Virginia Mortgage Loans

  In today’s real estate market, buyers shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. From there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle. Things Are Different Today Today’s housing market is anything but normal. According to the  National Association of Realtors  (NAR), homes today are: Receiving an average of  3.8 offers Selling in just 17 days Homes selling quickly and receiving multiple offers highlights how competitive the  housing market  is right now. This is due, in large part, to the low supply of homes for sale. Low supply and high demand mean homes often sell for more than the asking price. In some cases, they sell for a lot more. Selma Hepp, Deputy Chief Economist at  CoreLogic ,  explains  h...

  If you’ve been in your home for longer than five years, you’re not alone. According to recent data from  First American , homeowners are staying put much longer than historical averages ( see graph below ): As the graph shows, before 2008, homeowners  sold  their houses after an average of just five years.  Today, that number has more than doubled to over 10 years.  The housing industry refers to this as your tenure. To really explore tenure, it’s important to understand what drives people to make a move. An article from  The Balance  explores some of the primary reasons individuals choose to  sell  their houses. It says: “People who move for home-related reasons might need a  larger home or a house that better fits their needs , . . .  Financial reasons for moving include wanting a nicer home, moving to a newer home to avoid making repairs on the old one, or cashing in on existing equity .” If you’ve been in your home for lo...

  If you’re on the fence about whether or not you want to sell your house this year, there’s good news.   Real estate professionals   are highly experienced in how to sell houses safely during the pandemic. Over the last year, agents have adopted new technologies and safety measures designed to keep you safe. And experts say these practices are here to stay. As Bob Goldberg, CEO of the   National Association of Realtors   (NAR),   puts it : “The pandemic has confirmed to all of us in the industry that  technology will continue to transform real estate .” Below is a closer look at some of the  new tools  real estate professionals are using to better serve sellers. New and Existing Technology Are Impacting the Process In the  2021 Realtor Technology Survey , NAR asks real estate professionals their opinions on the most valuable pieces of technology for their business over the past 12 months. The graph below highlights the top five tools th...

  If you’re trying to decide when to sell your house, there may not be a better time to list than right now. The ultimate   sellers’ market   we’re in today won’t last forever. If you’re thinking of making a move,   here are four reasons to put your house up for sale sooner rather than later. 1. Your House Will Likely Sell Quickly According to the  Realtors Confidence Index  released by the  National Association of Realtors   (NAR), homes continue to sell quickly –  on average, they’re selling in just 17 days.  As a seller, that’s great news for you. Average days on market is a strong indicator of buyer  demand . And if homes are selling quickly, buyers have to be more decisive and act fast to submit their offer before other buyers swoop in. 2. Buyers Are Willing To Compete for Your House In addition to selling quickly, homes are receiving multiple offers.  That same survey shows sellers are seeing an average of 4.5 o...