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Home Prices | AtCoastal Realty - The Morton Group Blog

Tuesday, March 26, 2024   /   by Todd Morton

What’s the Latest with Mortgage Rates?

Recent headlines may leave you wondering what’s next for mortgage rates. Maybe you’d previously heard there were going to be cuts this year that would bring rates down. That refers to the Federal Reserve (the Fed) and what they do to their Fed Funds Rate. While cutting, or lowering, the Fed Funds Rate doesn’t directly determine mortgage rates, it does tend to impact them. But when the Fed met last week, a cut didn’t happen — at least, not yet. 
There are a lot of factors the Fed considered in their recent decision and most of them are complex. But you don’t need to be bogged down by those finer details. What you really want is the answer to this question: does that mean mortgage rates aren’t going to fall? Here’s what you need to know. 
Mortgage Rates Are Still Expected To Drop This Year
While it hasn’t happened yet, that doesn’t mean it won&r. ...

  virginia beach, home buying, first-time home buyer, housing market, virginia beach realtors, home prices, mortgage rates, mortgage, mortgage approval

Monday, March 18, 2024   /   by Todd Morton

4 Tips To Make Your Strongest Offer on a Home

Are you thinking about buying a home soon? If so, you should know today’s market is competitive in many areas because the number of homes for sale is still low – and that’s leading to multiple-offer scenarios. And moving into the peak homebuying season this spring, this is only expected to ramp up more.

Remember these four tips to make your best offer.

1. Partner with a Real Estate Agent

Rely on a real estate agent who can support your goals. As PODS notes:

“Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in figuring out what to offer on a house.”

Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may be looking for. That advice can be game changing when you’re deciding what offer to bring to the table.

2. Understand Your Budget

Knowing your numbers is even; ...

  virginia beach, home buying, first-time home buyer, housing market, housing supply, the morton group, virginia beach realtors, home prices

Friday, February 2, 2024   /   by Todd Morton

Don't Wait Until Spring To Sell Your House

As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here's why.

1. Take Advantage of Lower Mortgage Rates

Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving more affordable now than it was just a few months ago.

Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. That means more demand for your house. According to Sam Khater, Chief Economist at Freddie Mac:

“Given t. ...

  virginia beach, housing market, housing supply, home selling, the morton group, virginia beach realtors, home prices

Wednesday, January 17, 2024   /   by Todd Morton

3 Predictions for Virginia’s Housing Market in 2024

2023 was a year characterized by slow home sales activity, rising interest rates, and inventory constraints. Let’s look at where we expect the housing market to be headed this year.
Home sales activity is likely to rebound from 2023 levels with an expected boost from lower mortgage rates.
The Federal Reserve has kept its target federal funds rate unchanged at three consecutive meetings since July 2023. The market anticipates the Federal Reserve to lower the federal funds rate in 2024. This is expected to support the downward trajectory that mortgage rates have been on since November 2023. Lower mortgage rates will renew the interest of potential home buyers who were discouraged by the high interest rates throughout most of 2023. This will likely spur housing market activity with multiple interested buyers bidding on available houses and will likely cause homes to sell faster. Overall, 2024 is expected to see a much-needed respite from the sluggish home sales numbers of 2023, al; ...

  virginia beach, home buying, first-time home buyer, housing market, housing supply, home selling, the morton group, virginia beach realtors, home prices, mortgage rates

AtCoastal Realty - The Morton Group
Todd Morton
582 Lynnhaven Pkwy STE 400
Virginia Beach, VA 23452
757-589-7628
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Shannon Hodges
600 Lynnhaven Parkway Suite 100
Virginia Beach VA 23452
757-553-1643

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