Posts in category 'Real Estate News'

Over the past few years, many of us have spent extra time at home—and that means we appreciate the personal design touches that make a house cozy and comfortable more than ever. Some of us have adapted our dwellings in new ways, from creating functional home offices to upgrading the appliances we use most.

But while it's important to make your home your own, it's also smart to think about the long-term impact your renovations could have on its value. Choosing highly-personalized fixtures and finishes can make it harder for future homebuyers to envision themselves in the space. Even if you don't plan to sell your home soon, investing in popular design choices that are likely to stand the test of time will make things easier down the road.

And if you're in the market for a new home, it's wise to keep an...

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Last year, one factor drove the real estate market more than any other: rising mortgage rates.

In March 2022, the Federal Reserve began a series of interest rate hikes in an effort to pump the brakes on inflation.¹ And while some market sectors have been slow to respond, the housing market has reacted accordingly.

Both demand and price appreciation have tapered, as the primary challenge for homebuyers has shifted from availability to affordability. And although this higher-mortgage rate environment has been a painful adjustment for many buyers and sellers, it should ultimately lead to a more stable and balanced real estate market.

So what can we expect in 2023? Will mortgage rates continue to climb? Could home prices come crashing down? While this is one of the more challenging real estate periods to forecast, here's what several industry experts predict will happen to the U....

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The last two years caught many of us off guard—and not just because of the pandemic. They also ushered in the hottest housing market on record, with home prices rising nationally by nearly 19% in 2021, driven primarily by low mortgage rates and a major supply shortage.¹

 But while some had hoped 2022 would bring a return to normalcy, the U.S. real estate market continues to boom, despite rising interest rates and decreasing affordability.

 So what's driving this persistent demand? And is there an end in sight?

Here are three factors impacting the real estate market right now. Find out how they could affect you if you're a current homeowner or plan to buy or sell a home this year.

 MORTGAGE RATES ARE RISING F...

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Some Highlights

What does the rest of the year hold for the Houseing Market? Here's what experts have to say about what lies ahead.

Home Prices are projected to rise and so are mortgage rates.  Experts are also forecasting another strong year for home sales as people move to meet their changing needs. 

Connect with a Montague Miller & Co local real estate professional so you can make your best move this year.

Resources: Keeping Current Matters, CoreLogic, Freddie Mac, Fannie Mae, NAR, Calculated R...

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Charlottesville Area Association REALTORS® inducted Barbara McMurry of Montague Miller & Co. – Westfield to the CAAR REALTOR® Hall of Fame, the highest career honor. This accolade acknowledges outstanding and exceptional contributions for more than 25 years of continuous service to the local, state, and national Associations.

Montague Miller & Company is pleased to announce that our associates were awarded the Charlottesville Area Association of REALTORS® 2021 Professional Honor Society Awards commending member achievements for 2021 - Percy Montague, IV, Trish Owens, Anita Dunbar, Rives Bailey, Pat Sury, Patricia A. Crabtree, and John Farmer.

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