of homes for sale. The most notable was in Portsmouth, Hampton and Norfolk. The increasing number of pending and sold properties marks a continued reduction in the number of available homes for sale.
The number of month's supply of inventory is 3.92 months, down 10.30% from the same time last year. A balanced market consists of 6 months inventory, and so now is a great time to consider selling your property if you’ve been considering it. Also, interest rates are slowly rising, so this continues to be an advantage for home sellers while there are qualified buyers looking for homes due to today’s interest rates. The good news is that sales have been steady although inventory has been down.
Hampton Roads detached median sales price rose from to $225,000 in January 2018 as compared to $217,000 in January of last year. January’s highest median sales price was $250,500 in Virginia Beach, while the lowest was $156,500 in Portsmouth.
More information can be obtained from The Real Estate Information Network. Read more here. . .
By the way, prices in many neighborhoods have gone up and there is a shortage of homes available for sale. It's good to keep up with the market whether you're ready to move next month or next year. If you're thinking of selling, now may be the right time. If you're curious about how much you could get for your home . .
Are You Still Renting?
How much could you borrow to own your own home based on what you're paying in rent? You may be throwing money away every month! Interest rates are low and terms are good. Call me today for information on homes available in your price range. I work with many lenders who can provide financing for the home of your dreams!
Virginia Beach Surf Park
The Virginia Beach Surf Park plans to be built near the Oceanfront at the former Dome site between 18th and 20th Streets in Virginia Beach. Gaining the support of Pharrell Williams, who was born in Virginia Beach and well known internationally, the plans are also to have apartments, shops, restaurants, and an entertainment center.
Read More . . .
Now is A Great Time To Sell Your House
Many home buyers are eagerly searching for homes. Also, a new type of buyer is emerging - boomerang buyers. These are people who got caught up in the recession and may have lost their homes, but are ready to buy a home again. Right now home prices seem to be steady and interest rates are still relatively low. This is a great time to be a home seller!
One would think that there would be more available homes for sale, but that's not the case. There's currently housing shortage particularly in Chesapeake, Virginia Beach and Norfolk. You may be wondering if putting your home up for sale early during the year would be worth it.
Here are 4 reasons which may help you decide.
1. This is a seller's market
This has been the case since last year. The market is in your favor. In most areas there is less than 4 months available inventory. This means a shorter time having your house on the market. This will increase your chances of getting an offer fast, maybe even have a bidding war due to lack of inventory, and end up with a quick closing.
2. Interest rates are still low
Interest rates have slowly risen since last year, but they are still historically low. That's good news for buyers and sellers. Since last year there has been talk of interest rates reaching 5%. The longer buyers wait the more it would cost for them to buy a home. Putting up your home for sale early in the year will help you to be able to sell it before interest rates increase. It'll be a good time to get buyers who want to get in at a good interest rate before they are priced out of the home buyer market. This also helps you if you plan to sell your home and buy another home. Bidding wars have push the home prices up and buyers are willing to forgo minor repairs in order to win over sellers.
3. Home prices are steadily rising
Have you received your property assessment? Your home's value may have gone up. This means more money in your pocket when you sell. The earlier you list your home, the less competition you have with other sellers once the spring market heats up. Due to the lack of inventory, you'll have a better chance of getting a great price for your home.
4. Many renters would like to buy
Many don't understand the process of buying a home, some are worried about their credit, and others have student loans. These factors can cause people who would like to buy a home to hesitate. Why put your dreams on hold? Monthly rents are becoming more than it would cost for a mortgage payment. This is causing renters to reconsider home ownership. Renters and people considering owning a home for the first time note that now is a good time to buy and want to own a home, if not now in the near future. Offering education about the home buying process and talking to a lender is the first step towards the dream of home ownership. It's never too late to find out. If you're renting or a first-time homebuyer contact me if you have questions.
There are many good reasons to get in the market now and sell your home early. Buyers are eager to find a good home, so give me a call if you're considering selling your home. I have a plan to help you sell your property for the most money, with the least hassles, and in the shortest amount of time. Get a jump on the spring market and give me a call today!
Why Working with an Agent Benefits You
Buying and selling a home is challenge for anyone, especially if it's your first time. However, it's is not something that you have to go through alone. That's where I come in.
When home buyers and sellers work with me, their process goes through with the least hassles, which makes it a satisfying experience for home buyers.
There are a lot of agents who over promise and under deliver. As a Realtor, I have many years of experience and training, so you can trust that what I advise will be in your best interests. I'll be your project manager, busy working on all that's involved with buying or selling a home.
From first time we meet, to viewing homes, contract negotiations to home inspections -- I'll handle it all. I want to take the stress off you so you can focus on where you're moving and start packing.
Home buying and selling is an exciting process, and you don't have to go it alone. Give me a call! I'm ready to talk about your buying or selling plans and how I can help make it happen.
Buying a Home: Types of Lender Letters
Unless you're paying for a home with cash, most people who get started in the process of buying a home, whether it's a single family home, townhouse, condo, or luxury property, understand that they'll need to have a lender letter from a bank, mortgage company or other lending institution stating that they are qualified for a loan. What most people who haven't gone through the process of obtaining financing don't realize is what bearing the value of a lender letter has.
Let me state upfront that I'm not a lender. However, I've helped buyers who were able to work with lenders who walked them through the process of getting a loan and stuck with them all the way through closing.
Let's look at some ways a lender letter differs, which type is better, and how it can be presented to put you in the best possible position to buy a seller's property. If you're working with an agent, he or she will walk you through these matters. If you're shopping on your own, and especially if you're looking at for sale by owner properties (FSBOs), you'll need to know this.
Lender letters usually come in two types: pre-qualification letters and pre-approval letters. Pay attention to the wording, as one lender may word it one way, whereas another lender may call it something else.
A pre-qualification letter has less strength than a pre-approval letter. The pre-qualification letter basically says that if everything the borrower has told me is correct and true, then they are eligible to borrow X amount of dollars. This is the buyer's words rephrased on paper by a lender. Neither seller nor buyers (nor lender for that matter) know if you're prepared financially to buy a house.
If the lender letter says I have looked at a credit report, based on that and what the borrower has told me, they are eligible to borrow X amount of dollars it's not great, but it's better than an just the buyer's statement on paper.
A pre-approval letter has more weight than a pre-qualification letter. The pre-approval letter says I have received this person's required documentation related to assets, income, etc., and my company is committed to financing the client’s loan based on the purchase contract and appraised property value. The pre-approval letter is also subject underwriting, which includes looking at credit information, although it may not be stated in the letter. This type of lender letter has a lot of power, and sellers will be more than happy to receive an offer with this letter.
A Word of Caution
This happens a lot, and so this word of caution deserves repeating for home buyers. Between the time you first apply for a loan and the time you go to close on your new home your credit must not change a lot. If you’re buying a house near an ocean or lake, don’t buy your boat until after you’ve closed on the property.
I heard once of a person who went to closing with a brand new car. Sad to say, they didn't close on the home and they didn't have another place lined up to live in, as they house they were going to buy was going to be their forever home.
If you're moving from an apartment or condo to a bigger place, you may be tempted to shop for furniture. Please, wait until the keys are in your hands and the transaction has been recorded at the courthouse before you get that new sofa.
Having a letter from a lender is an important aspect of being able to negotiate the best terms and conditions possible when buying a home. If you are serious about buying a home, get a pre-approval letter before you go house hunting will benefit you. By the way, I work with lenders who'll be glad to help you determine your purchase power. Why not give me a call today!
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