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February 27th, 2015 9:20 PM

Home Sales are NOT Collapsing!


Home Sales Are NOT Collapsing! | Keeping Current Matters

The National Association of REALTORS (NAR) just released their Existing Home Sales report and some have taken the results and ran with headlines like:

“Existing home sales collapse in January despite low mortgage rates”.

Let’s take a closer look at what the report really shows. There is a seasonality to home sales that happens every year, with a decline in January, (as shown in the graph below.) But in reality 200,000 more homes (3.2%) sold this January over last January.

Existing Home Sales Year-Over-Year | Keeping Current Matters

The demand for housing hasn’t been a challenge.

Current buyer demand, as shown in the graph below, is actually 3x greater than that of January 2014.

Buyer Activity | Keeping Current Matters

NAR’s Chief Economist, Lawrence Yun points to the real issue at hand:

“Realtors® are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”

Months Inventory Homes For Sale | Keeping Current Matters

Even though buyers are out looking for their dream home, they cannot find it! Inventory levels increased slightly since December, but are still below historic norms and unable to keep up with the elevated demand.

Bottom Line

If your plan for 2015 includes selling your house, waiting till the Spring may not be in your best interest. Meet with a local real estate professional in your market who can explain the opportunities available now.


Posted in:General
Posted by Cheryl Talbot ABR,GRI,e-PRO,SFR on February 27th, 2015 9:20 PMLeave a Comment

February 17th, 2015 1:03 PM

Consumer Confidence at Highest Level in Over a Decade


Consumer Confidence at Highest Level in Over a Decade | Keeping Current Matters

Two recently released reports reveal that the American public is starting to feel much better about the U.S. economy. The University of Michigan’s Surveys of Consumers showed that:

“Consumer optimism reached the highest level in the past decade in the January 2015 survey…Consumers judged prospects for the national economy as the best in a decade, with half of all consumers expecting the economic expansion will continue for another five years. The anticipated strength in the overall economy has been accompanied by more favorable income and employment expectations.”

Here is a chart showing results over the last decade:

Consumer Optimism | Keeping Current Matters

As all consumers are feeling more optimistic, more young adults are moving out of their parents’ basements and into a residence of their own. The recent Census report shows that new household formations skyrocketed in 2014. Below is a chart showing the historical significance of the numbers:

Household Formations | Keeping Current Matters

Bottom Line

The economy is definitely improving and, more importantly, the American consumer is beginning to feel much more confident. This should lead to a very robust real estate market in 2015.


Posted in:General
Posted by Cheryl Talbot ABR,GRI,e-PRO,SFR on February 17th, 2015 1:03 PMLeave a Comment

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Listings Photo
$259,900.00
20258 Southampton Parkway

Courtland, VA 23837



Beds: 3 Rooms: 7
Full Baths: 2 Sq. Ft.: 2150
Garage: 2 Built: 2006
 

A sportsman paradise awaits you here!! Enjoy over 9 acres of land with all the pleasures of having your "little piece of heaven" can offer. Any Horse Lovers in the family? We have nearly 1.75 acres of good open pasture for horses along with a 10 x 30 stable, 8 x 10 tack room just perfect for your four legged friends. When you wind down the days activities enjoy the 6 person hot tub with taking a dip in your 24 ft. above ground pool complete with deck for sitting in the sun. The home was built in 2006 having a large open floorplan overlooking your acreage along with a large deck for those quiet times to rest. The kitchen is H-U-G-E complete with a small desk area and a large breakfast nook. The utility room is just off the hall by the garage making it very convenient for bringing in groceries etc. The master suite will "knock your socks off" with a spacious master bath along with jetted tub, two sinks and separate shower. The homes has so much more......Come see why we have the keys for you!!! Enjoy the good life here!!
This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google? Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Cheryl Talbot ABR,GRI,e-PRO,SFR
Cheryl Talbot , ABR, GRI,e-PRO,SFR
7574781167
www.cheryltalbot.com



 
  Visit this listing here

Posted by Cheryl Talbot ABR,GRI,e-PRO,SFR on February 5th, 2015 5:58 PMLeave a Comment

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$285,000.00
1940 Ashmont Drive

Virginia Beach, VA 23456



Beds: 4 Rooms: 8
Full Baths: 3 Sq. Ft.: 2414
Garage: 1 Built: 1989
 

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google? Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Cheryl Talbot ABR,GRI,e-PRO,SFR
Cheryl Talbot , ABR, GRI,e-PRO,SFR
7574781167
www.cheryltalbot.com



 
  Visit this listing here

Posted by Cheryl Talbot ABR,GRI,e-PRO,SFR on February 5th, 2015 5:52 PMLeave a Comment

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$1,050,000.00
130 Williamsdale Lane

Mathews, VA 23109



Beds: 4 Rooms: 10
Full Baths: 3 Sq. Ft.: 3400
Garage: 3 Built: 1971
 

Spectacular Riverfront Vistas along sought after East River. Only 10 Nautical miles from the Chesapeake Bay you'll enjoy everything this waterfront home has to offer. Nestled on 5 wooded acres down Historic Williams Wharf is a prime location. Only 8 minutes to Mathews Downtown corridor with the schools just minutes away. This is an ideal location for not only the water frontage but for this short distance to town. The Williams Wharf corridor in full of history with historical homes next door and down the street. The home is well maintained with over 3400 sq ft for you. The home also offers a quest cottage above the 3 car garage that's a short walk from the main home. It has it's own systems separate from the main house. Perfect for a weekend rental or for a live in nanny. The dock has running water along with electricity over 300 ft long. Enjoy boating, swimming and fishing year round. If you are looking for a good life away from the pressures of city living, we have it all for you. Come see why....We have the Keys!!
This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google? Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Cheryl Talbot ABR,GRI,e-PRO,SFR
Cheryl Talbot , ABR, GRI,e-PRO,SFR
7574781167
www.cheryltalbot.com



 
  Visit this listing here

Posted by Cheryl Talbot ABR,GRI,e-PRO,SFR on February 5th, 2015 5:51 PMLeave a Comment

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Listings Photo
$324,900.00
1328 Abilene Lane

Virginia Beach, VA 23456



Beds: 3 Rooms: 5
Full Baths: 2 Sq. Ft.: 2110
Garage: 2 Built: 2011
 

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google? Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Cheryl Talbot ABR,GRI,e-PRO,SFR
Cheryl Talbot , ABR, GRI,e-PRO,SFR
7574781167
www.cheryltalbot.com



 
  Visit this listing here

Posted by Cheryl Talbot ABR,GRI,e-PRO,SFR on February 4th, 2015 10:01 PMLeave a Comment

The Two Things You Don’t Need to Hear from Your Listing Agent


The Two Things You Don’t Need to Hear from Your Listing Agent | Keeping Current Matters

You’ve decided to sell your house. You begin to interview potential real estate agents to help you through the process. You need someone you trust enough to:

  1. Set the market value on possibly the largest asset your family owns (your home)
  2. Set the time schedule for the successful liquidation of that asset
  3. Set the fee for the services required to liquidate that asset

An agent must be concerned first and foremost about you and your family in order to garner that degree of trust. Make sure this is the case. 

Be careful if the agent you are interviewing begins the interview by:

  • Bragging about their success
  • Bragging about their company’s success

An agent’s success and the success of their company can be important considerations when deciding on the right real estate professional to represent you in the sale of the house. However, you first need to know they care about what you need and what you expect from the sale. If the agent is not interested in first establishing your needs, how successful they may seem is much less important.

Look for someone with the ‘heart of a teacher’ who comes in prepared well enough to explain the current real estate market and patient enough to take the time to show how it may impact the sale of your home.

Not someone only interested in trying to sell you on how great they are.

You have many agents from which to choose. Pick someone who truly cares.


Posted in:General
Posted by Cheryl Talbot ABR,GRI,e-PRO,SFR on February 4th, 2015 4:07 PMLeave a Comment

February 4th, 2015 4:03 PM

13,808 Houses Sold Yesterday! Did Yours?


13,808 Houses Sold Yesterday! Did Yours? | Keeping Current Matters

There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is... If it hasn't sold yet, maybe it's not priced properly.

After all 13,808 houses sold yesterday, 13,808 will sell today and 13,808 will sell tomorrow.

13,808!

That is the average number of homes that sell each and every day in this country according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.04 million. Divide that number by 365 (days in a year) and we can see that, on average, over 13,800 homes sell every day.

The report from NAR also revealed that there is currently only a 4.4 months supply of inventory available for sale, (6 months inventory is considered ‘historically normal’).

That means less competition for buyers who are out in the market now, but more houses will hit the market soon with spring right around the corner.

Bottom Line

We realize that you want to get the fair market value for your home. However, if it hasn't sold in today's active real estate market, perhaps you should reconsider your current asking price.


Posted in:General
Posted by Cheryl Talbot ABR,GRI,e-PRO,SFR on February 4th, 2015 4:03 PMLeave a Comment

January 29th, 2015 10:38 PM

Attaining the American Dream: 5 Financial Reasons to Buy


Here are the five reasons, each followed by an excerpt from the study:

1.) Housing is typically the one leveraged investment available.

“Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10 percent or less down, their leverage factor is 10 or more.”

2.) You're paying for housing whether you own or rent.

“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord.”

3.) Owning is usually a form of “forced savings”.

“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

4.) There are substantial tax benefits to owning.

“Homeowners are able to deduct mortgage interest and property taxes from income...On top of all this, capital gains up to $250,000 are excluded from income for single filers and up to $500,000 for married couples if they sell their homes for a gain.”

5.) Owning is a hedge against inflation.

“Housing costs and rents have tended over most time periods to go up at or higher than the rate of inflation, making owning an attractive proposition.”

Bottom Line

We realize that homeownership makes sense for many Americans for an assortment of social and family reasons. It also makes sense financially.


Posted in:General
Posted by Cheryl Talbot ABR,GRI,e-PRO,SFR on January 29th, 2015 10:38 PMLeave a Comment

January 27th, 2015 7:41 PM
The headlines agree mortgage interest rates have dropped substantially below initial projections. Many who are considering purchasing a home, or moving up to their dream home, might think that they should wait to buy, because rates may continue to fall. A recent article on the Economists’ Outlook blog by the National Association of REALTORS® (NAR) provides insight into one major factor in the decline in interest rates, the crude oil price.

“As of January 5, 2015, the U.S. Energy Information Administration (EIA) reported that the price of regular gasoline was $2.20/gallon, the lowest since gas prices peaked to about $ 4/gallon in May 2011.”

You may have noticed that filling your gas tank has become substantially less expensive in recent months. A welcome change from the close to $5 a gallon that many Americans were paying this time last year. The average US household is projected to save around $550 in 2015.

So what does that have to do with Interest Rates?

NAR explains the correlation like this:

“Lower oil prices mean lower inflation rate, which pushes down mortgage rates.”

Based on Freddie Mac’s weekly mortgage survey as of January 22, 2015, the 30-year fixed rate averaged 3.63% and the 15-year fixed rate averaged 2.93%.

“The decline in oil prices is generally positive to households by way of the gas savings and lower mortgage payments. That savings will boost consumer spending in other areas. But there may be some layoffs in oil-producing states.”

How long will rates stay low?

No one really knows how long oil prices will continue to support low mortgage rates. In a New York Times article, the author points to the fact that “adding hundreds of billions of dollars to consumer spending” could start to have a “counter effect” on rates as the economy continues to strengthen.

“If firms start hiring again, and wages increase — that’s when the level of all interest rates in the U.S. would increase.” 

Don’t wait too long

The low interest rates we are currently experiencing are not going to stay around forever. The current projections from Freddie Mac, Fannie Mae, NAR and the Mortgage Bankers Association all agree that interest rates will increase to between 4.3-5.4% by the end of 2015.

Bottom Line

NAR reports: “At the median home price of $205,300, a 0.75 percentage point drop in mortgage rates will yield savings of about $1,000 annually.” If you are in a position to buy a home make sure that you meet with a local real estate professional with their finger on the pulse of what’s going on in the market. Don’t let a delay in purchasing impact your family’s financial future


Posted in:General
Posted by Cheryl Talbot ABR,GRI,e-PRO,SFR on January 27th, 2015 7:41 PMLeave a Comment

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