Hampton Roads Real Estate Blog

Published by The Morton Group with AtCoastal Realty | Todd Morton, REALTOR and Owner | October 23, 2026

The short answer: Freddie Mac's national average 30-year fixed mortgage rate fell from 7.40% on October 15 to 7.32% on October 22, 2026. For a $400,000, 30-year loan, that 0.08 percentage-point change reduces estimated monthly principal and interest by about $21.80.

That is useful movement, but it is not a reason to rush into or out of a Hampton Roads purchase. The bigger opportunity may come from comparing lender offers, understanding points and credits, and negotiating the right property at a payment that fits your budget.

Published by The Morton Group with AtCoastal Realty | Todd Morton, REALTOR and Owner | October 22, 2026

The short answer: September's housing reports are not contradictory. Existing-home sales count transactions that finished, while pending sales count newly signed contracts that have not closed. Nationally, completed sales rose 1.5% from August, but pending sales fell 7.3%. That suggests the closing pipeline could soften in the next month or two, although it does not prove what will happen in every Hampton Roads neighborhood.

Local REIN data showed a similar split when September 2026 was compared with September 2025: settled sales increased slightly, pending sales declined, and buyers had more active listings to consider.

Published by The Morton Group with AtCoastal Realty | Todd Morton, REALTOR and Owner | October 21, 2026

The practical takeaway: September's decline in national single-family permits and starts suggests builders are becoming more cautious, but it does not mean new homes have disappeared from Hampton Roads. As of October 21, 2026, 640 active residential listings across Virginia Beach, Chesapeake, Norfolk, Portsmouth and Suffolk were tagged as new construction in the local MLS.

Buyers should treat the national slowdown as a signal about the future construction pipeline, not a prediction about any specific local community or home.

Published by The Morton Group with AtCoastal Realty | Todd Morton, REALTOR and Owner | October 20, 2026

Most Hampton Roads sellers do not need to order a pre-listing appraisal. When a home has several recent, truly comparable sales, a detailed comparative market analysis (CMA) is usually the best first step. A pre-listing appraisal may be useful when the property is unusual, the comparable sales are thin, or an independent opinion of value is needed for an estate, divorce, tax, or legal purpose.

There is one important limit: a seller-paid appraisal does not replace an appraisal later ordered by a buyer's lender, and it does not guarantee that another appraiser will reach the same conclusion.

Published by The Morton Group with AtCoastal Realty | Todd Morton, REALTOR and Owner | October 19, 2026

The practical answer: A seller credit used for a permanent mortgage-rate buydown can sometimes reduce a buyer's monthly payment more than an equal price reduction, while a closing-cost credit may help more when cash at settlement is the bigger concern. A temporary buydown only reduces the buyer's principal-and-interest payment for an initial period. The right choice depends on the lender's actual pricing, the loan program, the buyer's timeline and the home's appraisal.

With Freddie Mac's national 30-year fixed mortgage average at 7.40% on October 15, 2026, Hampton Roads buyers should compare concessions by their effect on payment, cash to close and total borrowing cost - not by the headline dollar amount alone.

Published by The Morton Group with AtCoastal Realty | Todd Morton, REALTOR and Owner | October 18, 2026

The practical answer: If you are buying a Virginia home in a condominium or homeowners association, the resale certificate is one of your most important due-diligence packages. It can reveal the real monthly cost, pending special assessments, reserve funding, insurance responsibilities, rental restrictions, violations and litigation. Read it promptly because your purchase contract may give you only a short review period.

Published by The Morton Group with AtCoastal Realty | Todd Morton, REALTOR and Owner | October 17, 2026

The practical answer: A VA-backed mortgage may be assumable, allowing an approved buyer to take over the seller's existing loan terms. But the opportunity is not automatic. The buyer must qualify, the servicer or VA must approve the transaction, the equity gap must be funded, and the seller must address both liability and VA entitlement before closing.

Published by The Morton Group with AtCoastal Realty
Todd Morton, REALTOR and Owner | October 16, 2026

The practical answer: If you are considering a home near Naval Air Station Oceana, check the exact parcel on Virginia Beach's official AICUZ map, read the military-air-installation disclosure, and experience the property at different times before you make an offer. A neighborhood name or general distance from the base does not tell you everything about a specific address.

Published by The Morton Group with AtCoastal Realty | Todd Morton, REALTOR and Owner | October 15, 2026

The practical takeaway: September inflation was hotter than August, but the headline was heavily influenced by gasoline. That does not translate into an automatic change in mortgage rates or Hampton Roads home prices. Buyers should use the report as a reason to update their full monthly-payment budget, compare lenders carefully and judge each home against current local supply.

Published by The Morton Group with AtCoastal Realty | Todd Morton, REALTOR and Owner | October 14, 2026

The short answer: September brought a modest increase in national home sales, but it did not erase the negotiating room buyers have gained from higher inventory and longer marketing times. For Hampton Roads buyers, that can mean more time to compare homes and more opportunities to discuss repairs, credits or timing. For sellers, it makes realistic pricing and strong presentation more important.

The key word is national. These figures provide useful context, but they do not prove that every Virginia Beach, Norfolk, Chesapeake, Portsmouth or Suffolk neighborhood is moving the same way.