We enjoyed the first snowfall of the year in Hampton Roads last week and are expecting more this weekend and, at least in my household, excitement levels have been through the roof! The local real estate market is just as exciting right now, with sellers experiencing a boom we have not seen since 2006.
Using the statistics from the Real Estate Information Network Inc. (our local MLS), the median sale price increased 11.75% when comparing December 2019 to December 2020 sales. In fact, following a trend that started in September of this year, all of the major statistics we track had double digit percentage changes based on year over year numbers. Here is the chart that compares December 2020 to December 2019:
While the months supply of homes for sale continues to be very low, Hampton Roads actually had over 1000 more homes listed for sale between October and December in 2020 than we did in 2019. We have seen a huge increase in demand from buyers, fueled in part by incredibly low interest rates.
Our crystal ball isn’t perfect, but we would not be surprised if this trend continues through the spring. People believe that summer is the best time to sell your home but that is often a misconception, especially in our area. In light of the way the market is trending, you might want to consider starting much earlier. Of course, every situation is different and our careful and up to date market analysis means that as the facts change, our advice might as well. If you would like to discuss your personal real estate needs, please reply to this email, or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry).
As we all know we are in a sellers market now. What does this mean if you’re in the market to purchase a home? You should be prepared to pay a portion, or perhaps all of your own closing costs. In the past we would see offers accepted where a seller would provide sufficient funds to cover those expenses. That is not necessarily the case now. What we tend to see with prospective buyers is that they are only focused on having enough funds for the down payment. It’s an after thought when it comes to closing costs. When purchasing a home you need to plan and prepare for how much it will cost you out of pocket to acquire your new home. There is no better time than now to start planning. We will be happy to discuss your loan options and provide a realistic figure on how much you will need.
Give us a call to discuss your homeownership goals and we can get you pointed in the right direction- Bill Duggan Sr. Mortgage Banker 757-615-5172 or billduggan@atlanticbay.com
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