Dear Buyers and Sellers; I wanted to give you some very important information about the Real Estate Market today. I am here to inform you so that you can make the best real estate decision for 2015/2016. After searching for current housing predictions for Virginia and some across the country I personally wanted to be informed about the real estate market to best help me and my family to invest. I also encountered consumers wanted to know more about the market so I decided to share this information with you. I have complied information for you to make an intelligent decision moving forward in 2016.
Market In Virginia:
◾Housing market predictions currently appear quite positive for the Commonwealth of Virginia. The state market currently holds a median home value of $231,000 and is experiencing an uptick of 1.7 percent over the past year according to Zillow. We predict another 1.1 percent increase within this year. On average, most properties for sale spend 118 days on the market in Virginia.
◾Compared to a national value of foreclosures (3.0 homes per every 10,000), Virginia has 1.5 foreclosures. Compared to the national value of delinquent mortgages (6.3 percent), Virginia stands at 3.8 percent. Unfortunately, 18.5 percent of Virginia homeowners are underwater on their mortgage.
◾The last 12 months show an appreciation rate of 4.05 percent according to our research. The last quarter pushed this rate up by 1.04 percent.
◾Virginia Association of Realtors showed relevant data from February 2015 comparing the same period of the previous year. The results of the Virginia Monthly Sales Report show that both the number of sales and the median sales price began rising back in February as the market warmed up in spring. Historically, the rhythm is remarkably slower than other similar intervals. From January 2015 to February 2015, there was a modest increase of only 3%. After the turmoil of the financial crisis, any increase was considered a win. Even if median sales prices only rose by 2.5 percent between January and February, that number is still an encouraging 5.7 percent annual rise.
◾According to the same report cited above, Virginia’s unemployment rate gradually decreased. These numbers signal a healthier economy. Rising interest rates reflect a stronger U.S. economy. This naturally translates to good news for the real estate sector as well. There is reason to believe that the entire year (particularly summertime) will bring good news to the Virginia housing market (especially if buyers feel motivated to take advantage of the already well known historically low rates before mortgage interest rates begin rising).
After summarized by the Northern Virginia Association of Realtors, between March 2014 and March 2015, the median sales price in Northern Virginia escalated with 4.4 percent to $475,000. With around 1,500 properties sold, Northern Virginia marks a 13.84 percent increase in terms of closed sales. Analysts remarked that properties above $1 million stay longer on the market and need significant price dropping before sellers could actually seal the deal. The latest ULI Real Estate Consensus Forecast calls for relatively smooth sailing ahead as it relates to both continued economic growth and a favorable outlook for commercial real estate investment. Yet, the forecast is not as bullish as it was six months ago, and there are headwinds looming that are expected to temper growth heading into 2017.
The forecast, produced by the ULI Center for Capital Markets and Real Estate, predicts a healthy pace of economic expansion. Gross domestic product (GDP) growth for this year is expected to be on par with the 2.4 percent that was recorded in 2014, while strengthening to 2.8 percent in 2016 and 2.7 percent in 2017. It is notable that the forecast growth for 2016 and 2017 is at the highest levels in eight years, comparable with the 2.7 percent GDP growth that occurred in 2006.
Information from: The Magazine of Urban Land Institute
Our real estate market is recovering there are programs to take advantage of within our Hampton
Roads area.
VA Home Loans may be the perfect solution. Over 27 million veterans and service personnel are eligible Guaranteed by the US Government, this program offers a number of notable benefits.
- Low Fixed Rate & Adjustable Rate Loans
- No Mortgage Insurance
- Loan Amounts up to $`1,500.000
- 100% financing up to $625.500 (county restrictions apply)*
- No Down Payment Required (in most cases)
- Assumable
- Right to Prepay Loan Without Penalty
- Seller Can Pay All Customary Closing Costs
- Seller Can Pay up to 4% of Sales Price (and/or pay off debt to qualify)
- Certificate of Eligibility Required
Grants in the City of Norfolk for your down payment. Must be a buyer for City of Norfolk.
Other Grant housing program!
Vivian Anderson, CSP
Associate Director of New Homes
vivonyourside@cox.net
License in Virginia
Keene Woods Realty, LLC
www.KeeneWoodsRealty.com
757-620-3564 Cell
"I look forward to enhancing your dream"!
