Welcome to Bryan Cerny’s premier real estate website
serving Chesapeake, Virginia Beach, Norfolk, Portsmouth, Suffolk in VA and Northeast North Carolina (Hampton Roads).
Time to Buy!!!
2015 has started strong in Hampton Roads. Not all the strength in the Real Estate Market is showing yet in homes that have gone under contract. Unusual winter weather dampened buyer activity for three weeks.
Yet sale trends prior to and since the cold snap have been very strong. Buyers are out in strong numbers. Listings are needed in almost every one of the 7 cities of Hampton Roads metro area. Improved Consumer Confidence, continued low Mortgage Rates(under 4%…but for how long) and dramatically improve Mortgage Credit Availability are seen as key factors to drive buyers into the market.
No doubt an improved Employment picture(unemployment just over 5% in Hampton Roads) will be a major factor locally.
Homes sales should continue to improve IF both buyers and sellers seeking to avoid the projected impact of increasing home values and projected higher rates continue to enter the market. As you can see in this Mortgage Rate review and forecast, the rates are still expected to go up. Thus, with both prices increasing and higher value homes selling, house payments will only go up the longer a prospective buyer waits.
Home sellers: Mortgage rates are in your favor. Rates are not now expected to reach 5% in 2015. You too shouldn’t wait to act. Historically, February through June is the best time to sell your home.