Summer 2008 MARKET UPDATE: Sellers Must Price Realistically and Stage, stage, stage!
The local market in Peninsula cities and counties, including Newport News, Hampton, York County and James City County, shows some signs of recovery, but Sellers should prepare to contribute the maximum allowable concessions. New lending guidelines have tightened underwriting restrictions and virtually eliminated 100% financing; however, FHA loan limits are higher than ever and seller concessions may be allowed up to 6% of loan value! Although expensive, this is ultimately a good thing for Sellers, since it expands pool of buyers to include those who might not be able to purchase a home without closing cost assistance. Although consumer confidence levels have dropped in recent months, buyers continue to shop, enticed by greater affordability. As entry level Buyers return to the market, "move-up" Buyers are created, and they in turn will shop for a replacement home. Mid-price and higher markets will become more active as prospective Buyers are more realistic in pricing their existing homes, and therefore have more success selling them. What to watch: if interests rate continue to hover around 6%, affordable prices and fewer listings on the market will bring recovery to a corrected local market. CALL ME AT 757-869-7070 for more specific information about your property.
Sellers: Price competitively and stage, stage, stage! More than ever, extensive pre-listing preparation such as staging is essential! In today’s softer market, even in entry-level housing, buyers have so many options that they are likely to reject a property unless it is clearly an outstanding value. In contrast, a staged property, IF COMPETITIVELY PRICED, will occasionally inspire competing offers, which results in greater proceeds at sale. In general, however, sellers can expect predatory offers until supply once again becomes limited. What to watch: if feeder markets in the Northeast and West Coast begin to recover, the pool of incoming buyers will return to normal, though probably not to the levels of 2006. CALL ME AT 757-869-7070 for more specific information about the market value of your property.
Buyers: take advantage of great rates AND affordable prices. A great rate now could be worth more to your bottom line than lower prices will be later; at the same time buying now will bring quality of life improvements NOW. Talk to your agent and to a competent, experienced loan officer, for advice about the best scenario for terms and prices. CALL ME AT 757-869-7070 for more specific information about the market where you are looking.
Talk to an Expert, and get the real info you need. Are you thinking of buying or selling? As a Seller, do you want to know what you should be doing to prepare, and what you could likely expect at sale? As a Buyer, would you like to know more about your options, as well as receiving the latest property listings, on the schedule you require? Call or text Melissa at (757) 869-7070 for an in-depth analysis of your situation plus the expert advice you need; or email me at melissa@melissahoffmanrealtor.com to let me know you would like me to contact you.FREE MARKET SNAPSHOT You may want to receive a Market Snapshot which will show you comparison properties derived from your local MLS listings. In the Williamsburg Area, click on the following to receive a Market Snapshot based on local MLS "sold" and "active" listings: http://www.homeinsight.com/Widget/default.asp?3E7AFM0YTK54
On the Peninsula, a custom search just for you is the first line of defense--don't hesitate to CALL ME AT 757-869-7070 for more specific information about your property.
