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Take a look around my site and let me know if you have any questions or if there is anything I can assist you with your real estate journey - I'm only a call or text away!
March 21, 2004 - Market Update
Our market has kinda remained the same with some movement in the interest rates, and housing inventory remains low - but there has been a big change to how REALTORS work with Sellers and Buyers which will most likely go into effect July 2024 pending signature on a settlement by the National Association of REALTORS and the Department of Justice.
What the consumer needs to understand is that the Media has taken this news and embellished it confusing Sellers and Buyers on how Agents in the future will be working for them. The preliminary ruling is that the MLS's can not share what a Buyers Agent will be compensated when bringing a Buyer to the Seller....this does not mean a Buyers Agent representing a Buyer Client will not be compensated....but the Buyer and their Agent will now have to negotiate the compensation paid to the Buyers Broker from the Seller during the Contract Negotiation. There will also be a Buyer Broker Agreement which will be required before a Buyers Agent takes Buyer Clients out to Tour Homes on the market and this document is an agreement on what is expected from the Buyer Client and Buyers Agent on said compensation
Listing Agents and Buyers Agents will be educating the public/consumers on this new Law over the next couple of months as we learn more on the ins and outs of the Final Ruling. Mortgage Lenders are also diligently working on how this change will affect the Financing side of Home Loans regarding fees/concessions in the Mortgage process.
If you have questions or not sure what this means but are considering Selling or Buying soon - give me a call and I'm happy to talk with you about the changes coming.
Elizabeth
January 18, 2024 - Market Update
The Real Estate Market has started to change -
Interest Rates have decreased a bit with more changes expected in 2024 of the Rate and predictions are that we'll see the 5's by mid summer if everything stays on track. Keep in mind this is an Election year and there will be many ups and downs until we get to November and the Election is over!
Down Payment Assistance Programs are returning to the Marketplace for Buyers to help with getting them into their New Home. This also helps the Sellers since Buyers won't be asking Sellers to assist as much if they have one of the Programs being introduced again.
Inventory is still low and with Rates decreasing more Buyers are coming into the market searching for their new home. If you are considering selling in 2024 I recommend you get those little things done that you've been thinking about, get a home market analysis including suggestions to bring the highest price for your home and be ready for the Spring or Summer Buyers. Give me a call if you'd like a Free Market Analysis 804-305-1958.
Buyers now is the time to get your financing in order with a Loan Officer so they can advise you on what you may need to do or what you could do to improve your buying power with Sellers to get your Contract accepted. The market will continue to be Sellers receiving multiple offers and they will be looking at all the Terms of contract offers to choose the best one for them.
Sellers look at many things when reviewing offers to include: Offer Price, Lender Terms in the Prequalification Letter, Closing Date, Concessions and believe it or not Lender Reputation of getting the deal to Closing On Time!
Spring/Summer 2024 is going to be a busy market be ready to make your move - plan and prepare now!
If you have questions please reach out to myself or one of my loan officers and don't buy into everything the media is saying....ask the Real Estate Professionals what the market is doing!
Our market has kinda remained the same with some movement in the interest rates, and housing inventory remains low - but there has been a big change to how REALTORS work with Sellers and Buyers which will most likely go into effect July 2024 pending signature on a settlement by the National Association of REALTORS and the Department of Justice.
What the consumer needs to understand is that the Media has taken this news and embellished it confusing Sellers and Buyers on how Agents in the future will be working for them. The preliminary ruling is that the MLS's can not share what a Buyers Agent will be compensated when bringing a Buyer to the Seller....this does not mean a Buyers Agent representing a Buyer Client will not be compensated....but the Buyer and their Agent will now have to negotiate the compensation paid to the Buyers Broker from the Seller during the Contract Negotiation. There will also be a Buyer Broker Agreement which will be required before a Buyers Agent takes Buyer Clients out to Tour Homes on the market and this document is an agreement on what is expected from the Buyer Client and Buyers Agent on said compensation
Listing Agents and Buyers Agents will be educating the public/consumers on this new Law over the next couple of months as we learn more on the ins and outs of the Final Ruling. Mortgage Lenders are also diligently working on how this change will affect the Financing side of Home Loans regarding fees/concessions in the Mortgage process.
If you have questions or not sure what this means but are considering Selling or Buying soon - give me a call and I'm happy to talk with you about the changes coming.
Elizabeth
January 18, 2024 - Market Update
The Real Estate Market has started to change -
Interest Rates have decreased a bit with more changes expected in 2024 of the Rate and predictions are that we'll see the 5's by mid summer if everything stays on track. Keep in mind this is an Election year and there will be many ups and downs until we get to November and the Election is over!
Down Payment Assistance Programs are returning to the Marketplace for Buyers to help with getting them into their New Home. This also helps the Sellers since Buyers won't be asking Sellers to assist as much if they have one of the Programs being introduced again.
Inventory is still low and with Rates decreasing more Buyers are coming into the market searching for their new home. If you are considering selling in 2024 I recommend you get those little things done that you've been thinking about, get a home market analysis including suggestions to bring the highest price for your home and be ready for the Spring or Summer Buyers. Give me a call if you'd like a Free Market Analysis 804-305-1958.
Buyers now is the time to get your financing in order with a Loan Officer so they can advise you on what you may need to do or what you could do to improve your buying power with Sellers to get your Contract accepted. The market will continue to be Sellers receiving multiple offers and they will be looking at all the Terms of contract offers to choose the best one for them.
Sellers look at many things when reviewing offers to include: Offer Price, Lender Terms in the Prequalification Letter, Closing Date, Concessions and believe it or not Lender Reputation of getting the deal to Closing On Time!
Spring/Summer 2024 is going to be a busy market be ready to make your move - plan and prepare now!
If you have questions please reach out to myself or one of my loan officers and don't buy into everything the media is saying....ask the Real Estate Professionals what the market is doing!
Assisting Sellers, Buyers and Relocation Clients with their Real Estate Needs in Hampton Road, Greater Richmond and Southeast Virginia
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Disclosure: Elizabeth is a Licensed REALTOR and Real Estate Broker in the Commonwealth of Virginia
Site Updated: 3.21.24