Is the real estate market across Hampton Roads really changing or are the numbers misleading? Let’s start with the latest year over year (July 2020 compared to July 2021) statistics found here:
An argument could be made that the market is “slowing down” but we aren’t ready to say that yet. New construction numbers are down because builders sold through a good part of the available inventory, and we believe not having enough homes to sell is the same reason pending sales are down. Even though the number of homes under contract are decreasing, the median sales price continues to increase. In June 2021 the median sales price was $298,470, and in July 2021 it was an even $300,000. It is only about half a percent difference but it shows a steady rise.
We’ve seen this trend before but there are significant differences in this cycle. From 2000 to 2005 the total number of homes sold across Hampton Roads went up each year, increasing the inventory. In both 2006 and 2007 the numbers of homes decreased, but the median sale price increased each year. In fact, over 20% fewer homes were sold in Hampton Roads in 2007 than in 2005, but the median sales price of the homes that sold in 2007 was over 10% higher. Locally prices didn’t start to go down until 2008. Lender standards are much tighter now than they were in 2005-2007, so hopefully history will not repeat itself in such a dramatic fashion.
These statistics represent averages across Hampton Roads and your individual real estate needs might be different. If you are thinking about moving and you would like to discuss your personal real estate needs, please reply to this email, or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry). We love talking real estate, so don’t hesitate to give us a call if you have questions.
Lee and Harry
What is pre-approval?
A mortgage pre-approval carries more weight and goes a step further than pre-qualifying. We will take more of a deep dive into your financial health, your income and assets, employment and debts. Essentially, your loan is going through upfront underwriting and puts you on the fast-track to homebuying.
What you need for a pre-approval
Here’s where you need to provide:
- Employment verification (W-2’s or 1099s)
- Bank statements
- Retirement and Brokerage account statements
- Other assets
- Current real estate debt or rental statements
- Monthly debt payments (student or auto loans, credit card or utility bills etc.)
- Court orders (divorce, child support, alimony, etc.)
- Tax returns
- Down payment amount
Our team looks at your entire financial make-up to get a complete picture of your buying power. Once you’ve given us everything we need, we will give you a pre-approval letter that shows you how much you can afford based on your current financial health. This is invaluable to agents you meet along the way on your house hunt!
If you’re serious about purchasing a home, and you’re ready to take the next step in the process before falling in love with your dream home, then getting pre-approved is the natural next step! Let’s get you on your way to finding the home of your dreams!
Bill Duggan Sr. Mortgage Banker 757-615-5172 or firstname.lastname@example.org
Taste of Suffolk Downtown Street Festival
Taste of Suffolk is back in Downtown Suffolk for the 15th year! This annual street festival tradition spans Main Street from Finney Avenue to Washington Street.
Taste treats from local restaurants and see crafters, vendors and merchants. Taste of Suffolk has something for the whole family with a great children’s area and live entertainment by The Whiskey Rebellion, Rajazz, Jason Cale Band, Brianna Marie, and Anthony Rosano. Enjoy contests and games, a beer garden, and a new vehicle exhibition.
Head downtown on Saturday, September 11th from 11:00sm to 5:00pm.
For more information visit TasteofSuffolkVa.com.
For Kids Field Day
Make Time to Play!
Join the 2nd annual Field Day ForKids at Cedar Point Club in Suffolk on Thursday, September 30th.
Pick and play your favorite activity to support the mission to break the cycle of poverty and homelessness in Western Tidewater.
Visit www.forkids.org or contact Mary Crosby at 757.622.6400 ext 135 for more infomration and registration.