In case you were wondering, my wife and I did not succeed at keeping our porch pollen-free. If you don’t understand our first sentence or the title, take a quick read of last month’s newsletter HERE.
The flowers are blooming, leaves are on the trees, and for sale signs are going up in yards all around town. Let’s look at last month’s numbers, from REIN (our local MLS):
As you can see, the number of active listings is up but the total number of sales is down when you compare March of 2023 to March of 2024. The number that isn’t on the chart, but the one we think is the most important, is the month’s supply of inventory (MSI). For March 2024 MSI was 1.75 which is only a little higher than February 2024 when it was 1.73. In an average market the MSI should be between 5 and 7 months, so the inventory (number of homes listed for sale) could double and we would still be in a seller’s market. The MSI is up from last March, when it was 1.27, but the market still has plenty of demand from buyers before we shift out of a seller’s market.
Interest rates have been in the news a lot lately, but what the stories usually fail to explain is that the interest rates vary for the different types of loans. There are three main types of loans and they each have unique characteristics. From a downpayment perspective, the VA (Veteran Affairs) loan is 100% no money down. FHA loans (Federal Housing Administration -another type of government loan) come with a 3.5% down payment. Traditional conventional loans are 20% down. The interest rates don’t always follow the down payment. While the lowest interest rate is a 15 year conventional loan, the 30 year conventional loan rates are actually a little higher than FHA or VA loans. Next month we will go into more detail about the types of loans that are available. If you have questions in the meantime, please don’t hesitate to contact us.
This leads to our trivia question. Of the 4 basic ways to purchase a house (VA, FHA, or Conventional loans, or cash) what percentage of each type were used by buyers to purchase homes in Hampton Roads in 2023? Reply back to this email with your answers including percentages for each category. The winner will receive both bragging rights and a gift certificate to Cafe Davina in downtown Suffolk.
Just like there are many ways to buy a house, everyone’s situation is different, so give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email and we will be happy to talk through your individual situation. We love real estate and are always happy to talk.
Click HERE for previous editions of this newsletter
Cross Realty Rental Property Management
Don’t forget, we manage rental properties and can help with your property management needs as well!
Check out the Rental Management section of our website, here.
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