With the overall economy just inching along, some experts are questioning whether the housing market can continue its momentum throughout the rest of the year. People are beginning to ask questions such as:
Freddie Mac, in their April Economic Outlook, addresses the disappointing economic news and what impact they think it will have on housing:
"Recent data darkened the growth outlook for the first quarter of 2016. However, despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.
We've revised down our forecast for economic growth to reflect the recent data for the first quarter, but our outlook for the balance of the year remains modestly optimistic for the economy."
Freddie Mac was much more optimistic about housing…
"We maintain our positive view on housing. In fact, the declines in long-term interest rates that accompanied much of the recent news should increase mortgage market activity."
They went on to conclude:
"We expect housing to be an engine of growth. Construction activity will pick up as we enter the spring and summer months, and rising home values will bolster consumers and help support renewed confidence in the remaining months of this year."
Congrats to Relocation Coordinator Joy Long and the rest of the Montague Miller team for their recent recognition by Leading Real Estate Companies of the World. Keep up the good work!
If you're getting married, skip the traditional wedding registry and ask your guests to contribute towards a down payment for a home instead. The folks at the National Association of Realtors teach you all you need to know about the process here.
Looking for an online wedding registry to fund your down payment?
Here are the most popular:
However, be careful when choosing any of these options as some charge hefty service fees to use their service.
A better resource for this type of creative home financing comes from the FHA Bridal Registry Program. This program, created in the late nineties by the United States Department of Housing and Urban Development (HUD), allows you to receive wedding gifts to pay for your home purchase, provided you use an FHA loan instead of conventionalmortgage.
Before choosing an online registry or government program, be sure to consult a qualified mortgage professional to learn about the pros and cons of each one.
The first quarter market report from the Charlottesville Area Association of REALTORs has been published and the findings continue to show an ever improving real estate market in Central Virginia.
This year may be all about the inventory, or lack of it. Property for sale now is at a five year low. The number of properties sold in the first quarter is almost identical to last year but we know that buyers are out in droves, looking for a home. It is likely that a strong spring demand and low interest rates will continue to push the median prices up. Note the trend of pricing across the region. The prices are the BEST THEY HAVE BEEN IN FOUR YEARS.
Want to see the entire REPORT?
Looking to move to the Charlottesville or Central Virginia area? Thinking of selling or buying a new home in Albemarle, Amherst, Greene, Louisa, Culpeper, Orange, or Madison County?
Check out CAAR's Second Quarter 2014 Market Report. This is a great resource to get a snapshot of the area's current market with data from the CAAR MLS system.
The year end report for the Charlottesville Area Association of REALTORs has been published and we find a continued, slow improvement in the number of sales and the median prices for those homes sold. The sales in our area increased by 2% with a new median sales price of $270,000. It was also noted that the prices have returned to their highest level since 2007.
Our area seems to be similar to others around the nation-the number of houses available to buy has declined. With the spring market beginning it looks like a really good time to bring your house or land on the market. Call us at Montague Miller & Company for a free competitive market analysis.
The Charlottesville Area Association of REALTORs has released their Market Report for the 1st Quarter of 2015 and the numbers are as expected.The median sales price for the region has increased from $244,250 in 2014 to $256,750 for this quarter. I hope you will read the entire report but here is a quick summary. Condo sales increased by 40%-a number which surprised me. Pending sales have increased 18% over the same time frame last year. The number of sales closed remained almost identical but there are many more properties set to close this year.
The Charlottesville Area Association of REALTORS® released their second quarter home sale numbers on Monday for the Greater Charlottesville Area based on the CAAR MLS. This area includes the city of Charlottesville, as well as Albemarle, Greene, Louisa and Fluvanna counties.
Some areas, such as closed sales, show volumes higher than they've been since 2007, suggesting a continual improvement in the local market.
Check out the graphic below for an overview of the highlights:
You can read the full report from CAAR here.