Happy New Year!!!
2016 has already started out strong!
Contract being written and homes listed..
2016 will pickup where 2015 ended in Chesapeake. And the beat goes on and on. Sales continue to improve as do home values(values up 6% in South in December).
Homes on the market have declined throughout 2015. Sellers in Chesapeake and all of Hampton Roads have begun to call. The question is: Will they call in numbers sufficient to meet buyer demand ? If demand remains high and inventory continues low, values may increase as interest rates do in 2016.
Improved Consumer Confidence and continued low Mortgage rates(still under and around 4% on a week by week basis) have kept the market humming, even though the last 30 days of Dow Jones and S&P 500 have been up and down and all around.
No doubt the improved Employment picture nationwide and in Chesapeake and Hampton Roads(barely over 5%) will continue to aid buyers entering the market. And Mr. Buyer should begin the buying process by choosing a real estate agent and being pre-approved for the loan so they can be ready to buy when that perfect home in the perfect Chesapeake location comes on the market.
Home Sellers are needed. Waiting until March could be a big mistake for a home owner that needs to or wants to move. With the low inventories in Chesapeake, properly priced and marketed homes are selling in under 60 days in many cases. Over 890 homes could sell in that time frame in Chesapeake and South Hampton Roads as happened in January 1st-March 1st 2015. Perhaps more will sell in 2016!
Waiting could only cost you!!! Now is the time to act!