Longer Time, Higher Prices, and Steady Supply…
As we get closer to winter, real estate sales historically start to slow after a busy summer and fall. Major events (like a national election) tend to cause potential buyers and sellers to wait on the sidelines until the dust settles. When you look at September...
Much Ado About Nothing…
The Federal Reserve reduced the target rate by half a point this month. While the target rate influences all of the interest rates, it is different than the 30 year mortgage rate. The 30 year mortgage rate didn’t move much. Why? Because the Federal Reserve had been...
Do We Have A Trend?
We've spent several newsletters examining the state or our local market and trying to determine if it is heating up or cooling down. This month, rather than exhausting the weather analogy, we are going to focus on the market trends. For the last couple of months, the...
Heating Up or Cooling Down?
As I write this on Thursday July 18, it isn’t that hot outside. Today’s high of 82 feels pretty nice for July, especially considering the heat indexes of over 100 degrees earlier in the week. What about the forecast for our local real estate market? Is it heating up...
Does 32.55% Matter?
We have focused on lenders and loans in our newsletters for the last couple of months, so this month we decided it was time to give an update on how our local market is doing. Let’s start with the numbers, courtesy of our local MLS the Real Estate Information Network...
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...
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...
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...
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...
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....