While we had a great time trick or treating last month, my need for a crystal ball has not gone away. Interest rates on thirty year loans have moved up about a half a percent over the last week, and it looks like the Federal Reserve is going to raise their rates in December. Of course the last time the Federal Reserve increased their rate, the rates for thirty year home loans went down.
Homes in Hampton Roads are continuing to sell, and the months’ supply of inventory is a little over five months, which is the lowest number since 2009! The year over year numbers are looking better for sellers as well. When comparing the average sales price for a home in Hampton Roads, it is 4.57% higher in October 2016 than it was in October 2015. Also, Suffolk has 22.43% more homes under contract in October 2016 than we did in October 2015.
While I don’t have a crystal ball, I do expect the local real estate market to continue to do well over the next twelve months. The one thing I do know for certain is that eleven years ago today I was lucky enough to marry the girl of my dreams.
I hope you all have a great Thanksgiving and be on the lookout for our second annual Christmas Light contest starting next weekend!
By: Lee Cross