Hampton Roads Real Estate News & Market Trends

We hope you’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to things to do! That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Nov. 20, 2020

Find the Right Agent to Sell Your Home

The biggest mistake home sellers make when choosing a listing agent is selecting an agent based solely on two factors: the highest list price for your home and the lowest commission. But those two criteria have very little to do with hiring a competent agent and, in many instances, are completely irrelevant.

 

Agents can't tell you how much your home will sell for. To say that they can is a fallacy. A listing agent can show you comparable sales, pending sales, and active sales. When you choose the list price, the market will tell you if the pricing strategy is right. An agent can suggest the list price that will secure an audience of prospective buyers . The response from your prospective buyers will determine the outcome. 

 

Real estate agents are not created equal. Each has unique marketing techniques and advertising budgets. Choosing an agent with strong and proven sales and marketing strategies will maximize your exposure and give you a competitive edge. 

 

Why would an agent discount their fee? The value has to exceed the cost in any situation.  Typically, discount agents offer discount service that could actually cost their sellers significantly more than their perceived savings. Sometimes it's the only way the agent feels it's possible to succeed in a highly competitive business because the agent can't otherwise stand apart from the competition on service, knowledge, or negotiation skills. If the sole benefit an agent brings to a table is a cheap fee, ask yourself why. Is the agent desperate for business or unqualified? Consider these questions before committing to working with an agent.

 

You will be in a relationship with your listing agent for several months. Choose an agent that you like and can relate to. Most sellers want specific character traits in their agent.

 

Experience: Choosing an agent who is active with buyers and sellers in the current market is crucial.  They have their finger on the pulse of the market, and you’ll benefit from their knowledge and direction.

Honesty: Trust your intuition. Your agent is sincerely interested in creating a solution to help you achieve your goals.  They should gather the kind of information necessary to understand what is most important to you, and committed to helping you achieve those goals.

Networking: This is a people business. Does your agent have a good reputation?  Do other agents want to work with them? Having an agent that is well networked will make other agents eager to show and sell your home.

Negotiation skills: You want an expert negotiator, someone who can think outside the box, and create a “win-win” while meeting your goals.  If an agent is quick to discount their own fee, can they effectively negotiate on your behalf?

Effective communication: Sellers say communication and availability are key. Make sure you choose an agent who’s willing to communicate the way that you want and need them to.

 

You want to choose an agent that will go to bat for you during this process. You want them to protect your money as if it were their own. Selling your home doesn’t have to be a difficult task.  When you choose the Verity Group we’ll walk you through each step of the process, and are committed to meeting or exceeding your expectations.

Posted in Home Agent
Nov. 16, 2020

Receiving an Offer on Your Home

You’ve finally done it. You put your house up for sale and now the offers are starting to come in. How do you go about picking the best one to make sure you don't let a good deal slip right through your fingers?

 

If price were the only factor to a home offer, most sellers would have it made. It would be easy if homebuyers simply pay the asking price or above on the home they end up purchasing. However, deciding on the right offer is much more complex than saying yes to the highest bidder. You have to hedge against various risks, like a buyer backed by shaky financing, or unfavorable fine print in the contract. In the event that you generate multiple offers (a seller’s dream!) there’s a whole strategy that goes into reviewing the bids and using that upper hand to lock in your desired price and terms.

 

So, without further ado, let’s go through what you should consider when fielding offers on your home—and how to find (and secure) “the one.”

 

Talk to Your Agent About Your Priorities 

Before you list your house, it’s a good idea to make a list of your priorities upfront with your real estate agent, which will help you determine the right offer depending on the factors that are most important to you and your individual situation.

 

For example, if you need to sell because of a family or job change, speed could be a top priority. As a result, an immediate offer could be your best bet so that you can negotiate a closing date that aligns with your timeline.

 

Another factor that impacts the weight you place on one offer over another is maximizing your financial potential and minimizing hardship. For instance, if you receive an offer from a buyer who isn’t requesting repairs, or seller concessions you might prioritize that buyer over another. Your agent can help you understand all of the financial implications of your bottom line based on the offers that are coming in.



Review the Contingencies in Each Offer

When you’re deciding on the best offer for your house, take a close look at the contingencies that the buyers penciled in.  The contingencies are opportunities for buyers to back out of the process if their expectations aren’t met.  You can think of them as a buyer’s conditions before they’ll agree to a deal—so don’t overlook them, as they could potentially “kill” an otherwise great offer, price-wise.

 

The most common contingencies include the home inspection, buyer financing, and property appraisal—which all protect a buyer in the event they’d like to back out before the home inspection contingency expires, or the home doesn’t appraise at the agreed-upon price.

 

Some contingencies, however, are riskier for sellers, so look out for buyers who bring an offer forward that is contingent upon selling their existing home. You have no way of guaranteeing when and if the buyer’s home will sell, which puts you in a sticky predicament if you need to move quickly.

 

At the end of the day, contingencies aren’t black-and-white. In fact, they could have strings attached that may not work for you. For example, buyers could drag out a home inspection period, which could be riskier to you because the buyer has more time to inspect the property and discover issues that could implicate the value of your home—and the chances you’ll sell it in a timely manner.

 

Don’t Rule Out the First Offer that Comes Along

Determining whether the first offer will be your best offer can be tricky, especially in a hot and competitive market. Should you give it some time to see what the market holds, or pounce on a good opportunity?

 

Thankfully, there are resources—including experienced agents—that can help you gauge the chances that your first offer will be your best.

 

It may be the case that you receive an offer (or multiple offers) on your house within days or even hours of listing it. In fact, if you price your house right from the start, you’re based in a prime location, your house is in a great showing condition, and the market is favoring sellers, there’s a strong chance that offers will roll in right away.

 

If that happens (and lucky you!), don’t be tempted to wait around for something better, simply for the sake of testing the market to see what you can get. You should weigh every offer seriously, and the ones that come in early may have very motivated buyers behind them who are ready to go.

 

Recognize the Value of a Cash Offer but Verify Funds first

Among the offers you receive on your house, you could find that some buyers don’t require financing and are able to pay entirely in cash. Should you accept one of these cash offers, you won’t have to worry about a buyer’s approval for a mortgage loan falling through, and that gives you a higher level of certainty that the transaction will close. However, you should verify proof of funds before proceeding with any cash offers.

 

If a no-fuss, certain transaction is what you need (without the hassles of stagings and showings) you could also consider fielding offers from various cash investors.

 

Between fix-and-flippers, buy-and-hold rental investors, and the new-age iBuyers that target homes of a certain price point, the direct-buy market is more competitive than ever and you should theoretically be able to fetch more for your house if you take the opportunity to compare offers.

 

Leverage a Bidding War to Get the Price and Terms You Want

A bidding war is a situation in which a house generates multiple competing offers, signaling that it’s sought-after because it’s a new property, the price is right, or it has some special feature associated with it.

 

A bidding war is almost always good for a seller, but it can be great if you have an agent who knows how to negotiate with interested buyers to get you the best deal.

 

It’s important that all interested parties are given a deadline because otherwise, negotiations can be ongoing—which may not work for a seller who needs to move quickly.

 

Your needs, your neighborhood, and the market may not always align in your favor—and a seller’s expectations for how many offers they’ll get and the quality of those offers could take an emotional and financial hit.

 

That’s why hiring a reputable and experienced agent is one of the best things you can do for your sanity and pocketbook.

 

Experienced agents have worked with many scenarios and circumstances, so whatever your reason for selling and your needs for the future, you can trust that your agent has your best interests at heart. You can rest assured your agent won’t let the best offer slip away or settle for a deal you’re not happy with.

Posted in Home Owners, offer
Nov. 5, 2020

Pros and Cons of a For Sale by Owner Home

Everyone has a bit of a DIY streak, and sometimes people are tempted to apply this to selling their home. While hiring an agent may seem expensive, or even unnecessary, there’s a lot to consider before selling your home independently. If you're thinking about it, it’s worth knowing the pros and cons of going it alone before diving in.



Pros of FSBO

Choosing the For Sale by Owner approach to selling your home has its appeal, and it’s not just because of the savings it brings.

 

  • Commission Savings

The typical commission charged by real estate agents is 3%  each to the listing and the selling agent, which is typically paid by the seller. As a result, FSBO can seem like an attractive option because you’re crossing off this expense right from the beginning. One detail to bear in mind, however, the majority of homeowners still pay a traditional buyer’s agent fee, so the prospective savings is really only 3%.

 

  • More control of the sale

  • With FSBO you have the first and last say in terms of how you want the sale to go down. From the asking price to the way your home will be advertised, which buyers to show it to, and even potential negotiations, you are in control of the sale. You also have all the responsibility.  If you aren’t sure how to go about marketing your home, you might be disappointed with the result. According to a recent study done by NAR the following ranked among the biggest challenges for sellers:  

    • Accurately pricing the home

    • Preparing the home for market

    • Having enough time to deal with all of the aspects of the home sales and marketing process.

    • Predicting the timeline for the sale

 




  • You know your home

You live in your home, no one is a better expert on your home than you. As a FSBO seller, you know exactly what the strengths of your house are, and as someone who has lived in the house and neighborhood for a long time, you may be able to use your knowledge to communicate with buyers.  However, you also may not be able to see past your own perspective to help buyers imagine their life in your home.  It can be difficult to disassociate your home and personal life with the business transaction that selling your home truly is. Buyers often expect a discount when dealing directly with a seller, which can be emotional and insulting if you are trying to negotiate on your own behalf.



Cons of FSBO

Being left to your own devices when it comes to the sale sounds great, but there’s more to selling a home than just putting up a listing and waiting for the calls to roll in. Here are some facts to take into consideration if you’re still considering a FSBO:

 

  • You could actually net LESS by doing FSBO-

According to a 2018 study released by the NAR, homes that FSBO sold at an astounding 40% less on average than homes listed by a realtor. Considering that most FSBO’s still pay a 3% commission to the buyer’s agent that’s potentially a 37% net loss.  There could be other factors that could cost you additional revenue.  Not knowing the normal market for things like seller concessions and home inspection repairs could cost you even more in the long run.

 

  • No professional help

Opting for FSBO means you are missing out on the exposure you would otherwise get if listing through the MLS (multiple listing services). For Sale by Owner websites do exist, but they get far less traffic than professional listing platforms. Even if you adversized on Zillow, FSBO ads drive interested buyers directly to real estate agents, making it difficult to contact the actual seller. Not only that, but you also run the risk of failing to attract buyers, if your  listing’s photos and description aren’t appealing enough. Additionally, you will also have to handle all the paperwork and legal requirements, appraisal process, organize open houses, as well as screening your potential buyers to make sure that nothing is amiss and they do in fact qualify to buy your home.

 

  • More time-consuming

If you’re considering For Sale by Owner as a seller, it’s always best to remember that it’s another full-time job, as you are now fulfilling the role of a real estate agent. If you don’t  have knowledge or the time to advertise your home, show the buyers around, discuss the transaction details and deal with the ensuing paperwork, you might find it more trouble than it’s worth. Especially if it costs you more in the process.




  • You might not close the deal

A career Real Estate agent is highly motivated and qualified to sell your home. FSBO can be more stressful and time-consuming for both sellers and buyers, and as a result, some buyers might avoid buying your home, and opt for the smooth sailing that comes with a real estate agent.



Selling homes for top market value and having a smooth sale is an intricate process.  It takes skill, time, knowledge and resources.  Most individuals who are professionals in other industries just don’t have the time to dedicate to learning and executing the process. Only 11% of homes were sold by FSBO in 2019 according to the NAR’s 2020 report.  Hiring the right agent can save you time and stress, and actually make you more than you pay them to begin with.



Source: https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics

Oct. 29, 2020

What about a Downpayment?

So, you’ve been thinking about jumping into the housing market and buying your first home. You’ve already played around with an online mortgage payment calculator to get a range of how much mortgage you can afford and now you’re just wondering if you have to put any money down. Knowing your options is key to being able to buy as quickly as possible.

 

The first task is to create a plan. You need to know where you’re going so you can successfully plot your course. Let’s assume you’d like to purchase a home with a sales price of $250,000. Sometimes a down payment of at least 3% is required, but sometimes, it isn’t.

 

There is a whole lot of math involved in this process and things can get a bit overwhelming if you let all those numbers come at you without a plan of attack. We’ve come up with some simple steps to show you how easy it is to get that downpayment for your future forever home... it won’t take you 5 years to get there.

 

VA Loans

You may qualify for a VA loan if you’re an active-duty service member, member of the National Guard, veteran or the spouse of a deceased veteran. VA loans are backed by the Department of Veterans Affairs and are a great option if you want to buy a home with no down payment! VA loans also allow you to pay a one-time or finance VA funding fee that’s a small percent of your loan value so you don’t have to have mortgage insurance.

 

USDA Loans

A USDA loan is a loan backed by the United States Department of Agriculture. The government offers USDA loans to encourage development in rural and suburban areas. In order to encourage people to move into more rural areas, you can get a USDA loan with $0 down. USDA loans also have lower fees than other types of loans.

 

Both you and your home must meet a few criteria to qualify for a USDA loan. First, your home must be in a rural or suburban area. Check out the USDA’s map of eligible areas to find out if the area you’re looking in qualifies. On this map, anywhere outside of an orange zone qualifies as a rural area. In addition, your home cannot be a working farm, it must be a single-family unit and you must live in the home as your primary residence. You also need to meet a few financial requirements to qualify. 

 

The Verity Group can help you connect with a lender to find out if you meet the qualifications for one of these types of loans.

 

Relatives (or even Friends) Can Gift Funds to Help Save for a Downpayment

Lenders usually allow borrowers to use monetary gifts from family for a portion of the down payment. Typically, a Gift Letter is required from the family member who is giving the gift. 

 

Consider (Temporarily) Redirecting Your Retirement Savings

Another opportunity for down payment savings is to redirect a portion of your monthly retirement savings toward your down payment. Your retirement savings are an investment in your future, but so is owning a home. Using your retirement savings or 401k to buy a home is another temporary measure and if it doesn’t jeopardize your retirement in any way, it could be a great way to help you reach your downpayment goal even faster. Just make sure that after you reach your downpayment goal that you start putting money back towards your retirement.

 

Track Every Dime You Spend

Be watchful of places where there may be savings waiting to happen. Have you been thinking about trading in your old car for a newer model? See if you can put it off for after you buy your home and instead put that money into your down payment savings account. Nowadays, there are quite a number of apps that can help you track your spending. Mint, Wally, and MVelopes are just a few examples of what a budgeting app can offer you. Check out your App Store and you’ll find hundreds...you’re bound to see one that fits exactly what you need. 

 

There are many ways you can save for a downpayment to buy a home. The trick is to have a plan in place and find ways to save that will work for you. It’ll take time and determination, but soon you’ll be sipping coffee from your new back deck and then all the effort that went into accumulating your down payment will have been worth it. 

 

Posted in Home Buyers
Oct. 23, 2020

How to Write a Winning Offer

Okay, so you’ve found your dream house and now you’re ready to make an offer, but how do you make sure your offer stands out among all the others? You want to make your offer the most appealing so sellers go your way. So whether you’re dealing with a competitive housing market or a cautious seller, getting your offer accepted requires creativity, compromise, and a strong strategy. 

 

We’ve put together a strategic plan to help you seal the deal and make your dream home a reality.

 

Choose the Right Agent

Listing agents often look to see who is representing you.  Not all agents are created equal, and the sellers and their agent will often want to work with agents with whom they’ve worked before.  Having an agent with an established and credible reputation will boost your chances of getting your offer accepted.

 

Get Pre-Approved for a Home Loan with a Local Lender

Getting pre-approved will show the home seller you can actually afford to buy the home.  Sellers feel more secure with local lenders who are familiar with the area and have in-house underwriting.  Having the ability to contact your lender at each step of the process assures all parties that you are likely to close smoothly and on time.

 

It’s not all about the offer price!

In terms of numbers, the seller cares about their bottom line.  What do they make after paying off their mortgage, all fees, and concessions to you, their buyer.  You’ll want to work with your Verity Group agent to make sure that you are being strategic about the offer price, concessions asked for, repair expectations, etc.  Each property and scenario is different, and often we’re here to help you understand your best chance of success at getting your offer accepted.




Add an Escalation Addendum 

When making an offer on a house, you can stipulate that if anyone beats your offer you’ll raise your offer by a certain amount, with a cap as high as you’re willing to go. This also helps you avoid overpaying, but still keeps you in the game in case there are other offers coming in. It’s a more cautious approach to being competitive in what feels like a silent auction situation.

 

Increase Earnest Money

Your earnest money deposit in Hampton Roads is typically $500.00-$1,000.00 and goes towards any expenses you would incur at closing. By increasing the amount of earnest money you put down, you can show your financial ability thus allowing the seller to know you are more than qualified to purchase their home. 

 

Write a Personal Letter to the Seller 

Sometimes a personal offer letter can win a seller over when making an offer on a house, especially if you’re buying from an owner occupant. Tell them what you love about the home and try to make a personal connection. Compliment them on a recent renovation, a color palette choice, or the landscaping. It won’t always matter, but sometimes a personal touch such as a letter can mean more than having the highest bid.



Be Flexible with the Closing Date

If your lender allows and you’ve been through underwriting, you can promise to close quicker (15–21 days). Generally, the faster the closing process, the stronger your offer. However, the seller may be looking for a longer closing process. In that case, letting the home seller know that you’re flexible with the closing date could allow them the much needed time to move their belongings into their next house.


All of these are different ways to ensure you can make the best offer for your future home. Verity Group is here to help you with your strategy. Contact us today and let’s set up a plan!

 

Posted in offer
Oct. 15, 2020

Homebuyers are Moving Sooner than Planned

Three-quarters of homebuyers say the coronavirus pandemic has impacted their home buying plans. With the uncertainty plaguing pretty much all of society, people are rearranging and rescheduling their move-in dates, etc. Furthermore, one-quarter of homebuyers said it has caused them to move and/or speed up their moving timeline.

 

Word on the street is that the pandemic has actually caused people to want to move entirely. We’ve tracked that homebuyers want to move to smaller towns to avoid those big urban area clusters. On top of that, buyers have also begun rearranging their move-in dates in order to move sooner than originally planned. Of course, there are those who have delayed their moving plans as well as others who decide to look for a less expensive home, which also moves the schedule around.

Retail, tourism and food and beverage may have seen a decline during the second quarter of the year, but that hasn’t stopped people from buying houses. This is because more and more Americans are starting to see the value of home ownership and are willing to prioritize owning a home over other expenses. They're looking for a place to keep their family safe as the world continues to turn. Add in historically low interest rates (which help stimulate the economy) and you’ve given the home buyer more purchasing power than ever before, which is boosting home sales as well.

When it comes to home preferences, the pandemic’s most common impact on homebuyers is a desire for the right space. This means more work from home capability, more outdoor relaxation space, and even a space for children to learn from home. A lot of people feel that their apartments or even townhomes are much too small and they can no longer delay that new home purchase so they have chosen to just jump in. 


At Verity, we’ve seen and experienced the uptick in home purchases. We’ve been busier than ever getting homebuyers into their new place quickly and efficiently. If you’ve decided to move sooner than originally planned, contact us today!! 

Posted in Home Buyers
Oct. 8, 2020

Interior Designs to Make You Happier at Home

The outside world can be stressful and uncertain – especially right now. Additionally, our personal priorities pull us in many directions, from work calls and meetings to children’s activities, online schooling, and just the normal rigors of life. That’s why it’s more important than ever that our homes are havens for relaxation, rest, and happiness. 

 

The good news is there are plenty of simple design and styling tweaks you can make at home to instantly boost your mood. Plus, it’s your home so you can change things around as often as you’d like until you find that perfect peace.

 

Color Matters

Marketing companies study color psychology for only one reason: color affects your mood. Take a page out of the psychology book and surround yourself with colors that help you relax and put you in a happy mood. Every color can be expressed as either warm or cold, with a different effect on the way you feel. In general, cool colors have a calming effect, while warm colors add comfort and can be invigorating.

 

For example, a cool blue or green is relaxing and rejuvenating – just the right feeling for a bedroom or bathroom. Warm reds and purples are energizing and exciting, stimulating brain activity and conversation. These colors make a good choice as an accent in the office or living room. White, or cool light neutrals can help brighten rooms by reflecting light. It makes a small space feel larger and more open, which can help you feel more energized.

 

Add More Natural Materials to Your Decor

The use of natural materials in your home decor is called biophilic design. This type of design connects us with nature, even though we may be indoors more often than we’d like. Studies show that biophilic design can directly correlate to improved sleep and stress reduction. Consider eliminating synthetic materials like fleece and polyester in favor of natural materials like cotton, silk, or wool.

 

Include other natural elements in the form of flowers and plants and welcome in sunlight and fresh air whenever possible. You will feel happier, calmer, and more rested, all proven beneficial to your psychological well-being.

 

Embrace the Power of Plants

Plants are amazing gifts of nature. In both work and home environments, live plants can boost your mood, productivity, concentration, and creativity. Plants clean the indoor air by absorbing toxins and producing oxygen. They can also absorb noise, provide privacy, and reduce stress. For all of these reasons, incorporating plants throughout your home is one of our top interior design ideas for boosting happiness. 

 

Let the Light In 

The amount of light our eyes perceive during the day plays a significant role in our sleep cycles. On cloudy days it’s not uncommon for people to feel sad or drained of energy, but when the sun is shining, that solar power goes right to our inner beings. 

 

One of the most transformative interior design ideas is to welcome natural daylight inside. Large windows and skylights bring in sunlight at all hours of the day. Add lamps that use full-spectrum or halogen light bulbs to mimic natural light. The right light will keep your sleep cycle accurate, providing an automatic boost to happiness. 

 

Tap into Scent 

Our brains are miraculous processors of external data. Even a hint of a scent can transport us to another place, in a completely different time. Our mind can summon an image and feelings associated with that scent. Incorporating calming scents into your home can help fight off gloomy feelings and replace them with happy, relaxing ones. Look for candles or essential oils to diffuse in specific scents known to help reduce anxiety and boost happiness and productivity. 

 

Calming scents include lemon and lavender, while jasmine and rosemary are invigorating. Cinnamon and peppermint can support your clarity of thought and boost productivity. Find the right scents to promote the feelings you’d like to experience while you’re at home. 

 

If your home falls short of improving your state of relaxation and happiness, think through how these interior design ideas might enhance your surroundings. You may find that one or two will do the trick to improve your mood and make you happier at home. If you need some assistance along the way, consider enlisting the help of an interior decorator or Feng Shui professional to help transform your space into one that brings you comfort and joy.

 

 

Oct. 1, 2020

Verity Group Has a New Home Base

Every once in a while you need new digs amirite?  After careful consideration, Verity Group is pleased to announce that we’ve moved our team to Keller Williams Coastal, located in the Greenbrier area of Chesapeake VA.

 

As the director of sales and sales manager of a local brokerage firm for years, Steve and I are very familiar with the area brokerages and what they have to offer.  We believe that it’s incredibly important to affiliate with the right brokerage to support both its agents and real estate clients.  As the Verity Group grows in the number of clients we serve, as well as team members we are excited to be able to call Keller Williams Coastal our home.

 

Verity Group serves clients all over Hampton Roads from the oceanfront to Williamsburg, and the Greenbrier area is very centrally located for our clients.  Our office space allows for a comfortable and professional environment to meet and serve our buyers and sellers and creates an environment where our agents can be focused and productive.

 

The resources available at KW Coastal are incredible.  The staff, the training, technology, and energy in the office support our team in practical ways that we are confident will help us be more efficient and successful in serving our clients and making their home ownership dreams come true.  

 

Come visit us at our new office! We’d love to hear from you.

Posted in Office
Aug. 24, 2020

Mortgage Rates at an All-Time Low

When the COVID-19 pandemic hit, panic ensued. How were we going to survive, especially in real estate! If people weren’t buying houses, surely the industry would go caput. Interestingly enough, this didn’t happen. 

 

During this time, people continued to purchase homes and the real estate industry began to see an upswing in trends, especially when it came to “buying seasons.” One of these trends that we continue to see is low mortgage rates. Around the beginning of August, the real estate industry began to see mortgage rates as low as 3.14%. Crazy, right?!

 

Mortgage Rates Fall But So Does Demand

With low mortgage rates, you would think that there would be an influx of applications being filled out. Unfortunately, that’s not the case. In the same space where mortgage rates fell, purchase applications also declined as well as refinance applications. (Though, we should know that both purchase and refinance applications were much higher than they were this time last year.)

 

What does this tell us? All this means that although there may be a drop in demand, the low rates are pushing buyers into the market even amidst these unprecedented times we are living in. 

 

Buyers are looking for properties with more space in suburban areas. (We’ve outlined this further on our blog highlighting small towns which you can find here). If you’re one of these buyers, it is essential to keep in mind that inventory is tight and lenders are stricter about who gets the best rates and low down-payments. 

 

What Does This Mean For You?

It is straightforward. If you have been holding out on buying a new home, now would be the best time to jump in on that home you’ve been eyeing. These mortgage rates won’t stay here forever. With the economy being in a sort of flux, things could change at any moment and you might lose your chance on the best home deal you would ever have. Don’t let the moment pass you by because you’re hoping to get an even lower rate - inventory is low and mortgage rates are low...go now!






Posted in Mortgage rates
Aug. 17, 2020

Home Seller Asking Price Up 13%

Back in July, the real estate industry saw an uptick in the housing market. Listing prices were up about 13% while closed sales prices were up 6%. This uptick is unusual to see during this time of year as usually, the industry begins to see a downshift as people turn their eyes from homes to vacation and the start of school. 

 

As sellers begin to set higher prices for their homes, buyers are beginning to meet them. Because this year was so different from years we have seen in the past; it’s not surprising that we are witnessing these significant upticks throughout the real estate market. Typically families are saving for their annual summer vacations, which means they don’t intend on looking or buying a house during the summer months. 

 

This year, though, many canceled their summer plans and buyers were once again lured into the hunt due to low mortgage rates. You could say that the market has been just as hot as this summer! (And it doesn’t look like things will be slowing down any time soon.) 

 

New Listings Slow to Appear

Unfortunately for home buyers, listings have still been a bit slow to appear. While the market is booming, homeowners have been hesitant to list their homes because they fear that the state of society would hurt home buying demand and depress value. They are beginning to see that they have nothing to worry about, but it is a slow-going process. Hopefully, as we move forward into the future (even into 2021), we will see the lag catch up and find that sweet spot between too many and not enough listings. 

 

Hot Competition = Buyers Pull Out All Stops 

With so much competition for so few homes, homebuyers employ dramatic measures to make their offers stand out in bidding wars. Rent-back agreements have become extremely popular. A rent-back agreement allows the seller to stay in the house for some time after the sale to give the seller extra time to find a new home. Strategies can go to far more significant and unusual lengths. Talk to your real estate group (Verity Group) to see what will give you the edge on your sale.








Posted in Home Buyers