VA, FHA, or Conventional Loans…

Last month our trivia question was, "Of the four main ways to purchase a house (VA, FHA, or Conventional loans, or cash) what percentage of each type was used by buyers to purchase homes in Hampton Roads in 2023?" The answers in order from the most popular to...

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Spring has Spring & Trivia Question

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...

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On Your Mark, Get Set, Spring!

My wife and I love to spend time on our screened in porch. Last weekend we discussed solutions for keeping pollen off our porch cushions and need to come up with a plan sooner rather than later. The first official day of spring was Tuesday March 19th, so I am happy to...

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Good News All Around?

As we review the numbers and trends over the last couple of months we are glad to report that we have good news for both buyers and sellers. Take a look at the numbers in the chart below. We'll detail the positives we see for buyers and sellers in the following...

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Real Estate Update

Last January we decided to run a trivia contest to guess the medium sales price for 2023 across Hampton Roads and offered to donate $100 to the charity of the winner’s choice. Joey’s guess was $331,400 and the final number was $330,000 so he was the closest....

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Real Estate Update

I was dreaming all December of snow falling for a white Christmas that we definitely did not get, but at least the interest rates have been falling over the last two months. Here is a chart from the St Louis Fed showing the 30-year mortgage rates since August 1st. As...

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Real Estate Update

The past couple of months we have talked a lot about interest rates. While interest rates are arguably one of the most impactful factors in the real estate market, in our opinion supply and demand is the most important, followed closely by the state of the economy. ...

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Fixed Mortgage Rates Under 4%

Last month our trivia question was: Of the approximately 53 million outstanding home mortgages, 32.33 million of them are under what fixed mortgage rate? The correct answer was 4% (congratulations to Stephen), and interestingly enough, his winning answer was...

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What do 32.33 Million Americans have in Common?

Last week the Federal Reserve Board did not raise the Federal Funds Rate but it hinted that it will do so later this year. After the announcement, the stock market went down and the 30-year mortgage rate went up. Last month we evaluated the impact of the current...

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Is 7% Too High of a Rate?

August 2023 Over the last few weeks, the national 30-year mortgage rates are averaging over 7%. As you can see in the chart to the right, other than a couple of weeks in November 2022, rates have not been this high in almost two decades. The chart is from the St....

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