While national celebrity Punxsutawney Phil predicted six more weeks of winter, local groundhog Chesapeake Chuck did not see his shadow and predicted an earlier spring for Hampton Roads! It certainly looks and feels like Chuck was correct. From a real estate...

Yogi Berra said, “It’s tough to make predictions, especially about the future,” and physicist Neils Bohr said, “Prediction is very difficult, especially if it's about the future!” So there is a solid consensus that predicting the future is not for the weak of heart....

The local numbers from the Real Estate Information Network (REIN, our local MLS) last month show a market that was aiming for Santa’s naughty list but, as you can see by this chart, it wasn't so bad that it got coal for Christmas. Last month...

Last month we wrote that the real estate market is cooling, but it isn’t really cold yet (click HERE if you want to read last month’s update). While I (Lee) am happy to report that the heat is now on in my entire house, those of us in real estate are...

After a two weeklong negotiation, I (Lee) was successful in getting to a win-win situation with the other members of my household who prefer the thermostat to be set to freezing. We agreed to turn the heat on downstairs to deal with the cooler October temps, and leave...

Numbers are going up and down in our local market! Interest rates, days on the market, year over year median sale price, and months supply of inventory are all up while active listings, year over year pending and settled sales, and median sales price from May 2022 to...

Last month we wrote about commonly asked questions as we head into what many (including us) believe is a changing real estate market. Interest rates are going up and buyer demand is going down but by just about all other market measures, we are still in a strong...

Rates have been rising for all of 2022 and they took another step up this month. The most frequently asked question now is: what does this mean for the local real estate market? Lee was recently interviewed by a local paper about his thoughts on our local market and...

Do Buyers Care about Interest Rates? The short answer is yes - but the rise in rates hasn't done much to slow down the market yet because the number of buyers is still disproportionately higher than the number of sellers.  As you take a look at the chart from the Real...

While this increase feels dramatic, historically, 5% is still a low rate for a 30-year mortgage, and as you can see from last month's year-over-year numbers (March 2021 to March 2022) sales are still going strong in our region. Despite the rate increases, we are still...