Even as Rates Fluctuate, Prices Stay High

Real Estate Market Outlook for the Remainder of 2024 and 2025 Market Trends for Sellers and Buyers: Interest Rates: According to Business Insider mortgage rates are projected to decline gradually through 2025. Current 30-year fixed rates hover around 6%, with predictions that they may drop closer to 5.8% by the end of 2025. This creates opportunities for buyers but could spur increased competition, keeping home prices steady or rising slightly​. I expect this to be a roller coaster ride for buyers watching interest rates well into 2025. Home Prices: Home prices are expected to grow moderately. In 2024, prices have increased by 2-3% across Hampton Roads due to limited inventory. This trend could continue in to 2025 as pressure on interest rates keeps buyers out of the market. . Inventory: The U.S. housing market still faces a significant shortage, with roughly 4.5 million homes needed to meet demand. However, when mortgage rates decline, more sellers might list their homes, improving availability slightly​. This move can increase competition amongst buyers so multiple competitive offers could be the norm. Prudent Strategies for Buyers and Sellers in This Market: Our team believes that a thoughtful well researched approach includes the following: For Sellers: Timing Matters: If mortgage rates decrease, more buyers will enter the market, which could increase demand for your property. Listing in 2025 might allow you to benefit from lower rates while avoiding a surge in competition among sellers. Pricing Strategy: Focus on realistic pricing. While prices are not expected to plummet, moderate growth suggests the need to avoid overpricing. Market Prep: As inventory grows, presenting a move-in-ready home with desirable features will set your property apart. For Buyers: Act Strategically: As rates decline, buyer competition may increase. Act decisively, but ensure affordability by locking in favorable rates when possible. Work with Professionals: Our agents at Conner and Company powered by Howard Hanna are experienced and can help navigate competitive markets and identify hidden opportunities, especially in tight inventory conditions. Overall, the market in 2025 may become more accessible as rates drop and inventory grows, but competition could intensify. Buyers, sellers, and investors should approach the market with clear strategies tailored to evolving economic conditions. If you have questions or need information just give us a call or reach out on this site.

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From the 15th annual AARP 99 ways to save edition on your home and yard!

We are often asked “What should I do to prepare my house for sale?” , so I thought I would talk about what brings the most value for resale. Your goal being home value appreciation thus yielding a higher profit and a shorter period of time on market. It is a given that major renovations like complete kitchen and bath remodels add the most value, but they are costly. There are plenty of smaller projects you can do to improve the aesthetics of the home and thus the resale value. Newer finishes can make a big difference attracting more interest in your home. 1 - Biggest bang for the buck: fresh paint . When considering the best colors, go with neutrals that appeal to more prospective buyers. Dark colors tend to make rooms look smaller while lighter colors lighten rooms and make them look larger. 2 - Declutter and clean! I can't emphasize these two steps enough. Declutter: Buyers want to picture themselves living there. You want them to see the beauty and functionality of your house. Clean: If your house is not sparkling, it will be hard for buyers to focus on anything but the lack of cleanliness. Make those windows shine and deep clean all of the appliances. A professional cleaner can make a world of difference and we have several to recommend. 3 - Curb Appeal – Remember when your Mama said you only have one chance to make a good first impression? Couldn’t be more applicable than to selling a house. Walking up to that front door looking at what could be a buyer’s new yard can quickly turn a buyer off if it’s not pristine. Cleaning, replacing or just painting your front door is critical. Some other projects to consider: make sure your mailbox is in good condition, clean your pathways and gutters, check windows and siding for cracks or chips, trim and prune trees and shrubs, add fresh mulch and landscaping pavers and add well thought out pots of flowers or fern. 4 - Consider energy efficient changes. Buyers are looking for energy efficient homes. Things that may increase perceived value of the home include: energy efficient windows, LED lighting, energy efficient appliances, solar panels and providing the average monthly utility bills. You might want to have an energy audit of your home that can be done for free by Dominion Energy. 5 - Update the kitchen – You might decide on a full remodel or know that there are a few DIY updates to modernize the kitchen making it more appealing. Paint those worn scratched kitchen cabinets, change out the light fixtures, install a backsplash, changing out your sink and faucet can make a big difference. 6 - Your bathrooms are the other rooms that have a great impact on value. Again, you can fully remodel or there are options to redecorate and modernize your bath without paying the huge cost of a remodel. Change out the vanity to maybe a space saving floating vanity, change the faucet or replace the mirror. Fresh white towels help to add a spa feel to any bathroom space. 7 - Once the decluttering is complete, considering staging: There are professionals who come to your home, work with you, using your furnishings to turn the space into a design dream. We can connect you to people who just have that flair. The alternative and this is most valuable if you plan to have already moved from the house is the full staging package. Professional stagers will come to your house and work out a custom plan that furnishes the house to appeal to the most buyers. Either way we can suggest what might work best for you and connect you with the service you need. Increasing your home’s value can increase its resale value but even if you are not planning to sell in the near future, projects that increase your value can make the home more functional and enjoyable for you and your family. You might love the changes you implement so much you realize you don’t want to move! Whichever way you go, Conner & Company is here to help. Give us a call to discuss your home’s value today.

The Hampton Roads region has been lucky in recent years to avoid the worst when it comes to hurricanes and hurricane season – typically June 1 through November 30 – but some experts are predicting that 2024 will be a busy year for named storms — hurricanes and tropical storms that meteorologists give names to so the public can keep track of them.

Thinking about buying a home ? If so, you're probably wondering: should I buy now or wait? Nobody can make that decision for you, but here's some information that can help you decide.  What’s Next for Home Prices? Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 experts—economists, real estate professionals, and investment and market strategists—what they think will happen with home prices . In the latest survey , those experts say home prices are going to keep going up for the next five years (see graph below):

Keyword for Buyers and Sellers in Coastal Virginia Market

If you’re holding out hope that the housing market is going to crash and bring home prices back down, here’s a look at what the data shows. And spoiler alert: that’s not in the cards. Instead, experts say home prices are going to keep going up. Today’s market is very different than it was before the housing crash in 2008. Here’s why. It’s Harder To Get a Loan Now – and That’s Actually a Good Thing It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending standards, making it easy for just about anyone to qualify for a home loan or refinance an existing one. Things are different today. Homebuyers face increasingly higher standards from mortgage companies. The graph below uses data from the Mortgage Bankers Association (MBA) to show this difference. The lower the number, the harder it is to get a mortgage. The higher the number, the easier it is: