Does the latest news about the housing market have you questioning your plans to sell your house? If so, perspective is key. While it may not be as fast as it was a couple of months ago, homes are still selling much faster and at higher prices than they did in more normal, pre-pandemic years, and there are still fewer houses for sale now than in pre-pandemic 2019. 

 

Some important key points to remember: 
 

• There Are Fewer Homes for Sale Now Than in Pre-Pandemic years

• Homes Are Still Selling Faster - Median Days on Market (DOM) is almost half of what it was in the pre-pandemic years

• Median Sale Price (MSP) is still significantly above the pre-pandemic years 

• Month's Supply of Inventory (MSI) remains very low -  well below six months, which is considered a balanced market 

 

The month's supply of inventory (MSI) for September 2022 was 1.4 months. That's up ever so slightly from 1.39 year-over-year. The MSI was also 1.39 in August. 

After reaching an all-time high of $328,795 in May 2022, the MSP (median sales price) has dropped slightly each month since May and was down by 5.8%, to $310,000 in September, according to data compiled by REIN, our local multiple listing service (MLS). It is important to keep in mind the Median Sales Price is still up compared to August 2021 ($297,000 MSP and August 2019 ($255,000 MSP) and the falling prices locally are in-line with what is happening across much of the nation.

As we know, the law of supply and demand drives prices, and with the low number of houses on the market still, and the months' supply of inventory at 1.4 months indicating the rate at which  houses are selling, we still have an unbalanced market. 

When inventory is low, there is still demand for your house because there just aren’t enough homes available for sale, and we are still at historic lows. While homes aren’t selling as quickly as they did a few months ago, and although the median days on market (DOM) did increase by 20% month-over-month, with the median days being 18 DOM in September, we are still well below pre-pandemic numbers- in large part because inventory is so low. So pricing your home right is key to getting it sold quickly. 

Found out what YOUR home is really worth! 

My complimentary valuation includes: an estimate of the current value of your home, comparable properties that sold nearest you, and a suggested listing price. I can confidently say my expert valuation has higher accuracy than any online valuation source. I have resources available to help buyers determine their buying power too! Each person’s situation is unique. To make the best decision for you, let’s connect to explore your options.

 

It is still a great time to buy or sell; perspective and having the right information is key. Real estate is local; contact me for information and stats about your neighborhood, and what it means for YOU!

If you’re looking to buy a home, like most people, you probably want to secure the lowest interest rate possible for your home loan. Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have risen dramatically compared to the last couple of years. For ways to combat today’s higher rates and lock in the lowest one you can, here are a few factors to focus on. Since approval opportunities can vary, connect with a trusted lender for customized advice.

    Your Credit Score

Credit scores can play a big role in your mortgage rate. Freddie Mac explains:

        “When you build and maintain strong credit, mortgage lenders have greater confidence

         when qualifying you for a mortgage because they see that you’ve paid back your

         loans as agreed and used your credit wisely. Strong credit also means your lender

         is more apt to approve you for a mortgage that has more favorable terms and

         a lower interest rate.”

That’s why it’s important to maintain a good credit score. If you want to focus on improving your score, your trusted advisor can give you expert advice to help. 

     Your Loan Type

There are many types of loans, each offering different terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says:

       “There are several broad categories of mortgage loans, such as conventional, FHA,

        USDA, and VA loans. Lenders decide which products to offer, and loan types

        have different eligibility  requirements. Rates can be significantly different

        depending on what loan type you choose.”

When working with your real estate advisor, make sure you find out what’s available in your area and which types of loans you may qualify for.

        Your Loan Term

Another factor to consider is the term of your loan. Just like with location and loan types, you have options. Freddie Mac says:

       “When choosing the right home loan for you, it’s important to consider the loan term,

        which is the length of time it will take you to repay your loan before you fully own your

        home. Your loan term will affect your interest rate, monthly payment, and the total 

        amount of interest you will pay over the life of the loan.”

Depending on your situation, the length of your loan can also change your mortgage rate.

 

    Your Down Payment

If you’re a current homeowner looking to sell and make a move, you can use the home equity you’ve built over time toward the down payment on your next home. The CFPB explains: 

         “In general, a larger down payment means a lower interest rate, because

           Lenders see a lower level of risk when you have more stake in the property.

          So if you can comfortably put 20 percent or more down, do it—you’ll usually

          get a lower interest rate.”

To learn more, connect with a trusted local lender, like my go-to expert Chris Bufis, with NewTowne Mortgage, to find out the difference a higher down payment can make for your new mortgage.

 

Bottom Line

These are just a few factors that can help determine your mortgage rate if you’re buying a home. The best thing you can do is have a team of professionals on your side. Connecting with a local real estate professional and a trusted lender will ensure you have the expert advice you need at each step of the process. 

 

*** For a little more perspective - In October of 1981, the 30-year fixed mortgage rate reached a pinnacle of 18.4 percent according to Freddie Mac*** 

Modern, easy living is yours in this low-maintenance, like new townhome in East Beach's townhome community, The Tern. Begin the day with morning coffee on your balcony or end it watching the sunset fade into the Chesapeake Bay. You’ll be just blocks away to coffee shops, breweries, restaurants, marinas, live music events, and a short jaunt to a local's favorite, Ocean View Fishing Pier. 

Come enjoy the surf, sun & sand and great coastal living in Norfolk's East Beach.  

• End unit townhouse with premium upgrades & bright open floor plan
• 2 Bedrooms each with en suite bath
• Spacious kitchen - 42" cabinets, under cabinet lighting, quartz countertops
• Plenty of recessed lights
• Low maintenance "Hardieplak" siding
• Rear loading 2 car garage + driveway parking
• Composite decking 
• Oak stairs
• Chair rail and crown molding
• Pet-friendly community
• No flood insurance required 
• Designated guest parking
• Offered at $470,000   
• Click here to see the full MLS listing information 

As an active and proud board member of the Ghent Business Association, I am excited to celebrate the season, bring more awareness to Ghent and raise money for our great non-profit organization that helps so many local businesses succeed and thrive in our great Ghent neighborhood.

I hope to see you at this great annual event for a spooktacular good time! 

 

For more information and to help spread the word about this event, visit our Facebook event page.  

Thank you to all my clients, friends and colleagues who have supported me along the way. This year marks my 14^th year in real estate, and it has been my privilege and pleasure to be of service and help so many people successfully buy and sell their homes and investment properties.

 

For all the property listings in your area, visit http://www.ashleyswindell.com 

Please don't hesitate to contact me whether you are thinking of buying or selling, have general real estate questions or need information, or have a referral. I am always happy to be of service.

 

Enjoy Coastal Virginia Living! 

Visit my website AshleySwindell.com

Call / Text: 757-377-1490      Email: Ashley@AshleySwindell